Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CNA FINANCIAL CORP | ' |
Entity Central Index Key | '0000021175 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 269,946,268 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Net earned premiums | $1,811 | $1,800 | $3,617 | $3,564 |
Net investment income | 550 | 534 | 1,076 | 1,125 |
Net realized investment gains (losses): | ' | ' | ' | ' |
Other-than-temporary impairment losses | -5 | -16 | -7 | -34 |
Portion of other-than-temporary impairments recognized in Other comprehensive income (losses) | ' | ' | ' | ' |
Net other-than-temporary impairment losses recognized in earnings | -5 | -16 | -7 | -34 |
Other net realized investment gains (losses) | -9 | 2 | 39 | 43 |
Net realized investment gains (losses) | -14 | -14 | 32 | 9 |
Other revenues | 93 | 130 | 178 | 207 |
Total revenues | 2,440 | 2,450 | 4,903 | 4,905 |
Claims, Benefits and Expenses | ' | ' | ' | ' |
Insurance claims and policyholders' benefits, including policyholders' dividends | 1,441 | 1,485 | 2,887 | 2,881 |
Amortization of deferred acquisition costs | 335 | 335 | 664 | 663 |
Other operating expenses | 254 | 319 | 600 | 659 |
Interest | 46 | 41 | 90 | 83 |
Total claims, benefits and expenses | 2,076 | 2,180 | 4,241 | 4,286 |
Income from continuing operations before income tax | 364 | 270 | 662 | 619 |
Income tax (expense) benefit | -103 | -80 | -181 | -188 |
Income (loss) from continuing operations | 261 | 190 | 481 | 431 |
Income (loss) from discontinued operations, net of income tax benefit (expense) of $(1), $(2), $37, and $(7) | 6 | 4 | -201 | 13 |
Net income (loss) | $267 | $194 | $280 | $444 |
Basic Earnings (Loss) Per Share | ' | ' | ' | ' |
Income (Loss) from Continuing Operations | $0.97 | $0.71 | $1.78 | $1.60 |
Income (Loss) from Discontinued Operations | $0.02 | $0.01 | ($0.74) | $0.05 |
Basic earnings per share | $0.99 | $0.72 | $1.04 | $1.65 |
Diluted Earnings (Loss) Per Share | ' | ' | ' | ' |
Income (Loss) from Continuing Operations | $0.97 | $0.71 | $1.78 | $1.60 |
Income (Loss) from Discontinued Operations | $0.01 | $0.01 | ($0.75) | $0.04 |
Diluted earnings per share | $0.98 | $0.72 | $1.03 | $1.64 |
Dividends per share | $0.25 | $0.20 | $1.50 | $0.40 |
Weighted Average Outstanding Common Stock and Common Stock Equivalents | ' | ' | ' | ' |
Basic | 269.9 | 269.7 | 269.9 | 269.6 |
Diluted | 270.6 | 270.1 | 270.5 | 270 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Income tax (expense) benefit on discontinued operations | ($1) | ($2) | $37 | ($7) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Comprehensive Income (Loss), Net of Tax, Changes In: | ' | ' | ' | ' |
Net unrealized gains (losses) on investments with other-than-temporary impairments | $2 | ($8) | $14 | $6 |
Net unrealized gains (losses) on other investments | 270 | -585 | 507 | -647 |
Net unrealized gains (losses) on investments | 272 | -593 | 521 | -641 |
Net unrealized gains (losses) on discontinued operations | 7 | ' | 15 | ' |
Foreign currency translation adjustment | 42 | -13 | 34 | -74 |
Pension and postretirement benefits | -51 | 5 | -50 | 10 |
Other comprehensive income (loss), net of tax | 270 | -601 | 520 | -705 |
Net income (loss) | 267 | 194 | 280 | 444 |
Total comprehensive income (loss) | $537 | ($407) | $800 | ($261) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Fixed maturity securities at fair value (amortized cost of $37,212 and $39,311) | $40,468 | $41,233 |
Equity securities at fair value (cost of $175 and $179) | 194 | 185 |
Limited partnership investments | 2,831 | 2,720 |
Other invested assets | 45 | 54 |
Mortgage loans | 518 | 508 |
Short term investments | 2,024 | 1,407 |
Total investments | 46,080 | 46,107 |
Cash | 204 | 195 |
Reinsurance receivables (less allowance for uncollectible receivables of $65 and $71) | 5,050 | 6,017 |
Insurance receivables (less allowance for uncollectible receivables of $73 and $84) | 2,142 | 1,979 |
Accrued investment income | 411 | 443 |
Deferred acquisition costs | 650 | 624 |
Deferred income taxes | ' | 220 |
Property and equipment at cost (less accumulated depreciation of $365 and $365) | 289 | 304 |
Goodwill | 156 | 155 |
Assets held for sale | 3,593 | ' |
Other assets | 862 | 969 |
Separate account business | ' | 181 |
Total assets | 59,437 | 57,194 |
Liabilities | ' | ' |
Claim and claim adjustment expenses | 23,996 | 24,089 |
Unearned premiums | 3,851 | 3,718 |
Future policy benefits | 8,696 | 10,471 |
Policyholders’ funds | 27 | 116 |
Short term debt | 549 | 549 |
Long term debt | 2,558 | 2,011 |
Deferred income taxes | 94 | ' |
Liabilities held for sale | 3,343 | ' |
Other liabilities (includes $68 and $178 due to Loews Corporation) | 3,249 | 3,408 |
Separate account business | ' | 181 |
Total liabilities | 46,363 | 44,543 |
Commitments and contingencies (Notes C, G and J) | ' | ' |
Stockholders' Equity | ' | ' |
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 269,946,268 and 269,717,583 shares outstanding) | 683 | 683 |
Additional paid-in capital | 2,146 | 2,145 |
Retained earnings | 9,369 | 9,495 |
Accumulated other comprehensive income (loss) | 962 | 442 |
Treasury stock (3,093,975 and 3,322,660 shares), at cost | -85 | -91 |
Notes receivable for the issuance of common stock | -1 | -23 |
Total stockholders’ equity | 13,074 | 12,651 |
Total liabilities and stockholders' equity | $59,437 | $57,194 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Fixed maturities securities at amortized cost | $37,212 | $39,311 |
Equity securities at cost | 175 | 179 |
Allowance for uncollectible reinsurance receivables | 65 | 71 |
Allowance for uncollectible insurance receivables | 73 | 84 |
Accumulated depreciation on property and equipment | 365 | 365 |
Other liabilities payable to Loews Corporation | $68 | $178 |
Common stock, par value | $2.50 | $2.50 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 273,040,243 | 273,040,243 |
Common stock, shares outstanding | 269,946,268 | 269,717,583 |
Treasury stock, shares | 3,093,975 | 3,322,660 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net income (loss) | $280 | $444 |
Adjustments to reconcile net income (loss) to net cash flows provided (used) by operating activities: | ' | ' |
Impairment loss on pending sale of subsidiary | 255 | ' |
Deferred income tax expense (benefit) | 48 | 122 |
Trading portfolio activity | 17 | -7 |
Net realized investment (gains) losses | -34 | -14 |
Equity method investees | 75 | -151 |
Amortization of investments | ' | -14 |
Depreciation and amortization | 42 | 58 |
Changes in: | ' | ' |
Receivables, net | 6 | -83 |
Accrued investment income | -3 | -12 |
Deferred acquisition costs | -10 | -43 |
Insurance reserves | 234 | 198 |
Other assets | -50 | -69 |
Other liabilities | -201 | 134 |
Other, net | -72 | 6 |
Total adjustments | 307 | 125 |
Net cash flows provided (used) by operating activities | 587 | 569 |
Dispositions: | ' | ' |
Fixed maturity securities - sales | 2,919 | 3,143 |
Fixed maturity securities - maturities, calls and redemptions | 1,954 | 1,820 |
Equity securities | 14 | 60 |
Limited partnerships | 118 | 77 |
Mortgage loans | 33 | 18 |
Purchases: | ' | ' |
Fixed maturity securities | -4,921 | -5,656 |
Equity securities | -11 | -33 |
Limited partnerships | -109 | -103 |
Mortgage loans | -43 | -54 |
Change in other investments | 10 | ' |
Change in short term investments | -678 | 293 |
Purchases of property and equipment | -27 | -42 |
Other, net | 7 | 6 |
Net cash flows provided (used) by investing activities | -734 | -471 |
Cash Flows from Financing Activities | ' | ' |
Dividends paid to common stockholders | -406 | -108 |
Proceeds from issuance of debt | 546 | ' |
Stock options exercised | 4 | 1 |
Other, net | 19 | -20 |
Net cash flows provided (used) by financing activities | 163 | -127 |
Effect of foreign exchange rate changes on cash | 2 | -6 |
Transfer of cash to assets held for sale | -9 | ' |
Net change in cash | 9 | -35 |
Cash, beginning of year | 195 | 156 |
Cash, end of period | $204 | $121 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Accumulated other comprehensive income (loss) [Member] | Treasury stock [Member] | Notes receivable for the issuance of common stock [Member] |
In Millions, unless otherwise specified | |||||||
Balance at Dec. 31, 2012 | ' | $683 | $2,146 | $8,774 | $831 | ($99) | ($21) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 444 | ' | ' | 444 | ' | ' | ' |
Other comprehensive income (loss), net of tax | -705 | ' | ' | ' | -705 | ' | ' |
Dividends paid to common stockholders | ' | ' | ' | -108 | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | -6 | ' | ' | 8 | ' |
(Increase) Decrease in notes receivable from the issuance of common stock | ' | ' | ' | ' | ' | ' | -3 |
Balance at Jun. 30, 2013 | 11,944 | 683 | 2,140 | 9,110 | 126 | -91 | -24 |
Balance at Dec. 31, 2013 | 12,651 | 683 | 2,145 | 9,495 | 442 | -91 | -23 |
Decrease (increase) in notes receivable for common stock | ' | ' | ' | ' | ' | ' | 22 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 280 | ' | ' | 280 | ' | ' | ' |
Other comprehensive income (loss), net of tax | 520 | ' | ' | ' | 520 | ' | ' |
Dividends paid to common stockholders | ' | ' | ' | -406 | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | 1 | ' | ' | 6 | ' |
Balance at Jun. 30, 2014 | $13,074 | $683 | $2,146 | $9,369 | $962 | ($85) | ($1) |
General
General | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
General | ' |
Note A. General | |
Basis of Presentation | |
The Condensed Consolidated Financial Statements (Unaudited) include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 90% of the outstanding common stock of CNAF as of June 30, 2014. | |
The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Certain financial information that is normally included in annual financial statements, including certain financial statement notes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2013, including the summary of significant accounting policies in Note A. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. | |
The interim financial data as of June 30, 2014 and for the three and six months ended June 30, 2014 and 2013 is unaudited. However, in the opinion of management, the interim data includes all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the Company's results for the interim periods. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Intercompany amounts have been eliminated. | |
Sale of Continental Assurance Company (CAC) | |
On February 10, 2014, the Company entered into a definitive agreement to sell the majority of its run-off annuity and pension deposit business through the sale of the common stock of CAC. The sale closed on August 1, 2014. The business sold, which was previously reported within the Life & Group Non-Core segment, is reported as discontinued operations and assets and liabilities held for sale. The Company has elected not to present these assets and liabilities as held for sale on the comparative Condensed Consolidated Balance Sheet. Further information on the assets and liabilities held for sale and discontinued operations is provided in Note M to the Condensed Consolidated Financial Statements. | |
The definitive agreement includes a 100% coinsurance agreement on a separate small block of annuity business outside of CAC. The assets and liabilities related to the coinsurance agreement do not qualify as held for sale presentation, therefore they are not reflected as held for sale on the Condensed Consolidated Balance Sheet. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share [Text Block] | ' |
Note B. Earnings Per Share | |
Earnings per share is based on the weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. | |
For the three and six months ended June 30, 2014 , approximately 622 thousand and 644 thousand potential shares attributable to exercises under stock-based employee compensation plans were included in the calculation of diluted earnings per share. For those same periods, approximately 180 thousand and 110 thousand potential shares attributable to exercises under stock-based employee compensation plans were not included in the calculation of diluted earnings per share because the effect would have been antidilutive. | |
For the three and six months ended June 30, 2013, approximately 407 thousand and 446 thousand potential shares attributable to exercises under stock-based employee compensation plans were included in the calculation of diluted earnings per share. For those same periods, approximately 114 thousand and 478 thousand potential shares attributable to exercises under stock-based employee compensation plans were not included in the calculation of diluted earnings per share because the effect would have been antidilutive. |
Investments
Investments | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
Note C. Investments | ||||||||||||||||||||||||
The significant components of net investment income are presented in the following table. | ||||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Fixed maturity securities | $ | 451 | $ | 454 | $ | 903 | $ | 911 | ||||||||||||||||
Short term investments | — | 1 | 1 | 2 | ||||||||||||||||||||
Limited partnership investments | 97 | 79 | 170 | 210 | ||||||||||||||||||||
Equity securities | 3 | 3 | 5 | 6 | ||||||||||||||||||||
Mortgage loans | 9 | 6 | 15 | 11 | ||||||||||||||||||||
Trading portfolio | 3 | 5 | 6 | 10 | ||||||||||||||||||||
Other | 1 | — | 3 | 1 | ||||||||||||||||||||
Gross investment income | 564 | 548 | 1,103 | 1,151 | ||||||||||||||||||||
Investment expense | (14 | ) | (14 | ) | (27 | ) | (26 | ) | ||||||||||||||||
Net investment income | $ | 550 | $ | 534 | $ | 1,076 | $ | 1,125 | ||||||||||||||||
Net realized investment gains (losses) are presented in the following table. | ||||||||||||||||||||||||
Net Realized Investment Gains (Losses) | ||||||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Net realized investment gains (losses): | ||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||
Gross realized gains | $ | 20 | $ | 33 | $ | 73 | $ | 72 | ||||||||||||||||
Gross realized losses | (39 | ) | (40 | ) | (54 | ) | (52 | ) | ||||||||||||||||
Net realized investment gains (losses) on fixed maturity securities | (19 | ) | (7 | ) | 19 | 20 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Gross realized gains | — | 5 | 5 | 7 | ||||||||||||||||||||
Gross realized losses | — | (7 | ) | — | (22 | ) | ||||||||||||||||||
Net realized investment gains (losses) on equity securities | — | (2 | ) | 5 | (15 | ) | ||||||||||||||||||
Derivatives | 1 | (5 | ) | 1 | (3 | ) | ||||||||||||||||||
Short term investments and other | 4 | — | 7 | 7 | ||||||||||||||||||||
Net realized investment gains (losses) | $ | (14 | ) | $ | (14 | ) | $ | 32 | $ | 9 | ||||||||||||||
The components of net other-than-temporary impairment (OTTI) losses recognized in earnings by asset type are summarized in the following table. | ||||||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||
Corporate and other bonds | $ | 2 | $ | 5 | $ | 3 | $ | 8 | ||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 1 | 3 | 2 | 3 | ||||||||||||||||||||
Other asset-backed | 1 | 1 | 1 | 1 | ||||||||||||||||||||
Total asset-backed | 2 | 4 | 3 | 4 | ||||||||||||||||||||
Total fixed maturity securities available-for-sale | 4 | 9 | 6 | 12 | ||||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Common stock | 1 | 2 | 1 | 2 | ||||||||||||||||||||
Preferred stock | — | 5 | — | 20 | ||||||||||||||||||||
Total equity securities available-for-sale | 1 | 7 | 1 | 22 | ||||||||||||||||||||
Net OTTI losses recognized in earnings | $ | 5 | $ | 16 | $ | 7 | $ | 34 | ||||||||||||||||
The following tables provide a summary of fixed maturity and equity securities. | ||||||||||||||||||||||||
Summary of Fixed Maturity and Equity Securities | ||||||||||||||||||||||||
June 30, 2014 | Cost or | Gross | Gross | Estimated | Unrealized | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | OTTI | ||||||||||||||||||||
(In millions) | Cost | Gains | Losses | Value | Losses (Gains) | |||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||
Corporate and other bonds | $ | 17,276 | $ | 1,852 | $ | 30 | $ | 19,098 | $ | — | ||||||||||||||
States, municipalities and political subdivisions | 11,215 | 1,178 | 70 | 12,323 | — | |||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 4,882 | 202 | 14 | 5,070 | (51 | ) | ||||||||||||||||||
Commercial mortgage-backed | 1,999 | 107 | 7 | 2,099 | (3 | ) | ||||||||||||||||||
Other asset-backed | 1,172 | 16 | 3 | 1,185 | — | |||||||||||||||||||
Total asset-backed | 8,053 | 325 | 24 | 8,354 | (54 | ) | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 61 | 6 | 1 | 66 | — | |||||||||||||||||||
Foreign government | 533 | 18 | 1 | 550 | — | |||||||||||||||||||
Redeemable preferred stock | 39 | 3 | — | 42 | — | |||||||||||||||||||
Total fixed maturity securities available-for-sale | 37,177 | 3,382 | 126 | 40,433 | $ | (54 | ) | |||||||||||||||||
Total fixed maturity securities trading | 35 | — | — | 35 | ||||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Common stock | 46 | 14 | — | 60 | ||||||||||||||||||||
Preferred stock | 129 | 5 | — | 134 | ||||||||||||||||||||
Total equity securities available-for-sale | 175 | 19 | — | 194 | ||||||||||||||||||||
Total | $ | 37,387 | $ | 3,401 | $ | 126 | $ | 40,662 | ||||||||||||||||
December 31, 2013 | Cost or | Gross | Gross | Estimated | Unrealized | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | OTTI | ||||||||||||||||||||
(In millions) | Cost | Gains | Losses | Value | Losses (Gains) | |||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||
Corporate and other bonds | $ | 19,352 | $ | 1,645 | $ | 135 | $ | 20,862 | $ | — | ||||||||||||||
States, municipalities and political subdivisions | 11,281 | 548 | 272 | 11,557 | — | |||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 4,940 | 123 | 92 | 4,971 | (37 | ) | ||||||||||||||||||
Commercial mortgage-backed | 1,995 | 90 | 22 | 2,063 | (3 | ) | ||||||||||||||||||
Other asset-backed | 945 | 13 | 3 | 955 | — | |||||||||||||||||||
Total asset-backed | 7,880 | 226 | 117 | 7,989 | (40 | ) | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 139 | 6 | 1 | 144 | — | |||||||||||||||||||
Foreign government | 531 | 15 | 3 | 543 | — | |||||||||||||||||||
Redeemable preferred stock | 92 | 10 | — | 102 | — | |||||||||||||||||||
Total fixed maturity securities available-for-sale | 39,275 | 2,450 | 528 | 41,197 | $ | (40 | ) | |||||||||||||||||
Total fixed maturity securities trading | 36 | — | — | 36 | ||||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Common stock | 36 | 9 | — | 45 | ||||||||||||||||||||
Preferred stock | 143 | 1 | 4 | 140 | ||||||||||||||||||||
Total equity securities available-for-sale | 179 | 10 | 4 | 185 | ||||||||||||||||||||
Total | $ | 39,490 | $ | 2,460 | $ | 532 | $ | 41,418 | ||||||||||||||||
The net unrealized gains on investments included in the tables above are recorded as a component of Accumulated other comprehensive income (AOCI). When presented in AOCI, these amounts are net of tax and any required Shadow Adjustments. At June 30, 2014 and December 31, 2013, the net unrealized gains on investments included in AOCI were net of after-tax Shadow Adjustments of $937 million and $532 million. To the extent that unrealized gains on fixed income securities supporting certain products within the Life & Group Non-Core segment would result in a premium deficiency if realized, a related decrease in Deferred acquisition costs and/or increase in Insurance reserves are recorded, net of tax, as a reduction of net unrealized gains through Other comprehensive income (loss) (Shadow Adjustments). | ||||||||||||||||||||||||
The following tables summarize the estimated fair value and gross unrealized losses of available-for-sale fixed maturity and equity securities in a gross unrealized loss position by the length of time in which the securities have continuously been in that position. | ||||||||||||||||||||||||
Securities in a Gross Unrealized Loss Position | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
June 30, 2014 | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(In millions) | Losses | Losses | Losses | |||||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||
Corporate and other bonds | $ | 813 | $ | 12 | $ | 548 | $ | 18 | $ | 1,361 | $ | 30 | ||||||||||||
States, municipalities and political subdivisions | 316 | 2 | 587 | 68 | 903 | 70 | ||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 125 | 1 | 332 | 13 | 457 | 14 | ||||||||||||||||||
Commercial mortgage-backed | 205 | 2 | 171 | 5 | 376 | 7 | ||||||||||||||||||
Other asset-backed | 269 | 3 | 12 | — | 281 | 3 | ||||||||||||||||||
Total asset-backed | 599 | 6 | 515 | 18 | 1,114 | 24 | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 2 | 1 | 4 | — | 6 | 1 | ||||||||||||||||||
Foreign government | 39 | 1 | 9 | — | 48 | 1 | ||||||||||||||||||
Total fixed maturity securities available-for-sale | 1,769 | 22 | 1,663 | 104 | 3,432 | 126 | ||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Preferred stock | 10 | — | 2 | — | 12 | — | ||||||||||||||||||
Total | $ | 1,779 | $ | 22 | $ | 1,665 | $ | 104 | $ | 3,444 | $ | 126 | ||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
December 31, 2013 | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(In millions) | Losses | Losses | Losses | |||||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||
Corporate and other bonds | $ | 3,592 | $ | 129 | $ | 72 | $ | 6 | $ | 3,664 | $ | 135 | ||||||||||||
States, municipalities and political subdivisions | 3,251 | 197 | 129 | 75 | 3,380 | 272 | ||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 1,293 | 29 | 343 | 63 | 1,636 | 92 | ||||||||||||||||||
Commercial mortgage-backed | 640 | 22 | — | — | 640 | 22 | ||||||||||||||||||
Other asset-backed | 269 | 3 | — | — | 269 | 3 | ||||||||||||||||||
Total asset-backed | 2,202 | 54 | 343 | 63 | 2,545 | 117 | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 13 | 1 | — | — | 13 | 1 | ||||||||||||||||||
Foreign government | 111 | 3 | — | — | 111 | 3 | ||||||||||||||||||
Total fixed maturity securities available-for-sale | 9,169 | 384 | 544 | 144 | 9,713 | 528 | ||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Preferred stock | 87 | 4 | — | — | 87 | 4 | ||||||||||||||||||
Total | $ | 9,256 | $ | 388 | $ | 544 | $ | 144 | $ | 9,800 | $ | 532 | ||||||||||||
Based on current facts and circumstances, the Company believes the unrealized losses presented in the June 30, 2014 Securities in a Gross Unrealized Loss Position table above, are primarily attributable to broader economic conditions, changes in interest rates and credit spreads, market illiquidity and other market factors, but are not indicative of the ultimate collectibility of the current amortized cost of the securities. The Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional OTTI losses to be recorded at June 30, 2014. | ||||||||||||||||||||||||
The following table summarizes the activity for the three and six months ended June 30, 2014 and 2013 related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held at June 30, 2014 and 2013 for which a portion of an OTTI loss was recognized in Other comprehensive income (loss). | ||||||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Beginning balance of credit losses on fixed maturity securities | $ | 69 | $ | 92 | $ | 74 | $ | 95 | ||||||||||||||||
Additional credit losses for securities for which an OTTI loss was previously recognized | — | 1 | — | 1 | ||||||||||||||||||||
Reductions for securities sold during the period | (3 | ) | (4 | ) | (5 | ) | (7 | ) | ||||||||||||||||
Reductions for securities the Company intends to sell or more likely than not will be required to sell | — | — | (3 | ) | — | |||||||||||||||||||
Ending balance of credit losses on fixed maturity securities | $ | 66 | $ | 89 | $ | 66 | $ | 89 | ||||||||||||||||
Contractual Maturity | ||||||||||||||||||||||||
The following table summarizes available-for-sale fixed maturity securities by contractual maturity at June 30, 2014 and December 31, 2013. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid with or without call or prepayment penalties. Securities not due at a single date are allocated based on weighted average life. | ||||||||||||||||||||||||
Contractual Maturity | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(In millions) | Cost or | Estimated | Cost or | Estimated | ||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
Due in one year or less | $ | 2,832 | $ | 2,883 | $ | 2,420 | $ | 2,455 | ||||||||||||||||
Due after one year through five years | 9,251 | 9,893 | 9,496 | 10,068 | ||||||||||||||||||||
Due after five years through ten years | 11,206 | 11,792 | 11,667 | 11,954 | ||||||||||||||||||||
Due after ten years | 13,888 | 15,865 | 15,692 | 16,720 | ||||||||||||||||||||
Total | $ | 37,177 | $ | 40,433 | $ | 39,275 | $ | 41,197 | ||||||||||||||||
Investment Commitments | ||||||||||||||||||||||||
