COVER
COVER - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 04, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-06541 | ||
Entity Registrant Name | LOEWS CORP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-2646102 | ||
Entity Address, Address Line One | 667 Madison Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10065-8087 | ||
City Area Code | 212 | ||
Local Phone Number | 521-2000 | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | L | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 11,876 | ||
Entity Common Stock, Shares Outstanding | 248,202,443 | ||
Entity Central Index Key | 0000060086 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | New York, NY |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Investments: | ||
Fixed maturities, amortized cost of $39,952 and $38,963, less allowance for credit loss of $18 and $40 | $ 44,380 | $ 44,646 |
Equity securities, cost of $1,546 and $1,456 | 1,674 | 1,561 |
Limited partnership investments | 1,933 | 1,798 |
Other invested assets, primarily mortgage loans, less allowance for credit loss of $16 and $26 | 1,091 | 1,165 |
Short term investments | 4,860 | 4,674 |
Total investments | 53,938 | 53,844 |
Cash | 621 | 478 |
Receivables | 9,273 | 7,833 |
Property, plant and equipment | 9,888 | 10,451 |
Goodwill | 349 | 785 |
Deferred non-insurance warranty acquisition expenses | 3,476 | 3,068 |
Deferred acquisition costs of insurance subsidiaries | 737 | 708 |
Other assets | 3,344 | 3,069 |
Total assets | 81,626 | 80,236 |
Insurance reserves: | ||
Claim and claim adjustment expense | 24,174 | 22,706 |
Future policy benefits | 13,236 | 13,318 |
Unearned premiums | 5,761 | 5,119 |
Total insurance reserves | 43,171 | 41,143 |
Payable to brokers | 90 | 92 |
Short term debt | 93 | 37 |
Long term debt | 8,986 | 10,072 |
Deferred income taxes | 1,079 | 1,065 |
Deferred non-insurance warranty revenue | 4,503 | 4,023 |
Other liabilities | 4,529 | 4,623 |
Total liabilities | 62,451 | 61,055 |
Commitments and contingent liabilities | ||
Shareholders' equity: | ||
Preferred Stock, Value, Issued | ||
Common Stock, Value, Issued | 2 | 3 |
Additional paid-in capital | 2,885 | 3,133 |
Retained earnings | 14,776 | 14,150 |
Accumulated other comprehensive income | 186 | 581 |
Shareholders' equity before treasury stock, total | 17,849 | 17,867 |
Less treasury stock, at cost (150,000 and 240,000 shares) | (3) | (7) |
Total shareholders’ equity | 17,846 | 17,860 |
Noncontrolling interests | 1,329 | 1,321 |
Total equity | 19,175 | 19,181 |
Total liabilities and equity | $ 81,626 | $ 80,236 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Investments: | ||
Cost or Amortized Cost | $ 39,952 | $ 38,963 |
Fixed maturities, allowance for credit loss | 18 | 40 |
Equity securities, cost | 1,546 | 1,456 |
Other invested assets, primarily mortgage loans, allowance for credit loss | $ 16 | $ 26 |
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Value, Issued | $ 2 | $ 3 |
Common stock, shares authorized (in shares) | 1,800,000,000 | 1,800,000,000 |
Common stock, shares issued (in shares) | 248,467,051 | 269,360,973 |
Treasury stock, shares (in shares) | 50,000 | 150,000 |
Preferred Stock, Value, Issued |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Insurance premiums | $ 8,175 | $ 7,649 | $ 7,428 |
Net investment income | 2,259 | 1,995 | 2,355 |
Investment gains | 660 | (1,246) | 49 |
Non-insurance warranty revenue | 1,430 | 1,252 | 1,161 |
Operating revenues and other | 2,133 | 2,933 | 3,938 |
Total | 14,657 | 12,583 | 14,931 |
Expenses: | |||
Insurance claims and policyholders’ benefits | 6,349 | 6,170 | 5,806 |
Amortization of deferred acquisition costs | 1,443 | 1,410 | 1,383 |
Non-insurance warranty expense | 1,328 | 1,159 | 1,082 |
Operating expenses and other | 2,931 | 4,793 | 4,950 |
Interest | 424 | 515 | 591 |
Total | 12,475 | 14,047 | 13,812 |
Income (loss) before income tax | 2,182 | (1,464) | 1,119 |
Income tax (expense) benefit | (479) | 173 | (248) |
Net income (loss) | 1,703 | (1,291) | 871 |
Amounts attributable to noncontrolling interests | (125) | 360 | 61 |
Net income (loss) attributable to Loews Corporation | $ 1,578 | $ (931) | $ 932 |
Per share-basic (in dollars per share) | $ 6.08 | $ (3.32) | $ 3.08 |
Per share-diluted (in dollars per share) | $ 6.07 | $ (3.32) | $ 3.07 |
Basic weighted average number of shares outstanding (in shares) | 259,670 | 280,320 | 302,700 |
Diluted weighted average number of shares outstanding (in shares) | 260,200 | 280,320 | 303,350 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 1,703 | $ (1,291) | $ 871 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net unrealized losses on investments with an allowance for credit losses | (2) | ||
Net unrealized gains (losses) on other investments | (706) | 720 | 948 |
Total unrealized gains (losses) on investments | (708) | 720 | 948 |
Unrealized gains (losses) on cash flow hedges | 17 | (17) | (11) |
Pension and postretirement benefits | 266 | (24) | (68) |
Foreign currency translation | (20) | 48 | 42 |
Other comprehensive income (loss) | (445) | 727 | 911 |
Comprehensive income (loss) | 1,258 | (564) | 1,782 |
Amounts attributable to noncontrolling interests | (75) | 282 | (38) |
Total comprehensive income (loss) attributable to Loews Corporation | $ 1,183 | $ (282) | $ 1,744 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock Held in Treasury | Noncontrolling Interests | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings | Cumulative Effect, Period of Adoption, Adjusted Balance | Cumulative Effect, Period of Adoption, Adjusted BalanceCommon Stock | Cumulative Effect, Period of Adoption, Adjusted BalanceAdditional Paid-in Capital | Cumulative Effect, Period of Adoption, Adjusted BalanceRetained Earnings | Cumulative Effect, Period of Adoption, Adjusted BalanceAccumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjusted BalanceCommon Stock Held in Treasury | Cumulative Effect, Period of Adoption, Adjusted BalanceNoncontrolling Interests |
Balance at beginning of period at Dec. 31, 2018 | $ 21,386 | $ 3 | $ 3,627 | $ 15,773 | $ (880) | $ (5) | $ 2,868 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 871 | 932 | (61) | |||||||||||||
Other comprehensive income | 911 | 812 | 99 | |||||||||||||
Dividends paid ($0.25 per share) | (174) | (76) | ||||||||||||||
Dividends paid ($0.25 per share) | (98) | |||||||||||||||
Purchase of subsidiary stock from noncontrolling interests | (23) | (23) | ||||||||||||||
Purchases of Loews Corporation treasury stock | (1,059) | (1,059) | ||||||||||||||
Retirement of treasury stock | 0 | (248) | (803) | 1,051 | ||||||||||||
Stock-based compensation | 27 | 4 | 23 | |||||||||||||
Other | (9) | (9) | (3) | 3 | ||||||||||||
Balance at end of period at Dec. 31, 2019 | 21,930 | 3 | 3,374 | 15,823 | (68) | (13) | 2,811 | $ (5) | $ (5) | $ 21,925 | $ 3 | $ 3,374 | $ 15,818 | $ (68) | $ (13) | $ 2,811 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | (1,291) | (931) | (360) | |||||||||||||
Other comprehensive income | 727 | 649 | 78 | |||||||||||||
Dividends paid ($0.25 per share) | (169) | (70) | ||||||||||||||
Dividends paid ($0.25 per share) | (99) | |||||||||||||||
Purchase of subsidiary stock from noncontrolling interests | (37) | 5 | (42) | |||||||||||||
Deconsolidation of Diamond Offshore | (1,087) | (1,087) | ||||||||||||||
Purchases of Loews Corporation treasury stock | (917) | (917) | ||||||||||||||
Retirement of treasury stock | 0 | (256) | (667) | 923 | ||||||||||||
Stock-based compensation | 26 | 8 | 18 | |||||||||||||
Other | 4 | 2 | 2 | |||||||||||||
Balance at end of period at Dec. 31, 2020 | 19,181 | 3 | 3,133 | 14,150 | 581 | (7) | 1,321 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 1,703 | 1,578 | 125 | |||||||||||||
Other comprehensive income | (445) | (395) | (50) | |||||||||||||
Dividends paid ($0.25 per share) | (129) | (65) | ||||||||||||||
Dividends paid ($0.25 per share) | (64) | |||||||||||||||
Purchase of subsidiary stock from noncontrolling interests | (18) | (18) | ||||||||||||||
Purchases of Loews Corporation treasury stock | (1,132) | (1,132) | ||||||||||||||
Retirement of treasury stock | 0 | (1) | (246) | (889) | 1,136 | |||||||||||
Stock-based compensation | 15 | (2) | 17 | |||||||||||||
Other | 0 | 2 | (2) | |||||||||||||
Balance at end of period at Dec. 31, 2021 | $ 19,175 | $ 2 | $ 2,885 | $ 14,776 | $ 186 | $ (3) | $ 1,329 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities: | |||
Net income (loss) | $ 1,703 | $ (1,291) | $ 871 |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||
Investment (gains) losses | (660) | 1,246 | (49) |
Equity method investees | (74) | 102 | 20 |
Amortization of investments | (81) | (67) | (89) |
Depreciation and amortization | 515 | 734 | 943 |
Asset impairments | 10 | 810 | 99 |
Provision for deferred income taxes | 213 | (235) | 70 |
Other non-cash items | 71 | 61 | 87 |
Changes in operating assets and liabilities, net: | |||
Receivables | (1,409) | (425) | 114 |
Deferred acquisition costs | (30) | (43) | (26) |
Insurance reserves | 2,463 | 1,681 | 358 |
Other assets | (946) | (513) | (356) |
Other liabilities | 897 | 256 | 193 |
Trading securities | (49) | (571) | (494) |
Net cash flow provided by operating activities | 2,623 | 1,745 | 1,741 |
Investing Activities: | |||
Purchases of fixed maturities | (9,307) | (10,269) | (8,661) |
Proceeds from sales of fixed maturities | 3,816 | 5,904 | 5,842 |
Proceeds from maturities of fixed maturities | 4,464 | 3,760 | 2,997 |
Purchases of equity securities | (304) | (452) | (186) |
Proceeds from sales of equity securities | 316 | 355 | 214 |
Purchases of limited partnership investments | (440) | (224) | (198) |
Proceeds from sales of limited partnership investments | 307 | 398 | 742 |
Purchases of property, plant and equipment | (482) | (710) | (1,041) |
Acquisitions | (58) | (257) | |
Dispositions | 80 | 65 | 140 |
Sale of interest in Altium Packaging | 417 | ||
Deconsolidation of Diamond Offshore | (483) | ||
Change in short term investments | (141) | 427 | (57) |
Other, net | 87 | (127) | (206) |
Net cash flow used by investing activities | (1,187) | (1,414) | (671) |
Financing Activities: | |||
Dividends paid | (65) | (70) | (76) |
Dividends paid to noncontrolling interests | (64) | (99) | (98) |
Purchases of Loews Corporation treasury stock | (1,136) | (923) | (1,051) |
Purchases of subsidiary stock from noncontrolling interests | (18) | (37) | (23) |
Principal payments on debt | (1,193) | (1,726) | (1,956) |
Issuance of debt | 1,199 | 2,659 | 2,076 |
Other, net | (12) | (2) | (16) |
Net cash flow (used) provided by financing activities | (1,289) | (198) | (1,144) |
Effect of foreign exchange rate on cash | (4) | 9 | 5 |
Net change in cash | 143 | 142 | (69) |
Cash, beginning of year | 478 | 336 | 405 |
Cash, end of year | $ 621 | $ 478 | $ 336 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation − Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an 89.6% owned subsidiary); transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, the term “Company” as used herein means Loews Corporation including its consolidated subsidiaries, the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries. On April 1, 2021, Loews Corporation sold 47% of Altium Packaging LLC (“Altium Packaging”), previously a 99% owned subsidiary. In the second quarter of 2020, Diamond Offshore Drilling, Inc. (“Diamond Offshore”), previously a 53% owned subsidiary, was deconsolidated from the Company’s consolidated financial statements. See Note 2 for further discussion. Accounting estimates and principles of consolidation – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes. Actual results could differ from those estimates. The Consolidated Financial Statements include all subsidiaries and intercompany accounts and transactions have been eliminated. Investments – Fixed maturity securities are classified as either available-for-sale or trading, and as such, they are carried at fair value. Short term investments are carried at fair value. Changes in fair value of trading securities are reported within Net investment income on the Consolidated Statements of Operations. Changes in fair value related to available-for-sale securities are reported as a component of Other comprehensive income. The cost of fixed maturity securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts, which are included in Net investment income on the Consolidated Statements of Operations. The amortization of premium and accretion of discount for fixed maturity securities takes into consideration call and maturity dates that produce the lowest yield. For asset-backed securities included in fixed maturity securities, income is recognized using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments predominantly using the retrospective method. To the extent that unrealized gains on fixed maturity securities supporting structured settlements not funded by annuities were realized, or that unrealized gains on fixed maturity securities supporting long term care products would result in a premium deficiency if realized, a related increase in Insurance reserves is recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (“Shadow Adjustments”). Shadow Adjustments decreased $265 million (after tax and noncontrolling interests) and increased $515 million (after tax and noncontrolling interests) for the years ended December 31, 2021 and 2020. As of December 31, 2021 and 2020, net unrealized gains on investments included in Accumulated other comprehensive income (“AOCI”) were correspondingly reduced by Shadow Adjustments of $2.2 billion (after tax and noncontrolling interests) and $2.5 billion (after tax and noncontrolling interests). Equity securities are carried at fair value. Non-redeemable preferred stock investments contain characteristics of debt securities, are priced similarly to bonds and are held primarily for income generation through periodic dividends. While recognition of gains and losses on these securities is not discretionary, the changes in fair value of non-redeemable preferred stock are not considered to be reflective of its primary operations. As such, the changes in the fair value of these securities are recorded through Investment gains (losses) on the Consolidated Statements of Operations. The Company owns certain common stock with the intention of holding the securities primarily for market appreciation and as such, the changes in the fair value of these securities are recorded through Net investment income (loss). The Company’s carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the general partner. Certain partnerships for which results are not available on a timely basis are reported on a lag, primarily three months or less. These investments are accounted for under the equity method and changes in net asset values are recorded within Net investment income on the Consolidated Statements of Operations. Mortgage loans are commercial in nature, are carried at unpaid principal balance, net of unamortized fees and an allowance for expected credit losses, and are recorded once funded. The allowance for expected credit losses on mortgage loans is developed by assessing the credit quality of pools of mortgage loans in good standing using debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. The DSCR compares a property’s net operating income to its debt service payments, including principal and interest. The LTV ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. The pools developed to measure the credit loss allowance use increments of DSCR and LTV to draw distinctions between risk levels. Expected credit loss rates are applied by pool to the outstanding receivable balances. Changes in the allowance for mortgage loans are presented as a component of Investment gains (losses) on the Consolidated Statements of Operations. Mortgage loans are included in Other invested assets on the Consolidated Balance Sheets. Prior to 2020, mortgage loans were evaluated on an individual loan basis considering the collection experience of each loan and other credit quality indicators such as DSCR and the credit-worthiness of the borrower or tenants of credit tenant loan properties. Mortgage loans were considered to be impaired and a loss incurred when it was probable that contractual principal and interest payments would not be collected and any impairment losses were recognized as a direct write-down of amortized cost. Interest income from mortgage loans is recognized on an accrual basis using the effective yield method. Investments in derivative securities are carried at fair value with changes in fair value reported as a component of Investment gains (losses), Net investment income or Other comprehensive income (loss), depending on their hedge designation. A derivative is typically defined as an instrument whose value is “derived” from an underlying instrument, index or rate, has a notional amount, requires little or no initial investment and can be net settled. Derivatives include the following types of investments: interest rate swaps, interest rate caps and floors, put and call options, warrants, futures, forwards, commitments to purchase securities, credit default swaps and combinations of the foregoing. Derivatives embedded within non-derivative instruments (such as call options embedded in convertible bonds) must be split from the host instrument when the embedded derivative is not clearly and closely related to the host instrument. An available-for-sale security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and allowance for credit losses. When a security is impaired, it is evaluated to determine whether there is an intent to sell the security before recovery of amortized cost or whether a credit loss exists. Losses on securities that are intended to be sold are recognized as impairment losses within Investment gains (losses) on the Consolidated Statements of Operations. If a credit loss exists, an allowance is established and the corresponding amount is recognized as an impairment loss within Investment gains (losses) on the Consolidated Statements of Operations. The allowance for credit losses related to available-for-sale fixed maturity securities is the difference between the present value of cash flows expected to be collected and the amortized cost basis. In subsequent periods, the allowance is reviewed, with any changes in the allowance presented as a component of Investment gains (losses) on the Consolidated Statements of Operations. Changes in the difference between the amortized cost basis, net of the allowance, and the fair value, are recognized in Other comprehensive income. Significant judgment is required in the determination of whether an impairment loss has occurred for a security. A consistent and systematic process is followed for determining and recording an impairment loss, including the evaluation of securities in an unrealized loss position and securities with an allowance for credit losses on at least a quarterly basis. The assessment of whether an impairment loss has occurred incorporates both quantitative and qualitative information. A credit loss exists if the present value of cash flows expected to be collected is less than the amortized cost basis. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. All available evidence is considered when determining whether an investment requires a credit loss write-down or allowance to be recorded. Examples of such evidence may include the financial condition and near-term and long-term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions and industry, sector or other specific factors and whether it is likely that the amortized cost will be recovered through the collection of cash flows. Prior to 2020, the assessment of whether an impairment loss occurred also incorporated both quantitative and qualitative information. Fixed maturity securities in an unrealized loss position for which there was an intent to sell, or more likely than not would be required to be sold before recovery of amortized cost, were considered to be impaired and the entire difference between the amortized cost basis and fair value of the security was recognized as an impairment loss in earnings as a direct write-down of amortized cost. The remaining fixed maturity securities in an unrealized loss position were evaluated to determine if a credit loss existed. If a credit loss was determined to exist, the credit loss was recognized in earnings as a direct write-down of amortized cost. Credit losses - The allowances for credit losses on fixed maturity securities, mortgage loans, reinsurance receivables, insurance receivables and trade receivables are valuation accounts that are reported as a reduction of a financial asset’s cost basis and are measured on a pool basis when similar risk characteristics exist. The allowance is estimated using relevant available information from both internal and external sources. Historical credit loss experience provides the basis for the estimation of expected credit losses and adjustments may be made to reflect current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for additional factors that come to the Company’s attention. This could include significant shifts in counterparty financial strength ratings, aging of past due receivables, amounts sent to collection agencies, or other underlying portfolio changes. Current and forecast economic conditions are considered, using a variety of economic metrics and forecast indices. The sensitivity of expected credit losses relative to changes to the forecast of economic conditions can vary by financial asset class. A reasonable and supportable forecast period is up to 24 months from the balance sheet date. After the forecast period, the Company reverts to historical credit experience. Collateral arrangements such as letters of credit and amounts held in beneficiary trusts to mitigate credit risk are considered in the estimate of the net amount expected to be collected. Amounts are written off against the allowance when determined to be uncollectible. Prior to 2020, the allowance for doubtful accounts for reinsurance, insurance and trade receivables was measured using an incurred loss methodology. A policy election has been made to present accrued interest balances separately from the amortized cost basis of assets, and a practical expedient has been elected to exclude the accrued interest from the tabular disclosures for mortgage loans and available-for-sale securities. An election has been made not to estimate an allowance for credit losses on accrued interest receivables. The accrual of interest income is discontinued and the asset is placed on nonaccrual status within 90 days of the interest becoming delinquent. Interest accrued but not received for assets on nonaccrual status is reversed through Net investment income. Interest received for assets that are on nonaccrual status is recognized as payment is received. The asset is returned to accrual status when the principal and interest amounts contractually due are brought current, and future payments are expected. Interest receivables are presented in Receivables on the Consolidated Balance Sheet. Equity method investments – Loews Hotels & Co has interests in operating joint ventures related to hotel properties over which it exercises significant influence, but does not have control over them. Loews Hotels & Co uses the equity method of accounting for these investments. In addition, effective April 1, 2021, following Loews Corporation’s sale of 47% of Altium Packaging to GIC, Singapore’s sovereign wealth fund, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting. See Note 2 for further discussion. The Company’s total investment in entities accounted for under the equity method of accounting, excluding limited partnership investments, was $734 million and $299 million as of December 31, 2021 and 2020 and is reported in Other assets on the Consolidated Balance Sheets. Equity income (loss) for investments accounted for under the equity method of accounting, excluding limited partnerships, was $26 million, $(73) million and $69 million for the years ended December 31, 2021, 2020 and 2019 and is reported in Operating expenses and other on the Consolidated Statements of Operations. Equity method investments are reviewed for impairment when changes in circumstances indicate that the carrying value of the asset may not be recoverable. See above and Note 3 for a discussion of limited partnership investments. Hedging – The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedging transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative for which hedge accounting has been designated is not (or ceases to be) highly effective, the Company discontinues hedge accounting prospectively. See Note 3 for additional information on the Company’s use of derivatives. Securities lending activities – The Company lends securities for the purpose of enhancing income or to finance positions to unrelated parties who have been designated as primary dealers by the Federal Reserve Bank of New York. Borrowers of these securities must deposit and maintain collateral with the Company of no less than 100% of the fair value of the securities loaned. United States of America (“U.S.”) Government securities and cash are accepted as collateral. The Company maintains effective control over loaned securities and, therefore, continues to report such securities as investments on the Consolidated Balance Sheets. Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan. This matching of terms tends to limit risk. In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice. Collateral is not reflected as an asset of the Company. There was no collateral held at December 31, 2021 and 2020. Revenue recognition – Premiums on property and casualty insurance contracts are recognized in proportion to the underlying risk insured and are principally earned ratably over the term of the policies. Premiums on long term care contracts are earned ratably over the policy year in which they are due. The reserve for unearned premiums represents the portion of premiums written relating to the unexpired terms of coverage. Property and casualty contracts that are retrospectively rated or subject to audit premiums contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions. These provisions stipulate the adjustment due to loss experience of the insured during the coverage period, or changes in the level of exposure to insurance risk. For such contracts, CNA estimates the amount of ultimate premiums that it may earn upon completion of the coverage period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. CNA either adjusts such estimated ultimate premium amounts during the course of the coverage period based on actual results to date or by conducting premium audits after the policy has expired to determine the final exposure to insured risks. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period. Insurance receivables include balances due currently or in the future, including amounts due from insureds related to paid losses under high deductible policies, and are presented at unpaid balances, net of an allowance for doubtful accounts. As of December 31, 2021, an allowance for doubtful accounts of $29 million for insurance receivables has been established using a loss rate methodology to determine expected credit losses for premium receivables. This methodology uses CNA’s historical annual credit losses relative to gross premium written to develop a range of credit loss rates for each dollar of gross written premium underwritten. Additionally, an expected credit loss for amounts due from insureds under high deductible and retrospectively rated policies is calculated on a pool basis, informed by historical default rate data obtained from major rating agencies. Changes in the allowance are presented as a component of Other operating expenses on the Consolidated Statements of Operations. Amounts are considered past due based on policy payment terms. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. CNA’s non-insurance warranty revenues are primarily generated from separately-priced service contracts that provide mechanical breakdown and other coverages to vehicle or consumer goods owners, which generally provide coverage from one month to ten years. For warranty products where CNA acts as the principal in the transaction, Non-insurance warranty revenue is reported on a gross basis, with amounts paid by customers reported as Non-insurance warranty revenue and commissions paid to agents reported as Non-insurance warranty expense on the Consolidated Statements of Operations. Additionally, CNA provides warranty administration services for dealer and manufacturer warranty products. Non-insurance revenues are recognized when obligations under the terms of the contract with CNA’s customers are satisfied, which is generally over time as obligations are fulfilled. CNA recognizes non-insurance warranty revenue over the service period in proportion to the actuarially determined expected claims emergence pattern. Customers predominantly pay in full at the inception of the warranty contract. The liability for unearned warranty revenue, reported as Deferred non-insurance warranty revenue on the Consolidated Balance Sheets, represents the unearned portion of revenue in advance of CNA’s performance, including amounts which are refundable upon cancellation. Contract costs to obtain or fulfill non-insurance warranty contracts with customers are deferred and recorded as Deferred non-insurance warranty acquisition expenses on the Consolidated Balance Sheets. These costs are expected to be recoverable over the term of the contract and are amortized in the same manner the related revenue is recognized. CNA evaluates deferred costs for recoverability including consideration of anticipated investment income. Adjustments to deferred costs, if necessary, are recorded in the current period results of operations. Diamond Offshore’s contract drilling revenues primarily resulted from providing a drilling rig and the crew and supplies necessary to operate the rig, mobilizing and demobilizing the rig to and from the drill site and performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue and reimbursement revenue for the purchase of supplies, equipment, personnel services and other services requested by the customer. Diamond Offshore accounted for these integrated services provided within its drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which drilling services are provided. The total transaction price was determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the term of the contract. The standard contract term ranged from two Boardwalk Pipelines primarily earns revenues by providing transportation and storage services for natural gas and natural gas liquids and hydrocarbons (referred to together as “NGLs”) on a firm and interruptible basis and provides interruptible natural gas parking and lending services. The majority of Boardwalk Pipelines’ operating subsidiaries are subject to Federal Energy Regulatory Commission (“FERC”) regulations and certain revenues collected, under certain circumstances, may be subject to possible refunds to its customers. An estimated refund liability is recorded considering regulatory proceedings, advice of counsel and estimated total exposure. The majority of Boardwalk Pipelines’ revenues are from firm service contracts which are accounted for as a single promise to stand ready each month of the contract term to provide the committed capacity for either transportation or storage services. The transaction price is comprised of a fixed fee based on the capacity reserved plus a usage fee paid on the volume of commodity transported or injected and withdrawn from storage. Both the fixed and the usage fees are allocated to the single performance obligation of providing transportation or storage service and recognized over time as control is passed to the customer. These service contracts can range in term from one Loews Hotels & Co provides lodging and related goods and services as well as management and marketing services. Lodging and related revenues are recognized as the guest takes possession of the goods or receives the services. Management and marketing services revenues are recognized as the services are provided and billed on a monthly basis. In addition, Loews Hotels & Co recognizes revenue for the reimbursement of payroll and other expenses as they are incurred on behalf of the owners of joint venture and managed hotel properties. Altium Packaging is a packaging solutions provider and manufacturer in North America, serving a diverse customer base in the pharmaceutical, dairy, household chemicals, food/nutraceuticals, industrial/specialty chemicals, water and beverage/juice segments. Altium Packaging recognizes revenue when obligations under the terms of a contract with a customer have been satisfied. This occurs at the time control is transferred to the customer, which generally occurs upon delivery or completion of the manufacturing process. Claim and claim adjustment expense reserves – Claim and claim adjustment expense reserves, except reserves for structured settlements not associated with asbestos and environmental pollution (“A&EP”), workers’ compensation lifetime claims and long term care claims, are not discounted and are based on (i) case basis estimates for losses reported on direct business, adjusted in the aggregate for ultimate loss expectations; (ii) estimates of incurred but not reported losses; (iii) estimates of losses on assumed reinsurance; (iv) estimates of future expenses to be incurred in the settlement of claims; (v) estimates of salvage and subrogation recoveries and (vi) estimates of amounts due from insureds related to losses under high deductible policies. Management considers current conditions and trends as well as past CNA and industry experience in establishing these estimates. The effects of inflation, which can be significant, are implicitly considered in the reserving process and are part of the recorded reserve balance. Ceded claim and claim adjustment expense reserves are reported as a component of Receivables on the Consolidated Balance Sheets. Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.1 billion and $1.2 billion as of December 31, 2021 and 2020. A significant portion of these amounts are supported by collateral. CNA also has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Receivables on the Consolidated Balance Sheets. Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. CNA’s obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and are discounted at a weighted average interest rate of 6.4% and 6.5% as of December 31, 2021 and 2020. As of December 31, 2021 and 2020, the discounted reserves for unfunded structured settlements were $503 million and $520 million, net of discount of $621 million and $657 million. For the years ended December 31, 2021, 2020 and 2019, the amount of interest recognized on the discounted reserves of unfunded structured settlements was $36 million, $35 million and $36 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations but is excluded from the disclosure of prior year loss reserve development. Workers’ compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. As of December 31, 2021 and 2020, workers’ compensation lifetime claim reserves are discounted at a 3.5% interest rate. As of December 31, 2021 and 2020, the discounted reserves for workers’ compensation lifetime claim reserves were $228 million and $258 million, net of discount of $97 million and $113 million. For the years ended December 31, 2021, 2020 and 2019, the amount of interest accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves was $12 million, $15 million and $21 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations, but is excluded from the Company’s disclosure of prior year loss reserve development. Long term care claim reserves for policyholders that are currently receiving benefits are calculated using mortality and morbidity assumptions based on CNA and industry experience. These long term care claim reserves are discounted at a weighted average interest rate of 5.8% as of December 31, 2021 and 2020. As of December 31, 2021 and 2020, such discounted reserves totaled $2.7 billion, net of discounts of $428 million and $439 million. Future policy benefit reserves – Future policy benefit reserves represent the active life reserves related to CNA’s long term care policies for policyholders that are not currently receiving benefits and are computed using the net level premium method, which incorporates actuarial assumptions as to morbidity, persistency, inclusive of mortality, discount rate, future premium rate adjustments and expenses. Expense assumptions primarily relate to claim adjudication. These assumptions are locked in over the life of the policy; however if a premium deficiency emerges, the assumptions are unlocked, and the future policy benefit reserves are increased. The September 30, 2021 gross premium valuation (“GPV”) indicated the recorded reserves included a margin of approximately $72 million. Long term care active life reserves for policyholders not currently receiving benefits are discounted at a weighted average interest rate of 5.3% and 5.4% as of December 31, 2021 and 2020. In circumstances where the cash flow projections supporting future policy benefit reserves are expected to result in profits being recognized in early future years followed by losses in later future years, the future policy benefit reserves are increased by an amount necessary to offset losses that are projected to be recognized in later future years. CNA has not recorded additional future policy benefit reserves for profits followed by losses. Insurance-related assessments – Liabilities for insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated and when the event obligating the entity to pay an imposed or probable assessment has occurred. Liabilities for insurance-related assessments are not discounted and are included as part of Other liabilities on the Consolidated Balance Sheets. As of December 31, 2021 and 2020, the liability balances were $79 million and $82 million. Reinsurance – Reinsurance accounting allows for contractual cash flows to be reflected as premiums and losses. To qualify for reinsurance accounting, reinsurance agreements must include risk transfer. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefit reserves. Reinsurance receivables are reported net of an allowance for doubtful accounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of CNA. As of December 31, 2021, an allowance for doubtful accounts of $21 million for reinsurance receivables has been established which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. For assessing expected credit losses, CNA separates reinsur |
Divestitures and Deconsolidatio
Divestitures and Deconsolidations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Divestitures and Deconsolidations | Divestitures and Deconsolidations Altium Packaging On April 1, 2021, Loews Corporation sold 47% of Altium Packaging to GIC, Singapore’s sovereign wealth fund, for $420 million in cash consideration. Loews Corporation shares certain participating rights with GIC related to capital allocation and other decisions by Altium Packaging. Therefore, in accordance with Accounting Standards Codification 810 (“ASC 810”), “Consolidation,” Altium Packaging was deconsolidated from Loews Corporation’s consolidated financial statements. Effective April 1, 2021, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting, with the investment reported in Other assets on the Consolidated Balance Sheets and equity income (loss) reported in Operating expenses and other on the Consolidated Statements of Operations. The transaction resulted in a gain of $555 million ($438 million after tax) for the year ended December 31, 2021, which is recorded in Investment gains (losses) on the Consolidated Statement of Operations. Loews Corporation’s retained investment in Altium Packaging was recorded at an estimated fair value of $473 million. The difference between the fair value of Loews Corporation’s retained investment in Altium Packaging and Loews Corporation’s 52.7% share of the carrying value of Altium Packaging’s net assets was attributed to finite lived intangible assets and goodwill. The amortization of the amounts attributed to finite lived intangible assets will be recognized as a component of equity income (loss) reported in Operating expenses and other on the Consolidated Statements of Operations. The assets and liabilities deconsolidated from the Consolidated Balance Sheets were property, plant and equipment of $490 million, goodwill of $436 million, intangible assets of $488 million, other assets of approximately $370 million, long term debt of $1.1 billion and other liabilities of approximately $380 million. Diamond Offshore As a result of the April 26, 2020 (“the Filing Date”) bankruptcy filing of Diamond Offshore and certain of its subsidiaries, Diamond Offshore was deconsolidated from Loews Corporation’s consolidated financial statements in the second quarter of 2020. Through the Filing Date, Diamond Offshore’s results were included in Loews Corporation’s consolidated financial statements and Loews Corporation recognized in its earnings its proportionate share of Diamond Offshore’s losses through such date. The deconsolidation resulted in the recognition of a loss of $1.2 billion ($957 million after tax) during the year ended December 31, 2020, which is reported within Investment gains (losses) on the Consolidated Statements of Operations. Loews Hotels & Co Loews Hotels & Co received aggregate proceeds of $77 million, $57 million and $118 million in 2021, 2020 and 2019 for the sales of owned hotels and other assets. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Net investment income is as follows: Year Ended December 31 2021 2020 2019 (In millions) Fixed maturity securities $ 1,707 $ 1,728 $ 1,817 Limited partnership investments 375 127 204 Short term investments 2 10 52 Equity securities 83 65 85 Income from trading portfolio (a) 106 83 216 Other 61 58 56 Total investment income 2,334 2,071 2,430 Investment expenses (75) (76) (75) Net investment income $ 2,259 $ 1,995 $ 2,355 (a) Net investment income recognized due to the change in fair value on securities still held as of December 31, 2021, 2020 and 2019 were $23, $88 and $41 for the years ended December 31, 2021, 2020 and 2019. As of December 31, 2021 and 2020, no investments in a single issuer exceeded 10% of shareholders’ equity, other than investments in securities issued by the U.S. Treasury and obligations of government-sponsored enterprises. Investment gains (losses) are as follows: Year Ended December 31 2021 2020 2019 (In millions) Fixed maturity securities: Gross gains $ 186 $ 220 $ 125 Gross losses (90) (220) (131) Investment gains (losses) on fixed maturity securities 96 — (6) Equity securities 4 (3) 66 Derivative instruments 6 (10) (11) Short term investments and other 14 (22) Altium Packaging (see Note 2) 555 Diamond Offshore (see Note 2) (15) (1,211) Investment gains (losses) (a) $ 660 $ (1,246) $ 49 (a) For the years ended December 31, 2021, 2020 and 2019, $2, $(3) and $66 of investment gains (losses) were recognized due to the change in fair value of non-redeemable preferred stock still held as of the end of each year. The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and PCD assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $369 million and $371 million as of December 31, 2021 and December 31, 2020 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Year Ended December 31, 2021 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2021 $ 23 $ 17 $ 40 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 14 14 Available-for-sale securities accounted for as PCD assets 5 6 11 Reductions to the allowance for credit losses: Securities sold during the period (realized) 7 17 24 Write-offs charged against the allowance 16 16 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (8) 1 (7) Total allowance for credit losses $ 11 $ 7 $ 18 Year Ended December 31, 2020 Allowance for credit losses: Balance as of January 1, 2020 $ — $ — $ — Additions to the allowance for credit losses: Impact of adopting ASC 326 6 6 Securities for which credit losses were not previously recorded 67 12 79 Available-for-sale securities accounted for as PCD assets 5 5 Reductions to the allowance for credit losses: Securities sold during the period (realized) 22 22 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1 1 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (32) 5 (27) Total allowance for credit losses $ 23 $ 17 $ 40 The components of available-for-sale impairment losses recognized in earnings by asset type are presented in the following table. The table includes losses on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date: Year Ended December 31 2021 2020 2019 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 11 $ 87 $ 33 Asset-backed 20 24 11 Impairment losses recognized in earnings $ 31 $ 111 $ 44 Gains of $10 million and losses of $21 million were recognized for the years ended December 31, 2021 and 2020 related to mortgage loans primarily due to changes in expected credit losses. The net change in unrealized gains (losses) on investments, which consists solely of the change in unrealized gains on fixed maturity securities, was $(1.3) billion, $1.6 billion and $2.6 billion for the years ended December 31, 2021, 2020 and 2019. The amortized cost and fair values of fixed maturity securities are as follows: December 31, 2021 Cost or Amortized Cost Gross Unrealized Gross Unrealized Allowance Estimated (In millions) Fixed maturity securities: Corporate and other bonds $ 21,444 $ 2,755 $ 56 $ 11 $ 24,132 States, municipalities and political 10,358 1,599 14 11,943 Asset-backed: Residential mortgage-backed 2,893 71 8 2,956 Commercial mortgage-backed 1,987 63 19 2,031 Other asset-backed 2,561 54 10 7 2,598 Total asset-backed 7,441 188 37 7 7,585 U.S. Treasury and obligations of 132 1 3 130 Foreign government 570 15 2 583 Fixed maturities available-for-sale 39,945 4,558 112 18 44,373 Fixed maturities trading 7 7 Total fixed maturity securities $ 39,952 $ 4,558 $ 112 $ 18 $ 44,380 December 31, 2020 Cost or Amortized Cost Gross Unrealized Gross Unrealized Allowance Estimated (In millions) Fixed maturity securities: Corporate and other bonds $ 20,792 $ 3,578 $ 22 $ 23 $ 24,325 States, municipalities and political 9,729 1,863 11,592 Asset-backed: Residential mortgage-backed 3,442 146 1 3,587 Commercial mortgage-backed 1,933 93 42 17 1,967 Other asset-backed 2,179 81 9 2,251 Total asset-backed 7,554 320 52 17 7,805 U.S. Treasury and obligations of 339 2 3 338 Foreign government 512 32 544 Fixed maturities available-for-sale 38,926 5,795 77 40 44,604 Fixed maturities trading 37 5 42 Total fixed maturity securities $ 38,963 $ 5,800 $ 77 $ 40 $ 44,646 The available-for-sale securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows: Less than 12 Months 12 Months or Longer Total December 31, 2021 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) Fixed maturity securities: Corporate and other bonds $ 2,389 $ 48 $ 136 $ 8 $ 2,525 $ 56 States, municipalities and political 730 14 730 14 Asset-backed: Residential mortgage-backed 1,043 8 1,043 8 Commercial mortgage-backed 527 7 167 12 694 19 Other asset-backed 840 10 62 902 10 Total asset-backed 2,410 25 229 12 2,639 37 U.S. Treasury and obligations of 69 3 5 74 3 Foreign government 97 2 97 2 Total fixed maturity securities $ 5,695 $ 92 $ 370 $ 20 $ 6,065 $ 112 December 31, 2020 Fixed maturity securities: Corporate and other bonds $ 609 $ 21 $ 12 $ 1 $ 621 $ 22 States, municipalities and political 33 33 Asset-backed: Residential mortgage-backed 71 1 11 82 1 Commercial mortgage-backed 533 40 28 2 561 42 Other asset-backed 344 9 13 357 9 Total asset-backed 948 50 52 2 1,000 52 U.S. Treasury and obligations of 63 3 63 3 Foreign government 13 13 Total fixed maturity securities $ 1,666 $ 74 $ 64 $ 3 $ 1,730 $ 77 Based on current facts and circumstances, the unrealized losses presented in the December 31, 2021 securities in a gross unrealized loss position table above are not believed to be indicative of the ultimate collectability of the current amortized cost of the securities, but rather are attributable to changes in interest rates, credit spreads and other factors. There is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded at December 31, 2021. Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. December 31 2021 2020 Cost or Amortized Cost Estimated Fair Cost or Amortized Cost Estimated (In millions) Due in one year or less $ 1,603 $ 1,624 $ 1,456 $ 1,458 Due after one year through five years 10,637 11,229 12,304 13,098 Due after five years through ten years 13,294 14,338 12,319 13,878 Due after ten years 14,411 17,182 12,847 16,170 Total $ 39,945 $ 44,373 $ 38,926 $ 44,604 Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. Limited Partnerships The carrying value of limited partnerships as of December 31, 2021 and 2020 was approximately $1.9 billion and $1.8 billion, which includes net undistributed earnings of $266 million and $252 million. Limited partnerships comprising 35% of the total carrying value are reported on a current basis through December 31, 2021 with no reporting lag, 6% of the total carrying value are reported on a one month lag and the remainder are reported on more than a one month lag. The number of limited partnerships held and the strategies employed provide diversification to the limited partnership portfolio and the overall invested asset portfolio. Limited partnerships comprising 65% and 44% of the carrying value at December 31, 2021 and 2020 were invested in private debt and equity. Limited partnerships comprising 35% and 56% of the carrying value as of December 31, 2021 and 2020 employ hedge fund strategies. Private debt and equity funds cover a broad range of investment strategies including buyout, co-investment, private credit, growth capital and distressed investing. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments. The ten largest limited partnership positions held totaled $665 million and $914 million as of December 31, 2021 and 2020. Based on the most recent information available regarding percentage ownership of the individual limited partnerships, the carrying value reflected on the Consolidated Balance Sheets represents approximately 1% and 2% of the aggregate partnership equity at December 31, 2021 and 2020, and the related income reflected on the Consolidated Statements of Operations represents approximately 2%, 2% and 2% of the changes in aggregate partnership equity for the years ended December 31, 2021, 2020 and 2019. There are risks inherent in limited partnership investments which may result in losses due to short-selling, derivatives or other speculative investment practices. The use of leverage increases volatility generated by the underlying investment strategies. Private debt, private equity and other non-hedge fund limited partnership investments generally do not permit voluntary withdrawals. Hedge fund limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year or longer. Typically, hedge fund withdrawals require advance written notice of up to 90 days. Mortgage Loans The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. Mortgage Loans Amortized Cost Basis by Origination Year (a) As of December 31, 2021 2021 2020 2019 2018 2017 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 2 $ 75 $ 6 $ 38 $ 99 $ 181 $ 401 LTV 55% to 65% 5 38 15 17 24 99 LTV greater than 65% 17 8 25 DSCR 1.2x - 1.6x LTV less than 55% 14 14 95 5 42 170 LTV 55% to 65% 36 24 10 70 LTV greater than 65% 24 8 32 DSCR ≤1.2x LTV less than 55% 35 30 65 LTV 55% to 65% 28 28 LTV greater than 65% 21 9 62 7 99 Total $ 95 $ 160 $ 249 $ 79 $ 152 $ 254 $ 989 (a) The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index. Derivative Financial Instruments Derivatives may be used in the normal course of business, primarily in an attempt to reduce exposure to market risk (principally interest rate risk, credit risk, equity price risk, commodity price risk and foreign currency risk) stemming from various assets and liabilities. The principal objective under such strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment. Interest rate swaps, futures and forward commitments to purchase securities may be entered into to manage interest rate risk. Credit derivatives such as credit default swaps may be entered into to modify the credit risk inherent in certain investments. Forward contracts, futures, swaps and options may be used to manage foreign currency and commodity price risk. In addition to the derivatives used for risk management purposes described above, derivatives may also be used for purposes of income enhancement. Income enhancement transactions include interest rate swaps, call options, put options, credit default swaps, index futures and foreign currency forwards. See Note 4 for information regarding the fair value of derivative instruments. The following tables present the aggregate contractual or notional amount and estimated fair value related to derivative financial instruments. December 31 2021 2020 Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value Asset (Liability) Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 675 $ (26) Without hedge designation: Equity markets: Options – purchased 135 $ 3 Interest rate swaps $ 100 100 (3) Embedded derivative on funds withheld liability 270 $ (12) 190 (19) Investment Commitments As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of December 31, 2021, commitments to purchase or fund were approximately $1.2 billion and to sell were approximately $90 million under the terms of these investments. Investments on Deposit Securities with carrying values of approximately $3.0 billion were deposited by CNA’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2021 and 2020. Cash and securities with carrying values of approximately $1.2 billion and $1.1 billion were deposited with financial institutions in trust accounts or as collateral for letters of credit to secure obligations with various third parties as of December 31, 2021 and 2020. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 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 methodology and inputs used to estimate fair value for each specific security. In general, securities are priced 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 a methodology and inputs that market participants presumably would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted. Control procedures are performed 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 may include: (i) the review of pricing service methodologies or broker pricing qualifications, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria and (iv) detailed analysis, where an independent analysis of the inputs and assumptions used to price individual securities is performed. Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. December 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 140 $ 23,768 $ 937 $ 24,845 States, municipalities and political subdivisions 11,887 56 11,943 Asset-backed 7,029 556 7,585 Fixed maturities available-for-sale 140 42,684 1,549 44,373 Fixed maturities trading 7 7 Total fixed maturities $ 140 $ 42,691 $ 1,549 $ 44,380 Equity securities $ 924 $ 721 $ 29 $ 1,674 Short term and other 4,696 74 4,770 Payable to brokers (70) (70) December 31, 2020 Fixed maturity securities: Corporate bonds and other $ 355 $ 24,082 $ 770 $ 25,207 States, municipalities and political subdivisions 11,546 46 11,592 Asset-backed 7,497 308 7,805 Fixed maturities available-for-sale 355 43,125 1,124 44,604 Fixed maturities trading 34 8 42 Total fixed maturities $ 355 $ 43,159 $ 1,132 $ 44,646 Equity securities $ 796 $ 722 $ 43 $ 1,561 Short term and other 4,538 39 4,577 Payable to brokers (14) (29) (43) |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Receivables | Receivables December 31 2021 2020 (In millions) Reinsurance (Note 16) $ 5,484 $ 4,478 Insurance 2,974 2,640 Receivable from brokers 280 97 Accrued investment income 377 381 Federal income taxes 11 4 Other, primarily customer accounts 200 290 Total 9,326 7,890 Less: allowance for doubtful accounts on reinsurance receivables 21 21 allowance for other doubtful accounts 32 36 Receivables $ 9,273 $ 7,833 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment December 31 2021 2020 (In millions) Pipeline equipment (net of accumulated depreciation of $3,742 and $3,402) $ 8,308 $ 8,368 Hotel properties (net of accumulated depreciation of $472 and $439) 959 1,083 Other (net of accumulated depreciation of $522 and $688) 281 719 Construction in process 340 281 Property, plant and equipment $ 9,888 $ 10,451 Depreciation expense and capital expenditures are as follows: Year Ended December 31 2021 2020 2019 Depre-ciation Capital Expend. Depre-ciation Capital Depre-ciation Capital Expend. (In millions) CNA Financial $ 51 $ 26 $ 56 $ 25 $ 64 $ 26 Boardwalk Pipelines 368 340 361 415 348 418 Loews Hotels & Co 63 100 63 88 60 216 Corporate 21 23 74 90 70 53 Diamond Offshore (a) 119 52 356 345 Total $ 503 $ 489 $ 673 $ 670 $ 898 $ 1,058 (a) Amounts presented for Diamond Offshore reflect the periods prior to deconsolidation. See Note 2 for further discussion. Capitalized interest related to the construction and upgrade of qualifying assets amounted to approximately $12 million, $14 million and $18 million for the years ended December 31, 2021, 2020 and 2019. Asset Impairments Loews Hotels & Co evaluates properties with indications that their carrying amounts may not be recoverable. It was determined that the carrying values of one property and capitalized costs related to a potential development project in 2020 and four properties in 2019 were impaired. Loews Hotels & Co recorded aggregate impairment charges of $30 million ($22 million after tax) and $99 million ($77 million after tax) for the years ended December 31, 2020 and 2019 and are reported within Operating expenses and other on the Consolidated Statements of Operations. Loews Hotels & Co utilizes an undiscounted probability-weighted cash flow analysis in testing the recoverability of its long-lived assets for potential impairment. Assumptions and estimates underlying this analysis include, among other things, (i) room revenue based on occupancy and average room rates, (ii) other revenue generated by the property, including food and beverage sales and ancillary services, as well as property specific revenue sources, (iii) operating expenses, including management and marketing fees and (iv) expenditures for repairs and refurbishments to maintain the asset’s value. When necessary, scenarios are developed using multiple assumptions of expected future events which Loews Hotels & Co assigns a probability of occurrence based on management’s expectations. This initial analysis results in a projected probability-weighted cash flow of the property, which is compared to the carrying value of the asset to assess recoverability. If the long-lived asset’s carrying value exceeds the undiscounted cash flows, Loews Hotels & Co compares the long-lived asset’s carrying value to fair value, estimating the fair value of the asset by discounting future cash flows using market participant assumptions or third-party indicators of fair value such as a recent independent appraisal. These calculations, at times, utilize significant unobservable inputs, including estimating the growth in the asset’s revenue and cost structure and are therefore considered Level 3 fair value measurements. During the first quarter of 2020, five drilling rigs that had indicators of impairment were evaluated. Based on the assumptions and analysis at that time, it was determined that the carrying values of four of these rigs were impaired. The fair values of these rigs were estimated using multiple probability-weighted cash flow analyses, whereby the fair value of each rig was estimated based on a calculation of the rig’s future net cash flows. These calculations utilized significant unobservable inputs, including utilization and dayrate scenarios, as well as management’s assumptions related to future oil and gas prices. These fair value estimates were representative of Level 3 fair value measurements due to the significant level of estimation involved and the lack of transparency as to the inputs used. An aggregate asset impairment charge of $774 million ($408 million after tax and noncontrolling interests) was recorded for the year ended December 31, 2020 and is reported within Operating expenses and other on the Consolidated Statements of Operations. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets A summary of the changes in the carrying amount of goodwill is as follows: CNA Financial Boardwalk Pipelines Corporate Total (In millions) Balance, December 31, 2019 $ 112 $ 237 $ 418 $ 767 Acquisition 18 18 Balance, December 31, 2020 112 237 436 785 Deconsolidation of Altium Packaging (see Note 2) (436) (436) Balance, December 31, 2021 $ 112 $ 237 $ — $ 349 A summary of the net carrying amount of other intangible assets is as follows: December 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In millions) Finite-lived intangible assets: Customer relationships $ 59 $ 17 $ 647 $ 111 Other 19 15 71 61 Total finite-lived intangible assets 78 32 718 172 Indefinite-lived intangible assets 63 64 Total other intangible assets $ 141 $ 32 $ 782 $ 172 The balance as of December 31, 2021 reflects the deconsolidation of Altium Packaging in 2021. Amortization expense for the years ended December 31, 2021, 2020 and 2019 of $3 million, $61 million and $45 million is reported in Operating expenses and other on the Consolidated Statements of Operations. At December 31, 2021, estimated amortization expense in each of the next five years is approximately $3 million. |
Claim, Claim Adjustment Expense
