Cincinnati Financial (CINF) 10-Q25 Oct 192019 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2019	Oct. 18, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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)		163,374,035
Entity Central Index Key	0000020286
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Investments
Fixed maturities, at fair value (amortized cost: 2019—$11,012; 2018—$10,643)	$ 11,600	$ 10,689
Equity securities, at fair value (cost: 2019—$3,548; 2018—$3,368)	7,176	5,920
Other invested assets	283	123
Total investments	19,059	16,732
Cash and cash equivalents	787	784
Investment income receivable	125	132
Finance receivable	78	71
Premiums receivable	1,839	1,644
Reinsurance recoverable	524	484
Prepaid reinsurance premiums	60	44
Deferred policy acquisition costs	783	738
Land, building and equipment, net, for company use (accumulated depreciation: 2019—$269; 2018—$265)	207	195
Other assets	402	308
Separate accounts	878	803
Total assets	24,742	21,935
Insurance reserves
Loss and loss expense reserves	6,056	5,707
Life policy and investment contract reserves	2,816	2,779
Unearned premiums	2,859	2,516
Other liabilities	905	804
Deferred income tax	972	627
Note payable	38	32
Long-term debt and lease obligations	847	834
Separate accounts	878	803
Total liabilities	15,371	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	1,295	1,281
Retained earnings	8,722	7,625
Accumulated other comprehensive income	442	22
Treasury stock at cost (2019—34.9 million shares and 2018—35.5 million shares)	(1,485)	(1,492)
Total shareholders' equity	9,371	7,833
Total liabilities and shareholders' equity	$ 24,742	$ 21,935

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Fixed maturities, amortized cost	$ 11,012	$ 10,643
Equity securities, cost	3,548	3,368
Land, building and equipment, accumulated depreciation	$ 269	$ 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	34.9	35.5

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Earned premiums	$ 1,446	$ 1,298	$ 4,163	$ 3,852
Investment income, net of expenses	161	154	478	458
Investment gains and losses, net	86	458	1,113	372
Fee revenues	4	3	11	11
Other revenues	3	2	7	4
Total revenues	1,700	1,915	5,772	4,697
Benefits and Expenses
Insurance losses and contract holders' benefits	932	879	2,728	2,616
Underwriting, acquisition and insurance expenses	455	401	1,296	1,199
Interest expense	14	14	40	40
Other operating expenses	5	3	17	10
Total benefits and expenses	1,406	1,297	4,081	3,865
Income Before Income Taxes	294	618	1,691	832
Provision (Benefit) for Income Taxes
Current	28	(98)	84	(37)
Deferred	18	163	236	130
Total provision for income taxes	46	65	320	93
Net Income	$ 248	$ 553	$ 1,371	$ 739
Per Common Share
Net income—basic	$ 1.51	$ 3.40	$ 8.40	$ 4.53
Net income—diluted	$ 1.49	$ 3.38	$ 8.30	$ 4.49

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net Income	$ 248	$ 553	$ 1,371	$ 739
Change in unrealized gains on investments, net of tax (benefit) of $21, ($17), $114 and ($81), respectively	79	(60)	428	(297)
Amortization of pension actuarial loss and prior service cost, net of tax of $0, $0, $0 and $0, respectively	0	0	1	1
Change in life deferred acquisition costs, life policy reserves and other, net of tax (benefit) of $0, $0, ($2) and $2, respectively	(1)	1	(9)	7
Other comprehensive income (loss)	78	(59)	420	(289)
Comprehensive Income	$ 326	$ 494	$ 1,791	$ 450

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ 21	$ (17)	$ 114	$ (81)
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	$ 0	$ 0	$ (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)			18
Share-based compensation			22
Other			3			2
Net Income	$ 739			739
Dividends declared (per share of $0.56, $0.53, $1.68 and $1.59, respectively)				(258)
Other comprehensive income (loss)	(289)				(289)
Shares acquired - share repurchase authorization						(125)
Shares acquired - share-based compensation plans						(4)
Ending Balance at Sep. 30, 2018	8,334	$ 397	1,273	8,164	(4)	(1,496)
Beginning Balance (in shares) at Dec. 31, 2017		163.9
Share-based awards (in shares)		0.6
Shares acquired - share repurchase authorization (in shares)		(1.8)
Ending Balance (in shares) at Sep. 30, 2018		162.7
Unrealized gains reclassified to retained earnings for ASU 2016-01, after tax				0	0
Beginning Balance at Jun. 30, 2018		$ 397	1,266	7,696	55	(1,498)	7,696	55
Share-based awards		0	0			2
Share-based compensation			6
Other			1			1
Net Income	553			553
Dividends declared (per share of $0.56, $0.53, $1.68 and $1.59, respectively)				(85)
Other comprehensive income (loss)	(59)				(59)
Shares acquired - share repurchase authorization						0
Shares acquired - share-based compensation plans						(1)
Ending Balance at Sep. 30, 2018	8,334	$ 397	1,273	8,164	(4)	(1,496)
Beginning Balance (in shares) at Jun. 30, 2018		162.6
Share-based awards (in shares)		0.1
Shares acquired - share repurchase authorization (in shares)		0
Ending Balance (in shares) at Sep. 30, 2018		162.7
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	(12)			19
Share-based compensation			23
Other			3			2
Net Income	1,371			1,371
Dividends declared (per share of $0.56, $0.53, $1.68 and $1.59, respectively)				(274)
Other comprehensive income (loss)	420				420
Shares acquired - share repurchase authorization						(5)
Shares acquired - share-based compensation plans						(9)
Ending Balance at Sep. 30, 2019	$ 9,371	$ 397	1,295	8,722	442	(1,485)
Beginning Balance (in shares) at Dec. 31, 2018	198.3	162.8
Share-based awards (in shares)		0.6
Shares acquired - share repurchase authorization (in shares)		0
Ending Balance (in shares) at Sep. 30, 2019	198.3	163.4
Unrealized gains reclassified to retained earnings for ASU 2016-01, after tax				0	0
Beginning Balance at Jun. 30, 2019		$ 397	1,286	8,566	364	(1,482)	$ 8,566	$ 364
Share-based awards		0	1			3
Share-based compensation			7
Other			1			1
Net Income	$ 248			248
Dividends declared (per share of $0.56, $0.53, $1.68 and $1.59, respectively)				(92)
Other comprehensive income (loss)	78				78
Shares acquired - share repurchase authorization						(5)
Shares acquired - share-based compensation plans						(2)
Ending Balance at Sep. 30, 2019	$ 9,371	$ 397	$ 1,295	$ 8,722	$ 442	$ (1,485)
Beginning Balance (in shares) at Jun. 30, 2019		163.3
Share-based awards (in shares)		0.1
Shares acquired - share repurchase authorization (in shares)		0
Ending Balance (in shares) at Sep. 30, 2019	198.3	163.4

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared (in USD per share)	$ 0.56	$ 0.53	$ 1.68	$ 1.59

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows From Operating Activities
Net Income	$ 1,371	$ 739
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54	48
Investment gains and losses, net	(1,103)	(367)
Share-based compensation	23	22
Interest credited to contract holders'	31	37
Deferred income tax expense	236	130
Changes in:
Investment income receivable	7	5
Premiums and reinsurance receivable	(156)	(114)
Deferred policy acquisition costs	(69)	(53)
Other assets	(36)	(22)
Loss and loss expense reserves	72	305
Life policy and investment contract reserves	79	68
Unearned premiums	255	187
Other liabilities	39	(37)
Current income tax receivable/payable	77	(122)
Net cash provided by operating activities	880	826
Cash Flows From Investing Activities
Sale of fixed maturities	61	6
Call or maturity of fixed maturities	988	920
Sale of equity securities	194	293
Purchase of fixed maturities	(1,345)	(1,250)
Purchase of equity securities	(341)	(311)
Investment in finance receivables	(25)	(25)
Collection of finance receivables	20	18
Investment in buildings and equipment	(22)	(14)
Change in other invested assets, net	(56)	(17)
Net cash used in investing activities	(526)	(380)
Cash Flows From Financing Activities
Payment of cash dividends to shareholders	(265)	(251)
Shares acquired - share repurchase authorization	(5)	(125)
Changes in note payable	6	6
Proceeds from stock options exercised	9	7
Contract holders' funds deposited	67	62
Contract holders' funds withdrawn	(133)	(133)
Other	(30)	(53)
Net cash used in financing activities	(351)	(487)
Net change in cash and cash equivalents	3	(41)
Cash and cash equivalents at beginning of year	784	657
Cash and cash equivalents at end of period	787	616
Supplemental Disclosures of Cash Flow Information:
Interest paid	27	27
Income taxes paid	3	82
Noncash Activities
Equipment acquired under capital lease obligations	6	14
Cashless exercise of stock options	9	4
Other assets and other liabilities	$ 65	$ 38