As of June 30, 2014, the Company had committed approximately $348 million to future capital calls from various third-party limited partnership investments in exchange for an ownership interest in the related partnerships. | ||||||||||||||||||||||||
As of June 30, 2014, the Company had mortgage loan commitments of $40 million representing signed loan applications received and accepted. | ||||||||||||||||||||||||
The Company invests in various privately placed debt securities, including bank loans, as part of its overall investment strategy and has committed to additional future purchases, sales and funding. As of June 30, 2014, the Company had commitments to purchase or fund additional amounts of $244 million and sell $158 million under the terms of such securities. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Summary of Derivative Instruments [Abstract] | ' | |||||||||||
Derivative Financial Instruments | ' | |||||||||||
Note D. Derivative Financial Instruments | ||||||||||||
Gross estimated fair values of derivative positions are presented in Other invested assets and Other liabilities on the Condensed Consolidated Balance Sheets. There would be no significant difference in the balance included in such accounts if the estimated fair values were presented net at June 30, 2014 and December 31, 2013. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under the agreements and may not be representative of the potential for gain or loss on these instruments. | ||||||||||||
Derivative Financial Instruments | ||||||||||||
June 30, 2014 | Contractual/ | Estimated Fair Value | ||||||||||
Notional | ||||||||||||
(In millions) | Amount | Asset | (Liability) | |||||||||
Without hedge designation | ||||||||||||
Currency forwards | $ | 6 | $ | — | $ | — | ||||||
Equity warrants | 5 | — | — | |||||||||
Total | $ | 11 | $ | — | $ | — | ||||||
December 31, 2013 | Contractual/ | Estimated Fair Value | ||||||||||
Notional | ||||||||||||
(In millions) | Amount | Asset | (Liability) | |||||||||
Without hedge designation | ||||||||||||
Equity warrants | $ | 5 | $ | — | $ | — | ||||||
During the three and six months ended June 30, 2014, new derivative transactions entered into totaled $181 million and $248 million in notional value while derivative termination activity totaled $175 million and $242 million. This activity was primarily attributable to forward commitments for mortgage-backed securities as well as interest rate futures. During the three and six months ended June 30, 2013, new derivative transactions entered into totaled $1,443 million and $2,047 million in notional value while derivative termination activity totaled $1,523 million and $2,065 million. This activity was attributable to forward commitments for mortgage-backed securities, interest rate futures and foreign currency forwards. |
Fair_Value
Fair Value | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Fair Value | ' | |||||||||||||||||||||||||||||||||||||||
Note E. Fair Value | ||||||||||||||||||||||||||||||||||||||||
Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable. | ||||||||||||||||||||||||||||||||||||||||
Level 1 - Quoted prices for identical instruments in active markets. | ||||||||||||||||||||||||||||||||||||||||
Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. | ||||||||||||||||||||||||||||||||||||||||
Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are not observable. | ||||||||||||||||||||||||||||||||||||||||
Prices may fall within Level 1, 2 or 3 depending upon the methodologies and inputs used to estimate fair value for each specific security. In general the Company seeks to price securities using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using methodologies and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company. | ||||||||||||||||||||||||||||||||||||||||
The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures include i) the review of pricing service or broker pricing methodologies, ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, iii) exception reporting, where changes in price, period-over-period, are reviewed and challenged with the pricing service or broker based on exception criteria, iv) deep dives, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities and v) pricing validation, where prices received are compared to prices independently estimated by the Company. | ||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value | ||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring and nonrecurring basis are summarized below. | ||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | Total | |||||||||||||||||||||||||||||||||||||||
Assets/(Liabilities) | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | at Fair Value | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 34 | $ | 18,891 | $ | 194 | $ | 19,119 | ||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | — | 12,258 | 79 | 12,337 | ||||||||||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | — | 4,885 | 185 | 5,070 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | — | 2,040 | 59 | 2,099 | ||||||||||||||||||||||||||||||||||||
Other asset-backed | — | 559 | 626 | 1,185 | ||||||||||||||||||||||||||||||||||||
Total asset-backed | — | 7,484 | 870 | 8,354 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 62 | 4 | — | 66 | ||||||||||||||||||||||||||||||||||||
Foreign government | 60 | 490 | — | 550 | ||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 30 | 12 | — | 42 | ||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 186 | 39,139 | 1,143 | 40,468 | ||||||||||||||||||||||||||||||||||||
Equity securities | 137 | 55 | 2 | 194 | ||||||||||||||||||||||||||||||||||||
Other invested assets | — | 45 | — | 45 | ||||||||||||||||||||||||||||||||||||
Short term investments | 1,323 | 606 | — | 1,929 | ||||||||||||||||||||||||||||||||||||
Life settlement contracts, included in Other assets | — | — | 86 | 86 | ||||||||||||||||||||||||||||||||||||
Total recurring basis assets | 1,646 | 39,845 | 1,231 | 42,722 | ||||||||||||||||||||||||||||||||||||
Assets held for sale - nonrecurring basis | — | 3,593 | — | 3,593 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,646 | $ | 43,438 | $ | 1,231 | $ | 46,315 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Liabilities held for sale - nonrecurring basis | $ | — | $ | 3,343 | $ | — | $ | 3,343 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 3,343 | $ | — | $ | 3,343 | ||||||||||||||||||||||||||||||||
December 31, 2013 | Total | |||||||||||||||||||||||||||||||||||||||
Assets/(Liabilities) | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | at Fair Value | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 33 | $ | 20,661 | $ | 204 | $ | 20,898 | ||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | — | 11,486 | 71 | 11,557 | ||||||||||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | — | 4,640 | 331 | 4,971 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | — | 1,912 | 151 | 2,063 | ||||||||||||||||||||||||||||||||||||
Other asset-backed | — | 509 | 446 | 955 | ||||||||||||||||||||||||||||||||||||
Total asset-backed | — | 7,061 | 928 | 7,989 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 116 | 28 | — | 144 | ||||||||||||||||||||||||||||||||||||
Foreign government | 81 | 462 | — | 543 | ||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 45 | 57 | — | 102 | ||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 275 | 39,755 | 1,203 | 41,233 | ||||||||||||||||||||||||||||||||||||
Equity securities | 126 | 48 | 11 | 185 | ||||||||||||||||||||||||||||||||||||
Other invested assets | — | 54 | — | 54 | ||||||||||||||||||||||||||||||||||||
Short term investments | 769 | 563 | — | 1,332 | ||||||||||||||||||||||||||||||||||||
Life settlement contracts, included in Other assets | — | — | 88 | 88 | ||||||||||||||||||||||||||||||||||||
Separate account business | 9 | 171 | 1 | 181 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,179 | $ | 40,591 | $ | 1,303 | $ | 43,073 | ||||||||||||||||||||||||||||||||
The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||
Level 3 | Balance at | Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss)* | Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | Purchases | Sales | Settlements | Transfers into | Transfers out | Balance at June 30, | Unrealized gains (losses) on Level 3 assets and liabilities held at June 30, 2014 recognized in net income (loss)* | ||||||||||||||||||||||||||||||
(In millions) | April 1, | Level 3 | of Level 3 | 2014 | ||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 189 | $ | 1 | $ | — | $ | 21 | $ | (6 | ) | $ | (5 | ) | $ | 5 | $ | (11 | ) | $ | 194 | $ | — | |||||||||||||||||
States, municipalities and political subdivisions | 86 | 1 | 1 | 1 | (10 | ) | — | — | — | 79 | — | |||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 359 | (24 | ) | 47 | 22 | (174 | ) | (19 | ) | — | (26 | ) | 185 | — | ||||||||||||||||||||||||||
Commercial mortgage-backed | 126 | 1 | 1 | — | (60 | ) | (1 | ) | 12 | (20 | ) | 59 | — | |||||||||||||||||||||||||||
Other asset-backed | 439 | — | 4 | 229 | (28 | ) | (18 | ) | — | — | 626 | (1 | ) | |||||||||||||||||||||||||||
Total asset-backed | 924 | (23 | ) | 52 | 251 | (262 | ) | (38 | ) | 12 | (46 | ) | 870 | (1 | ) | |||||||||||||||||||||||||
Total fixed maturity securities | 1,199 | (21 | ) | 53 | 273 | (278 | ) | (43 | ) | 17 | (57 | ) | 1,143 | (1 | ) | |||||||||||||||||||||||||
Equity securities | 2 | — | — | — | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||
Life settlement contracts | 87 | 12 | — | — | — | (13 | ) | — | — | 86 | 1 | |||||||||||||||||||||||||||||
Total | $ | 1,288 | $ | (9 | ) | $ | 53 | $ | 273 | $ | (278 | ) | $ | (56 | ) | $ | 17 | $ | (57 | ) | $ | 1,231 | $ | — | ||||||||||||||||
Level 3 | Balance at | Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss)* | Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | Purchases | Sales | Settlements | Transfers into | Transfers out | Balance at | Unrealized gains (losses) on Level 3 assets and liabilities held at June 30, 2013 recognized in net income (loss)* | ||||||||||||||||||||||||||||||
(In millions) | April 1, | Level 3 | of Level 3 | June 30, | ||||||||||||||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 302 | $ | 1 | $ | (3 | ) | $ | 13 | $ | (73 | ) | $ | (6 | ) | $ | — | $ | (32 | ) | $ | 202 | $ | (1 | ) | |||||||||||||||
States, municipalities and political subdivisions | 129 | — | 4 | 37 | (32 | ) | (3 | ) | 5 | — | 140 | — | ||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 450 | (1 | ) | (1 | ) | 50 | (10 | ) | (21 | ) | 4 | (43 | ) | 428 | (2 | ) | ||||||||||||||||||||||||
Commercial mortgage-backed | 177 | — | 4 | 5 | — | (2 | ) | 21 | (40 | ) | 165 | — | ||||||||||||||||||||||||||||
Other asset-backed | 396 | — | (3 | ) | 38 | (33 | ) | (11 | ) | — | — | 387 | (1 | ) | ||||||||||||||||||||||||||
Total asset-backed | 1,023 | (1 | ) | — | 93 | (43 | ) | (34 | ) | 25 | (83 | ) | 980 | (3 | ) | |||||||||||||||||||||||||
Redeemable preferred stock | 26 | — | (1 | ) | — | — | — | — | — | 25 | — | |||||||||||||||||||||||||||||
Total fixed maturity securities | 1,480 | — | — | 143 | (148 | ) | (43 | ) | 30 | (115 | ) | 1,347 | (4 | ) | ||||||||||||||||||||||||||
Equity securities | 19 | (5 | ) | (1 | ) | — | — | — | — | — | 13 | (5 | ) | |||||||||||||||||||||||||||
Other invested assets, including derivatives, net | (1 | ) | — | — | — | — | 1 | — | — | — | — | |||||||||||||||||||||||||||||
Short term investments | 5 | — | — | — | (5 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Life settlement contracts | 95 | 4 | — | — | — | (8 | ) | — | — | 91 | (1 | ) | ||||||||||||||||||||||||||||
Separate account business | 2 | — | — | — | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||
Total | $ | 1,600 | $ | (1 | ) | $ | (1 | ) | $ | 143 | $ | (153 | ) | $ | (50 | ) | $ | 30 | $ | (115 | ) | $ | 1,453 | $ | (10 | ) | ||||||||||||||
The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||
Level 3 | Balance at | Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss)* | Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | Purchases | Sales | Settlements | Transfers into | Transfers out | Balance at | Unrealized gains (losses) on Level 3 assets and liabilities held at June 30, 2014 recognized in net income (loss)* | ||||||||||||||||||||||||||||||
(In millions) | January 1, | Level 3 | of Level 3 | June 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 204 | $ | 2 | $ | 1 | $ | 26 | $ | (10 | ) | $ | (10 | ) | $ | 8 | $ | (27 | ) | $ | 194 | $ | — | |||||||||||||||||
States, municipalities and political subdivisions | 71 | 1 | 2 | 1 | (10 | ) | — | 14 | — | 79 | — | |||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 331 | (23 | ) | 62 | 47 | (174 | ) | (40 | ) | 21 | (39 | ) | 185 | — | ||||||||||||||||||||||||||
Commercial mortgage-backed | 151 | 2 | — | — | (60 | ) | (2 | ) | 12 | (44 | ) | 59 | — | |||||||||||||||||||||||||||
Other asset-backed | 446 | 1 | 4 | 377 | (111 | ) | (90 | ) | — | (1 | ) | 626 | (1 | ) | ||||||||||||||||||||||||||
Total asset-backed | 928 | (20 | ) | 66 | 424 | (345 | ) | (132 | ) | 33 | (84 | ) | 870 | (1 | ) | |||||||||||||||||||||||||
Total fixed maturity securities | 1,203 | (17 | ) | 69 | 451 | (365 | ) | (142 | ) | 55 | (111 | ) | 1,143 | (1 | ) | |||||||||||||||||||||||||
Equity securities | 11 | 3 | (4 | ) | — | (8 | ) | — | — | — | 2 | — | ||||||||||||||||||||||||||||
Life settlement contracts | 88 | 22 | — | — | — | (24 | ) | — | — | 86 | 2 | |||||||||||||||||||||||||||||
Separate account business | 1 | — | — | — | — | — | — | (1 | ) | — | — | |||||||||||||||||||||||||||||
Total | $ | 1,303 | $ | 8 | $ | 65 | $ | 451 | $ | (373 | ) | $ | (166 | ) | $ | 55 | $ | (112 | ) | $ | 1,231 | $ | 1 | |||||||||||||||||
Level 3 | Balance at | Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss)* | Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | Purchases | Sales | Settlements | Transfers into | Transfers out | Balance at | Unrealized gains (losses) on Level 3 assets and liabilities held at June 30, 2013 recognized in net income (loss)* | ||||||||||||||||||||||||||||||
(In millions) | January 1, | Level 3 | of Level 3 | June 30, | ||||||||||||||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 219 | $ | 1 | $ | (1 | ) | $ | 123 | $ | (90 | ) | $ | (26 | ) | $ | 26 | $ | (50 | ) | $ | 202 | $ | (2 | ) | |||||||||||||||
States, municipalities and political subdivisions | 96 | (3 | ) | 4 | 122 | (79 | ) | (5 | ) | 5 | — | 140 | — | |||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 413 | 2 | (1 | ) | 111 | (10 | ) | (32 | ) | 4 | (59 | ) | 428 | (2 | ) | |||||||||||||||||||||||||
Commercial mortgage-backed | 129 | 1 | 9 | 78 | — | (9 | ) | 21 | (64 | ) | 165 | — | ||||||||||||||||||||||||||||
Other asset-backed | 368 | 3 | (2 | ) | 174 | (132 | ) | (24 | ) | — | — | 387 | (1 | ) | ||||||||||||||||||||||||||
Total asset-backed | 910 | 6 | 6 | 363 | (142 | ) | (65 | ) | 25 | (123 | ) | 980 | (3 | ) | ||||||||||||||||||||||||||
Redeemable preferred stock | 26 | — | (1 | ) | — | — | — | — | — | 25 | — | |||||||||||||||||||||||||||||
Total fixed maturity securities | 1,251 | 4 | 8 | 608 | (311 | ) | (96 | ) | 56 | (173 | ) | 1,347 | (5 | ) | ||||||||||||||||||||||||||
Equity securities | 34 | (20 | ) | — | — | — | — | — | (1 | ) | 13 | (20 | ) | |||||||||||||||||||||||||||
Other invested assets, including derivatives, net | — | — | — | — | (1 | ) | 1 | — | — | — | — | |||||||||||||||||||||||||||||
Short term investments | 6 | — | — | — | (6 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Life settlement contracts | 100 | 11 | — | — | — | (20 | ) | — | — | 91 | (1 | ) | ||||||||||||||||||||||||||||
Separate account business | 2 | — | — | — | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||
Total | $ | 1,393 | $ | (5 | ) | $ | 8 | $ | 608 | $ | (318 | ) | $ | (115 | ) | $ | 56 | $ | (174 | ) | $ | 1,453 | $ | (26 | ) | |||||||||||||||
* Net realized and unrealized gains and losses shown above are reported in Net income (loss) as follows: | ||||||||||||||||||||||||||||||||||||||||
Major Category of Assets and Liabilities | Condensed Consolidated Statements of Operations Line Items | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale | Net realized investment gains (losses) | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities trading | Net investment income | |||||||||||||||||||||||||||||||||||||||
Equity securities | Net realized investment gains (losses) | |||||||||||||||||||||||||||||||||||||||
Other invested assets - Derivative financial instruments held in a trading portfolio | Net investment income | |||||||||||||||||||||||||||||||||||||||
Other invested assets - Derivative financial instruments not held in a trading portfolio | Net realized investment gains (losses) | |||||||||||||||||||||||||||||||||||||||
Other invested assets - Overseas deposits | Net investment income | |||||||||||||||||||||||||||||||||||||||
Life settlement contracts | Other revenues | |||||||||||||||||||||||||||||||||||||||
Securities shown on the previous pages may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume. During the three months ended June 30, 2014 there were $1 million of transfers from Level 2 to Level 1 and no transfers from Level 1 to Level 2. During the six months ended June 30, 2014 there were $24 million of transfers from Level 2 to Level 1 and $1 million from Level 1 to Level 2. There were no transfers between Level 1 and Level 2 during the three or six months ended June 30, 2013. The Company's policy is to recognize transfers between levels at the beginning of quarterly reporting periods. | ||||||||||||||||||||||||||||||||||||||||
Valuation Methodologies and Inputs | ||||||||||||||||||||||||||||||||||||||||
The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified. | ||||||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities are valued using methodologies that model information generated by market transactions involving identical or comparable assets, as well as discounted cash flow methodologies. Common inputs include: prices from recently executed transactions of similar securities, broker/dealer quotes, benchmark yields, spreads off benchmark yields, interest rates, and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. | ||||||||||||||||||||||||||||||||||||||||
Level 1 securities include exchange traded bonds, highly liquid U.S. and foreign government bonds, and redeemable preferred stock, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. Securities are generally assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with inputs that are not market observable. | ||||||||||||||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||||||||||
Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily non-redeemable preferred stocks and common stocks valued using pricing for similar securities, recently executed transactions, broker/dealer quotes and other pricing models utilizing market observable inputs. Level 3 securities are priced using internal models with inputs that are not market observable. | ||||||||||||||||||||||||||||||||||||||||
Other Invested Assets | ||||||||||||||||||||||||||||||||||||||||
Level 1 securities include exchange traded derivatives, primarily futures, valued using quoted market prices. Level 2 securities include overseas deposits, which can be redeemed at net asset value in 90 days or less, and derivatives, primarily currency forwards valued using observable market forward rates. Over-the-counter derivatives, principally interest rate swaps, total return swaps, credit default swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 3 of the valuation hierarchy due to a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. | ||||||||||||||||||||||||||||||||||||||||
Short Term Investments | ||||||||||||||||||||||||||||||||||||||||
Securities that are actively traded and have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes commercial paper, for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short term investments as presented in the tables above differ from the amounts presented on the Condensed Consolidated Balance Sheets because certain short term investments, such as time deposits, are not measured at fair value. | ||||||||||||||||||||||||||||||||||||||||
Life Settlement Contracts | ||||||||||||||||||||||||||||||||||||||||
The fair values of life settlement contracts are determined as the present value of the anticipated death benefits less anticipated premium payments based on contract terms that are distinct for each insured, as well as the Company's own assumptions for mortality, premium expense, and the rate of return that a buyer would require on the contracts, as no comparable market pricing data is available. | ||||||||||||||||||||||||||||||||||||||||
Separate Account Business | ||||||||||||||||||||||||||||||||||||||||
Separate account business includes fixed maturity securities, equities and short term investments. The valuation methodologies and inputs for these asset types have been described above. | ||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Held for Sale on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||||||||||
Assets and liabilities held for sale include assets and liabilities of CAC. These assets and liabilities are valued using the agreed upon transaction price for the sale of the common stock of CAC and are classified within Level 2 of the fair value hierarchy. See Notes A and M to the Condensed Consolidated Financial Statements for further discussion of the assets and liabilities classified as held for sale. | ||||||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||
The table below presents quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the table below are primarily based 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 the Company. | ||||||||||||||||||||||||||||||||||||||||
Assets | Fair Value at June 30, 2014 | Valuation Technique | Unobservable Input(s) | Range | ||||||||||||||||||||||||||||||||||||
(In millions) | (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 115 | Discounted cash flow | Credit spread | 2% - 15% (4%) | |||||||||||||||||||||||||||||||||||
Equity securities | $ | 2 | Market approach | Private offering price | $4,334 per share | |||||||||||||||||||||||||||||||||||
Life settlement contracts | $ | 86 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||
Mortality assumption | 70% - 743% (194%) | |||||||||||||||||||||||||||||||||||||||
Assets | Fair Value at December 31, 2013 | Valuation Technique | Unobservable Input(s) | Range | ||||||||||||||||||||||||||||||||||||
(In millions) | (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 142 | Discounted cash flow | Credit spread | 2% - 20% (4%) | |||||||||||||||||||||||||||||||||||
Equity securities | $ | 10 | Market approach | Private offering price | $360 - $4,268 per share ($1,148) | |||||||||||||||||||||||||||||||||||
Life settlement contracts | $ | 88 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||
Mortality assumption | 70% - 743% (192%) | |||||||||||||||||||||||||||||||||||||||
For fixed maturity securities, an increase in the credit spread assumptions would result in a lower fair value measurement. For equity securities, an increase in the private offering price, earnings projections and earnings multiple would result in a higher fair value measurement. For life settlement contracts, an increase in the discount rate risk premium or decrease in the mortality assumption would result in a lower fair value measurement. | ||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Not Measured at Fair Value | ||||||||||||||||||||||||||||||||||||||||
The carrying amount and estimated fair value of the Company's financial instrument assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are listed in the tables below. | ||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(In millions) | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||||||||||
Notes receivable for the issuance of common stock | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||||||
Mortgage loans | 518 | — | — | 540 | 540 | |||||||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||
Short term debt | $ | 549 | $ | — | $ | 563 | $ | — | $ | 563 | ||||||||||||||||||||||||||||||
Long term debt | 2,558 | — | 2,947 | — | 2,947 | |||||||||||||||||||||||||||||||||||
December 31, 2013 | Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(In millions) | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||||||||||
Notes receivable for the issuance of common stock | $ | 23 | $ | — | $ | — | $ | 23 | $ | 23 | ||||||||||||||||||||||||||||||
Mortgage loans | 508 | — | — | 515 | 515 | |||||||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||
Premium deposits and annuity contracts | $ | 57 | $ | — | $ | — | $ | 58 | $ | 58 | ||||||||||||||||||||||||||||||
Short term debt | 549 | — | 575 | — | 575 | |||||||||||||||||||||||||||||||||||
Long term debt | 2,011 | — | 2,328 | — | 2,328 | |||||||||||||||||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of these financial assets and liabilities. | ||||||||||||||||||||||||||||||||||||||||