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves | Medical Professional Liability Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses December 31, 2021 December 31 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 (a) 2019 (a) 2020 (a) 2021 IBNR Cumulative Number of Claims (In millions, except reported claims data) Accident Year 2012 $ 464 $ 469 $ 508 $ 498 $ 493 $ 484 $ 493 $ 499 $ 497 $ 497 $ 4 17,755 2013 462 479 500 513 525 535 545 531 530 11 19,565 2014 450 489 537 530 535 529 527 524 8 19,800 2015 433 499 510 494 488 510 501 28 18,170 2016 427 487 485 499 508 510 24 16,085 2017 412 449 458 460 455 41 15,197 2018 404 429 431 448 60 14,997 2019 430 445 458 156 13,804 2020 477 476 347 9,935 2021 377 337 6,761 Total $ 4,776 $ 1,016 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2012 $ 14 $ 117 $ 221 $ 323 $ 388 $ 427 $ 457 $ 479 $ 482 $ 487 2013 17 119 255 355 414 462 495 508 512 2014 23 136 258 359 417 472 489 497 2015 22 101 230 313 384 420 444 2016 18 121 246 339 401 436 2017 19 107 235 308 355 2018 21 115 211 290 2019 17 91 183 2020 11 61 2021 11 Total $ 3,276 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,500 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 28 Liability for unallocated claim adjustment expenses for accident years presented 28 Total net liability for unpaid claim and claim adjustment expenses $ 1,556 Net Strengthening (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2012 $ 5 $ 39 $ (10) $ (5) $ (9) $ 9 $ 6 $ (2) $ — $ 33 2013 17 21 13 12 10 10 (14) (1) 68 2014 39 48 (7) 5 (6) (2) (3) 74 2015 66 11 (16) (6) 22 (9) 68 2016 60 (2) 14 9 2 83 2017 37 9 2 (5) 43 2018 25 2 17 44 2019 15 13 28 2020 (1) (1) Total net development for the accident years presented above 52 32 13 Total net development for accident years prior to 2012 21 3 3 Total unallocated claim adjustment expense development 2 — 7 Total $ 75 $ 35 $ 23 (a) Data presented for these calendar years is required supplemental information, which is unaudited. Other Professional Liability and Management Liability Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses December 31, 2021 December 31 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 (a) 2019 (a) 2020 (a) 2021 IBNR Cumulative Number of Claims (In millions, except reported claims data) Accident Year 2012 $ 923 $ 909 $ 887 $ 878 $ 840 $ 846 $ 833 $ 831 $ 850 $ 848 $ 18 18,506 2013 884 894 926 885 866 863 850 846 833 30 17,950 2014 878 898 885 831 835 854 845 841 37 17,577 2015 888 892 877 832 807 813 836 41 17,436 2016 901 900 900 904 907 891 84 17,968 2017 847 845 813 791 775 152 18,159 2018 850 864 869 906 202 19,926 2019 837 845 856 283 19,357 2020 930 944 568 19,095 2021 1,037 911 15,487 Total $ 8,767 $ 2,326 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2012 $ 56 $ 248 $ 400 $ 573 $ 651 $ 711 $ 755 $ 792 $ 812 $ 816 2013 54 249 447 618 702 754 771 779 787 2014 51 223 392 515 647 707 743 787 2015 60 234 404 542 612 677 725 2016 64 248 466 625 701 736 2017 57 222 394 498 557 2018 54 282 473 599 2019 64 263 422 2020 67 248 2021 58 Total $ 5,735 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 3,032 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 74 Liability for unallocated claim adjustment expenses for accident years presented 53 Total net liability for unpaid claim and claim adjustment expenses $ 3,159 Net Strengthening (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2012 $ (14) $ (22) $ (9) $ (38) $ 6 $ (13) $ (2) $ 19 $ (2) $ (75) 2013 10 32 (41) (19) (3) (13) (4) (13) (51) 2014 20 (13) (54) 4 19 (9) (4) (37) 2015 4 (15) (45) (25) 6 23 (52) 2016 (1) — 4 3 (16) (10) 2017 (2) (32) (22) (16) (72) 2018 14 5 37 56 2019 8 11 19 2020 14 14 Total net development for the accident years presented above (35) 6 34 Total net development for accident years prior to 2012 (20) (21) (12) Total unallocated claim adjustment expense development (14) — 2 Total $ (69) $ (15) $ 24 (a) Data presented for these calendar years is required supplemental information, which is unaudited. Surety Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses December 31, 2021 December 31 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 (a) 2019 (a) 2020 (a) 2021 IBNR Cumulative Number of Claims (In millions, except reported claims data) Accident Year 2012 $ 120 $ 122 $ 98 $ 70 $ 52 $ 45 $ 39 $ 38 $ 37 $ 36 $ 1 5,586 2013 120 121 115 106 91 87 83 82 82 2 5,088 2014 123 124 94 69 60 45 45 43 1 5,118 2015 131 131 104 79 63 58 53 9 5,055 2016 124 124 109 84 67 64 10 5,521 2017 120 115 103 84 71 9 5,795 2018 114 108 91 62 19 6,097 2019 119 112 98 44 5,816 2020 128 119 104 4,006 2021 137 129 2,592 Total $ 765 $ 328 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2012 $ 5 $ 32 $ 34 $ 35 $ 35 $ 36 $ 37 $ 37 $ 36 $ 36 2013 16 40 69 78 78 78 77 78 79 2014 7 30 38 36 38 38 39 39 2015 7 26 38 40 42 44 42 2016 5 37 45 45 43 43 2017 23 37 41 46 49 2018 5 25 34 39 2019 12 34 44 2020 4 20 2021 5 Total $ 396 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 369 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 17 Liability for unallocated claim adjustment expenses for accident years presented 20 Total net liability for unpaid claim and claim adjustment expenses $ 406 Net Strengthening (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2012 $ 2 $ (24) $ (28) $ (18) $ (7) $ (6) $ (1) $ (1) $ (1) $ (84) 2013 1 (6) (9) (15) (4) (4) (1) — (38) 2014 1 (30) (25) (9) (15) — (2) (80) 2015 — (27) (25) (16) (5) (5) (78) 2016 — (15) (25) (17) (3) (60) 2017 (5) (12) (19) (13) (49) 2018 (6) (17) (29) (52) 2019 (7) (14) (21) 2020 (9) (9) Total net development for the accident years presented above (79) (67) (76) Total net development for accident years prior to 2012 (3) (2) 3 Total unallocated claim adjustment expense development (10) — — Total $ (92) $ (69) $ (73) (a) Data presented for these calendar years is required supplemental information, which is unaudited. Commercial Auto Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses December 31, 2021 December 31 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 (a) 2019 (a) 2020 (a) 2021 IBNR Cumulative (In millions, except reported claims data) Accident Year 2012 $ 275 $ 289 $ 299 $ 303 $ 307 $ 299 $ 299 $ 297 $ 296 $ 295 $ 1 46,288 2013 246 265 265 249 245 245 241 241 241 2 39,430 2014 234 223 212 205 205 201 201 202 2 33,628 2015 201 199 190 190 183 181 183 3 30,427 2016 198 186 186 186 190 195 3 30,449 2017 199 198 200 221 232 5 30,940 2018 229 227 227 245 8 34,292 2019 257 266 289 31 37,142 2020 310 303 107 28,837 2021 397 271 27,182 Total $ 2,582 $ 433 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2012 $ 78 $ 160 $ 220 $ 259 $ 282 $ 285 $ 290 $ 291 $ 291 $ 292 2013 74 135 168 200 225 234 238 239 239 2014 64 102 137 166 187 196 198 199 2015 52 96 130 153 172 175 178 2016 52 93 126 154 175 185 2017 58 107 150 178 203 2018 66 128 175 212 2019 77 147 203 2020 71 134 2021 83 Total $ 1,928 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 654 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 5 Liability for unallocated claim adjustment expenses for accident years presented 14 Total net liability for unpaid claim and claim adjustment expenses $ 673 Net Strengthening (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2012 $ 14 $ 10 $ 4 $ 4 $ (8) $ — $ (2) $ (1) $ (1) $ 20 2013 19 — (16) (4) — (4) — — (5) 2014 (11) (11) (7) — (4) — 1 (32) 2015 (2) (9) — (7) (2) 2 (18) 2016 (12) — — 4 5 (3) 2017 (1) 2 21 11 33 2018 (2) — 18 16 2019 9 23 32 2020 (7) (7) Total net development for the accident years presented above (17) 31 52 Total net development for accident years prior to 2012 (7) 2 1 Total unallocated claim adjustment expense development (1) — — Total $ (25) $ 33 $ 53 (a) Data presented for these calendar years is required supplemental information, which is unaudited. General Liability Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses December 31, 2021 December 31 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 (a) 2019 (a) 2020 (a) 2021 IBNR Cumulative Number of Claims (In millions, except reported claims data) Accident Year 2012 $ 587 $ 611 $ 639 $ 636 $ 619 $ 635 $ 635 $ 630 $ 632 $ 632 $ 20 35,313 2013 650 655 650 655 613 623 620 623 624 24 33,706 2014 653 658 654 631 635 658 659 659 28 28,064 2015 581 576 574 589 600 602 617 42 24,118 2016 623 659 667 671 673 683 68 24,511 2017 632 632 632 634 630 67 22,195 2018 653 644 646 639 205 19,917 2019 680 682 682 330 18,602 2020 723 722 516 13,028 2021 782 706 9,759 Total $ 6,670 $ 2,006 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2012 $ 28 $ 132 $ 247 $ 374 $ 454 $ 510 $ 559 $ 579 $ 597 $ 602 2013 31 128 240 352 450 510 551 572 582 2014 31 119 247 376 481 547 569 607 2015 19 110 230 357 446 501 530 2016 32 163 279 407 481 524 2017 23 118 250 399 471 2018 33 107 228 307 2019 25 98 181 2020 23 99 2021 26 Total $ 3,929 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 2,741 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 119 Liability for unallocated claim adjustment expenses for accident years presented 51 Total net liability for unpaid claim and claim adjustment expenses $ 2,911 Net Strengthening (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2012 $ 24 $ 28 $ (3) $ (17) $ 16 $ — $ (5) $ 2 $ — $ 45 2013 5 (5) 5 (42) 10 (3) 3 1 (26) 2014 5 (4) (23) 4 23 1 — 6 2015 (5) (2) 15 11 2 15 36 2016 36 8 4 2 10 60 2017 — — 2 (4) (2) 2018 (9) 2 (7) (14) 2019 2 — 2 2020 (1) (1) Total net development for the accident years presented above 21 16 14 Total net development for accident years prior to 2012 (4) (1) (1) Total unallocated claim adjustment expense development (1) — 2 Total $ 16 $ 15 $ 15 (a) Data presented for these calendar years is required supplemental information, which is unaudited. Workers’ Compensation Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses December 31, 2021 December 31 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 (a) 2019 (a) 2020 (a) 2021 IBNR Cumulative Number of Claims (In millions, except reported claims data) Accident Year 2012 $ 601 $ 627 $ 659 $ 669 $ 678 $ 673 $ 671 $ 668 $ 663 $ 664 $ 66 42,804 2013 537 572 592 618 593 582 561 552 548 91 38,867 2014 467 480 479 452 450 446 439 448 105 33,502 2015 422 431 406 408 394 382 372 101 31,894 2016 426 405 396 382 366 355 104 31,981 2017 440 432 421 400 402 92 33,121 2018 450 440 428 415 104 34,851 2019 452 449 437 134 34,248 2020 477 466 228 29,188 2021 468 300 25,711 Total $ 4,575 $ 1,325 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2012 $ 87 $ 232 $ 342 $ 416 $ 470 $ 509 $ 524 $ 536 $ 538 $ 541 2013 80 213 300 370 417 419 411 414 417 2014 61 159 215 258 282 290 297 306 2015 51 131 180 212 231 243 251 2016 53 129 169 198 219 227 2017 63 151 207 243 265 2018 68 163 229 259 2019 71 169 223 2020 65 147 2021 67 Total $ 2,703 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,872 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 1,941 Other (b) (14) Liability for unallocated claim adjustment expenses for accident years presented 51 Total net liability for unpaid claim and claim adjustment expenses $ 3,850 Net Strengthening (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2012 $ 26 $ 32 $ 10 $ 9 $ (5) $ (2) $ (3) $ (5) $ 1 $ 63 2013 35 20 26 (25) (11) (21) (9) (4) 11 2014 13 (1) (27) (2) (4) (7) 9 (19) 2015 9 (25) 2 (14) (12) (10) (50) 2016 (21) (9) (14) (16) (11) (71) 2017 (8) (11) (21) 2 (38) 2018 (10) (12) (13) (35) 2019 (3) (12) (15) 2020 (11) (11) Total net development for the accident years presented above (77) (85) (49) Adjustment for development on a discounted basis 3 2 2 Total net development for accident years prior to 2012 38 (13) (35) Total unallocated claim adjustment expense development 23 — — Total $ (13) $ (96) $ (82) (a) Data presented for these calendar years is required supplemental information, which is unaudited. (b) Other includes the effect of discounting lifetime claim reserves. The table below presents information about average historical claims duration as of December 31, 2021 and is presented as required supplementary information, which is unaudited. Average Annual Percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses in Year: 1 2 3 4 5 6 7 8 9 10 Medical professional liability 3.6 % 18.3 % 23.7 % 18.2 % 12.0 % 8.3 % 5.1 % 2.8 % 0.7 % 1.0 % Other professional liability and management liability 6.7 21.9 21.1 16.7 9.9 6.4 4.3 3.5 1.7 0.5 Surety (a) 14.1 48.7 18.9 2.6 1.1 1.3 — 0.4 (0.8) — Commercial auto 26.7 23.2 18.0 13.6 10.1 3.2 1.5 0.4 — 0.3 General liability 4.1 14.1 18.0 19.0 13.5 8.7 5.6 4.1 2.2 0.8 Workers’ compensation 14.7 21.7 13.9 9.5 6.4 2.7 1.1 1.5 0.4 0.5 (a) Due to the nature of the Surety business, average annual percentage payout of ultimate net incurred claim and allocated claim adjustment expenses has been calculated using only the payouts of mature accident years presented in the loss reserve development tables. A&EP Reserves In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million were transferred to NICO, resulting in total consideration of $2.2 billion. In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations. The following table presents the impact of the Loss Portfolio Transfer on the Consolidated Statements of Operations. Year Ended December 31 2021 2020 2019 (In millions) Additional amounts ceded under LPT: Net A&EP adverse development before consideration of LPT $ 143 $ 125 $ 150 Provision for uncollectible third-party reinsurance on A&EP (5) (25) (25) Total additional amounts ceded under LPT 138 100 125 Retroactive reinsurance benefit recognized (107) (94) (107) Pretax impact of deferred retroactive reinsurance $ 31 $ 6 $ 18 Net unfavorable prior year development of $143 million, $125 million and $150 million was recognized before consideration of cessions to the LPT for the years ended December 31, 2021, 2020 and 2019. The unfavorable development in 2021, 2020 and 2019 was primarily driven by higher than anticipated defense and indemnity costs on known direct asbestos and environmental accounts and a reduction in estimated reinsurance recoverable. Additionally, in 2021, 2020 and 2019, $5 million, $25 million and $25 million of the provision for uncollectible third-party reinsurance was released. As of December 31, 2021 and 2020, the cumulative amounts ceded under the LPT were $3.4 billion and $3.3 billion. The unrecognized deferred retroactive reinsurance benefit was $429 million and $398 million as of December 31, 2021 and 2020 and is included within Other liabilities on the Consolidated Balance Sheets. NICO established a collateral trust account as security for its obligations under the LPT. The fair value of the collateral trust account was $3.1 billion as of December 31, 2021. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims. Excess Workers’ Compensation LPT On February 5, 2021, CNA completed a transaction with Cavello Bay Reinsurance Limited (“Cavello”), a subsidiary of Enstar Group Limited, under which certain legacy excess workers’ compensation (“EWC”) liabilities were ceded to Cavello. Under the terms of the transaction, based on reserves in place as of January 1, 2020, approximately $690 million of net EWC claim and allocated claim adjustment expense reserves were ceded to Cavello under a loss portfolio transfer (“EWC LPT”) with an aggregate limit of $1.0 billion. Cavello was paid a reinsurance premium of $697 million, less claims paid between January 1, 2020 and the closing date of the agreement of $64 million. After transaction costs, a loss of approximately $11 million (after tax and noncontrolling interest) was recognized in Other Insurance Operations in the first quarter of 2021 related to the EWC LPT. As of December 31, 2021 , the cumulative amount ceded under the EWC LPT was $690 million. Cavello established a collateral trust account as security for its obligations. The fair value of the collateral trust account was $634 million as of December 31, 2021. Life & Group Policyholder Reserves CNA’s Life & Group business includes its run-off long term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. Long term care policies provide benefits for nursing homes, assisted living facilities and home health care subject to various daily and lifetime caps. Generally, policyholders must continue to make periodic premium payments to keep the policy in force and CNA has the ability to increase policy premiums, subject to state regulatory approval. CNA maintains both claim and claim adjustment expense reserves as well as future policy benefit reserves for policyholder benefits for its Life & Group business. Claim and claim adjustment expense reserves consist of estimated reserves for long term care policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported. In developing the claim and claim adjustment expense reserve estimates for long term care policies, CNA’s actuaries perform a detailed claim reserve review on an annual basis. The review analyzes the sufficiency of existing reserves for policyholders currently on claim and includes an evaluation of expected benefit utilization and claim duration. In addition, claim and claim adjustment expense reserves are also maintained for the structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, CNA’s actuaries review mortality experience on an annual basis. CNA’s recorded claim and claim adjustment expense reserves reflect management’s best estimate after incorporating the results of the most recent reviews. CNA completed its annual claim reserve reviews in the third quarters of 2021, 2020 and 2019 resulting in $40 million, $37 million and $56 million pretax reductions in long term care reserves primarily due to lower claim severity than anticipated in the reserve estimates. The 2021 and 2020 annual claim reserve reviews also resulted in $2 million and $46 million pretax increases in the structured settlement claim reserves primarily due to lower discount rate assumptions and mortality assumption changes. Future policy benefit reserves consist of active life reserves related to CNA’s long term care policies for policyholders that are not currently receiving benefits and represent the present value of expected future benefit payments and expenses less expected future premium. The determination of these reserves requires management to make estimates and assumptions about expected investment and policyholder experience over the life of the contract. Since many of these contracts may be in force for several decades, these assumptions are subject to significant estimation risk. The actuarial assumptions that CNA believes are subject to the most variability are morbidity, persistency, discount rates and anticipated future premium rate increases. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Discount rates are influenced by the investment yield on assets supporting long term care reserves which is subject to interest rate and market volatility and may also be affected by changes to the Internal Revenue Code. Future premium rate increases are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. As a result of this variability, CNA’s long term care reserves may be subject to material increases if actual experience develops adversely to CNA’s expectations. Annually, in the third quarter, CNA assesses the adequacy of its long term care future policy benefit reserves by performing a gross premium valuation (“GPV”) to determine if there is a premium deficiency. Under the GPV, management estimates required reserves using best estimate assumptions as of the date of the assessment without provisions for adverse deviation. The GPV required reserves are then compared to the existing recorded reserves. If the GPV required reserves are greater than the existing recorded reserves, the existing assumptions are unlocked and future policy benefit reserves are increased to the greater amount. Any such increase is reflected in the Company’s results of operations in the period in which the need for such adjustment is determined. If the GPV required reserves are less than the existing recorded reserves, assumptions remain locked in and no adjustment is required. The GPV for the long term care future policy benefit reserves, performed in the third quarter of 2021, indicated that recorded reserves included a pretax margin of approximately $72 million . The GPV for the long term care future policy benefit reserves performed in the third quarter of 2020 and 2019 indicated a premium deficiency primarily driven by lower discount rate assumptions. Recognition of the premium deficiency resulted in a $74 million and a $216 million pretax increase in policyholders’ benefits reflected in the results of operations for the years ended December 31, 2020 and 2019. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases Lease agreements primarily cover office facilities and machinery and equipment and expire at various dates. Leases, predominantly operating leases, are included in Other assets and Other liabilities on the Consolidated Balance Sheets. The lease agreements do not contain significant residual value guarantees, restrictions or covenants. Operating lease right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payments is typically the secured borrowing rate, as most of the leases do not provide an implicit rate. The operating lease right of use asset operating lease liability Total lease expense was $92 million, $110 million and $146 million for the years ended December 31, 2021, 2020 and 2019 which includes operating lease expense of $66 million, $84 million and $121 million, variable lease expense of $23 million, $22 million and $19 million and short term lease expense of $3 million, $4 million and $6 million. Cash paid for amounts included in operating lease liabilities was $65 million, $86 million and $117 million for year ended December 31, 2021, 2020 and 2019. Operating lease right of use assets obtained in exchange for lease obligations was $35 million, $40 million and $54 million for the years ended December 31, 2021, 2020 and 2019. The table below presents the maturities of lease liabilities: Operating As of December 31, 2021 Leases (In millions) 2022 $ 63 2023 58 2024 46 2025 38 2026 34 Thereafter 243 Total 482 Less: discount 119 Total lease liabilities $ 363 The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating the operating lease asset and liability. As of December 31, 2021 Weighted average remaining lease term 10.0 years Weighted average discount rate 3.4 % |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Loews Corporation and its eligible subsidiaries file a consolidated federal income tax return. Loews Corporation has entered into a separate tax allocation agreement with CNA, a majority-owned subsidiary in which its ownership exceeds 80%. The agreement provides that Loews Corporation will: (i) pay to CNA the amount, if any, by which Loews Corporation’s consolidated federal income tax is reduced by virtue of inclusion of CNA in Loews Corporation’s return or (ii) be paid by CNA an amount, if any, equal to the federal income tax that would have been payable by CNA if it had filed a separate consolidated return. The agreement may be canceled by either of the parties upon thirty days written notice. For 2019 through 2021 , the Company participates in the Internal Revenue Service (“IRS”) Compliance Assurance Process (“CAP”), which is a voluntary program for large corporations. Under CAP, the IRS conducted a real-time audit and worked contemporaneously with the Company to resolve any issues prior to the filing of the 2019 tax return. The 2019 examination is completed. For 2020 and 2021, the Company was selected to participate in the phase of CAP reserved for taxpayers whose risk of noncompliance does not support use of IRS resources. The Company believes that participation in CAP should reduce tax-related uncertainties, if any. Although the outcome of tax audits is always uncertain, the Company believes that any adjustments resulting from audits will not have a material impact on its results of operations, financial position or cash flows. The Company and/or its subsidiaries also file income tax returns in various state, local and foreign jurisdictions. These returns, with few exceptions, are no longer subject to examination by the various taxing authorities before 2017. The current and deferred components of income tax expense (benefit) are as follows: Year Ended December 31 2021 2020 2019 (In millions) Income tax expense (benefit): Federal: Current $ 239 $ 43 $ 108 Deferred 197 (260) 47 State and city: Current 13 1 18 Deferred 13 13 22 Foreign 17 30 53 Total $ 479 $ (173) $ 248 The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense (benefit) is as follows: Year Ended December 31 2021 2020 2019 (In millions) Income (loss) before income tax: U.S. $ 2,058 $ (768) $ 1,145 Foreign 124 (696) (26) Total $ 2,182 $ (1,464) $ 1,119 Income tax expense (benefit) at statutory rate $ 458 $ (307) $ 235 Increase (decrease) in income tax expense (benefit) resulting from: Effect of the 2017 tax act (14) Exempt investment income (48) (49) (50) Foreign related tax differential (2) 63 (55) Taxes related to domestic affiliate 40 (15) Valuation allowance 1 55 12 Unrecognized tax positions, settlements and adjustments relating to prior years 68 97 State taxes 24 4 37 Other 6 (7) 1 Income tax expense (benefit) $ 479 $ (173) $ 248 As of December 31, 2021, no deferred taxes are required on the undistributed earnings of subsidiaries subject to tax. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding tax carryforwards and interest and penalties, is as follows: Year Ended December 31 2021 2020 2019 (In millions) Balance at January 1 $ 2 $ 121 $ 58 Additions for tax positions related to the current year 68 86 Additions for tax positions related to a prior year 2 Reductions for tax positions related to a prior year (23) Lapse of statute of limitations (2) Reduction due to deconsolidation of subsidiaries (2) (187) Balance at December 31 $ — $ 2 $ 121 As of December 31, 2021, there were no unrecognized tax benefits or related accrued interest and penalties that would affect the effective tax rate if recognized. Accrued interest related to unrecognized tax benefits and tax refund claims is recognized in Income tax expense (benefit) on the Consolidated Statements of Operations. Penalties are recognized in Income tax expense (benefit) on the Consolidated Statements of Operations. No interest expense (benefit) and no penalties were recorded for the year ended December 31, 2021, and amounts recorded were insignificant for the years ended December 31, 2020 and 2019. The following table summarizes deferred tax assets and liabilities: December 31 2021 2020 (In millions) Deferred tax assets: Insurance reserves: Property and casualty claim and claim adjustment expense reserves $ 173 $ 157 Unearned premium reserves 193 174 Receivables 11 11 Employee benefits 111 197 Deferred retroactive reinsurance benefit 90 83 Net operating loss carryforwards 29 13 Tax credit carryforwards 4 11 Basis differential in investment in subsidiary 8 8 Other 180 189 Total deferred tax assets 799 843 Valuation allowance (15) (13) Net deferred tax assets 784 830 Deferred tax liabilities: Deferred acquisition costs (99) (93) Net unrealized gains (275) (441) Property, plant and equipment (751) (721) Basis differential in investment in subsidiary (503) (432) Other liabilities (190) (165) Total deferred tax liabilities (1,818) (1,852) Net deferred tax liabilities (a) $ (1,034) $ (1,022) (a) Includes $45 and $43 of deferred tax assets reflected in Other assets in the Consolidated Balance Sheets at December 31, 2021 and 2020. Net operating loss carryforwards in foreign tax jurisdictions of $29 million and foreign tax credit carryforwards of $4 million have no expiration. Although realization of deferred tax assets is not assured, management believes it is more likely than not that the recognized deferred tax assets will be realized through recoupment of ordinary and capital taxes paid in prior carryback years and through future earnings, reversal of existing temporary differences and available tax planning strategies. Due to the mix of state tax jurisdictions in which our subsidiaries operate, as of December 31, 2021, a valuation allowance of $15 million was recorded related primarily to state net operating losses. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt December 31 2021 2020 (In millions) Loews Corporation (Parent Company): Senior: 2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500) $ 500 $ 500 3.8% notes due 2026 (effective interest rate of 3.9%) (authorized, $500) 500 500 3.2% notes due 2030 (effective interest rate of 3.3%) (authorized, $500) 500 500 6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300) 300 300 4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500) 500 500 CNA Financial: Senior: 7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250) 243 243 4.0% notes due 2024 (effective interest rate of 4.0%) (authorized, $550) 550 550 4.5% notes due 2026 (effective interest rate of 4.5%) (authorized, $500) 500 500 3.5% notes due 2027 (effective interest rate of 3.5%) (authorized, $500) 500 500 3.9% notes due 2029 (effective interest rate of 3.9%) (authorized, $500) 500 500 2.1% notes due 2030 (effective interest rate of 2.1%) (authorized, $500) 500 500 Boardwalk Pipelines: Senior: Variable rate revolving credit facility due 2026 (effective interest rate of 1.4%) 130 4.0% notes due 2022 (effective interest rate of 4.4%) (authorized, $300) 300 300 3.4% notes due 2023 (effective interest rate of 3.5%) (authorized, $300) 300 300 5.0% notes due 2024 (effective interest rate of 5.2%) (authorized, $600) 600 600 6.0% notes due 2026 (effective interest rate of 6.2%) (authorized, $550) 550 550 4.5% notes due 2027 (effective interest rate of 4.6%) (authorized, $500) 500 500 7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100) 100 100 4.8% notes due 2029 (effective interest rate of 4.9%) (authorized, $500) 500 500 3.4% notes due 2031 (effective interest rate of 3.5%) (authorized, $500) 500 500 Finance lease obligation 6 7 Loews Hotels & Co: Senior debt, principally mortgages (effective interest rates approximate 4.6% and 4.7%) 692 750 Altium Packaging (a): Senior: Variable rate asset based lending facility due 2022 (effective interest rate of 3.5%) 10 Variable rate term loan due 2024 (effective interest rate of 4.7%) 585 Variable rate term loan due 2026 (effective interest rate of 4.1%) 246 Finance lease obligation 26 9,141 10,197 Less unamortized discount and issuance costs 62 88 Debt $ 9,079 $ 10,109 (a) Amounts presented for Altium Packaging reflect the period prior to the deconsolidation. December 31, 2021 Principal Unamortized Discount and Issuance Costs Net Short Term Debt Long Term Debt (In millions) Loews Corporation $ 2,300 $ 22 $ 2,278 $ 2,278 CNA Financial 2,793 14 2,779 2,779 Boardwalk Pipelines 3,356 21 3,335 3,335 Loews Hotels & Co 692 5 687 $ 93 594 Total $ 9,141 $ 62 $ 9,079 $ 93 $ 8,986 At December 31, 2021, the aggregate long term debt maturing in each of the next five years is approximately as follows: $394 million in 2022, $1.2 billion in 2023, $1.5 billion in 2024, $2 million in 2025, $1.5 billion in 2026 and $4.5 billion thereafter. Long term debt is generally redeemable in whole or in part at the greater of the principal amount or the net present value of remaining scheduled payments discounted at the specified treasury rate plus a margin. CNA is a member of the Federal Home Loan Bank of Chicago (“FHLBC”). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CNA held $5 million of FHLBC stock as of December 31, 2021, giving it access to approximately $106 million of additional liquidity. As of December 31, 2021 and 2020, CNA had no outstanding borrowings from the FHLBC. In 2019, CNA amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At CNA’s election, the commitments under the amended and restated credit agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. As of December 31, 2021, CNA had no outstanding borrowings under the credit agreement and was in compliance with all covenants. In May of 2021, Boardwalk Pipelines entered into an amended revolving credit agreement. The revolving credit facility provided under the credit agreement has a borrowing capacity of $1.0 billion through May 27, 2026, with two one December 31, 2021 and February 4, 2022, Boardwalk Pipelines had no outstanding borrowings and all of the $1.0 billion available borrowing capacity under the revolving credit facility. As of December 31, 2021, Boardwalk Pipelines was in compliance with all covenants under the credit agreement. Certain of the hotels wholly or partially owned by Loews Hotels & Co are financed by debt facilities, with a number of different lenders. Each of the loan agreements underlying these facilities contain a variety of financial and operational covenants. As of December 31, 2021, Loews Hotels & Co was in compliance with these covenants. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Accumulated other comprehensive income (loss) The tables below present the changes in AOCI by component for the years ended December 31, 2019, 2020 and 2021: Net Unrealized Gains (Losses) on Investments with OTTI Losses Net Other Unrealized Gains (Losses) on Investments Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, January 1, 2019 $ 14 $ 57 $ 5 $ (793) $ (163) $ (880) Other comprehensive income (loss) before reclassifications, after tax of $3, $(256), $5, $28 and $0 (13) 957 (11) (102) 42 873 Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(3), $1, $0, $(9) and $0 12 (8) 34 38 Other comprehensive income (loss) (1) 949 (11) (68) 42 911 Amounts attributable to noncontrolling interests (101) 6 (4) (99) Balance, December 31, 2019 $ 13 $ 905 $ (6) $ (855) $ (125) $ (68) Balance, January 1, 2020 (a) $ — $ 918 $ (6) $ (855) $ (125) $ (68) Other comprehensive income (loss) before reclassifications, after tax of $12, $(201), $8, $18 and $0 (43) 763 (22) (66) 48 680 Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(12), $12, $(2), $(11) and $0 43 (43) 5 42 47 Other comprehensive income (loss) — 720 (17) (24) 48 727 Amounts attributable to noncontrolling interests (75) 2 (5) (78) Balance, December 31, 2020 $ — $ 1,563 $ (23) $ (877) $ (82) $ 581 Other comprehensive income (loss) before reclassifications, after tax of $2, $167, $(2), $(59) and $0 (7) (625) 13 220 (20) (419) Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(1), $21, $(1), $(12) and $0 5 (81) 4 46 (26) Other comprehensive income (loss) (2) (706) 17 266 (20) (445) Amounts attributable to noncontrolling interests 73 (25) 2 50 Balance, December 31, 2021 $ (2) $ 930 $ (6) $ (636) $ (100) $ 186 Amounts reclassified from AOCI shown above are reported in Net income as follows: Major Category of AOCI Affected Line Item Net unrealized gains (losses) on investments with an allowance for credit losses, Net unrealized gains (losses) on investments with OTTI losses and Net unrealized gains (losses) on other investments Investment gains (losses) Unrealized gains (losses) on cash flow hedges Operating revenues and other, Interest expense and Operating expenses and other Pension and postretirement benefits Operating expenses and other Common Stock Dividends Loews Corporation declared and paid dividends of $0.25 per share in the aggregate on its common stock in each of 2021, 2020 and 2019. There are no restrictions on Loews Corporation’s retained earnings or net income with regard to payment of dividends. However, as a holding company, Loews Corporation relies upon invested cash balances and distributions from its subsidiaries to generate the funds necessary to declare and pay any dividends to holders of its common stock. The ability of Loews Corporation’s subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, compliance with covenants in their respective credit agreements and applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies. See Note 14 for a discussion of the regulatory restrictions on CNA’s availability to pay dividends. Treasury Stock Loews Corporation repurchased 21.1 million, 22.0 million and 21.5 million shares of its common stock at aggregate costs of $1.1 billion, $0.9 billion and $1.1 billion during the years ended December 31, 2021, 2020 and 2019. On December 31, 2021, 21.2 million shares were retired. Upon retirement, treasury stock was eliminated through a reduction to common stock, APIC and retained earnings. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 19: Year Ended December 31 2021 2020 2019 (In millions) Non-insurance warranty – CNA Financial $ 1,430 $ 1,252 $ 1,161 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines $ 1,306 $ 1,264 $ 1,266 Lodging and related services – Loews Hotels & Co 419 234 691 Rigid plastic packaging and recycled resin – Corporate (a) 280 1,022 932 Contract drilling – Diamond Offshore (b) 300 981 Total revenues from contracts with customers 2,005 2,820 3,870 Other revenues 128 113 68 Operating revenues and other $ 2,133 $ 2,933 $ 3,938 (a) Revenues presented for Corporate reflect the periods prior to the deconsolidation of Altium Packaging. See Note 2 for further discussion. (b) Revenues presented for Diamond Offshore reflect the periods prior to deconsolidation. See Note 2 for further discussion. Receivables from contracts with customers – As of December 31, 2021 and 2020, receivables from contracts with customers were approximately $145 million and $246 million and are included within Receivables on the Consolidated Balance Sheets. Deferred revenue – As of December 31, 2021 and 2020, deferred revenue resulting from contracts with customers was approximately $4.6 billion and $4.1 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Balance Sheets. Approximately $1.2 billion and $1.1 billion of revenues recognized during the year ended December 31, 2021 and 2020 were included in deferred revenue as of January 1, 2021 and 2020. Contract costs – As of December 31, 2021 and 2020, the Company had approximately $3.5 billion and $3.1 billion of costs to obtain contracts with customers, primarily related to CNA for amounts paid to dealers and other agents to obtain non-insurance warranty contracts, which are reported as Deferred non-insurance warranty acquisition expenses on the Consolidated Balance Sheets. For the year ended December 31, 2021 and 2020, amortization expense totaled $1.1 billion and $907 million is included in Non-insurance warranty expense and Operating expenses and other in the Consolidated Statement of Income. There were no adjustments to deferred costs recorded for the year ended December 31, 2021 and 2020. Performance obligations – As of December 31, 2021, approximately $13.4 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage of natural gas and NGLs at Boardwalk Pipelines and non-insurance warranty services at CNA. Approximately $2.5 billion will be recognized during 2022, $2.0 billion in 2023 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control. |
