Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CNA FINANCIAL CORP | |
Entity Central Index Key | 21175 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 270,245,346 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Net earned premiums | $1,687 | $1,806 |
Net investment income | 558 | 526 |
Net realized investment gains (losses): | ||
Other-than-temporary impairment losses | -12 | -2 |
Portion of other-than-temporary impairments recognized in Other comprehensive income | 0 | 0 |
Net other-than-temporary impairment losses recognized in earnings | -12 | -2 |
Other net realized investment gains (loss) | 22 | 48 |
Net realized investment gains (losses) | 10 | 46 |
Other revenues | 97 | 85 |
Total revenues | 2,352 | 2,463 |
Claims, Benefits and Expenses | ||
Insurance claims and policyholders' benefits | 1,339 | 1,446 |
Amortization of deferred acquisition costs | 303 | 329 |
Other operating expenses | 358 | 346 |
Interest | 39 | 44 |
Total claims, benefits and expenses | 2,039 | 2,165 |
Income (loss) from continuing operations before income tax | 313 | 298 |
Income tax expense (benefit) | -80 | -78 |
Net income (loss) from continuing operations | 233 | 220 |
(Loss) income from discontinued operations, net of income tax benefit (expense) | 0 | -207 |
Net income (loss) | $233 | $13 |
Basic Earnings (Loss) Per Share Attributable to CNA | ||
Income from continuing operations | $0.86 | $0.82 |
(Loss) income from discontinued operations | $0 | ($0.77) |
Basic earnings per share | $0.86 | $0.05 |
Diluted Earnings (Loss) Per Share Attributable to CNA | ||
Income (loss) from continuing operations | $0.86 | $0.81 |
(Loss) income from discontinued operations | $0 | ($0.76) |
Diluted earnings (loss) per share | $0.86 | $0.05 |
Dividends per share | $2.25 | $1.25 |
Weighted Average Outstanding Common Stock and Common Stock Equivalents | ||
Basic | 0 | 0 |
Diluted | 0 | 0 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations Parenthetical (Parentheticals) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Income tax benefit (expense) on discontinued operations | $0 | $38 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Comprehensive Income (Loss), Net of Tax, Changes In: | ||
Net unrealized gains (losses) on investments with other-than-temporary impairments | ($1) | $12 |
Net unrealized gains (losses) on other investments | 112 | 237 |
Net unrealized gains (losses) on investments | 111 | 249 |
Net unrealized gains (losses) on discontinued operations | 0 | 8 |
Foreign currency translation adjustment | -96 | -8 |
Pension and postretirement benefits | 6 | 1 |
Other comprehensive income (loss) | 21 | 250 |
Net income (loss) | 233 | 13 |
Total comprehensive income (loss) | $254 | $263 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Fixed maturity securities at fair value | $40,605 | $40,768 |
Equity securities at fair value | 225 | 222 |
Limited partnership investments | 2,967 | 2,937 |
Other invested assets | 43 | 41 |
Mortgage loans | 586 | 588 |
Short term investments | 1,506 | 1,706 |
Total investments | 45,932 | 46,262 |
Cash | 201 | 190 |
Reinsurance receivables | 4,720 | 4,694 |
Insurance receivables | 2,050 | 1,936 |
Accrued investment income | 430 | 405 |
Deferred acquisition costs | 616 | 600 |
Deferred income taxes | 57 | 191 |
Property and equipment at cost | 298 | 295 |
Goodwill | 151 | 152 |
Other assets | 1,010 | 841 |
Total assets | 55,465 | 55,566 |
Liabilities | ||
Claim and claim adjustment expenses | 23,248 | 23,271 |
Unearned premiums | 3,710 | 3,592 |
Future policy benefits | 9,747 | 9,490 |
Policyholders’ funds | 0 | 27 |
Long term debt | 2,560 | 2,559 |
Other liabilities | 3,763 | 3,833 |
Total liabilities | 43,028 | 42,772 |
Stockholders' Equity | ||
Common stock | 683 | 683 |
Additional paid-in capital | 2,143 | 2,151 |
Retained earnings | 9,270 | 9,645 |
Accumulated other comprehensive income (loss) | 421 | 400 |
Treasury stock | -79 | -84 |
Notes receivable for the issuance of common stock | -1 | -1 |
Total stockholders’ equity | 12,437 | 12,794 |
Total liabilities and stockholders' equity | $55,465 | $55,566 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet Parentheticals (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Fixed maturities securities at amortized cost | $36,875 | $37,335 |
Equity securities at cost | 213 | 210 |
Allowance for uncollectible reinsurance receivables | 48 | 48 |
Allowance for uncollectible insurance receivables | 59 | 61 |
Accumulated depreciation on property and equipment | 364 | 364 |
Due to Related Parties | $6 | $153 |
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 | 270,241,545 | 269,980,202 |
Treasury stock, shares | 2,798,698 | 3,060,041 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities | ||
Net income (loss) | $233 | $13 |
Adjustments to reconcile net income (loss) to net cash flows provided (used) by operating activities: | ||
Impairment loss on sale of subsidiary | 0 | 255 |
Deferred income tax expense (benefit) | 71 | 25 |
Trading portfolio activity | 13 | 21 |
Net realized investment (gains) losses | -10 | -47 |
Equity method investees | -91 | 132 |
Net amortization of investments | 0 | -1 |
Depreciation and amortization | 19 | 20 |
Changes in: | ||
Receivables, net | -157 | 126 |
Accrued investment income | -25 | -36 |
Deferred acquisition costs | -13 | -21 |
Insurance reserves | 304 | 85 |
Other assets | -34 | -35 |
Other liabilities | -235 | -372 |
Other, net | 19 | 3 |
Total adjustments | -139 | 155 |
Net cash flows provided (used) by operating activities | 94 | 168 |
Dispositions: | ||
Fixed maturity securities - sales | 1,144 | 1,550 |
Fixed maturity securities - maturities, calls and redemptions | 1,144 | 851 |
Equity securities | 2 | 11 |
Limited partnerships | 20 | 68 |
Mortgage loans | 3 | 13 |
Purchases: | ||
Fixed maturity securities | -1,919 | -2,072 |
Equity securities | -5 | -5 |
Limited partnerships | -34 | -73 |
Mortgage Loans | -8 | 0 |
Change in other investments | 7 | 0 |
Change in short term investments | 190 | -688 |
Purchases of property and equipment | -20 | -10 |
Other, net | 2 | 1 |
Net cash flows provided (used) by investing activities | 526 | -354 |
Cash Flows from Financing Activities | ||
Dividends paid to common stockholders | -608 | -338 |
Proceeds from the issuance of debt | 0 | 546 |
Other, net | 5 | 2 |
Net cash flows provided (used) by financing activities | -603 | 210 |
Effect of foreign exchange rate changes on cash | -6 | 1 |
Transfer of cash to assets held for sale | 0 | -14 |
Net change in cash | 11 | 11 |
Cash, beginning of year | 190 | 195 |
Cash, end of period | $201 | $206 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (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 | |||||||
Balance at Dec. 31, 2013 | $683 | $2,145 | $9,495 | $442 | ($91) | ($23) | |
Net income (loss) | 13 | 13 | |||||
Other comprehensive income (loss) | 250 | 250 | |||||
Dividends paid to common stockholders | -338 | ||||||
Stock-based compensation | -1 | 6 | |||||
Decrease (increase) in notes receivable from the issuance of common stock | 1 | ||||||
Balance at Mar. 31, 2014 | 12,582 | 683 | 2,144 | 9,170 | 692 | -85 | -22 |
Balance at Dec. 31, 2014 | 12,794 | 683 | 2,151 | 9,645 | 400 | -84 | -1 |
Net income (loss) | 233 | 233 | |||||
Other comprehensive income (loss) | 21 | 21 | |||||
Dividends paid to common stockholders | -608 | ||||||
Stock-based compensation | -8 | 5 | |||||
Decrease (increase) in notes receivable from the issuance of common stock | 0 | ||||||
Balance at Mar. 31, 2015 | $12,437 | $683 | $2,143 | $9,270 | $421 | ($79) | ($1) |
General
General | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 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 March 31, 2015. | |
The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. 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, 2014, 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 March 31, 2015 and for the three months ended March 31, 2015 and 2014 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, 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. | |
Sale of Continental Assurance Company (CAC) | |
On August 1, 2014, the Company completed the sale of the common stock of CAC, the Company's former life insurance subsidiary. In the first quarter of 2014, the Company recorded an after-tax impairment loss of $214 million related to the sale. The Company elected to include CAC cash flow activity in the comparative Condensed Consolidated Statement of Cash Flows. Further information on discontinued operations is provided in Note K to the Condensed Consolidated Financial Statements. |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share | 3 Months Ended |
Mar. 31, 2015 | |
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 effect 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 months ended March 31, 2015 and 2014, approximately 654 thousand and 660 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 182 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. |
Investments
Investments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||
Investments | Note C. Investments | |||||||||||||||||||||||
The significant components of Net investment income are presented in the following table. | ||||||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||||||
Fixed maturity securities | $ | 443 | $ | 452 | ||||||||||||||||||||
Short term investments | 2 | 1 | ||||||||||||||||||||||
Limited partnership investments | 114 | 73 | ||||||||||||||||||||||
Equity securities | 3 | 2 | ||||||||||||||||||||||
Mortgage loans | 8 | 6 | ||||||||||||||||||||||
Trading portfolio | 2 | 3 | ||||||||||||||||||||||
Other | — | 2 | ||||||||||||||||||||||
Gross investment income | 572 | 539 | ||||||||||||||||||||||
Investment expense | (14 | ) | (13 | ) | ||||||||||||||||||||
Net investment income | $ | 558 | $ | 526 | ||||||||||||||||||||
Net realized investment gains (losses) are presented in the following table. | ||||||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||||||
Net realized investment gains (losses): | ||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||
Gross realized gains | $ | 33 | $ | 53 | ||||||||||||||||||||
Gross realized losses | (21 | ) | (15 | ) | ||||||||||||||||||||
Net realized investment gains (losses) on fixed maturity securities | 12 | 38 | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Gross realized gains | 1 | 5 | ||||||||||||||||||||||
Gross realized losses | (1 | ) | — | |||||||||||||||||||||
Net realized investment gains (losses) on equity securities | — | 5 | ||||||||||||||||||||||
Derivatives | (1 | ) | — | |||||||||||||||||||||
Short term investments and other | (1 | ) | 3 | |||||||||||||||||||||
Net realized investment gains (losses) | $ | 10 | $ | 46 | ||||||||||||||||||||
The components of Net other-than-temporary impairment (OTTI) losses recognized in earnings by asset type are presented in the following table. | ||||||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||
Corporate and other bonds | $ | 5 | $ | 1 | ||||||||||||||||||||
States, municipalities and political subdivisions | 5 | — | ||||||||||||||||||||||
Asset-backed - residential mortgage-backed | 1 | 1 | ||||||||||||||||||||||
Total fixed maturity securities available-for-sale | 11 | 2 | ||||||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Common stock | 1 | — | ||||||||||||||||||||||
Net OTTI losses recognized in earnings | $ | 12 | $ | 2 | ||||||||||||||||||||
The following tables present a summary of fixed maturity and equity securities. | ||||||||||||||||||||||||
March 31, 2015 | 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 | $ | 16,721 | $ | 1,867 | $ | 43 | $ | 18,545 | $ | — | ||||||||||||||
States, municipalities and political subdivisions | 11,407 | 1,536 | 9 | 12,934 | — | |||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 4,998 | 241 | 13 | 5,226 | (51 | ) | ||||||||||||||||||
Commercial mortgage-backed | 2,151 | 114 | 5 | 2,260 | (3 | ) | ||||||||||||||||||
Other asset-backed | 1,109 | 15 | 1 | 1,123 | — | |||||||||||||||||||
Total asset-backed | 8,258 | 370 | 19 | 8,609 | (54 | ) | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 24 | 6 | — | 30 | — | |||||||||||||||||||
Foreign government | 390 | 19 | — | 409 | — | |||||||||||||||||||
Redeemable preferred stock | 39 | 3 | — | 42 | — | |||||||||||||||||||
Total fixed maturity securities available-for-sale | 36,839 | 3,801 | 71 | 40,569 | $ | (54 | ) | |||||||||||||||||
Total fixed maturity securities trading | 36 | 36 | ||||||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Common stock | 41 | 9 | — | 50 | ||||||||||||||||||||
Preferred stock | 172 | 7 | 4 | 175 | ||||||||||||||||||||
Total equity securities available-for-sale | 213 | 16 | 4 | 225 | ||||||||||||||||||||
Total | $ | 37,088 | $ | 3,817 | $ | 75 | $ | 40,830 | ||||||||||||||||
December 31, 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 | $ | 17,210 | $ | 1,721 | $ | 61 | $ | 18,870 | $ | — | ||||||||||||||
States, municipalities and political subdivisions | 11,285 | 1,463 | 8 | 12,740 | — | |||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 5,028 | 218 | 13 | 5,233 | (53 | ) | ||||||||||||||||||
Commercial mortgage-backed | 2,056 | 93 | 5 | 2,144 | (2 | ) | ||||||||||||||||||
Other asset-backed | 1,234 | 11 | 10 | 1,235 | — | |||||||||||||||||||
Total asset-backed | 8,318 | 322 | 28 | 8,612 | (55 | ) | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 26 | 5 | — | 31 | — | |||||||||||||||||||
Foreign government | 438 | 16 | — | 454 | — | |||||||||||||||||||
Redeemable preferred stock | 39 | 3 | — | 42 | — | |||||||||||||||||||
Total fixed maturity securities available-for-sale | 37,316 | 3,530 | 97 | 40,749 | $ | (55 | ) | |||||||||||||||||
Total fixed maturity securities trading | 19 | 19 | ||||||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Common stock | 38 | 9 | — | 47 | ||||||||||||||||||||
Preferred stock | 172 | 5 | 2 | 175 | ||||||||||||||||||||
Total equity securities available-for-sale | 210 | 14 | 2 | 222 | ||||||||||||||||||||
Total | $ | 37,545 | $ | 3,544 | $ | 99 | $ | 40,990 | ||||||||||||||||
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. As of March 31, 2015 and December 31, 2014, the net unrealized gains on investments included in AOCI were net of after-tax Shadow Adjustments of $1,370 million and $1,288 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 present the estimated fair value and gross unrealized losses of 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. | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
March 31, 2015 | 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 | $ | 840 | $ | 31 | $ | 139 | $ | 12 | $ | 979 | $ | 43 | ||||||||||||
States, municipalities and political subdivisions | 479 | 6 | 100 | 3 | 579 | 9 | ||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 318 | 5 | 148 | 8 | 466 | 13 | ||||||||||||||||||
Commercial mortgage-backed | 175 | 3 | 62 | 2 | 237 | 5 | ||||||||||||||||||
Other asset-backed | 187 | 1 | 5 | — | 192 | 1 | ||||||||||||||||||
Total asset-backed | 680 | 9 | 215 | 10 | 895 | 19 | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 3 | — | — | — | 3 | — | ||||||||||||||||||
Foreign government | 13 | — | 1 | — | 14 | — | ||||||||||||||||||
Total fixed maturity securities available-for-sale | 2,015 | 46 | 455 | 25 | 2,470 | 71 | ||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Preferred stock | 15 | 4 | — | — | 15 | 4 | ||||||||||||||||||
Total | $ | 2,030 | $ | 50 | $ | 455 | $ | 25 | $ | 2,485 | $ | 75 | ||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
December 31, 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 | $ | 1,330 | $ | 46 | $ | 277 | $ | 15 | $ | 1,607 | $ | 61 | ||||||||||||
States, municipalities and political subdivisions | 335 | 5 | 127 | 3 | 462 | 8 | ||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 293 | 5 | 189 | 8 | 482 | 13 | ||||||||||||||||||
Commercial mortgage-backed | 264 | 2 | 99 | 3 | 363 | 5 | ||||||||||||||||||
Other asset-backed | 607 | 10 | 7 | — | 614 | 10 | ||||||||||||||||||