The fair values of Notes receivable for the issuance of common stock were estimated using discounted cash flows utilizing interest rates currently offered for obligations securitized with similar collateral, adjusted for specific note receivable risk. | ||||||||||||||||||||||||||||||||||||||||
The fair values of Mortgage loans were based on the present value of the expected future cash flows discounted at the current interest rate for origination of similar quality loans, adjusted for specific loan risk. | ||||||||||||||||||||||||||||||||||||||||
Premium deposits and annuity contracts were valued based on cash surrender values or estimated fair values of policyholder liabilities, net of amounts ceded related to sold business. | ||||||||||||||||||||||||||||||||||||||||
The Company's senior notes and debentures were valued based on observable market prices. The fair value for other debt was estimated using discounted cash flows based on current incremental borrowing rates for similar borrowing arrangements. | ||||||||||||||||||||||||||||||||||||||||
The carrying amounts reported on the Condensed Consolidated Balance Sheets for Cash, Short term investments not carried at fair value, Accrued investment income and certain other assets and other liabilities approximate fair value due to the short term nature of these items. These assets and liabilities are not listed in the tables above. |
Claim_and_Claim_Adjustment_Exp
Claim and Claim Adjustment Expense Reserves | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Insurance Loss Reserves [Abstract] | ' | |||||||||||||||||||
Claim and Claim Adjustment Expense Reserves | ' | |||||||||||||||||||
Note F. Claim and Claim Adjustment Expense Reserves | ||||||||||||||||||||
The Company's property and casualty insurance claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including IBNR claims as of the reporting date. The Company's reserve projections are based primarily on detailed analysis of the facts in each case, the Company's experience with similar cases and various historical development patterns. Consideration is given to such historical patterns as field reserving trends and claims settlement practices, loss payments, pending levels of unpaid claims and product mix, as well as court decisions, economic conditions including inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. | ||||||||||||||||||||
Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can all affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers' compensation, general liability and professional liability claims. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the Company's ultimate cost for insurance losses will not exceed current estimates. | ||||||||||||||||||||
Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company's results of operations and/or equity. The Company reported catastrophe losses, net of reinsurance, of $56 million and $130 million for the three and six months ended June 30, 2014. Catastrophe losses in 2014 related primarily to U.S. weather-related events. The Company reported catastrophe losses, net of reinsurance, of $65 million and $104 million for the three and six months ended June 30, 2013. | ||||||||||||||||||||
Net Prior Year Development | ||||||||||||||||||||
The following tables and discussion include the net prior year development recorded for CNA Specialty, CNA Commercial, Hardy and Corporate & Other Non-Core segments. | ||||||||||||||||||||
Net Prior Year Development | ||||||||||||||||||||
Three months ended June 30, 2014 | ||||||||||||||||||||
(In millions) | CNA | CNA Commercial | Hardy | Corporate | Total | |||||||||||||||
Specialty | & Other | |||||||||||||||||||
Non-Core | ||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (55 | ) | $ | 79 | $ | — | $ | — | $ | 24 | |||||||||
Pretax (favorable) unfavorable premium development | (1 | ) | (5 | ) | 4 | — | (2 | ) | ||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (56 | ) | $ | 74 | $ | 4 | $ | — | $ | 22 | |||||||||
Three months ended June 30, 2013 | ||||||||||||||||||||
(In millions) | CNA | CNA Commercial | Hardy | Corporate | Total | |||||||||||||||
Specialty | & Other | |||||||||||||||||||
Non-Core | ||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (41 | ) | $ | 27 | $ | 12 | $ | (3 | ) | $ | (5 | ) | |||||||
Pretax (favorable) unfavorable premium development | (5 | ) | (5 | ) | 2 | — | (8 | ) | ||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (46 | ) | $ | 22 | $ | 14 | $ | (3 | ) | $ | (13 | ) | |||||||
Six months ended June 30, 2014 | ||||||||||||||||||||
(In millions) | CNA Specialty | CNA Commercial | Hardy | Corporate | Total | |||||||||||||||
& Other | ||||||||||||||||||||
Non-Core | ||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (57 | ) | $ | 96 | $ | 10 | $ | — | $ | 49 | |||||||||
Pretax (favorable) unfavorable premium development | (9 | ) | (24 | ) | — | — | (33 | ) | ||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (66 | ) | $ | 72 | $ | 10 | $ | — | $ | 16 | |||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||
(In millions) | CNA Specialty | CNA Commercial | Hardy | Corporate | Total | |||||||||||||||
& Other | ||||||||||||||||||||
Non-Core | ||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (56 | ) | $ | 16 | $ | 11 | $ | (2 | ) | $ | (31 | ) | |||||||
Pretax (favorable) unfavorable premium development | (13 | ) | (15 | ) | 6 | 1 | (21 | ) | ||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (69 | ) | $ | 1 | $ | 17 | $ | (1 | ) | $ | (52 | ) | |||||||
CNA Specialty | ||||||||||||||||||||
The following table provides further detail of the net prior year claim and allocated claim adjustment expense reserve development (development) recorded for the CNA Specialty segment for the three and six months ended June 30, 2014 and 2013. | ||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development: | ||||||||||||||||||||
Medical Professional Liability | $ | 1 | $ | (17 | ) | $ | 2 | $ | (20 | ) | ||||||||||
Other Professional Liability and Management Liability | (58 | ) | (23 | ) | (64 | ) | (24 | ) | ||||||||||||
Surety | — | 1 | 1 | 2 | ||||||||||||||||
Warranty | — | — | — | — | ||||||||||||||||
Other | 2 | (2 | ) | 4 | (14 | ) | ||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (55 | ) | $ | (41 | ) | $ | (57 | ) | $ | (56 | ) | ||||||||
Three Months | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Favorable development for other professional liability and management liability was primarily related to favorable outcomes on individual large claims in accident years 2009 and prior, which contributed to a lower estimate of ultimate severity. Additionally, there was better than expected severity in accident years 2008 through 2011. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Favorable development for medical professional liability was primarily due to a decrease in incurred loss severity in accident years 2009 and prior. | ||||||||||||||||||||
Overall, favorable development for other professional liability and management liability was related to better than expected loss emergence in accident years 2007 through 2009. Unfavorable development was recorded in accident years 2010 through 2012 related to an increase in severity. | ||||||||||||||||||||
Six Months | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Favorable development for other professional liability and management liability was primarily related to favorable outcomes on individual large claims in accident years 2009 and prior, which contributed to a lower estimate of ultimate severity. Additionally, there was better than expected severity in accident years 2008 through 2011. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Overall, favorable development for medical professional liability reflects favorable experience in accident years 2009 and prior. Unfavorable development was recorded for accident years 2010 and 2011 due to higher than expected large loss activity. | ||||||||||||||||||||
Overall, favorable development for other professional liability and management liability was related to better than expected loss emergence in accident years 2007 through 2009. Unfavorable development was recorded in accident years 2010 through 2012 related to an increase in severity. | ||||||||||||||||||||
Favorable development for other coverages was primarily due to better than expected loss emergence in property coverages in accident years 2010 and subsequent. | ||||||||||||||||||||
CNA Commercial | ||||||||||||||||||||
The following table provides further detail of the development recorded for the CNA Commercial segment for the three and six months ended June 30, 2014 and 2013. The majority of the 2014 unfavorable development relates to business classes which the Company has exited, but also includes Small Business where the Company is taking underwriting actions in an effort to improve profitability. | ||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development: | ||||||||||||||||||||
Commercial Auto | $ | 20 | $ | 2 | $ | 40 | $ | (3 | ) | |||||||||||
General Liability | 30 | 15 | 25 | (6 | ) | |||||||||||||||
Workers' Compensation | 40 | 45 | 50 | 70 | ||||||||||||||||
Property and Other | (11 | ) | (35 | ) | (19 | ) | (45 | ) | ||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 79 | $ | 27 | $ | 96 | $ | 16 | ||||||||||||
Three Months | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Unfavorable development for commercial auto was primarily related to higher than expected frequency of large losses in accident years 2010 through 2013. | ||||||||||||||||||||
Unfavorable development for general liability was primarily related to higher than expected severity in accident years 2009 through 2011. In addition, there was higher than expected severity in accident year 2013 related to Small Business. | ||||||||||||||||||||
Unfavorable development for workers’ compensation was primarily due to higher than expected severity related to Defense Base Act contractors in accident years 2012 and 2013. | ||||||||||||||||||||
Favorable development for property and other first-party coverages was recorded in accident years 2012 and prior, primarily related to fewer claims than expected and favorable individual claim settlements. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Unfavorable development for general liability coverages was primarily related to increased incurred loss severity in accident years 2010 through 2012. | ||||||||||||||||||||
Unfavorable development for workers' compensation was primarily in response to legislation enacted during 2013 related to the New York Fund for Reopened Cases. The law change necessitated an increase in reserves as re-opened workers' compensation claims can no longer be turned over to the state for handling and payment after December 31, 2013. | ||||||||||||||||||||
Favorable development for property and other coverages was primarily related to favorable outcomes on litigated catastrophe claims in accident years 2005 and 2010 and favorable loss emergence on non-catastrophe losses in accident year 2012. | ||||||||||||||||||||
Six Months | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Unfavorable development for commercial auto was primarily related to higher than expected frequency of large losses in accident years 2010 through 2013. Additionally, unfavorable development was recorded for higher than expected frequency in accident years 2012 and 2013 and higher than expected severity in accident years 2010 and 2011. | ||||||||||||||||||||
Unfavorable development for general liability was primarily related to higher than expected severity in accident years 2009 through 2011. In addition, there was higher than expected severity in accident year 2013 related to Small Business. | ||||||||||||||||||||
Unfavorable development for workers’ compensation was primarily due to higher than expected severity related to Defense Base Act contractors in accident years 2012 and 2013 and the recognition of losses related to favorable premium development in accident year 2013. | ||||||||||||||||||||
Favorable development for property and other first-party coverages was recorded in accident years 2012 and prior, primarily related to fewer claims than expected and favorable individual claim settlements. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Overall, favorable development for general liability coverages was primarily related to better than expected loss emergence in accident years 2002 and prior. Unfavorable development was recorded in accident years 2010 through 2012 primarily related to increased incurred loss severity. | ||||||||||||||||||||
Unfavorable development for workers' compensation was recorded in response to legislation in New York as discussed above. Additional unfavorable development was primarily due to higher than expected large losses and increased severity in the state of California in accident year 2010. | ||||||||||||||||||||
Favorable development for property and other coverages was primarily related to favorable outcomes on litigated catastrophe claims in accident years 2005 and 2010 and favorable loss emergence on non-catastrophe losses in accident year 2012. | ||||||||||||||||||||
Hardy | ||||||||||||||||||||
The following table provides further detail of the development recorded for the Hardy segment for the three and six months ended June 30, 2014 and 2013. | ||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development: | ||||||||||||||||||||
Marine and Aviation | $ | 1 | $ | 4 | $ | 6 | $ | 3 | ||||||||||||
Non-Marine Property | 3 | 7 | 1 | 7 | ||||||||||||||||
Property Treaty | (2 | ) | 2 | (4 | ) | 2 | ||||||||||||||
Specialty | (2 | ) | (1 | ) | (3 | ) | (1 | ) | ||||||||||||
Commutations | — | — | 10 | — | ||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | — | $ | 12 | $ | 10 | $ | 11 | ||||||||||||
Three Months | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Unfavorable development for non-marine property was primarily due to 2011 catastrophe events, including the Thailand floods and the New Zealand Lyttelton earthquake. | ||||||||||||||||||||
Six Months | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Reinsurance commutations in the first quarter of 2014 reduced ceded losses from prior years. Overall the commutations increased net operating income because of the release of the related allowance for uncollectible reinsurance. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Unfavorable development for non-marine property was primarily due to 2011 catastrophe events, including the Thailand floods and the New Zealand Lyttelton earthquake. |
Legal_Proceedings_and_Continge
Legal Proceedings and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2014 | |
Legal Proceedings and Contingent Liabilities [Abstract] | ' |
Legal Proceedings and Contingent Liabilities | ' |
Note G. Legal Proceedings and Contingent Liabilities | |
The Company is a party to routine litigation incidental to its business, which, based on the facts and circumstances currently known, is not material to the Condensed Consolidated Financial Statements. |
Benefit_Plans
Benefit Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Benefit Plans | ' | |||||||||||||||
Note H. Benefit Plans | ||||||||||||||||
The components of net periodic cost (benefit) are presented in the following table. | ||||||||||||||||
Net Periodic Cost (Benefit) | ||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Pension benefit | ||||||||||||||||
Service cost | $ | 1 | $ | 3 | $ | 4 | $ | 6 | ||||||||
Interest cost on projected benefit obligation | 33 | 30 | 66 | 60 | ||||||||||||
Expected return on plan assets | (48 | ) | (45 | ) | (96 | ) | (90 | ) | ||||||||
Amortization of net actuarial loss | 7 | 12 | 13 | 24 | ||||||||||||
Net periodic pension benefit | $ | (7 | ) | $ | — | $ | (13 | ) | $ | — | ||||||
Postretirement benefit | ||||||||||||||||
Interest cost on projected benefit obligation | $ | 1 | $ | 1 | $ | 1 | $ | 1 | ||||||||
Amortization of prior service credit | (5 | ) | (5 | ) | (9 | ) | (9 | ) | ||||||||
Curtailment gain | (86 | ) | — | (86 | ) | — | ||||||||||
Net periodic postretirement benefit | $ | (90 | ) | $ | (4 | ) | $ | (94 | ) | $ | (8 | ) | ||||
In the second quarter of 2014, the Company eliminated certain postretirement medical benefits associated with the CNA Health and Group Benefits Program. This change is a negative plan amendment and also resulted in an $86 million curtailment gain which is included in Other operating expenses within the Corporate & Other Non-Core segment. In connection with the plan amendment, the Company remeasured the plan benefit obligation which resulted in a decrease in the discount rate used to determine the benefit obligation from 3.60% to 3.10%. |
Other_Intangible_Assets
Other Intangible Assets | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | ' | |||||||||||||||||
Other Intangible Assets | ' | |||||||||||||||||
Note I. Other Intangible Assets | ||||||||||||||||||
Other intangible assets are presented in the following table. | ||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||
(In millions) | Economic Useful Life | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||
Value of business acquired | 1 - 4 years | $ | 66 | $ | 66 | $ | 64 | $ | 63 | |||||||||
Trade name | 8 years | 8 | 2 | 8 | 2 | |||||||||||||
Distribution channel | 15 years | 14 | 2 | 13 | 1 | |||||||||||||
Total finite-lived intangible assets | 88 | 70 | 85 | 66 | ||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||
Syndicate capacity | 60 | 58 | ||||||||||||||||
Agency force | 16 | 16 | ||||||||||||||||
Total indefinite-lived intangible assets | 76 | 74 | ||||||||||||||||
Total other intangible assets | $ | 164 | $ | 70 | $ | 159 | $ | 66 | ||||||||||
For the three and six months ended June 30, 2014, amortization expense of $1 million was included in Amortization of deferred acquisition costs and $1 million was recorded in Other operating expenses in the Statement of Operations for the Hardy segment. For the three and six months ended June 30, 2013, amortization expense of $4 million and $13 million was included in Amortization of deferred acquisition costs and $2 million and $5 million was included in Other operating expenses in the Statement of Operations for the Hardy segment. The gross carrying amounts and accumulated amortization in the table above may change from period to period as a result of foreign currency translation. Estimated future amortization expense for intangible assets is $1 million in 2015 and $2 million in years 2016, 2017 and 2018. |
Commitments_Contingencies_and_
Commitments, Contingencies, and Guarantees | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments, Contingencies, and Guarantees | ' |
Note J. Commitments, Contingencies, and Guarantees | |
Commitments and Contingencies | |
The Company holds an investment in a real estate joint venture. In the normal course of business, the Company, on a joint and several basis with other unrelated insurance company shareholders, has committed to continue funding the operating deficits of this joint venture. Additionally, the Company and the other unrelated shareholders, on a joint and several basis, have guaranteed an operating lease for an office building, which expires in 2016. The guarantee of the operating lease is a parallel guarantee to the commitment to fund operating deficits; consequently, the separate guarantee to the lessor is not expected to be triggered as long as the joint venture continues to be funded by its shareholders which provide liquidity to make its annual lease payments. | |
In the event that the other parties to the joint venture are unable to meet their commitments in funding the operations of this joint venture, the Company would be required to assume the obligation for the entire office building operating lease. The Company does not believe it is likely that it will be required to do so. However, the maximum potential future lease payments and other related costs at June 30, 2014 that the Company could be required to pay under this guarantee, in excess of amounts already recorded, were approximately $72 million. If the Company were required to assume the entire lease obligation, the Company would have the right to pursue reimbursement from the other shareholders and the right to all sublease revenues. | |
Guarantees | |
In the course of selling business entities and assets to third parties, the Company has agreed to indemnify purchasers for losses arising out of breaches of representation and warranties with respect to the business entities or assets being sold, including, in certain cases, losses arising from undisclosed liabilities or certain named litigation. Such indemnification agreements may include provisions that survive indefinitely. As of June 30, 2014, the aggregate amount of quantifiable indemnification agreements in effect for sales of business entities, assets and third-party loans was $699 million. | |
In addition, the Company has agreed to provide indemnification to third-party purchasers for certain losses associated with sold business entities or assets that are not limited by a contractual monetary amount. As of June 30, 2014, the Company had outstanding unlimited indemnifications in connection with the sales of certain of its business entities or assets that included tax liabilities arising prior to a purchaser's ownership of an entity or asset, defects in title at the time of sale, employee claims arising prior to closing and in some cases losses arising from certain litigation and undisclosed liabilities. Certain provisions of the indemnification agreements survive indefinitely while others survive until the applicable statutes of limitation expire or until the agreed-upon contract terms expire. | |
As of June 30, 2014 and December 31, 2013, the Company had recorded liabilities of approximately $7 million related to indemnification agreements and management believes that it is not likely that any future indemnity claims will be significantly greater than the amounts recorded. |
Business_Segments
Business Segments | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||||||
Note K. Business Segments | ||||||||||||||||||||||||||||
The Company's core property and casualty commercial insurance operations are reported in three business segments: CNA Specialty, CNA Commercial and Hardy. The Company's non-core operations are managed in two segments: Life & Group Non-Core and Corporate & Other Non-Core. | ||||||||||||||||||||||||||||
The accounting policies of the segments are the same as those described in Note A of the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2013. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only insurance and reinsurance receivables, insurance reserves, deferred acquisition costs and goodwill are readily identifiable for all individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of net investment income and realized investment gains or losses are allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense has been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments. | ||||||||||||||||||||||||||||
In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio. Net operating income, which is derived from certain income statement amounts, is used by management to monitor performance of the Company's insurance operations. The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk. Based on such analyses, the Company may recognize an OTTI loss on an investment security in accordance with its policy, or sell a security, which may produce realized gains and losses. | ||||||||||||||||||||||||||||
Net operating income (loss) is calculated by excluding from net income (loss) the after-tax effects of 1) net realized investment gains or losses, 2) income or loss from discontinued operations and 3) any cumulative effects of changes in accounting guidance. The calculation of net operating income excludes net realized investment gains or losses because net realized investment gains or losses are largely discretionary, except for some losses related to OTTI, and are generally driven by economic factors that are not necessarily consistent with key drivers of underwriting performance, and are therefore not considered an indication of trends in insurance operations. | ||||||||||||||||||||||||||||
The results of the Company's continuing operations and selected balance sheet items are presented in the following tables. | ||||||||||||||||||||||||||||
Three months ended June 30, 2014 | CNA | CNA | Hardy | Life & | Corporate | |||||||||||||||||||||||
Specialty | Commercial | Group | & Other | |||||||||||||||||||||||||
(In millions) | Non-Core | Non-Core | Eliminations | Total | ||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Net earned premiums | $ | 763 | $ | 817 | $ | 92 | $ | 139 | $ | — | $ | — | $ | 1,811 | ||||||||||||||
Net investment income | 161 | 208 | 1 | 173 | 7 | — | 550 | |||||||||||||||||||||
Other revenues | 74 | 9 | (1 | ) | 8 | 5 | (2 | ) | 93 | |||||||||||||||||||