Accounting Policies

Accounting Policies	9 Months Ended
Accounting Policies	Sep. 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 (MSP), 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 company. 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 September 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 September 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. 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	9 Months Ended
Investments	Sep. 30, 2019
Investments [Abstract]
Investments	Investments The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities: (Dollars in millions) Amortized cost Gross unrealized Fair value At September 30, 2019 gains losses Fixed maturity securities: Corporate $ 6,108 $ 315 $ 13 $ 6,410 States, municipalities and political subdivisions 4,322 268 — 4,590 Commercial mortgage-backed 290 15 — 305 Government-sponsored enterprises 162 — — 162 United States government 106 3 — 109 Foreign government 24 — — 24 Total $ 11,012 $ 601 $ 13 $ 11,600 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 September 30, 2019 , are primarily due to a decrease in interest rates. Our commercial mortgage-backed securities had an average rating of Aa1/AA at September 30, 2019 , and December 31, 2018 . At September 30, 2019 , Microsoft Corporation (Nasdaq:MSFT) was our largest single equity holding with a fair value of $349 million , which was 5.0 % of our publicly traded common equities portfolio and 1.9 % 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 September 30, 2019 Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Fixed maturity securities: Corporate $ 254 $ 4 $ 198 $ 9 $ 452 $ 13 States, municipalities and political subdivisions 9 — 13 — 22 — Government-sponsored enterprises 19 — 78 — 97 — United States government 5 — 4 — 9 — Foreign government 12 — — — 12 — Total $ 299 $ 4 $ 293 $ 9 $ 592 $ 13 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 September 30, 2019 Maturity dates: Due in one year or less $ 470 $ 475 4.1 % Due after one year through five years 3,058 3,165 27.3 Due after five years through ten years 3,868 4,081 35.2 Due after ten years 3,616 3,879 33.4 Total $ 11,012 $ 11,600 100.0 % 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Investment income: Interest $ 110 $ 111 $ 332 $ 333 Dividends 50 45 146 131 Other 5 1 10 3 Total 165 157 488 467 Less investment expenses 4 3 10 9 Total $ 161 $ 154 $ 478 $ 458 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ — $ 8 $ 27 $ 17 Unrealized gains and losses on securities still held, net 89 450 1,084 351 Subtotal 89 458 1,111 368 Fixed maturities: Gross realized gains 6 2 9 9 Gross realized losses (1 ) (1 ) (3 ) (2 ) Other-than-temporary impairments (6 ) — (6 ) — Subtotal (1 ) 1 — 7 Other (2 ) (1 ) 2 (3 ) Total $ 86 $ 458 $ 1,113 $ 372 During the three and nine months ended September 30, 2019 , there were two fixed-maturity securities other-than-temporarily impaired. During the three and nine months ended September 30, 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 nine months ended September 30, 2019 and 2018 . At September 30, 2019 , 62 fixed-maturity securities with a total unrealized loss of $9 million had been in an unrealized loss position for 12 months or more. Of that total, two fixed-maturity securities 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	9 Months Ended
Fair Value Measurements	Sep. 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 September 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 September 30, 2019 Fixed maturities, available for sale: Corporate $ — $ 6,410 $ — $ 6,410 States, municipalities and political subdivisions — 4,590 — 4,590 Commercial mortgage-backed — 305 — 305 Government-sponsored enterprises — 162 — 162 United States government 109 — — 109 Foreign government — 24 — 24 Subtotal 109 11,491 — 11,600 Common equities 6,956 — — 6,956 Nonredeemable preferred equities — 220 — 220 Separate accounts taxable fixed maturities — 868 — 868 Top Hat savings plan mutual funds and common 45 — — 45 Total $ 7,110 $ 12,579 $ — $ 19,689 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 September 30, 2019 . Assets presented in the table below were valued based primarily on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to us. The following table provides the changes in Level 3 assets for the three months ended September 30, 2019 . (Dollars in millions) Asset fair value measurements using significant unobservable inputs Corporate States, Total Beginning balance, July 1, 2019 $ 1 $ 4 $ 5 Total gains or losses (realized/unrealized): Included in net income — — — Included in other comprehensive income — — — Purchases — — — Sales (1 ) — (1 ) Transfers into Level 3 — — — Transfers out of Level 3 — (4 ) (4 ) Ending balance, September 30, 2019 $ — $ — $ — Beginning balance, July 1, 2018 $ 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, September 30, 2018 $ 1 $ 4 $ 5 The following table provides the changes in Level 3 assets for the nine months ended September 30, 2019 : (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 (1 ) — (1 ) Transfers into Level 3 — — — Transfers out of Level 3 — (4 ) (4 ) Ending balance, September 30, 2019 $ — $ — $ — 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, September 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 September 30, December 31, September 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 September 30, 2019 Note payable $ — $ 38 $ — $ 38 6.900% senior debentures, due 2028 — 35 — 35 6.920% senior debentures, due 2028 — 512 — 512 6.125% senior notes, due 2034 — 510 — 510 Total $ — $ 1,095 $ — $ 1,095 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 September 30, 2019 Life policy loans $ — $ — $ 43 $ 43 Deferred annuities — — 787 787 Structured settlements — 212 — 212 Total $ — $ 212 $ 787 $ 999 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 $32 million and $33 million at September 30, 2019 and December 31, 2018 , respectively. Recorded reserves for the deferred annuities were $768 million and $787 million at September 30, 2019 and December 31, 2018 , respectively. Recorded reserves for the structured settlements were $152 million and $156 million at September 30, 2019 and December 31, 2018 , respectively.

Property Casualty Loss and Loss

Property Casualty Loss and Loss Expenses	9 Months Ended
Property Casualty Loss and Loss Expenses	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Gross loss and loss expense reserves, beginning of period $ 5,954 $ 5,423 $ 5,646 $ 5,219 Less reinsurance recoverable 269 188 238 187 Net loss and loss expense reserves, beginning of period 5,685 5,235 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 916 857 2,720 2,548 Prior accident years (52 ) (44 ) (203 ) (123 ) Total incurred 864 813 2,517 2,425 Net paid loss and loss expenses related to: Current accident year 457 392 995 928 Prior accident years 373 313 1,457 1,186 Total paid 830 705 2,452 2,114 Net loss and loss expense reserves, end of period 5,719 5,343 5,719 5,343 Plus reinsurance recoverable 278 186 278 186 Gross loss and loss expense reserves, end of period $ 5,997 $ 5,529 $ 5,997 $ 5,529 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 $59 million at September 30, 2019 , and $49 million at September 30, 2018 , for certain life and health loss and loss expense reserves. For the three months ended September 30, 2019 , we experienced $52 million of favorable development on prior accident years, including $33 million of favorable development in commercial lines, $6 million of favorable development in personal lines and $4 million of favorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $20 million for the workers' compensation line, $8 million for the commercial casualty line and $7 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 $3 million in personal auto. For the nine months ended September 30, 2019 , we experienced $203 million of favorable development on prior accident years, including $153 million of favorable development in commercial lines, $17 million of favorable development in personal lines and $11 million of favorable development in excess and surplus lines. Within commercial lines, we recognized favorable reserve development of $65 million for the commercial casualty line, $62 million for the workers' compensation line, $15 million for the commercial property line and $7 million for the commercial auto 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 $23 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 September 30, 2018 , we experienced $44 million of favorable development on prior accident years, including $37 million of favorable development in commercial lines, $8 million of favorable development in excess and surplus lines and $1 million of adverse development in our reinsurance assumed operations. This included $5 million from favorable development of catastrophe losses. Within commercial lines, we recognized favorable reserve development of $20 million for the commercial casualty line, $9 million for the workers' compensation line, $9 million for the commercial property line and $2 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 $3 million for the commercial auto line. Within personal lines, we recognized unfavorable reserve development of $7 million for the homeowner line of business due primarily to higher-than-anticipated loss development on known claims. For the nine months ended September 30, 2018 , we experienced $123 million of favorable development on prior accident years, including $114 million of favorable development in commercial lines, $16 million of unfavorable development in personal lines, $22 million of favorable development in excess and surplus lines and $3 million of favorable development in our reinsurance assumed operations. This included $12 million from favorable development of catastrophe losses. Within commercial lines, we recognized favorable reserve development of $39 million for the workers' compensation line, $37 million for the commercial property line, $31 million for the commercial casualty line and $14 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 $7 million for the commercial auto line. Within personal lines, we recognized unfavorable reserve development of $24 million for the homeowner line of business due primarily to higher-than-anticipated loss development on known claims.