Total asset-backed | 1,164 | 17 | 295 | 11 | 1,459 | 28 | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 3 | — | 4 | — | 7 | — | ||||||||||||||||||
Foreign government | 3 | — | 3 | — | 6 | — | ||||||||||||||||||
Redeemable preferred stock | 3 | — | — | — | 3 | — | ||||||||||||||||||
Total fixed maturity securities available-for-sale | 2,838 | 68 | 706 | 29 | 3,544 | 97 | ||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Preferred stock | 17 | 2 | 1 | — | 18 | 2 | ||||||||||||||||||
Total | $ | 2,855 | $ | 70 | $ | 707 | $ | 29 | $ | 3,562 | $ | 99 | ||||||||||||
Based on current facts and circumstances, the Company believes the unrealized losses presented in the March 31, 2015 table above, are not indicative of the ultimate collectibility of the current amortized cost of the securities, but rather are primarily attributable to changes in interest rates and credit spreads, market illiquidity and other factors. 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 as of March 31, 2015. | ||||||||||||||||||||||||
The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held as of March 31, 2015 and 2014 for which a portion of an OTTI loss was recognized in Other comprehensive income. | ||||||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||||||
Beginning balance of credit losses on fixed maturity securities | $ | 62 | $ | 74 | ||||||||||||||||||||
Reductions for securities sold during the period | (1 | ) | (2 | ) | ||||||||||||||||||||
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 | $ | 61 | $ | 69 | ||||||||||||||||||||
Contractual Maturity | ||||||||||||||||||||||||
The following table presents available-for-sale fixed maturity securities by contractual maturity. | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
(In millions) | Cost or | Estimated | Cost or | Estimated | ||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
Due in one year or less | $ | 2,011 | $ | 2,043 | $ | 2,479 | $ | 2,511 | ||||||||||||||||
Due after one year through five years | 8,760 | 9,340 | 9,054 | 9,605 | ||||||||||||||||||||
Due after five years through ten years | 12,401 | 13,108 | 12,055 | 12,584 | ||||||||||||||||||||
Due after ten years | 13,667 | 16,078 | 13,728 | 16,049 | ||||||||||||||||||||
Total | $ | 36,839 | $ | 40,569 | $ | 37,316 | $ | 40,749 | ||||||||||||||||
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. | ||||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||
The following tables present the aggregate contractual or notional amounts and estimated fair values related to derivative financial instruments. | ||||||||||||||||||||||||
March 31, 2015 | Contractual/ | Estimated Fair Value | ||||||||||||||||||||||
Notional | ||||||||||||||||||||||||
(In millions) | Amount | Asset | Liability | |||||||||||||||||||||
Without hedge designation | ||||||||||||||||||||||||
Currency forwards | $ | 18 | $ | 2 | $ | — | ||||||||||||||||||
Equity warrants | 5 | — | — | |||||||||||||||||||||
Embedded derivative on funds withheld liability | 184 | — | 5 | |||||||||||||||||||||
Total | $ | 2 | $ | 5 | ||||||||||||||||||||
December 31, 2014 | Contractual/ | Estimated Fair Value | ||||||||||||||||||||||
Notional | ||||||||||||||||||||||||
(In millions) | Amount | Asset | Liability | |||||||||||||||||||||
Without hedge designation | ||||||||||||||||||||||||
Currency forwards | $ | 9 | $ | — | $ | — | ||||||||||||||||||
Equity warrants | 5 | — | — | |||||||||||||||||||||
Embedded derivative on funds withheld liability | 184 | — | 3 | |||||||||||||||||||||
Total | $ | — | $ | 3 | ||||||||||||||||||||
Derivative financial instruments are presented gross 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 as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||
Investment Commitments | ||||||||||||||||||||||||
As of March 31, 2015, the Company had committed approximately $338 million to future capital calls from various third-party limited partnership investments in exchange for an ownership interest in the related partnerships. | ||||||||||||||||||||||||
As of March 31, 2015, the Company had mortgage loan commitments of $41 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 March 31, 2015, the Company had commitments to purchase or fund additional amounts of $82 million and sell $71 million under the terms of such securities. |
Fair_Value
Fair Value | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Fair Value | Note D. 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 basis are presented in the following tables. | ||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Total | |||||||||||||||||||||||||||||||||||||||
Assets/ Liabilities | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | at Fair Value | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 29 | $ | 18,337 | $ | 186 | $ | 18,552 | ||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | — | 12,877 | 86 | 12,963 | ||||||||||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | — | 4,994 | 232 | 5,226 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | — | 2,196 | 64 | 2,260 | ||||||||||||||||||||||||||||||||||||
Other asset-backed | — | 570 | 553 | 1,123 | ||||||||||||||||||||||||||||||||||||
Total asset-backed | — | 7,760 | 849 | 8,609 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 29 | 1 | — | 30 | ||||||||||||||||||||||||||||||||||||
Foreign government | 37 | 372 | — | 409 | ||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 30 | 12 | — | 42 | ||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 125 | 39,359 | 1,121 | 40,605 | ||||||||||||||||||||||||||||||||||||
Equity securities | 149 | 63 | 13 | 225 | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||
Other invested assets, excluding derivative financial instruments | — | 41 | — | 41 | ||||||||||||||||||||||||||||||||||||
Short term investments | 742 | 678 | — | 1,420 | ||||||||||||||||||||||||||||||||||||
Life settlement contracts, included in Other assets | — | — | 79 | 79 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,016 | $ | 40,143 | $ | 1,213 | $ | 42,372 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Other liabilities | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||||||||||||||||||||||||||
December 31, 2014 | Total | |||||||||||||||||||||||||||||||||||||||
Assets/Liabilities | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | at Fair Value | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 32 | $ | 18,695 | $ | 162 | $ | 18,889 | ||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | — | 12,646 | 94 | 12,740 | ||||||||||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | — | 5,044 | 189 | 5,233 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | — | 2,061 | 83 | 2,144 | ||||||||||||||||||||||||||||||||||||
Other asset-backed | — | 580 | 655 | 1,235 | ||||||||||||||||||||||||||||||||||||
Total asset-backed | — | 7,685 | 927 | 8,612 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 28 | 3 | — | 31 | ||||||||||||||||||||||||||||||||||||
Foreign government | 41 | 413 | — | 454 | ||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 30 | 12 | — | 42 | ||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 131 | 39,454 | 1,183 | 40,768 | ||||||||||||||||||||||||||||||||||||
Equity securities | 145 | 61 | 16 | 222 | ||||||||||||||||||||||||||||||||||||
Other invested assets | — | 41 | — | 41 | ||||||||||||||||||||||||||||||||||||
Short term investments | 681 | 963 | — | 1,644 | ||||||||||||||||||||||||||||||||||||
Life settlement contracts, included in Other assets | — | — | 82 | 82 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 957 | $ | 40,519 | $ | 1,281 | $ | 42,757 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Other liabilities | $ | — | $ | 3 | $ | — | $ | 3 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 3 | $ | — | $ | 3 | ||||||||||||||||||||||||||||||||
The following tables present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). | ||||||||||||||||||||||||||||||||||||||||
Level 3 | Balance as of | 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 as of | Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2015 recognized in Net income (loss) | ||||||||||||||||||||||||||||||
(In millions) | January 1, | Level 3 | of Level 3 | March 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2015 | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 162 | $ | 1 | $ | — | $ | 12 | $ | (12 | ) | $ | (14 | ) | $ | 37 | $ | — | $ | 186 | $ | — | ||||||||||||||||||
States, municipalities and political subdivisions | 94 | 1 | — | — | — | (9 | ) | — | — | 86 | — | |||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 189 | 1 | — | 72 | — | (10 | ) | — | (20 | ) | 232 | — | ||||||||||||||||||||||||||||
Commercial mortgage-backed | 83 | 1 | 1 | 6 | — | (1 | ) | — | (26 | ) | 64 | — | ||||||||||||||||||||||||||||
Other asset-backed | 655 | 1 | 9 | 35 | (144 | ) | (3 | ) | — | — | 553 | — | ||||||||||||||||||||||||||||
Total asset-backed | 927 | 3 | 10 | 113 | (144 | ) | (14 | ) | — | (46 | ) | 849 | — | |||||||||||||||||||||||||||
Total fixed maturity securities | 1,183 | 5 | 10 | 125 | (156 | ) | (37 | ) | 37 | (46 | ) | 1,121 | — | |||||||||||||||||||||||||||
Equity securities | 16 | — | (3 | ) | — | — | — | — | — | 13 | — | |||||||||||||||||||||||||||||
Life settlement contracts | 82 | 13 | — | — | — | (16 | ) | — | — | 79 | 1 | |||||||||||||||||||||||||||||
Total | $ | 1,281 | $ | 18 | $ | 7 | $ | 125 | $ | (156 | ) | $ | (53 | ) | $ | 37 | $ | (46 | ) | $ | 1,213 | $ | 1 | |||||||||||||||||
Level 3 | Balance as of | 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 as of | Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2014 recognized in Net income (loss) | ||||||||||||||||||||||||||||||
(In millions) | January 1, | Level 3 | of Level 3 | 31-Mar-14 | ||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 204 | $ | 1 | $ | 1 | $ | 5 | $ | (4 | ) | $ | (5 | ) | $ | 3 | $ | (16 | ) | $ | 189 | $ | — | |||||||||||||||||
States, municipalities and political subdivisions | 71 | — | 1 | — | — | — | 14 | — | 86 | — | ||||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 331 | 1 | 15 | 25 | — | (21 | ) | 21 | (13 | ) | 359 | — | ||||||||||||||||||||||||||||
Commercial mortgage-backed | 151 | 1 | (1 | ) | — | — | (1 | ) | — | (24 | ) | 126 | — | |||||||||||||||||||||||||||
Other asset-backed | 446 | 1 | — | 148 | (83 | ) | (72 | ) | — | (1 | ) | 439 | — | |||||||||||||||||||||||||||
Total asset-backed | 928 | 3 | 14 | 173 | (83 | ) | (94 | ) | 21 | (38 | ) | 924 | — | |||||||||||||||||||||||||||
Total fixed maturity securities | 1,203 | 4 | 16 | 178 | (87 | ) | (99 | ) | 38 | (54 | ) | 1,199 | — | |||||||||||||||||||||||||||
Equity securities | 11 | 3 | (4 | ) | — | (8 | ) | — | — | — | 2 | — | ||||||||||||||||||||||||||||
Life settlement contracts | 88 | 10 | — | — | — | (11 | ) | — | — | 87 | 1 | |||||||||||||||||||||||||||||
Separate account business | 1 | — | — | — | — | — | — | (1 | ) | — | — | |||||||||||||||||||||||||||||
Total | $ | 1,303 | $ | 17 | $ | 12 | $ | 178 | $ | (95 | ) | $ | (110 | ) | $ | 38 | $ | (55 | ) | $ | 1,288 | $ | 1 | |||||||||||||||||
Net realized and unrealized gains and losses, including those 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 | |||||||||||||||||||||||||||||||||||||||
Other liabilities - Derivative financial instruments | Net realized investment gains (losses) | |||||||||||||||||||||||||||||||||||||||
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 March 31, 2015 there were no transfers between Level 1 and Level 2. During the three months ended March 31, 2014 there were $23 million of transfers from Level 2 to Level 1 and $1 million from Level 1 to Level 2. 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 | ||||||||||||||||||||||||||||||||||||||||
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. All classes of Level 2 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 for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace 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. Fixed maturity 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. | ||||||||||||||||||||||||||||||||||||||||
Derivative Financial Investments | ||||||||||||||||||||||||||||||||||||||||
Level 1 securities include exchange traded derivatives, primarily futures, valued using quoted market prices. Level 2 securities primarily include the embedded derivative on funds withheld liability and currency forwards. The embedded derivative on funds withheld liability is valued using the change in fair value of the assets supporting the funds withheld payable, which are fixed maturity securities valued with observable inputs. Currency forwards are valued using observable market forward rates. Over-the-counter derivatives, principally interest rate swaps, total return 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. | ||||||||||||||||||||||||||||||||||||||||
Overseas Deposits | ||||||||||||||||||||||||||||||||||||||||
Overseas deposits, which can be redeemed at net asset value in 90 days or less, are classified as Level 2. | ||||||||||||||||||||||||||||||||||||||||
Short Term Investments | ||||||||||||||||||||||||||||||||||||||||
Securities that are actively traded or 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. | ||||||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||
The following tables present 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. | ||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range | ||||||||||||||||||||||||||||||||||||
(Weighted Average) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 102 | Discounted cash flow | Credit spread | 2% - 13% (3%) | |||||||||||||||||||||||||||||||||||
Equity securities | 13 | Market approach | Private offering price | $10 - $4,400 per share ($682) | ||||||||||||||||||||||||||||||||||||
Life settlement contracts | 79 | Discounted cash flow | Discount rate risk premium | 9% | ||||||||||||||||||||||||||||||||||||
Mortality assumption | 55% - 1676% (164%) | |||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range | ||||||||||||||||||||||||||||||||||||
(Weighted Average) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 101 | Discounted cash flow | Credit spread | 2% - 13% (3%) | |||||||||||||||||||||||||||||||||||
Equity securities | 16 | Market approach | Private offering price | $12 - $4,391 per share ($600) | ||||||||||||||||||||||||||||||||||||
Life settlement contracts | 82 | Discounted cash flow | Discount rate risk premium | 9% | ||||||||||||||||||||||||||||||||||||
Mortality assumption | 55% - 1676% (163%) | |||||||||||||||||||||||||||||||||||||||
For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement. For equity securities, an increase in the private offering price 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 assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are presented in the following tables. | ||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(In millions) | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Notes receivable for the issuance of common stock | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||||||
Mortgage loans | 586 | — | — | 612 | 612 | |||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Long term debt | $ | 2,560 | $ | — | $ | 2,908 | $ | — | $ | 2,908 | ||||||||||||||||||||||||||||||
December 31, 2014 | Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(In millions) | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Notes receivable for the issuance of common stock | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||||||
Mortgage loans | 588 | — | — | 608 | 608 | |||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Long term debt | $ | 2,559 | $ | — | $ | 2,883 | $ | — | $ | 2,883 | ||||||||||||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of these financial assets and liabilities. | ||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||
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 | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Claim and Claim Adjustment Expense Reserves [Abstract] | ||||||||||||||||||||