Total operating revenues | 998 | 1,034 | 92 | 320 | 12 | (2 | ) | 2,454 | ||||||||||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||||||||||||||
Net incurred claims and benefits | 426 | 654 | 52 | 304 | 1 | — | 1,437 | |||||||||||||||||||||
Policyholders’ dividends | 1 | 3 | — | — | — | — | 4 | |||||||||||||||||||||
Amortization of deferred acquisition costs | 158 | 144 | 26 | 7 | — | — | 335 | |||||||||||||||||||||
Other insurance related expenses | 74 | 138 | 16 | 31 | — | — | 259 | |||||||||||||||||||||
Other expenses | 65 | 8 | 4 | (3 | ) | (31 | ) | (2 | ) | 41 | ||||||||||||||||||
Total claims, benefits and expenses | 724 | 947 | 98 | 339 | (30 | ) | (2 | ) | 2,076 | |||||||||||||||||||
Operating income (loss) before income tax | 274 | 87 | (6 | ) | (19 | ) | 42 | — | 378 | |||||||||||||||||||
Income tax (expense) benefit on operating income (loss) | (92 | ) | (28 | ) | 1 | 28 | (15 | ) | — | (106 | ) | |||||||||||||||||
Net operating income (loss) | 182 | 59 | (5 | ) | 9 | 27 | — | 272 | ||||||||||||||||||||
Net realized investment gains (losses), pretax | (5 | ) | (7 | ) | (1 | ) | (4 | ) | 3 | — | (14 | ) | ||||||||||||||||
Income tax (expense) benefit on net realized investment gains (losses) | 2 | 1 | — | 1 | (1 | ) | — | 3 | ||||||||||||||||||||
Net realized investment gains (losses) | (3 | ) | (6 | ) | (1 | ) | (3 | ) | 2 | — | (11 | ) | ||||||||||||||||
Net income (loss) from continuing operations | $ | 179 | $ | 53 | $ | (6 | ) | $ | 6 | $ | 29 | $ | — | $ | 261 | |||||||||||||
Three months ended June 30, 2013 | CNA | CNA | Hardy | Life & | Corporate | |||||||||||||||||||||||
Specialty | Commercial | Group | & Other | |||||||||||||||||||||||||
(In millions) | Non-Core | Non-Core | Eliminations | Total | ||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Net earned premiums | $ | 746 | $ | 840 | $ | 76 | $ | 138 | $ | — | $ | — | $ | 1,800 | ||||||||||||||
Net investment income | 151 | 211 | 1 | 163 | 8 | — | 534 | |||||||||||||||||||||
Other revenues | 63 | 65 | (1 | ) | 2 | 2 | (1 | ) | 130 | |||||||||||||||||||
Total operating revenues | 960 | 1,116 | 76 | 303 | 10 | (1 | ) | 2,464 | ||||||||||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||||||||||||||
Net incurred claims and benefits | 452 | 644 | 41 | 347 | (2 | ) | — | 1,482 | ||||||||||||||||||||
Policyholders’ dividends | 1 | 2 | — | — | — | — | 3 | |||||||||||||||||||||
Amortization of deferred acquisition costs | 156 | 153 | 20 | 6 | — | — | 335 | |||||||||||||||||||||
Other insurance related expenses | 65 | 142 | 13 | 32 | — | — | 252 | |||||||||||||||||||||
Other expenses | 60 | 2 | 6 | 2 | 39 | (1 | ) | 108 | ||||||||||||||||||||
Total claims, benefits and expenses | 734 | 943 | 80 | 387 | 37 | (1 | ) | 2,180 | ||||||||||||||||||||
Operating income (loss) before income tax | 226 | 173 | (4 | ) | (84 | ) | (27 | ) | — | 284 | ||||||||||||||||||
Income tax (expense) benefit on operating income (loss) | (78 | ) | (61 | ) | 2 | 43 | 9 | — | (85 | ) | ||||||||||||||||||
Net operating income (loss) | 148 | 112 | (2 | ) | (41 | ) | (18 | ) | — | 199 | ||||||||||||||||||
Net realized investment gains (losses), pretax | (6 | ) | (12 | ) | 1 | — | 3 | — | (14 | ) | ||||||||||||||||||
Income tax (expense) benefit on net realized investment gains (losses) | 2 | 4 | (1 | ) | 1 | (1 | ) | — | 5 | |||||||||||||||||||
Net realized investment gains (losses) | (4 | ) | (8 | ) | — | 1 | 2 | — | (9 | ) | ||||||||||||||||||
Net income (loss) from continuing operations | $ | 144 | $ | 104 | $ | (2 | ) | $ | (40 | ) | $ | (16 | ) | $ | — | $ | 190 | |||||||||||
Six months ended June 30, 2014 | CNA | CNA | Hardy | Life & | Corporate | |||||||||||||||||||||||
Specialty | Commercial | Group | & Other | |||||||||||||||||||||||||
(In millions) | Non-Core | Non-Core | Eliminations | Total | ||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Net earned premiums | $ | 1,511 | $ | 1,639 | $ | 190 | $ | 278 | $ | — | $ | (1 | ) | $ | 3,617 | |||||||||||||
Net investment income | 312 | 406 | 2 | 344 | 12 | — | 1,076 | |||||||||||||||||||||
Other revenues | 142 | 18 | — | 13 | 7 | (2 | ) | 178 | ||||||||||||||||||||
Total operating revenues | 1,965 | 2,063 | 192 | 635 | 19 | (3 | ) | 4,871 | ||||||||||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||||||||||||||
Net incurred claims and benefits | 906 | 1,276 | 90 | 610 | (2 | ) | — | 2,880 | ||||||||||||||||||||
Policyholders’ dividends | 2 | 5 | — | — | — | — | 7 | |||||||||||||||||||||
Amortization of deferred acquisition costs | 311 | 284 | 54 | 15 | — | — | 664 | |||||||||||||||||||||
Other insurance related expenses | 146 | 277 | 36 | 63 | — | (1 | ) | 521 | ||||||||||||||||||||
Other expenses | 126 | 19 | 8 | (2 | ) | 20 | (2 | ) | 169 | |||||||||||||||||||
Total claims, benefits and expenses | 1,491 | 1,861 | 188 | 686 | 18 | (3 | ) | 4,241 | ||||||||||||||||||||
Operating income (loss) before income tax | 474 | 202 | 4 | (51 | ) | 1 | — | 630 | ||||||||||||||||||||
Income tax (expense) benefit on operating income (loss) | (158 | ) | (65 | ) | (2 | ) | 58 | (1 | ) | — | (168 | ) | ||||||||||||||||
Net operating income | 316 | 137 | 2 | 7 | — | — | 462 | |||||||||||||||||||||
Net realized investment gains (losses), pretax | 7 | 5 | (1 | ) | 12 | 9 | — | 32 | ||||||||||||||||||||
Income tax (expense) benefit on net realized investment gains (losses) | (2 | ) | (3 | ) | — | (5 | ) | (3 | ) | — | (13 | ) | ||||||||||||||||
Net realized investment gains (losses) | 5 | 2 | (1 | ) | 7 | 6 | — | 19 | ||||||||||||||||||||
Net income from continuing operations | $ | 321 | $ | 139 | $ | 1 | $ | 14 | $ | 6 | $ | — | $ | 481 | ||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Reinsurance receivables | $ | 666 | $ | 1,032 | $ | 146 | $ | 367 | $ | 2,904 | $ | — | $ | 5,115 | ||||||||||||||
Insurance receivables | $ | 853 | $ | 1,137 | $ | 214 | $ | 7 | $ | 4 | $ | — | $ | 2,215 | ||||||||||||||
Deferred acquisition costs | $ | 323 | $ | 267 | $ | 60 | $ | — | $ | — | $ | — | $ | 650 | ||||||||||||||
Goodwill | $ | 117 | $ | — | $ | 39 | $ | — | $ | — | $ | — | $ | 156 | ||||||||||||||
Insurance reserves | ||||||||||||||||||||||||||||
Claim and claim adjustment expenses | $ | 6,939 | $ | 10,537 | $ | 386 | $ | 3,092 | $ | 3,042 | $ | — | $ | 23,996 | ||||||||||||||
Unearned premiums | 1,857 | 1,576 | 283 | 136 | — | (1 | ) | 3,851 | ||||||||||||||||||||
Future policy benefits | — | — | — | 8,696 | — | — | 8,696 | |||||||||||||||||||||
Policyholders’ funds | 9 | 18 | — | — | — | — | 27 | |||||||||||||||||||||
Six months ended June 30, 2013 | CNA | CNA | Hardy | Life & | Corporate | |||||||||||||||||||||||
Specialty | Commercial | Group | & Other | |||||||||||||||||||||||||
(In millions) | Non-Core | Non-Core | Eliminations | Total | ||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Net earned premiums | $ | 1,469 | $ | 1,677 | $ | 140 | $ | 279 | $ | — | $ | (1 | ) | $ | 3,564 | |||||||||||||
Net investment income | 321 | 461 | 2 | 325 | 16 | — | 1,125 | |||||||||||||||||||||
Other revenues | 123 | 75 | — | 5 | 5 | (1 | ) | 207 | ||||||||||||||||||||
Total operating revenues | 1,913 | 2,213 | 142 | 609 | 21 | (2 | ) | 4,896 | ||||||||||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||||||||||||||
Net incurred claims and benefits | 917 | 1,244 | 72 | 640 | 2 | — | 2,875 | |||||||||||||||||||||
Policyholders’ dividends | 2 | 4 | — | — | — | — | 6 | |||||||||||||||||||||
Amortization of deferred acquisition costs | 306 | 302 | 41 | 14 | — | — | 663 | |||||||||||||||||||||
Other insurance related expenses | 136 | 285 | 29 | 64 | — | (1 | ) | 513 | ||||||||||||||||||||
Other expenses | 114 | 11 | 13 | 7 | 85 | (1 | ) | 229 | ||||||||||||||||||||
Total claims, benefits and expenses | 1,475 | 1,846 | 155 | 725 | 87 | (2 | ) | 4,286 | ||||||||||||||||||||
Operating income (loss) before income tax | 438 | 367 | (13 | ) | (116 | ) | (66 | ) | — | 610 | ||||||||||||||||||
Income tax (expense) benefit on operating income (loss) | (150 | ) | (130 | ) | 3 | 69 | 22 | — | (186 | ) | ||||||||||||||||||
Net operating income (loss) | 288 | 237 | (10 | ) | (47 | ) | (44 | ) | — | 424 | ||||||||||||||||||
Net realized investment gains (losses), pretax | (3 | ) | (8 | ) | 2 | 9 | 9 | — | 9 | |||||||||||||||||||
Income tax (expense) benefit on net realized investment gains (losses) | 1 | 3 | (1 | ) | (2 | ) | (3 | ) | — | (2 | ) | |||||||||||||||||
Net realized investment gains (losses) | (2 | ) | (5 | ) | 1 | 7 | 6 | — | 7 | |||||||||||||||||||
Net income (loss) from continuing operations | $ | 286 | $ | 232 | $ | (9 | ) | $ | (40 | ) | $ | (38 | ) | $ | — | $ | 431 | |||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Reinsurance receivables | $ | 546 | $ | 1,075 | $ | 197 | $ | 1,203 | $ | 3,067 | $ | — | $ | 6,088 | ||||||||||||||
Insurance receivables | $ | 775 | $ | 1,099 | $ | 176 | $ | 11 | $ | 2 | $ | — | $ | 2,063 | ||||||||||||||
Deferred acquisition costs | $ | 318 | $ | 257 | $ | 49 | $ | — | $ | — | $ | — | $ | 624 | ||||||||||||||
Goodwill | $ | 117 | $ | — | $ | 38 | $ | — | $ | — | $ | — | $ | 155 | ||||||||||||||
Insurance reserves | ||||||||||||||||||||||||||||
Claim and claim adjustment expenses | $ | 6,689 | $ | 10,649 | $ | 386 | $ | 3,058 | $ | 3,307 | $ | — | $ | 24,089 | ||||||||||||||
Unearned premiums | 1,805 | 1,536 | 249 | 128 | — | — | 3,718 | |||||||||||||||||||||
Future policy benefits | — | — | — | 10,471 | — | — | 10,471 | |||||||||||||||||||||
Policyholders’ funds | 9 | 15 | — | 92 | — | — | 116 | |||||||||||||||||||||
The following table provides revenue by line of business for each reportable segment. Revenues are comprised of operating revenues and net realized investment gains and losses. | ||||||||||||||||||||||||||||
Revenues by Line of Business | ||||||||||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
CNA Specialty | ||||||||||||||||||||||||||||
International | $ | 62 | $ | 59 | $ | 126 | $ | 118 | ||||||||||||||||||||
Management & Professional Liability | 710 | 687 | 1,414 | 1,387 | ||||||||||||||||||||||||
Surety | 125 | 123 | 247 | 239 | ||||||||||||||||||||||||
Warranty & Alternative Risks | 96 | 85 | 185 | 166 | ||||||||||||||||||||||||
CNA Specialty revenues | 993 | 954 | 1,972 | 1,910 | ||||||||||||||||||||||||
CNA Commercial | ||||||||||||||||||||||||||||
Commercial Insurance | 755 | 827 | 1,517 | 1,653 | ||||||||||||||||||||||||
International | 91 | 90 | 186 | 183 | ||||||||||||||||||||||||
Small Business | 181 | 187 | 365 | 369 | ||||||||||||||||||||||||
CNA Commercial revenues | 1,027 | 1,104 | 2,068 | 2,205 | ||||||||||||||||||||||||
Hardy revenues | 91 | 77 | 191 | 144 | ||||||||||||||||||||||||
Life & Group Non-Core revenues | 316 | 303 | 647 | 618 | ||||||||||||||||||||||||
Corporate & Other Non-Core revenues | 15 | 13 | 28 | 30 | ||||||||||||||||||||||||
Eliminations | (2 | ) | (1 | ) | (3 | ) | (2 | ) | ||||||||||||||||||||
Total revenues | $ | 2,440 | $ | 2,450 | $ | 4,903 | $ | 4,905 | ||||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) by Component | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component | ' | |||||||||||||||||||||||
Note L. Accumulated Other Comprehensive Income (Loss) by Component | ||||||||||||||||||||||||
The tables below display the changes in Accumulated other comprehensive income (loss) by component for the three months ended June 30, 2014 and 2013. | ||||||||||||||||||||||||
(In millions) | Net unrealized gains (losses) on investments with OTTI losses | Net unrealized gains (losses) on other investments | Net unrealized gains (losses) on discontinued operations | Pension and postretirement benefits | Cumulative foreign currency translation adjustment | Total | ||||||||||||||||||
Balance at April 1, 2014 | $ | 33 | $ | 912 | $ | 30 | $ | (425 | ) | $ | 142 | $ | 692 | |||||||||||
Other comprehensive income (loss) before reclassifications | 2 | 257 | 7 | — | 42 | 308 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $6, $0, $(28), $0, and $(22) | — | (13 | ) | — | 51 | — | 38 | |||||||||||||||||
Other comprehensive income (loss) after tax (expense) benefit of $(1), $(146), $(5), $28, $0 and $(124) | 2 | 270 | 7 | (51 | ) | 42 | 270 | |||||||||||||||||
Balance at June 30, 2014 | $ | 35 | $ | 1,182 | $ | 37 | $ | (476 | ) | $ | 184 | $ | 962 | |||||||||||
(In millions) | Net unrealized gains (losses) on investments with OTTI losses | Net unrealized gains (losses) on other investments | Pension and postretirement benefits | Cumulative foreign currency translation adjustment | Total | |||||||||||||||||||
Balance at April 1, 2013 | $ | 34 | $ | 1,309 | $ | (716 | ) | $ | 100 | $ | 727 | |||||||||||||
Other comprehensive income (loss) before reclassifications | (8 | ) | (589 | ) | — | (13 | ) | (610 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $3, $2, $0, and $5 | — | (4 | ) | (5 | ) | — | (9 | ) | ||||||||||||||||
Other comprehensive income (loss) after tax (expense) benefit of $4, $314, $(2), $0, and $316 | (8 | ) | (585 | ) | 5 | (13 | ) | (601 | ) | |||||||||||||||
Balance at June 30, 2013 | $ | 26 | $ | 724 | $ | (711 | ) | $ | 87 | $ | 126 | |||||||||||||
The tables below display the changes in Accumulated other comprehensive income (loss) by component for the six months ended June 30, 2014 and 2013. | ||||||||||||||||||||||||
(In millions) | Net unrealized gains (losses) on investments with OTTI losses | Net unrealized gains (losses) on other investments | Net unrealized gains (losses) on discontinued operations | Pension and postretirement benefits | Cumulative foreign currency translation adjustment | Total | ||||||||||||||||||
Balance at January 1, 2014 | $ | 26 | $ | 692 | $ | — | $ | (426 | ) | $ | 150 | $ | 442 | |||||||||||
Transfer to net assets held for sale | (5 | ) | (17 | ) | 22 | — | — | — | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | 14 | 521 | 15 | — | 34 | 584 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $(8), $0, $(27), $0, and $(35) | — | 14 | — | 50 | — | 64 | ||||||||||||||||||
Other comprehensive income (loss) after tax (expense) benefit of $(7), $(273), $(10), $27, $0 and $(263) | 14 | 507 | 15 | (50 | ) | 34 | 520 | |||||||||||||||||
Balance at June 30, 2014 | $ | 35 | $ | 1,182 | $ | 37 | $ | (476 | ) | $ | 184 | $ | 962 | |||||||||||
(In millions) | Net unrealized gains (losses) on investments with OTTI losses | Net unrealized gains (losses) on other investments | Pension and postretirement benefits | Cumulative foreign currency translation adjustment | Total | |||||||||||||||||||
Balance at January 1, 2013 | $ | 20 | $ | 1,371 | $ | (721 | ) | $ | 161 | $ | 831 | |||||||||||||
Other comprehensive income (loss) before reclassifications | 6 | (638 | ) | — | (74 | ) | (706 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $(3), $5, $0, and $2 | — | 9 | (10 | ) | — | (1 | ) | |||||||||||||||||
Other comprehensive income (loss) after tax (expense) benefit of $(3), $349, $(5), $0, and $341 | 6 | (647 | ) | 10 | (74 | ) | (705 | ) | ||||||||||||||||
Balance at June 30, 2013 | $ | 26 | $ | 724 | $ | (711 | ) | $ | 87 | $ | 126 | |||||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows: | ||||||||||||||||||||||||
Component of AOCI | Condensed Consolidated Statements of Operations Line Item Affected by Reclassifications | |||||||||||||||||||||||
Net unrealized gains (losses) on investments with OTTI losses | Net realized investment gains (losses) | |||||||||||||||||||||||
Net unrealized gains (losses) on other investments | Net realized investment gains (losses) | |||||||||||||||||||||||
Net unrealized gains (losses) on discontinued operations | Income (loss) from discontinued operations | |||||||||||||||||||||||
Pension and postretirement benefits | Other operating expenses |
Assets_Liabilities_Held_for_Sa
Assets & Liabilities Held for Sale and Discontinued Operations | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Assets and Liabilities Held for Sale and Discontinued Operations | ' | |||||||||||||||
Note M. Assets and Liabilities Held for Sale and Discontinued Operations | ||||||||||||||||
The results of discontinued operations reflected in the Condensed Consolidated Statements of Operations were as follows: | ||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | ||||||||||||||||
Net investment income | $ | 39 | $ | 44 | $ | 80 | $ | 86 | ||||||||
Net realized investment gains | 1 | — | 2 | 5 | ||||||||||||
Other revenues | — | (1 | ) | — | — | |||||||||||
Total revenues | 40 | 43 | 82 | 91 | ||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||
Insurance claims and policyholders' benefits | 32 | 36 | 63 | 69 | ||||||||||||
Other operating expenses | 1 | 1 | 2 | 2 | ||||||||||||
Total claims, benefits and expenses | 33 | 37 | 65 | 71 | ||||||||||||
Income before income tax | 7 | 6 | 17 | 20 | ||||||||||||
Income tax expense | (1 | ) | (2 | ) | (4 | ) | (7 | ) | ||||||||
Income from operations of discontinued operations, net of income tax | 6 | 4 | 13 | 13 | ||||||||||||
Impairment loss related to sale, net of income tax benefit of -, -, $41 and - | — | — | (214 | ) | — | |||||||||||
Income (loss) from discontinued operations | $ | 6 | $ | 4 | $ | (201 | ) | $ | 13 | |||||||
The following table presents the detailed assets and liabilities held for sale as of June 30, 2014: | ||||||||||||||||
(In millions) | 2014 | |||||||||||||||
Assets | ||||||||||||||||
Investments: | ||||||||||||||||
Fixed maturity securities at fair value | $ | 2,752 | ||||||||||||||
Equity securities at fair value | 17 | |||||||||||||||
Short term investments | 67 | |||||||||||||||
Total investments | 2,836 | |||||||||||||||
Cash | 9 | |||||||||||||||
Reinsurance receivables | 811 | |||||||||||||||
Other assets | 46 | |||||||||||||||
Separate account business | 146 | |||||||||||||||
Assets held for sale | 3,848 | |||||||||||||||
Less: Impairment related to sale | (255 | ) | ||||||||||||||
Total assets held for sale | $ | 3,593 | ||||||||||||||
Liabilities | ||||||||||||||||
Insurance reserves | $ | 3,109 | ||||||||||||||
Other liabilities | 88 | |||||||||||||||
Separate account business | 146 | |||||||||||||||
Total liabilities held for sale | $ | 3,343 | ||||||||||||||
Investments_Tables
Investments (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Net investment income | ' | |||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Fixed maturity securities | $ | 451 | $ | 454 | $ | 903 | $ | 911 | ||||||||||||||||
Short term investments | — | 1 | 1 | 2 | ||||||||||||||||||||
Limited partnership investments | 97 | 79 | 170 | 210 | ||||||||||||||||||||
Equity securities | 3 | 3 | 5 | 6 | ||||||||||||||||||||
Mortgage loans | 9 | 6 | 15 | 11 | ||||||||||||||||||||
Trading portfolio | 3 | 5 | 6 | 10 | ||||||||||||||||||||
Other | 1 | — | 3 | 1 | ||||||||||||||||||||
Gross investment income | 564 | 548 | 1,103 | 1,151 | ||||||||||||||||||||
Investment expense | (14 | ) | (14 | ) | (27 | ) | (26 | ) | ||||||||||||||||
Net investment income | $ | 550 | $ | 534 | $ | 1,076 | $ | 1,125 | ||||||||||||||||
Net realized investment gains (losses) | ' | |||||||||||||||||||||||
Net Realized Investment Gains (Losses) | ||||||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Net realized investment gains (losses): | ||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||
Gross realized gains | $ | 20 | $ | 33 | $ | 73 | $ | 72 | ||||||||||||||||
Gross realized losses | (39 | ) | (40 | ) | (54 | ) | (52 | ) | ||||||||||||||||
Net realized investment gains (losses) on fixed maturity securities | (19 | ) | (7 | ) | 19 | 20 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Gross realized gains | — | 5 | 5 | 7 | ||||||||||||||||||||
Gross realized losses | — | (7 | ) | — | (22 | ) | ||||||||||||||||||
Net realized investment gains (losses) on equity securities | — | (2 | ) | 5 | (15 | ) | ||||||||||||||||||
Derivatives | 1 | (5 | ) | 1 | (3 | ) | ||||||||||||||||||
Short term investments and other | 4 | — | 7 | 7 | ||||||||||||||||||||
Net realized investment gains (losses) | $ | (14 | ) | $ | (14 | ) | $ | 32 | $ | 9 | ||||||||||||||
Components of net other-than-temporary impairment losses recognized in continuing earnings | ' | |||||||||||||||||||||||
The components of net other-than-temporary impairment (OTTI) losses recognized in earnings by asset type are summarized in the following table. | ||||||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||
Corporate and other bonds | $ | 2 | $ | 5 | $ | 3 | $ | 8 | ||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 1 | 3 | 2 | 3 | ||||||||||||||||||||
Other asset-backed | 1 | 1 | 1 | 1 | ||||||||||||||||||||
Total asset-backed | 2 | 4 | 3 | 4 | ||||||||||||||||||||
Total fixed maturity securities available-for-sale | 4 | 9 | 6 | 12 | ||||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Common stock | 1 | 2 | 1 | 2 | ||||||||||||||||||||
Preferred stock | — | 5 | — | 20 | ||||||||||||||||||||
Total equity securities available-for-sale | 1 | 7 | 1 | 22 | ||||||||||||||||||||
Net OTTI losses recognized in earnings | $ | 5 | $ | 16 | $ | 7 | $ | 34 | ||||||||||||||||
Summary of fixed maturity and equity securities | ' | |||||||||||||||||||||||
Summary of Fixed Maturity and Equity Securities | ||||||||||||||||||||||||
June 30, 2014 | Cost or | Gross | Gross | Estimated | Unrealized | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | OTTI | ||||||||||||||||||||
(In millions) | Cost | Gains | Losses | Value | Losses (Gains) | |||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||
Corporate and other bonds | $ | 17,276 | $ | 1,852 | $ | 30 | $ | 19,098 | $ | — | ||||||||||||||
States, municipalities and political subdivisions | 11,215 | 1,178 | 70 | 12,323 | — | |||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 4,882 | 202 | 14 | 5,070 | (51 | ) | ||||||||||||||||||
Commercial mortgage-backed | 1,999 | 107 | 7 | 2,099 | (3 | ) | ||||||||||||||||||
Other asset-backed | 1,172 | 16 | 3 | 1,185 | — | |||||||||||||||||||
Total asset-backed | 8,053 | 325 | 24 | 8,354 | (54 | ) | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 61 | 6 | 1 | 66 | — | |||||||||||||||||||
Foreign government | 533 | 18 | 1 | 550 | — | |||||||||||||||||||
Redeemable preferred stock | 39 | 3 | — | 42 | — | |||||||||||||||||||
Total fixed maturity securities available-for-sale | 37,177 | 3,382 | 126 | 40,433 | $ | (54 | ) | |||||||||||||||||
Total fixed maturity securities trading | 35 | — | — | 35 | ||||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Common stock | 46 | 14 | — | 60 | ||||||||||||||||||||
Preferred stock | 129 | 5 | — | 134 | ||||||||||||||||||||
Total equity securities available-for-sale | 175 | 19 | — | 194 | ||||||||||||||||||||
Total | $ | 37,387 | $ | 3,401 | $ | 126 | $ | 40,662 | ||||||||||||||||
December 31, 2013 | Cost or | Gross | Gross | Estimated | Unrealized | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | OTTI | ||||||||||||||||||||
(In millions) | Cost | Gains | Losses | Value | Losses (Gains) | |||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||
Corporate and other bonds | $ | 19,352 | $ | 1,645 | $ | 135 | $ | 20,862 | $ | — | ||||||||||||||
States, municipalities and political subdivisions | 11,281 | 548 | 272 | 11,557 | — | |||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 4,940 | 123 | 92 | 4,971 | (37 | ) | ||||||||||||||||||
Commercial mortgage-backed | 1,995 | 90 | 22 | 2,063 | (3 | ) | ||||||||||||||||||
Other asset-backed | 945 | 13 | 3 | 955 | — | |||||||||||||||||||
Total asset-backed | 7,880 | 226 | 117 | 7,989 | (40 | ) | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 139 | 6 | 1 | 144 | — | |||||||||||||||||||
Foreign government | 531 | 15 | 3 | 543 | — | |||||||||||||||||||
Redeemable preferred stock | 92 | 10 | — | 102 | — | |||||||||||||||||||
Total fixed maturity securities available-for-sale | 39,275 | 2,450 | 528 | 41,197 | $ | (40 | ) | |||||||||||||||||
Total fixed maturity securities trading | 36 | — | — | 36 | ||||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Common stock | 36 | 9 | — | 45 | ||||||||||||||||||||
Preferred stock | 143 | 1 | 4 | 140 | ||||||||||||||||||||
Total equity securities available-for-sale | 179 | 10 | 4 | 185 | ||||||||||||||||||||
Total | $ | 39,490 | $ | 2,460 | $ | 532 | $ | 41,418 | ||||||||||||||||
Securities in a gross unrealized loss position | ' | |||||||||||||||||||||||
Securities in a Gross Unrealized Loss Position | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
June 30, 2014 | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(In millions) | Losses | Losses | Losses | |||||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||
Corporate and other bonds | $ | 813 | $ | 12 | $ | 548 | $ | 18 | $ | 1,361 | $ | 30 | ||||||||||||
States, municipalities and political subdivisions | 316 | 2 | 587 | 68 | 903 | 70 | ||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 125 | 1 | 332 | 13 | 457 | 14 | ||||||||||||||||||
Commercial mortgage-backed | 205 | 2 | 171 | 5 | 376 | 7 | ||||||||||||||||||
Other asset-backed | 269 | 3 | 12 | — | 281 | 3 | ||||||||||||||||||
Total asset-backed | 599 | 6 | 515 | 18 | 1,114 | 24 | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 2 | 1 | 4 | — | 6 | 1 | ||||||||||||||||||