Life Policy and Investment Cont

Life Policy and Investment Contract Reserves	9 Months Ended
Life Policy and Investment Contract Reserves	Sep. 30, 2019
Liability for Future Policy Benefit, before Reinsurance [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) September 30, December 31, 2018 Life policy reserves: Ordinary/traditional life $ 1,206 $ 1,149 Other 49 48 Subtotal 1,255 1,197 Investment contract reserves: Deferred annuities 768 787 Universal life 635 632 Structured settlements 152 156 Other 6 7 Subtotal 1,561 1,582 Total life policy and investment contract reserves $ 2,816 $ 2,779

Deferred Acquisition Costs

Deferred Acquisition Costs	9 Months Ended
Deferred Acquisition Costs	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 526 $ 472 $ 464 $ 438 Capitalized deferred policy acquisition costs 256 229 790 712 Amortized deferred policy acquisition costs (257 ) (225 ) (729 ) (674 ) Deferred policy acquisition costs asset, end of period $ 525 $ 476 $ 525 $ 476 Life: Deferred policy acquisition costs asset, beginning of period $ 260 $ 256 $ 274 $ 232 Capitalized deferred policy acquisition costs 15 15 46 43 Amortized deferred policy acquisition costs (13 ) (6 ) (38 ) (27 ) Shadow deferred policy acquisition costs (4 ) 2 (24 ) 19 Deferred policy acquisition costs asset, end of period $ 258 $ 267 $ 258 $ 267 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 786 $ 728 $ 738 $ 670 Capitalized deferred policy acquisition costs 271 244 836 755 Amortized deferred policy acquisition costs (270 ) (231 ) (767 ) (701 ) Shadow deferred policy acquisition costs (4 ) 2 (24 ) 19 Deferred policy acquisition costs asset, end of period $ 783 $ 743 $ 783 $ 743 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	9 Months Ended
Accumulated Other Comprehensive Income	Sep. 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 September 30, 2019 2018 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ 488 $ 102 $ 386 $ 84 $ 17 $ 67 OCI before investment gains and losses, net, recognized in net income 99 21 78 (76 ) (17 ) (59 ) Investment gains and losses, net, recognized in net income 1 — 1 (1 ) — (1 ) OCI 100 21 79 (77 ) (17 ) (60 ) AOCI, end of period $ 588 $ 123 $ 465 $ 7 $ — $ 7 Pension obligations: AOCI, beginning of period $ (15 ) $ (2 ) $ (13 ) $ (11 ) $ (1 ) $ (10 ) OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income — — — — — — OCI — — — — — — AOCI, end of period $ (15 ) $ (2 ) $ (13 ) $ (11 ) $ (1 ) $ (10 ) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ (11 ) $ (2 ) $ (9 ) $ (2 ) $ — $ (2 ) OCI before investment gains and losses, net, recognized in net income (3 ) — (3 ) — — — Investment gains and losses, net, recognized in net income 2 — 2 1 — 1 OCI (1 ) — (1 ) 1 — 1 AOCI, end of period $ (12 ) $ (2 ) $ (10 ) $ (1 ) $ — $ (1 ) Summary of AOCI: AOCI, beginning of period $ 462 $ 98 $ 364 $ 71 $ 16 $ 55 Investments OCI 100 21 79 (77 ) (17 ) (60 ) Pension obligations OCI — — — — — — Life deferred acquisition costs, life policy reserves and other OCI (1 ) — (1 ) 1 — 1 Total OCI 99 21 78 (76 ) (17 ) (59 ) AOCI, end of period $ 561 $ 119 $ 442 $ (5 ) $ (1 ) $ (4 ) (Dollars in millions) Nine months ended September 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 542 114 428 (371 ) (80 ) (291 ) Investment gains and losses, net, recognized in net income — — — (7 ) (1 ) (6 ) OCI 542 114 428 (378 ) (81 ) (297 ) AOCI, end of period $ 588 $ 123 $ 465 $ 7 $ — $ 7 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 (9 ) (2 ) (7 ) 6 1 5 Investment gains and losses, net, recognized in net income (2 ) — (2 ) 3 1 2 OCI (11 ) (2 ) (9 ) 9 2 7 AOCI, end of period $ (12 ) $ (2 ) $ (10 ) $ (1 ) $ — $ (1 ) 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 542 114 428 (378 ) (81 ) (297 ) Pension obligations OCI 1 — 1 1 — 1 Life deferred acquisition costs, life policy reserves and other OCI (11 ) (2 ) (9 ) 9 2 7 Total OCI 532 112 420 (368 ) (79 ) (289 ) AOCI, end of period $ 561 $ 119 $ 442 $ (5 ) $ (1 ) $ (4 )

Reinsurance

Reinsurance	9 Months Ended
Reinsurance	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Direct written premiums $ 1,361 $ 1,248 $ 4,168 $ 3,831 Assumed written premiums 41 42 203 143 Ceded written premiums (50 ) (44 ) (162 ) (121 ) Net written premiums $ 1,352 $ 1,246 $ 4,209 $ 3,853 Direct earned premiums $ 1,386 $ 1,238 $ 3,971 $ 3,680 Assumed earned premiums 52 38 145 107 Ceded earned premiums (62 ) (39 ) (156 ) (120 ) Earned premiums $ 1,376 $ 1,237 $ 3,960 $ 3,667 Direct incurred loss and loss expenses $ 855 $ 792 $ 2,508 $ 2,394 Assumed incurred loss and loss expenses 37 26 87 55 Ceded incurred loss and loss expenses (28 ) (5 ) (78 ) (24 ) Incurred loss and loss expenses $ 864 $ 813 $ 2,517 $ 2,425 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Direct earned premiums $ 87 $ 79 $ 256 $ 237 Ceded earned premiums (17 ) (18 ) (53 ) (52 ) Earned premiums $ 70 $ 61 $ 203 $ 185 Direct contract holders' benefits incurred 87 82 259 228 Ceded contract holders' benefits incurred (19 ) (16 ) (48 ) (37 ) Contract holders' benefits incurred $ 68 $ 66 $ 211 $ 191

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Tax at statutory rate: $ 62 21.0 % $ 130 21.0 % $ 355 21.0 % $ 175 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5 ) (1.7 ) (5 ) (0.8 ) (14 ) (0.8 ) (15 ) (1.8 ) Dividend received exclusion (3 ) (1.0 ) (3 ) (0.5 ) (11 ) (0.7 ) (11 ) (1.3 ) Tax accounting method changes — — (50 ) (8.1 ) — — (50 ) (6.0 ) Other (8 ) (2.7 ) (7 ) (1.1 ) (10 ) (0.6 ) (6 ) (0.7 ) Provision for income taxes $ 46 15.6 % $ 65 10.5 % $ 320 18.9 % $ 93 11.2 % The provision for federal income taxes is based upon filing a consolidated income tax return for the company and its subsidiaries. During the third quarter of 2018, we received approval from the IRS to change our method of tax accounting for certain items applicable for the 2017 tax year and tax return, primarily related to the valuation of our tax base unpaid losses. We recognized a benefit in the third quarter 2018 provision for income taxes for the difference between the current tax rate and the 2017 tax rate for the related items. This reduced our effective tax rate by 8.1% and 6.0% for the three months and nine months ended September 30, 2018, respectively. During third quarter of 2019, the IRS notified us they would be examining the tax year ended December 31, 2017. Unrecognized Tax Benefits As of September 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 nine months ended 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 . As a result of operations for the nine months ended September 30, 2019 , Cincinnati Global had $44 million of net deferred tax assets with an offsetting valuation allowance of $43 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. As of September 30, 2019 , Cincinnati Global had operating loss carryforwards of $161 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 September 30, 2019 .

Net Income Per Common Share

Net Income Per Common Share	9 Months Ended
Net Income Per Common Share	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Numerator: Net income—basic and diluted $ 248 $ 553 $ 1,371 $ 739 Denominator: Basic weighted-average common shares outstanding 163.3 162.7 163.2 163.3 Effect of share-based awards: Stock options 1.4 0.8 1.2 0.9 Nonvested shares 0.9 0.5 0.7 0.5 Diluted weighted-average shares 165.6 164.0 165.1 164.7 Earnings per share: Basic $ 1.51 $ 3.40 $ 8.40 $ 4.53 Diluted $ 1.49 $ 3.38 $ 8.30 $ 4.49 Number of anti-dilutive share-based awards — 1.1 0.4 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 nine months ended September 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	9 Months Ended
Employee Retirement Benefits	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Service cost $ 2 $ 3 $ 6 $ 8 Non-service costs (benefit): Interest cost 4 4 10 10 Expected return on plan assets (5 ) (6 ) (15 ) (17 ) Amortization of actuarial loss and prior service cost — — 1 1 Other — — 1 — Total non-service benefit (1 ) (2 ) (3 ) (6 ) Net periodic benefit cost $ 1 $ 1 $ 3 $ 2 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 $6 million and $5 million to our 401(k) and Top Hat savings plans during the third quarter of 2019 and 2018 and contributions of $15 million for both the first nine months of 2019 and 2018, respectively. We made no

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
Commitments and Contingent Liabilities	Sep. 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	9 Months Ended
Segment Information	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Revenues: Commercial lines insurance Commercial casualty $ 277 $ 268 $ 822 $ 805 Commercial property 241 229 709 688 Commercial auto 179 168 524 495 Workers' compensation 73 80 224 245 Other commercial 64 60 188 174 Commercial lines insurance premiums 834 805 2,467 2,407 Fee revenues 1 1 3 3 Total commercial lines insurance 835 806 2,470 2,410 Personal lines insurance Personal auto 156 155 466 459 Homeowner 154 142 450 417 Other personal 44 41 130 118 Personal lines insurance premiums 354 338 1,046 994 Fee revenues 1 1 3 4 Total personal lines insurance 355 339 1,049 998 Excess and surplus lines insurance 72 60 202 173 Fee revenues 1 — 2 1 Total excess and surplus lines insurance 73 60 204 174 Life insurance premiums 70 61 203 185 Fee revenues 1 1 3 3 Total life insurance 71 62 206 188 Investments Investment income, net of expenses 161 154 478 458 Investment gains and losses, net 86 458 1,113 372 Total investment revenue 247 612 1,591 830 Other Premiums 116 34 245 93 Other 3 2 7 4 Total other revenues 119 36 252 97 Total revenues $ 1,700 $ 1,915 $ 5,772 $ 4,697 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 56 $ 34 $ 144 $ 96 Personal lines insurance 3 (9 ) 4 (50 ) Excess and surplus lines insurance 12 17 40 48 Life insurance 5 3 2 13 Investments 222 588 1,517 758 Other (4 ) (15 ) (16 ) (33 ) Total income before income taxes $ 294 $ 618 $ 1,691 $ 832 Identifiable assets: September 30, December 31, 2018 Property casualty insurance $ 3,364 $ 3,285 Life insurance 1,536 1,424 Investments 18,906 16,741 Other 936 485 Total $ 24,742 $ 21,935