Claim and Claim Adjustment Expense Reserves | Note E. 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 incurred but not reported (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 $29 million for the three months ended March 31, 2015. Catastrophe losses in 2015 related primarily to U.S. weather-related events. The Company reported catastrophe losses, net of reinsurance, of $74 million for the three months ended March 31, 2014. | ||||||||||||||||||||
The fourth quarter of 2014 asbestos and environmental pollution (A&EP) reserve review was not completed because additional information and analysis on inuring third-party reinsurance recoveries were needed to finalize the review. The review and analysis of this information continues, and the Company expects to complete the review in the second quarter of 2015. Given the significance of the information and analysis needed to finalize the remaining elements of the review, the Company is not able to estimate the impact, if any, of this uncertainty on the Company's Condensed Consolidated Financial Statements. | ||||||||||||||||||||
Net Prior Year Development | ||||||||||||||||||||
The following tables and discussion present net prior year development recorded for Specialty, Commercial, International and Corporate & Other Non-Core segments. | ||||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||
(In millions) | Specialty | Commercial | International | Corporate | Total | |||||||||||||||
& Other | ||||||||||||||||||||
Non-Core | ||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 2 | $ | (5 | ) | $ | (4 | ) | $ | — | $ | (7 | ) | |||||||
Pretax (favorable) unfavorable premium development | (6 | ) | (1 | ) | 16 | — | 9 | |||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (4 | ) | $ | (6 | ) | $ | 12 | $ | — | $ | 2 | ||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
(In millions) | Specialty | Commercial | International | Corporate | Total | |||||||||||||||
& Other | ||||||||||||||||||||
Non-Core | ||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (3 | ) | $ | 18 | $ | 10 | $ | — | $ | 25 | |||||||||
Pretax (favorable) unfavorable premium development | (6 | ) | (18 | ) | (7 | ) | — | (31 | ) | |||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (9 | ) | $ | — | $ | 3 | $ | — | $ | (6 | ) | ||||||||
Specialty | ||||||||||||||||||||
The following table presents further detail of the net prior year claim and allocated claim adjustment expense reserve development (development) recorded for the Specialty segment. | ||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development: | ||||||||||||||||||||
Medical Professional Liability | $ | 14 | $ | — | ||||||||||||||||
Other Professional Liability and Management Liability | (3 | ) | (6 | ) | ||||||||||||||||
Surety | 1 | 1 | ||||||||||||||||||
Warranty | — | — | ||||||||||||||||||
Other | (10 | ) | 2 | |||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 2 | $ | (3 | ) | |||||||||||||||
2015 | ||||||||||||||||||||
Overall, unfavorable development for medical professional liability was primarily related to increased frequency in the Aging Services book for accident years 2013 and 2014, partially offset by better than expected severity in accident years 2010 and prior. | ||||||||||||||||||||
Favorable development for other coverages was primarily due to better than expected frequency in property coverages provided to Specialty customers in accident year 2014. | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Favorable development for other professional liability and management liability was related to better than expected loss emergence in accident years 2004 and prior. | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
The following table presents further detail of the development recorded for the Commercial segment. | ||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development: | ||||||||||||||||||||
Commercial Auto | $ | — | $ | 20 | ||||||||||||||||
General Liability | 4 | — | ||||||||||||||||||
Workers' Compensation | (1 | ) | 11 | |||||||||||||||||
Property and Other | (8 | ) | (13 | ) | ||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (5 | ) | $ | 18 | |||||||||||||||
2015 | ||||||||||||||||||||
Favorable development for property and other was due to lower than expected loss emergence from 2014 catastrophe events. | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Unfavorable development for commercial auto was primarily related to higher than expected frequency in accident years 2012 and 2013 and higher than expected loss emergence in accident years 2010 and 2011. | ||||||||||||||||||||
Unfavorable development for workers' compensation was primarily due to the recognition of losses related to favorable premium development in accident year 2013. | ||||||||||||||||||||
Favorable development for property and other was primarily due to better than expected loss emergence in catastrophe losses in accident year 2013. | ||||||||||||||||||||
International | ||||||||||||||||||||
The following table presents further detail of the development recorded for the International segment. | ||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development: | ||||||||||||||||||||
Medical Professional Liability | $ | — | $ | 1 | ||||||||||||||||
Other Professional Liability | — | (1 | ) | |||||||||||||||||
Liability | (5 | ) | (2 | ) | ||||||||||||||||
Property & Marine | (6 | ) | 8 | |||||||||||||||||
Other | 7 | (6 | ) | |||||||||||||||||
Commutations | — | 10 | ||||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (4 | ) | $ | 10 | |||||||||||||||
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. |
Legal_Proceedings_and_Continge
Legal Proceedings and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2015 | |
Legal Proceedings and Contingent Liabilities [Abstract] | |
Legal Proceedings and Contingent Liabilities | Note F. 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 | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Benefit Plans | Note G. Benefit Plans | |||||||
The components of net periodic cost (benefit) are presented in the following table. | ||||||||
Three months ended March 31 | ||||||||
(In millions) | 2015 | 2014 | ||||||
Pension cost (benefit) | ||||||||
Service cost | $ | 2 | $ | 3 | ||||
Interest cost on projected benefit obligation | 28 | 33 | ||||||
Expected return on plan assets | (43 | ) | (48 | ) | ||||
Amortization of net actuarial loss | 9 | 6 | ||||||
Net periodic pension cost (benefit) | $ | (4 | ) | $ | (6 | ) | ||
Postretirement cost (benefit) | ||||||||
Amortization of prior service credit | $ | — | $ | (4 | ) | |||
Net periodic postretirement cost (benefit) | $ | — | $ | (4 | ) | |||
Commitments_Contingencies_and_
Commitments, Contingencies, and Guarantees | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, and Guarantees | Note H. 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, as of March 31, 2015, the maximum potential future lease payments and other related costs that the Company could be required to pay under this guarantee, in excess of amounts already recorded, were approximately $41 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 | |
As of March 31, 2015 and December 31, 2014, the Company had recorded liabilities of approximately $5 million related to guarantee and indemnification agreements and management believes that it is not likely that any future indemnity claims will be significantly greater than the amounts recorded. | |
In the course of selling business entities and assets to third parties, the Company agreed to guarantee the performance of certain obligations of a previously owned subsidiary and 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 guarantee and indemnification agreements in effect for sales of business entities, assets and third-party loans may include provisions that survive indefinitely. As of March 31, 2015, the aggregate amount related to quantifiable guarantees was $375 million and the aggregate amount related to indemnification agreements was $324 million. Should the Company be required to make payments under the guarantee, it would have the right to seek reimbursement in certain cases from an affiliate of a previously owned subsidiary. | |
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 March 31, 2015, 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. | |
In the normal course of business, the Company also provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities provided by a previously owned subsidiary, which are estimated to mature through 2120. The potential amount of future payments the Company could be required to pay under these guarantees was approximately $2.0 billion as of March 31, 2015. The Company does not believe a payable is likely under these guarantees, as the Company is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) by Component | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component | Note I. Accumulated Other Comprehensive Income (Loss) by Component | |||||||||||||||||||||||
The following tables present the changes in Accumulated other comprehensive income (loss) by component. | ||||||||||||||||||||||||
(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 as of January 1, 2015 | $ | 36 | $ | 942 | $ | (633 | ) | $ | 55 | $ | 400 | |||||||||||||
Other comprehensive income (loss) before reclassifications | (1 | ) | 121 | — | (96 | ) | 24 | |||||||||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $0, $3, $0 and $3 | — | 9 | (6 | ) | — | 3 | ||||||||||||||||||
Other comprehensive income (loss) after tax (expense) benefit of $0, $(62), $(3), $0 and $(65) | (1 | ) | 112 | 6 | (96 | ) | 21 | |||||||||||||||||
Balance as of March 31, 2015 | $ | 35 | $ | 1,054 | $ | (627 | ) | $ | (41 | ) | $ | 421 | ||||||||||||
(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 as of January 1, 2014 | $ | 26 | $ | 692 | $ | — | $ | (426 | ) | $ | 150 | $ | 442 | |||||||||||
Transfer to net assets held for sale | (5 | ) | (17 | ) | 22 | — | — | — | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | 12 | 264 | 8 | — | (8 | ) | 276 | |||||||||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $(14), $0, $1, $0 and $(13) | — | 27 | — | (1 | ) | — | 26 | |||||||||||||||||
Other comprehensive income (loss) after tax (expense) benefit of $(6), $(127), $(5), $(1), $0 and $(139) | 12 | 237 | 8 | 1 | (8 | ) | 250 | |||||||||||||||||
Balance as of March 31, 2014 | $ | 33 | $ | 912 | $ | 30 | $ | (425 | ) | $ | 142 | $ | 692 | |||||||||||
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 |
Business_Segments
Business Segments | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Business Segments | Note J. Business Segments | |||||||||||||||||||||||||||
The Company's core property and casualty commercial insurance operations are aggregated and reported in three business segments: Specialty, Commercial and International. 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 to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2014. 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 (loss), 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 (losses) because net realized investment gains (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 Company's results of continuing operations and selected balance sheet items by segment are presented in the following tables. | ||||||||||||||||||||||||||||
Three months ended March 31, 2015 | Specialty | Commercial | International | Life & | Corporate | |||||||||||||||||||||||
Group | & Other | |||||||||||||||||||||||||||
(In millions) | Non-Core | Non-Core | Eliminations | Total | ||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Net earned premiums | $ | 680 | $ | 678 | $ | 191 | $ | 138 | $ | — | $ | — | $ | 1,687 | ||||||||||||||
Net investment income | 155 | 204 | 14 | 179 | 6 | — | 558 | |||||||||||||||||||||
Other revenues | 78 | 9 | — | 9 | 2 | (1 | ) | 97 | ||||||||||||||||||||
Total operating revenues | 913 | 891 | 205 | 326 | 8 | (1 | ) | 2,342 | ||||||||||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||||||||||||||
Net incurred claims and benefits | 429 | 454 | 116 | 340 | (4 | ) | — | 1,335 | ||||||||||||||||||||
Policyholders’ dividends | 1 | 3 | — | — | — | — | 4 | |||||||||||||||||||||
Amortization of deferred acquisition costs | 144 | 117 | 35 | 7 | — | — | 303 | |||||||||||||||||||||
Other insurance related expenses | 69 | 127 | 37 | 35 | — | — | 268 | |||||||||||||||||||||
Other expenses | 67 | 8 | 5 | 4 | 46 | (1 | ) | 129 | ||||||||||||||||||||
Total claims, benefits and expenses | 710 | 709 | 193 | 386 | 42 | (1 | ) | 2,039 | ||||||||||||||||||||
Operating income (loss) before income tax | 203 | 182 | 12 | (60 | ) | (34 | ) | — | 303 | |||||||||||||||||||
Income tax (expense) benefit on operating income (loss) | (68 | ) | (62 | ) | (3 | ) | 43 | 12 | — | (78 | ) | |||||||||||||||||
Net operating income (loss) | 135 | 120 | 9 | (17 | ) | (22 | ) | — | 225 | |||||||||||||||||||
Net realized investment gains (losses) | 4 | 4 | 1 | 1 | — | — | 10 | |||||||||||||||||||||
Income tax (expense) benefit on net realized investment gains (losses) | (1 | ) | (3 | ) | — | 2 | — | — | (2 | ) | ||||||||||||||||||
Net realized investment gains (losses), after tax | 3 | 1 | 1 | 3 | — | — | 8 | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | 138 | $ | 121 | $ | 10 | $ | (14 | ) | $ | (22 | ) | $ | — | $ | 233 | ||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Reinsurance receivables | $ | 671 | $ | 675 | $ | 207 | $ | 543 | $ | 2,672 | $ | — | $ | 4,768 | ||||||||||||||
Insurance receivables | 808 | 1,004 | 282 | 13 | 2 | — | 2,109 | |||||||||||||||||||||
Deferred acquisition costs | 307 | 225 | 84 | — | — | — | 616 | |||||||||||||||||||||
Goodwill | 117 | — | 34 | — | — | — | 151 | |||||||||||||||||||||
Insurance reserves | ||||||||||||||||||||||||||||
Claim and claim adjustment expenses | 6,352 | 9,441 | 1,377 | 3,237 | 2,841 | — | 23,248 | |||||||||||||||||||||
Unearned premiums | 1,794 | 1,329 | 449 | 139 | — | (1 | ) | 3,710 | ||||||||||||||||||||
Future policy benefits | — | — | — | 9,747 | — | — | 9,747 | |||||||||||||||||||||
Three months ended March 31, 2014 | Specialty | Commercial | International | Life & | Corporate | |||||||||||||||||||||||
Group | & Other | |||||||||||||||||||||||||||
(In millions) | Non-Core | Non-Core | Eliminations | Total | ||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Net earned premiums | $ | 692 | $ | 735 | $ | 241 | $ | 139 | $ | — | $ | (1 | ) | $ | 1,806 | |||||||||||||
Net investment income | 144 | 191 | 15 | 171 | 5 | — | 526 | |||||||||||||||||||||
Other revenues | 68 | 10 | — | 5 | 2 | — | 85 | |||||||||||||||||||||
Total operating revenues | 904 | 936 | 256 | 315 | 7 | (1 | ) | 2,417 | ||||||||||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||||||||||||||
Net incurred claims and benefits | 442 | 568 | 130 | 306 | (3 | ) | — | 1,443 | ||||||||||||||||||||
Policyholders’ dividends | 1 | 2 | — | — | — | — | 3 | |||||||||||||||||||||
Amortization of deferred acquisition costs | 143 | 123 | 55 | 8 | — | — | 329 | |||||||||||||||||||||
Other insurance related expenses | 65 | 126 | 40 | 32 | — | (1 | ) | 262 | ||||||||||||||||||||
Other expenses | 61 | 8 | 7 | 1 | 51 | — | 128 | |||||||||||||||||||||
Total claims, benefits and expenses | 712 | 827 | 232 | 347 | 48 | (1 | ) | 2,165 | ||||||||||||||||||||
Operating income (loss) before income tax | 192 | 109 | 24 | (32 | ) | (41 | ) | — | 252 | |||||||||||||||||||
Income tax (expense) benefit on operating income (loss) | (63 | ) | (35 | ) | (8 | ) | 30 | 14 | — | (62 | ) | |||||||||||||||||
Net operating income (loss) | 129 | 74 | 16 | (2 | ) | (27 | ) | — | 190 | |||||||||||||||||||
Net realized investment gains (losses) | 11 | 10 | 3 | 16 | 6 | — | 46 | |||||||||||||||||||||
Income tax (expense) benefit on net realized investment gains (losses) | (3 | ) | (2 | ) | (3 | ) | (6 | ) | (2 | ) | — | (16 | ) | |||||||||||||||
Net realized investment gains (losses), after tax | 8 | 8 | — | 10 | 4 | — | 30 | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | 137 | $ | 82 | $ | 16 | $ | 8 | $ | (23 | ) | $ | — | $ | 220 | |||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Reinsurance receivables | $ | 567 | $ | 690 | $ | 207 | $ | 525 | $ | 2,753 | $ | — | $ | 4,742 | ||||||||||||||