Foreign government | 39 | 1 | 9 | — | 48 | 1 | ||||||||||||||||||
Total fixed maturity securities available-for-sale | 1,769 | 22 | 1,663 | 104 | 3,432 | 126 | ||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Preferred stock | 10 | — | 2 | — | 12 | — | ||||||||||||||||||
Total | $ | 1,779 | $ | 22 | $ | 1,665 | $ | 104 | $ | 3,444 | $ | 126 | ||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
December 31, 2013 | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(In millions) | Losses | Losses | Losses | |||||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||
Corporate and other bonds | $ | 3,592 | $ | 129 | $ | 72 | $ | 6 | $ | 3,664 | $ | 135 | ||||||||||||
States, municipalities and political subdivisions | 3,251 | 197 | 129 | 75 | 3,380 | 272 | ||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 1,293 | 29 | 343 | 63 | 1,636 | 92 | ||||||||||||||||||
Commercial mortgage-backed | 640 | 22 | — | — | 640 | 22 | ||||||||||||||||||
Other asset-backed | 269 | 3 | — | — | 269 | 3 | ||||||||||||||||||
Total asset-backed | 2,202 | 54 | 343 | 63 | 2,545 | 117 | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 13 | 1 | — | — | 13 | 1 | ||||||||||||||||||
Foreign government | 111 | 3 | — | — | 111 | 3 | ||||||||||||||||||
Total fixed maturity securities available-for-sale | 9,169 | 384 | 544 | 144 | 9,713 | 528 | ||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Preferred stock | 87 | 4 | — | — | 87 | 4 | ||||||||||||||||||
Total | $ | 9,256 | $ | 388 | $ | 544 | $ | 144 | $ | 9,800 | $ | 532 | ||||||||||||
Activity related to the pretax fixed maturity credit loss component reflected within retained earnings for securities still held for which a portion of an OTTI loss was recognized in OCI | ' | |||||||||||||||||||||||
The following table summarizes the activity for the three and six months ended June 30, 2014 and 2013 related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held at June 30, 2014 and 2013 for which a portion of an OTTI loss was recognized in Other comprehensive income (loss). | ||||||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Beginning balance of credit losses on fixed maturity securities | $ | 69 | $ | 92 | $ | 74 | $ | 95 | ||||||||||||||||
Additional credit losses for securities for which an OTTI loss was previously recognized | — | 1 | — | 1 | ||||||||||||||||||||
Reductions for securities sold during the period | (3 | ) | (4 | ) | (5 | ) | (7 | ) | ||||||||||||||||
Reductions for securities the Company intends to sell or more likely than not will be required to sell | — | — | (3 | ) | — | |||||||||||||||||||
Ending balance of credit losses on fixed maturity securities | $ | 66 | $ | 89 | $ | 66 | $ | 89 | ||||||||||||||||
Contractual maturity | ' | |||||||||||||||||||||||
Contractual Maturity | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(In millions) | Cost or | Estimated | Cost or | Estimated | ||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
Due in one year or less | $ | 2,832 | $ | 2,883 | $ | 2,420 | $ | 2,455 | ||||||||||||||||
Due after one year through five years | 9,251 | 9,893 | 9,496 | 10,068 | ||||||||||||||||||||
Due after five years through ten years | 11,206 | 11,792 | 11,667 | 11,954 | ||||||||||||||||||||
Due after ten years | 13,888 | 15,865 | 15,692 | 16,720 | ||||||||||||||||||||
Total | $ | 37,177 | $ | 40,433 | $ | 39,275 | $ | 41,197 | ||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Summary of Derivative Instruments [Abstract] | ' | |||||||||||
Summary of aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments | ' | |||||||||||
Derivative Financial Instruments | ||||||||||||
June 30, 2014 | Contractual/ | Estimated Fair Value | ||||||||||
Notional | ||||||||||||
(In millions) | Amount | Asset | (Liability) | |||||||||
Without hedge designation | ||||||||||||
Currency forwards | $ | 6 | $ | — | $ | — | ||||||
Equity warrants | 5 | — | — | |||||||||
Total | $ | 11 | $ | — | $ | — | ||||||
December 31, 2013 | Contractual/ | Estimated Fair Value | ||||||||||
Notional | ||||||||||||
(In millions) | Amount | Asset | (Liability) | |||||||||
Without hedge designation | ||||||||||||
Equity warrants | $ | 5 | $ | — | $ | — | ||||||
Fair_Value_Tables
Fair Value (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring and nonrecurring basis | ' | |||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring and nonrecurring basis are summarized below. | ||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | Total | |||||||||||||||||||||||||||||||||||||||
Assets/(Liabilities) | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | at Fair Value | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 34 | $ | 18,891 | $ | 194 | $ | 19,119 | ||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | — | 12,258 | 79 | 12,337 | ||||||||||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | — | 4,885 | 185 | 5,070 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | — | 2,040 | 59 | 2,099 | ||||||||||||||||||||||||||||||||||||
Other asset-backed | — | 559 | 626 | 1,185 | ||||||||||||||||||||||||||||||||||||
Total asset-backed | — | 7,484 | 870 | 8,354 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 62 | 4 | — | 66 | ||||||||||||||||||||||||||||||||||||
Foreign government | 60 | 490 | — | 550 | ||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 30 | 12 | — | 42 | ||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 186 | 39,139 | 1,143 | 40,468 | ||||||||||||||||||||||||||||||||||||
Equity securities | 137 | 55 | 2 | 194 | ||||||||||||||||||||||||||||||||||||
Other invested assets | — | 45 | — | 45 | ||||||||||||||||||||||||||||||||||||
Short term investments | 1,323 | 606 | — | 1,929 | ||||||||||||||||||||||||||||||||||||
Life settlement contracts, included in Other assets | — | — | 86 | 86 | ||||||||||||||||||||||||||||||||||||
Total recurring basis assets | 1,646 | 39,845 | 1,231 | 42,722 | ||||||||||||||||||||||||||||||||||||
Assets held for sale - nonrecurring basis | — | 3,593 | — | 3,593 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,646 | $ | 43,438 | $ | 1,231 | $ | 46,315 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Liabilities held for sale - nonrecurring basis | $ | — | $ | 3,343 | $ | — | $ | 3,343 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 3,343 | $ | — | $ | 3,343 | ||||||||||||||||||||||||||||||||
December 31, 2013 | Total | |||||||||||||||||||||||||||||||||||||||
Assets/(Liabilities) | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | at Fair Value | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 33 | $ | 20,661 | $ | 204 | $ | 20,898 | ||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | — | 11,486 | 71 | 11,557 | ||||||||||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | — | 4,640 | 331 | 4,971 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | — | 1,912 | 151 | 2,063 | ||||||||||||||||||||||||||||||||||||
Other asset-backed | — | 509 | 446 | 955 | ||||||||||||||||||||||||||||||||||||
Total asset-backed | — | 7,061 | 928 | 7,989 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 116 | 28 | — | 144 | ||||||||||||||||||||||||||||||||||||
Foreign government | 81 | 462 | — | 543 | ||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 45 | 57 | — | 102 | ||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 275 | 39,755 | 1,203 | 41,233 | ||||||||||||||||||||||||||||||||||||
Equity securities | 126 | 48 | 11 | 185 | ||||||||||||||||||||||||||||||||||||
Other invested assets | — | 54 | — | 54 | ||||||||||||||||||||||||||||||||||||
Short term investments | 769 | 563 | — | 1,332 | ||||||||||||||||||||||||||||||||||||
Life settlement contracts, included in Other assets | — | — | 88 | 88 | ||||||||||||||||||||||||||||||||||||
Separate account business | 9 | 171 | 1 | 181 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,179 | $ | 40,591 | $ | 1,303 | $ | 43,073 | ||||||||||||||||||||||||||||||||
Table of reconciliation for assets and liablities measured at fair value on a recurring basis using significant unobservable inputs | ' | |||||||||||||||||||||||||||||||||||||||
The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||
Level 3 | Balance at | Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss)* | Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | Purchases | Sales | Settlements | Transfers into | Transfers out | Balance at June 30, | Unrealized gains (losses) on Level 3 assets and liabilities held at June 30, 2014 recognized in net income (loss)* | ||||||||||||||||||||||||||||||
(In millions) | April 1, | Level 3 | of Level 3 | 2014 | ||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 189 | $ | 1 | $ | — | $ | 21 | $ | (6 | ) | $ | (5 | ) | $ | 5 | $ | (11 | ) | $ | 194 | $ | — | |||||||||||||||||
States, municipalities and political subdivisions | 86 | 1 | 1 | 1 | (10 | ) | — | — | — | 79 | — | |||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 359 | (24 | ) | 47 | 22 | (174 | ) | (19 | ) | — | (26 | ) | 185 | — | ||||||||||||||||||||||||||
Commercial mortgage-backed | 126 | 1 | 1 | — | (60 | ) | (1 | ) | 12 | (20 | ) | 59 | — | |||||||||||||||||||||||||||
Other asset-backed | 439 | — | 4 | 229 | (28 | ) | (18 | ) | — | — | 626 | (1 | ) | |||||||||||||||||||||||||||
Total asset-backed | 924 | (23 | ) | 52 | 251 | (262 | ) | (38 | ) | 12 | (46 | ) | 870 | (1 | ) | |||||||||||||||||||||||||
Total fixed maturity securities | 1,199 | (21 | ) | 53 | 273 | (278 | ) | (43 | ) | 17 | (57 | ) | 1,143 | (1 | ) | |||||||||||||||||||||||||
Equity securities | 2 | — | — | — | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||
Life settlement contracts | 87 | 12 | — | — | — | (13 | ) | — | — | 86 | 1 | |||||||||||||||||||||||||||||
Total | $ | 1,288 | $ | (9 | ) | $ | 53 | $ | 273 | $ | (278 | ) | $ | (56 | ) | $ | 17 | $ | (57 | ) | $ | 1,231 | $ | — | ||||||||||||||||
Level 3 | Balance at | Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss)* | Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | Purchases | Sales | Settlements | Transfers into | Transfers out | Balance at | Unrealized gains (losses) on Level 3 assets and liabilities held at June 30, 2013 recognized in net income (loss)* | ||||||||||||||||||||||||||||||
(In millions) | April 1, | Level 3 | of Level 3 | June 30, | ||||||||||||||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 302 | $ | 1 | $ | (3 | ) | $ | 13 | $ | (73 | ) | $ | (6 | ) | $ | — | $ | (32 | ) | $ | 202 | $ | (1 | ) | |||||||||||||||
States, municipalities and political subdivisions | 129 | — | 4 | 37 | (32 | ) | (3 | ) | 5 | — | 140 | — | ||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 450 | (1 | ) | (1 | ) | 50 | (10 | ) | (21 | ) | 4 | (43 | ) | 428 | (2 | ) | ||||||||||||||||||||||||
Commercial mortgage-backed | 177 | — | 4 | 5 | — | (2 | ) | 21 | (40 | ) | 165 | — | ||||||||||||||||||||||||||||
Other asset-backed | 396 | — | (3 | ) | 38 | (33 | ) | (11 | ) | — | — | 387 | (1 | ) | ||||||||||||||||||||||||||
Total asset-backed | 1,023 | (1 | ) | — | 93 | (43 | ) | (34 | ) | 25 | (83 | ) | 980 | (3 | ) | |||||||||||||||||||||||||
Redeemable preferred stock | 26 | — | (1 | ) | — | — | — | — | — | 25 | — | |||||||||||||||||||||||||||||
Total fixed maturity securities | 1,480 | — | — | 143 | (148 | ) | (43 | ) | 30 | (115 | ) | 1,347 | (4 | ) | ||||||||||||||||||||||||||
Equity securities | 19 | (5 | ) | (1 | ) | — | — | — | — | — | 13 | (5 | ) | |||||||||||||||||||||||||||
Other invested assets, including derivatives, net | (1 | ) | — | — | — | — | 1 | — | — | — | — | |||||||||||||||||||||||||||||
Short term investments | 5 | — | — | — | (5 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Life settlement contracts | 95 | 4 | — | — | — | (8 | ) | — | — | 91 | (1 | ) | ||||||||||||||||||||||||||||
Separate account business | 2 | — | — | — | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||
Total | $ | 1,600 | $ | (1 | ) | $ | (1 | ) | $ | 143 | $ | (153 | ) | $ | (50 | ) | $ | 30 | $ | (115 | ) | $ | 1,453 | $ | (10 | ) | ||||||||||||||
The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||
Level 3 | Balance at | Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss)* | Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | Purchases | Sales | Settlements | Transfers into | Transfers out | Balance at | Unrealized gains (losses) on Level 3 assets and liabilities held at June 30, 2014 recognized in net income (loss)* | ||||||||||||||||||||||||||||||
(In millions) | January 1, | Level 3 | of Level 3 | June 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 204 | $ | 2 | $ | 1 | $ | 26 | $ | (10 | ) | $ | (10 | ) | $ | 8 | $ | (27 | ) | $ | 194 | $ | — | |||||||||||||||||
States, municipalities and political subdivisions | 71 | 1 | 2 | 1 | (10 | ) | — | 14 | — | 79 | — | |||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 331 | (23 | ) | 62 | 47 | (174 | ) | (40 | ) | 21 | (39 | ) | 185 | — | ||||||||||||||||||||||||||
Commercial mortgage-backed | 151 | 2 | — | — | (60 | ) | (2 | ) | 12 | (44 | ) | 59 | — | |||||||||||||||||||||||||||
Other asset-backed | 446 | 1 | 4 | 377 | (111 | ) | (90 | ) | — | (1 | ) | 626 | (1 | ) | ||||||||||||||||||||||||||
Total asset-backed | 928 | (20 | ) | 66 | 424 | (345 | ) | (132 | ) | 33 | (84 | ) | 870 | (1 | ) | |||||||||||||||||||||||||
Total fixed maturity securities | 1,203 | (17 | ) | 69 | 451 | (365 | ) | (142 | ) | 55 | (111 | ) | 1,143 | (1 | ) | |||||||||||||||||||||||||
Equity securities | 11 | 3 | (4 | ) | — | (8 | ) | — | — | — | 2 | — | ||||||||||||||||||||||||||||
Life settlement contracts | 88 | 22 | — | — | — | (24 | ) | — | — | 86 | 2 | |||||||||||||||||||||||||||||
Separate account business | 1 | — | — | — | — | — | — | (1 | ) | — | — | |||||||||||||||||||||||||||||
Total | $ | 1,303 | $ | 8 | $ | 65 | $ | 451 | $ | (373 | ) | $ | (166 | ) | $ | 55 | $ | (112 | ) | $ | 1,231 | $ | 1 | |||||||||||||||||
Level 3 | Balance at | Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss)* | Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | Purchases | Sales | Settlements | Transfers into | Transfers out | Balance at | Unrealized gains (losses) on Level 3 assets and liabilities held at June 30, 2013 recognized in net income (loss)* | ||||||||||||||||||||||||||||||
(In millions) | January 1, | Level 3 | of Level 3 | June 30, | ||||||||||||||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 219 | $ | 1 | $ | (1 | ) | $ | 123 | $ | (90 | ) | $ | (26 | ) | $ | 26 | $ | (50 | ) | $ | 202 | $ | (2 | ) | |||||||||||||||
States, municipalities and political subdivisions | 96 | (3 | ) | 4 | 122 | (79 | ) | (5 | ) | 5 | — | 140 | — | |||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 413 | 2 | (1 | ) | 111 | (10 | ) | (32 | ) | 4 | (59 | ) | 428 | (2 | ) | |||||||||||||||||||||||||
Commercial mortgage-backed | 129 | 1 | 9 | 78 | — | (9 | ) | 21 | (64 | ) | 165 | — | ||||||||||||||||||||||||||||
Other asset-backed | 368 | 3 | (2 | ) | 174 | (132 | ) | (24 | ) | — | — | 387 | (1 | ) | ||||||||||||||||||||||||||
Total asset-backed | 910 | 6 | 6 | 363 | (142 | ) | (65 | ) | 25 | (123 | ) | 980 | (3 | ) | ||||||||||||||||||||||||||
Redeemable preferred stock | 26 | — | (1 | ) | — | — | — | — | — | 25 | — | |||||||||||||||||||||||||||||
Total fixed maturity securities | 1,251 | 4 | 8 | 608 | (311 | ) | (96 | ) | 56 | (173 | ) | 1,347 | (5 | ) | ||||||||||||||||||||||||||
Equity securities | 34 | (20 | ) | — | — | — | — | — | (1 | ) | 13 | (20 | ) | |||||||||||||||||||||||||||
Other invested assets, including derivatives, net | — | — | — | — | (1 | ) | 1 | — | — | — | — | |||||||||||||||||||||||||||||
Short term investments | 6 | — | — | — | (6 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Life settlement contracts | 100 | 11 | — | — | — | (20 | ) | — | — | 91 | (1 | ) | ||||||||||||||||||||||||||||
Separate account business | 2 | — | — | — | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||
Total | $ | 1,393 | $ | (5 | ) | $ | 8 | $ | 608 | $ | (318 | ) | $ | (115 | ) | $ | 56 | $ | (174 | ) | $ | 1,453 | $ | (26 | ) | |||||||||||||||
Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets | ' | |||||||||||||||||||||||||||||||||||||||
The table below presents quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the table below are primarily based 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 the Company. | ||||||||||||||||||||||||||||||||||||||||
Assets | Fair Value at June 30, 2014 | Valuation Technique | Unobservable Input(s) | Range | ||||||||||||||||||||||||||||||||||||
(In millions) | (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 115 | Discounted cash flow | Credit spread | 2% - 15% (4%) | |||||||||||||||||||||||||||||||||||
Equity securities | $ | 2 | Market approach | Private offering price | $4,334 per share | |||||||||||||||||||||||||||||||||||
Life settlement contracts | $ | 86 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||
Mortality assumption | 70% - 743% (194%) | |||||||||||||||||||||||||||||||||||||||
Assets | Fair Value at December 31, 2013 | Valuation Technique | Unobservable Input(s) | Range | ||||||||||||||||||||||||||||||||||||
(In millions) | (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 142 | Discounted cash flow | Credit spread | 2% - 20% (4%) | |||||||||||||||||||||||||||||||||||
Equity securities | $ | 10 | Market approach | Private offering price | $360 - $4,268 per share ($1,148) | |||||||||||||||||||||||||||||||||||
Life settlement contracts | $ | 88 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||
Mortality assumption | 70% - 743% (192%) | |||||||||||||||||||||||||||||||||||||||
Carrying amount and estimated fair value of financial instrument assets and liabilities not measured at fair value | ' | |||||||||||||||||||||||||||||||||||||||
The carrying amount and estimated fair value of the Company's financial instrument assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are listed in the tables below. | ||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(In millions) | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||||||||||
Notes receivable for the issuance of common stock | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||||||
Mortgage loans | 518 | — | — | 540 | 540 | |||||||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||
Short term debt | $ | 549 | $ | — | $ | 563 | $ | — | $ | 563 | ||||||||||||||||||||||||||||||
Long term debt | 2,558 | — | 2,947 | — | 2,947 | |||||||||||||||||||||||||||||||||||
December 31, 2013 | Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(In millions) | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||||||||||
Notes receivable for the issuance of common stock | $ | 23 | $ | — | $ | — | $ | 23 | $ | 23 | ||||||||||||||||||||||||||||||
Mortgage loans | 508 | — | — | 515 | 515 | |||||||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||
Premium deposits and annuity contracts | $ | 57 | $ | — | $ | — | $ | 58 | $ | 58 | ||||||||||||||||||||||||||||||
Short term debt | 549 | — | 575 | — | 575 | |||||||||||||||||||||||||||||||||||
Long term debt | 2,011 | — | 2,328 | — | 2,328 | |||||||||||||||||||||||||||||||||||
Claim_and_Claim_Adjustment_Exp1
Claim and Claim Adjustment Expense Reserves (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Claim and Claim Adjustment Expense Reserves [Abstract] | ' | |||||||||||||||||||
Net prior year development | ' | |||||||||||||||||||
The following tables and discussion include the net prior year development recorded for CNA Specialty, CNA Commercial, Hardy and Corporate & Other Non-Core segments. | ||||||||||||||||||||
Net Prior Year Development | ||||||||||||||||||||
Three months ended June 30, 2014 | ||||||||||||||||||||
(In millions) | CNA | CNA Commercial | Hardy | Corporate | Total | |||||||||||||||
Specialty | & Other | |||||||||||||||||||
Non-Core | ||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (55 | ) | $ | 79 | $ | — | $ | — | $ | 24 | |||||||||
Pretax (favorable) unfavorable premium development | (1 | ) | (5 | ) | 4 | — | (2 | ) | ||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (56 | ) | $ | 74 | $ | 4 | $ | — | $ | 22 | |||||||||
Three months ended June 30, 2013 | ||||||||||||||||||||
(In millions) | CNA | CNA Commercial | Hardy | Corporate | Total | |||||||||||||||
Specialty | & Other | |||||||||||||||||||
Non-Core | ||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (41 | ) | $ | 27 | $ | 12 | $ | (3 | ) | $ | (5 | ) | |||||||
Pretax (favorable) unfavorable premium development | (5 | ) | (5 | ) | 2 | — | (8 | ) | ||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (46 | ) | $ | 22 | $ | 14 | $ | (3 | ) | $ | (13 | ) | |||||||
Six months ended June 30, 2014 | ||||||||||||||||||||
(In millions) | CNA Specialty | CNA Commercial | Hardy | Corporate | Total | |||||||||||||||
& Other | ||||||||||||||||||||
Non-Core | ||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (57 | ) | $ | 96 | $ | 10 | $ | — | $ | 49 | |||||||||
Pretax (favorable) unfavorable premium development | (9 | ) | (24 | ) | — | — | (33 | ) | ||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (66 | ) | $ | 72 | $ | 10 | $ | — | $ | 16 | |||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||
(In millions) | CNA Specialty | CNA Commercial | Hardy | Corporate | Total | |||||||||||||||
& Other | ||||||||||||||||||||
Non-Core | ||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (56 | ) | $ | 16 | $ | 11 | $ | (2 | ) | $ | (31 | ) | |||||||
Pretax (favorable) unfavorable premium development | (13 | ) | (15 | ) | 6 | 1 | (21 | ) | ||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (69 | ) | $ | 1 | $ | 17 | $ | (1 | ) | $ | (52 | ) | |||||||
Net prior year claim and allocated claim adjustment expense reserve development for CNA Specialty segment | ' | |||||||||||||||||||
The following table provides further detail of the net prior year claim and allocated claim adjustment expense reserve development (development) recorded for the CNA Specialty segment for the three and six months ended June 30, 2014 and 2013. | ||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development: | ||||||||||||||||||||
Medical Professional Liability | $ | 1 | $ | (17 | ) | $ | 2 | $ | (20 | ) | ||||||||||
Other Professional Liability and Management Liability | (58 | ) | (23 | ) | (64 | ) | (24 | ) | ||||||||||||
Surety | — | 1 | 1 | 2 | ||||||||||||||||
Warranty | — | — | — | — | ||||||||||||||||
Other | 2 | (2 | ) | 4 | (14 | ) | ||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (55 | ) | $ | (41 | ) | $ | (57 | ) | $ | (56 | ) | ||||||||
Net prior year claim and allocated claim adjustment expense reserve development for CNA Commercial segment | ' | |||||||||||||||||||
The following table provides further detail of the development recorded for the CNA Commercial segment for the three and six months ended June 30, 2014 and 2013. The majority of the 2014 unfavorable development relates to business classes which the Company has exited, but also includes Small Business where the Company is taking underwriting actions in an effort to improve profitability. | ||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development: | ||||||||||||||||||||
Commercial Auto | $ | 20 | $ | 2 | $ | 40 | $ | (3 | ) | |||||||||||
General Liability | 30 | 15 | 25 | (6 | ) | |||||||||||||||
Workers' Compensation | 40 | 45 | 50 | 70 | ||||||||||||||||
Property and Other | (11 | ) | (35 | ) | (19 | ) | (45 | ) | ||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 79 | $ | 27 | $ | 96 | $ | 16 | ||||||||||||
Net prior year claim and allocated claim adjustment expense reserve development for Hardy segment | ' | |||||||||||||||||||
The following table provides further detail of the development recorded for the Hardy segment for the three and six months ended June 30, 2014 and 2013. | ||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development: | ||||||||||||||||||||
Marine and Aviation | $ | 1 | $ | 4 | $ | 6 | $ | 3 | ||||||||||||
Non-Marine Property | 3 | 7 | 1 | 7 | ||||||||||||||||
Property Treaty | (2 | ) | 2 | (4 | ) | 2 | ||||||||||||||
Specialty | (2 | ) | (1 | ) | (3 | ) | (1 | ) | ||||||||||||
Commutations | — | — | 10 | — | ||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | — | $ | 12 | $ | 10 | $ | 11 | ||||||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of net periodic cost (benefit) | ' | |||||||||||||||
Net Periodic Cost (Benefit) | ||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Pension benefit | ||||||||||||||||
Service cost | $ | 1 | $ | 3 | $ | 4 | $ | 6 | ||||||||
Interest cost on projected benefit obligation | 33 | 30 | 66 | 60 | ||||||||||||
Expected return on plan assets | (48 | ) | (45 | ) | (96 | ) | (90 | ) | ||||||||
Amortization of net actuarial loss | 7 | 12 | 13 | 24 | ||||||||||||
Net periodic pension benefit | $ | (7 | ) | $ | — | $ | (13 | ) | $ | — | ||||||
Postretirement benefit | ||||||||||||||||
Interest cost on projected benefit obligation | $ | 1 | $ | 1 | $ | 1 | $ | 1 | ||||||||
Amortization of prior service credit | (5 | ) | (5 | ) | (9 | ) | (9 | ) | ||||||||
Curtailment gain | (86 | ) | — | (86 | ) | — | ||||||||||