Acquisition

Acquisition	9 Months Ended
Acquisition	Sep. 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 effective May 1, 2019, reflecting its new identity as a subsidiary of the company. 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 net asset value (NAV) set forth in the SPA and the estimated NAV of Cincinnati Global and its subsidiaries at the closing date. On August 1, 2019, the company and Munich Re agreed to an adjusted purchase price of £47 million , or $63 million , reflecting a £1 million decrease in the NAV of Cincinnati Global. The allocation of the purchase price was based on information included in Cincinnati Global's financial statements at the closing date, which was 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 value of the assets acquired, liabilities assumed and the allocation of the adjusted 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 $ 63 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 $ 30 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 performed its annual impairment test on goodwill and intangibles on September 30, which did not result in the recognition of an impairment loss in the most recent period. 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)	9 Months Ended
Accounting Policies Pending Accounting Updates (Policies)	Sep. 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. 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)	9 Months Ended
Investments (Tables)	Sep. 30, 2019
Investments [Abstract]
Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Fixed-maturity Securities	The following table provides amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities: (Dollars in millions) Amortized cost Gross unrealized Fair value At September 30, 2019 gains losses Fixed maturity securities: Corporate $ 6,108 $ 315 $ 13 $ 6,410 States, municipalities and political subdivisions 4,322 268 — 4,590 Commercial mortgage-backed 290 15 — 305 Government-sponsored enterprises 162 — — 162 United States government 106 3 — 109 Foreign government 24 — — 24 Total $ 11,012 $ 601 $ 13 $ 11,600 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 September 30, 2019 Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Fixed maturity securities: Corporate $ 254 $ 4 $ 198 $ 9 $ 452 $ 13 States, municipalities and political subdivisions 9 — 13 — 22 — Government-sponsored enterprises 19 — 78 — 97 — United States government 5 — 4 — 9 — Foreign government 12 — — — 12 — Total $ 299 $ 4 $ 293 $ 9 $ 592 $ 13 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	Contractual maturity dates for fixed-maturities investments were: (Dollars in millions) Amortized cost Fair value % of fair value At September 30, 2019 Maturity dates: Due in one year or less $ 470 $ 475 4.1 % Due after one year through five years 3,058 3,165 27.3 Due after five years through ten years 3,868 4,081 35.2 Due after ten years 3,616 3,879 33.4 Total $ 11,012 $ 11,600 100.0 %
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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Investment income: Interest $ 110 $ 111 $ 332 $ 333 Dividends 50 45 146 131 Other 5 1 10 3 Total 165 157 488 467 Less investment expenses 4 3 10 9 Total $ 161 $ 154 $ 478 $ 458 Investment gains and losses, net: Equity securities: Investment gains and losses on securities sold, net $ — $ 8 $ 27 $ 17 Unrealized gains and losses on securities still held, net 89 450 1,084 351 Subtotal 89 458 1,111 368 Fixed maturities: Gross realized gains 6 2 9 9 Gross realized losses (1 ) (1 ) (3 ) (2 ) Other-than-temporary impairments (6 ) — (6 ) — Subtotal (1 ) 1 — 7 Other (2 ) (1 ) 2 (3 ) Total $ 86 $ 458 $ 1,113 $ 372

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 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 September 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 September 30, 2019 Fixed maturities, available for sale: Corporate $ — $ 6,410 $ — $ 6,410 States, municipalities and political subdivisions — 4,590 — 4,590 Commercial mortgage-backed — 305 — 305 Government-sponsored enterprises — 162 — 162 United States government 109 — — 109 Foreign government — 24 — 24 Subtotal 109 11,491 — 11,600 Common equities 6,956 — — 6,956 Nonredeemable preferred equities — 220 — 220 Separate accounts taxable fixed maturities — 868 — 868 Top Hat savings plan mutual funds and common 45 — — 45 Total $ 7,110 $ 12,579 $ — $ 19,689 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)	(Dollars in millions) Asset fair value measurements using significant unobservable inputs Corporate States, Total Beginning balance, July 1, 2019 $ 1 $ 4 $ 5 Total gains or losses (realized/unrealized): Included in net income — — — Included in other comprehensive income — — — Purchases — — — Sales (1 ) — (1 ) Transfers into Level 3 — — — Transfers out of Level 3 — (4 ) (4 ) Ending balance, September 30, 2019 $ — $ — $ — Beginning balance, July 1, 2018 $ 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, September 30, 2018 $ 1 $ 4 $ 5 The following table provides the changes in Level 3 assets for the nine months ended September 30, 2019 : (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 (1 ) — (1 ) Transfers into Level 3 — — — Transfers out of Level 3 — (4 ) (4 ) Ending balance, September 30, 2019 $ — $ — $ — 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, September 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 September 30, December 31, September 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 September 30, 2019 Note payable $ — $ 38 $ — $ 38 6.900% senior debentures, due 2028 — 35 — 35 6.920% senior debentures, due 2028 — 512 — 512 6.125% senior notes, due 2034 — 510 — 510 Total $ — $ 1,095 $ — $ 1,095 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 September 30, 2019 Life policy loans $ — $ — $ 43 $ 43 Deferred annuities — — 787 787 Structured settlements — 212 — 212 Total $ — $ 212 $ 787 $ 999 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)	9 Months Ended
Property Casualty Loss and Loss Expenses (Tables)	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Gross loss and loss expense reserves, beginning of period $ 5,954 $ 5,423 $ 5,646 $ 5,219 Less reinsurance recoverable 269 188 238 187 Net loss and loss expense reserves, beginning of period 5,685 5,235 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 916 857 2,720 2,548 Prior accident years (52 ) (44 ) (203 ) (123 ) Total incurred 864 813 2,517 2,425 Net paid loss and loss expenses related to: Current accident year 457 392 995 928 Prior accident years 373 313 1,457 1,186 Total paid 830 705 2,452 2,114 Net loss and loss expense reserves, end of period 5,719 5,343 5,719 5,343 Plus reinsurance recoverable 278 186 278 186 Gross loss and loss expense reserves, end of period $ 5,997 $ 5,529 $ 5,997 $ 5,529

Life Policy and Investment Co_2

Life Policy and Investment Contract Reserves (Tables)	9 Months Ended
Life Policy and Investment Contract Reserves (Tables)	Sep. 30, 2019
Liability for Future Policy Benefit, before Reinsurance [Abstract]
Reserve For Losses Loss Adjustment Expenses Table	This table summarizes our life policy and investment contract reserves: (Dollars in millions) September 30, December 31, 2018 Life policy reserves: Ordinary/traditional life $ 1,206 $ 1,149 Other 49 48 Subtotal 1,255 1,197 Investment contract reserves: Deferred annuities 768 787 Universal life 635 632 Structured settlements 152 156 Other 6 7 Subtotal 1,561 1,582 Total life policy and investment contract reserves $ 2,816 $ 2,779

Deferred Acquisition Costs (Ta

Deferred Acquisition Costs (Tables)	9 Months Ended
Deferred Acquisition Costs (Tables)	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Property casualty: Deferred policy acquisition costs asset, beginning of period $ 526 $ 472 $ 464 $ 438 Capitalized deferred policy acquisition costs 256 229 790 712 Amortized deferred policy acquisition costs (257 ) (225 ) (729 ) (674 ) Deferred policy acquisition costs asset, end of period $ 525 $ 476 $ 525 $ 476 Life: Deferred policy acquisition costs asset, beginning of period $ 260 $ 256 $ 274 $ 232 Capitalized deferred policy acquisition costs 15 15 46 43 Amortized deferred policy acquisition costs (13 ) (6 ) (38 ) (27 ) Shadow deferred policy acquisition costs (4 ) 2 (24 ) 19 Deferred policy acquisition costs asset, end of period $ 258 $ 267 $ 258 $ 267 Consolidated: Deferred policy acquisition costs asset, beginning of period $ 786 $ 728 $ 738 $ 670 Capitalized deferred policy acquisition costs 271 244 836 755 Amortized deferred policy acquisition costs (270 ) (231 ) (767 ) (701 ) Shadow deferred policy acquisition costs (4 ) 2 (24 ) 19 Deferred policy acquisition costs asset, end of period $ 783 $ 743 $ 783 $ 743