Statutory Accounting Practices
Statutory Accounting Practices | 12 Months Ended |
Dec. 31, 2021 | |
Statutory Accounting Practices [Abstract] | |
Statutory Accounting Practices | Statutory Accounting Practices CNA’s insurance subsidiaries are domiciled in various jurisdictions. These subsidiaries prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the respective jurisdictions’ insurance regulators. Domestic prescribed statutory accounting practices are set forth in a variety of publications of the National Association of Insurance Commissioners (“NAIC”) as well as state laws, regulations and general administrative rules. These statutory accounting principles vary in certain respects from GAAP. In converting from statutory accounting principles to GAAP, the more significant adjustments include deferral of policy acquisition costs and the inclusion of net unrealized holding gains or losses in shareholders’ equity relating to certain fixed maturity securities. CNA has a prescribed practice as it relates to the accounting under Statement of Statutory Accounting Principles No. 62R, Property and Casualty Reinsurance , paragraphs 88 and 89 in conjunction with the 2010 loss portfolio transfer with NICO which is further discussed in Note 8. The prescribed practice allows CNA to aggregate all third party A&EP reinsurance balances administered by NICO in Schedule F and to utilize the LPT as collateral for the underlying third-party reinsurance balances for purposes of calculating the statutory reinsurance penalty. This prescribed practice increased statutory capital and surplus by $67 million and $91 million at December 31, 2021 and 2020. The payment of dividends by CNA’s insurance subsidiaries without prior approval of the insurance department of each subsidiary’s domiciliary jurisdiction is generally limited by formula. Dividends in excess of these amounts are subject to prior approval by the respective insurance regulator. Dividends from CCC are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance (the “Department”) are determined based on the greater of the prior year’s statutory net income or 10% of statutory surplus as of the end of the prior year, as well as the timing and amount of dividends paid in the preceding 12 months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2021, CCC was in a positive earned surplus position. The maximum allowable dividend CCC could pay during 2022 that would not be subject to the Department’s prior approval is $1.2 billion, less dividends paid during the preceding 12 months measured at that point in time. CCC paid dividends of $880 million in 2021 . The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company. Combined statutory capital and surplus and statutory net income for the Combined Continental Casualty Companies are presented in the table below, determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities. Statutory Capital and Surplus Statutory Net Income December 31 Year Ended December 31 2021 (a) 2020 2021(a) 2020 2019 (In millions) Combined Continental Casualty Companies $11,321 $10,708 $1,253 $800 $1,062 (a) Information derived from the statutory-basis financial statements to be filed with insurance regulators. CNA’s domestic insurance subsidiaries are subject to risk-based capital (“RBC”) requirements. RBC is a method developed by the NAIC to determine the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. The formula for determining the amount of RBC specifies various factors, weighted based on the perceived degree of risk, which are applied to certain financial balances and financial activity. The adequacy of a company’s actual capital is evaluated by a comparison to the RBC results, as determined by the formula. Companies below minimum RBC requirements are classified within certain levels, each of which requires specified corrective action. The statutory capital and surplus presented above for CCC was approximately 264% and 266% of company action level RBC at December 31, 2021 and 2020. Company action level RBC is the level of RBC which triggers a heightened level of regulatory supervision. The statutory capital and surplus of CNA’s foreign insurance subsidiaries, which is not significant to the overall statutory capital and surplus, also met or exceeded their respective regulatory and other capital requirements. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Pension Plans – Several non-contributory defined benefit plans are maintained for eligible employees. For benefits in certain plans, the accrued pension balance is credited with interest based on specified annual interest rates (which are established annually for all participants). The benefits for another plan which covers salaried employees are based on formulas which include, among others, years of service and average pay. The Company’s funding policy is to make contributions in accordance with applicable governmental regulatory requirements. Other Postretirement Benefit Plans – Several postretirement benefit plans cover eligible employees and retirees. Participants generally become eligible after reaching age 55 with required years of service. Actual requirements for coverage vary by plan. Benefits for retirees who were covered by bargaining agreements vary by each unit and contract. Benefits for certain retirees are in the form of a health care account. Benefits for retirees reaching age 65 are generally integrated with Medicare. Other retirees, based on plan provisions, must use Medicare as their primary coverage, with a portion of the unpaid amount being reimbursed by the employer; or are reimbursed for the Medicare Part B premium or have no Company coverage. The benefits provided are basically health and, for certain retirees, life insurance type benefits. Certain of these benefit plans are funded and postretirement benefits are accrued during the active service of those employees who would become eligible for such benefits when they retire. December 31 is used as the measurement date for the plans. Weighted average assumptions used to determine benefit obligations: Pension Benefits Other Postretirement Benefits December 31 2021 2020 2019 2021 2020 2019 Discount rate 2.6 % 2.1 % 3.0 % 2.6 % 2.2 % 3.0 % Interest crediting rate 3.0 % 3.0 % 3.7 % Rate of compensation increase 0.0% to 3.0% 0.0% to 3.0% 3.0% to 5.5% Weighted average assumptions used to determine net periodic benefit cost: Pension Benefits Other Postretirement Benefits Year Ended December 31 2021 2020 2019 2021 2020 2019 Discount rate 2.1 % 3.0 % 4.0 % 2.2 % 2.9 % 4.0 % Expected long term rate of return on plan assets 6.7 % 7.2 % 7.5 % 2.8 % 3.6 % 3.6 % Interest crediting rate 3.0 % 3.7 % 3.7 % Rate of compensation increase 0.0% to 3.0% 0.0% to 3.0% 3.0% to 5.5% In determining the discount rate assumption, current market and liability information is utilized, including a discounted cash flow analysis of the pension and postretirement obligations. In particular, the basis for the discount rate selection was the yield on indices of highly rated fixed income debt securities with durations comparable to that of plan liabilities. The yield curve was applied to expected future retirement plan payments to adjust the discount rate to reflect the cash flow characteristics of the plans. The yield curves and indices evaluated in the selection of the discount rate are comprised of high quality corporate bonds that are rated AA by an accepted rating agency. The expected long term rate of return for plan assets is determined based on widely-accepted capital market principles, long term return analysis for global fixed income and equity markets as well as the active total return oriented portfolio management style. Long term trends are evaluated relative to market factors such as inflation, interest rates and fiscal and monetary policies, in order to assess the capital market assumptions as applied to the plan. Consideration of diversification needs and rebalancing is maintained. Assumed health care cost trend rates: December 31 2021 2020 2019 Health care cost trend rate assumed for next year 4.0% to 7.0% 4.0% to 7.5% 4.0% to 8.0% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.0% to 5.0% 4.0% to 5.0% 4.0% to 5.0% Year that the rate reaches the ultimate trend rate 2022-2026 2021-2026 2021-2026 Net periodic (benefit) cost components: Pension Benefits Other Postretirement Benefits Year Ended December 31 2021 2020 2019 2021 2020 2019 (In millions) Service cost $ 3 $ 3 $ 7 Interest cost 70 92 117 $ 1 $ 2 $ 2 Expected return on plan assets (169) (173) (159) (3) (3) (3) Amortization of unrecognized net loss 49 48 45 (1) (1) Settlements and curtailments 3 10 1 (1) Regulatory asset decrease 3 Net periodic (benefit) cost $ (41) $ (20) $ 11 $ (2) $ (3) $ (2) The following provides a reconciliation of benefit obligations and plan assets: Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 (In millions) Change in benefit obligation: Benefit obligation at January 1 $ 3,243 $ 3,137 $ 51 $ 52 Deconsolidation (98) Service cost 3 3 Interest cost 70 92 1 2 Plan participants’ contributions 4 4 Actuarial (gain) loss (89) 236 (2) 3 Benefits paid from plan assets (193) (189) (10) (10) Settlements and curtailments (19) (40) Foreign exchange (1) 4 Benefit obligation at December 31 $ 2,916 $ 3,243 $ 44 $ 51 Change in plan assets: Fair value of plan assets at January 1 $ 2,739 $ 2,576 $ 96 $ 90 Deconsolidation (85) Actual return on plan assets 355 327 8 Company contributions 20 61 3 4 Plan participants' contributions 4 4 Benefits paid from plan assets (193) (189) (10) (10) Settlements (19) (40) Foreign exchange (1) 4 Fair value of plan assets at December 31 $ 2,816 $ 2,739 $ 93 $ 96 Funded status $ (100) $ (504) $ 49 $ 45 Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 (In millions) Amounts recognized in the Consolidated Balance Sheets consist of: Other assets $ 90 $ 4 $ 62 $ 61 Other liabilities (190) (508) (13) (16) Net amount recognized $ (100) $ (504) $ 49 $ 45 Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost: Net actuarial loss $ 837 $ 1,169 $ (5) $ (5) Net amount recognized $ 837 $ 1,169 $ (5) $ (5) Information for plans with projected and accumulated benefit obligations in excess of plan assets: (a) Projected benefit obligation $ 292 $ 3,103 Accumulated benefit obligation 286 3,096 $ 13 $ 16 Fair value of plan assets 104 2,596 (a) Changes in the values in the table above are due to a plan’s assets exceeding the obligation in 2021. The benefit obligation for all defined benefit pension plans was $2.9 billion and $3.2 billion at December 31, 2021 and 2020. Changes for the years ended December 31, 2021 and 2020 include actuarial gains of $89 million and actuarial losses of $236 million primarily driven by changes in the discount rate used to determine the benefit obligations. A total return approach is employed whereby a mix of equity, limited partnerships and fixed maturity securities are used to maximize the long term return of plan assets for a prudent level of risk and to manage cash flows according to plan requirements. The target allocation of plan assets is 40% to 60% invested in equity securities and limited partnerships, with the remainder primarily invested in fixed maturity securities. The intent of this strategy is to minimize expenses by generating investment returns that exceed the growth of the plan liabilities over the long run. Risk tolerance is established after careful consideration of the plan liabilities, plan funded status and corporate financial conditions. The investment portfolios contain a diversified blend of fixed maturity, equity and short term securities. Alternative investments, including limited partnerships, are used to enhance risk adjusted long term returns while improving portfolio diversification. At December 31, 2021, $162 million is committed to fund future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. Investment risk is monitored through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. The table below presents the estimated future minimum benefit payments at December 31, 2021. Expected future benefit payments Pension Benefits Other Postretirement Benefits (In millions) 2022 $ 223 $ 4 2023 209 4 2024 205 3 2025 204 3 2026 205 3 2027 – 2031 911 11 In 2022, it is expected that contributions of approximately $16 million will be made to pension plans and $2 million to postretirement health care and life insurance benefit plans. Pension plan assets measured at fair value on a recurring basis are summarized below. December 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Plan assets at fair value: Fixed maturity securities: Corporate and other bonds $ 645 $ 8 $ 653 States, municipalities and political subdivisions 30 30 Asset-backed 110 110 Total fixed maturities $ — 785 8 793 Equity securities 801 141 942 Short term investments 47 47 Fixed income mutual funds 111 111 Other assets 2 8 10 Total plan assets at fair value $ 961 $ 934 $ 8 $ 1,903 Plan assets at net asset value: (a) Equity securities 20 Limited partnerships 893 Total plan assets $ 961 $ 934 $ 8 $ 2,816 December 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Plan assets at fair value: Fixed maturity securities: Corporate and other bonds $ 643 $ 9 $ 652 States, municipalities and political subdivisions 32 32 Asset-backed 98 98 Total fixed maturities $ — 773 9 782 Equity securities 785 137 922 Short term investments 37 38 75 Fixed income mutual funds 139 139 Other assets 8 8 Total plan assets at fair value $ 961 $ 956 $ 9 $ 1,926 Plan assets at net asset value: (a) Limited partnerships 813 Total plan assets $ 961 $ 956 $ 9 $ 2,739 (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The limited partnership investments held within the plans are recorded at fair value, which represents the plans’ shares of the net asset value of each partnership, as determined by the general partner. Limited partnerships comprising 66% and 75% of the carrying value as of December 31, 2021 and 2020 employ hedge fund strategies that generate returns through investing in marketable securities in the public fixed income and equity markets and the remainder were primarily invested in private debt and equity. Within hedge fund strategies, approximately 76% were equity related, 20% pursued a multi-strategy approach and 4% were focused on distressed investments at December 31, 2021. For a discussion of the valuation methodologies used to measure fixed maturity securities, equities and short term investments, see Note 4. Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below. December 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 31 $ 31 States, municipalities and political subdivisions 32 32 Asset-backed 7 7 Total fixed maturities $ — 70 $ — $ 70 Short term investments 4 4 Fixed income mutual funds 19 19 Total $ 23 $ 70 $ — $ 93 December 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 24 $ 24 States, municipalities and political subdivisions 14 14 Asset-backed 33 33 Total fixed maturities $ — 71 $ — $ 71 Short term investments 5 5 Fixed income mutual funds 20 20 Total $ 25 $ 71 $ — $ 96 There were no Level 3 assets at December 31, 2021 and 2020. Savings Plans – Several contributory savings plans are maintained which allow employees to make regular contributions based upon a percentage of their salaries. Matching contributions are made up to specified percentages of employees’ contributions. Employer contributions to these plans amounted to $83 million, $90 million and $102 million for the years ended December 31, 2021, 2020 and 2019. Stock-based Compensation – In 2016, shareholders approved the Loews Corporation 2016 Incentive Compensation Plan (the “2016 Loews Plan”) which replaced a previously existing plan. The aggregate number of shares of Loews Corporation common stock authorized under the 2016 Loews Plan is 6,000,000 shares, plus up to 3,000,000 shares that may be forfeited under the prior plan. The maximum number of shares of Loews Corporation common stock with respect to which awards may be granted to any individual in any calendar year is 500,000 shares. In accordance with the 2016 Loews Plan and the prior equity plan, Loews Corporation stock-based compensation consists of the following: SARs: SARs were granted under the prior equity plan. The exercise price per share may not be less than the fair market value of the common stock on the date of grant. Generally, SARs vest ratably over a four-year period and expire in ten years. Time-based Restricted Stock Units: Time-based restricted stock units (“RSUs”) are granted under the 2016 Loews Plan and represent the right to receive one share of Loews Corporation common stock for each vested RSU. Generally, RSUs vest 50% on the second anniversary of the grant date and 50% on the third anniversary of the grant date. Performance-based Restricted Stock Units: Performance-based RSUs (“PSUs”) are granted under the 2016 Loews Plan and represent the right to receive one share of Loews Corporation common stock for each vested PSU, subject to the achievement of specified performance goals by the Company. Generally, performance-based RSUs vest, if performance goals are satisfied, 50% on the second anniversary of the grant date and 50% on the third anniversary of the grant date. In 2021, Loews Corporation granted an aggregate of 223,664 RSUs and PSUs at a weighted average grant-date fair value of $47.68 per unit. 16,528 RSUs were forfeited during the year. 1,364,502 SARs were outstanding at December 31, 2021 with a weighted average exercise price of $42.15. The Company recognized compensation expense in connection with stock-based compensation that decreased net income by $33 million, $37 million and $37 million for the years ended December 31, 2021, 2020 and 2019. Several of Loews Corporation’s subsidiaries also maintain their own stock-based compensation plans. Such amounts include Loews Corporation’s share of expense related to these plans. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance CNA cedes insurance to reinsurers to limit its maximum loss, provide greater diversification of risk, minimize exposures on larger risks and to exit certain lines of business. The ceding of insurance does not discharge the primary liability of CNA. A credit exposure exists with respect to reinsurance ceded to the extent that any reinsurer is unable to meet its obligations. A collectability exposure also exists to the extent that the reinsurer disputes the liabilities assumed under reinsurance agreements. Property and casualty reinsurance coverages are tailored to the specific risk characteristics of each product line and CNA’s retained amount varies by type of coverage. Reinsurance contracts are purchased to protect specific lines of business such as property and workers’ compensation. Corporate catastrophe reinsurance is also purchased for property and workers’ compensation exposure. CNA also utilizes facultative reinsurance in certain lines. In addition, CNA assumes reinsurance, primarily through Hardy and as a member of various reinsurance pools and associations. The following table presents the amounts receivable from reinsurers: December 31 2021 2020 (In millions) Reinsurance receivables related to insurance reserves: Ceded claim and claim adjustment expenses $ 4,969 $ 4,005 Ceded future policy benefits 288 263 Reinsurance receivables related to paid losses 227 210 Reinsurance receivables 5,484 4,478 Less allowance for doubtful accounts 21 21 Reinsurance receivables, net of allowance for doubtful accounts $ 5,463 $ 4,457 CNA has established an allowance for doubtful accounts on voluntary reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The following table summarizes the outstanding amount of voluntary reinsurance receivables, gross of any collateral arrangements, by financial strength rating: As of December 31, 2021 (In millions) A- to A++ $ 3,812 B- to B++ 987 Insolvent 3 Total voluntary reinsurance outstanding balance (a) $ 4,802 (a) Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. See Note 8 for more information on the LPT. Also excluded are receivables from involuntary pools. CNA attempts to mitigate its credit risk related to reinsurance by entering into reinsurance arrangements with reinsurers that have credit ratings above certain levels and by obtaining collateral. On a limited basis, CNA may enter into reinsurance agreements with reinsurers that are not rated, primarily captive reinsurers. Receivables from captive reinsurers are backed by collateral arrangements and comprise the majority of the voluntary reinsurance receivables within the B- to B++ rating distribution in the table above. The primary methods of obtaining collateral are through reinsurance trusts, letters of credit and funds withheld balances. Such collateral, limited by the balance of open recoverables, was approximately $4.0 billion and $3.3 billion at December 31, 2021 and 2020. CNA’s largest recoverables from a single reinsurer, including ceded unearned premium reserves as of December 31, 2021 were approximately $1.8 billion from subsidiaries of the Berkshire Hathaway Insurance Group, $612 million from Cavello Bay Reinsurance Limited and $425 million from the Gateway Rivers Insurance Company. These amounts are substantially collateralized or otherwise secured. The recoverable from subsidiaries of the Berkshire Hathaway Insurance Group includes amounts related to third party reinsurance for which NICO has assumed the credit risk under the terms of the loss portfolio transfer as discussed in Note 8. The effects of reinsurance on earned premiums are presented in the following table: Assumed/ Direct Assumed Ceded Net Net % (In millions) Year Ended December 31, 2021 Property and casualty $ 12,554 $ 240 $ 5,110 $ 7,684 3.1 % Long term care 443 48 491 9.8 Earned premiums $ 12,997 $ 288 $ 5,110 $ 8,175 3.5 % Year Ended December 31, 2020 Property and casualty $ 11,547 $ 238 $ 4,640 $ 7,145 3.3 % Long term care 454 50 504 9.9 Earned premiums $ 12,001 $ 288 $ 4,640 $ 7,649 3.8 % Year Ended December 31, 2019 Property and casualty $ 11,021 $ 288 $ 4,401 $ 6,908 4.2 % Long term care 470 50 520 9.6 Earned premiums $ 11,491 $ 338 $ 4,401 $ 7,428 4.6 % Included in the direct and ceded earned premiums for the years ended December 31, 2021, 2020 and 2019 are $3.6 billion, $3.5 billion and $3.6 billion related to property business that is 100% reinsured under a significant third party captive program. The third party captives that participate in this program are affiliated with the non-insurance company policyholders, therefore this program provides a means for the policyholders to self-insure this property risk. CNA receives and retains a ceding commission. Long term care premiums are from long-duration contracts; property and casualty premiums are from short-duration contracts. Insurance claims and policyholders’ benefits reported on the Consolidated Statements of Operations are net of estimated reinsurance recoveries of $3.1 billion, $3.2 billion and $2.7 billion for the years ended December 31, 2021, 2020 and 2019, including $2.0 billion, $2.4 billion and $2.1 billion related to the significant third party captive program discussed above. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings Boardwalk Pipelines Litigation On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Trial Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates. On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Trial Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018. On September 28, 2018, the Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which among other things, added the Parent Company as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July of 2019. In October of 2019, the Trial Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021. On November 12, 2021, the Trial Court issued a ruling in the case. The Trial Court held that the General Partner breached the Limited Partnership Agreement and awarded Plaintiffs approximately $690 million, plus pre-judgment interest (approximately $166 million), post-judgment interest and attorneys’ fees. The Company believes that the Trial Court ruling includes factual and legal errors. Therefore on January 3, 2022, the Defendants appealed the Trial Court’s ruling to the Supreme Court of the State of Delaware (the “Supreme Court”). On January 17, 2022, the Plaintiffs filed a cross-appeal to the Supreme Court contesting the calculation of damages by the Trial Court. At this time, given the Trial Court’s ruling and the pending appeals, the Company believes that it is reasonably possible that a loss has occurred, although the Company is unable to estimate any potential loss as it may range from zero up to the full amount of the Trial Court’s award of $690 million, plus pre- and post-judgment interest and attorneys’ fees, or more, depending on the extent of the Defendants’ and Plaintiffs’ success on appeal. The Company has not recorded a liability related to this matter. As litigation is inherently unpredictable, if an unfavorable final outcome occurs, there is a possibility of a material adverse impact to the Company’s consolidated financial statements in the period in which the effects become known. Other Litigation The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any such pending litigation will materially affect the Company’s results of operations or equity. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Commitments and Contingencies CNA Data Breach-related Contingency As previously disclosed, CNA sustained a sophisticated cybersecurity attack in March of 2021 involving ransomware. CNA’s investigation revealed that an unauthorized third party copied some personal information relating to certain current and former employees, contractor workers and their dependents and certain other persons, including some policyholders. In July of 2021, CNA provided notifications to the impacted individuals and to regulators, in accordance with applicable law. CNA may be subject to subsequent investigations, fines or penalties, as well as other legal claims and actions, related to the foregoing. The likelihood is reasonably possible, but the amount of such fines, penalties or costs, if any, cannot be estimated at this time. Based on the information currently known, CNA does not believe that the March 2021 cybersecurity attack will have a material impact on its business, results of operations or financial condition, but no assurances can be given as it continues to assess the full impact from the incident, including costs, expenses and insurance coverage. CNA Guarantees CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of December 31, 2021, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.6 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segments | Segments Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. In the first quarter of 2020, Diamond Offshore was a reportable segment; Diamond Offshore was deconsolidated during the second quarter of 2020. The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, and the operations of Altium Packaging through March 31, 2021. On April 1, 2021, Loews Corporation sold 47% of Altium Packaging and as a result, Altium Packaging was deconsolidated from Loews Corporation’s consolidated financial results. Subsequent to deconsolidation, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting, with Equity income (loss) reported in Operating expenses and other on the Consolidated Statements of Operations in the Corporate segment. For further information on the deconsolidations of Diamond Offshore and Altium Packaging see Note 2. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. CNA’s business is the sale of property and casualty insurance products and services, including surety, primarily through a network of independent agents, brokers and managing general underwriters. CNA’s operations also include its long term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including CNA Re, A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves. Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities. Boardwalk Pipeline owns approximately 14,065 miles of natural gas and NGL pipelines and underground storage caverns. Boardwalk Pipelines’ natural gas pipeline systems are located in the Gulf Coast region, Oklahoma, Arkansas, Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGL pipelines and storage facilities are located in Louisiana and Texas. Loews Hotels & Co operates a chain of 26 hotels, 25 of which are in the United States and one of which is in Canada. The Corporate segment consists of investment income from the Parent Company’s cash and investments, Parent Company interest expense and other unallocated Parent Company expenses. Corporate also includes the operating results of Altium Packaging through March 31, 2021 and the equity method accounting for Altium Packaging beginning on April 1, 2021, as a result of the sale of 47% of Altium Packaging and the resulting deconsolidation. See Note 2 for further information. Purchase accounting adjustments have been pushed down to the appropriate subsidiary. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1. In the following tables certain financial measures are presented to provide information used by management to monitor the Company’s operating performance. These schedules present the reportable segments of the Company and their contribution to the consolidated financial statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. Statements of Operations and Total assets by segment are presented in the following tables. Year Ended December 31, 2021 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate (a) Total (In millions) Revenues: Insurance premiums $ 8,175 $ 8,175 Net investment income 2,159 $ 1 $ 99 2,259 Investment gains 120 540 660 Non-insurance warranty revenue 1,430 1,430 Operating revenues and other 24 $ 1,349 479 281 2,133 Total 11,908 1,349 480 920 14,657 Expenses: Insurance claims and policyholders’ benefits 6,349 6,349 Amortization of deferred acquisition costs 1,443 1,443 Non-insurance warranty expense 1,328 1,328 Operating expenses and other 1,191 885 456 399 2,931 Interest 113 161 36 114 424 Total 10,424 1,046 492 513 12,475 Income (loss) before income tax 1,484 303 (12) 407 2,182 Income tax expense (282) (68) (2) (127) (479) Net income (loss) 1,202 235 (14) 280 1,703 Amounts attributable to noncontrolling interests (125) (125) Net income (loss) attributable to Loews Corporation $ 1,077 $ 235 $ (14) $ 280 $ 1,578 December 31, 2021 Total assets $ 66,588 $ 9,418 $ 1,671 $ 3,949 $ 81,626 (a) Amounts presented for Corporate include the operating results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment. Year Ended December 31, 2020 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate (a) Diamond Offshore (b) Total (In millions) Revenues: Insurance premiums $ 7,649 $ 7,649 Net investment income 1,935 $ 1 $ 59 1,995 Investment losses (35) (1,211) (1,246) Non-insurance warranty revenue 1,252 1,252 Operating revenues and other 26 $ 1,302 277 1,023 $ 305 2,933 Total 10,827 1,302 278 (129) 305 12,583 Expenses: Insurance claims and policyholders’ benefits 6,170 6,170 Amortization of deferred acquisition costs 1,410 1,410 Non-insurance warranty expense 1,159 1,159 Operating expenses and other 1,125 855 519 1,098 1,196 4,793 Interest 142 170 33 127 43 515 Total 10,006 1,025 552 1,225 1,239 14,047 Income (loss) before income tax 821 277 (274) (1,354) (934) (1,464) Income tax (expense) benefit (131) (71) 62 287 26 173 Net income (loss) 690 206 (212) (1,067) (908) (1,291) Amounts attributable to noncontrolling interests (72) 432 360 Net income (loss) attributable to Loews Corporation $ 618 $ 206 $ (212) $ (1,067) $ (476) $ (931) December 31, 2020 Total assets $ 63,976 $ 9,353 $ 1,637 $ 5,270 $ — $ 80,236 (b) Amounts presented for Diamond Offshore reflect the periods prior to the deconsolidation. CNA Boardwalk Loews Diamond Year Ended December 31, 2019 Financial Pipelines Hotels & Co Corporate (a) Offshore (b) Total (In millions) Revenues: Insurance premiums $ 7,428 $ 7,428 Net investment income 2,118 $ 1 $ 230 $ 6 2,355 Investment gains 49 49 Non-insurance warranty revenue 1,161 1,161 Operating revenues and other 32 $ 1,300 691 933 982 3,938 Total 10,788 1,300 692 1,163 988 14,931 Expenses: Insurance claims and policyholders’ benefits 5,806 5,806 Amortization of deferred acquisition costs 1,383 1,383 Non-insurance warranty expense 1,082 1,082 Operating expenses and other 1,141 840 698 1,004 1,267 4,950 Interest 152 179 22 115 123 591 Total 9,564 1,019 720 1,119 1,390 13,812 Income (loss) before income tax 1,224 281 (28) 44 (402) 1,119 Income tax (expense) benefit (224) (72) (3) (9) 60 (248) Net income (loss) 1,000 209 (31) 35 (342) 871 Amounts attributable to noncontrolling interests (106) 167 61 Net income (loss) attributable to Loews Corporation $ 894 $ 209 $ (31) $ 35 $ (175) $ 932 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant | SCHEDULE I Condensed Financial Information of Registrant LOEWS CORPORATION BALANCE SHEETS ASSETS December 31 2021 2020 (In millions) Current assets, principally investment in short term instruments $ 2,818 $ 2,766 Investments in securities 734 775 Investments in capital stocks of subsidiaries, at equity 16,794 16,861 Other assets 20 22 Total assets $ 20,366 $ 20,424 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities $ 92 $ 63 Long term debt 2,278 2,276 Deferred income tax and other 150 225 Total liabilities 2,520 2,564 Shareholders’ equity 17,846 17,860 Total liabilities and shareholders’ equity $ 20,366 $ 20,424 STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Year Ended December 31 2021 2020 2019 (In millions) Revenues: Equity in income of subsidiaries (a) $ 1,655 $ 120 $ 867 Net investment income, interest and other 103 65 239 Investment loss (15) (1,211) Total 1,743 (1,026) 1,106 Expenses: Administrative 93 98 83 Interest 89 83 72 Total 182 181 155 Income (loss) before income tax 1,561 (1,207) 951 Income tax (expense) benefit 17 276 (19) Net income (loss) 1,578 (931) 932 Equity in other comprehensive income (loss) of subsidiaries (395) 649 812 Total comprehensive income (loss) $ 1,183 $ (282) $ 1,744 SCHEDULE I (Continued) Condensed Financial Information of Registrant LOEWS CORPORATION STATEMENTS OF CASH FLOWS Year Ended December 31 2021 2020 2019 (In millions) Operating Activities: Net income (loss) $ 1,578 $ (931) $ 932 Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: Equity method investees (820) 834 36 Loss on deconsolidation 15 1,211 Provision for deferred income taxes 7 (196) 106 Changes in operating assets and liabilities, net: Receivables 1 Accounts payable and accrued liabilities (48) (38) (29) Trading securities (69) (566) (478) Other, net 82 44 36 745 358 604 Investing Activities: Investments in and advances to subsidiaries 385 (169) 183 Change in investments, primarily short term 72 326 326 457 157 509 Financing Activities: Dividends paid (65) (70) (76) Purchases of treasury shares (1,136) (923) (1,051) Issuance of debt 495 Other (4) (5) (5) (1,205) (503) (1,132) Net change in cash (3) 12 (19) Cash, beginning of year 22 10 29 Cash, end of year $ 19 $ 22 $ 10 (a) Cash dividends paid to the Company by affiliates amounted to $853, $947 and $927 for the years ended December 31, 2021, 2020 and 2019. |
Schedule V - Supplemental Infor
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Text Block] | SCHEDULE V LOEWS CORPORATION AND SUBSIDIARIES Supplemental Information Concerning Property and Casualty Insurance Operations Consolidated Property and Casualty Operations December 31 2021 2020 (In millions) Deferred acquisition costs $ 737 $ 708 Reserves for unpaid claim and claim adjustment expenses 24,174 22,706 Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.4%) 1,146 1,209 Unearned premiums 5,761 5,119 Year Ended December 31 2021 2020 2019 (In millions) Net written premiums $ 8,405 $ 8,059 $ 7,656 Net earned premiums 8,175 7,649 7,428 Net investment income 2,111 1,896 2,063 Incurred claim and claim adjustment expenses related to current year 5,970 5,793 5,356 Incurred claim and claim adjustment expenses related to prior years (104) (119) (127) Amortization of deferred acquisition costs 1,443 1,410 1,383 Paid claim and claim adjustment expenses 4,844 5,164 5,576 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation − Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an 89.6% owned subsidiary); transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, the term “Company” as used herein means Loews Corporation including its consolidated subsidiaries, the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries. On April 1, 2021, Loews Corporation sold 47% of Altium Packaging LLC (“Altium Packaging”), previously a 99% owned subsidiary. In the second quarter of 2020, Diamond Offshore Drilling, Inc. (“Diamond Offshore”), previously a 53% owned subsidiary, was deconsolidated from the Company’s consolidated financial statements. See Note 2 for further discussion. |
Accounting Estimates | Accounting estimates and principles of consolidation – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes. Actual results could differ from those estimates. The Consolidated Financial Statements include all subsidiaries and intercompany accounts and transactions have been eliminated. |
Principles of Consolidation | Accounting estimates and principles of consolidation – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes. Actual results could differ from those estimates. The Consolidated Financial Statements include all subsidiaries and intercompany accounts and transactions have been eliminated. |
Investments | Investments – Fixed maturity securities are classified as either available-for-sale or trading, and as such, they are carried at fair value. Short term investments are carried at fair value. Changes in fair value of trading securities are reported within Net investment income on the Consolidated Statements of Operations. Changes in fair value related to available-for-sale securities are reported as a component of Other comprehensive income. The cost of fixed maturity securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts, which are included in Net investment income on the Consolidated Statements of Operations. The amortization of premium and accretion of discount for fixed maturity securities takes into consideration call and maturity dates that produce the lowest yield. For asset-backed securities included in fixed maturity securities, income is recognized using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments predominantly using the retrospective method. To the extent that unrealized gains on fixed maturity securities supporting structured settlements not funded by annuities were realized, or that unrealized gains on fixed maturity securities supporting long term care products would result in a premium deficiency if realized, a related increase in Insurance reserves is recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (“Shadow Adjustments”). Shadow Adjustments decreased $265 million (after tax and noncontrolling interests) and increased $515 million (after tax and noncontrolling interests) for the years ended December 31, 2021 and 2020. As of December 31, 2021 and 2020, net unrealized gains on investments included in Accumulated other comprehensive income (“AOCI”) were correspondingly reduced by Shadow Adjustments of $2.2 billion (after tax and noncontrolling interests) and $2.5 billion (after tax and noncontrolling interests). Equity securities are carried at fair value. Non-redeemable preferred stock investments contain characteristics of debt securities, are priced similarly to bonds and are held primarily for income generation through periodic dividends. While recognition of gains and losses on these securities is not discretionary, the changes in fair value of non-redeemable preferred stock are not considered to be reflective of its primary operations. As such, the changes in the fair value of these securities are recorded through Investment gains (losses) on the Consolidated Statements of Operations. The Company owns certain common stock with the intention of holding the securities primarily for market appreciation and as such, the changes in the fair value of these securities are recorded through Net investment income (loss). The Company’s carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the general partner. Certain partnerships for which results are not available on a timely basis are reported on a lag, primarily three months or less. These investments are accounted for under the equity method and changes in net asset values are recorded within Net investment income on the Consolidated Statements of Operations. Mortgage loans are commercial in nature, are carried at unpaid principal balance, net of unamortized fees and an allowance for expected credit losses, and are recorded once funded. The allowance for expected credit losses on mortgage loans is developed by assessing the credit quality of pools of mortgage loans in good standing using debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. The DSCR compares a property’s net operating income to its debt service payments, including principal and interest. The LTV ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. The pools developed to measure the credit loss allowance use increments of DSCR and LTV to draw distinctions between risk levels. Expected credit loss rates are applied by pool to the outstanding receivable balances. Changes in the allowance for mortgage loans are presented as a component of Investment gains (losses) on the Consolidated Statements of Operations. Mortgage loans are included in Other invested assets on the Consolidated Balance Sheets. Prior to 2020, mortgage loans were evaluated on an individual loan basis considering the collection experience of each loan and other credit quality indicators such as DSCR and the credit-worthiness of the borrower or tenants of credit tenant loan properties. Mortgage loans were considered to be impaired and a loss incurred when it was probable that contractual principal and interest payments would not be collected and any impairment losses were recognized as a direct write-down of amortized cost. Interest income from mortgage loans is recognized on an accrual basis using the effective yield method. Investments in derivative securities are carried at fair value with changes in fair value reported as a component of Investment gains (losses), Net investment income or Other comprehensive income (loss), depending on their hedge designation. A derivative is typically defined as an instrument whose value is “derived” from an underlying instrument, index or rate, has a notional amount, requires little or no initial investment and can be net settled. Derivatives include the following types of investments: interest rate swaps, interest rate caps and floors, put and call options, warrants, futures, forwards, commitments to purchase securities, credit default swaps and combinations of the foregoing. Derivatives embedded within non-derivative instruments (such as call options embedded in convertible bonds) must be split from the host instrument when the embedded derivative is not clearly and closely related to the host instrument. An available-for-sale security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and allowance for credit losses. When a security is impaired, it is evaluated to determine whether there is an intent to sell the security before recovery of amortized cost or whether a credit loss exists. Losses on securities that are intended to be sold are recognized as impairment losses within Investment gains (losses) on the Consolidated Statements of Operations. If a credit loss exists, an allowance is established and the corresponding amount is recognized as an impairment loss within Investment gains (losses) on the Consolidated Statements of Operations. The allowance for credit losses related to available-for-sale fixed maturity securities is the difference between the present value of cash flows expected to be collected and the amortized cost basis. In subsequent periods, the allowance is reviewed, with any changes in the allowance presented as a component of Investment gains (losses) on the Consolidated Statements of Operations. Changes in the difference between the amortized cost basis, net of the allowance, and the fair value, are recognized in Other comprehensive income. Significant judgment is required in the determination of whether an impairment loss has occurred for a security. A consistent and systematic process is followed for determining and recording an impairment loss, including the evaluation of securities in an unrealized loss position and securities with an allowance for credit losses on at least a quarterly basis. The assessment of whether an impairment loss has occurred incorporates both quantitative and qualitative information. A credit loss exists if the present value of cash flows expected to be collected is less than the amortized cost basis. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. All available evidence is considered when determining whether an investment requires a credit loss write-down or allowance to be recorded. Examples of such evidence may include the financial condition and near-term and long-term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions and industry, sector or other specific factors and whether it is likely that the amortized cost will be recovered through the collection of cash flows. |
Credit Losses | Credit losses - The allowances for credit losses on fixed maturity securities, mortgage loans, reinsurance receivables, insurance receivables and trade receivables are valuation accounts that are reported as a reduction of a financial asset’s cost basis and are measured on a pool basis when similar risk characteristics exist. The allowance is estimated using relevant available information from both internal and external sources. Historical credit loss experience provides the basis for the estimation of expected credit losses and adjustments may be made to reflect current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for additional factors that come to the Company’s attention. This could include significant shifts in counterparty financial strength ratings, aging of past due receivables, amounts sent to collection agencies, or other underlying portfolio changes. Current and forecast economic conditions are considered, using a variety of economic metrics and forecast indices. The sensitivity of expected credit losses relative to changes to the forecast of economic conditions can vary by financial asset class. A reasonable and supportable forecast period is up to 24 months from the balance sheet date. After the forecast period, the Company reverts to historical credit experience. Collateral arrangements such as letters of credit and amounts held in beneficiary trusts to mitigate credit risk are considered in the estimate of the net amount expected to be collected. Amounts are written off against the allowance when determined to be uncollectible. Prior to 2020, the allowance for doubtful accounts for reinsurance, insurance and trade receivables was measured using an incurred loss methodology. A policy election has been made to present accrued interest balances separately from the amortized cost basis of assets, and a practical expedient has been elected to exclude the accrued interest from the tabular disclosures for mortgage loans and available-for-sale securities. An election has been made not to estimate an allowance for credit losses on accrued interest receivables. The accrual of interest income is discontinued and the asset is placed on nonaccrual status within 90 days of the interest becoming delinquent. Interest accrued but not received for assets on nonaccrual status is reversed through Net investment income. Interest received for assets that are on nonaccrual status is recognized as payment is received. The asset is returned to accrual status when the principal and interest amounts contractually due are brought current, and future payments are expected. Interest receivables are presented in Receivables on the Consolidated Balance Sheet. |
Equity method investments | Equity method investments – Loews Hotels & Co has interests in operating joint ventures related to hotel properties over which it exercises significant influence, but does not have control over them. Loews Hotels & Co uses the equity method of accounting for these investments. In addition, effective April 1, 2021, following Loews Corporation’s sale of 47% of Altium Packaging to GIC, Singapore’s sovereign wealth fund, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting. See Note 2 for further discussion. The Company’s total investment in entities accounted for under the equity method of accounting, excluding limited partnership investments, was $734 million and $299 million as of December 31, 2021 and 2020 and is reported in Other assets on the Consolidated Balance Sheets. Equity income (loss) for investments accounted for under the equity method of accounting, excluding limited partnerships, was $26 million, $(73) million and $69 million for the years ended December 31, 2021, 2020 and 2019 and is reported in Operating expenses and other on the Consolidated Statements of Operations. Equity method investments are reviewed for impairment when changes in circumstances indicate that the carrying value of the asset may not be recoverable. See above and Note 3 for a discussion of limited partnership investments. |
Hedging | Hedging – The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedging transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative for which hedge accounting has been designated is not (or ceases to be) highly effective, the Company discontinues hedge accounting prospectively. See Note 3 for additional information on the Company’s use of derivatives. |
Securities Lending Activities | Securities lending activities – The Company lends securities for the purpose of enhancing income or to finance positions to unrelated parties who have been designated as primary dealers by the Federal Reserve Bank of New York. Borrowers of these securities must deposit and maintain collateral with the Company of no less than 100% of the fair value of the securities loaned. United States of America (“U.S.”) Government securities and cash are accepted as collateral. The Company maintains effective control over loaned securities and, therefore, continues to report such securities as investments on the Consolidated Balance Sheets. |
Revenue Recognition | Revenue recognition – Premiums on property and casualty insurance contracts are recognized in proportion to the underlying risk insured and are principally earned ratably over the term of the policies. Premiums on long term care contracts are earned ratably over the policy year in which they are due. The reserve for unearned premiums represents the portion of premiums written relating to the unexpired terms of coverage. Property and casualty contracts that are retrospectively rated or subject to audit premiums contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions. These provisions stipulate the adjustment due to loss experience of the insured during the coverage period, or changes in the level of exposure to insurance risk. For such contracts, CNA estimates the amount of ultimate premiums that it may earn upon completion of the coverage period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. CNA either adjusts such estimated ultimate premium amounts during the course of the coverage period based on actual results to date or by conducting premium audits after the policy has expired to determine the final exposure to insured risks. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period. Insurance receivables include balances due currently or in the future, including amounts due from insureds related to paid losses under high deductible policies, and are presented at unpaid balances, net of an allowance for doubtful accounts. As of December 31, 2021, an allowance for doubtful accounts of $29 million for insurance receivables has been established using a loss rate methodology to determine expected credit losses for premium receivables. This methodology uses CNA’s historical annual credit losses relative to gross premium written to develop a range of credit loss rates for each dollar of gross written premium underwritten. Additionally, an expected credit loss for amounts due from insureds under high deductible and retrospectively rated policies is calculated on a pool basis, informed by historical default rate data obtained from major rating agencies. Changes in the allowance are presented as a component of Other operating expenses on the Consolidated Statements of Operations. Amounts are considered past due based on policy payment terms. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. CNA’s non-insurance warranty revenues are primarily generated from separately-priced service contracts that provide mechanical breakdown and other coverages to vehicle or consumer goods owners, which generally provide coverage from one month to ten years. For warranty products where CNA acts as the principal in the transaction, Non-insurance warranty revenue is reported on a gross basis, with amounts paid by customers reported as Non-insurance warranty revenue and commissions paid to agents reported as Non-insurance warranty expense on the Consolidated Statements of Operations. Additionally, CNA provides warranty administration services for dealer and manufacturer warranty products. Non-insurance revenues are recognized when obligations under the terms of the contract with CNA’s customers are satisfied, which is generally over time as obligations are fulfilled. CNA recognizes non-insurance warranty revenue over the service period in proportion to the actuarially determined expected claims emergence pattern. Customers predominantly pay in full at the inception of the warranty contract. The liability for unearned warranty revenue, reported as Deferred non-insurance warranty revenue on the Consolidated Balance Sheets, represents the unearned portion of revenue in advance of CNA’s performance, including amounts which are refundable upon cancellation. Contract costs to obtain or fulfill non-insurance warranty contracts with customers are deferred and recorded as Deferred non-insurance warranty acquisition expenses on the Consolidated Balance Sheets. These costs are expected to be recoverable over the term of the contract and are amortized in the same manner the related revenue is recognized. CNA evaluates deferred costs for recoverability including consideration of anticipated investment income. Adjustments to deferred costs, if necessary, are recorded in the current period results of operations. Diamond Offshore’s contract drilling revenues primarily resulted from providing a drilling rig and the crew and supplies necessary to operate the rig, mobilizing and demobilizing the rig to and from the drill site and performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue and reimbursement revenue for the purchase of supplies, equipment, personnel services and other services requested by the customer. Diamond Offshore accounted for these integrated services provided within its drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which drilling services are provided. The total transaction price was determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the term of the contract. The standard contract term ranged from two Boardwalk Pipelines primarily earns revenues by providing transportation and storage services for natural gas and natural gas liquids and hydrocarbons (referred to together as “NGLs”) on a firm and interruptible basis and provides interruptible natural gas parking and lending services. The majority of Boardwalk Pipelines’ operating subsidiaries are subject to Federal Energy Regulatory Commission (“FERC”) regulations and certain revenues collected, under certain circumstances, may be subject to possible refunds to its customers. An estimated refund liability is recorded considering regulatory proceedings, advice of counsel and estimated total exposure. The majority of Boardwalk Pipelines’ revenues are from firm service contracts which are accounted for as a single promise to stand ready each month of the contract term to provide the committed capacity for either transportation or storage services. The transaction price is comprised of a fixed fee based on the capacity reserved plus a usage fee paid on the volume of commodity transported or injected and withdrawn from storage. Both the fixed and the usage fees are allocated to the single performance obligation of providing transportation or storage service and recognized over time as control is passed to the customer. These service contracts can range in term from one Loews Hotels & Co provides lodging and related goods and services as well as management and marketing services. Lodging and related revenues are recognized as the guest takes possession of the goods or receives the services. Management and marketing services revenues are recognized as the services are provided and billed on a monthly basis. In addition, Loews Hotels & Co recognizes revenue for the reimbursement of payroll and other expenses as they are incurred on behalf of the owners of joint venture and managed hotel properties. Altium Packaging is a packaging solutions provider and manufacturer in North America, serving a diverse customer base in the pharmaceutical, dairy, household chemicals, food/nutraceuticals, industrial/specialty chemicals, water and beverage/juice segments. Altium Packaging recognizes revenue when obligations under the terms of a contract with a customer have been satisfied. This occurs at the time control is transferred to the customer, which generally occurs upon delivery or completion of the manufacturing process. |
Claim and Claim Adjustment Expense Reserves | Claim and claim adjustment expense reserves – Claim and claim adjustment expense reserves, except reserves for structured settlements not associated with asbestos and environmental pollution (“A&EP”), workers’ compensation lifetime claims and long term care claims, are not discounted and are based on (i) case basis estimates for losses reported on direct business, adjusted in the aggregate for ultimate loss expectations; (ii) estimates of incurred but not reported losses; (iii) estimates of losses on assumed reinsurance; (iv) estimates of future expenses to be incurred in the settlement of claims; (v) estimates of salvage and subrogation recoveries and (vi) estimates of amounts due from insureds related to losses under high deductible policies. Management considers current conditions and trends as well as past CNA and industry experience in establishing these estimates. The effects of inflation, which can be significant, are implicitly considered in the reserving process and are part of the recorded reserve balance. Ceded claim and claim adjustment expense reserves are reported as a component of Receivables on the Consolidated Balance Sheets. Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.1 billion and $1.2 billion as of December 31, 2021 and 2020. A significant portion of these amounts are supported by collateral. CNA also has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Receivables on the Consolidated Balance Sheets. Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. CNA’s obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and are discounted at a weighted average interest rate of 6.4% and 6.5% as of December 31, 2021 and 2020. As of December 31, 2021 and 2020, the discounted reserves for unfunded structured settlements were $503 million and $520 million, net of discount of $621 million and $657 million. For the years ended December 31, 2021, 2020 and 2019, the amount of interest recognized on the discounted reserves of unfunded structured settlements was $36 million, $35 million and $36 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations but is excluded from the disclosure of prior year loss reserve development. Workers’ compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. As of December 31, 2021 and 2020, workers’ compensation lifetime claim reserves are discounted at a 3.5% interest rate. As of December 31, 2021 and 2020, the discounted reserves for workers’ compensation lifetime claim reserves were $228 million and $258 million, net of discount of $97 million and $113 million. For the years ended December 31, 2021, 2020 and 2019, the amount of interest accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves was $12 million, $15 million and $21 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations, but is excluded from the Company’s disclosure of prior year loss reserve development. |