Insurance receivables | 778 | 954 | 250 | 13 | 2 | — | 1,997 | |||||||||||||||||||||
Deferred acquisition costs | 304 | 213 | 83 | — | — | — | 600 | |||||||||||||||||||||
Goodwill | 117 | — | 35 | — | — | — | 152 | |||||||||||||||||||||
Insurance reserves | ||||||||||||||||||||||||||||
Claim and claim adjustment expenses | 6,229 | 9,514 | 1,441 | 3,183 | 2,904 | — | 23,271 | |||||||||||||||||||||
Unearned premiums | 1,763 | 1,273 | 431 | 125 | — | — | 3,592 | |||||||||||||||||||||
Future policy benefits | — | — | — | 9,490 | — | — | 9,490 | |||||||||||||||||||||
Policyholders’ funds | 9 | 18 | — | — | — | — | 27 | |||||||||||||||||||||
The following table presents revenue by line of business for each reportable segment. Revenues are comprised of Operating revenues and Net realized investment gains and losses. | ||||||||||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||||||||||
Specialty | ||||||||||||||||||||||||||||
Management & Professional Liability | $ | 697 | $ | 704 | ||||||||||||||||||||||||
Surety | 120 | 122 | ||||||||||||||||||||||||||
Warranty & Alternative Risks | 100 | 89 | ||||||||||||||||||||||||||
Specialty revenues | 917 | 915 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Middle Market | 409 | 403 | ||||||||||||||||||||||||||
Small Business | 165 | 184 | ||||||||||||||||||||||||||
Other Commercial Insurance | 321 | 359 | ||||||||||||||||||||||||||
Commercial revenues | 895 | 946 | ||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||||
Canada | 55 | 71 | ||||||||||||||||||||||||||
CNA Europe | 77 | 88 | ||||||||||||||||||||||||||
Hardy | 74 | 100 | ||||||||||||||||||||||||||
International revenues | 206 | 259 | ||||||||||||||||||||||||||
Life & Group Non-Core revenues | 327 | 331 | ||||||||||||||||||||||||||
Corporate & Other Non-Core revenues | 8 | 13 | ||||||||||||||||||||||||||
Eliminations | (1 | ) | (1 | ) | ||||||||||||||||||||||||
Total revenues | $ | 2,352 | $ | 2,463 | ||||||||||||||||||||||||
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Discontinued Operations | Note K. Discontinued Operations | |||
The results of discontinued operations reflected in the Condensed Consolidated Statements of Operations are presented in the following table. | ||||
Three months ended March 31 | ||||
(In millions) | 2014 | |||
Revenues | ||||
Net investment income | $ | 41 | ||
Net realized investment gains | 1 | |||
Total revenues | 42 | |||
Claims, Benefits and Expenses | ||||
Insurance claims and policyholders' benefits | 31 | |||
Other operating expenses | 1 | |||
Total claims, benefits and expenses | 32 | |||
Income before income tax | 10 | |||
Income tax expense | (3 | ) | ||
Income from operations of discontinued operations, net of income tax | 7 | |||
Impairment loss on sale, net of income tax benefit of $41 | (214 | ) | ||
Loss from discontinued operations | $ | (207 | ) |
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||
Net investment income | The significant components of Net investment income are presented in the following table. | |||||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||||||
Fixed maturity securities | $ | 443 | $ | 452 | ||||||||||||||||||||
Short term investments | 2 | 1 | ||||||||||||||||||||||
Limited partnership investments | 114 | 73 | ||||||||||||||||||||||
Equity securities | 3 | 2 | ||||||||||||||||||||||
Mortgage loans | 8 | 6 | ||||||||||||||||||||||
Trading portfolio | 2 | 3 | ||||||||||||||||||||||
Other | — | 2 | ||||||||||||||||||||||
Gross investment income | 572 | 539 | ||||||||||||||||||||||
Investment expense | (14 | ) | (13 | ) | ||||||||||||||||||||
Net investment income | $ | 558 | $ | 526 | ||||||||||||||||||||
Net realized investment gains (losses) | Net realized investment gains (losses) are presented in the following table. | |||||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||||||
Net realized investment gains (losses): | ||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||
Gross realized gains | $ | 33 | $ | 53 | ||||||||||||||||||||
Gross realized losses | (21 | ) | (15 | ) | ||||||||||||||||||||
Net realized investment gains (losses) on fixed maturity securities | 12 | 38 | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Gross realized gains | 1 | 5 | ||||||||||||||||||||||
Gross realized losses | (1 | ) | — | |||||||||||||||||||||
Net realized investment gains (losses) on equity securities | — | 5 | ||||||||||||||||||||||
Derivatives | (1 | ) | — | |||||||||||||||||||||
Short term investments and other | (1 | ) | 3 | |||||||||||||||||||||
Net realized investment gains (losses) | $ | 10 | $ | 46 | ||||||||||||||||||||
Components of Net other-than-temporary impairment losses recognized in earnings by asset type | The components of Net other-than-temporary impairment (OTTI) losses recognized in earnings by asset type are presented in the following table. | |||||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||
Corporate and other bonds | $ | 5 | $ | 1 | ||||||||||||||||||||
States, municipalities and political subdivisions | 5 | — | ||||||||||||||||||||||
Asset-backed - residential mortgage-backed | 1 | 1 | ||||||||||||||||||||||
Total fixed maturity securities available-for-sale | 11 | 2 | ||||||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Common stock | 1 | — | ||||||||||||||||||||||
Net OTTI losses recognized in earnings | $ | 12 | $ | 2 | ||||||||||||||||||||
Summary of fixed maturity and equity securities | The following tables present a summary of fixed maturity and equity securities. | |||||||||||||||||||||||
March 31, 2015 | 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 | $ | 16,721 | $ | 1,867 | $ | 43 | $ | 18,545 | $ | — | ||||||||||||||
States, municipalities and political subdivisions | 11,407 | 1,536 | 9 | 12,934 | — | |||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 4,998 | 241 | 13 | 5,226 | (51 | ) | ||||||||||||||||||
Commercial mortgage-backed | 2,151 | 114 | 5 | 2,260 | (3 | ) | ||||||||||||||||||
Other asset-backed | 1,109 | 15 | 1 | 1,123 | — | |||||||||||||||||||
Total asset-backed | 8,258 | 370 | 19 | 8,609 | (54 | ) | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 24 | 6 | — | 30 | — | |||||||||||||||||||
Foreign government | 390 | 19 | — | 409 | — | |||||||||||||||||||
Redeemable preferred stock | 39 | 3 | — | 42 | — | |||||||||||||||||||
Total fixed maturity securities available-for-sale | 36,839 | 3,801 | 71 | 40,569 | $ | (54 | ) | |||||||||||||||||
Total fixed maturity securities trading | 36 | 36 | ||||||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Common stock | 41 | 9 | — | 50 | ||||||||||||||||||||
Preferred stock | 172 | 7 | 4 | 175 | ||||||||||||||||||||
Total equity securities available-for-sale | 213 | 16 | 4 | 225 | ||||||||||||||||||||
Total | $ | 37,088 | $ | 3,817 | $ | 75 | $ | 40,830 | ||||||||||||||||
December 31, 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 | $ | 17,210 | $ | 1,721 | $ | 61 | $ | 18,870 | $ | — | ||||||||||||||
States, municipalities and political subdivisions | 11,285 | 1,463 | 8 | 12,740 | — | |||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 5,028 | 218 | 13 | 5,233 | (53 | ) | ||||||||||||||||||
Commercial mortgage-backed | 2,056 | 93 | 5 | 2,144 | (2 | ) | ||||||||||||||||||
Other asset-backed | 1,234 | 11 | 10 | 1,235 | — | |||||||||||||||||||
Total asset-backed | 8,318 | 322 | 28 | 8,612 | (55 | ) | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 26 | 5 | — | 31 | — | |||||||||||||||||||
Foreign government | 438 | 16 | — | 454 | — | |||||||||||||||||||
Redeemable preferred stock | 39 | 3 | — | 42 | — | |||||||||||||||||||
Total fixed maturity securities available-for-sale | 37,316 | 3,530 | 97 | 40,749 | $ | (55 | ) | |||||||||||||||||
Total fixed maturity securities trading | 19 | 19 | ||||||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Common stock | 38 | 9 | — | 47 | ||||||||||||||||||||
Preferred stock | 172 | 5 | 2 | 175 | ||||||||||||||||||||
Total equity securities available-for-sale | 210 | 14 | 2 | 222 | ||||||||||||||||||||
Total | $ | 37,545 | $ | 3,544 | $ | 99 | $ | 40,990 | ||||||||||||||||
Securities in a gross unrealized loss position | The following tables present the estimated fair value and gross unrealized losses of 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. | |||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
March 31, 2015 | 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 | $ | 840 | $ | 31 | $ | 139 | $ | 12 | $ | 979 | $ | 43 | ||||||||||||
States, municipalities and political subdivisions | 479 | 6 | 100 | 3 | 579 | 9 | ||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 318 | 5 | 148 | 8 | 466 | 13 | ||||||||||||||||||
Commercial mortgage-backed | 175 | 3 | 62 | 2 | 237 | 5 | ||||||||||||||||||
Other asset-backed | 187 | 1 | 5 | — | 192 | 1 | ||||||||||||||||||
Total asset-backed | 680 | 9 | 215 | 10 | 895 | 19 | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 3 | — | — | — | 3 | — | ||||||||||||||||||
Foreign government | 13 | — | 1 | — | 14 | — | ||||||||||||||||||
Total fixed maturity securities available-for-sale | 2,015 | 46 | 455 | 25 | 2,470 | 71 | ||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Preferred stock | 15 | 4 | — | — | 15 | 4 | ||||||||||||||||||
Total | $ | 2,030 | $ | 50 | $ | 455 | $ | 25 | $ | 2,485 | $ | 75 | ||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
December 31, 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 | $ | 1,330 | $ | 46 | $ | 277 | $ | 15 | $ | 1,607 | $ | 61 | ||||||||||||
States, municipalities and political subdivisions | 335 | 5 | 127 | 3 | 462 | 8 | ||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||
Residential mortgage-backed | 293 | 5 | 189 | 8 | 482 | 13 | ||||||||||||||||||
Commercial mortgage-backed | 264 | 2 | 99 | 3 | 363 | 5 | ||||||||||||||||||
Other asset-backed | 607 | 10 | 7 | — | 614 | 10 | ||||||||||||||||||
Total asset-backed | 1,164 | 17 | 295 | 11 | 1,459 | 28 | ||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 3 | — | 4 | — | 7 | — | ||||||||||||||||||
Foreign government | 3 | — | 3 | — | 6 | — | ||||||||||||||||||
Redeemable preferred stock | 3 | — | — | — | 3 | — | ||||||||||||||||||
Total fixed maturity securities available-for-sale | 2,838 | 68 | 706 | 29 | 3,544 | 97 | ||||||||||||||||||
Equity securities available-for-sale: | ||||||||||||||||||||||||
Preferred stock | 17 | 2 | 1 | — | 18 | 2 | ||||||||||||||||||
Total | $ | 2,855 | $ | 70 | $ | 707 | $ | 29 | $ | 3,562 | $ | 99 | ||||||||||||
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 presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held as of March 31, 2015 and 2014 for which a portion of an OTTI loss was recognized in Other comprehensive income. | |||||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||||||
Beginning balance of credit losses on fixed maturity securities | $ | 62 | $ | 74 | ||||||||||||||||||||
Reductions for securities sold during the period | (1 | ) | (2 | ) | ||||||||||||||||||||
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 | $ | 61 | $ | 69 | ||||||||||||||||||||
Contractual maturity | The following table presents available-for-sale fixed maturity securities by contractual maturity. | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
(In millions) | Cost or | Estimated | Cost or | Estimated | ||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
Due in one year or less | $ | 2,011 | $ | 2,043 | $ | 2,479 | $ | 2,511 | ||||||||||||||||
Due after one year through five years | 8,760 | 9,340 | 9,054 | 9,605 | ||||||||||||||||||||
Due after five years through ten years | 12,401 | 13,108 | 12,055 | 12,584 | ||||||||||||||||||||
Due after ten years | 13,667 | 16,078 | 13,728 | 16,049 | ||||||||||||||||||||
Total | $ | 36,839 | $ | 40,569 | $ | 37,316 | $ | 40,749 | ||||||||||||||||
Summary of aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments | The following tables present the aggregate contractual or notional amounts and estimated fair values related to derivative financial instruments. | |||||||||||||||||||||||
March 31, 2015 | Contractual/ | Estimated Fair Value | ||||||||||||||||||||||
Notional | ||||||||||||||||||||||||
(In millions) | Amount | Asset | Liability | |||||||||||||||||||||
Without hedge designation | ||||||||||||||||||||||||
Currency forwards | $ | 18 | $ | 2 | $ | — | ||||||||||||||||||
Equity warrants | 5 | — | — | |||||||||||||||||||||
Embedded derivative on funds withheld liability | 184 | — | 5 | |||||||||||||||||||||
Total | $ | 2 | $ | 5 | ||||||||||||||||||||
December 31, 2014 | Contractual/ | Estimated Fair Value | ||||||||||||||||||||||
Notional | ||||||||||||||||||||||||
(In millions) | Amount | Asset | Liability | |||||||||||||||||||||
Without hedge designation | ||||||||||||||||||||||||
Currency forwards | $ | 9 | $ | — | $ | — | ||||||||||||||||||
Equity warrants | 5 | — | — | |||||||||||||||||||||
Embedded derivative on funds withheld liability | 184 | — | 3 | |||||||||||||||||||||
Total | $ | — | $ | 3 | ||||||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. | |||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Total | |||||||||||||||||||||||||||||||||||||||
Assets/ Liabilities | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | at Fair Value | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 29 | $ | 18,337 | $ | 186 | $ | 18,552 | ||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | — | 12,877 | 86 | 12,963 | ||||||||||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | — | 4,994 | 232 | 5,226 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | — | 2,196 | 64 | 2,260 | ||||||||||||||||||||||||||||||||||||
Other asset-backed | — | 570 | 553 | 1,123 | ||||||||||||||||||||||||||||||||||||
Total asset-backed | — | 7,760 | 849 | 8,609 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 29 | 1 | — | 30 | ||||||||||||||||||||||||||||||||||||
Foreign government | 37 | 372 | — | 409 | ||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 30 | 12 | — | 42 | ||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 125 | 39,359 | 1,121 | 40,605 | ||||||||||||||||||||||||||||||||||||
Equity securities | 149 | 63 | 13 | 225 | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||
Other invested assets, excluding derivative financial instruments | — | 41 | — | 41 | ||||||||||||||||||||||||||||||||||||
Short term investments | 742 | 678 | — | 1,420 | ||||||||||||||||||||||||||||||||||||
Life settlement contracts, included in Other assets | — | — | 79 | 79 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,016 | $ | 40,143 | $ | 1,213 | $ | 42,372 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Other liabilities | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||||||||||||||||||||||||||
December 31, 2014 | Total | |||||||||||||||||||||||||||||||||||||||
Assets/Liabilities | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | at Fair Value | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 32 | $ | 18,695 | $ | 162 | $ | 18,889 | ||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | — | 12,646 | 94 | 12,740 | ||||||||||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | — | 5,044 | 189 | 5,233 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | — | 2,061 | 83 | 2,144 | ||||||||||||||||||||||||||||||||||||
Other asset-backed | — | 580 | 655 | 1,235 | ||||||||||||||||||||||||||||||||||||
Total asset-backed | — | 7,685 | 927 | 8,612 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 28 | 3 | — | 31 | ||||||||||||||||||||||||||||||||||||
Foreign government | 41 | 413 | — | 454 | ||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 30 | 12 | — | 42 | ||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 131 | 39,454 | 1,183 | 40,768 | ||||||||||||||||||||||||||||||||||||
Equity securities | 145 | 61 | 16 | 222 | ||||||||||||||||||||||||||||||||||||
Other invested assets | — | 41 | — | 41 | ||||||||||||||||||||||||||||||||||||
Short term investments | 681 | 963 | — | 1,644 | ||||||||||||||||||||||||||||||||||||