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Tables)	Sep. 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 September 30, 2019 2018 Before tax Income tax Net Before tax Income tax Net Investments: AOCI, beginning of period $ 488 $ 102 $ 386 $ 84 $ 17 $ 67 OCI before investment gains and losses, net, recognized in net income 99 21 78 (76 ) (17 ) (59 ) Investment gains and losses, net, recognized in net income 1 — 1 (1 ) — (1 ) OCI 100 21 79 (77 ) (17 ) (60 ) AOCI, end of period $ 588 $ 123 $ 465 $ 7 $ — $ 7 Pension obligations: AOCI, beginning of period $ (15 ) $ (2 ) $ (13 ) $ (11 ) $ (1 ) $ (10 ) OCI excluding amortization recognized in net income — — — — — — Amortization recognized in net income — — — — — — OCI — — — — — — AOCI, end of period $ (15 ) $ (2 ) $ (13 ) $ (11 ) $ (1 ) $ (10 ) Life deferred acquisition costs, life policy reserves and other: AOCI, beginning of period $ (11 ) $ (2 ) $ (9 ) $ (2 ) $ — $ (2 ) OCI before investment gains and losses, net, recognized in net income (3 ) — (3 ) — — — Investment gains and losses, net, recognized in net income 2 — 2 1 — 1 OCI (1 ) — (1 ) 1 — 1 AOCI, end of period $ (12 ) $ (2 ) $ (10 ) $ (1 ) $ — $ (1 ) Summary of AOCI: AOCI, beginning of period $ 462 $ 98 $ 364 $ 71 $ 16 $ 55 Investments OCI 100 21 79 (77 ) (17 ) (60 ) Pension obligations OCI — — — — — — Life deferred acquisition costs, life policy reserves and other OCI (1 ) — (1 ) 1 — 1 Total OCI 99 21 78 (76 ) (17 ) (59 ) AOCI, end of period $ 561 $ 119 $ 442 $ (5 ) $ (1 ) $ (4 ) (Dollars in millions) Nine months ended September 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 542 114 428 (371 ) (80 ) (291 ) Investment gains and losses, net, recognized in net income — — — (7 ) (1 ) (6 ) OCI 542 114 428 (378 ) (81 ) (297 ) AOCI, end of period $ 588 $ 123 $ 465 $ 7 $ — $ 7 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 (9 ) (2 ) (7 ) 6 1 5 Investment gains and losses, net, recognized in net income (2 ) — (2 ) 3 1 2 OCI (11 ) (2 ) (9 ) 9 2 7 AOCI, end of period $ (12 ) $ (2 ) $ (10 ) $ (1 ) $ — $ (1 ) 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 542 114 428 (378 ) (81 ) (297 ) Pension obligations OCI 1 — 1 1 — 1 Life deferred acquisition costs, life policy reserves and other OCI (11 ) (2 ) (9 ) 9 2 7 Total OCI 532 112 420 (368 ) (79 ) (289 ) AOCI, end of period $ 561 $ 119 $ 442 $ (5 ) $ (1 ) $ (4 )

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
Reinsurance (Tables)	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Direct written premiums $ 1,361 $ 1,248 $ 4,168 $ 3,831 Assumed written premiums 41 42 203 143 Ceded written premiums (50 ) (44 ) (162 ) (121 ) Net written premiums $ 1,352 $ 1,246 $ 4,209 $ 3,853 Direct earned premiums $ 1,386 $ 1,238 $ 3,971 $ 3,680 Assumed earned premiums 52 38 145 107 Ceded earned premiums (62 ) (39 ) (156 ) (120 ) Earned premiums $ 1,376 $ 1,237 $ 3,960 $ 3,667 Direct incurred loss and loss expenses $ 855 $ 792 $ 2,508 $ 2,394 Assumed incurred loss and loss expenses 37 26 87 55 Ceded incurred loss and loss expenses (28 ) (5 ) (78 ) (24 ) Incurred loss and loss expenses $ 864 $ 813 $ 2,517 $ 2,425
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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Direct earned premiums $ 87 $ 79 $ 256 $ 237 Ceded earned premiums (17 ) (18 ) (53 ) (52 ) Earned premiums $ 70 $ 61 $ 203 $ 185 Direct contract holders' benefits incurred 87 82 259 228 Ceded contract holders' benefits incurred (19 ) (16 ) (48 ) (37 ) Contract holders' benefits incurred $ 68 $ 66 $ 211 $ 191

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Tax at statutory rate: $ 62 21.0 % $ 130 21.0 % $ 355 21.0 % $ 175 21.0 % Increase (decrease) resulting from: Tax-exempt income from municipal bonds (5 ) (1.7 ) (5 ) (0.8 ) (14 ) (0.8 ) (15 ) (1.8 ) Dividend received exclusion (3 ) (1.0 ) (3 ) (0.5 ) (11 ) (0.7 ) (11 ) (1.3 ) Tax accounting method changes — — (50 ) (8.1 ) — — (50 ) (6.0 ) Other (8 ) (2.7 ) (7 ) (1.1 ) (10 ) (0.6 ) (6 ) (0.7 ) Provision for income taxes $ 46 15.6 % $ 65 10.5 % $ 320 18.9 % $ 93 11.2 %

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	9 Months Ended
Net Income Per Common Share (Tables)	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Numerator: Net income—basic and diluted $ 248 $ 553 $ 1,371 $ 739 Denominator: Basic weighted-average common shares outstanding 163.3 162.7 163.2 163.3 Effect of share-based awards: Stock options 1.4 0.8 1.2 0.9 Nonvested shares 0.9 0.5 0.7 0.5 Diluted weighted-average shares 165.6 164.0 165.1 164.7 Earnings per share: Basic $ 1.51 $ 3.40 $ 8.40 $ 4.53 Diluted $ 1.49 $ 3.38 $ 8.30 $ 4.49 Number of anti-dilutive share-based awards — 1.1 0.4 1.3

Employee Retirement Benefits (T

Employee Retirement Benefits (Tables)	9 Months Ended
Employee Retirement Benefits (Tables)	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Service cost $ 2 $ 3 $ 6 $ 8 Non-service costs (benefit): Interest cost 4 4 10 10 Expected return on plan assets (5 ) (6 ) (15 ) (17 ) Amortization of actuarial loss and prior service cost — — 1 1 Other — — 1 — Total non-service benefit (1 ) (2 ) (3 ) (6 ) Net periodic benefit cost $ 1 $ 1 $ 3 $ 2

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment information is summarized in the following table: (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Revenues: Commercial lines insurance Commercial casualty $ 277 $ 268 $ 822 $ 805 Commercial property 241 229 709 688 Commercial auto 179 168 524 495 Workers' compensation 73 80 224 245 Other commercial 64 60 188 174 Commercial lines insurance premiums 834 805 2,467 2,407 Fee revenues 1 1 3 3 Total commercial lines insurance 835 806 2,470 2,410 Personal lines insurance Personal auto 156 155 466 459 Homeowner 154 142 450 417 Other personal 44 41 130 118 Personal lines insurance premiums 354 338 1,046 994 Fee revenues 1 1 3 4 Total personal lines insurance 355 339 1,049 998 Excess and surplus lines insurance 72 60 202 173 Fee revenues 1 — 2 1 Total excess and surplus lines insurance 73 60 204 174 Life insurance premiums 70 61 203 185 Fee revenues 1 1 3 3 Total life insurance 71 62 206 188 Investments Investment income, net of expenses 161 154 478 458 Investment gains and losses, net 86 458 1,113 372 Total investment revenue 247 612 1,591 830 Other Premiums 116 34 245 93 Other 3 2 7 4 Total other revenues 119 36 252 97 Total revenues $ 1,700 $ 1,915 $ 5,772 $ 4,697 Income (loss) before income taxes: Insurance underwriting results Commercial lines insurance $ 56 $ 34 $ 144 $ 96 Personal lines insurance 3 (9 ) 4 (50 ) Excess and surplus lines insurance 12 17 40 48 Life insurance 5 3 2 13 Investments 222 588 1,517 758 Other (4 ) (15 ) (16 ) (33 ) Total income before income taxes $ 294 $ 618 $ 1,691 $ 832 Identifiable assets: September 30, December 31, 2018 Property casualty insurance $ 3,364 $ 3,285 Life insurance 1,536 1,424 Investments 18,906 16,741 Other 936 485 Total $ 24,742 $ 21,935

Acquisition Acquisitions (Table

Acquisition Acquisitions (Tables)	9 Months Ended
Acquisition Acquisitions (Tables)	Sep. 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 adjusted 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 $ 63 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 $ 30

Accounting Policies (Details)