Future Policy Benefit Reserves | Future policy benefit reserves – Future policy benefit reserves represent the active life reserves related to CNA’s long term care policies for policyholders that are not currently receiving benefits and are computed using the net level premium method, which incorporates actuarial assumptions as to morbidity, persistency, inclusive of mortality, discount rate, future premium rate adjustments and expenses. Expense assumptions primarily relate to claim adjudication. These assumptions are locked in over the life of the policy; however if a premium deficiency emerges, the assumptions are unlocked, and the future policy benefit reserves are increased. The September 30, 2021 gross premium valuation (“GPV”) indicated the recorded reserves included a margin of approximately $72 million. Long term care active life reserves for policyholders not currently receiving benefits are discounted at a weighted average interest rate of 5.3% and 5.4% as of December 31, 2021 and 2020. In circumstances where the cash flow projections supporting future policy benefit reserves are expected to result in profits being recognized in early future years followed by losses in later future years, the future policy benefit reserves are increased by an amount necessary to offset losses that are projected to be recognized in later future years. CNA has not recorded additional future policy benefit reserves for profits followed by losses. |
Insurance-Related Assessments | Insurance-related assessments – Liabilities for insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated and when the event obligating the entity to pay an imposed or probable assessment has occurred. Liabilities for insurance-related assessments are not discounted and are included as part of Other liabilities on the Consolidated Balance Sheets. As of December 31, 2021 and 2020, the liability balances were $79 million and $82 million. |
Reinsurance | Reinsurance – Reinsurance accounting allows for contractual cash flows to be reflected as premiums and losses. To qualify for reinsurance accounting, reinsurance agreements must include risk transfer. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefit reserves. Reinsurance receivables are reported net of an allowance for doubtful accounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of CNA. As of December 31, 2021, an allowance for doubtful accounts of $21 million for reinsurance receivables has been established which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. For assessing expected credit losses, CNA separates reinsurance receivables into two pools: voluntary reinsurance receivables and involuntary receivables related to mandatory pools. CNA has not recorded an allowance for involuntary pools as there is no perceived credit risk. The principal credit quality indicator used in the valuation of the allowance on voluntary reinsurance receivables is the financial strength rating of the reinsurer sourced from major rating agencies. If the reinsurer is unrated, an internal financial strength rating is assigned based on CNA’s historical loss experience and the assessment of reinsurance counterparty risk profile, which generally corresponds with a B rating. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if CNA becomes aware of significant changes related to a reinsurer. The allowance for doubtful accounts on reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer financial strength rating and solvency, industry experience and current and forecast economic conditions. Because billed receivables generally approximate 5% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for doubtful accounts on reinsurance receivables are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations. Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables from insolvent insurers related to paid losses are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations. |
Deferred Acquisition Costs | Deferred acquisition costs – Deferrable acquisition costs include commissions, premium taxes and certain underwriting and policy issuance costs which are incremental direct costs of successful contract acquisitions. Acquisition costs related to property and casualty business are deferred and amortized ratably over the period the related premiums are earned. Deferred acquisition costs are presented net of ceding commissions and other ceded acquisition costs. CNA evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current period results of operations. |
Policyholder Dividends | Policyholder dividends – Policyholder dividends are paid to participating policyholders within the workers’ compensation and surety lines of business. Net written premiums for participating dividend policies were approximately 1% of total net written premiums for each of the years ended December 31, 2021, 2020 and 2019. Dividends to policyholders are accrued according to CNA’s best estimate of the amount to be paid in accordance with contractual provisions and applicable state laws. Dividends to policyholders are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations and Other liabilities on the Consolidated Balance Sheets. |
Goodwill and Other Intangible Assets | Goodwill and other intangible assets – Goodwill represents the excess of purchase price over fair value of net assets of acquired entities. Goodwill is tested for impairment annually or when certain triggering events require additional tests. Subsequent reversal of a goodwill impairment charge is not permitted. Other intangible assets are reported within Other assets. Finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived other intangible assets are tested for impairment annually or when certain triggering events require such tests. See Note 7 for additional information on goodwill and other intangible assets. |
Property, Plant and Equipment | Property, plant and equipment – Property, plant and equipment is carried at cost less accumulated depreciation and amortization. Depreciation is computed principally by the straight-line method over the estimated useful lives of the various classes of properties. Leaseholds and leasehold improvements are depreciated or amortized over the terms of the related leases (including optional renewal periods, where appropriate) or the estimated lives of improvements, if less than the lease term. The principal service lives used in computing provisions for depreciation are as follows: Years Pipeline equipment 30 to 50 Hotel properties and other 3 to 40 |
Impairment of Long-Lived Assets | Impairment of long-lived assets – Long-lived and finite-lived intangible assets are reviewed for impairment when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets and intangibles with finite lives, under certain circumstances, are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential are recorded at the lower of carrying amount or fair value less cost to sell. |
Income Taxes | Income taxes − The Company and its eligible subsidiaries file a consolidated tax return. Deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities, based on enacted tax rates and other provisions of the tax law. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes may not be realized. |
Pension and Postretirement Benefits | Pension and postretirement benefits – The overfunded or underfunded status of defined benefit plans is recognized in Other assets or Other liabilities in the Consolidated Balance Sheets. Changes in funded status related to prior service costs and credits and actuarial gains and losses are recognized in the year in which the changes occur through Accumulated other comprehensive income (loss). The benefit plan assets and obligations are measured at December 31. Annual service cost, interest cost, expected return on plan assets, amortization of prior service costs and credits and amortization of actuarial gains and losses are recognized in the Consolidated Statements of Operations. |
Stock-Based Compensation | Stock-based compensation – Loews Corporation records compensation expense upon issuance, modification or cancellation of all share-based payment awards granted, primarily on a straight-line basis over the requisite service period, generally three |
Net Income per Share | Net income per share – Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of Loews Corporation common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue Loews Corporation common stock were exercised or converted into common stock. For the years ended December 31, 2021 and 2019, approximately 0.5 million and 0.7 million potential shares attributable to issuances and exercises under the Loews Corporation 2016 Incentive Compensation Plan and the prior plan were included in the calculation of diluted net income per share, and there were no shares attributable to employee stock-based compensation awards excluded from the calculation of diluted net income per share because the effect would have been antidilutive. |
Foreign Currency | Foreign currency – Foreign currency translation gains and losses are reflected in Shareholders’ equity as a component of Accumulated other comprehensive income (loss). Foreign subsidiaries’ balance sheet accounts are translated at the exchange rates in effect at each reporting date and income statement accounts are translated at the average exchange rates during the reporting period. There were foreign currency transaction gains (losses) of $(1) million, $12 million and $(3) million for the years ended December 31, 2021, 2020 and 2019 included in the Consolidated Statements of Operations. |
Regulatory Accounting | Regulatory accounting – The majority of Boardwalk Pipelines’ operating subsidiaries are regulated by FERC. Texas Gas Transmission, LLC (“Texas Gas”), a wholly owned subsidiary of Boardwalk Pipelines, applies regulatory accounting to certain assets for GAAP purposes, which records certain assets and liabilities consistent with the economic effect of the manner in which independent third party regulators establish rates. Gulf South Pipeline Company, LLC (“Gulf South”), a wholly owned subsidiary of Boardwalk Pipelines, has implemented fuel trackers, for which regulatory accounting is applied. Accordingly, the value of fuel received from customers paying the maximum tariff rate and the related value of fuel used in transportation are recorded to a regulatory asset or liability depending on whether Gulf South uses more fuel than it collects from customers or collects more fuel than it uses. Other than as described for Texas Gas and the fuel trackers for Gulf South, regulatory accounting is not applicable to Boardwalk Pipelines’ other FERC regulated entities or operations. |
Accounting Changes and Recently Issued ASUs | Accounting changes – In June of 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The updated accounting guidance required changes to the recognition of credit losses on financial instruments not accounted for at fair value through net income. For financial assets measured at cost, the expected credit loss model requires immediate recognition of estimated credit losses over the life of the asset and presentation of the asset at the net amount expected to be collected. This updated guidance applies to mortgage loan investments, reinsurance and insurance receivables and other financing and trade receivables. For available-for-sale fixed maturity securities carried at fair value, estimated credit losses will continue to be measured at the present value of expected cash flows, however, the other than temporary impairment (“OTTI”) concept has been eliminated. Under the previous guidance, estimated credit impairments resulted in a write down of amortized cost. Under the updated guidance, estimated credit losses are recognized through an allowance and reversals of the allowance are permitted if the estimate of credit losses declines. For available-for-sale fixed maturity securities where there is an intent to sell, impairment will continue to result in a write down of amortized cost. On January 1, 2020, the Company adopted the updated guidance using a modified retrospective method with a cumulative effect adjustment recorded to beginning Retained earnings. Prior period amounts have not been adjusted and continue to be reported in accordance with the previous accounting guidance. A prospective transition approach is required for available-for-sale fixed maturity securities that were purchased with credit deterioration (“PCD assets”) or have recognized an OTTI write down prior to the effective date. The cumulative effect of the accounting change resulted in a $5 million decrease in Retained earnings, after tax and noncontrolling interests. The allowance for doubtful accounts for reinsurance, insurance and trade receivables was unchanged as a result of adopting the updated guidance. At adoption, an allowance for credit losses of $6 million was established for available-for-sale fixed maturity securities that were PCD assets, with a corresponding increase to amortized cost, resulting in no adjustment to the carrying value of the securities. See the accounting policy discussion within this note as well as Note 3 for additional information on credit losses. Recently issued ASUs – In August of 2018, the FASB issued ASU 2018-12, “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.” The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. Entities will be required to update cash flow assumptions (including morbidity and persistency) at least annually, and to update quarterly discount rate assumptions using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in Net income and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income (“OCI”). The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted, and may be applied using either a modified retrospective transition method or a full retrospective transition method. Restatement of prior periods presented is required. The Company will adopt the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. The most significant impact at the transition date will be the effect of updating the discount rate assumption to reflect an upper-medium grade fixed-income instrument yield, which will be partially offset by the de-recognition of shadow adjustments associated with long duration contracts. The Company expects the net impact of these changes will be a material decrease in AOCI as of the transition date. The requirement to update cash flow assumptions at least annually is expected to change the pattern of earnings emergence being recognized. Adoption will also significantly expand the Company’s disclosures, and will impact systems, processes, and controls. While the requirements of the new guidance represent a material change from existing accounting guidance, the new guidance will not impact capital and surplus under statutory accounting practices, related cash flows, or the underlying economics of the business. The Company continues to make progress in connection with these matters and is in process of refining key accounting policy decisions, technology solutions and updates to internal controls associated with adoption of the new guidance. These in-progress activities include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principal Service Lives | The principal service lives used in computing provisions for depreciation are as follows: Years Pipeline equipment 30 to 50 Hotel properties and other 3 to 40 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Net Investment Income | Net investment income is as follows: Year Ended December 31 2021 2020 2019 (In millions) Fixed maturity securities $ 1,707 $ 1,728 $ 1,817 Limited partnership investments 375 127 204 Short term investments 2 10 52 Equity securities 83 65 85 Income from trading portfolio (a) 106 83 216 Other 61 58 56 Total investment income 2,334 2,071 2,430 Investment expenses (75) (76) (75) Net investment income $ 2,259 $ 1,995 $ 2,355 (a) Net investment income recognized due to the change in fair value on securities still held as of December 31, 2021, 2020 and 2019 were $23, $88 and $41 for the years ended December 31, 2021, 2020 and 2019. |
Investment Gains (Losses) | Investment gains (losses) are as follows: Year Ended December 31 2021 2020 2019 (In millions) Fixed maturity securities: Gross gains $ 186 $ 220 $ 125 Gross losses (90) (220) (131) Investment gains (losses) on fixed maturity securities 96 — (6) Equity securities 4 (3) 66 Derivative instruments 6 (10) (11) Short term investments and other 14 (22) Altium Packaging (see Note 2) 555 Diamond Offshore (see Note 2) (15) (1,211) Investment gains (losses) (a) $ 660 $ (1,246) $ 49 (a) For the years ended December 31, 2021, 2020 and 2019, $2, $(3) and $66 of investment gains (losses) were recognized due to the change in fair value of non-redeemable preferred stock still held as of the end of each year. |
Allowance for Credit Losses | The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and PCD assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $369 million and $371 million as of December 31, 2021 and December 31, 2020 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Year Ended December 31, 2021 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2021 $ 23 $ 17 $ 40 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 14 14 Available-for-sale securities accounted for as PCD assets 5 6 11 Reductions to the allowance for credit losses: Securities sold during the period (realized) 7 17 24 Write-offs charged against the allowance 16 16 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (8) 1 (7) Total allowance for credit losses $ 11 $ 7 $ 18 Year Ended December 31, 2020 Allowance for credit losses: Balance as of January 1, 2020 $ — $ — $ — Additions to the allowance for credit losses: Impact of adopting ASC 326 6 6 Securities for which credit losses were not previously recorded 67 12 79 Available-for-sale securities accounted for as PCD assets 5 5 Reductions to the allowance for credit losses: Securities sold during the period (realized) 22 22 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1 1 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (32) 5 (27) Total allowance for credit losses $ 23 $ 17 $ 40 |
Available-for-Sale Impairment Losses Recognized in Earnings | The components of available-for-sale impairment losses recognized in earnings by asset type are presented in the following table. The table includes losses on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date: Year Ended December 31 2021 2020 2019 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 11 $ 87 $ 33 Asset-backed 20 24 11 Impairment losses recognized in earnings $ 31 $ 111 $ 44 |
Amortized Cost and Fair Values of Fixed Maturity Securities | The amortized cost and fair values of fixed maturity securities are as follows: December 31, 2021 Cost or Amortized Cost Gross Unrealized Gross Unrealized Allowance Estimated (In millions) Fixed maturity securities: Corporate and other bonds $ 21,444 $ 2,755 $ 56 $ 11 $ 24,132 States, municipalities and political 10,358 1,599 14 11,943 Asset-backed: Residential mortgage-backed 2,893 71 8 2,956 Commercial mortgage-backed 1,987 63 19 2,031 Other asset-backed 2,561 54 10 7 2,598 Total asset-backed 7,441 188 37 7 7,585 U.S. Treasury and obligations of 132 1 3 130 Foreign government 570 15 2 583 Fixed maturities available-for-sale 39,945 4,558 112 18 44,373 Fixed maturities trading 7 7 Total fixed maturity securities $ 39,952 $ 4,558 $ 112 $ 18 $ 44,380 December 31, 2020 Cost or Amortized Cost Gross Unrealized Gross Unrealized Allowance Estimated (In millions) Fixed maturity securities: Corporate and other bonds $ 20,792 $ 3,578 $ 22 $ 23 $ 24,325 States, municipalities and political 9,729 1,863 11,592 Asset-backed: Residential mortgage-backed 3,442 146 1 3,587 Commercial mortgage-backed 1,933 93 42 17 1,967 Other asset-backed 2,179 81 9 2,251 Total asset-backed 7,554 320 52 17 7,805 U.S. Treasury and obligations of 339 2 3 338 Foreign government 512 32 544 Fixed maturities available-for-sale 38,926 5,795 77 40 44,604 Fixed maturities trading 37 5 42 Total fixed maturity securities $ 38,963 $ 5,800 $ 77 $ 40 $ 44,646 |
Available-for-sale Securities in Gross Unrealized Loss Position | The available-for-sale securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows: Less than 12 Months 12 Months or Longer Total December 31, 2021 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) Fixed maturity securities: Corporate and other bonds $ 2,389 $ 48 $ 136 $ 8 $ 2,525 $ 56 States, municipalities and political 730 14 730 14 Asset-backed: Residential mortgage-backed 1,043 8 1,043 8 Commercial mortgage-backed 527 7 167 12 694 19 Other asset-backed 840 10 62 902 10 Total asset-backed 2,410 25 229 12 2,639 37 U.S. Treasury and obligations of 69 3 5 74 3 Foreign government 97 2 97 2 Total fixed maturity securities $ 5,695 $ 92 $ 370 $ 20 $ 6,065 $ 112 December 31, 2020 Fixed maturity securities: Corporate and other bonds $ 609 $ 21 $ 12 $ 1 $ 621 $ 22 States, municipalities and political 33 33 Asset-backed: Residential mortgage-backed 71 1 11 82 1 Commercial mortgage-backed 533 40 28 2 561 42 Other asset-backed 344 9 13 357 9 Total asset-backed 948 50 52 2 1,000 52 U.S. Treasury and obligations of 63 3 63 3 Foreign government 13 13 Total fixed maturity securities $ 1,666 $ 74 $ 64 $ 3 $ 1,730 $ 77 |
Available-for-sale Fixed Maturity Securities by Contractual Maturity | The following table presents available-for-sale fixed maturity securities by contractual maturity. December 31 2021 2020 Cost or Amortized Cost Estimated Fair Cost or Amortized Cost Estimated (In millions) Due in one year or less $ 1,603 $ 1,624 $ 1,456 $ 1,458 Due after one year through five years 10,637 11,229 12,304 13,098 Due after five years through ten years 13,294 14,338 12,319 13,878 Due after ten years 14,411 17,182 12,847 16,170 Total $ 39,945 $ 44,373 $ 38,926 $ 44,604 |
Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination | The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. Mortgage Loans Amortized Cost Basis by Origination Year (a) As of December 31, 2021 2021 2020 2019 2018 2017 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 2 $ 75 $ 6 $ 38 $ 99 $ 181 $ 401 LTV 55% to 65% 5 38 15 17 24 99 LTV greater than 65% 17 8 25 DSCR 1.2x - 1.6x LTV less than 55% 14 14 95 5 42 170 LTV 55% to 65% 36 24 10 70 LTV greater than 65% 24 8 32 DSCR ≤1.2x LTV less than 55% 35 30 65 LTV 55% to 65% 28 28 LTV greater than 65% 21 9 62 7 99 Total $ 95 $ 160 $ 249 $ 79 $ 152 $ 254 $ 989 (a) The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index. |
Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments | The following tables present the aggregate contractual or notional amount and estimated fair value related to derivative financial instruments. December 31 2021 2020 Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value Asset (Liability) Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 675 $ (26) Without hedge designation: Equity markets: Options – purchased 135 $ 3 Interest rate swaps $ 100 100 (3) Embedded derivative on funds withheld liability 270 $ (12) 190 (19) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. December 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 140 $ 23,768 $ 937 $ 24,845 States, municipalities and political subdivisions 11,887 56 11,943 Asset-backed 7,029 556 7,585 Fixed maturities available-for-sale 140 42,684 1,549 44,373 Fixed maturities trading 7 7 Total fixed maturities $ 140 $ 42,691 $ 1,549 $ 44,380 Equity securities $ 924 $ 721 $ 29 $ 1,674 Short term and other 4,696 74 4,770 Payable to brokers (70) (70) December 31, 2020 Fixed maturity securities: Corporate bonds and other $ 355 $ 24,082 $ 770 $ 25,207 States, municipalities and political subdivisions 11,546 46 11,592 Asset-backed 7,497 308 7,805 Fixed maturities available-for-sale 355 43,125 1,124 44,604 Fixed maturities trading 34 8 42 Total fixed maturities $ 355 $ 43,159 $ 1,132 $ 44,646 Equity securities $ 796 $ 722 $ 43 $ 1,561 Short term and other 4,538 39 4,577 Payable to brokers (14) (29) (43) |
Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2021 and 2020: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss)on Level 3 Assets and Liabilities Held at December 31 2021 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, December 31 (In millions) Fixed maturity securities: Corporate bonds and other $ 770 $ (10) $ (32) $ 312 $ (3) $ (68) $ 20 $ (52) $ 937 $ (32) States, municipalities and political subdivisions 46 (1) 12 (1) 56 (1) Asset-backed 308 7 (10) 287 (9) (61) 109 (75) 556 (11) Fixed maturities available-for-sale 1,124 (3) (43) 611 (12) (130) 129 (127) 1,549 $ — (44) Fixed maturities trading 8 (6) (2) — Total fixed maturities $ 1,132 $ (9) $ (43) $ 611 $ (12) $ (132) $ 129 $ (127) $ 1,549 $ — $ (44) Equity securities $ 43 $ (15) $ 11 $ (21) $ 21 $ (10) $ 29 $ (2) Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss)on Level 3 Assets and Liabilities Held at December 31 2020 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, December 31 (In millions) Fixed maturity securities: Corporate bonds and other $ 468 $ 1 $ 43 $ 264 $ (3) $ (13) $ 10 $ 770 $ 43 States, municipalities and political subdivisions 1 45 46 1 Asset-backed 165 1 16 154 (9) (32) 30 $ (17) 308 18 Fixed maturities available-for-sale 633 2 60 463 (12) (45) 40 (17) 1,124 $ — 62 Fixed maturities trading 4 4 8 4 Total fixed maturities $ 637 $ 6 $ 60 $ 463 $ (12) $ (45) $ 40 $ (17) $ 1,132 $ 4 $ 62 Equity securities $ 19 $ (6) $ 15 $ 15 $ 43 $ (6) Net investment gains and losses are reported in Net income as follows: Major Category of Assets and Liabilities Consolidated Statements of Operations Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities trading Net investment income Equity securities Investment gains (losses) and Net investment income Other invested assets Investment gains (losses) and Net investment income Derivative financial instruments held in a trading portfolio Net investment income Derivative financial instruments, other Investment gains (losses) and Operating revenues and other |
Significant Unobservable Inputs | The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables 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 unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value. December 31, 2021 Estimated Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 1,225 Discounted cash flow Credit spread 1% — 7% (2%) December 31, 2020 Fixed maturity securities $ 966 Discounted cash flow Credit spread 1% — 8% (3%) |
Financial Assets and Liabilities Not Measured at Fair Value | The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items. Carrying Amount Estimated Fair Value December 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 973 $ 1,018 $ 1,018 Liabilities: Short term debt 93 93 93 Long term debt 8,981 $ 9,170 611 9,781 December 31, 2020 Assets: $ 1,068 $ 1,151 $ 1,151 Other invested assets, primarily mortgage loans Liabilities: Short term debt 35 $ 19 17 36 Long term debt 10,042 10,482 765 11,247 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Receivables | December 31 2021 2020 (In millions) Reinsurance (Note 16) $ 5,484 $ 4,478 Insurance 2,974 2,640 Receivable from brokers 280 97 Accrued investment income 377 381 Federal income taxes 11 4 Other, primarily customer accounts 200 290 Total 9,326 7,890 Less: allowance for doubtful accounts on reinsurance receivables 21 21 allowance for other doubtful accounts 32 36 Receivables $ 9,273 $ 7,833 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | December 31 2021 2020 (In millions) Pipeline equipment (net of accumulated depreciation of $3,742 and $3,402) $ 8,308 $ 8,368 Hotel properties (net of accumulated depreciation of $472 and $439) 959 1,083 Other (net of accumulated depreciation of $522 and $688) 281 719 Construction in process 340 281 Property, plant and equipment $ 9,888 $ 10,451 Depreciation expense and capital expenditures are as follows: Year Ended December 31 2021 2020 2019 Depre-ciation Capital Expend. Depre-ciation Capital Depre-ciation Capital Expend. (In millions) CNA Financial $ 51 $ 26 $ 56 $ 25 $ 64 $ 26 Boardwalk Pipelines 368 340 361 415 348 418 Loews Hotels & Co 63 100 63 88 60 216 Corporate 21 23 74 90 70 53 Diamond Offshore (a) 119 52 356 345 Total $ 503 $ 489 $ 673 $ 670 $ 898 $ 1,058 (a) Amounts presented for Diamond Offshore reflect the periods prior to deconsolidation. See Note 2 for further discussion. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | A summary of the changes in the carrying amount of goodwill is as follows: CNA Financial Boardwalk Pipelines Corporate Total (In millions) Balance, December 31, 2019 $ 112 $ 237 $ 418 $ 767 Acquisition 18 18 Balance, December 31, 2020 112 237 436 785 Deconsolidation of Altium Packaging (see Note 2) (436) (436) Balance, December 31, 2021 $ 112 $ 237 $ — $ 349 |
Other Intangible Assets | A summary of the net carrying amount of other intangible assets is as follows: December 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In millions) Finite-lived intangible assets: Customer relationships $ 59 $ 17 $ 647 $ 111 Other 19 15 71 61 Total finite-lived intangible assets 78 32 718 172 Indefinite-lived intangible assets 63 64 Total other intangible assets $ 141 $ 32 $ 782 $ 172 |
Claim, Claim Adjustment Expen_2
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Net Liability for Unpaid Claim and Claim Adjustment Expenses | The table below reconciles the net liability for unpaid claim and claim adjustment expenses to the amount presented on the Consolidated Balance Sheets. December 31 2021 (In millions) Net liability for unpaid claim and claim adjustment expenses: Property & Casualty Operations $ 15,270 Other Insurance Operations (a) 3,935 Total net claim and claim adjustment expenses 19,205 Reinsurance receivables: (b) Property & Casualty Operations 2,333 Other Insurance Operations (c) 2,636 Total reinsurance receivables 4,969 Total gross liability for unpaid claims and claims adjustment expenses $ 24,174 (a) Other Insurance Operations amounts are primarily related to long term care claim reserves, which are long duration insurance contracts, but also include amounts related to unfunded structured settlements arising from short duration insurance contracts. (b) Reinsurance receivables presented are gross of the allowance for uncollectible reinsurance and do not include reinsurance receivables related to paid losses. (c) The Other Insurance Operations reinsurance receivables are primarily related to A&EP claims covered under the loss portfolio transfer (“LPT”). |
Reconciliation of Claim and Claim Adjustment Expense Reserves | The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of Other Insurance Operations. Year Ended December 31 2021 2020 2019 (In millions) Reserves, beginning of year: Gross $ 22,706 $ 21,720 $ 21,984 Ceded 4,005 3,835 4,019 Net reserves, beginning of year 18,701 17,885 17,965 Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer (632) Net incurred claim and claim adjustment expenses: Provision for insured events of current year 5,970 5,793 5,356 Decrease in provision for insured events of prior years (104) (119) (127) Amortization of discount 174 183 184 Total net incurred (a) 6,040 5,857 5,413 Net payments attributable to: Current year events (1,014) (948) (992) Prior year events (3,830) (4,216) (4,584) Total net payments (4,844) (5,164) (5,576) Foreign currency translation adjustment and other (60) 123 83 Net reserves, end of year 19,205 18,701 17,885 Ceded reserves, end of year 4,969 4,005 3,835 Gross reserves, end of year $ 24,174 $ 22,706 $ 21,720 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, the loss on the excess workers’ compensation loss portfolio transfer, uncollectible reinsurance and benefit expenses related to future policy benefits, which are not reflected in the table above. |
Gross and Net Carried Reserves | The following tables present the gross and net carried reserves: December 31, 2021 Property and Casualty Operations Other Insurance Operations Total (In millions) Gross Case Reserves $ 5,621 $ 4,934 $ 10,555 Gross IBNR Reserves 11,982 1,637 13,619 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 17,603 $ 6,571 $ 24,174 Net Case Reserves $ 4,932 $ 3,437 $ 8,369 Net IBNR Reserves 10,338 498 10,836 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 15,270 $ 3,935 $ 19,205 December 31, 2020 Gross Case Reserves $ 5,674 $ 5,020 $ 10,694 Gross IBNR Reserves 10,415 1,597 12,012 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 16,089 $ 6,617 $ 22,706 Net Case Reserves $ 5,072 $ 3,858 $ 8,930 Net IBNR Reserves 9,123 648 9,771 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 14,195 $ 4,506 $ 18,701 |