Life settlement contracts, included in Other assets | — | — | 82 | 82 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 957 | $ | 40,519 | $ | 1,281 | $ | 42,757 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Other liabilities | $ | — | $ | 3 | $ | — | $ | 3 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 3 | $ | — | $ | 3 | ||||||||||||||||||||||||||||||||
Table of reconciliation for assets and liablities measured at fair value on a recurring basis using significant unobservable inputs | The following tables present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). | |||||||||||||||||||||||||||||||||||||||
Level 3 | Balance as of | 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 as of | Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2015 recognized in Net income (loss) | ||||||||||||||||||||||||||||||
(In millions) | January 1, | Level 3 | of Level 3 | March 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2015 | |||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 162 | $ | 1 | $ | — | $ | 12 | $ | (12 | ) | $ | (14 | ) | $ | 37 | $ | — | $ | 186 | $ | — | ||||||||||||||||||
States, municipalities and political subdivisions | 94 | 1 | — | — | — | (9 | ) | — | — | 86 | — | |||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 189 | 1 | — | 72 | — | (10 | ) | — | (20 | ) | 232 | — | ||||||||||||||||||||||||||||
Commercial mortgage-backed | 83 | 1 | 1 | 6 | — | (1 | ) | — | (26 | ) | 64 | — | ||||||||||||||||||||||||||||
Other asset-backed | 655 | 1 | 9 | 35 | (144 | ) | (3 | ) | — | — | 553 | — | ||||||||||||||||||||||||||||
Total asset-backed | 927 | 3 | 10 | 113 | (144 | ) | (14 | ) | — | (46 | ) | 849 | — | |||||||||||||||||||||||||||
Total fixed maturity securities | 1,183 | 5 | 10 | 125 | (156 | ) | (37 | ) | 37 | (46 | ) | 1,121 | — | |||||||||||||||||||||||||||
Equity securities | 16 | — | (3 | ) | — | — | — | — | — | 13 | — | |||||||||||||||||||||||||||||
Life settlement contracts | 82 | 13 | — | — | — | (16 | ) | — | — | 79 | 1 | |||||||||||||||||||||||||||||
Total | $ | 1,281 | $ | 18 | $ | 7 | $ | 125 | $ | (156 | ) | $ | (53 | ) | $ | 37 | $ | (46 | ) | $ | 1,213 | $ | 1 | |||||||||||||||||
Level 3 | Balance as of | 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 as of | Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2014 recognized in Net income (loss) | ||||||||||||||||||||||||||||||
(In millions) | January 1, | Level 3 | of Level 3 | 31-Mar-14 | ||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 204 | $ | 1 | $ | 1 | $ | 5 | $ | (4 | ) | $ | (5 | ) | $ | 3 | $ | (16 | ) | $ | 189 | $ | — | |||||||||||||||||
States, municipalities and political subdivisions | 71 | — | 1 | — | — | — | 14 | — | 86 | — | ||||||||||||||||||||||||||||||
Asset-backed: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 331 | 1 | 15 | 25 | — | (21 | ) | 21 | (13 | ) | 359 | — | ||||||||||||||||||||||||||||
Commercial mortgage-backed | 151 | 1 | (1 | ) | — | — | (1 | ) | — | (24 | ) | 126 | — | |||||||||||||||||||||||||||
Other asset-backed | 446 | 1 | — | 148 | (83 | ) | (72 | ) | — | (1 | ) | 439 | — | |||||||||||||||||||||||||||
Total asset-backed | 928 | 3 | 14 | 173 | (83 | ) | (94 | ) | 21 | (38 | ) | 924 | — | |||||||||||||||||||||||||||
Total fixed maturity securities | 1,203 | 4 | 16 | 178 | (87 | ) | (99 | ) | 38 | (54 | ) | 1,199 | — | |||||||||||||||||||||||||||
Equity securities | 11 | 3 | (4 | ) | — | (8 | ) | — | — | — | 2 | — | ||||||||||||||||||||||||||||
Life settlement contracts | 88 | 10 | — | — | — | (11 | ) | — | — | 87 | 1 | |||||||||||||||||||||||||||||
Separate account business | 1 | — | — | — | — | — | — | (1 | ) | — | — | |||||||||||||||||||||||||||||
Total | $ | 1,303 | $ | 17 | $ | 12 | $ | 178 | $ | (95 | ) | $ | (110 | ) | $ | 38 | $ | (55 | ) | $ | 1,288 | $ | 1 | |||||||||||||||||
Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets | The following tables present 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. | |||||||||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range | ||||||||||||||||||||||||||||||||||||
(Weighted Average) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 102 | Discounted cash flow | Credit spread | 2% - 13% (3%) | |||||||||||||||||||||||||||||||||||
Equity securities | 13 | Market approach | Private offering price | $10 - $4,400 per share ($682) | ||||||||||||||||||||||||||||||||||||
Life settlement contracts | 79 | Discounted cash flow | Discount rate risk premium | 9% | ||||||||||||||||||||||||||||||||||||
Mortality assumption | 55% - 1676% (164%) | |||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range | ||||||||||||||||||||||||||||||||||||
(Weighted Average) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 101 | Discounted cash flow | Credit spread | 2% - 13% (3%) | |||||||||||||||||||||||||||||||||||
Equity securities | 16 | Market approach | Private offering price | $12 - $4,391 per share ($600) | ||||||||||||||||||||||||||||||||||||
Life settlement contracts | 82 | Discounted cash flow | Discount rate risk premium | 9% | ||||||||||||||||||||||||||||||||||||
Mortality assumption | 55% - 1676% (163%) | |||||||||||||||||||||||||||||||||||||||
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 assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are presented in the following tables. | |||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(In millions) | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Notes receivable for the issuance of common stock | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||||||
Mortgage loans | 586 | — | — | 612 | 612 | |||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Long term debt | $ | 2,560 | $ | — | $ | 2,908 | $ | — | $ | 2,908 | ||||||||||||||||||||||||||||||
December 31, 2014 | Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(In millions) | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Notes receivable for the issuance of common stock | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||||||
Mortgage loans | 588 | — | — | 608 | 608 | |||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Long term debt | $ | 2,559 | $ | — | $ | 2,883 | $ | — | $ | 2,883 | ||||||||||||||||||||||||||||||
Claim_and_Claim_Adjustment_Exp1
Claim and Claim Adjustment Expense Reserves (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Claim and Claim Adjustment Expense Reserves [Abstract] | ||||||||||||||||||||
Net prior year development | The following tables and discussion present net prior year development recorded for Specialty, Commercial, International and Corporate & Other Non-Core segments. | |||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||
(In millions) | Specialty | Commercial | International | Corporate | Total | |||||||||||||||
& Other | ||||||||||||||||||||
Non-Core | ||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 2 | $ | (5 | ) | $ | (4 | ) | $ | — | $ | (7 | ) | |||||||
Pretax (favorable) unfavorable premium development | (6 | ) | (1 | ) | 16 | — | 9 | |||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (4 | ) | $ | (6 | ) | $ | 12 | $ | — | $ | 2 | ||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
(In millions) | Specialty | Commercial | International | Corporate | Total | |||||||||||||||
& Other | ||||||||||||||||||||
Non-Core | ||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (3 | ) | $ | 18 | $ | 10 | $ | — | $ | 25 | |||||||||
Pretax (favorable) unfavorable premium development | (6 | ) | (18 | ) | (7 | ) | — | (31 | ) | |||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (9 | ) | $ | — | $ | 3 | $ | — | $ | (6 | ) | ||||||||
Net prior year claim and allocated claim adjustment expense reserve development for Specialty segment | The following table presents further detail of the net prior year claim and allocated claim adjustment expense reserve development (development) recorded for the Specialty segment. | |||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development: | ||||||||||||||||||||
Medical Professional Liability | $ | 14 | $ | — | ||||||||||||||||
Other Professional Liability and Management Liability | (3 | ) | (6 | ) | ||||||||||||||||
Surety | 1 | 1 | ||||||||||||||||||
Warranty | — | — | ||||||||||||||||||
Other | (10 | ) | 2 | |||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 2 | $ | (3 | ) | |||||||||||||||
Net prior year claim and allocated claim adjustment expense reserve development for Commercial segment | The following table presents further detail of the development recorded for the Commercial segment. | |||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development: | ||||||||||||||||||||
Commercial Auto | $ | — | $ | 20 | ||||||||||||||||
General Liability | 4 | — | ||||||||||||||||||
Workers' Compensation | (1 | ) | 11 | |||||||||||||||||
Property and Other | (8 | ) | (13 | ) | ||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (5 | ) | $ | 18 | |||||||||||||||
Net prior year claim and allocated claim adjustment expense reserve development for International segment | The following table presents further detail of the development recorded for the International segment. | |||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development: | ||||||||||||||||||||
Medical Professional Liability | $ | — | $ | 1 | ||||||||||||||||
Other Professional Liability | — | (1 | ) | |||||||||||||||||
Liability | (5 | ) | (2 | ) | ||||||||||||||||
Property & Marine | (6 | ) | 8 | |||||||||||||||||
Other | 7 | (6 | ) | |||||||||||||||||
Commutations | — | 10 | ||||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (4 | ) | $ | 10 | |||||||||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Components of net periodic cost (benefit) | The components of net periodic cost (benefit) are presented in the following table. | |||||||
Three months ended March 31 | ||||||||
(In millions) | 2015 | 2014 | ||||||
Pension cost (benefit) | ||||||||
Service cost | $ | 2 | $ | 3 | ||||
Interest cost on projected benefit obligation | 28 | 33 | ||||||
Expected return on plan assets | (43 | ) | (48 | ) | ||||
Amortization of net actuarial loss | 9 | 6 | ||||||
Net periodic pension cost (benefit) | $ | (4 | ) | $ | (6 | ) | ||
Postretirement cost (benefit) | ||||||||
Amortization of prior service credit | $ | — | $ | (4 | ) | |||
Net periodic postretirement cost (benefit) | $ | — | $ | (4 | ) | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component | The following tables present the changes in Accumulated other comprehensive income (loss) by component. | |||||||||||||||||||||||
(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 as of January 1, 2015 | $ | 36 | $ | 942 | $ | (633 | ) | $ | 55 | $ | 400 | |||||||||||||
Other comprehensive income (loss) before reclassifications | (1 | ) | 121 | — | (96 | ) | 24 | |||||||||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $0, $3, $0 and $3 | — | 9 | (6 | ) | — | 3 | ||||||||||||||||||
Other comprehensive income (loss) after tax (expense) benefit of $0, $(62), $(3), $0 and $(65) | (1 | ) | 112 | 6 | (96 | ) | 21 | |||||||||||||||||
Balance as of March 31, 2015 | $ | 35 | $ | 1,054 | $ | (627 | ) | $ | (41 | ) | $ | 421 | ||||||||||||
(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 as of January 1, 2014 | $ | 26 | $ | 692 | $ | — | $ | (426 | ) | $ | 150 | $ | 442 | |||||||||||
Transfer to net assets held for sale | (5 | ) | (17 | ) | 22 | — | — | — | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | 12 | 264 | 8 | — | (8 | ) | 276 | |||||||||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $(14), $0, $1, $0 and $(13) | — | 27 | — | (1 | ) | — | 26 | |||||||||||||||||
Other comprehensive income (loss) after tax (expense) benefit of $(6), $(127), $(5), $(1), $0 and $(139) | 12 | 237 | 8 | 1 | (8 | ) | 250 | |||||||||||||||||
Balance as of March 31, 2014 | $ | 33 | $ | 912 | $ | 30 | $ | (425 | ) | $ | 142 | $ | 692 | |||||||||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Significant components of the Company's continuing operations and selected balance sheet items | ||||||||||||||||||||||||||||
Three months ended March 31, 2015 | Specialty | Commercial | International | Life & | Corporate | |||||||||||||||||||||||
Group | & Other | |||||||||||||||||||||||||||
(In millions) | Non-Core | Non-Core | Eliminations | Total | ||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Net earned premiums | $ | 680 | $ | 678 | $ | 191 | $ | 138 | $ | — | $ | — | $ | 1,687 | ||||||||||||||
Net investment income | 155 | 204 | 14 | 179 | 6 | — | 558 | |||||||||||||||||||||
Other revenues | 78 | 9 | — | 9 | 2 | (1 | ) | 97 | ||||||||||||||||||||
Total operating revenues | 913 | 891 | 205 | 326 | 8 | (1 | ) | 2,342 | ||||||||||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||||||||||||||
Net incurred claims and benefits | 429 | 454 | 116 | 340 | (4 | ) | — | 1,335 | ||||||||||||||||||||
Policyholders’ dividends | 1 | 3 | — | — | — | — | 4 | |||||||||||||||||||||
Amortization of deferred acquisition costs | 144 | 117 | 35 | 7 | — | — | 303 | |||||||||||||||||||||
Other insurance related expenses | 69 | 127 | 37 | 35 | — | — | 268 | |||||||||||||||||||||
Other expenses | 67 | 8 | 5 | 4 | 46 | (1 | ) | 129 | ||||||||||||||||||||
Total claims, benefits and expenses | 710 | 709 | 193 | 386 | 42 | (1 | ) | 2,039 | ||||||||||||||||||||
Operating income (loss) before income tax | 203 | 182 | 12 | (60 | ) | (34 | ) | — | 303 | |||||||||||||||||||
Income tax (expense) benefit on operating income (loss) | (68 | ) | (62 | ) | (3 | ) | 43 | 12 | — | (78 | ) | |||||||||||||||||
Net operating income (loss) | 135 | 120 | 9 | (17 | ) | (22 | ) | — | 225 | |||||||||||||||||||
Net realized investment gains (losses) | 4 | 4 | 1 | 1 | — | — | 10 | |||||||||||||||||||||
Income tax (expense) benefit on net realized investment gains (losses) | (1 | ) | (3 | ) | — | 2 | — | — | (2 | ) | ||||||||||||||||||
Net realized investment gains (losses), after tax | 3 | 1 | 1 | 3 | — | — | 8 | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | 138 | $ | 121 | $ | 10 | $ | (14 | ) | $ | (22 | ) | $ | — | $ | 233 | ||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Reinsurance receivables | $ | 671 | $ | 675 | $ | 207 | $ | 543 | $ | 2,672 | $ | — | $ | 4,768 | ||||||||||||||
Insurance receivables | 808 | 1,004 | 282 | 13 | 2 | — | 2,109 | |||||||||||||||||||||
Deferred acquisition costs | 307 | 225 | 84 | — | — | — | 616 | |||||||||||||||||||||
Goodwill | 117 | — | 34 | — | — | — | 151 | |||||||||||||||||||||
Insurance reserves | ||||||||||||||||||||||||||||
Claim and claim adjustment expenses | 6,352 | 9,441 | 1,377 | 3,237 | 2,841 | — | 23,248 | |||||||||||||||||||||
Unearned premiums | 1,794 | 1,329 | 449 | 139 | — | (1 | ) | 3,710 | ||||||||||||||||||||
Future policy benefits | — | — | — | 9,747 | — | — | 9,747 | |||||||||||||||||||||
Three months ended March 31, 2014 | Specialty | Commercial | International | Life & | Corporate | |||||||||||||||||||||||
Group | & Other | |||||||||||||||||||||||||||
(In millions) | Non-Core | Non-Core | Eliminations | Total | ||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Net earned premiums | $ | 692 | $ | 735 | $ | 241 | $ | 139 | $ | — | $ | (1 | ) | $ | 1,806 | |||||||||||||
Net investment income | 144 | 191 | 15 | 171 | 5 | — | 526 | |||||||||||||||||||||
Other revenues | 68 | 10 | — | 5 | 2 | — | 85 | |||||||||||||||||||||
Total operating revenues | 904 | 936 | 256 | 315 | 7 | (1 | ) | 2,417 | ||||||||||||||||||||
Claims, Benefits and Expenses | ||||||||||||||||||||||||||||
Net incurred claims and benefits | 442 | 568 | 130 | 306 | (3 | ) | — | 1,443 | ||||||||||||||||||||
Policyholders’ dividends | 1 | 2 | — | — | — | — | 3 | |||||||||||||||||||||
Amortization of deferred acquisition costs | 143 | 123 | 55 | 8 | — | — | 329 | |||||||||||||||||||||
Other insurance related expenses | 65 | 126 | 40 | 32 | — | (1 | ) | 262 | ||||||||||||||||||||
Other expenses | 61 | 8 | 7 | 1 | 51 | — | 128 | |||||||||||||||||||||
Total claims, benefits and expenses | 712 | 827 | 232 | 347 | 48 | (1 | ) | 2,165 | ||||||||||||||||||||
Operating income (loss) before income tax | 192 | 109 | 24 | (32 | ) | (41 | ) | — | 252 | |||||||||||||||||||