Accounting Policies (Details)	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle
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	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale
Cost or Amortized Cost	$ 11,012	$ 10,643
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	601	174
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	13	128
Fair Value	11,600	10,689
Corporate
Debt Securities, Available-for-sale
Cost or Amortized Cost	6,108	5,712
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	315	85
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	13	87
Fair Value	6,410	5,710
States, municipalities and political subdivisions
Debt Securities, Available-for-sale
Cost or Amortized Cost	4,322	4,251
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	268	84
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	31
Fair Value	4,590	4,304
Commercial mortgage-backed
Debt Securities, Available-for-sale
Cost or Amortized Cost	290	287
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	15	3
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	2
Fair Value	305	288
Government-sponsored enterprises
Debt Securities, Available-for-sale
Cost or Amortized Cost	162	316
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	1
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	7
Fair Value	162	310
United States government
Debt Securities, Available-for-sale
Cost or Amortized Cost	106	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	109	67
Foreign government
Debt Securities, Available-for-sale
Cost or Amortized Cost	24	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	$ 24	$ 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	Sep. 30, 2019	Dec. 31, 2018
Investments, Unrealized Loss Position
Less than 12 months Fair Value	$ 299	$ 3,031
Less than 12 months Unrealized Losses	4	70
12 months or more Fair Value	293	1,149
12 months or more Unrealized Losses	9	58
Total Fair Value	592	4,180
Total Unrealized Losses	13	128
Corporate
Investments, Unrealized Loss Position
Less than 12 months Fair Value	254	2,082
Less than 12 months Unrealized Losses	4	51
12 months or more Fair Value	198	501
12 months or more Unrealized Losses	9	36
Total Fair Value	452	2,583
Total Unrealized Losses	13	87
States, municipalities and political subdivisions
Investments, Unrealized Loss Position
Less than 12 months Fair Value	9	823
Less than 12 months Unrealized Losses	0	18
12 months or more Fair Value	13	340
12 months or more Unrealized Losses	0	13
Total Fair Value	22	1,163
Total Unrealized Losses	0	31
Commercial mortgage-backed
Investments, Unrealized Loss Position
Less than 12 months Fair Value		77
Less than 12 months Unrealized Losses		0
12 months or more Fair Value		64
12 months or more Unrealized Losses		2
Total Fair Value		141
Total Unrealized Losses		2
Government-sponsored enterprises
Investments, Unrealized Loss Position
Less than 12 months Fair Value	19	49
Less than 12 months Unrealized Losses	0	1
12 months or more Fair Value	78	211
12 months or more Unrealized Losses	0	6
Total Fair Value	97	260
Total Unrealized Losses	0	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	12
Less than 12 months Unrealized Losses	0
12 months or more Fair Value	0
12 months or more Unrealized Losses	0
Total Fair Value	12
Total Unrealized Losses	$ 0

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Amortized cost
Due in one year or less	$ 470
Due after one year through five years	3,058
Due after five years through ten years	3,868
Due after ten years	3,616
Total	11,012	$ 10,643
Fair value
Due in one year or less	475
Due after one year through five years	3,165
Due after five years through ten years	4,081
Due after ten years	3,879
Total	$ 11,600	$ 10,689
% of fair value
Due in one year or less	4.10%
Due after one year through five years	27.30%
Due after five years through ten years	35.20%
Due after ten years	33.40%
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investment income:
Interest	$ 110	$ 111	$ 332	$ 333
Dividends	50	45	146	131
Other	5	1	10	3
Total	165	157	488	467
Less investment expenses	4	3	10	9
Total	161	154	478	458
Gain (Loss) on Sale of Investments			1,103	367
Investment gains and losses, net:
Investment gains and losses, net	86	458	1,113	372
Equity securities
Investment income:
Gain (Loss) on Sale of Investments	0	8	27	17
Unrealized Gain (Loss) on Investments	89	450	1,084	351
Investment gains and losses, net:
Other	(2)	(1)	2	(3)
Investment gains and losses, net	89	458	1,111	368
Fixed maturities
Investment gains and losses, net:
Gross realized gains	6	2	9	9
Available-for-sale Securities, Gross Realized Losses	(1)	(1)	(3)	(2)
Other-than-temporary impairment	(6)	0	(6)	0
Investment gains and losses, net	$ (1)	$ 1	$ 0	$ 7

Investments - Additional Inform

Investments - Additional Information (Detail)	3 Months Ended		9 Months Ended		12 Months Ended
Investments - Additional Information (Detail)	Sep. 30, 2019USD ($)security	Sep. 30, 2018USD ($)security	Sep. 30, 2019USD ($)security	Sep. 30, 2018USD ($)security	Dec. 31, 2018USD ($)security
Gain (Loss) on Securities
Largest Single Common Stock Holding	$ 349,000,000		$ 349,000,000
Largest equity holdings to total equity portfolio	5.00%		5.00%
Largest equity holdings to total portfolio	1.90%		1.90%
Fixed maturity investments, Percentage of amortized costs			70.00%		70.00%
Fixed maturities
Gain (Loss) on Securities
Number Of Securities Other Than Temporary Impairment Losses1 \| security	2	0	2	0
Provision for Other Credit Losses	$ 0	$ 0	$ 0	$ 0
Number Of Securities Continuous Unrealized Loss Position More Than Twelve Months \| security	62		62		400
Unrealized losses 12 months or more (equity investment less than $500,000)	$ (9,000,000)		$ (9,000,000)		$ (58,000,000)
Number Of Securities Continuous Unrealized Loss Position More Than Twelve Months and Below 70 Percent of Amortized Cost	2		2		0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	$ 11,600	$ 10,689
Equity securities, at fair value	7,176	5,920
Separate accounts	878	803
Top Hat savings plan mutual funds and common equity (included in Other assets)	45	34
Fair value of asset	19,689	17,434
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Top Hat savings plan mutual funds and common equity (included in Other assets)	45	34
Fair value of asset	7,110	5,843
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Top Hat savings plan mutual funds and common equity (included in Other assets)	0	0
Fair value of asset	12,579	11,586
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Top Hat savings plan mutual funds and common equity (included in Other assets)	0	0
Fair value of asset	0	5
Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	11,600	10,689
Debt Securities \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	6,410	5,710
Debt Securities \| States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	4,590	4,304
Debt Securities \| Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	305	288
Debt Securities \| Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	162	310
Debt Securities \| United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	109	67
Debt Securities \| Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	24	10
Debt Securities \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	109	67
Debt Securities \| Quoted prices in active markets for identical assets (Level 1) \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities \| Quoted prices in active markets for identical assets (Level 1) \| States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities \| Quoted prices in active markets for identical assets (Level 1) \| Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities \| Quoted prices in active markets for identical assets (Level 1) \| Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities \| Quoted prices in active markets for identical assets (Level 1) \| United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	109	67
Debt Securities \| Quoted prices in active markets for identical assets (Level 1) \| Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities \| Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	11,491	10,617
Debt Securities \| Significant other observable inputs (Level 2) \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	6,410	5,709
Debt Securities \| Significant other observable inputs (Level 2) \| States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	4,590	4,300
Debt Securities \| Significant other observable inputs (Level 2) \| Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	305	288
Debt Securities \| Significant other observable inputs (Level 2) \| Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	162	310
Debt Securities \| Significant other observable inputs (Level 2) \| United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities \| Significant other observable inputs (Level 2) \| Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	24	10
Debt Securities \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	5
Debt Securities \| Significant unobservable inputs (Level 3) \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	1
Debt Securities \| Significant unobservable inputs (Level 3) \| States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	4
Debt Securities \| Significant unobservable inputs (Level 3) \| Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities \| Significant unobservable inputs (Level 3) \| Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities \| Significant unobservable inputs (Level 3) \| United States government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Debt Securities \| Significant unobservable inputs (Level 3) \| Foreign government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fixed maturities, at fair value	0	0
Equity securities \| Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	6,956	5,742
Equity securities \| Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	220	178
Equity securities \| Quoted prices in active markets for identical assets (Level 1) \| Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	6,956	5,742
Equity securities \| Quoted prices in active markets for identical assets (Level 1) \| Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	0	0
Equity securities \| Significant other observable inputs (Level 2) \| Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	0	0
Equity securities \| Significant other observable inputs (Level 2) \| Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	220	178
Equity securities \| Significant unobservable inputs (Level 3) \| Common equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	0	0
Equity securities \| Significant unobservable inputs (Level 3) \| Nonredeemable preferred equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities, at fair value	0	0
Taxable Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	868	791
Taxable Fixed Maturities \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	0	0
Taxable Fixed Maturities \| Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	868	791
Taxable Fixed Maturities \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Separate accounts	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Change in Level 3 Assets (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 5	$ 5	$ 5	$ 6
Total gains or losses (realized/unrealized):
Included in net income	0	0	0	0
Included in other comprehensive income	0	0	0	(1)
Purchases	0	0	0	0
Sales	(1)	0	(1)	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(4)	0	(4)	0
Ending balance	0	5	0	5
Corporate Fixed Maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1	1	1	1
Total gains or losses (realized/unrealized):
Included in net income	0	0	0	0
Included in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Sales	(1)	0	(1)	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Ending balance	0	1	0	1
States, Municipalities And Political Subdivisions Fixed Maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	4	4	4	5
Total gains or losses (realized/unrealized):
Included in net income	0	0	0	0
Included in other comprehensive income	0	0	0	(1)
Purchases	0	0	0	0
Sales	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(4)	0	(4)	0
Ending balance	$ 0	$ 4	$ 0	$ 4