Net periodic postretirement benefit | $ | (90 | ) | $ | (4 | ) | $ | (94 | ) | $ | (8 | ) |
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | ' | |||||||||||||||||
Schedule of Other Intangible Assets | ' | |||||||||||||||||
Other intangible assets are presented in the following table. | ||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||
(In millions) | Economic Useful Life | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||
Value of business acquired | 1 - 4 years | $ | 66 | $ | 66 | $ | 64 | $ | 63 | |||||||||
Trade name | 8 years | 8 | 2 | 8 | 2 | |||||||||||||
Distribution channel | 15 years | 14 | 2 | 13 | 1 | |||||||||||||
Total finite-lived intangible assets | 88 | 70 | 85 | 66 | ||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||
Syndicate capacity | 60 | 58 | ||||||||||||||||
Agency force | 16 | 16 | ||||||||||||||||
Total indefinite-lived intangible assets | 76 | 74 | ||||||||||||||||
Total other intangible assets | $ | 164 | $ | 70 | $ | 159 | $ | 66 | ||||||||||
Business_Segments_Tables
Business Segments (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Significant components of the Company's continuing operations and selected balance sheet items | ' | |||||||||||||||||||||||||||
Three months ended June 30, 2014 | CNA | CNA | Hardy | Life & | Corporate | |||||||||||||||||||||||
Specialty | Commercial | Group | & Other | |||||||||||||||||||||||||
(In millions) | Non-Core | Non-Core | Eliminations | Total | ||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Net earned premiums | $ | 763 | $ | 817 | $ | 92 | $ | 139 | $ | — | $ | — | $ | 1,811 | ||||||||||||||
Net investment income | 161 | 208 | 1 | 173 | 7 | — | 550 | |||||||||||||||||||||
Other revenues | 74 | 9 | (1 | ) | 8 | 5 | (2 | ) | 93 | |||||||||||||||||||
Total operating revenues | 998 | 1,034 | 92 | 320 | 12 | (2 | ) | 2,454 | ||||||||||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||||||||||||||
Net incurred claims and benefits | 426 | 654 | 52 | 304 | 1 | — | 1,437 | |||||||||||||||||||||
Policyholders’ dividends | 1 | 3 | — | — | — | — | 4 | |||||||||||||||||||||
Amortization of deferred acquisition costs | 158 | 144 | 26 | 7 | — | — | 335 | |||||||||||||||||||||
Other insurance related expenses | 74 | 138 | 16 | 31 | — | — | 259 | |||||||||||||||||||||
Other expenses | 65 | 8 | 4 | (3 | ) | (31 | ) | (2 | ) | 41 | ||||||||||||||||||
Total claims, benefits and expenses | 724 | 947 | 98 | 339 | (30 | ) | (2 | ) | 2,076 | |||||||||||||||||||
Operating income (loss) before income tax | 274 | 87 | (6 | ) | (19 | ) | 42 | — | 378 | |||||||||||||||||||
Income tax (expense) benefit on operating income (loss) | (92 | ) | (28 | ) | 1 | 28 | (15 | ) | — | (106 | ) | |||||||||||||||||
Net operating income (loss) | 182 | 59 | (5 | ) | 9 | 27 | — | 272 | ||||||||||||||||||||
Net realized investment gains (losses), pretax | (5 | ) | (7 | ) | (1 | ) | (4 | ) | 3 | — | (14 | ) | ||||||||||||||||
Income tax (expense) benefit on net realized investment gains (losses) | 2 | 1 | — | 1 | (1 | ) | — | 3 | ||||||||||||||||||||
Net realized investment gains (losses) | (3 | ) | (6 | ) | (1 | ) | (3 | ) | 2 | — | (11 | ) | ||||||||||||||||
Net income (loss) from continuing operations | $ | 179 | $ | 53 | $ | (6 | ) | $ | 6 | $ | 29 | $ | — | $ | 261 | |||||||||||||
Three months ended June 30, 2013 | CNA | CNA | Hardy | Life & | Corporate | |||||||||||||||||||||||
Specialty | Commercial | Group | & Other | |||||||||||||||||||||||||
(In millions) | Non-Core | Non-Core | Eliminations | Total | ||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Net earned premiums | $ | 746 | $ | 840 | $ | 76 | $ | 138 | $ | — | $ | — | $ | 1,800 | ||||||||||||||
Net investment income | 151 | 211 | 1 | 163 | 8 | — | 534 | |||||||||||||||||||||
Other revenues | 63 | 65 | (1 | ) | 2 | 2 | (1 | ) | 130 | |||||||||||||||||||
Total operating revenues | 960 | 1,116 | 76 | 303 | 10 | (1 | ) | 2,464 | ||||||||||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||||||||||||||
Net incurred claims and benefits | 452 | 644 | 41 | 347 | (2 | ) | — | 1,482 | ||||||||||||||||||||
Policyholders’ dividends | 1 | 2 | — | — | — | — | 3 | |||||||||||||||||||||
Amortization of deferred acquisition costs | 156 | 153 | 20 | 6 | — | — | 335 | |||||||||||||||||||||
Other insurance related expenses | 65 | 142 | 13 | 32 | — | — | 252 | |||||||||||||||||||||
Other expenses | 60 | 2 | 6 | 2 | 39 | (1 | ) | 108 | ||||||||||||||||||||
Total claims, benefits and expenses | 734 | 943 | 80 | 387 | 37 | (1 | ) | 2,180 | ||||||||||||||||||||
Operating income (loss) before income tax | 226 | 173 | (4 | ) | (84 | ) | (27 | ) | — | 284 | ||||||||||||||||||
Income tax (expense) benefit on operating income (loss) | (78 | ) | (61 | ) | 2 | 43 | 9 | — | (85 | ) | ||||||||||||||||||
Net operating income (loss) | 148 | 112 | (2 | ) | (41 | ) | (18 | ) | — | 199 | ||||||||||||||||||
Net realized investment gains (losses), pretax | (6 | ) | (12 | ) | 1 | — | 3 | — | (14 | ) | ||||||||||||||||||
Income tax (expense) benefit on net realized investment gains (losses) | 2 | 4 | (1 | ) | 1 | (1 | ) | — | 5 | |||||||||||||||||||
Net realized investment gains (losses) | (4 | ) | (8 | ) | — | 1 | 2 | — | (9 | ) | ||||||||||||||||||
Net income (loss) from continuing operations | $ | 144 | $ | 104 | $ | (2 | ) | $ | (40 | ) | $ | (16 | ) | $ | — | $ | 190 | |||||||||||
Six months ended June 30, 2014 | CNA | CNA | Hardy | Life & | Corporate | |||||||||||||||||||||||
Specialty | Commercial | Group | & Other | |||||||||||||||||||||||||
(In millions) | Non-Core | Non-Core | Eliminations | Total | ||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Net earned premiums | $ | 1,511 | $ | 1,639 | $ | 190 | $ | 278 | $ | — | $ | (1 | ) | $ | 3,617 | |||||||||||||
Net investment income | 312 | 406 | 2 | 344 | 12 | — | 1,076 | |||||||||||||||||||||
Other revenues | 142 | 18 | — | 13 | 7 | (2 | ) | 178 | ||||||||||||||||||||
Total operating revenues | 1,965 | 2,063 | 192 | 635 | 19 | (3 | ) | 4,871 | ||||||||||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||||||||||||||
Net incurred claims and benefits | 906 | 1,276 | 90 | 610 | (2 | ) | — | 2,880 | ||||||||||||||||||||
Policyholders’ dividends | 2 | 5 | — | — | — | — | 7 | |||||||||||||||||||||
Amortization of deferred acquisition costs | 311 | 284 | 54 | 15 | — | — | 664 | |||||||||||||||||||||
Other insurance related expenses | 146 | 277 | 36 | 63 | — | (1 | ) | 521 | ||||||||||||||||||||
Other expenses | 126 | 19 | 8 | (2 | ) | 20 | (2 | ) | 169 | |||||||||||||||||||
Total claims, benefits and expenses | 1,491 | 1,861 | 188 | 686 | 18 | (3 | ) | 4,241 | ||||||||||||||||||||
Operating income (loss) before income tax | 474 | 202 | 4 | (51 | ) | 1 | — | 630 | ||||||||||||||||||||
Income tax (expense) benefit on operating income (loss) | (158 | ) | (65 | ) | (2 | ) | 58 | (1 | ) | — | (168 | ) | ||||||||||||||||
Net operating income | 316 | 137 | 2 | 7 | — | — | 462 | |||||||||||||||||||||
Net realized investment gains (losses), pretax | 7 | 5 | (1 | ) | 12 | 9 | — | 32 | ||||||||||||||||||||
Income tax (expense) benefit on net realized investment gains (losses) | (2 | ) | (3 | ) | — | (5 | ) | (3 | ) | — | (13 | ) | ||||||||||||||||
Net realized investment gains (losses) | 5 | 2 | (1 | ) | 7 | 6 | — | 19 | ||||||||||||||||||||
Net income from continuing operations | $ | 321 | $ | 139 | $ | 1 | $ | 14 | $ | 6 | $ | — | $ | 481 | ||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Reinsurance receivables | $ | 666 | $ | 1,032 | $ | 146 | $ | 367 | $ | 2,904 | $ | — | $ | 5,115 | ||||||||||||||
Insurance receivables | $ | 853 | $ | 1,137 | $ | 214 | $ | 7 | $ | 4 | $ | — | $ | 2,215 | ||||||||||||||
Deferred acquisition costs | $ | 323 | $ | 267 | $ | 60 | $ | — | $ | — | $ | — | $ | 650 | ||||||||||||||
Goodwill | $ | 117 | $ | — | $ | 39 | $ | — | $ | — | $ | — | $ | 156 | ||||||||||||||
Insurance reserves | ||||||||||||||||||||||||||||
Claim and claim adjustment expenses | $ | 6,939 | $ | 10,537 | $ | 386 | $ | 3,092 | $ | 3,042 | $ | — | $ | 23,996 | ||||||||||||||
Unearned premiums | 1,857 | 1,576 | 283 | 136 | — | (1 | ) | 3,851 | ||||||||||||||||||||
Future policy benefits | — | — | — | 8,696 | — | — | 8,696 | |||||||||||||||||||||
Policyholders’ funds | 9 | 18 | — | — | — | — | 27 | |||||||||||||||||||||
Six months ended June 30, 2013 | CNA | CNA | Hardy | Life & | Corporate | |||||||||||||||||||||||
Specialty | Commercial | Group | & Other | |||||||||||||||||||||||||
(In millions) | Non-Core | Non-Core | Eliminations | Total | ||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Net earned premiums | $ | 1,469 | $ | 1,677 | $ | 140 | $ | 279 | $ | — | $ | (1 | ) | $ | 3,564 | |||||||||||||
Net investment income | 321 | 461 | 2 | 325 | 16 | — | 1,125 | |||||||||||||||||||||
Other revenues | 123 | 75 | — | 5 | 5 | (1 | ) | 207 | ||||||||||||||||||||
Total operating revenues | 1,913 | 2,213 | 142 | 609 | 21 | (2 | ) | 4,896 | ||||||||||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||||||||||||||
Net incurred claims and benefits | 917 | 1,244 | 72 | 640 | 2 | — | 2,875 | |||||||||||||||||||||
Policyholders’ dividends | 2 | 4 | — | — | — | — | 6 | |||||||||||||||||||||
Amortization of deferred acquisition costs | 306 | 302 | 41 | 14 | — | — | 663 | |||||||||||||||||||||
Other insurance related expenses | 136 | 285 | 29 | 64 | — | (1 | ) | 513 | ||||||||||||||||||||
Other expenses | 114 | 11 | 13 | 7 | 85 | (1 | ) | 229 | ||||||||||||||||||||
Total claims, benefits and expenses | 1,475 | 1,846 | 155 | 725 | 87 | (2 | ) | 4,286 | ||||||||||||||||||||
Operating income (loss) before income tax | 438 | 367 | (13 | ) | (116 | ) | (66 | ) | — | 610 | ||||||||||||||||||
Income tax (expense) benefit on operating income (loss) | (150 | ) | (130 | ) | 3 | 69 | 22 | — | (186 | ) | ||||||||||||||||||
Net operating income (loss) | 288 | 237 | (10 | ) | (47 | ) | (44 | ) | — | 424 | ||||||||||||||||||
Net realized investment gains (losses), pretax | (3 | ) | (8 | ) | 2 | 9 | 9 | — | 9 | |||||||||||||||||||
Income tax (expense) benefit on net realized investment gains (losses) | 1 | 3 | (1 | ) | (2 | ) | (3 | ) | — | (2 | ) | |||||||||||||||||
Net realized investment gains (losses) | (2 | ) | (5 | ) | 1 | 7 | 6 | — | 7 | |||||||||||||||||||
Net income (loss) from continuing operations | $ | 286 | $ | 232 | $ | (9 | ) | $ | (40 | ) | $ | (38 | ) | $ | — | $ | 431 | |||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Reinsurance receivables | $ | 546 | $ | 1,075 | $ | 197 | $ | 1,203 | $ | 3,067 | $ | — | $ | 6,088 | ||||||||||||||
Insurance receivables | $ | 775 | $ | 1,099 | $ | 176 | $ | 11 | $ | 2 | $ | — | $ | 2,063 | ||||||||||||||
Deferred acquisition costs | $ | 318 | $ | 257 | $ | 49 | $ | — | $ | — | $ | — | $ | 624 | ||||||||||||||
Goodwill | $ | 117 | $ | — | $ | 38 | $ | — | $ | — | $ | — | $ | 155 | ||||||||||||||
Insurance reserves | ||||||||||||||||||||||||||||
Claim and claim adjustment expenses | $ | 6,689 | $ | 10,649 | $ | 386 | $ | 3,058 | $ | 3,307 | $ | — | $ | 24,089 | ||||||||||||||
Unearned premiums | 1,805 | 1,536 | 249 | 128 | — | — | 3,718 | |||||||||||||||||||||
Future policy benefits | — | — | — | 10,471 | — | — | 10,471 | |||||||||||||||||||||
Policyholders’ funds | 9 | 15 | — | 92 | — | — | 116 | |||||||||||||||||||||
Revenues by line of business | ' | |||||||||||||||||||||||||||
Revenues by Line of Business | ||||||||||||||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
CNA Specialty | ||||||||||||||||||||||||||||
International | $ | 62 | $ | 59 | $ | 126 | $ | 118 | ||||||||||||||||||||
Management & Professional Liability | 710 | 687 | 1,414 | 1,387 | ||||||||||||||||||||||||
Surety | 125 | 123 | 247 | 239 | ||||||||||||||||||||||||
Warranty & Alternative Risks | 96 | 85 | 185 | 166 | ||||||||||||||||||||||||
CNA Specialty revenues | 993 | 954 | 1,972 | 1,910 | ||||||||||||||||||||||||
CNA Commercial | ||||||||||||||||||||||||||||
Commercial Insurance | 755 | 827 | 1,517 | 1,653 | ||||||||||||||||||||||||
International | 91 | 90 | 186 | 183 | ||||||||||||||||||||||||
Small Business | 181 | 187 | 365 | 369 | ||||||||||||||||||||||||
CNA Commercial revenues | 1,027 | 1,104 | 2,068 | 2,205 | ||||||||||||||||||||||||
Hardy revenues | 91 | 77 | 191 | 144 | ||||||||||||||||||||||||
Life & Group Non-Core revenues | 316 | 303 | 647 | 618 | ||||||||||||||||||||||||
Corporate & Other Non-Core revenues | 15 | 13 | 28 | 30 | ||||||||||||||||||||||||
Eliminations | (2 | ) | (1 | ) | (3 | ) | (2 | ) | ||||||||||||||||||||
Total revenues | $ | 2,440 | $ | 2,450 | $ | 4,903 | $ | 4,905 | ||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component | ' | |||||||||||||||||||||||
The tables below display the changes in Accumulated other comprehensive income (loss) by component for the three months ended June 30, 2014 and 2013. | ||||||||||||||||||||||||
(In millions) | Net unrealized gains (losses) on investments with OTTI losses | Net unrealized gains (losses) on other investments | Net unrealized gains (losses) on discontinued operations | Pension and postretirement benefits | Cumulative foreign currency translation adjustment | Total | ||||||||||||||||||
Balance at April 1, 2014 | $ | 33 | $ | 912 | $ | 30 | $ | (425 | ) | $ | 142 | $ | 692 | |||||||||||
Other comprehensive income (loss) before reclassifications | 2 | 257 | 7 | — | 42 | 308 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $6, $0, $(28), $0, and $(22) | — | (13 | ) | — | 51 | — | 38 | |||||||||||||||||
Other comprehensive income (loss) after tax (expense) benefit of $(1), $(146), $(5), $28, $0 and $(124) | 2 | 270 | 7 | (51 | ) | 42 | 270 | |||||||||||||||||
Balance at June 30, 2014 | $ | 35 | $ | 1,182 | $ | 37 | $ | (476 | ) | $ | 184 | $ | 962 | |||||||||||
(In millions) | Net unrealized gains (losses) on investments with OTTI losses | Net unrealized gains (losses) on other investments | Pension and postretirement benefits | Cumulative foreign currency translation adjustment | Total | |||||||||||||||||||
Balance at April 1, 2013 | $ | 34 | $ | 1,309 | $ | (716 | ) | $ | 100 | $ | 727 | |||||||||||||
Other comprehensive income (loss) before reclassifications | (8 | ) | (589 | ) | — | (13 | ) | (610 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $3, $2, $0, and $5 | — | (4 | ) | (5 | ) | — | (9 | ) | ||||||||||||||||
Other comprehensive income (loss) after tax (expense) benefit of $4, $314, $(2), $0, and $316 | (8 | ) | (585 | ) | 5 | (13 | ) | (601 | ) | |||||||||||||||
Balance at June 30, 2013 | $ | 26 | $ | 724 | $ | (711 | ) | $ | 87 | $ | 126 | |||||||||||||
The tables below display the changes in Accumulated other comprehensive income (loss) by component for the six months ended June 30, 2014 and 2013. | ||||||||||||||||||||||||
(In millions) | Net unrealized gains (losses) on investments with OTTI losses | Net unrealized gains (losses) on other investments | Net unrealized gains (losses) on discontinued operations | Pension and postretirement benefits | Cumulative foreign currency translation adjustment | Total | ||||||||||||||||||
Balance at January 1, 2014 | $ | 26 | $ | 692 | $ | — | $ | (426 | ) | $ | 150 | $ | 442 | |||||||||||
Transfer to net assets held for sale | (5 | ) | (17 | ) | 22 | — | — | — | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | 14 | 521 | 15 | — | 34 | 584 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $(8), $0, $(27), $0, and $(35) | — | 14 | — | 50 | — | 64 | ||||||||||||||||||
Other comprehensive income (loss) after tax (expense) benefit of $(7), $(273), $(10), $27, $0 and $(263) | 14 | 507 | 15 | (50 | ) | 34 | 520 | |||||||||||||||||
Balance at June 30, 2014 | $ | 35 | $ | 1,182 | $ | 37 | $ | (476 | ) | $ | 184 | $ | 962 | |||||||||||
(In millions) | Net unrealized gains (losses) on investments with OTTI losses | Net unrealized gains (losses) on other investments | Pension and postretirement benefits | Cumulative foreign currency translation adjustment | Total | |||||||||||||||||||
Balance at January 1, 2013 | $ | 20 | $ | 1,371 | $ | (721 | ) | $ | 161 | $ | 831 | |||||||||||||
Other comprehensive income (loss) before reclassifications | 6 | (638 | ) | — | (74 | ) | (706 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $(3), $5, $0, and $2 | — | 9 | (10 | ) | — | (1 | ) | |||||||||||||||||
Other comprehensive income (loss) after tax (expense) benefit of $(3), $349, $(5), $0, and $341 | 6 | (647 | ) | 10 | (74 | ) | (705 | ) | ||||||||||||||||
Balance at June 30, 2013 | $ | 26 | $ | 724 | $ | (711 | ) | $ | 87 | $ | 126 | |||||||||||||
Assets_Liabilities_Held_for_Sa1
Assets & Liabilities Held for Sale and Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Detailed assets and liabilities held for sale and results of discontinued operations | ' | |||||||||||||||
The results of discontinued operations reflected in the Condensed Consolidated Statements of Operations were as follows: | ||||||||||||||||
Periods ended June 30 | Three Months | Six Months | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | ||||||||||||||||
Net investment income | $ | 39 | $ | 44 | $ | 80 | $ | 86 | ||||||||
Net realized investment gains | 1 | — | 2 | 5 | ||||||||||||
Other revenues | — | (1 | ) | — | — | |||||||||||
Total revenues | 40 | 43 | 82 | 91 | ||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||
Insurance claims and policyholders' benefits | 32 | 36 | 63 | 69 | ||||||||||||
Other operating expenses | 1 | 1 | 2 | 2 | ||||||||||||
Total claims, benefits and expenses | 33 | 37 | 65 | 71 | ||||||||||||
Income before income tax | 7 | 6 | 17 | 20 | ||||||||||||
Income tax expense | (1 | ) | (2 | ) | (4 | ) | (7 | ) | ||||||||
Income from operations of discontinued operations, net of income tax | 6 | 4 | 13 | 13 | ||||||||||||
Impairment loss related to sale, net of income tax benefit of -, -, $41 and - | — | — | (214 | ) | — | |||||||||||
Income (loss) from discontinued operations | $ | 6 | $ | 4 | $ | (201 | ) | $ | 13 | |||||||
The following table presents the detailed assets and liabilities held for sale as of June 30, 2014: | ||||||||||||||||
(In millions) | 2014 | |||||||||||||||
Assets | ||||||||||||||||
Investments: | ||||||||||||||||
Fixed maturity securities at fair value | $ | 2,752 | ||||||||||||||
Equity securities at fair value | 17 | |||||||||||||||
Short term investments | 67 | |||||||||||||||
Total investments | 2,836 | |||||||||||||||
Cash | 9 | |||||||||||||||
Reinsurance receivables | 811 | |||||||||||||||
Other assets | 46 | |||||||||||||||
Separate account business | 146 | |||||||||||||||
Assets held for sale | 3,848 | |||||||||||||||
Less: Impairment related to sale | (255 | ) | ||||||||||||||
Total assets held for sale | $ | 3,593 | ||||||||||||||
Liabilities | ||||||||||||||||
Insurance reserves | $ | 3,109 | ||||||||||||||
Other liabilities | 88 | |||||||||||||||
Separate account business | 146 | |||||||||||||||
Total liabilities held for sale | $ | 3,343 | ||||||||||||||
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 622 | 407 | 644 | 446 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 180 | 114 | 110 | 478 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Reduction of net unrealized gains on investments included in AOCI due to shadow adjustments | $937 | $532 |
Future capital call commitments for limited partnership investments | 348 | ' |
Mortgage Loan Commitments | 40 | ' |
Commitments to purchase or fund privately placed debt securities | 244 | ' |
Commitments to sell various privately placed debt securities | $158 | ' |
Investments_Net_investment_inc
Investments (Net investment income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income | $564 | $548 | $1,103 | $1,151 |
Investment expense | -14 | -14 | -27 | -26 |
Net investment income | 550 | 534 | 1,076 | 1,125 |
Fixed maturity securities [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income | 451 | 454 | 903 | 911 |
Short-term investments [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income | ' | 1 | 1 | 2 |
Limited partnership investments [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income | 97 | 79 | 170 | 210 |
Total equity securities available-for-sale [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income | 3 | 3 | 5 | 6 |
Mortgage loans [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income | 9 | 6 | 15 | 11 |
Trading portfolio [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income | 3 | 5 | 6 | 10 |
Other [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income | $1 | ' | $3 | $1 |
Investments_Net_realized_inves
Investments (Net realized investment gains (losses)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net realized investment gains (losses) | ($14) | ($14) | $32 | $9 |
Fixed maturity securities [Member] | ' | ' | ' | ' |
Gross realized gains | 20 | 33 | 73 | 72 |
Gross realized losses | -39 | -40 | -54 | -52 |
Net realized investment gains (losses) | -19 | -7 | 19 | 20 |
Equity securities [Member] | ' | ' | ' | ' |
Gross realized gains | ' | 5 | 5 | 7 |
Gross realized losses | ' | -7 | ' | -22 |
Net realized investment gains (losses) | ' | -2 | 5 | -15 |
Derivative [Member] | ' | ' | ' | ' |
Net realized investment gains (losses) | 1 | -5 | 1 | -3 |
Short term investments and other [Member] | ' | ' | ' | ' |
Net realized investment gains (losses) | $4 | ' | $7 | $7 |
Investments_Components_of_othe
Investments (Components of other-than-temporary impairment losses recognized in earnings) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other-than-temporary impairment losses recognized in earnings | $5 | $16 | $7 | $34 |
Corporate and other bonds [Member] | ' | ' | ' | ' |
Other-than-temporary impairment losses recognized in earnings | 2 | 5 | 3 | 8 |
Residential mortgage-backed [Member] | ' | ' | ' | ' |
Other-than-temporary impairment losses recognized in earnings | 1 | 3 | 2 | 3 |
Other asset-backed [Member] | ' | ' | ' | ' |
Other-than-temporary impairment losses recognized in earnings | 1 | 1 | 1 | 1 |
Total asset-backed [Member] | ' | ' | ' | ' |
Other-than-temporary impairment losses recognized in earnings | 2 | 4 | 3 | 4 |
Total fixed maturity securities available-for-sale [Member] | ' | ' | ' | ' |
Other-than-temporary impairment losses recognized in earnings | 4 | 9 | 6 | 12 |
Common stock [Member] | ' | ' | ' | ' |
Other-than-temporary impairment losses recognized in earnings | 1 | 2 | 1 | 2 |
Preferred stock [Member] | ' | ' | ' | ' |
Other-than-temporary impairment losses recognized in earnings | ' | 5 | ' | 20 |
Equity securities [Member] | ' | ' | ' | ' |
Other-than-temporary impairment losses recognized in earnings | $1 | $7 | $1 | $22 |
Investments_Summary_of_fixed_m
Investments (Summary of fixed maturity and equity securities) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Cost or Amortized Cost | $37,387 | $39,490 |
Gross Unrealized Gains | 3,401 | 2,460 |
Gross Unrealized Losses | 126 | 532 |
Estimated fair value | 40,662 | 41,418 |
Corporate and other bonds [Member] | ' | ' |
Cost or Amortized Cost | 17,276 | 19,352 |
Gross Unrealized Gains | 1,852 | 1,645 |
Gross Unrealized Losses | 30 | 135 |
Estimated fair value | 19,098 | 20,862 |
Unrealized OTTI Losses (Gains) | ' | ' |
States, municipalities and political subdivisions [Member] | ' | ' |
Cost or Amortized Cost | 11,215 | 11,281 |
Gross Unrealized Gains | 1,178 | 548 |
Gross Unrealized Losses | 70 | 272 |
Estimated fair value | 12,323 | 11,557 |
Unrealized OTTI Losses (Gains) | ' | ' |
Residential mortgage-backed [Member] | ' | ' |
Cost or Amortized Cost | 4,882 | 4,940 |
Gross Unrealized Gains | 202 | 123 |
Gross Unrealized Losses | 14 | 92 |
Estimated fair value | 5,070 | 4,971 |
Unrealized OTTI Losses (Gains) | -51 | -37 |
Commercial mortgage-backed [Member] | ' | ' |
Cost or Amortized Cost | 1,999 | 1,995 |
Gross Unrealized Gains | 107 | 90 |
Gross Unrealized Losses | 7 | 22 |
Estimated fair value | 2,099 | 2,063 |
Unrealized OTTI Losses (Gains) | -3 | -3 |
Other asset-backed [Member] | ' | ' |
Cost or Amortized Cost | 1,172 | 945 |
Gross Unrealized Gains | 16 | 13 |
Gross Unrealized Losses | 3 | 3 |
Estimated fair value | 1,185 | 955 |
Unrealized OTTI Losses (Gains) | ' | ' |
Total asset-backed [Member] | ' | ' |
Cost or Amortized Cost | 8,053 | 7,880 |
Gross Unrealized Gains | 325 | 226 |
Gross Unrealized Losses | 24 | 117 |
Estimated fair value | 8,354 | 7,989 |
Unrealized OTTI Losses (Gains) | -54 | -40 |
U.S. Treasury and obligations of government-sponsored enterprises [Member] | ' | ' |
Cost or Amortized Cost | 61 | 139 |
Gross Unrealized Gains | 6 | 6 |
Gross Unrealized Losses | 1 | 1 |
Estimated fair value | 66 | 144 |
Unrealized OTTI Losses (Gains) | ' | ' |
Foreign Government [Member] | ' | ' |
Cost or Amortized Cost | 533 | 531 |
Gross Unrealized Gains | 18 | 15 |
Gross Unrealized Losses | 1 | 3 |
Estimated fair value | 550 | 543 |
Unrealized OTTI Losses (Gains) | ' | ' |
Redeemable preferred stock [Member] | ' | ' |
Cost or Amortized Cost | 39 | 92 |
Gross Unrealized Gains | 3 | 10 |
Gross Unrealized Losses | ' | ' |
Estimated fair value | 42 | 102 |
Unrealized OTTI Losses (Gains) | ' | ' |