Income tax (expense) benefit on operating income (loss) | (63 | ) | (35 | ) | (8 | ) | 30 | 14 | — | (62 | ) | |||||||||||||||||
Net operating income (loss) | 129 | 74 | 16 | (2 | ) | (27 | ) | — | 190 | |||||||||||||||||||
Net realized investment gains (losses) | 11 | 10 | 3 | 16 | 6 | — | 46 | |||||||||||||||||||||
Income tax (expense) benefit on net realized investment gains (losses) | (3 | ) | (2 | ) | (3 | ) | (6 | ) | (2 | ) | — | (16 | ) | |||||||||||||||
Net realized investment gains (losses), after tax | 8 | 8 | — | 10 | 4 | — | 30 | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | 137 | $ | 82 | $ | 16 | $ | 8 | $ | (23 | ) | $ | — | $ | 220 | |||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Reinsurance receivables | $ | 567 | $ | 690 | $ | 207 | $ | 525 | $ | 2,753 | $ | — | $ | 4,742 | ||||||||||||||
Insurance receivables | 778 | 954 | 250 | 13 | 2 | — | 1,997 | |||||||||||||||||||||
Deferred acquisition costs | 304 | 213 | 83 | — | — | — | 600 | |||||||||||||||||||||
Goodwill | 117 | — | 35 | — | — | — | 152 | |||||||||||||||||||||
Insurance reserves | ||||||||||||||||||||||||||||
Claim and claim adjustment expenses | 6,229 | 9,514 | 1,441 | 3,183 | 2,904 | — | 23,271 | |||||||||||||||||||||
Unearned premiums | 1,763 | 1,273 | 431 | 125 | — | — | 3,592 | |||||||||||||||||||||
Future policy benefits | — | — | — | 9,490 | — | — | 9,490 | |||||||||||||||||||||
Policyholders’ funds | 9 | 18 | — | — | — | — | 27 | |||||||||||||||||||||
Revenues by line of business | The following table presents revenue by line of business for each reportable segment. Revenues are comprised of Operating revenues and Net realized investment gains and losses. | |||||||||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||||||||||
(In millions) | 2015 | 2014 | ||||||||||||||||||||||||||
Specialty | ||||||||||||||||||||||||||||
Management & Professional Liability | $ | 697 | $ | 704 | ||||||||||||||||||||||||
Surety | 120 | 122 | ||||||||||||||||||||||||||
Warranty & Alternative Risks | 100 | 89 | ||||||||||||||||||||||||||
Specialty revenues | 917 | 915 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Middle Market | 409 | 403 | ||||||||||||||||||||||||||
Small Business | 165 | 184 | ||||||||||||||||||||||||||
Other Commercial Insurance | 321 | 359 | ||||||||||||||||||||||||||
Commercial revenues | 895 | 946 | ||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||||
Canada | 55 | 71 | ||||||||||||||||||||||||||
CNA Europe | 77 | 88 | ||||||||||||||||||||||||||
Hardy | 74 | 100 | ||||||||||||||||||||||||||
International revenues | 206 | 259 | ||||||||||||||||||||||||||
Life & Group Non-Core revenues | 327 | 331 | ||||||||||||||||||||||||||
Corporate & Other Non-Core revenues | 8 | 13 | ||||||||||||||||||||||||||
Eliminations | (1 | ) | (1 | ) | ||||||||||||||||||||||||
Total revenues | $ | 2,352 | $ | 2,463 | ||||||||||||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Results of discontinued operations | The results of discontinued operations reflected in the Condensed Consolidated Statements of Operations are presented in the following table. | |||
Three months ended March 31 | ||||
(In millions) | 2014 | |||
Revenues | ||||
Net investment income | $ | 41 | ||
Net realized investment gains | 1 | |||
Total revenues | 42 | |||
Claims, Benefits and Expenses | ||||
Insurance claims and policyholders' benefits | 31 | |||
Other operating expenses | 1 | |||
Total claims, benefits and expenses | 32 | |||
Income before income tax | 10 | |||
Income tax expense | (3 | ) | ||
Income from operations of discontinued operations, net of income tax | 7 | |||
Impairment loss on sale, net of income tax benefit of $41 | (214 | ) | ||
Loss from discontinued operations | $ | (207 | ) |
General_General_Details
General General (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax | $214 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 182 | 110 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 654 | 660 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Investments [Abstract] | ||
Reduction of net unrealized gains on investments included in AOCI due to shadow adjustments | $1,370 | $1,288 |
Future capital call commitments for limited partnership investments | 338 | |
Mortgage loan commitments | 41 | |
Commitments to purchase or fund privately placed debt securities | 82 | |
Commitments to sell various privately placed debt securities | $71 |
Investments_Net_investment_inc
Investments (Net investment income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Investment Income [Line Items] | ||
Gross investment income | $572 | $539 |
Investment expense | -14 | -13 |
Net investment income | 558 | 526 |
Fixed maturity securities [Member] | ||
Net Investment Income [Line Items] | ||
Gross investment income | 443 | 452 |
Short term investments [Member] | ||
Net Investment Income [Line Items] | ||
Gross investment income | 2 | 1 |
Limited partnership investments [Member] | ||
Net Investment Income [Line Items] | ||
Gross investment income | 114 | 73 |
Equity securities [Member] | ||
Net Investment Income [Line Items] | ||
Gross investment income | 3 | 2 |
Mortgage loans [Member] | ||
Net Investment Income [Line Items] | ||
Gross investment income | 8 | 6 |
Trading portfolio [Member] | ||
Net Investment Income [Line Items] | ||
Gross investment income | 2 | 3 |
Other [Member] | ||
Net Investment Income [Line Items] | ||
Gross investment income | $0 | $2 |
Investments_Net_realized_inves
Investments (Net realized investment gains (losses)) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net realized investment gains (losses) | $10 | $46 |
Fixed maturity securities [Member] | ||
Gross realized gains | 33 | 53 |
Gross realized losses | -21 | -15 |
Net realized investment gains (losses) | 12 | 38 |
Equity securities [Member] | ||
Gross realized gains | 1 | 5 |
Gross realized losses | -1 | 0 |
Net realized investment gains (losses) | 0 | 5 |
Derivative [Member] | ||
Net realized investment gains (losses) | -1 | 0 |
Short term investments and other [Member] | ||
Net realized investment gains (losses) | ($1) | $3 |
Investments_Components_of_othe
Investments (Components of other-than-temporary impairment losses recognized in earnings) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other-than-temporary impairment losses recognized in earnings | $12 | $2 |
Corporate and other bonds [Member] | ||
Other-than-temporary impairment losses recognized in earnings | 5 | 1 |
States, municipalities and political subdivisions [Member] | ||
Other-than-temporary impairment losses recognized in earnings | 5 | 0 |
Residential mortgage-backed [Member] | ||
Other-than-temporary impairment losses recognized in earnings | 1 | 1 |
Total fixed maturity securities available-for-sale [Member] | ||
Other-than-temporary impairment losses recognized in earnings | 11 | 2 |
Common stock [Member] | ||
Other-than-temporary impairment losses recognized in earnings | $1 | $0 |
Investments_Summary_of_fixed_m
Investments (Summary of fixed maturity and equity securities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Cost or Amortized Cost | $37,088 | $37,545 |
Gross Unrealized Gain | 3,817 | 3,544 |
Gross Unrealized Loss | 75 | 99 |
Estimated fair value | 40,830 | 40,990 |
Corporate and other bonds [Member] | ||
Cost or Amortized Cost | 16,721 | 17,210 |
Gross Unrealized Gain | 1,867 | 1,721 |
Gross Unrealized Loss | 43 | 61 |
Estimated fair value | 18,545 | 18,870 |
Unrealized OTTI Losses (Gains) | 0 | 0 |
States, municipalities and political subdivisions [Member] | ||
Cost or Amortized Cost | 11,407 | 11,285 |
Gross Unrealized Gain | 1,536 | 1,463 |
Gross Unrealized Loss | 9 | 8 |
Estimated fair value | 12,934 | 12,740 |
Unrealized OTTI Losses (Gains) | 0 | 0 |
Residential mortgage-backed [Member] | ||
Cost or Amortized Cost | 4,998 | 5,028 |
Gross Unrealized Gain | 241 | 218 |
Gross Unrealized Loss | 13 | 13 |
Estimated fair value | 5,226 | 5,233 |
Unrealized OTTI Losses (Gains) | -51 | -53 |
Commercial mortgage-backed [Member] | ||
Cost or Amortized Cost | 2,151 | 2,056 |
Gross Unrealized Gain | 114 | 93 |
Gross Unrealized Loss | 5 | 5 |
Estimated fair value | 2,260 | 2,144 |
Unrealized OTTI Losses (Gains) | -3 | -2 |
Other asset-backed [Member] | ||
Cost or Amortized Cost | 1,109 | 1,234 |
Gross Unrealized Gain | 15 | 11 |
Gross Unrealized Loss | 1 | 10 |
Estimated fair value | 1,123 | 1,235 |
Unrealized OTTI Losses (Gains) | 0 | 0 |
Total asset-backed [Member] | ||
Cost or Amortized Cost | 8,258 | 8,318 |
Gross Unrealized Gain | 370 | 322 |
Gross Unrealized Loss | 19 | 28 |
Estimated fair value | 8,609 | 8,612 |
Unrealized OTTI Losses (Gains) | -54 | -55 |
U.S. Treasury and obligations of government-sponsored enterprises [Member] | ||
Cost or Amortized Cost | 24 | 26 |
Gross Unrealized Gain | 6 | 5 |
Gross Unrealized Loss | 0 | 0 |
Estimated fair value | 30 | 31 |
Unrealized OTTI Losses (Gains) | 0 | 0 |
Foreign Government Debt Securities [Member] | ||
Cost or Amortized Cost | 390 | 438 |
Gross Unrealized Gain | 19 | 16 |
Gross Unrealized Loss | 0 | 0 |
Estimated fair value | 409 | 454 |
Unrealized OTTI Losses (Gains) | 0 | 0 |
Redeemable preferred stock [Member] | ||
Cost or Amortized Cost | 39 | 39 |
Gross Unrealized Gain | 3 | 3 |
Gross Unrealized Loss | 0 | 0 |
Estimated fair value | 42 | 42 |
Unrealized OTTI Losses (Gains) | 0 | 0 |
Total fixed maturity securities available-for-sale [Member] | ||
Cost or Amortized Cost | 36,839 | 37,316 |
Gross Unrealized Gain | 3,801 | 3,530 |
Gross Unrealized Loss | 71 | 97 |
Estimated fair value | 40,569 | 40,749 |
Unrealized OTTI Losses (Gains) | -54 | -55 |
Total fixed maturity securities trading [Member] | ||
Cost or Amortized Cost, Trading Securities | 36 | 19 |
Estimated Fair Value, Trading Securities | 36 | 19 |
Common stock [Member] | ||
Cost or Amortized Cost | 41 | 38 |
Gross Unrealized Gain | 9 | 9 |
Gross Unrealized Loss | 0 | 0 |
Estimated fair value | 50 | 47 |
Preferred stock [Member] | ||
Cost or Amortized Cost | 172 | 172 |
Gross Unrealized Gain | 7 | 5 |
Gross Unrealized Loss | 4 | 2 |
Estimated fair value | 175 | 175 |
Total equity securities available-for-sale [Member] | ||
Cost or Amortized Cost | 213 | 210 |
Gross Unrealized Gain | 16 | 14 |
Gross Unrealized Loss | 4 | 2 |
Estimated fair value | $225 | $222 |
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 | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning balance of credit losses on fixed maturity securities | $62 | $74 |
Reductions for securities sold during the period | -1 | -2 |
Reductions for securities the Company intends to sell or more likely than not will be required to sell | 0 | -3 |
Ending balance of credit losses on fixed maturity securities | $61 | $69 |
Investments_Securities_in_a_gr
Investments (Securities in a gross unrealized loss position) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $2,030 | $2,855 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 50 | 70 |
Estimated Fair Value, 12 Months or Longer | 455 | 707 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 25 | 29 |
Estimated Fair Value, Total | 2,485 | 3,562 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 75 | 99 |
Corporate and other bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 840 | 1,330 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 31 | 46 |
Estimated Fair Value, 12 Months or Longer | 139 | 277 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 12 | 15 |
Estimated Fair Value, Total | 979 | 1,607 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 43 | 61 |
States, municipalities and political subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 479 | 335 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 6 | 5 |
Estimated Fair Value, 12 Months or Longer | 100 | 127 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3 | 3 |
Estimated Fair Value, Total | 579 | 462 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 9 | 8 |
Residential mortgage-backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 318 | 293 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5 | 5 |
Estimated Fair Value, 12 Months or Longer | 148 | 189 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 8 | 8 |
Estimated Fair Value, Total | 466 | 482 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 13 | 13 |
Commercial mortgage-backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 175 | 264 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3 | 2 |
Estimated Fair Value, 12 Months or Longer | 62 | 99 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 3 |
Estimated Fair Value, Total | 237 | 363 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 5 | 5 |
Other asset-backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 187 | 607 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 10 |
Estimated Fair Value, 12 Months or Longer | 5 | 7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Estimated Fair Value, Total | 192 | 614 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1 | 10 |
Total asset-backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 680 | 1,164 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 9 | 17 |
Estimated Fair Value, 12 Months or Longer | 215 | 295 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10 | 11 |
Estimated Fair Value, Total | 895 | 1,459 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 19 | 28 |
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 | 3 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Estimated Fair Value, 12 Months or Longer | 0 | 4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Estimated Fair Value, Total | 3 | 7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | 0 |
Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 13 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Estimated Fair Value, 12 Months or Longer | 1 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Estimated Fair Value, Total | 14 | 6 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | 0 |
Redeemable preferred stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Estimated Fair Value, 12 Months or Longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Estimated Fair Value, Total | 3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | |
Total fixed maturity securities available-for-sale [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 2,015 | 2,838 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 46 | 68 |
Estimated Fair Value, 12 Months or Longer | 455 | 706 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 25 | 29 |
Estimated Fair Value, Total | 2,470 | 3,544 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 71 | 97 |
Preferred stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 15 | 17 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 2 |
Estimated Fair Value, 12 Months or Longer | 0 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Estimated Fair Value, Total | 15 | 18 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $4 | $2 |
Investments_Contractual_maturi
Investments (Contractual maturity) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Investments [Abstract] | ||
Due in one year or less, cost or amortized cost | $2,011 | $2,479 |
Due after one year through five years, cost or amortized cost | 8,760 | 9,054 |
Due after five years through ten years, cost or amortized cost | 12,401 | 12,055 |
Due after ten years, cost or amortized cost | 13,667 | 13,728 |
Total Amortized Cost Basis | 36,839 | 37,316 |
Due in one year or less, estimated fair value | 2,043 | 2,511 |
Due after one year through five years, estimated fair value | 9,340 | 9,605 |
Due after five years through ten years, estimated fair value | 13,108 | 12,584 |
Due after ten years, estimated fair value | 16,078 | 16,049 |
Total Estimated Fair Value | $40,569 | $40,749 |
Investments_Derivative_Financi
Investments Derivative Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ||
Estimated fair value asset | $2 | $0 |
Estimated fair value liability | 5 | 3 |