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Book Value and Principal Amounts of Long-Term Debt (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	$ 38	$ 32
Total	$ 1,095	$ 975
Senior Debentures 6.900 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate	6.90%	6.90%
Debt instrument, year of maturity	2028	2028
Fair value of senior debt	$ 35	$ 32
Senior Debentures 6.920 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate	6.92%	6.92%
Debt instrument, year of maturity	2028	2028
Fair value of senior debt	$ 512	$ 471
Senior Notes 6.125 % Due 2034
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate	6.125%	6.125%
Debt instrument, year of maturity	2034	2034
Fair value of senior debt	$ 510	$ 440
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
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
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
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
Fair value of senior debt	0	0
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of note payable	38	32
Total	1,095	975
Significant other observable inputs (Level 2) \| Senior Debentures 6.900 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	35	32
Significant other observable inputs (Level 2) \| Senior Debentures 6.920 % Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	512	471
Significant other observable inputs (Level 2) \| Senior Notes 6.125 % Due 2034
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of senior debt	510	440
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
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
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
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
Fair value of senior debt	$ 0	$ 0

Fair Value Measurements - Fai_3

Fair Value Measurements - Fair Value of Life Policy Loans, Deferred Annuities, and Structured Settlements (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	$ 43	$ 40
Liabilities Related to Investment Contracts, Fair Value Disclosure	999	927
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
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
Fair value of life policy loans	0	0
Liabilities Related to Investment Contracts, Fair Value Disclosure	212	185
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of life policy loans	43	40
Liabilities Related to Investment Contracts, Fair Value Disclosure	787	742
Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	787	742
Deferred annuities \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
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
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
Liabilities Related to Investment Contracts, Fair Value Disclosure	787	742
Structured settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	212	185
Structured settlements \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
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
Liabilities Related to Investment Contracts, Fair Value Disclosure	212	185
Structured settlements \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities Related to Investment Contracts, Fair Value Disclosure	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Finance receivable	$ 78	$ 71
Loss and loss expense reserves	2,816	2,779
Life Policy Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Finance receivable	32	33
Investment contract reserves:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss and loss expense reserves	1,561	1,582
Investment contract reserves: \| Deferred annuities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss and loss expense reserves	768	787
Investment contract reserves: \| Structured Settlement Annuity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loss and loss expense reserves	$ 152	$ 156

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 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	$ 5,954	$ 5,423	$ 5,646	$ 5,219
Less reinsurance recoverable	269	188	238	187
Net loss and loss expense reserves, beginning of period	5,685	5,235	5,408	5,032
Current accident year	916	857	2,720	2,548
Prior accident years	(52)	(44)	(203)	(123)
Total incurred	864	813	2,517	2,425
Current accident year	457	392	995	928
Prior accident years	373	313	1,457	1,186
Total paid	830	705	2,452	2,114
Net loss and loss expense reserves, end of period	5,719	5,343	5,719	5,343
Plus reinsurance recoverable	278	186	278	186
Gross loss and loss expense reserves, end of period	$ 5,997	$ 5,529	$ 5,997	$ 5,529
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	$ 5,997	$ 5,529	$ 5,997	$ 5,529	$ 5,954	$ 5,646	$ 5,423	$ 5,219
Prior accident years	(52)	(44)	(203)	(123)
Life and Health Loss Reserves
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Reserve for loss and loss expenses	59	49	59	49
Commercial Lines
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(33)	(37)	(153)	(114)
Commercial Lines \| Commercial Casualty Segment
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(8)	(20)	(65)	(31)
Commercial Lines \| Workers' Compensation
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(20)	(9)	(62)	(39)
Commercial Lines \| Commercial Auto
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		3	(7)	7
Commercial Lines \| Other Commercial Lines
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		(2)		(14)
Commercial Lines \| Commercial Property Segment
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(7)	(9)	(15)	(37)
Personal Lines
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(6)		(17)	16
Personal Lines \| Homeowner
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		7	15	24
Personal Lines \| Personal Auto
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	(3)		(23)
Excess and Surplus Lines Insurance
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years	$ (4)	(8)	$ (11)	(22)
Reinsurance assumed and other non segment
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		1		(3)
Consolidated Property and Casualty Insurance Entity \| Catastrophe Development
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters
Prior accident years		$ (5)		$ (12)

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	Sep. 30, 2019	Dec. 31, 2018
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	$ 2,816	$ 2,779
Life policy reserves:
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,255	1,197
Life policy reserves: \| Ordinary/traditional life
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	1,206	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	1,561	1,582
Investment contract reserves: \| Deferred annuities
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	768	787
Investment contract reserves: \| Universal life
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	635	632
Investment contract reserves: \| Structured Settlement Annuity
Liability for Future Policy Benefit, by Product Segment
Life policy and investment contract reserves	152	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	$ 786	$ 728	$ 738	$ 670
Capitalized deferred policy acquisition costs	271	244	836	755
Amortized deferred policy acquisition costs	(270)	(231)	(767)	(701)
Shadow deferred policy acquisition costs	(4)	2	(24)	19
Deferred policy acquisition costs asset, end of period	783	743	783	743
Consolidated Property and Casualty Insurance Entity
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	526	472	464	438
Capitalized deferred policy acquisition costs	256	229	790	712
Amortized deferred policy acquisition costs	(257)	(225)	(729)	(674)
Deferred policy acquisition costs asset, end of period	525	476	525	476
Life Insurance Segment
Movement Analysis of Deferred Policy Acquisition Costs
Deferred policy acquisition costs asset, beginning of period	260	256	274	232
Capitalized deferred policy acquisition costs	15	15	46	43
Amortized deferred policy acquisition costs	(13)	(6)	(38)	(27)
Shadow deferred policy acquisition costs	(4)	2	(24)	19
Deferred policy acquisition costs asset, end of period	$ 258	$ 267	$ 258	$ 267

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	$ 442		$ 442			$ 22
Accumulated other comprehensive income, net of tax, end of period	442		442
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	488	$ 84	46	$ 385
Cumulative effect of change in accounting for equity securities, before tax						0		$ (3,155)
Other comprehensive income before reclassification, before tax	99	(76)	542	(371)
Reclassification adjustment, before tax	1	(1)	0	(7)
Effect on other comprehensive income, before tax	100	(77)	542	(378)
Accumulated other comprehensive income, before tax, end of period	588	7	588	7
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	102	17	9	81
Cumulative effect of change in accounting for equity securities, tax						0		(652)
Other comprehensive income before reclassification, tax	21	(17)	114	(80)
Reclassification adjustment, tax	0	0	0	(1)
Effect on other comprehensive income, tax	21	(17)	114	(81)
Accumulated other comprehensive income, tax, end of period	123	0	123	0
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	465	7	465	7	$ 386	37	$ 67	304
Unrealized gains reclassified to retained earnings for ASU 2016-01, after tax						0		(2,503)
Other comprehensive income before reclassification, net of tax	78	(59)	428	(291)
Reclassification adjustment, net of tax	1	(1)	0	(6)
Effect on other comprehensive income, net of tax	79	(60)	428	(297)
Accumulated other comprehensive income, net of tax, end of period	465	7	465	7
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	(15)	(11)	(16)	(12)
Other comprehensive income before reclassification, before tax	0	0	0	0
Reclassification adjustment, before tax	0	0	1	1
Effect on other comprehensive income, before tax	0	0	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)	(13)	(14)	(10)	(11)
Other comprehensive income before reclassification, net of tax	0	0	0	0
Reclassification adjustment, net of tax	0	0	1	1
Effect on other comprehensive income, net of tax	0	0	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	(11)	(2)	(1)	(10)
Other comprehensive income before reclassification, before tax	(3)	0	(9)	6
Reclassification adjustment, before tax	2	1	(2)	3
Effect on other comprehensive income, before tax	(1)	1	(11)	9
Accumulated other comprehensive income, before tax, end of period	(12)	(1)	(12)	(1)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	(2)	0	0	(2)
Other comprehensive income before reclassification, tax	0	0	(2)	1
Reclassification adjustment, tax	0	0	0	1
Effect on other comprehensive income, tax	0	0	(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	(10)	(1)	(10)	(1)	(9)	(1)	(2)	(8)
Other comprehensive income before reclassification, net of tax	(3)	0	(7)	5
Reclassification adjustment, net of tax	2	1	(2)	2
Effect on other comprehensive income, net of tax	(1)	1	(9)	7
Accumulated other comprehensive income, net of tax, end of period	(10)	(1)	(10)	(1)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss Before Tax [Abstract]
Accumulated other comprehensive income, before tax, beginning of period	462	71	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	100	(77)	542	(378)
Change in pension obligations, before tax	0	0	1	1
Change in life deferred acquisition costs, life policy reserves and other, before tax	(1)	1	(11)	9
Effect on other comprehensive income, before tax	99	(76)	532	(368)
Accumulated other comprehensive income, before tax, end of period	561	(5)	561	(5)
Accumulated Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive income, tax, beginning of period	98	16	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	21	(17)	114	(81)
Change in pension obligations, tax	0	0	0	0
Change in life deferred acquisition costs, life policy reserves and other, tax	0	0	(2)	2
Effect on other comprehensive income, tax	21	(17)	112	(79)
Accumulated other comprehensive income, tax, end of period	119	(1)	119	(1)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income, net of tax, beginning of period	442	(4)	442	(4)	364	22	55	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	79	(60)	428	(297)
Change in pension obligations, net of tax	0	0	1	1
Change in life deferred acquisition costs, life policy reserves and other, net of tax	(1)	1	(9)	7
Effect on other comprehensive income, net of tax	78	(59)	420	(289)
Accumulated other comprehensive income, net of tax, end of period	$ 442	$ (4)	442	(4)
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property Casualty Insurance Assumed And Ceded Business [Line Items]
Incurred loss and loss expenses	$ 932	$ 879	$ 2,728	$ 2,616
Consolidated Property and Casualty Insurance Entity
Property Casualty Insurance Assumed And Ceded Business [Line Items]
Direct written premiums	1,361	1,248	4,168	3,831
Assumed written premiums	41	42	203	143
Ceded written premiums	(50)	(44)	(162)	(121)
Net written premiums	1,352	1,246	4,209	3,853
Direct earned premiums	1,386	1,238	3,971	3,680
Assumed earned premiums	52	38	145	107
Ceded earned premiums	(62)	(39)	(156)	(120)
Earned premiums	1,376	1,237	3,960	3,667
Direct incurred loss and loss expenses	855	792	2,508	2,394
Assumed incurred loss and loss expenses	37	26	87	55
Ceded incurred loss and loss expenses	(28)	(5)	(78)	(24)
Incurred loss and loss expenses	$ 864	$ 813	$ 2,517	$ 2,425