Total fixed maturity securities available-for-sale [Member] | ' | ' |
Cost or Amortized Cost | 37,177 | 39,275 |
Gross Unrealized Gains | 3,382 | 2,450 |
Gross Unrealized Losses | 126 | 528 |
Estimated fair value | 40,433 | 41,197 |
Unrealized OTTI Losses (Gains) | -54 | -40 |
Total fixed maturity securities trading [Member] | ' | ' |
Cost or Amortized Cost, Trading Securities | 35 | 36 |
Gross Unrealized Gains, Trading Securities | ' | ' |
Gross Unrealized Losses, Trading Securities | ' | ' |
Estimated Fair Value, Trading Securities | 35 | 36 |
Common stock [Member] | ' | ' |
Cost or Amortized Cost | 46 | 36 |
Gross Unrealized Gains | 14 | 9 |
Gross Unrealized Losses | ' | ' |
Estimated fair value | 60 | 45 |
Preferred stock [Member] | ' | ' |
Cost or Amortized Cost | 129 | 143 |
Gross Unrealized Gains | 5 | 1 |
Gross Unrealized Losses | ' | 4 |
Estimated fair value | 134 | 140 |
Total equity securities available-for-sale [Member] | ' | ' |
Cost or Amortized Cost | 175 | 179 |
Gross Unrealized Gains | 19 | 10 |
Gross Unrealized Losses | ' | 4 |
Estimated fair value | $194 | $185 |
Investments_Securities_in_a_gr
Investments (Securities in a gross unrealized loss position) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | $1,779 | $9,256 |
Gross Unrealized Losses, Less than 12 Months | 22 | 388 |
Estimated Fair Value, 12 Months or Longer | 1,665 | 544 |
Gross Unrealized Losses, 12 Months or Longer | 104 | 144 |
Estimated Fair Value, Total | 3,444 | 9,800 |
Gross Unrealized Losses, Total | 126 | 532 |
Corporate and other bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 813 | 3,592 |
Gross Unrealized Losses, Less than 12 Months | 12 | 129 |
Estimated Fair Value, 12 Months or Longer | 548 | 72 |
Gross Unrealized Losses, 12 Months or Longer | 18 | 6 |
Estimated Fair Value, Total | 1,361 | 3,664 |
Gross Unrealized Losses, Total | 30 | 135 |
States, municipalities and political subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 316 | 3,251 |
Gross Unrealized Losses, Less than 12 Months | 2 | 197 |
Estimated Fair Value, 12 Months or Longer | 587 | 129 |
Gross Unrealized Losses, 12 Months or Longer | 68 | 75 |
Estimated Fair Value, Total | 903 | 3,380 |
Gross Unrealized Losses, Total | 70 | 272 |
Residential mortgage-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 125 | 1,293 |
Gross Unrealized Losses, Less than 12 Months | 1 | 29 |
Estimated Fair Value, 12 Months or Longer | 332 | 343 |
Gross Unrealized Losses, 12 Months or Longer | 13 | 63 |
Estimated Fair Value, Total | 457 | 1,636 |
Gross Unrealized Losses, Total | 14 | 92 |
Commercial mortgage-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 205 | 640 |
Gross Unrealized Losses, Less than 12 Months | 2 | 22 |
Estimated Fair Value, 12 Months or Longer | 171 | ' |
Gross Unrealized Losses, 12 Months or Longer | 5 | ' |
Estimated Fair Value, Total | 376 | 640 |
Gross Unrealized Losses, Total | 7 | 22 |
Other asset-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 269 | 269 |
Gross Unrealized Losses, Less than 12 Months | 3 | 3 |
Estimated Fair Value, 12 Months or Longer | 12 | ' |
Gross Unrealized Losses, 12 Months or Longer | ' | ' |
Estimated Fair Value, Total | 281 | 269 |
Gross Unrealized Losses, Total | 3 | 3 |
Total asset-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 599 | 2,202 |
Gross Unrealized Losses, Less than 12 Months | 6 | 54 |
Estimated Fair Value, 12 Months or Longer | 515 | 343 |
Gross Unrealized Losses, 12 Months or Longer | 18 | 63 |
Estimated Fair Value, Total | 1,114 | 2,545 |
Gross Unrealized Losses, Total | 24 | 117 |
U.S. Treasury and obligations of government-sponsored enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 2 | 13 |
Gross Unrealized Losses, Less than 12 Months | 1 | 1 |
Estimated Fair Value, 12 Months or Longer | 4 | ' |
Gross Unrealized Losses, 12 Months or Longer | ' | ' |
Estimated Fair Value, Total | 6 | 13 |
Gross Unrealized Losses, Total | 1 | 1 |
Foreign Government [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 39 | 111 |
Gross Unrealized Losses, Less than 12 Months | 1 | 3 |
Estimated Fair Value, 12 Months or Longer | 9 | ' |
Gross Unrealized Losses, 12 Months or Longer | ' | ' |
Estimated Fair Value, Total | 48 | 111 |
Gross Unrealized Losses, Total | 1 | 3 |
Total fixed maturity securities available-for-sale [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 1,769 | 9,169 |
Gross Unrealized Losses, Less than 12 Months | 22 | 384 |
Estimated Fair Value, 12 Months or Longer | 1,663 | 544 |
Gross Unrealized Losses, 12 Months or Longer | 104 | 144 |
Estimated Fair Value, Total | 3,432 | 9,713 |
Gross Unrealized Losses, Total | 126 | 528 |
Preferred stock [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 10 | 87 |
Gross Unrealized Losses, Less than 12 Months | ' | 4 |
Estimated Fair Value, 12 Months or Longer | 2 | ' |
Gross Unrealized Losses, 12 Months or Longer | ' | ' |
Estimated Fair Value, Total | 12 | 87 |
Gross Unrealized Losses, Total | ' | $4 |
Investments_Activity_related_t
Investments (Activity related to the pretax fixed maturity credit loss component reflected within retained earnings for securities still held for which a portion of an OTTI loss was recognized in OCI) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' | ' | ' |
Beginning balance of credit losses on fixed maturity securities | $69 | $92 | $74 | $95 |
Additional credit losses for securities for which an OTTI loss was previously recognized | ' | 1 | ' | 1 |
Reductions for securities sold during the period | -3 | -4 | -5 | -7 |
Reductions for securities the Company intends to sell or more likely than not will be required to sell | ' | ' | -3 | ' |
Ending balance of credit losses on fixed maturity securities | $66 | $89 | $66 | $89 |
Investments_Contractual_maturi
Investments (Contractual maturity) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Due in one year or less, cost or amortized cost | $2,832 | $2,420 |
Due after one year through five years, cost or amortized cost | 9,251 | 9,496 |
Due after five years through ten years, cost or amortized cost | 11,206 | 11,667 |
Due after ten years, cost or amortized cost | 13,888 | 15,692 |
Total Amortized Cost Basis | 37,177 | 39,275 |
Due in one year or less, estimated fair value | 2,883 | 2,455 |
Due after one year through five years, estimated fair value | 9,893 | 10,068 |
Due after five years through ten years, estimated fair value | 11,792 | 11,954 |
Due after ten years, estimated fair value | 15,865 | 16,720 |
Total Estimated Fair Value | $40,433 | $41,197 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Summary of Derivative Instruments [Abstract] | ' | ' | ' | ' |
Derivative transactions entered into | $181 | $1,443 | $248 | $2,047 |
Derivative transactions terminated | $175 | $1,523 | $242 | $2,065 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Summary of aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Contractual/notional amount | $11 | $5 |
Estimated fair value asset | ' | ' |
Estimated fair value (liability) | ' | ' |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/notional amount | 6 | ' |
Estimated fair value asset | ' | ' |
Estimated fair value (liability) | ' | ' |
Not Designated as Hedging Instrument [Member] | Warrant [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/notional amount | 5 | 5 |
Estimated fair value asset | ' | ' |
Estimated fair value (liability) | ' | ' |
Fair_Value_Assets_and_liabilit
Fair Value (Assets and liabilities measured at fair value on a recurring and nonrecurring basis) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | $42,722 | $43,073 |
Assets, Fair Value Disclosure | 46,315 | 43,073 |
Liabilities, Fair Value Disclosure, Nonrecurring | 3,343 | ' |
Corporate and other bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 19,119 | 20,898 |
States, municipalities and political subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 12,337 | 11,557 |
Residential mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 5,070 | 4,971 |
Commercial mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 2,099 | 2,063 |
Other asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1,185 | 955 |
Total asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 8,354 | 7,989 |
U.S. Treasury and obligations of government-sponsored enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 66 | 144 |
Foreign Government [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 550 | 543 |
Redeemable preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 42 | 102 |
Fixed maturity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 40,468 | 41,233 |
Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 194 | 185 |
Other invested assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 45 | 54 |
Short-term investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1,929 | 1,332 |
Life settlement contracts, included in Other assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 86 | 88 |
Separate account business [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | 181 |
Assets held for sale-nonrecurring basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 3,593 | ' |
Liabilities held for sale-nonrecurring basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, Fair Value Disclosure, Nonrecurring | 3,343 | ' |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1,646 | 1,179 |
Assets, Fair Value Disclosure | 1,646 | 1,179 |
Liabilities, Fair Value Disclosure, Nonrecurring | ' | ' |
Level 1 [Member] | Corporate and other bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 34 | 33 |
Level 1 [Member] | States, municipalities and political subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 1 [Member] | Residential mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 1 [Member] | Commercial mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 1 [Member] | Other asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 1 [Member] | Total asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 1 [Member] | U.S. Treasury and obligations of government-sponsored enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 62 | 116 |
Level 1 [Member] | Foreign Government [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 60 | 81 |
Level 1 [Member] | Redeemable preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 30 | 45 |
Level 1 [Member] | Fixed maturity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 186 | 275 |
Level 1 [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 137 | 126 |
Level 1 [Member] | Other invested assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 1 [Member] | Short-term investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1,323 | 769 |
Level 1 [Member] | Life settlement contracts, included in Other assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 1 [Member] | Separate account business [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | 9 |
Level 1 [Member] | Assets held for sale-nonrecurring basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | ' | ' |
Level 1 [Member] | Liabilities held for sale-nonrecurring basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, Fair Value Disclosure, Nonrecurring | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 39,845 | 40,591 |
Assets, Fair Value Disclosure | 43,438 | 40,591 |
Liabilities, Fair Value Disclosure, Nonrecurring | 3,343 | ' |
Level 2 [Member] | Corporate and other bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 18,891 | 20,661 |
Level 2 [Member] | States, municipalities and political subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 12,258 | 11,486 |
Level 2 [Member] | Residential mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 4,885 | 4,640 |
Level 2 [Member] | Commercial mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 2,040 | 1,912 |
Level 2 [Member] | Other asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 559 | 509 |
Level 2 [Member] | Total asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 7,484 | 7,061 |
Level 2 [Member] | U.S. Treasury and obligations of government-sponsored enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 4 | 28 |
Level 2 [Member] | Foreign Government [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 490 | 462 |
Level 2 [Member] | Redeemable preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 12 | 57 |
Level 2 [Member] | Fixed maturity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 39,139 | 39,755 |
Level 2 [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 55 | 48 |
Level 2 [Member] | Other invested assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 45 | 54 |
Level 2 [Member] | Short-term investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 606 | 563 |
Level 2 [Member] | Life settlement contracts, included in Other assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 2 [Member] | Separate account business [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | 171 |
Level 2 [Member] | Assets held for sale-nonrecurring basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 3,593 | ' |
Level 2 [Member] | Liabilities held for sale-nonrecurring basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, Fair Value Disclosure, Nonrecurring | 3,343 | ' |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1,231 | 1,303 |
Assets, Fair Value Disclosure | 1,231 | 1,303 |
Liabilities, Fair Value Disclosure, Nonrecurring | ' | ' |
Level 3 [Member] | Corporate and other bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 194 | 204 |
Level 3 [Member] | States, municipalities and political subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 79 | 71 |
Level 3 [Member] | Residential mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 185 | 331 |
Level 3 [Member] | Commercial mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 59 | 151 |
Level 3 [Member] | Other asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 626 | 446 |
Level 3 [Member] | Total asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 870 | 928 |
Level 3 [Member] | U.S. Treasury and obligations of government-sponsored enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 3 [Member] | Foreign Government [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 3 [Member] | Redeemable preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 3 [Member] | Fixed maturity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1,143 | 1,203 |
Level 3 [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 2 | 11 |
Level 3 [Member] | Other invested assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 3 [Member] | Short-term investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | ' |
Level 3 [Member] | Life settlement contracts, included in Other assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 86 | 88 |
Level 3 [Member] | Separate account business [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | 1 |
Level 3 [Member] | Assets held for sale-nonrecurring basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | ' | ' |
Level 3 [Member] | Liabilities held for sale-nonrecurring basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, Fair Value Disclosure, Nonrecurring | ' | ' |
Fair_Value_Table_of_reconcilia
Fair Value (Table of reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, Beginning, Assets | $1,288 | $1,600 | $1,303 | $1,393 |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | -9 | -1 | 8 | -5 |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 53 | -1 | 65 | 8 |
Purchases | 273 | 143 | 451 | 608 |
Sales | -278 | -153 | -373 | -318 |
Settlements | -56 | -50 | -166 | -115 |
Transfers into Level 3 | 17 | 30 | 55 | 56 |
Transfers out of Level 3 | -57 | -115 | -112 | -174 |
Balance, Ending, Assets | 1,231 | 1,453 | 1,231 | 1,453 |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | ' | -10 | 1 | -26 |
Fixed maturity securities [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, Beginning, Assets | 1,199 | ' | 1,203 | ' |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | -21 | ' | -17 | ' |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 53 | ' | 69 | ' |
Purchases | 273 | ' | 451 | ' |
Sales | -278 | ' | -365 | ' |
Settlements | -43 | ' | -142 | ' |
Transfers into Level 3 | 17 | ' | 55 | ' |
Transfers out of Level 3 | -57 | ' | -111 | ' |
Balance, Ending, Assets | 1,143 | ' | 1,143 | ' |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | -1 | ' | -1 | ' |
Corporate and other bonds [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, Beginning, Assets | 189 | ' | 204 | ' |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | 1 | ' | 2 | ' |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | ' | ' | 1 | ' |
Purchases | 21 | ' | 26 | ' |
Sales | -6 | ' | -10 | ' |
Settlements | -5 | ' | -10 | ' |
Transfers into Level 3 | 5 | ' | 8 | ' |
Transfers out of Level 3 | -11 | ' | -27 | ' |
Balance, Ending, Assets | 194 | ' | 194 | ' |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | ' | ' | ' | ' |
States, municipalities and political subdivisions [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, Beginning, Assets | 86 | ' | 71 | ' |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | 1 | ' | 1 | ' |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 1 | ' | 2 | ' |
Purchases | 1 | ' | 1 | ' |
Sales | -10 | ' | -10 | ' |
Settlements | ' | ' | ' | ' |
Transfers into Level 3 | ' | ' | 14 | ' |
Transfers out of Level 3 | ' | ' | ' | ' |
Balance, Ending, Assets | 79 | ' | 79 | ' |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | ' | ' | ' | ' |
Residential mortgage-backed [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, Beginning, Assets | 359 | ' | 331 | ' |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | -24 | ' | -23 | ' |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 47 | ' | 62 | ' |
Purchases | 22 | ' | 47 | ' |
Sales | -174 | ' | -174 | ' |
Settlements | -19 | ' | -40 | ' |
Transfers into Level 3 | ' | ' | 21 | ' |
Transfers out of Level 3 | -26 | ' | -39 | ' |
Balance, Ending, Assets | 185 | ' | 185 | ' |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | ' | ' | ' | ' |
Commercial Mortgage Backed Securities [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, Beginning, Assets | 126 | ' | 151 | ' |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | 1 | ' | 2 | ' |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 1 | ' | ' | ' |
Purchases | ' | ' | ' | ' |
Sales | -60 | ' | -60 | ' |
Settlements | -1 | ' | -2 | ' |
Transfers into Level 3 | 12 | ' | 12 | ' |
Transfers out of Level 3 | -20 | ' | -44 | ' |
Balance, Ending, Assets | 59 | ' | 59 | ' |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | ' | ' | ' | ' |
Other asset-backed [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, Beginning, Assets | 439 | ' | 446 | ' |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | ' | ' | 1 | ' |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 4 | ' | 4 | ' |
Purchases | 229 | ' | 377 | ' |
Sales | -28 | ' | -111 | ' |
Settlements | -18 | ' | -90 | ' |
Transfers into Level 3 | ' | ' | ' | ' |
Transfers out of Level 3 | ' | ' | -1 | ' |
Balance, Ending, Assets | 626 | ' | 626 | ' |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | -1 | ' | -1 | ' |
Total asset-backed [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, Beginning, Assets | 924 | ' | 928 | ' |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | -23 | ' | -20 | ' |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 52 | ' | 66 | ' |
Purchases | 251 | ' | 424 | ' |
Sales | -262 | ' | -345 | ' |
Settlements | -38 | ' | -132 | ' |
Transfers into Level 3 | 12 | ' | 33 | ' |
Transfers out of Level 3 | -46 | ' | -84 | ' |
Balance, Ending, Assets | 870 | ' | 870 | ' |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | -1 | ' | -1 | ' |
Equity securities [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, Beginning, Assets | 2 | ' | 11 | ' |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | ' | ' | 3 | ' |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | ' | ' | -4 | ' |
Purchases | ' | ' | ' | ' |
Sales | ' | ' | -8 | ' |
Settlements | ' | ' | ' | ' |
Transfers into Level 3 | ' | ' | ' | ' |
Transfers out of Level 3 | ' | ' | ' | ' |
Balance, Ending, Assets | 2 | ' | 2 | ' |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | ' | ' | ' | ' |
Life settlement contracts, included in Other assets [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, Beginning, Assets | 87 | ' | 88 | ' |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | 12 | ' | 22 | ' |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | ' | ' | ' | ' |
Purchases | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Settlements | -13 | ' | -24 | ' |
Transfers into Level 3 | ' | ' | ' | ' |
Transfers out of Level 3 | ' | ' | ' | ' |
Balance, Ending, Assets | 86 | ' | 86 | ' |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | 1 | ' | 2 | ' |
Separate account business [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, Beginning, Assets | ' | ' | 1 | ' |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | ' | ' | ' | ' |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | ' | ' | ' | ' |
Purchases | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Settlements | ' | ' | ' | ' |
Transfers into Level 3 | ' | ' | ' | ' |
Transfers out of Level 3 | ' | ' | -1 | ' |
Balance, Ending, Assets | ' | ' | ' | ' |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | ' | ' | ' | ' |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Fair Value Assets Level 2 to Level 1, Transfers | $1 | ' | $24 | ' |
Fair Value, Assets, Level 1 to Level 2, Transfers | ' | ' | $1 | ' |
Fair_Value_Quantitative_inform
Fair Value (Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 46,315 | 43,073 |
Fixed maturity securities [Member] | Income Approach Valuation Technique [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 115 | 142 |
Fixed maturity securities [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Credit spread | 2.00% | 2.00% |
Fixed maturity securities [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Credit spread | 15.00% | 20.00% |
Fixed maturity securities [Member] | Income Approach Valuation Technique [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Credit spread | 4.00% | 4.00% |
Equity securities [Member] | Market Approach Valuation Technique [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 2 | 10 |
Private offering price | 4,334 | ' |
Equity securities [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Private offering price | ' | 360 |
Equity securities [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Private offering price | ' | 4,268 |
Equity securities [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Private offering price | ' | 1,148 |
Life settlement contracts, included in Other assets [Member] | Income Approach Valuation Technique [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 86 | 88 |
Life settlement contracts, included in Other assets [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Mortality assumption | 70.00% | 70.00% |
Life settlement contracts, included in Other assets [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Mortality assumption | 743.00% | 743.00% |
Life settlement contracts, included in Other assets [Member] | Income Approach Valuation Technique [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Mortality assumption | 194.00% | 192.00% |
Life settlement contracts, included in Other assets [Member] | Income Approach Valuation Technique [Member] | Rate [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discount rate risk premium | 9.00% | 9.00% |
Fair_Value_Carrying_amount_and
Fair Value (Carrying amount and estimated fair value of financial instrument assets and liabilities which are not measured at fair value) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financial Assets [Abstract] | ' | ' |
Notes receivable for the issuance of common stock | $1 | $23 |
Mortgage loans | 518 | 508 |
Financial Liabilities [Abstract] | ' | ' |
Short term debt | 549 | 549 |
Long term debt | 2,558 | 2,011 |
Carrying Amount [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Notes receivable for the issuance of common stock | 1 | 23 |
Mortgage loans | 518 | 508 |
Financial Liabilities [Abstract] | ' | ' |
Premium deposits and annuity contracts | ' | 57 |
Short term debt | 549 | 549 |
Long term debt | 2,558 | 2,011 |
Estimated Fair Value [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Notes receivable for the issuance of common stock | 1 | 23 |
Mortgage loans | 540 | 515 |
Financial Liabilities [Abstract] | ' | ' |
Premium deposits and annuity contracts | ' | 58 |
Short term debt | 563 | 575 |
Long term debt | 2,947 | 2,328 |
Level 1 [Member] | Estimated Fair Value [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Notes receivable for the issuance of common stock | ' | ' |
Mortgage loans | ' | ' |
Financial Liabilities [Abstract] | ' | ' |
Premium deposits and annuity contracts | ' | ' |
Short term debt | ' | ' |
Long term debt | ' | ' |
Level 2 [Member] | Estimated Fair Value [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Notes receivable for the issuance of common stock | ' | ' |