Not Designated as Hedging Instrument [Member] | Currency forwards [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 18 | 9 |
Estimated fair value asset | 2 | 0 |
Estimated fair value liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Equity warrants [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 5 | 5 |
Estimated fair value asset | 0 | 0 |
Estimated fair value liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Embedded Derivative Financial Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 184 | 184 |
Estimated fair value asset | 0 | 0 |
Estimated fair value liability | $5 | $3 |
Fair_Value_Assets_and_liabilit
Fair Value (Assets and liabilities measured at fair value on a recurring basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | $42,372 | $42,757 |
Fair value of liabilities, measured on a recurring basis | 5 | 3 |
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 | 18,552 | 18,889 |
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 | 12,963 | 12,740 |
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 | 5,226 | 5,233 |
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 | 2,260 | 2,144 |
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 | 1,123 | 1,235 |
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 | 8,609 | 8,612 |
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 | 30 | 31 |
Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 409 | 454 |
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 | 42 |
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 | 40,605 | 40,768 |
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 | 225 | 222 |
Derivative Financial Instruments, Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 2 | |
Other invested assets, excluding derivative financial instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 41 | 41 |
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 | 1,420 | 1,644 |
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 | 79 | 82 |
Embedded Derivative Financial Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities, measured on a recurring basis | 5 | 3 |
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 | 1,016 | 957 |
Fair value of liabilities, measured on a recurring basis | 0 | 0 |
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 | 29 | 32 |
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 | 0 | 0 |
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 | 0 | 0 |
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 | 0 | 0 |
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 | 0 | 0 |
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 | 0 | 0 |
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 | 29 | 28 |
Level 1 [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 37 | 41 |
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 | 30 |
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 | 125 | 131 |
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 | 149 | 145 |
Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 0 | |
Level 1 [Member] | Other invested assets, excluding derivative financial instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 0 | 0 |
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 | 742 | 681 |
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 | 0 | 0 |
Level 1 [Member] | Embedded Derivative Financial Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities, measured on a recurring basis | 0 | 0 |
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 | 40,143 | 40,519 |
Fair value of liabilities, measured on a recurring basis | 5 | 3 |
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 | 18,337 | 18,695 |
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 | 12,877 | 12,646 |
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 | 4,994 | 5,044 |
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 | 2,196 | 2,061 |
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 | 570 | 580 |
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 | 7,760 | 7,685 |
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 | 1 | 3 |
Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 372 | 413 |
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 | 12 |
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 | 39,359 | 39,454 |
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 | 63 | 61 |
Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 2 | |
Level 2 [Member] | Other invested assets, excluding derivative financial instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 41 | 41 |
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 | 678 | 963 |
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 | 0 | 0 |
Level 2 [Member] | Embedded Derivative Financial Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities, measured on a recurring basis | 5 | 3 |
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 | 1,213 | 1,281 |
Fair value of liabilities, measured on a recurring basis | 0 | 0 |
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 | 186 | 162 |
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 | 86 | 94 |
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 | 232 | 189 |
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 | 64 | 83 |
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 | 553 | 655 |
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 | 849 | 927 |
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 | 0 | 0 |
Level 3 [Member] | Foreign Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 0 | 0 |
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 | 0 | 0 |
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 | 1,121 | 1,183 |
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 | 13 | 16 |
Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 0 | |
Level 3 [Member] | Other invested assets, excluding derivative financial instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 0 | |
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 | 0 | 0 |
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 | 79 | 82 |
Level 3 [Member] | Embedded Derivative Financial Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities, measured on a recurring basis | $0 | $0 |
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 | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | $1,281 | $1,303 |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | 18 | 17 |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 7 | 12 |
Purchases | 125 | 178 |
Sales | -156 | -95 |
Settlements | -53 | -110 |
Transfers into Level 3 | 37 | 38 |
Transfers out of Level 3 | -46 | -55 |
Balance, Ending, Assets | 1,213 | 1,288 |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | 1 | 1 |
Fixed maturity securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 1,183 | 1,203 |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | 5 | 4 |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 10 | 16 |
Purchases | 125 | 178 |
Sales | -156 | -87 |
Settlements | -37 | -99 |
Transfers into Level 3 | 37 | 38 |
Transfers out of Level 3 | -46 | -54 |
Balance, Ending, Assets | 1,121 | 1,199 |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | 0 | 0 |
Corporate and other bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 162 | 204 |
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) | 0 | 1 |
Purchases | 12 | 5 |
Sales | -12 | -4 |
Settlements | -14 | -5 |
Transfers into Level 3 | 37 | 3 |
Transfers out of Level 3 | 0 | -16 |
Balance, Ending, Assets | 186 | 189 |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | 0 | 0 |
States, municipalities and political subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 94 | 71 |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | 1 | 0 |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 0 | 1 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | -9 | 0 |
Transfers into Level 3 | 0 | 14 |
Transfers out of Level 3 | 0 | 0 |
Balance, Ending, Assets | 86 | 86 |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | 0 | 0 |
Residential mortgage-backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 189 | 331 |
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) | 0 | 15 |
Purchases | 72 | 25 |
Sales | 0 | 0 |
Settlements | -10 | -21 |
Transfers into Level 3 | 0 | 21 |
Transfers out of Level 3 | -20 | -13 |
Balance, Ending, Assets | 232 | 359 |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 83 | 151 |
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 | -1 |
Purchases | 6 | 0 |
Sales | 0 | 0 |
Settlements | -1 | -1 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | -26 | -24 |
Balance, Ending, Assets | 64 | 126 |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | 0 | 0 |
Other asset-backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 655 | 446 |
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) | 9 | 0 |
Purchases | 35 | 148 |
Sales | -144 | -83 |
Settlements | -3 | -72 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | -1 |
Balance, Ending, Assets | 553 | 439 |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | 0 | 0 |
Total asset-backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 927 | 928 |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | 3 | 3 |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 10 | 14 |
Purchases | 113 | 173 |
Sales | -144 | -83 |
Settlements | -14 | -94 |
Transfers into Level 3 | 0 | 21 |
Transfers out of Level 3 | -46 | -38 |
Balance, Ending, Assets | 849 | 924 |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | 0 | 0 |
Equity securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 16 | 11 |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | 0 | 3 |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | -3 | -4 |
Purchases | 0 | 0 |
Sales | 0 | -8 |
Settlements | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, Ending, Assets | 13 | 2 |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | 0 | 0 |
Life settlement contracts, included in Other assets [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning, Assets | 82 | 88 |
Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) | 13 | 10 |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | -16 | -11 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance, Ending, Assets | 79 | 87 |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | 1 | 1 |
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) | 0 | |
Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) | 0 | |
Purchases | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | -1 | |
Balance, Ending, Assets | 0 | |
Unrealized gains (losses) on Level 3 assets and liabilities held at balance sheet date recognized in net income (loss) | $0 |
Fair_Value_Quantitative_inform
Fair Value (Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Per Share data, unless otherwise specified | ||
Fixed maturity securities [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $102 | $101 |
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 | 13.00% | 13.00% |
Fixed maturity securities [Member] | Income Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Credit Spread | 3.00% | 3.00% |
Equity securities [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 13 | 16 |
Equity securities [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Private offering price | $10 | $12 |
Equity securities [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Private offering price | $4,400 | $4,391 |
Equity securities [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Private offering price | $682 | $600 |
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 | $79 | $82 |
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 | 55.00% | 55.00% |
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 | 1676.00% | 1676.00% |
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 | 164.00% | 163.00% |
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_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $0 | $23 |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $0 | $1 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Financial Assets [Abstract] | ||
Notes receivable for the issuance of common stock | $1 | $1 |
Mortgage loans | 586 | 588 |
Financial Liabilities [Abstract] | ||
Long term debt | 2,560 | 2,559 |
Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Notes receivable for the issuance of common stock | 1 | 1 |
Mortgage loans | 586 | 588 |
Financial Liabilities [Abstract] | ||
Long term debt | 2,560 | 2,559 |
Estimated Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Notes receivable for the issuance of common stock | 1 | 1 |
Mortgage loans | 612 | 608 |
Financial Liabilities [Abstract] | ||
Long term debt | 2,908 | 2,883 |
Level 1 [Member] | Estimated Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Notes receivable for the issuance of common stock | 0 | 0 |
Mortgage loans | 0 | 0 |
Financial Liabilities [Abstract] | ||
Long term debt | 0 | 0 |
Level 2 [Member] | Estimated Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Notes receivable for the issuance of common stock | 0 | 0 |
Mortgage loans | 0 | 0 |
Financial Liabilities [Abstract] | ||
Long term debt | 2,908 | 2,883 |
Level 3 [Member] | Estimated Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Notes receivable for the issuance of common stock | 1 | 1 |
Mortgage loans | 612 | 608 |
Financial Liabilities [Abstract] | ||
Long term debt | $0 | $0 |
Claim_and_Claim_Adjustment_Exp2
Claim and Claim Adjustment Expense Reserves (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Claim and Claim Adjustment Expense Reserves [Abstract] | ||
Catastrophe losses net of reinsurance | $29 | $74 |
Claim_and_Claim_Adjustment_Exp3
Claim and Claim Adjustment Expense Reserves (Net prior year development) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | ($7) | $25 |
Pretax (favorable) unfavorable premium development, excluding Life & Group | 9 | -31 |
Total pretax (favorable) unfavorable net prior year development, excluding Life & Group | 2 | -6 |
Specialty [Member] | ||
Segment Reporting Information [Line Items] | ||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | 2 | -3 |
Pretax (favorable) unfavorable premium development, excluding Life & Group | -6 | -6 |
Total pretax (favorable) unfavorable net prior year development, excluding Life & Group | -4 | -9 |
Commercial [Member] | ||
Segment Reporting Information [Line Items] | ||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | -5 | 18 |
Pretax (favorable) unfavorable premium development, excluding Life & Group | -1 | -18 |
Total pretax (favorable) unfavorable net prior year development, excluding Life & Group | -6 | 0 |
International [Member] | ||
Segment Reporting Information [Line Items] | ||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | -4 | 10 |
Pretax (favorable) unfavorable premium development, excluding Life & Group | 16 | -7 |
Total pretax (favorable) unfavorable net prior year development, excluding Life & Group | 12 | 3 |
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 | 0 | 0 |
Pretax (favorable) unfavorable premium development, excluding Life & Group | 0 | 0 |
Total pretax (favorable) unfavorable net prior year development, excluding Life & Group | $0 | $0 |
Claim_and_Claim_Adjustment_Exp4
Claim and Claim Adjustment Expense Reserves (Net prior year claim and allocated claim adjustment expense reserve development for Specialty segment) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | ($7) | $25 |
Specialty [Member] | ||
Medical Professional Liability | 14 | 0 |
Other Professional Liability and Management Liability | -3 | -6 |
Surety | 1 | 1 |
Warranty | 0 | 0 |
Other | -10 | 2 |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | $2 | ($3) |
Claim_and_Claim_Adjustment_Exp5
Claim and Claim Adjustment Expense Reserves (Net prior year claim and allocated claim adjustment expense reserve development for Commercial segment) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | ($7) | $25 |
Commercial [Member] | ||
Commercial Auto | 0 | 20 |
General Liability | 4 | 0 |
Workers' Compensation | -1 | 11 |
Property and Other | -8 | -13 |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | ($5) | $18 |