Reinsurance - Life Insurance Ce

Reinsurance - Life Insurance Ceded Business (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reinsurance for Insurance Companies, by Product Segment [Line Items]
Insurance losses and contract holders' benefits	$ 932	$ 879	$ 2,728	$ 2,616
Life Insurance Segment
Reinsurance for Insurance Companies, by Product Segment [Line Items]
Direct earned premiums	87	79	256	237
Ceded earned premiums	(17)	(18)	(53)	(52)
Earned premiums	70	61	203	185
Direct contract holders' benefits incurred	87	82	259	228
Ceded contract holders' benefits incurred	(19)	(16)	(48)	(37)
Insurance losses and contract holders' benefits	$ 68	$ 66	$ 211	$ 191

Income Taxes - Differences Betw

Income Taxes - Differences Between Statutory Income Tax Rate and Effective Income Tax Rate (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Increase (decrease) resulting from:
Tax at statutory rate	$ 62	$ 130	$ 355	$ 175
Tax-exempt income from municipal bonds	(5)	(5)	(14)	(15)
Dividend received exclusion	(3)	(3)	(11)	(11)
Tax accounting method changes, amount	0	(50)	0	(50)
Other	(8)	(7)	(10)	(6)
Total provision for income taxes	$ 46	$ 65	$ 320	$ 93
Increase (decrease) resulting from:
Tax at statutory rate	21.00%	21.00%	21.00%	21.00%
Tax-exempt income from municipal bonds	(1.70%)	(0.80%)	(0.80%)	(1.80%)
Dividend received exclusion	(1.00%)	(0.50%)	(0.70%)	(1.30%)
Tax accounting method changes, percent	0.00%	(8.10%)	0.00%	(6.00%)
Other	(2.70%)	(1.10%)	(0.60%)	(0.70%)
Provision for income taxes	15.60%	10.50%	18.90%	11.20%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Feb. 28, 2019	Dec. 31, 2018
Income Tax Contingency
Tax at statutory rate, percentage	21.00%	21.00%	21.00%	21.00%
Effective income tax rate reduction due to tax rate change		8.10%		6.00%
Unrecognized Tax Benefits	$ 34		$ 34			$ 34
Cincinnati Global
Income Tax Contingency
Net deferred tax assets due to acquisition					$ 59
Deferred tax assets valuation allowance due to acquisition					$ 55
Net deferred tax assets	44		44
Deferred tax assets valuation allowance	43		43
Operating loss carryforwards	$ 161		$ 161

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income—basic and diluted	$ 248	$ 553	$ 1,371	$ 739
Denominator:
Basic weighted-average common shares outstanding (in shares)	163.3	162.7	163.2	163.3
Diluted weighted-average shares	165.6	164	165.1	164.7
Earnings per share:
Basic (in USD per share)	$ 1.51	$ 3.40	$ 8.40	$ 4.53
Diluted (in USD per share)	$ 1.49	$ 3.38	$ 8.30	$ 4.49
Number of anti-dilutive stock-based awards (in shares)	0	1.1	0.4	1.3
Stock Options
Denominator:
Effect of stock-based awards (in shares)	1.4	0.8	1.2	0.9
Nonvested shares
Denominator:
Effect of stock-based awards (in shares)	0.9	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure
Service cost	$ 2	$ 3	$ 6	$ 8
Interest cost	4	4	10	10
Expected return on plan assets	(5)	(6)	(15)	(17)
Amortization of actuarial loss and prior service cost	0	0	1	1
Other	0	0	1	0
Total non-service benefit	(1)	(2)	(3)	(6)
Net periodic benefit cost	$ 1	$ 1	$ 3	$ 2

Employee Retirement Benefits _2

Employee Retirement Benefits - Defined Contribution Plan (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure
Matching contributions to 401(k) and Top Hat plans	$ 6,000,000	$ 5,000,000	$ 15,000,000	$ 15,000,000
Qualified Pension Plans
Defined Benefit Plan Disclosure
Pension contributions	$ 0

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2019segmentindustry
Segment Reporting [Abstract]
Number of Industries Operating In \| industry	2
Number of Reportable Segments \| segment	5

Segment Information (Detail)

Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Segment Information (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information
Assets	$ 24,742		$ 24,742		$ 21,935
Earned premiums	1,446	$ 1,298	4,163	$ 3,852
Fee revenues	4	3	11	11
Other revenues	3	2	7	4
Investment income, net of expenses	161	154	478	458
Investment gains and losses, net	86	458	1,113	372
Total revenues	1,700	1,915	5,772	4,697
Income Before Income Taxes	294	618	1,691	832
Consolidated Property and Casualty Insurance Entity
Segment Reporting Information
Assets	3,364		3,364		3,285
Life Insurance Segment
Segment Reporting Information
Assets	1,536		1,536		1,424
Investments Segment
Segment Reporting Information
Assets	18,906		18,906		16,741
Corporate, Non-Segment
Segment Reporting Information
Assets	936		936		$ 485
Other revenues	3	2	7	4
Total revenues	119	36	252	97
Income Before Income Taxes	(4)	(15)	(16)	(33)
Corporate, Non-Segment \| Reinsurance assumed and other non segment
Segment Reporting Information
Earned premiums	116	34	245	93
Operating Segments \| Commercial Lines
Segment Reporting Information
Earned premiums	834	805	2,467	2,407
Fee revenues	1	1	3	3
Total revenues	835	806	2,470	2,410
Income Before Income Taxes	56	34	144	96
Operating Segments \| Personal Lines
Segment Reporting Information
Earned premiums	354	338	1,046	994
Fee revenues	1	1	3	4
Total revenues	355	339	1,049	998
Income Before Income Taxes	3	(9)	4	(50)
Operating Segments \| Excess and Surplus Lines Insurance
Segment Reporting Information
Earned premiums	72	60	202	173
Fee revenues	1	0	2	1
Total revenues	73	60	204	174
Income Before Income Taxes	12	17	40	48
Operating Segments \| Life Insurance Segment
Segment Reporting Information
Earned premiums	70	61	203	185
Fee revenues	1	1	3	3
Total revenues	71	62	206	188
Income Before Income Taxes	5	3	2	13
Operating Segments \| Investments Segment
Segment Reporting Information
Investment income, net of expenses	161	154	478	458
Investment gains and losses, net	86	458	1,113	372
Total revenues	247	612	1,591	830
Income Before Income Taxes	222	588	1,517	758
Commercial Casualty \| Operating Segments \| Commercial Lines
Segment Reporting Information
Earned premiums	277	268	822	805
Commercial Property \| Operating Segments \| Commercial Lines
Segment Reporting Information
Earned premiums	241	229	709	688
Commercial Auto \| Operating Segments \| Commercial Lines
Segment Reporting Information
Earned premiums	179	168	524	495
Workers' Compensation \| Operating Segments \| Commercial Lines
Segment Reporting Information
Earned premiums	73	80	224	245
Other Commercial Lines \| Operating Segments \| Commercial Lines
Segment Reporting Information
Earned premiums	64	60	188	174
Personal Auto \| Operating Segments \| Personal Lines
Segment Reporting Information
Earned premiums	156	155	466	459
Home Owner Segment \| Operating Segments \| Personal Lines
Segment Reporting Information
Earned premiums	154	142	450	417
Other Personal Lines \| Operating Segments \| Personal Lines
Segment Reporting Information
Earned premiums	$ 44	$ 41	$ 130	$ 118

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - Cincinnati Global £ in Millions, $ in Millions	Feb. 28, 2019USD ($)	Feb. 28, 2019GBP (£)
Business Acquisition
Aggregate consideration paid	$ 63	£ 47
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
Previously Reported
Business Acquisition
Aggregate consideration paid	$ 64	£ 48
Adjustment to purchase price
Business Acquisition
Aggregate consideration paid		£ 1

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	63
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	30
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