Net Prior Year Loss Reserve Development in Property and Casualty Operations | The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations: Year Ended December 31 2021 2020 2019 (In millions) Medical professional liability $ 23 $ 35 $ 75 Other professional liability and management liability 24 (15) (69) Surety (73) (69) (92) Commercial auto 53 33 (25) General liability 15 15 16 Workers’ compensation (82) (96) (13) Property and other (9) 27 (3) Other insurance operations 60 50 38 Total pretax (favorable) unfavorable development $ 11 $ (20) $ (73) |
Net Liability for Unpaid Claims and Claims Adjustment Expenses by Line of Business | The table below presents the net liability for unpaid claim and claim adjustment expenses, by line of business for Property & Casualty Operations: December 31 2021 (In millions) Medical professional liability $ 1,556 Other professional liability and management liability 3,159 Surety 406 Commercial auto 673 General liability 2,911 Workers’ compensation 3,850 Property and other 2,715 Total net liability for unpaid claim and claim adjustment expenses $ 15,270 |
Incurred Claims Development | Medical Professional Liability Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses December 31, 2021 December 31 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 (a) 2019 (a) 2020 (a) 2021 IBNR Cumulative Number of Claims (In millions, except reported claims data) Accident Year 2012 $ 464 $ 469 $ 508 $ 498 $ 493 $ 484 $ 493 $ 499 $ 497 $ 497 $ 4 17,755 2013 462 479 500 513 525 535 545 531 530 11 19,565 2014 450 489 537 530 535 529 527 524 8 19,800 2015 433 499 510 494 488 510 501 28 18,170 2016 427 487 485 499 508 510 24 16,085 2017 412 449 458 460 455 41 15,197 2018 404 429 431 448 60 14,997 2019 430 445 458 156 13,804 2020 477 476 347 9,935 2021 377 337 6,761 Total $ 4,776 $ 1,016 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2012 $ 14 $ 117 $ 221 $ 323 $ 388 $ 427 $ 457 $ 479 $ 482 $ 487 2013 17 119 255 355 414 462 495 508 512 2014 23 136 258 359 417 472 489 497 2015 22 101 230 313 384 420 444 2016 18 121 246 339 401 436 2017 19 107 235 308 355 2018 21 115 211 290 2019 17 91 183 2020 11 61 2021 11 Total $ 3,276 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,500 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 28 Liability for unallocated claim adjustment expenses for accident years presented 28 Total net liability for unpaid claim and claim adjustment expenses $ 1,556 Net Strengthening (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2012 $ 5 $ 39 $ (10) $ (5) $ (9) $ 9 $ 6 $ (2) $ — $ 33 2013 17 21 13 12 10 10 (14) (1) 68 2014 39 48 (7) 5 (6) (2) (3) 74 2015 66 11 (16) (6) 22 (9) 68 2016 60 (2) 14 9 2 83 2017 37 9 2 (5) 43 2018 25 2 17 44 2019 15 13 28 2020 (1) (1) Total net development for the accident years presented above 52 32 13 Total net development for accident years prior to 2012 21 3 3 Total unallocated claim adjustment expense development 2 — 7 Total $ 75 $ 35 $ 23 (a) Data presented for these calendar years is required supplemental information, which is unaudited. Other Professional Liability and Management Liability Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses December 31, 2021 December 31 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 (a) 2019 (a) 2020 (a) 2021 IBNR Cumulative Number of Claims (In millions, except reported claims data) Accident Year 2012 $ 923 $ 909 $ 887 $ 878 $ 840 $ 846 $ 833 $ 831 $ 850 $ 848 $ 18 18,506 2013 884 894 926 885 866 863 850 846 833 30 17,950 2014 878 898 885 831 835 854 845 841 37 17,577 2015 888 892 877 832 807 813 836 41 17,436 2016 901 900 900 904 907 891 84 17,968 2017 847 845 813 791 775 152 18,159 2018 850 864 869 906 202 19,926 2019 837 845 856 283 19,357 2020 930 944 568 19,095 2021 1,037 911 15,487 Total $ 8,767 $ 2,326 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2012 $ 56 $ 248 $ 400 $ 573 $ 651 $ 711 $ 755 $ 792 $ 812 $ 816 2013 54 249 447 618 702 754 771 779 787 2014 51 223 392 515 647 707 743 787 2015 60 234 404 542 612 677 725 2016 64 248 466 625 701 736 2017 57 222 394 498 557 2018 54 282 473 599 2019 64 263 422 2020 67 248 2021 58 Total $ 5,735 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 3,032 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 74 Liability for unallocated claim adjustment expenses for accident years presented 53 Total net liability for unpaid claim and claim adjustment expenses $ 3,159 Net Strengthening (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2012 $ (14) $ (22) $ (9) $ (38) $ 6 $ (13) $ (2) $ 19 $ (2) $ (75) 2013 10 32 (41) (19) (3) (13) (4) (13) (51) 2014 20 (13) (54) 4 19 (9) (4) (37) 2015 4 (15) (45) (25) 6 23 (52) 2016 (1) — 4 3 (16) (10) 2017 (2) (32) (22) (16) (72) 2018 14 5 37 56 2019 8 11 19 2020 14 14 Total net development for the accident years presented above (35) 6 34 Total net development for accident years prior to 2012 (20) (21) (12) Total unallocated claim adjustment expense development (14) — 2 Total $ (69) $ (15) $ 24 (a) Data presented for these calendar years is required supplemental information, which is unaudited. Surety Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses December 31, 2021 December 31 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 (a) 2019 (a) 2020 (a) 2021 IBNR Cumulative Number of Claims (In millions, except reported claims data) Accident Year 2012 $ 120 $ 122 $ 98 $ 70 $ 52 $ 45 $ 39 $ 38 $ 37 $ 36 $ 1 5,586 2013 120 121 115 106 91 87 83 82 82 2 5,088 2014 123 124 94 69 60 45 45 43 1 5,118 2015 131 131 104 79 63 58 53 9 5,055 2016 124 124 109 84 67 64 10 5,521 2017 120 115 103 84 71 9 5,795 2018 114 108 91 62 19 6,097 2019 119 112 98 44 5,816 2020 128 119 104 4,006 2021 137 129 2,592 Total $ 765 $ 328 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2012 $ 5 $ 32 $ 34 $ 35 $ 35 $ 36 $ 37 $ 37 $ 36 $ 36 2013 16 40 69 78 78 78 77 78 79 2014 7 30 38 36 38 38 39 39 2015 7 26 38 40 42 44 42 2016 5 37 45 45 43 43 2017 23 37 41 46 49 2018 5 25 34 39 2019 12 34 44 2020 4 20 2021 5 Total $ 396 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 369 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 17 Liability for unallocated claim adjustment expenses for accident years presented 20 Total net liability for unpaid claim and claim adjustment expenses $ 406 Net Strengthening (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2012 $ 2 $ (24) $ (28) $ (18) $ (7) $ (6) $ (1) $ (1) $ (1) $ (84) 2013 1 (6) (9) (15) (4) (4) (1) — (38) 2014 1 (30) (25) (9) (15) — (2) (80) 2015 — (27) (25) (16) (5) (5) (78) 2016 — (15) (25) (17) (3) (60) 2017 (5) (12) (19) (13) (49) 2018 (6) (17) (29) (52) 2019 (7) (14) (21) 2020 (9) (9) Total net development for the accident years presented above (79) (67) (76) Total net development for accident years prior to 2012 (3) (2) 3 Total unallocated claim adjustment expense development (10) — — Total $ (92) $ (69) $ (73) (a) Data presented for these calendar years is required supplemental information, which is unaudited. Commercial Auto Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses December 31, 2021 December 31 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 (a) 2019 (a) 2020 (a) 2021 IBNR Cumulative (In millions, except reported claims data) Accident Year 2012 $ 275 $ 289 $ 299 $ 303 $ 307 $ 299 $ 299 $ 297 $ 296 $ 295 $ 1 46,288 2013 246 265 265 249 245 245 241 241 241 2 39,430 2014 234 223 212 205 205 201 201 202 2 33,628 2015 201 199 190 190 183 181 183 3 30,427 2016 198 186 186 186 190 195 3 30,449 2017 199 198 200 221 232 5 30,940 2018 229 227 227 245 8 34,292 2019 257 266 289 31 37,142 2020 310 303 107 28,837 2021 397 271 27,182 Total $ 2,582 $ 433 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2012 $ 78 $ 160 $ 220 $ 259 $ 282 $ 285 $ 290 $ 291 $ 291 $ 292 2013 74 135 168 200 225 234 238 239 239 2014 64 102 137 166 187 196 198 199 2015 52 96 130 153 172 175 178 2016 52 93 126 154 175 185 2017 58 107 150 178 203 2018 66 128 175 212 2019 77 147 203 2020 71 134 2021 83 Total $ 1,928 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 654 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 5 Liability for unallocated claim adjustment expenses for accident years presented 14 Total net liability for unpaid claim and claim adjustment expenses $ 673 Net Strengthening (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2012 $ 14 $ 10 $ 4 $ 4 $ (8) $ — $ (2) $ (1) $ (1) $ 20 2013 19 — (16) (4) — (4) — — (5) 2014 (11) (11) (7) — (4) — 1 (32) 2015 (2) (9) — (7) (2) 2 (18) 2016 (12) — — 4 5 (3) 2017 (1) 2 21 11 33 2018 (2) — 18 16 2019 9 23 32 2020 (7) (7) Total net development for the accident years presented above (17) 31 52 Total net development for accident years prior to 2012 (7) 2 1 Total unallocated claim adjustment expense development (1) — — Total $ (25) $ 33 $ 53 (a) Data presented for these calendar years is required supplemental information, which is unaudited. General Liability Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses December 31, 2021 December 31 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 (a) 2019 (a) 2020 (a) 2021 IBNR Cumulative Number of Claims (In millions, except reported claims data) Accident Year 2012 $ 587 $ 611 $ 639 $ 636 $ 619 $ 635 $ 635 $ 630 $ 632 $ 632 $ 20 35,313 2013 650 655 650 655 613 623 620 623 624 24 33,706 2014 653 658 654 631 635 658 659 659 28 28,064 2015 581 576 574 589 600 602 617 42 24,118 2016 623 659 667 671 673 683 68 24,511 2017 632 632 632 634 630 67 22,195 2018 653 644 646 639 205 19,917 2019 680 682 682 330 18,602 2020 723 722 516 13,028 2021 782 706 9,759 Total $ 6,670 $ 2,006 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2012 $ 28 $ 132 $ 247 $ 374 $ 454 $ 510 $ 559 $ 579 $ 597 $ 602 2013 31 128 240 352 450 510 551 572 582 2014 31 119 247 376 481 547 569 607 2015 19 110 230 357 446 501 530 2016 32 163 279 407 481 524 2017 23 118 250 399 471 2018 33 107 228 307 2019 25 98 181 2020 23 99 2021 26 Total $ 3,929 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 2,741 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 119 Liability for unallocated claim adjustment expenses for accident years presented 51 Total net liability for unpaid claim and claim adjustment expenses $ 2,911 Net Strengthening (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2012 $ 24 $ 28 $ (3) $ (17) $ 16 $ — $ (5) $ 2 $ — $ 45 2013 5 (5) 5 (42) 10 (3) 3 1 (26) 2014 5 (4) (23) 4 23 1 — 6 2015 (5) (2) 15 11 2 15 36 2016 36 8 4 2 10 60 2017 — — 2 (4) (2) 2018 (9) 2 (7) (14) 2019 2 — 2 2020 (1) (1) Total net development for the accident years presented above 21 16 14 Total net development for accident years prior to 2012 (4) (1) (1) Total unallocated claim adjustment expense development (1) — 2 Total $ 16 $ 15 $ 15 (a) Data presented for these calendar years is required supplemental information, which is unaudited. Workers’ Compensation Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses December 31, 2021 December 31 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 (a) 2019 (a) 2020 (a) 2021 IBNR Cumulative Number of Claims (In millions, except reported claims data) Accident Year 2012 $ 601 $ 627 $ 659 $ 669 $ 678 $ 673 $ 671 $ 668 $ 663 $ 664 $ 66 42,804 2013 537 572 592 618 593 582 561 552 548 91 38,867 2014 467 480 479 452 450 446 439 448 105 33,502 2015 422 431 406 408 394 382 372 101 31,894 2016 426 405 396 382 366 355 104 31,981 2017 440 432 421 400 402 92 33,121 2018 450 440 428 415 104 34,851 2019 452 449 437 134 34,248 2020 477 466 228 29,188 2021 468 300 25,711 Total $ 4,575 $ 1,325 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2012 $ 87 $ 232 $ 342 $ 416 $ 470 $ 509 $ 524 $ 536 $ 538 $ 541 2013 80 213 300 370 417 419 411 414 417 2014 61 159 215 258 282 290 297 306 2015 51 131 180 212 231 243 251 2016 53 129 169 198 219 227 2017 63 151 207 243 265 2018 68 163 229 259 2019 71 169 223 2020 65 147 2021 67 Total $ 2,703 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,872 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 1,941 Other (b) (14) Liability for unallocated claim adjustment expenses for accident years presented 51 Total net liability for unpaid claim and claim adjustment expenses $ 3,850 Net Strengthening (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2012 $ 26 $ 32 $ 10 $ 9 $ (5) $ (2) $ (3) $ (5) $ 1 $ 63 2013 35 20 26 (25) (11) (21) (9) (4) 11 2014 13 (1) (27) (2) (4) (7) 9 (19) 2015 9 (25) 2 (14) (12) (10) (50) 2016 (21) (9) (14) (16) (11) (71) 2017 (8) (11) (21) 2 (38) 2018 (10) (12) (13) (35) 2019 (3) (12) (15) 2020 (11) (11) Total net development for the accident years presented above (77) (85) (49) Adjustment for development on a discounted basis 3 2 2 Total net development for accident years prior to 2012 38 (13) (35) Total unallocated claim adjustment expense development 23 — — Total $ (13) $ (96) $ (82) (a) Data presented for these calendar years is required supplemental information, which is unaudited. (b) Other includes the effect of discounting lifetime claim reserves. |
Supplementary Information about Average Historical Claims Duration | The table below presents information about average historical claims duration as of December 31, 2021 and is presented as required supplementary information, which is unaudited. Average Annual Percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses in Year: 1 2 3 4 5 6 7 8 9 10 Medical professional liability 3.6 % 18.3 % 23.7 % 18.2 % 12.0 % 8.3 % 5.1 % 2.8 % 0.7 % 1.0 % Other professional liability and management liability 6.7 21.9 21.1 16.7 9.9 6.4 4.3 3.5 1.7 0.5 Surety (a) 14.1 48.7 18.9 2.6 1.1 1.3 — 0.4 (0.8) — Commercial auto 26.7 23.2 18.0 13.6 10.1 3.2 1.5 0.4 — 0.3 General liability 4.1 14.1 18.0 19.0 13.5 8.7 5.6 4.1 2.2 0.8 Workers’ compensation 14.7 21.7 13.9 9.5 6.4 2.7 1.1 1.5 0.4 0.5 (a) Due to the nature of the Surety business, average annual percentage payout of ultimate net incurred claim and allocated claim adjustment expenses has been calculated using only the payouts of mature accident years presented in the loss reserve development tables. |
Impact of Loss Portfolio Transfer | The following table presents the impact of the Loss Portfolio Transfer on the Consolidated Statements of Operations. Year Ended December 31 2021 2020 2019 (In millions) Additional amounts ceded under LPT: Net A&EP adverse development before consideration of LPT $ 143 $ 125 $ 150 Provision for uncollectible third-party reinsurance on A&EP (5) (25) (25) Total additional amounts ceded under LPT 138 100 125 Retroactive reinsurance benefit recognized (107) (94) (107) Pretax impact of deferred retroactive reinsurance $ 31 $ 6 $ 18 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Maturities of Lease Liabilities | The table below presents the maturities of lease liabilities: Operating As of December 31, 2021 Leases (In millions) 2022 $ 63 2023 58 2024 46 2025 38 2026 34 Thereafter 243 Total 482 Less: discount 119 Total lease liabilities $ 363 |
Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate | The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating the operating lease asset and liability. As of December 31, 2021 Weighted average remaining lease term 10.0 years Weighted average discount rate 3.4 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Current and Deferred Components of Income Tax Expense (Benefit) | The current and deferred components of income tax expense (benefit) are as follows: Year Ended December 31 2021 2020 2019 (In millions) Income tax expense (benefit): Federal: Current $ 239 $ 43 $ 108 Deferred 197 (260) 47 State and city: Current 13 1 18 Deferred 13 13 22 Foreign 17 30 53 Total $ 479 $ (173) $ 248 |
Reconciliation between Federal Income Tax Expense at Statutory Rates and Actual Income Tax Expense (Benefit) | The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense (benefit) is as follows: Year Ended December 31 2021 2020 2019 (In millions) Income (loss) before income tax: U.S. $ 2,058 $ (768) $ 1,145 Foreign 124 (696) (26) Total $ 2,182 $ (1,464) $ 1,119 Income tax expense (benefit) at statutory rate $ 458 $ (307) $ 235 Increase (decrease) in income tax expense (benefit) resulting from: Effect of the 2017 tax act (14) Exempt investment income (48) (49) (50) Foreign related tax differential (2) 63 (55) Taxes related to domestic affiliate 40 (15) Valuation allowance 1 55 12 Unrecognized tax positions, settlements and adjustments relating to prior years 68 97 State taxes 24 4 37 Other 6 (7) 1 Income tax expense (benefit) $ 479 $ (173) $ 248 |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding tax carryforwards and interest and penalties, is as follows: Year Ended December 31 2021 2020 2019 (In millions) Balance at January 1 $ 2 $ 121 $ 58 Additions for tax positions related to the current year 68 86 Additions for tax positions related to a prior year 2 Reductions for tax positions related to a prior year (23) Lapse of statute of limitations (2) Reduction due to deconsolidation of subsidiaries (2) (187) Balance at December 31 $ — $ 2 $ 121 |
Deferred Tax Assets and Liabilities | The following table summarizes deferred tax assets and liabilities: December 31 2021 2020 (In millions) Deferred tax assets: Insurance reserves: Property and casualty claim and claim adjustment expense reserves $ 173 $ 157 Unearned premium reserves 193 174 Receivables 11 11 Employee benefits 111 197 Deferred retroactive reinsurance benefit 90 83 Net operating loss carryforwards 29 13 Tax credit carryforwards 4 11 Basis differential in investment in subsidiary 8 8 Other 180 189 Total deferred tax assets 799 843 Valuation allowance (15) (13) Net deferred tax assets 784 830 Deferred tax liabilities: Deferred acquisition costs (99) (93) Net unrealized gains (275) (441) Property, plant and equipment (751) (721) Basis differential in investment in subsidiary (503) (432) Other liabilities (190) (165) Total deferred tax liabilities (1,818) (1,852) Net deferred tax liabilities (a) $ (1,034) $ (1,022) (a) Includes $45 and $43 of deferred tax assets reflected in Other assets in the Consolidated Balance Sheets at December 31, 2021 and 2020. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | December 31 2021 2020 (In millions) Loews Corporation (Parent Company): Senior: 2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500) $ 500 $ 500 3.8% notes due 2026 (effective interest rate of 3.9%) (authorized, $500) 500 500 3.2% notes due 2030 (effective interest rate of 3.3%) (authorized, $500) 500 500 6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300) 300 300 4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500) 500 500 CNA Financial: Senior: 7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250) 243 243 4.0% notes due 2024 (effective interest rate of 4.0%) (authorized, $550) 550 550 4.5% notes due 2026 (effective interest rate of 4.5%) (authorized, $500) 500 500 3.5% notes due 2027 (effective interest rate of 3.5%) (authorized, $500) 500 500 3.9% notes due 2029 (effective interest rate of 3.9%) (authorized, $500) 500 500 2.1% notes due 2030 (effective interest rate of 2.1%) (authorized, $500) 500 500 Boardwalk Pipelines: Senior: Variable rate revolving credit facility due 2026 (effective interest rate of 1.4%) 130 4.0% notes due 2022 (effective interest rate of 4.4%) (authorized, $300) 300 300 3.4% notes due 2023 (effective interest rate of 3.5%) (authorized, $300) 300 300 5.0% notes due 2024 (effective interest rate of 5.2%) (authorized, $600) 600 600 6.0% notes due 2026 (effective interest rate of 6.2%) (authorized, $550) 550 550 4.5% notes due 2027 (effective interest rate of 4.6%) (authorized, $500) 500 500 7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100) 100 100 4.8% notes due 2029 (effective interest rate of 4.9%) (authorized, $500) 500 500 3.4% notes due 2031 (effective interest rate of 3.5%) (authorized, $500) 500 500 Finance lease obligation 6 7 Loews Hotels & Co: Senior debt, principally mortgages (effective interest rates approximate 4.6% and 4.7%) 692 750 Altium Packaging (a): Senior: Variable rate asset based lending facility due 2022 (effective interest rate of 3.5%) 10 Variable rate term loan due 2024 (effective interest rate of 4.7%) 585 Variable rate term loan due 2026 (effective interest rate of 4.1%) 246 Finance lease obligation 26 9,141 10,197 Less unamortized discount and issuance costs 62 88 Debt $ 9,079 $ 10,109 (a) Amounts presented for Altium Packaging reflect the period prior to the deconsolidation. |
Summary of Long-term Debt | December 31, 2021 Principal Unamortized Discount and Issuance Costs Net Short Term Debt Long Term Debt (In millions) Loews Corporation $ 2,300 $ 22 $ 2,278 $ 2,278 CNA Financial 2,793 14 2,779 2,779 Boardwalk Pipelines 3,356 21 3,335 3,335 Loews Hotels & Co 692 5 687 $ 93 594 Total $ 9,141 $ 62 $ 9,079 $ 93 $ 8,986 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The tables below present the changes in AOCI by component for the years ended December 31, 2019, 2020 and 2021: Net Unrealized Gains (Losses) on Investments with OTTI Losses Net Other Unrealized Gains (Losses) on Investments Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, January 1, 2019 $ 14 $ 57 $ 5 $ (793) $ (163) $ (880) Other comprehensive income (loss) before reclassifications, after tax of $3, $(256), $5, $28 and $0 (13) 957 (11) (102) 42 873 Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(3), $1, $0, $(9) and $0 12 (8) 34 38 Other comprehensive income (loss) (1) 949 (11) (68) 42 911 Amounts attributable to noncontrolling interests (101) 6 (4) (99) Balance, December 31, 2019 $ 13 $ 905 $ (6) $ (855) $ (125) $ (68) Balance, January 1, 2020 (a) $ — $ 918 $ (6) $ (855) $ (125) $ (68) Other comprehensive income (loss) before reclassifications, after tax of $12, $(201), $8, $18 and $0 (43) 763 (22) (66) 48 680 Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(12), $12, $(2), $(11) and $0 43 (43) 5 42 47 Other comprehensive income (loss) — 720 (17) (24) 48 727 Amounts attributable to noncontrolling interests (75) 2 (5) (78) Balance, December 31, 2020 $ — $ 1,563 $ (23) $ (877) $ (82) $ 581 Other comprehensive income (loss) before reclassifications, after tax of $2, $167, $(2), $(59) and $0 (7) (625) 13 220 (20) (419) Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(1), $21, $(1), $(12) and $0 5 (81) 4 46 (26) Other comprehensive income (loss) (2) (706) 17 266 (20) (445) Amounts attributable to noncontrolling interests 73 (25) 2 50 Balance, December 31, 2021 $ (2) $ 930 $ (6) $ (636) $ (100) $ 186 (a) On January 1, 2020, the Company adopted ASU 2016-13; see Note 1. The Net Unrealized Gains (Losses) on Investments with OTTI Losses column that tracked the change in unrealized gains (losses) on investments with OTTI losses has been replaced with the Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses column. The balance as of January 1, 2020 in the Net Unrealized Gains (Losses) on Investments with OTTI Losses column is now reported in the Net Unrealized Gains (Losses) on Other Investments column. Prior period amounts were not adjusted for the adoption of this standard. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 19: Year Ended December 31 2021 2020 2019 (In millions) Non-insurance warranty – CNA Financial $ 1,430 $ 1,252 $ 1,161 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines $ 1,306 $ 1,264 $ 1,266 Lodging and related services – Loews Hotels & Co 419 234 691 Rigid plastic packaging and recycled resin – Corporate (a) 280 1,022 932 Contract drilling – Diamond Offshore (b) 300 981 Total revenues from contracts with customers 2,005 2,820 3,870 Other revenues 128 113 68 Operating revenues and other $ 2,133 $ 2,933 $ 3,938 (a) Revenues presented for Corporate reflect the periods prior to the deconsolidation of Altium Packaging. See Note 2 for further discussion. (b) Revenues presented for Diamond Offshore reflect the periods prior to deconsolidation. See Note 2 for further discussion. |
Statutory Accounting Practices
Statutory Accounting Practices (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statutory Accounting Practices [Abstract] | |
Statutory Capital and Surplus and Statutory Net Income | Combined statutory capital and surplus and statutory net income for the Combined Continental Casualty Companies are presented in the table below, determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities. Statutory Capital and Surplus Statutory Net Income December 31 Year Ended December 31 2021 (a) 2020 2021(a) 2020 2019 (In millions) Combined Continental Casualty Companies $11,321 $10,708 $1,253 $800 $1,062 (a) Information derived from the statutory-basis financial statements to be filed with insurance regulators. |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | Weighted average assumptions used to determine benefit obligations: Pension Benefits Other Postretirement Benefits December 31 2021 2020 2019 2021 2020 2019 Discount rate 2.6 % 2.1 % 3.0 % 2.6 % 2.2 % 3.0 % Interest crediting rate 3.0 % 3.0 % 3.7 % Rate of compensation increase 0.0% to 3.0% 0.0% to 3.0% 3.0% to 5.5% Weighted average assumptions used to determine net periodic benefit cost: Pension Benefits Other Postretirement Benefits Year Ended December 31 2021 2020 2019 2021 2020 2019 Discount rate 2.1 % 3.0 % 4.0 % 2.2 % 2.9 % 4.0 % Expected long term rate of return on plan assets 6.7 % 7.2 % 7.5 % 2.8 % 3.6 % 3.6 % Interest crediting rate 3.0 % 3.7 % 3.7 % Rate of compensation increase 0.0% to 3.0% 0.0% to 3.0% 3.0% to 5.5% |
Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates: December 31 2021 2020 2019 Health care cost trend rate assumed for next year 4.0% to 7.0% 4.0% to 7.5% 4.0% to 8.0% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.0% to 5.0% 4.0% to 5.0% 4.0% to 5.0% Year that the rate reaches the ultimate trend rate 2022-2026 2021-2026 2021-2026 |
Net Periodic (Benefit) Cost Components | Net periodic (benefit) cost components: Pension Benefits Other Postretirement Benefits Year Ended December 31 2021 2020 2019 2021 2020 2019 (In millions) Service cost $ 3 $ 3 $ 7 Interest cost 70 92 117 $ 1 $ 2 $ 2 Expected return on plan assets (169) (173) (159) (3) (3) (3) Amortization of unrecognized net loss 49 48 45 (1) (1) Settlements and curtailments 3 10 1 (1) Regulatory asset decrease 3 Net periodic (benefit) cost $ (41) $ (20) $ 11 $ (2) $ (3) $ (2) |
Reconciliation of Benefit Obligations and Plan Assets | The following provides a reconciliation of benefit obligations and plan assets: Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 (In millions) Change in benefit obligation: Benefit obligation at January 1 $ 3,243 $ 3,137 $ 51 $ 52 Deconsolidation (98) Service cost 3 3 Interest cost 70 92 1 2 Plan participants’ contributions 4 4 Actuarial (gain) loss (89) 236 (2) 3 Benefits paid from plan assets (193) (189) (10) (10) Settlements and curtailments (19) (40) Foreign exchange (1) 4 Benefit obligation at December 31 $ 2,916 $ 3,243 $ 44 $ 51 Change in plan assets: Fair value of plan assets at January 1 $ 2,739 $ 2,576 $ 96 $ 90 Deconsolidation (85) Actual return on plan assets 355 327 8 Company contributions 20 61 3 4 Plan participants' contributions 4 4 Benefits paid from plan assets (193) (189) (10) (10) Settlements (19) (40) Foreign exchange (1) 4 Fair value of plan assets at December 31 $ 2,816 $ 2,739 $ 93 $ 96 Funded status $ (100) $ (504) $ 49 $ 45 |
Amounts Recognized in the Consolidated Balance Sheets | Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 (In millions) Amounts recognized in the Consolidated Balance Sheets consist of: Other assets $ 90 $ 4 $ 62 $ 61 Other liabilities (190) (508) (13) (16) Net amount recognized $ (100) $ (504) $ 49 $ 45 Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost: Net actuarial loss $ 837 $ 1,169 $ (5) $ (5) Net amount recognized $ 837 $ 1,169 $ (5) $ (5) Information for plans with projected and accumulated benefit obligations in excess of plan assets: (a) Projected benefit obligation $ 292 $ 3,103 Accumulated benefit obligation 286 3,096 $ 13 $ 16 Fair value of plan assets 104 2,596 (a) Changes in the values in the table above are due to a plan’s assets exceeding the obligation in 2021. |
Estimated Future Minimum Benefit Payments | The table below presents the estimated future minimum benefit payments at December 31, 2021. Expected future benefit payments Pension Benefits Other Postretirement Benefits (In millions) 2022 $ 223 $ 4 2023 209 4 2024 205 3 2025 204 3 2026 205 3 2027 – 2031 911 11 |
Plan Assets Measured at Fair Value on Recurring Basis | Pension plan assets measured at fair value on a recurring basis are summarized below. December 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Plan assets at fair value: Fixed maturity securities: Corporate and other bonds $ 645 $ 8 $ 653 States, municipalities and political subdivisions 30 30 Asset-backed 110 110 Total fixed maturities $ — 785 8 793 Equity securities 801 141 942 Short term investments 47 47 Fixed income mutual funds 111 111 Other assets 2 8 10 Total plan assets at fair value $ 961 $ 934 $ 8 $ 1,903 Plan assets at net asset value: (a) Equity securities 20 Limited partnerships 893 Total plan assets $ 961 $ 934 $ 8 $ 2,816 December 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Plan assets at fair value: Fixed maturity securities: Corporate and other bonds $ 643 $ 9 $ 652 States, municipalities and political subdivisions 32 32 Asset-backed 98 98 Total fixed maturities $ — 773 9 782 Equity securities 785 137 922 Short term investments 37 38 75 Fixed income mutual funds 139 139 Other assets 8 8 Total plan assets at fair value $ 961 $ 956 $ 9 $ 1,926 Plan assets at net asset value: (a) Limited partnerships 813 Total plan assets $ 961 $ 956 $ 9 $ 2,739 (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The limited partnership investments held within the plans are recorded at fair value, which represents the plans’ shares of the net asset value of each partnership, as determined by the general partner. Limited partnerships comprising 66% and 75% of the carrying value as of December 31, 2021 and 2020 employ hedge fund strategies that generate returns through investing in marketable securities in the public fixed income and equity markets and the remainder were primarily invested in private debt and equity. Within hedge fund strategies, approximately 76% were equity related, 20% pursued a multi-strategy approach and 4% were focused on distressed investments at December 31, 2021. For a discussion of the valuation methodologies used to measure fixed maturity securities, equities and short term investments, see Note 4. Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below. December 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 31 $ 31 States, municipalities and political subdivisions 32 32 Asset-backed 7 7 Total fixed maturities $ — 70 $ — $ 70 Short term investments 4 4 Fixed income mutual funds 19 19 Total $ 23 $ 70 $ — $ 93 December 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 24 $ 24 States, municipalities and political subdivisions 14 14 Asset-backed 33 33 Total fixed maturities $ — 71 $ — $ 71 Short term investments 5 5 Fixed income mutual funds 20 20 Total $ 25 $ 71 $ — $ 96 There were no Level 3 assets at December 31, 2021 and 2020. Savings Plans – Several contributory savings plans are maintained which allow employees to make regular contributions based upon a percentage of their salaries. Matching contributions are made up to specified percentages of employees’ contributions. Employer contributions to these plans amounted to $83 million, $90 million and $102 million for the years ended December 31, 2021, 2020 and 2019. Stock-based Compensation – In 2016, shareholders approved the Loews Corporation 2016 Incentive Compensation Plan (the “2016 Loews Plan”) which replaced a previously existing plan. The aggregate number of shares of Loews Corporation common stock authorized under the 2016 Loews Plan is 6,000,000 shares, plus up to 3,000,000 shares that may be forfeited under the prior plan. The maximum number of shares of Loews Corporation common stock with respect to which awards may be granted to any individual in any calendar year is 500,000 shares. In accordance with the 2016 Loews Plan and the prior equity plan, Loews Corporation stock-based compensation consists of the following: SARs: SARs were granted under the prior equity plan. The exercise price per share may not be less than the fair market value of the common stock on the date of grant. Generally, SARs vest ratably over a four-year period and expire in ten years. Time-based Restricted Stock Units: Time-based restricted stock units (“RSUs”) are granted under the 2016 Loews Plan and represent the right to receive one share of Loews Corporation common stock for each vested RSU. Generally, RSUs vest 50% on the second anniversary of the grant date and 50% on the third anniversary of the grant date. Performance-based Restricted Stock Units: Performance-based RSUs (“PSUs”) are granted under the 2016 Loews Plan and represent the right to receive one share of Loews Corporation common stock for each vested PSU, subject to the achievement of specified performance goals by the Company. Generally, performance-based RSUs vest, if performance goals are satisfied, 50% on the second anniversary of the grant date and 50% on the third anniversary of the grant date. In 2021, Loews Corporation granted an aggregate of 223,664 RSUs and PSUs at a weighted average grant-date fair value of $47.68 per unit. 16,528 RSUs were forfeited during the year. 1,364,502 SARs were outstanding at December 31, 2021 with a weighted average exercise price of $42.15. The Company recognized compensation expense in connection with stock-based compensation that decreased net income by $33 million, $37 million and $37 million for the years ended December 31, 2021, 2020 and 2019. Several of Loews Corporation’s subsidiaries also maintain their own stock-based compensation plans. Such amounts include Loews Corporation’s share of expense related to these plans. |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reinsurance Disclosures [Abstract] | |