Mortgage loans | ' | ' |
Financial Liabilities [Abstract] | ' | ' |
Premium deposits and annuity contracts | ' | ' |
Short term debt | 563 | 575 |
Long term debt | 2,947 | 2,328 |
Level 3 [Member] | Estimated Fair Value [Member] | ' | ' |
Financial Assets [Abstract] | ' | ' |
Notes receivable for the issuance of common stock | 1 | 23 |
Mortgage loans | 540 | 515 |
Financial Liabilities [Abstract] | ' | ' |
Premium deposits and annuity contracts | ' | 58 |
Short term debt | ' | ' |
Long term debt | ' | ' |
Claim_and_Claim_Adjustment_Exp2
Claim and Claim Adjustment Expense Reserves (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Claim and Claim Adjustment Expense Reserves [Abstract] | ' | ' | ' | ' |
Catastrophe losses net of reinsurance | $56 | $65 | $130 | $104 |
Claim_and_Claim_Adjustment_Exp3
Claim and Claim Adjustment Expense Reserves (Net prior year development) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | $24 | ($5) | $49 | ($31) |
Pretax (favorable) unfavorable premium development, excluding Life & Group | -2 | -8 | -33 | -21 |
Total pretax (favorable) unfavorable net prior year development, excluding Life & Group | 22 | -13 | 16 | -52 |
CNA Specialty [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | -55 | -41 | -57 | -56 |
Pretax (favorable) unfavorable premium development, excluding Life & Group | -1 | -5 | -9 | -13 |
Total pretax (favorable) unfavorable net prior year development, excluding Life & Group | -56 | -46 | -66 | -69 |
CNA Commercial [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | 79 | 27 | 96 | 16 |
Pretax (favorable) unfavorable premium development, excluding Life & Group | -5 | -5 | -24 | -15 |
Total pretax (favorable) unfavorable net prior year development, excluding Life & Group | 74 | 22 | 72 | 1 |
Hardy [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | ' | 12 | 10 | 11 |
Pretax (favorable) unfavorable premium development, excluding Life & Group | 4 | 2 | ' | 6 |
Total pretax (favorable) unfavorable net prior year development, excluding Life & Group | 4 | 14 | 10 | 17 |
Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | ' | -3 | ' | -2 |
Pretax (favorable) unfavorable premium development, excluding Life & Group | ' | ' | ' | 1 |
Total pretax (favorable) unfavorable net prior year development, excluding Life & Group | ' | ($3) | ' | ($1) |
Claim_and_Claim_Adjustment_Exp4
Claim and Claim Adjustment Expense Reserves (Net prior year claim and allocated claim adjustment expense reserve development for CNA Specialty segment) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | $24 | ($5) | $49 | ($31) |
CNA Specialty [Member] | ' | ' | ' | ' |
Medical Professional Liability | 1 | -17 | 2 | -20 |
Other Professional Liability and Management Liability | -58 | -23 | -64 | -24 |
Surety | ' | 1 | 1 | 2 |
Warranty | ' | ' | ' | ' |
Other | 2 | -2 | 4 | -14 |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | ($55) | ($41) | ($57) | ($56) |
Claim_and_Claim_Adjustment_Exp5
Claim and Claim Adjustment Expense Reserves (Net prior year claim and allocated claim adjustment expense reserve development for CNA Commercial segment) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | $24 | ($5) | $49 | ($31) |
CNA Commercial [Member] | ' | ' | ' | ' |
Commercial Auto | 20 | 2 | 40 | -3 |
General Liability | 30 | 15 | 25 | -6 |
Workers' Compensation | 40 | 45 | 50 | 70 |
Property and Other | -11 | -35 | -19 | -45 |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | $79 | $27 | $96 | $16 |
Claim_and_Claim_Adjustment_Exp6
Claim and Claim Adjustment Expense Reserves Net prior year claim and allocated claim adjustment expense reserve development for Hardy segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | $24 | ($5) | $49 | ($31) |
Hardy [Member] | ' | ' | ' | ' |
Marine and Aviation | 1 | 4 | 6 | 3 |
Non-Marine Property | 3 | 7 | 1 | 7 |
Property Treaty | -2 | 2 | -4 | 2 |
Specialty | -2 | -1 | -3 | -1 |
Commutations | ' | ' | 10 | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | ' | $12 | $10 | $11 |
Benefit_Plans_Narrative_Detail
Benefit Plans (Narrative) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $86 | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.10% | 3.60% |
Benefit_Plans_Components_of_ne
Benefit Plans (Components of net periodic cost (benefit)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Curtailment gain | ' | ' | $86 | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 1 | 3 | 4 | 6 |
Interest cost on projected benefit obligation | 33 | 30 | 66 | 60 |
Expected return on plan assets | -48 | -45 | -96 | -90 |
Amortization of net actuarial (gain) loss | 7 | 12 | 13 | 24 |
Net periodic cost (benefit) | -7 | ' | -13 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost on projected benefit obligation | 1 | 1 | 1 | 1 |
Amortization of prior service credit | -5 | -5 | -9 | -9 |
Curtailment gain | 86 | ' | 86 | ' |
Net periodic cost (benefit) | ($90) | ($4) | ($94) | ($8) |
Schedule_of_Other_Intangible_A
Schedule of Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Amortization of deferred acquisition costs | $335 | $335 | $664 | $663 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1 | ' | 1 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2 | ' | 2 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2 | ' | 2 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 2 | ' | 2 | ' |
Hardy [Member] | ' | ' | ' | ' |
Amortization of deferred acquisition costs | 26 | 20 | 54 | 41 |
Other Intangible Assets [Member] | Hardy [Member] | ' | ' | ' | ' |
Amortization of deferred acquisition costs | 1 | 4 | 1 | 13 |
Amortization expense included in other operating expenses | $1 | $2 | $1 | $5 |
Schedule_of_Other_Intangible_A1
Schedule of Other Intangible Assets (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Indefinite-lived intangible assets | $76 | $74 |
Finite-Lived Intangible Assets | 88 | 85 |
Accumulated Amortization | 70 | 66 |
Total other intangible assets | 164 | 159 |
Total intangible assets, accumulated amortization | 70 | 66 |
Lloyds syndicate capacity [Member] | ' | ' |
Indefinite-lived intangible assets | 60 | 58 |
Agency Force [Member] | ' | ' |
Indefinite-lived intangible assets | 16 | 16 |
Value of business acquired [Member] | ' | ' |
Finite-Lived Intangible Assets | 66 | 64 |
Accumulated Amortization | 66 | 63 |
Trade name [Member] | ' | ' |
Economic useful life measured in years | '8 years | ' |
Finite-Lived Intangible Assets | 8 | 8 |
Accumulated Amortization | 2 | 2 |
Distribution channel [Member] | ' | ' |
Economic useful life measured in years | '15 years | ' |
Finite-Lived Intangible Assets | 14 | 13 |
Accumulated Amortization | $2 | $1 |
Minimum [Member] | Value of business acquired [Member] | ' | ' |
Economic useful life measured in years | '1 year | ' |
Maximum [Member] | Value of business acquired [Member] | ' | ' |
Economic useful life measured in years | '4 years | ' |
Commitments_Contingencies_and_1
Commitments, Contingencies, and Guarantees (Narrative) (Detail) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Recorded liabilities related to indemnification agreements | $7 |
Property Lease Guarantee [Member] | ' |
Aggregate amount of quantifiable indemnification agreements in effect for sales of business entities, assets and third party loans | 72 |
Indemnification Agreement [Member] | ' |
Aggregate amount of quantifiable indemnification agreements in effect for sales of business entities, assets and third party loans | $699 |
Business_Segments_Income_State
Business Segments (Income Statement Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Revenues | ' | ' | ' | ' |
Net earned premiums | $1,811 | $1,800 | $3,617 | $3,564 |
Net investment income | 550 | 534 | 1,076 | 1,125 |
Other revenues | 93 | 130 | 178 | 207 |
Total operating revenues | 2,454 | 2,464 | 4,871 | 4,896 |
Claims, Benefits and Expenses | ' | ' | ' | ' |
Net incurred claims and benefits | 1,437 | 1,482 | 2,880 | 2,875 |
Policyholders' dividends | 4 | 3 | 7 | 6 |
Amortization of deferred acquisition costs | 335 | 335 | 664 | 663 |
Other insurance related expenses | 259 | 252 | 521 | 513 |
Other expenses | 41 | 108 | 169 | 229 |
Total claims, benefits and expenses | 2,076 | 2,180 | 4,241 | 4,286 |
Operating income (loss) before income tax | 378 | 284 | 630 | 610 |
Income tax (expense) benefit on operating income (loss) | -106 | -85 | -168 | -186 |
Net operating income (loss) | 272 | 199 | 462 | 424 |
Net realized investment gains (losses), pre-tax | -14 | -14 | 32 | 9 |
Income tax (expense) benefit on net realized investment gains (losses) | 3 | 5 | -13 | -2 |
Net realized investment gains (losses) | -11 | -9 | 19 | 7 |
Net income (loss) from continuing operations | 261 | 190 | 481 | 431 |
CNA Specialty [Member] | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' |
Net earned premiums | 763 | 746 | 1,511 | 1,469 |
Net investment income | 161 | 151 | 312 | 321 |
Other revenues | 74 | 63 | 142 | 123 |
Total operating revenues | 998 | 960 | 1,965 | 1,913 |
Claims, Benefits and Expenses | ' | ' | ' | ' |
Net incurred claims and benefits | 426 | 452 | 906 | 917 |
Policyholders' dividends | 1 | 1 | 2 | 2 |
Amortization of deferred acquisition costs | 158 | 156 | 311 | 306 |
Other insurance related expenses | 74 | 65 | 146 | 136 |
Other expenses | 65 | 60 | 126 | 114 |
Total claims, benefits and expenses | 724 | 734 | 1,491 | 1,475 |
Operating income (loss) before income tax | 274 | 226 | 474 | 438 |
Income tax (expense) benefit on operating income (loss) | -92 | -78 | -158 | -150 |
Net operating income (loss) | 182 | 148 | 316 | 288 |
Net realized investment gains (losses), pre-tax | -5 | -6 | 7 | -3 |
Income tax (expense) benefit on net realized investment gains (losses) | 2 | 2 | -2 | 1 |
Net realized investment gains (losses) | -3 | -4 | 5 | -2 |
Net income (loss) from continuing operations | 179 | 144 | 321 | 286 |
CNA Commercial [Member] | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' |
Net earned premiums | 817 | 840 | 1,639 | 1,677 |
Net investment income | 208 | 211 | 406 | 461 |
Other revenues | 9 | 65 | 18 | 75 |
Total operating revenues | 1,034 | 1,116 | 2,063 | 2,213 |
Claims, Benefits and Expenses | ' | ' | ' | ' |
Net incurred claims and benefits | 654 | 644 | 1,276 | 1,244 |
Policyholders' dividends | 3 | 2 | 5 | 4 |
Amortization of deferred acquisition costs | 144 | 153 | 284 | 302 |
Other insurance related expenses | 138 | 142 | 277 | 285 |
Other expenses | 8 | 2 | 19 | 11 |
Total claims, benefits and expenses | 947 | 943 | 1,861 | 1,846 |
Operating income (loss) before income tax | 87 | 173 | 202 | 367 |
Income tax (expense) benefit on operating income (loss) | -28 | -61 | -65 | -130 |
Net operating income (loss) | 59 | 112 | 137 | 237 |
Net realized investment gains (losses), pre-tax | -7 | -12 | 5 | -8 |
Income tax (expense) benefit on net realized investment gains (losses) | 1 | 4 | -3 | 3 |
Net realized investment gains (losses) | -6 | -8 | 2 | -5 |
Net income (loss) from continuing operations | 53 | 104 | 139 | 232 |
Hardy [Member] | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' |
Net earned premiums | 92 | 76 | 190 | 140 |
Net investment income | 1 | 1 | 2 | 2 |
Other revenues | -1 | -1 | ' | ' |
Total operating revenues | 92 | 76 | 192 | 142 |
Claims, Benefits and Expenses | ' | ' | ' | ' |
Net incurred claims and benefits | 52 | 41 | 90 | 72 |
Policyholders' dividends | ' | ' | ' | ' |
Amortization of deferred acquisition costs | 26 | 20 | 54 | 41 |
Other insurance related expenses | 16 | 13 | 36 | 29 |
Other expenses | 4 | 6 | 8 | 13 |
Total claims, benefits and expenses | 98 | 80 | 188 | 155 |
Operating income (loss) before income tax | -6 | -4 | 4 | -13 |
Income tax (expense) benefit on operating income (loss) | 1 | 2 | -2 | 3 |
Net operating income (loss) | -5 | -2 | 2 | -10 |
Net realized investment gains (losses), pre-tax | -1 | 1 | -1 | 2 |
Income tax (expense) benefit on net realized investment gains (losses) | ' | -1 | ' | -1 |
Net realized investment gains (losses) | -1 | ' | -1 | 1 |
Net income (loss) from continuing operations | -6 | -2 | 1 | -9 |
Life and Group Non-Core [Member] | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' |
Net earned premiums | 139 | 138 | 278 | 279 |
Net investment income | 173 | 163 | 344 | 325 |
Other revenues | 8 | 2 | 13 | 5 |
Total operating revenues | 320 | 303 | 635 | 609 |
Claims, Benefits and Expenses | ' | ' | ' | ' |
Net incurred claims and benefits | 304 | 347 | 610 | 640 |
Policyholders' dividends | ' | ' | ' | ' |
Amortization of deferred acquisition costs | 7 | 6 | 15 | 14 |
Other insurance related expenses | 31 | 32 | 63 | 64 |
Other expenses | -3 | 2 | -2 | 7 |
Total claims, benefits and expenses | 339 | 387 | 686 | 725 |
Operating income (loss) before income tax | -19 | -84 | -51 | -116 |
Income tax (expense) benefit on operating income (loss) | 28 | 43 | 58 | 69 |
Net operating income (loss) | 9 | -41 | 7 | -47 |
Net realized investment gains (losses), pre-tax | -4 | ' | 12 | 9 |
Income tax (expense) benefit on net realized investment gains (losses) | 1 | 1 | -5 | -2 |
Net realized investment gains (losses) | -3 | 1 | 7 | 7 |
Net income (loss) from continuing operations | 6 | -40 | 14 | -40 |
Corporate and Other Non-Core [Member] | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' |
Net earned premiums | ' | ' | ' | ' |
Net investment income | 7 | 8 | 12 | 16 |
Other revenues | 5 | 2 | 7 | 5 |
Total operating revenues | 12 | 10 | 19 | 21 |
Claims, Benefits and Expenses | ' | ' | ' | ' |
Net incurred claims and benefits | 1 | -2 | -2 | 2 |
Policyholders' dividends | ' | ' | ' | ' |
Amortization of deferred acquisition costs | ' | ' | ' | ' |
Other insurance related expenses | ' | ' | ' | ' |
Other expenses | -31 | 39 | 20 | 85 |
Total claims, benefits and expenses | -30 | 37 | 18 | 87 |
Operating income (loss) before income tax | 42 | -27 | 1 | -66 |
Income tax (expense) benefit on operating income (loss) | -15 | 9 | -1 | 22 |
Net operating income (loss) | 27 | -18 | ' | -44 |
Net realized investment gains (losses), pre-tax | 3 | 3 | 9 | 9 |
Income tax (expense) benefit on net realized investment gains (losses) | -1 | -1 | -3 | -3 |
Net realized investment gains (losses) | 2 | 2 | 6 | 6 |
Net income (loss) from continuing operations | 29 | -16 | 6 | -38 |
Eliminations [Member] | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' |
Net earned premiums | ' | ' | -1 | -1 |
Net investment income | ' | ' | ' | ' |
Other revenues | -2 | -1 | -2 | -1 |
Total operating revenues | -2 | -1 | -3 | -2 |
Claims, Benefits and Expenses | ' | ' | ' | ' |
Net incurred claims and benefits | ' | ' | ' | ' |
Policyholders' dividends | ' | ' | ' | ' |
Amortization of deferred acquisition costs | ' | ' | ' | ' |
Other insurance related expenses | ' | ' | -1 | -1 |
Other expenses | -2 | -1 | -2 | -1 |
Total claims, benefits and expenses | -2 | -1 | -3 | -2 |
Operating income (loss) before income tax | ' | ' | ' | ' |
Income tax (expense) benefit on operating income (loss) | ' | ' | ' | ' |
Net operating income (loss) | ' | ' | ' | ' |
Net realized investment gains (losses), pre-tax | ' | ' | ' | ' |
Income tax (expense) benefit on net realized investment gains (losses) | ' | ' | ' | ' |
Net realized investment gains (losses) | ' | ' | ' | ' |
Net income (loss) from continuing operations | ' | ' | ' | ' |
Business_Segments_Balance_Shee
Business Segments (Balance Sheet Information) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Reinsurance receivables | $5,115 | $6,088 |
Insurance receivables | 2,215 | 2,063 |
Deferred acquisition costs | 650 | 624 |
Goodwill | 156 | 155 |
Insurance reserves | ' | ' |
Claim and claim adjustment expenses | 23,996 | 24,089 |
Unearned premiums | 3,851 | 3,718 |
Future policy benefits | 8,696 | 10,471 |
Policyholders’ funds | 27 | 116 |
CNA Specialty [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Reinsurance receivables | 666 | 546 |
Insurance receivables | 853 | 775 |
Deferred acquisition costs | 323 | 318 |
Goodwill | 117 | 117 |
Insurance reserves | ' | ' |
Claim and claim adjustment expenses | 6,939 | 6,689 |
Unearned premiums | 1,857 | 1,805 |
Future policy benefits | ' | ' |
Policyholders’ funds | 9 | 9 |
CNA Commercial [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Reinsurance receivables | 1,032 | 1,075 |
Insurance receivables | 1,137 | 1,099 |
Deferred acquisition costs | 267 | 257 |
Goodwill | ' | ' |
Insurance reserves | ' | ' |
Claim and claim adjustment expenses | 10,537 | 10,649 |
Unearned premiums | 1,576 | 1,536 |
Future policy benefits | ' | ' |
Policyholders’ funds | 18 | 15 |
Hardy [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Reinsurance receivables | 146 | 197 |
Insurance receivables | 214 | 176 |
Deferred acquisition costs | 60 | 49 |
Goodwill | 39 | 38 |
Insurance reserves | ' | ' |
Claim and claim adjustment expenses | 386 | 386 |
Unearned premiums | 283 | 249 |
Future policy benefits | ' | ' |
Policyholders’ funds | ' | ' |
Life and Group Non-Core [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Reinsurance receivables | 367 | 1,203 |
Insurance receivables | 7 | 11 |
Deferred acquisition costs | ' | ' |
Goodwill | ' | ' |
Insurance reserves | ' | ' |
Claim and claim adjustment expenses | 3,092 | 3,058 |
Unearned premiums | 136 | 128 |
Future policy benefits | 8,696 | 10,471 |
Policyholders’ funds | ' | 92 |
Corporate and Other Non-Core [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Reinsurance receivables | 2,904 | 3,067 |
Insurance receivables | 4 | 2 |
Deferred acquisition costs | ' | ' |
Goodwill | ' | ' |
Insurance reserves | ' | ' |
Claim and claim adjustment expenses | 3,042 | 3,307 |
Unearned premiums | ' | ' |
Future policy benefits | ' | ' |
Policyholders’ funds | ' | ' |
Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Reinsurance receivables | ' | ' |
Insurance receivables | ' | ' |
Deferred acquisition costs | ' | ' |
Goodwill | ' | ' |
Insurance reserves | ' | ' |
Claim and claim adjustment expenses | ' | ' |
Unearned premiums | -1 | ' |
Future policy benefits | ' | ' |
Policyholders’ funds | ' | ' |
Business_Segments_Revenues_by_
Business Segments (Revenues by Line of Business) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | $2,440 | $2,450 | $4,903 | $4,905 |
CNA Specialty [Domain] | ' | ' | ' | ' |
Revenues | 993 | 954 | 1,972 | 1,910 |
International - Specialty [Member] | ' | ' | ' | ' |
Revenues | 62 | 59 | 126 | 118 |
Management & Professional Liability [Member] | ' | ' | ' | ' |
Revenues | 710 | 687 | 1,414 | 1,387 |
Surety [Member] | ' | ' | ' | ' |
Revenues | 125 | 123 | 247 | 239 |
Warranty & Alternative Risks [Member] | ' | ' | ' | ' |
Revenues | 96 | 85 | 185 | 166 |
CNA Commercial [Domain] | ' | ' | ' | ' |
Revenues | 1,027 | 1,104 | 2,068 | 2,205 |
Commercial Insurance [Member] | ' | ' | ' | ' |
Revenues | 755 | 827 | 1,517 | 1,653 |
International - Commercial [Member] | ' | ' | ' | ' |
Revenues | 91 | 90 | 186 | 183 |
Small Business [Member] | ' | ' | ' | ' |
Revenues | 181 | 187 | 365 | 369 |
Hardy [Domain] | ' | ' | ' | ' |
Revenues | 91 | 77 | 191 | 144 |
Life and Group Non-Core [Member] | ' | ' | ' | ' |
Revenues | 316 | 303 | 647 | 618 |
Corporate and Other Non-Core [Member] | ' | ' | ' | ' |
Revenues | 15 | 13 | 28 | 30 |
Eliminations [Member] | ' | ' | ' | ' |
Revenues | ($2) | ($1) | ($3) | ($2) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) by Component (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | $692 | $727 | $442 | $831 |
Transfer to net assets held for sale | ' | ' | ' | ' |
Other comprehensive income (loss), before reclassifications | 308 | -610 | 584 | -706 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 38 | -9 | 64 | -1 |
Other Comprehensive Income (loss), net of tax | 270 | -601 | 520 | -705 |
Accumulated other comprehensive income (loss), ending balance | 962 | 126 | 962 | 126 |
Tax (expense) benefit on amounts reclassified from accumulated other comprehensive income (loss) | -22 | 5 | -35 | 2 |
Tax (expense) benefit on other comprehensive income (loss) | -124 | 316 | -263 | 341 |
Net unrealized gains (losses) on investments with OTTI losses [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | 33 | 34 | 26 | 20 |
Transfer to net assets held for sale | ' | ' | -5 | ' |
Other comprehensive income (loss), before reclassifications | 2 | -8 | 14 | 6 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Other Comprehensive Income (loss), net of tax | 2 | -8 | 14 | 6 |
Accumulated other comprehensive income (loss), ending balance | 35 | 26 | 35 | 26 |
Tax (expense) benefit on amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | ' | ' |
Tax (expense) benefit on other comprehensive income (loss) | -1 | 4 | -7 | -3 |
Net unrealized gains (losses) on other investments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | 912 | 1,309 | 692 | 1,371 |
Transfer to net assets held for sale | ' | ' | -17 | ' |
Other comprehensive income (loss), before reclassifications | 257 | -589 | 521 | -638 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | -13 | -4 | 14 | 9 |
Other Comprehensive Income (loss), net of tax | 270 | -585 | 507 | -647 |
Accumulated other comprehensive income (loss), ending balance | 1,182 | 724 | 1,182 | 724 |
Tax (expense) benefit on amounts reclassified from accumulated other comprehensive income (loss) | 6 | 3 | -8 | -3 |
Tax (expense) benefit on other comprehensive income (loss) | -146 | 314 | -273 | 349 |
Net unrealized gains (losses) on discontinued operations [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | 30 | ' | ' | ' |
Transfer to net assets held for sale | ' | ' | 22 | ' |
Other comprehensive income (loss), before reclassifications | 7 | ' | 15 | ' |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Other Comprehensive Income (loss), net of tax | 7 | ' | 15 | ' |
Accumulated other comprehensive income (loss), ending balance | 37 | ' | 37 | ' |
Tax (expense) benefit on amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | ' | ' |
Tax (expense) benefit on other comprehensive income (loss) | -5 | ' | -10 | ' |
Pension and postretirement benefits [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | -425 | -716 | -426 | -721 |
Transfer to net assets held for sale | ' | ' | ' | ' |
Other comprehensive income (loss), before reclassifications | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 51 | -5 | 50 | -10 |
Other Comprehensive Income (loss), net of tax | -51 | 5 | -50 | 10 |
Accumulated other comprehensive income (loss), ending balance | -476 | -711 | -476 | -711 |
Tax (expense) benefit on amounts reclassified from accumulated other comprehensive income (loss) | -28 | 2 | -27 | 5 |
Tax (expense) benefit on other comprehensive income (loss) | 28 | -2 | 27 | -5 |
Cumulative foreign currency translation adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | 142 | 100 | 150 | 161 |
Transfer to net assets held for sale | ' | ' | ' | ' |
Other comprehensive income (loss), before reclassifications | 42 | -13 | 34 | -74 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Other Comprehensive Income (loss), net of tax | 42 | -13 | 34 | -74 |
Accumulated other comprehensive income (loss), ending balance | 184 | 87 | 184 | 87 |
Tax (expense) benefit on amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | ' | ' |
Tax (expense) benefit on other comprehensive income (loss) | ' | ' | ' | ' |
Assets_Liabilities_Held_for_Sa2
Assets & Liabilities Held for Sale and Discontinued Operations Income Statement Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Net investment income | $39 | $44 | $80 | $86 |
Net realized investment gains (losses) | 1 | ' | 2 | 5 |
Other revenues | ' | -1 | ' | ' |
Total revenues | 40 | 43 | 82 | 91 |
Claims, Benefits and Expenses | ' | ' | ' | ' |
Insurance claims and policyholders' benefits | 32 | 36 | 63 | 69 |
Other operating expenses | 1 | 1 | 2 | 2 |
Total claims, benefits and expenses | 33 | 37 | 65 | 71 |
Income before income tax | 7 | 6 | 17 | 20 |
Income tax (expense) benefit | -1 | -2 | -4 | -7 |
Income from operations of discontinued operations, net of income tax | 6 | 4 | 13 | 13 |
Impairment loss on sale, net of income tax benefit of $41, -, $41 and - | ' | ' | -214 | ' |
Income (loss) from discontinued operations | 6 | 4 | -201 | 13 |
Income tax benefit (expense) on impairment | $41 | ' | $41 | ' |
Assets_Liabilities_Held_for_Sa3
Assets & Liabilities Held for Sale and Discontinued Operations Balance Sheet Information (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Fixed maturity securities at fair value | $2,752 | ' |
Equity securities at fair value | 17 | ' |
Short term investments | 67 | ' |
Total investments | 2,836 | ' |
Cash | 9 | ' |
Reinsurance receivables | 811 | ' |
Other assets | 46 | ' |
Separate account business | 146 | ' |
Assets held for sale | 3,848 | ' |
Less: Impairment on sale | -255 | ' |
Total assets held for sale | 3,593 | ' |
Liabilities | ' | ' |
Insurance reserves | 3,109 | ' |
Other liabilities | 88 | ' |
Separate account business | 146 | ' |
Total liabilities held for sale | $3,343 | ' |