Claim_and_Claim_Adjustment_Exp6
Claim and Claim Adjustment Expense Reserves Net prior year claim and allocated claim adjustment expense reserve development for International segment (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | ($7) | $25 |
International [Member] | ||
Medical Professional Liability | 0 | 1 |
Other Professional Liability | 0 | -1 |
Liability | -5 | -2 |
Property & Marine | -6 | 8 |
Other | 7 | -6 |
Commutations | 0 | 10 |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development, excluding Life & Group | ($4) | $10 |
Benefit_Plans_Components_of_ne
Benefit Plans (Components of net periodic cost (benefit)) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $2 | $3 |
Interest cost on projected benefit obligation | 28 | 33 |
Expected return on plan assets | -43 | -48 |
Amortization of net actuarial (gain) loss | 9 | 6 |
Net periodic (benefit) cost | -4 | -6 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service credit | 0 | -4 |
Net periodic (benefit) cost | $0 | ($4) |
Commitments_Contingencies_and_1
Commitments, Contingencies, and Guarantees (Narrative) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Property Lease Guarantee [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $41 | |
Guarantee and indemnification agreements [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 5 | 5 |
Guarantee Obligations [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 375 | |
Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 324 | |
Structured settlement annuities [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $2,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) by Component (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning balance | $400 | $442 |
Transfer to net assets held for sale | 0 | |
Other comprehensive income (loss), before reclassifications | 24 | 276 |
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | 3 | 26 |
Other comprehensive income (loss) after tax (expense) benefit | 21 | 250 |
Accumulated other comprehensive income (loss), ending balance | 421 | 692 |
Tax (expense) benefit on amounts reclassified from accumulated other comprehensive income (loss) | 3 | -13 |
Tax (expense) benefit on other comprehensive income (loss) | -65 | -139 |
Net unrealized gains (losses) on investments with OTTI losses [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning balance | 36 | 26 |
Transfer to net assets held for sale | -5 | |
Other comprehensive income (loss), before reclassifications | -1 | 12 |
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | 0 | 0 |
Other comprehensive income (loss) after tax (expense) benefit | -1 | 12 |
Accumulated other comprehensive income (loss), ending balance | 35 | 33 |
Tax (expense) benefit on amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Tax (expense) benefit on other comprehensive income (loss) | 0 | -6 |
Net unrealized gains (losses) on other investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning balance | 942 | 692 |
Transfer to net assets held for sale | -17 | |
Other comprehensive income (loss), before reclassifications | 121 | 264 |
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | 9 | 27 |
Other comprehensive income (loss) after tax (expense) benefit | 112 | 237 |
Accumulated other comprehensive income (loss), ending balance | 1,054 | 912 |
Tax (expense) benefit on amounts reclassified from accumulated other comprehensive income (loss) | 0 | -14 |
Tax (expense) benefit on other comprehensive income (loss) | -62 | -127 |
Accumulated Net Unrealized Gains Losses on discontinued operations [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning balance | 0 | |
Transfer to net assets held for sale | 22 | |
Other comprehensive income (loss), before reclassifications | 8 | |
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | 0 | |
Other comprehensive income (loss) after tax (expense) benefit | 8 | |
Accumulated other comprehensive income (loss), ending balance | 30 | |
Tax (expense) benefit on amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Tax (expense) benefit on other comprehensive income (loss) | -5 | |
Pension and postretirement benefits [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning balance | -633 | -426 |
Transfer to net assets held for sale | 0 | |
Other comprehensive income (loss), before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | -6 | -1 |
Other comprehensive income (loss) after tax (expense) benefit | 6 | 1 |
Accumulated other comprehensive income (loss), ending balance | -627 | -425 |
Tax (expense) benefit on amounts reclassified from accumulated other comprehensive income (loss) | 3 | 1 |
Tax (expense) benefit on other comprehensive income (loss) | -3 | -1 |
Cumulative foreign currency translation adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning balance | 55 | 150 |
Transfer to net assets held for sale | 0 | |
Other comprehensive income (loss), before reclassifications | -96 | -8 |
Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit | 0 | 0 |
Other comprehensive income (loss) after tax (expense) benefit | -96 | -8 |
Accumulated other comprehensive income (loss), ending balance | -41 | 142 |
Tax (expense) benefit on amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Tax (expense) benefit on other comprehensive income (loss) | $0 | $0 |
Business_Segments_Income_State
Business Segments (Income Statement Information) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Revenues | ||
Net earned premiums | $1,687 | $1,806 |
Net investment income | 558 | 526 |
Other revenues | 97 | 85 |
Total operating revenues | 2,342 | 2,417 |
Claims, Benefits and Expenses | ||
Net incurred claims and benefits | 1,335 | 1,443 |
Policyholders' dividends | 4 | 3 |
Amortization of deferred acquisition costs | 303 | 329 |
Other insurance related expenses | 268 | 262 |
Other expenses | 129 | 128 |
Total claims, benefits and expenses | 2,039 | 2,165 |
Operating income (loss) before income tax | 303 | 252 |
Income tax (expense) benefit on operating income (loss) | -78 | -62 |
Net operating income (loss) | 225 | 190 |
Net realized investment gains (losses), pre-tax | 10 | 46 |
Income tax (expense) benefit on net realized investment gains (losses) | -2 | -16 |
Net realized investment gains (losses), after tax | 8 | 30 |
Net income (loss) from continuing operations | 233 | 220 |
Specialty [Member] | ||
Operating Revenues | ||
Net earned premiums | 680 | 692 |
Net investment income | 155 | 144 |
Other revenues | 78 | 68 |
Total operating revenues | 913 | 904 |
Claims, Benefits and Expenses | ||
Net incurred claims and benefits | 429 | 442 |
Policyholders' dividends | 1 | 1 |
Amortization of deferred acquisition costs | 144 | 143 |
Other insurance related expenses | 69 | 65 |
Other expenses | 67 | 61 |
Total claims, benefits and expenses | 710 | 712 |
Operating income (loss) before income tax | 203 | 192 |
Income tax (expense) benefit on operating income (loss) | -68 | -63 |
Net operating income (loss) | 135 | 129 |
Net realized investment gains (losses), pre-tax | 4 | 11 |
Income tax (expense) benefit on net realized investment gains (losses) | -1 | -3 |
Net realized investment gains (losses), after tax | 3 | 8 |
Net income (loss) from continuing operations | 138 | 137 |
Commercial [Member] | ||
Operating Revenues | ||
Net earned premiums | 678 | 735 |
Net investment income | 204 | 191 |
Other revenues | 9 | 10 |
Total operating revenues | 891 | 936 |
Claims, Benefits and Expenses | ||
Net incurred claims and benefits | 454 | 568 |
Policyholders' dividends | 3 | 2 |
Amortization of deferred acquisition costs | 117 | 123 |
Other insurance related expenses | 127 | 126 |
Other expenses | 8 | 8 |
Total claims, benefits and expenses | 709 | 827 |
Operating income (loss) before income tax | 182 | 109 |
Income tax (expense) benefit on operating income (loss) | -62 | -35 |
Net operating income (loss) | 120 | 74 |
Net realized investment gains (losses), pre-tax | 4 | 10 |
Income tax (expense) benefit on net realized investment gains (losses) | -3 | -2 |
Net realized investment gains (losses), after tax | 1 | 8 |
Net income (loss) from continuing operations | 121 | 82 |
International [Member] | ||
Operating Revenues | ||
Net earned premiums | 191 | 241 |
Net investment income | 14 | 15 |
Other revenues | 0 | 0 |
Total operating revenues | 205 | 256 |
Claims, Benefits and Expenses | ||
Net incurred claims and benefits | 116 | 130 |
Policyholders' dividends | 0 | 0 |
Amortization of deferred acquisition costs | 35 | 55 |
Other insurance related expenses | 37 | 40 |
Other expenses | 5 | 7 |
Total claims, benefits and expenses | 193 | 232 |
Operating income (loss) before income tax | 12 | 24 |
Income tax (expense) benefit on operating income (loss) | -3 | -8 |
Net operating income (loss) | 9 | 16 |
Net realized investment gains (losses), pre-tax | 1 | 3 |
Income tax (expense) benefit on net realized investment gains (losses) | 0 | -3 |
Net realized investment gains (losses), after tax | 1 | 0 |
Net income (loss) from continuing operations | 10 | 16 |
Life and Group Non-Core [Member] | ||
Operating Revenues | ||
Net earned premiums | 138 | 139 |
Net investment income | 179 | 171 |
Other revenues | 9 | 5 |
Total operating revenues | 326 | 315 |
Claims, Benefits and Expenses | ||
Net incurred claims and benefits | 340 | 306 |
Policyholders' dividends | 0 | 0 |
Amortization of deferred acquisition costs | 7 | 8 |
Other insurance related expenses | 35 | 32 |
Other expenses | 4 | 1 |
Total claims, benefits and expenses | 386 | 347 |
Operating income (loss) before income tax | -60 | -32 |
Income tax (expense) benefit on operating income (loss) | 43 | 30 |
Net operating income (loss) | -17 | -2 |
Net realized investment gains (losses), pre-tax | 1 | 16 |
Income tax (expense) benefit on net realized investment gains (losses) | 2 | -6 |
Net realized investment gains (losses), after tax | 3 | 10 |
Net income (loss) from continuing operations | -14 | 8 |
Corporate and Other Non-Core [Member] | ||
Operating Revenues | ||
Net earned premiums | 0 | 0 |
Net investment income | 6 | 5 |
Other revenues | 2 | 2 |
Total operating revenues | 8 | 7 |
Claims, Benefits and Expenses | ||
Net incurred claims and benefits | -4 | -3 |
Policyholders' dividends | 0 | 0 |
Amortization of deferred acquisition costs | 0 | 0 |
Other insurance related expenses | 0 | 0 |
Other expenses | 46 | 51 |
Total claims, benefits and expenses | 42 | 48 |
Operating income (loss) before income tax | -34 | -41 |
Income tax (expense) benefit on operating income (loss) | 12 | 14 |
Net operating income (loss) | -22 | -27 |
Net realized investment gains (losses), pre-tax | 0 | 6 |
Income tax (expense) benefit on net realized investment gains (losses) | 0 | -2 |
Net realized investment gains (losses), after tax | 0 | 4 |
Net income (loss) from continuing operations | -22 | -23 |
Eliminations [Member] | ||
Operating Revenues | ||
Net earned premiums | 0 | -1 |
Net investment income | 0 | 0 |
Other revenues | -1 | 0 |
Total operating revenues | -1 | -1 |
Claims, Benefits and Expenses | ||
Net incurred claims and benefits | 0 | 0 |
Policyholders' dividends | 0 | 0 |
Amortization of deferred acquisition costs | 0 | 0 |
Other insurance related expenses | 0 | -1 |
Other expenses | -1 | 0 |
Total claims, benefits and expenses | -1 | -1 |
Operating income (loss) before income tax | 0 | 0 |
Income tax (expense) benefit on operating income (loss) | 0 | 0 |
Net operating income (loss) | 0 | 0 |
Net realized investment gains (losses), pre-tax | 0 | 0 |
Income tax (expense) benefit on net realized investment gains (losses) | 0 | 0 |
Net realized investment gains (losses), after tax | 0 | 0 |
Net income (loss) from continuing operations | $0 | $0 |
Business_Segments_Balance_Shee
Business Segments (Balance Sheet Information) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Reinsurance receivables | $4,768 | $4,742 |
Insurance receivables | 2,109 | 1,997 |
Deferred acquisition costs | 616 | 600 |
Goodwill | 151 | 152 |
Insurance reserves | ||
Claim and claim adjustment expenses | 23,248 | 23,271 |
Unearned premiums | 3,710 | 3,592 |
Future policy benefits | 9,747 | 9,490 |
Policyholders’ funds | 0 | 27 |
Specialty [Member] | ||
Segment Reporting Information [Line Items] | ||
Reinsurance receivables | 671 | 567 |
Insurance receivables | 808 | 778 |
Deferred acquisition costs | 307 | 304 |
Goodwill | 117 | 117 |
Insurance reserves | ||
Claim and claim adjustment expenses | 6,352 | 6,229 |
Unearned premiums | 1,794 | 1,763 |
Future policy benefits | 0 | 0 |
Policyholders’ funds | 9 | |
Commercial [Member] | ||
Segment Reporting Information [Line Items] | ||
Reinsurance receivables | 675 | 690 |
Insurance receivables | 1,004 | 954 |
Deferred acquisition costs | 225 | 213 |
Goodwill | 0 | 0 |
Insurance reserves | ||
Claim and claim adjustment expenses | 9,441 | 9,514 |
Unearned premiums | 1,329 | 1,273 |
Future policy benefits | 0 | 0 |
Policyholders’ funds | 18 | |
International [Member] | ||
Segment Reporting Information [Line Items] | ||
Reinsurance receivables | 207 | 207 |
Insurance receivables | 282 | 250 |
Deferred acquisition costs | 84 | 83 |
Goodwill | 34 | 35 |
Insurance reserves | ||
Claim and claim adjustment expenses | 1,377 | 1,441 |
Unearned premiums | 449 | 431 |
Future policy benefits | 0 | 0 |
Policyholders’ funds | 0 | |
Life and Group Non-Core [Member] | ||
Segment Reporting Information [Line Items] | ||
Reinsurance receivables | 543 | 525 |
Insurance receivables | 13 | 13 |
Deferred acquisition costs | 0 | 0 |
Goodwill | 0 | 0 |
Insurance reserves | ||
Claim and claim adjustment expenses | 3,237 | 3,183 |
Unearned premiums | 139 | 125 |
Future policy benefits | 9,747 | 9,490 |
Policyholders’ funds | 0 | |
Corporate and Other Non-Core [Member] | ||
Segment Reporting Information [Line Items] | ||
Reinsurance receivables | 2,672 | 2,753 |
Insurance receivables | 2 | 2 |
Deferred acquisition costs | 0 | 0 |
Goodwill | 0 | 0 |
Insurance reserves | ||
Claim and claim adjustment expenses | 2,841 | 2,904 |
Unearned premiums | 0 | 0 |
Future policy benefits | 0 | 0 |
Policyholders’ funds | 0 | |
Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Reinsurance receivables | 0 | 0 |
Insurance receivables | 0 | 0 |
Deferred acquisition costs | 0 | 0 |
Goodwill | 0 | 0 |
Insurance reserves | ||
Claim and claim adjustment expenses | 0 | 0 |
Unearned premiums | -1 | 0 |
Future policy benefits | 0 | 0 |
Policyholders’ funds | $0 |
Business_Segments_Revenues_by_
Business Segments (Revenues by Line of Business) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | $2,352 | $2,463 |
Specialty [Domain] | ||
Revenues | 917 | 915 |
Management & Professional Liability [Member] | ||
Revenues | 697 | 704 |
Surety [Member] | ||
Revenues | 120 | 122 |
Warranty & Alternative Risks [Member] | ||
Revenues | 100 | 89 |
Commercial [Domain] | ||
Revenues | 895 | 946 |
Middle Markets [Member] | ||
Revenues | 409 | 403 |
Small Business [Member] | ||
Revenues | 165 | 184 |
Other Commercial Insurance [Member] | ||
Revenues | 321 | 359 |
International [Domain] | ||
Revenues | 206 | 259 |
Canada [Member] | ||
Revenues | 55 | 71 |
CNA Europe [Member] | ||
Revenues | 77 | 88 |
Hardy [Member] | ||
Revenues | 74 | 100 |
Life & Group Non-Core [Domain] | ||
Revenues | 327 | 331 |
Corporate and Other [Domain] | ||
Revenues | 8 | 13 |
Intersegment Eliminations [Domain] | ||
Revenues | ($1) | ($1) |
Discontinued_Operations_Income
Discontinued Operations Income Statement Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Net Investment Income | $41 | |
Net Realized Investment Gains (Losses) | 1 | |
Total Revenues | 42 | |
Claims, Benefits and Expenses | ||
Insurance Claims and Policyholders' Benefits | 31 | |
Other Operating Expenses | 1 | |
Total Claims, Benefits and Expenses | 32 | |
Income before Income Tax | 10 | |
Income tax (expense) benefit | -3 | |
Income from operations of discontinued operations, net of income tax | 7 | |
Impairment loss on sale, net of income tax benefit | -214 | |
Income (Loss) from Discontinued Operations | 0 | -207 |
Income tax benefit (expense) on impairment | $41 |