Receivables from Reinsurers | The following table presents the amounts receivable from reinsurers: December 31 2021 2020 (In millions) Reinsurance receivables related to insurance reserves: Ceded claim and claim adjustment expenses $ 4,969 $ 4,005 Ceded future policy benefits 288 263 Reinsurance receivables related to paid losses 227 210 Reinsurance receivables 5,484 4,478 Less allowance for doubtful accounts 21 21 Reinsurance receivables, net of allowance for doubtful accounts $ 5,463 $ 4,457 |
Voluntary Reinsurance Receivables by Financial Strength Rating | CNA has established an allowance for doubtful accounts on voluntary reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The following table summarizes the outstanding amount of voluntary reinsurance receivables, gross of any collateral arrangements, by financial strength rating: As of December 31, 2021 (In millions) A- to A++ $ 3,812 B- to B++ 987 Insolvent 3 Total voluntary reinsurance outstanding balance (a) $ 4,802 (a) Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. See Note 8 for more information on the LPT. Also excluded are receivables from involuntary pools. |
Effects of Reinsurance on Earned Premiums | The effects of reinsurance on earned premiums are presented in the following table: Assumed/ Direct Assumed Ceded Net Net % (In millions) Year Ended December 31, 2021 Property and casualty $ 12,554 $ 240 $ 5,110 $ 7,684 3.1 % Long term care 443 48 491 9.8 Earned premiums $ 12,997 $ 288 $ 5,110 $ 8,175 3.5 % Year Ended December 31, 2020 Property and casualty $ 11,547 $ 238 $ 4,640 $ 7,145 3.3 % Long term care 454 50 504 9.9 Earned premiums $ 12,001 $ 288 $ 4,640 $ 7,649 3.8 % Year Ended December 31, 2019 Property and casualty $ 11,021 $ 288 $ 4,401 $ 6,908 4.2 % Long term care 470 50 520 9.6 Earned premiums $ 11,491 $ 338 $ 4,401 $ 7,428 4.6 % |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Statements of Operations and Total assets by segment are presented in the following tables. Year Ended December 31, 2021 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate (a) Total (In millions) Revenues: Insurance premiums $ 8,175 $ 8,175 Net investment income 2,159 $ 1 $ 99 2,259 Investment gains 120 540 660 Non-insurance warranty revenue 1,430 1,430 Operating revenues and other 24 $ 1,349 479 281 2,133 Total 11,908 1,349 480 920 14,657 Expenses: Insurance claims and policyholders’ benefits 6,349 6,349 Amortization of deferred acquisition costs 1,443 1,443 Non-insurance warranty expense 1,328 1,328 Operating expenses and other 1,191 885 456 399 2,931 Interest 113 161 36 114 424 Total 10,424 1,046 492 513 12,475 Income (loss) before income tax 1,484 303 (12) 407 2,182 Income tax expense (282) (68) (2) (127) (479) Net income (loss) 1,202 235 (14) 280 1,703 Amounts attributable to noncontrolling interests (125) (125) Net income (loss) attributable to Loews Corporation $ 1,077 $ 235 $ (14) $ 280 $ 1,578 December 31, 2021 Total assets $ 66,588 $ 9,418 $ 1,671 $ 3,949 $ 81,626 (a) Amounts presented for Corporate include the operating results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment. Year Ended December 31, 2020 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate (a) Diamond Offshore (b) Total (In millions) Revenues: Insurance premiums $ 7,649 $ 7,649 Net investment income 1,935 $ 1 $ 59 1,995 Investment losses (35) (1,211) (1,246) Non-insurance warranty revenue 1,252 1,252 Operating revenues and other 26 $ 1,302 277 1,023 $ 305 2,933 Total 10,827 1,302 278 (129) 305 12,583 Expenses: Insurance claims and policyholders’ benefits 6,170 6,170 Amortization of deferred acquisition costs 1,410 1,410 Non-insurance warranty expense 1,159 1,159 Operating expenses and other 1,125 855 519 1,098 1,196 4,793 Interest 142 170 33 127 43 515 Total 10,006 1,025 552 1,225 1,239 14,047 Income (loss) before income tax 821 277 (274) (1,354) (934) (1,464) Income tax (expense) benefit (131) (71) 62 287 26 173 Net income (loss) 690 206 (212) (1,067) (908) (1,291) Amounts attributable to noncontrolling interests (72) 432 360 Net income (loss) attributable to Loews Corporation $ 618 $ 206 $ (212) $ (1,067) $ (476) $ (931) December 31, 2020 Total assets $ 63,976 $ 9,353 $ 1,637 $ 5,270 $ — $ 80,236 (b) Amounts presented for Diamond Offshore reflect the periods prior to the deconsolidation. CNA Boardwalk Loews Diamond Year Ended December 31, 2019 Financial Pipelines Hotels & Co Corporate (a) Offshore (b) Total (In millions) Revenues: Insurance premiums $ 7,428 $ 7,428 Net investment income 2,118 $ 1 $ 230 $ 6 2,355 Investment gains 49 49 Non-insurance warranty revenue 1,161 1,161 Operating revenues and other 32 $ 1,300 691 933 982 3,938 Total 10,788 1,300 692 1,163 988 14,931 Expenses: Insurance claims and policyholders’ benefits 5,806 5,806 Amortization of deferred acquisition costs 1,383 1,383 Non-insurance warranty expense 1,082 1,082 Operating expenses and other 1,141 840 698 1,004 1,267 4,950 Interest 152 179 22 115 123 591 Total 9,564 1,019 720 1,119 1,390 13,812 Income (loss) before income tax 1,224 281 (28) 44 (402) 1,119 Income tax (expense) benefit (224) (72) (3) (9) 60 (248) Net income (loss) 1,000 209 (31) 35 (342) 871 Amounts attributable to noncontrolling interests (106) 167 61 Net income (loss) attributable to Loews Corporation $ 894 $ 209 $ (31) $ 35 $ (175) $ 932 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies, Basis of Presentation (Details) | Apr. 01, 2021 | Dec. 31, 2021 | Jun. 30, 2020 |
Basis of Presentation [Abstract] | |||
Disposal Group, Subsidiary Sold, Percentage | 47.00% | ||
CNA | |||
Basis of Presentation [Abstract] | |||
Subsidiary ownership percentage | 89.60% | ||
Altium Packaging LLC | |||
Basis of Presentation [Abstract] | |||
Subsidiary ownership percentage | 99.00% | ||
Diamond Offshore Drilling Inc. | |||
Basis of Presentation [Abstract] | |||
Subsidiary ownership percentage | 53.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies, Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investments [Abstract] | ||
Increase (decrease) in shadow adjustments | $ (265) | $ 515 |
Shadow adjustments | $ 2,200 | $ 2,500 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies, Credit Losses (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Abstract] | |
Period of time after interest becomes delinquent that asset is placed on nonaccrual status | 90 days |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies, Joint Venture Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 01, 2021 | |
Altium Packaging LLC | ||||
Joint Venture Investments [Abstract] | ||||
Percentage of equity method investments in associated companies | 47.00% | |||
Operating Expenses and Other | ||||
Joint Venture Investments [Abstract] | ||||
Equity income (loss) from joint ventures | $ 26 | $ (73) | $ 69 | |
Other Assets | ||||
Joint Venture Investments [Abstract] | ||||
Investment in joint ventures | $ 734 | $ 299 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies, Securities Lending Activities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Own-share Lending Arrangement [Abstract] | ||
Initial collateral deposit as a percentage of the fair value of the securities loaned | 100.00% | |
Securities Held as Collateral, at Fair Value | $ 0 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies, Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Revenue Recognition [Abstract] | |
Allowance for doubtful accounts for insurance receivables | $ 29,000,000 |
Minimum | |
Revenue Recognition [Abstract] | |
Coverages to vehicle or consumer goods owners | 1 month |
Standard contract term | 2 months |
Service contract term | 1 year |
Maximum | |
Revenue Recognition [Abstract] | |
Coverages to vehicle or consumer goods owners | 10 years |
Standard contract term | 60 months |
Service contract term | 20 years |
Summary of Significant Accou_10
Summary of Significant Accounting Policies, Claim and Claim Adjustment Expense Reserves (Details) - CNA - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Insurance reserves: | |||
Anticipated amounts due from insureds related to losses under deductible policies | $ 1,100 | $ 1,200 | |
Interest rate used in determining present value of obligations of structured settlements unfunded by annuities | 6.40% | 6.50% | |
Discounted reserves for unfunded structured settlements | $ 503 | $ 520 | |
Discounted reserves for unfunded structured settlements, discount amount | 621 | 657 | |
Interest recognized on discounted reserves for unfunded structured settlements | $ 36 | $ 35 | $ 36 |
Interest rate used to discount workers' compensation lifetime claim reserves | 3.50% | 3.50% | |
Discounted reserves for workers' compensation lifetime claim reserves | $ 228 | $ 258 | |
Discounted reserves for workers' compensation lifetime claims reserves, discount amount | 97 | 113 | |
Interest recognized on discounted reserves for workers' compensation lifetime claim reserves | $ 12 | $ 15 | $ 21 |
Interest rate used to discount long term care claim reserves | 5.80% | 5.80% | |
Discounted reserves for long term care claim reserves | $ 2,700 | $ 2,700 | |
Discounted reserves for long term care claim reserves, discount amount | $ 428 | $ 439 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies, Future Policy Benefit Reserves (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, before Reinsurance [Abstract] | |||
Premium deficiency | $ 72 | ||
Long term care active life reserves, weighted average interest rate | 5.30% | 5.40% |
Summary of Significant Accou_12
Summary of Significant Accounting Policies, Insurance-related Assessments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Insurance-related Assessments [Abstract] | ||
Liability balance for guaranty fund | $ 79 | $ 82 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies, Reinsurance (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Reinsurance Disclosures [Abstract] | ||
Less: allowance for doubtful accounts on reinsurance receivables | $ 21 | $ 21 |
Billed receivables percentage of total reinsurance receivables | 5.00% |
Summary of Significant Accou_14
Summary of Significant Accounting Policies, Policyholder Dividends (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Policyholder Account Balance [Abstract] | |||
Percentage of net written premium | 1.00% | 1.00% | 1.00% |
Summary of Significant Accou_15
Summary of Significant Accounting Policies, Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Pipeline Equipment | Minimum | |
Property, Plant and Equipment [Abstract] | |
Principal service lives | 30 years |
Pipeline Equipment | Maximum | |
Property, Plant and Equipment [Abstract] | |
Principal service lives | 50 years |
Hotel Properties and Other | Minimum | |
Property, Plant and Equipment [Abstract] | |
Principal service lives | 3 years |
Hotel Properties and Other | Maximum | |
Property, Plant and Equipment [Abstract] | |
Principal service lives | 40 years |
Summary of Significant Accou_16
Summary of Significant Accounting Policies, Stock-based Compensation (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Stock-based Compensation [Abstract] | |
Share-based payment awards requisite service period | 3 years |
Maximum | |
Stock-based Compensation [Abstract] | |
Share-based payment awards requisite service period | 4 years |
Summary of Significant Accou_17
Summary of Significant Accounting Policies, Net Income per Share (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Potential shares attributable to exercises included in diluted EPS calculation (in shares) | 0.5 | 0.1 | 0.7 |
Shares excluded from diluted EPS calculation (in shares) | 0.2 | 0 |
Summary of Significant Accou_18
Summary of Significant Accounting Policies, Foreign Currency (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Foreign Currency [Abstract] | |||
Foreign currency transaction gain (loss) | $ (1) | $ 12 | $ (3) |
Summary of Significant Accou_19
Summary of Significant Accounting Policies, Supplementary Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash payments made for interest on long term debt, net of capitalized interest | $ 391 | $ 463 | $ 560 |
Cash payments for federal, foreign, state and local income taxes amount | 256 | 20 | 190 |
Accrued capital expenditures | $ 5 | $ 63 | $ 17 |
Summary of Significant Accou_20
Summary of Significant Accounting Policies, Accounting Changes (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Changes [Abstract] | |||||
Shareholders' equity | $ 19,175 | $ 19,181 | $ 21,930 | $ 21,386 | |
Allowance for Credit Losses | 18 | 40 | 0 | ||
Other assets | 3,344 | 3,069 | |||
Other liabilities | 4,529 | 4,623 | |||
Deferred non-insurance warranty acquisition expenses | 3,476 | 3,068 | |||
Deferred non-insurance warranty revenue | 4,503 | 4,023 | |||
Retained Earnings | |||||
Accounting Changes [Abstract] | |||||
Shareholders' equity | $ 14,776 | $ 14,150 | 15,823 | $ 15,773 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||
Accounting Changes [Abstract] | |||||
Shareholders' equity | (5) | ||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | |||||
Accounting Changes [Abstract] | |||||
Shareholders' equity | $ (5) | ||||
ASC 326 | |||||
Accounting Changes [Abstract] | |||||
Allowance for Credit Losses | $ 6 | ||||
ASC 326 | Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | |||||
Accounting Changes [Abstract] | |||||
Shareholders' equity | $ (5) |
Divestitures and Deconsolidat_2
Divestitures and Deconsolidations (Details) - USD ($) $ in Millions | Apr. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Altium Packaging LLC | ||||
Acquisitions, Divestitures and Deconsolidation [Abstract] | ||||
Percentage of equity method investments in associated companies | 47.00% | |||
Discontinued Operations, Disposed of by Sale | Altium Packaging LLC | ||||
Acquisitions, Divestitures and Deconsolidation [Abstract] | ||||
Percentage of equity method investments in associated companies | 47.00% | |||
Proceeds from Sale of Equity Method Investments | $ 420 | |||
Gain on disposal | $ 555 | |||
Gain on disposal after tax | 438 | |||
Investment fair value | $ 473 | |||
Investment ownership percentage | 52.70% | |||
Disposal group, property, plant, and equipment | $ 490 | |||
Disposal group, goodwill | 436 | |||
Disposal group, intangible assets | 488 | |||
Disposal group, other assets | 370 | |||
Disposal group, liabilities | 1,100 | |||
Disposal group, other liabilities | 380 | |||
Diamond Offshore Drilling Inc. | ||||
Acquisitions, Divestitures and Deconsolidation [Abstract] | ||||
Deconsolidation loss | $ (1,200) | |||
Deconsolidation loss, after tax | (957) | |||
Lodging and related services – Loews Hotels & Co | ||||
Acquisitions, Divestitures and Deconsolidation [Abstract] | ||||
Proceeds from sale of assets | $ 77 | $ 57 | $ 118 |
Investments, Net Investment Inc
Investments, Net Investment Income (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)Investment | Dec. 31, 2020USD ($)Investment | Dec. 31, 2019USD ($) | |
Net Investment Income [Line Items] | |||
Investment income, operating | $ 2,334 | $ 2,071 | $ 2,430 |
Investment expenses | (75) | (76) | (75) |
Net investment income | 2,259 | 1,995 | 2,355 |
Trading Securities, Change in Unrealized Holding Gain (Loss), Net Investment Income Recognized | $ 23 | $ 88 | 41 |
Number of investments in single issuer exceeding 10% | Investment | 0 | 0 | |
Total fixed maturities | |||
Net Investment Income [Line Items] | |||
Investment income, operating | $ 1,707 | $ 1,728 | 1,817 |
Limited partnership investments | |||
Net Investment Income [Line Items] | |||
Gain (losses) on investments, before investment expenses | 375 | 127 | 204 |
Short term investments | |||
Net Investment Income [Line Items] | |||
Investment income, operating | 2 | 10 | 52 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Investment income, operating | 83 | 65 | 85 |
Income (loss) from trading portfolio | |||
Net Investment Income [Line Items] | |||
Gain (losses) on investments, before investment expenses | 106 | 83 | 216 |
Other | |||
Net Investment Income [Line Items] | |||
Investment income, operating | $ 61 | $ 58 | $ 56 |
Investments, Investment Gains (
Investments, Investment Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment Gains (Losses) [Abstract] | |||
Gain (Loss) on Investments | $ 660 | $ (1,246) | $ 49 |
Nonredeemable Preferred Stock | |||
Investment Gains (Losses) [Abstract] | |||
Gain (Loss) on Investments | 2 | (3) | 66 |
Total fixed maturities | |||
Investment Gains (Losses) [Abstract] | |||
Gross gains | 186 | 220 | 125 |
Gross losses | (90) | (220) | (131) |
Gain (Loss) on Investments | 96 | 0 | (6) |
Equity securities | |||
Investment Gains (Losses) [Abstract] | |||
Gain (Loss) on Investments | 4 | (3) | 66 |
Derivative instruments | |||
Investment Gains (Losses) [Abstract] | |||
Gain (Loss) on Investments | 6 | (10) | (11) |
Short term investments and other | |||
Investment Gains (Losses) [Abstract] | |||
Gain (Loss) on Investments | 14 | (22) | |
Altium Packaging LLC | |||
Investment Gains (Losses) [Abstract] | |||
Deconsolidation loss | 555 | ||
Diamond Offshore Drilling Inc. | |||
Investment Gains (Losses) [Abstract] | |||
Deconsolidation loss | $ (15) | $ (1,211) |
Investments, Allowance for Cred
Investments, Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Accrued interest receivables on available-for-sale fixed maturity securities | $ 369 | $ 371 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 40 | 0 | |
Additions to allowance for securities for which credit losses were not previously recorded | 14 | 79 | |
Additions to allowance for available-for-sale securities accounted for as PCD assets | 11 | 5 | |
Reductions for securities sold during the period (realized) | 24 | 22 | |
Reductions to the allowance for credit losses due to Write-offs charged against the allowance | 16 | ||
Reductions for intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis | 1 | ||
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period | (7) | (27) | |
Total allowance for credit losses | 18 | 40 | |
Cumulative Effect, Period of Adoption, Adjustment | ASC 326 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Impact of adopting ASC 326 | $ 6 | ||
Corporate bonds and other | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 23 | 0 | |
Additions to allowance for securities for which credit losses were not previously recorded | 14 | 67 | |
Additions to allowance for available-for-sale securities accounted for as PCD assets | 5 | 5 | |
Reductions for securities sold during the period (realized) | 7 | 22 | |
Reductions to the allowance for credit losses due to Write-offs charged against the allowance | 16 | ||
Reductions for intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis | 1 | ||
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period | (8) | (32) | |
Total allowance for credit losses | 11 | 23 | |
Corporate bonds and other | Cumulative Effect, Period of Adoption, Adjustment | ASC 326 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Impact of adopting ASC 326 | 6 | ||
Asset-backed | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 17 | 0 | |
Additions to allowance for securities for which credit losses were not previously recorded | 12 | ||
Additions to allowance for available-for-sale securities accounted for as PCD assets | 6 | ||
Reductions for securities sold during the period (realized) | 17 | ||
Reductions to the allowance for credit losses due to Write-offs charged against the allowance | |||
Reductions for intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis | |||
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period | 1 | 5 | |
Total allowance for credit losses | $ 7 | $ 17 | |
Asset-backed | Cumulative Effect, Period of Adoption, Adjustment | ASC 326 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Impact of adopting ASC 326 |
Investments, Available-for-sale
Investments, Available-for-sale Impairment Losses Recognized in Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Available-For-Sale Impairment Losses [Abstract] | |||
(Gain) loss on mortgage loans due to changes in expected credit losses | $ (10) | $ 21 | |
Available-for-sale Securities | |||
Available-For-Sale Impairment Losses [Abstract] | |||
Impairment losses recognized in earnings | 31 | 111 | $ 44 |
Change in unrealized gains on fixed maturity securities | (1,300) | 1,600 | 2,600 |
Corporate bonds and other | Available-for-sale Securities | |||
Available-For-Sale Impairment Losses [Abstract] | |||
Impairment losses recognized in earnings | 11 | 87 | 33 |
Asset-backed | Available-for-sale Securities | |||
Available-For-Sale Impairment Losses [Abstract] | |||
Impairment losses recognized in earnings | $ 20 | $ 24 | $ 11 |
Investments, Amortized Cost and
Investments, Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | |||
Cost or Amortized Cost | $ 39,952 | $ 38,963 | |
Gross Unrealized Gains | 4,558 | 5,800 | |
Gross Unrealized Losses | 112 | 77 | |
Allowance for Credit Losses | 18 | 40 | $ 0 |
Estimated Fair Value | 44,380 | 44,646 | |
Corporate bonds and other | |||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | |||
Cost or Amortized Cost | 21,444 | 20,792 | |
Gross Unrealized Gains | 2,755 | 3,578 | |
Gross Unrealized Losses | 56 | 22 | |
Allowance for Credit Losses | 11 | 23 | 0 |
Estimated Fair Value | 24,132 | 24,325 | |
States, municipalities and political subdivisions | |||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | |||
Cost or Amortized Cost | 10,358 | 9,729 | |
Gross Unrealized Gains | 1,599 | 1,863 | |
Gross Unrealized Losses | 14 | ||
Allowance for Credit Losses | |||
Estimated Fair Value | 11,943 | 11,592 | |
Asset-backed | |||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | |||
Cost or Amortized Cost | 7,441 | 7,554 | |
Gross Unrealized Gains | 188 | 320 | |
Gross Unrealized Losses | 37 | 52 | |
Allowance for Credit Losses | 7 | 17 | $ 0 |
Estimated Fair Value | 7,585 | 7,805 | |
Other asset-backed | |||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | |||
Cost or Amortized Cost | 2,561 | 2,179 | |
Gross Unrealized Gains | 54 | 81 | |
Gross Unrealized Losses | 10 | 9 | |
Allowance for Credit Losses | 7 | ||
Estimated Fair Value | 2,598 | 2,251 | |
Commercial mortgage-backed | |||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | |||
Cost or Amortized Cost | 1,987 | 1,933 | |
Gross Unrealized Gains | 63 | 93 | |
Gross Unrealized Losses | 19 | 42 | |
Allowance for Credit Losses | 17 | ||
Estimated Fair Value | 2,031 | 1,967 | |
Residential mortgage-backed | |||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | |||
Cost or Amortized Cost | 2,893 | 3,442 | |
Gross Unrealized Gains | 71 | 146 | |
Gross Unrealized Losses | 8 | 1 | |
Allowance for Credit Losses | |||
Estimated Fair Value | 2,956 | 3,587 | |
U.S. Treasury and obligations of government-sponsored enterprises | |||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | |||
Cost or Amortized Cost | 132 | 339 | |
Gross Unrealized Gains | 1 | 2 | |
Gross Unrealized Losses | 3 | 3 | |
Allowance for Credit Losses | |||
Estimated Fair Value | 130 | 338 | |
Foreign government | |||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | |||
Cost or Amortized Cost | 570 | 512 | |
Gross Unrealized Gains | 15 | 32 | |
Gross Unrealized Losses | 2 | ||
Allowance for Credit Losses | |||
Estimated Fair Value | 583 | 544 | |
Fixed maturities available-for-sale | |||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | |||
Cost or Amortized Cost | 39,945 | 38,926 | |
Gross Unrealized Gains | 4,558 | 5,795 | |
Gross Unrealized Losses | 112 | 77 | |
Allowance for Credit Losses | 18 | 40 | |
Estimated Fair Value | 44,373 | 44,604 | |
Fixed maturities trading | |||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | |||
Cost or Amortized Cost | 7 | 37 | |
Gross Unrealized Gains | 5 | ||
Gross Unrealized Losses | |||
Allowance for Credit Losses | |||
Estimated Fair Value | $ 7 | $ 42 |
Investments, Available-for-sa_2
Investments, Available-for-sale Securities in Gross Unrealized Loss Position (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gross Unrealized Losses [Abstract] | ||
Additional impairment losses | $ 0 | |
Total fixed maturities | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 5,695 | $ 1,666 |
Less than 12 Months, Gross Unrealized Losses | 92 | 74 |
12 Months or Longer, Estimated Fair Value | 370 | 64 |
12 Months or Longer, Gross Unrealized Losses | 20 | 3 |
Total, Estimated Fair Value | 6,065 | 1,730 |
Total, Gross Unrealized Losses | 112 | 77 |
Corporate bonds and other | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 2,389 | 609 |
Less than 12 Months, Gross Unrealized Losses | 48 | 21 |
12 Months or Longer, Estimated Fair Value | 136 | 12 |
12 Months or Longer, Gross Unrealized Losses | 8 | 1 |
Total, Estimated Fair Value | 2,525 | 621 |
Total, Gross Unrealized Losses | 56 | 22 |
States, municipalities and political subdivisions | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 730 | 33 |
Less than 12 Months, Gross Unrealized Losses | 14 | |
12 Months or Longer, Estimated Fair Value | ||
12 Months or Longer, Gross Unrealized Losses | ||
Total, Estimated Fair Value | 730 | 33 |
Total, Gross Unrealized Losses | 14 | |
Residential mortgage-backed | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 1,043 | 71 |
Less than 12 Months, Gross Unrealized Losses | 8 | 1 |
12 Months or Longer, Estimated Fair Value | 11 | |
12 Months or Longer, Gross Unrealized Losses | ||
Total, Estimated Fair Value | 1,043 | 82 |
Total, Gross Unrealized Losses | 8 | 1 |
Commercial mortgage-backed | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 527 | 533 |
Less than 12 Months, Gross Unrealized Losses | 7 | 40 |
12 Months or Longer, Estimated Fair Value | 167 | 28 |
12 Months or Longer, Gross Unrealized Losses | 12 | 2 |
Total, Estimated Fair Value | 694 | 561 |
Total, Gross Unrealized Losses | 19 | 42 |
Other asset-backed | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 840 | 344 |
Less than 12 Months, Gross Unrealized Losses | 10 | 9 |
12 Months or Longer, Estimated Fair Value | 62 | 13 |
12 Months or Longer, Gross Unrealized Losses | ||
Total, Estimated Fair Value | 902 | 357 |
Total, Gross Unrealized Losses | 10 | 9 |
Total asset-backed | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 2,410 | 948 |
Less than 12 Months, Gross Unrealized Losses | 25 | 50 |
12 Months or Longer, Estimated Fair Value | 229 | 52 |
12 Months or Longer, Gross Unrealized Losses | 12 | 2 |
Total, Estimated Fair Value | 2,639 | 1,000 |
Total, Gross Unrealized Losses | 37 | 52 |
U.S. Treasury and obligations of government-sponsored enterprises | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 69 | 63 |
Less than 12 Months, Gross Unrealized Losses | 3 | 3 |
12 Months or Longer, Estimated Fair Value | 5 | |
12 Months or Longer, Gross Unrealized Losses | ||
Total, Estimated Fair Value | 74 | 63 |
Total, Gross Unrealized Losses | 3 | 3 |
Foreign government | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 97 | 13 |
Less than 12 Months, Gross Unrealized Losses | 2 | |
12 Months or Longer, Estimated Fair Value | ||
12 Months or Longer, Gross Unrealized Losses | ||
Total, Estimated Fair Value | 97 | 13 |
Total, Gross Unrealized Losses | $ 2 |
Investments, Available-for-sa_3
Investments, Available-for-sale Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Cost or Amortized Cost | ||
Cost or amortized cost | $ 39,952 | $ 38,963 |
Estimated Fair Value | ||
Estimated fair value | 44,380 | 44,646 |
Available-for-sale Fixed Maturities | ||
Cost or Amortized Cost | ||
Due in one year or less | 1,603 | 1,456 |
Due after one year through five years | 10,637 | 12,304 |
Due after five years through ten years | 13,294 | 12,319 |
Due after ten years | 14,411 | 12,847 |
Cost or amortized cost | 39,945 | 38,926 |
Estimated Fair Value | ||
Due in one year or less | 1,624 | 1,458 |
Due after one year through five years | 11,229 | 13,098 |
Due after five years through ten years | 14,338 | 13,878 |
Due after ten years | 17,182 | 16,170 |
Estimated fair value | $ 44,373 | $ 44,604 |
Investments, Limited Partnershi
Investments, Limited Partnerships (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)Position | Dec. 31, 2020USD ($) | Dec. 31, 2019 | |
Limited Partners' Capital Account, Value [Abstract] | |||
Limited partnership investments | $ 1,933 | $ 1,798 | |
Net undistributed earnings of limited partnerships | $ 266 | $ 252 | |
Percentage of carrying value of investments in limited partnerships reported on current basis | 35.00% | ||
Percentage of carrying value of investments in limited partnerships reported on one month lag | 6.00% | ||
Threshold for number of largest limited partnership positions held | Position | 10 | ||
Carrying value of limited partnerships as a percentage of aggregate partnership equity | 1.00% | 2.00% | |
Income from limited partnerships as a percentage of changes in aggregate partnership equity | 2.00% | 2.00% | 2.00% |
Advance written notice period for hedge fund withdrawals | 90 days | ||
Minimum | |||
Limited Partners' Capital Account, Value [Abstract] | |||
Liquidity period under hedge fund withdrawal provisions | 30 days | ||
Maximum | |||
Limited Partners' Capital Account, Value [Abstract] | |||
Liquidity period under hedge fund withdrawal provisions | 1 year | ||
Hedge Funds | |||
Limited Partners' Capital Account, Value [Abstract] | |||
Percentage of carrying value of investments in limited partnerships | 35.00% | 56.00% | |
Private Debt and Equity | |||
Limited Partners' Capital Account, Value [Abstract] | |||
Percentage of carrying value of investments in limited partnerships | 65.00% | 44.00% | |
Ten Largest Limited Partnership Holdings | |||
Limited Partners' Capital Account, Value [Abstract] | |||
Limited partnership investments | $ 665 | $ 914 |
Investments, Amortized Cost Bas
Investments, Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination (Details) - Commercial mortgage-backed $ in Millions | Dec. 31, 2021USD ($) |
Credit Quality Information [Abstract] | |
2021 | $ 95 |
2020 | 160 |
2019 | 249 |
2018 | 79 |
2017 | 152 |
Prior | 254 |
Total | 989 |
DSCR Greater than or Equal to 1.6x, LTV Less than 55% | |
Credit Quality Information [Abstract] | |
2021 | 2 |
2020 | 75 |
2019 | 6 |
2018 | 38 |
2017 | 99 |
Prior | 181 |
Total | 401 |
DSCR Greater than or Equal to 1.6x, LTV 55% to 65% | |
Credit Quality Information [Abstract] | |
2021 | 5 |
2020 | 38 |
2019 | 15 |
2018 | 17 |
2017 | |
Prior | 24 |
Total | 99 |
DSCR Greater than or Equal to 1.6x, LTV Greater than 65% | |
Credit Quality Information [Abstract] | |
2021 | 17 |
2020 | |
2019 | 8 |
2018 | |
2017 | |
Prior | |
Total | 25 |
DSCR Between 1.2 to 1.6x, LTV Less than 55% | |
Credit Quality Information [Abstract] | |
2021 | 14 |
2020 | 14 |
2019 | 95 |
2018 | |
2017 | 5 |
Prior | 42 |
Total | 170 |
DSCR Between 1.2 to 1.6x, LTV 55% to 65% | |
Credit Quality Information [Abstract] | |
2021 | 36 |
2020 | |
2019 | |
2018 | 24 |
2017 | 10 |
Prior | |
Total | 70 |
DSCR Between 1.2 to 1.6x, LTV Greater than 65% | |
Credit Quality Information [Abstract] | |
2021 | |
2020 | 24 |
2019 | |
2018 | |
2017 | 8 |
Prior | |
Total | 32 |
DSCR Less than or Equal to 1.2x, LTV Less than 55% | |
Credit Quality Information [Abstract] | |
2021 | |
2020 | |
2019 | 35 |
2018 | |
2017 | 30 |
Prior | |
Total | 65 |
DSCR Three, LTV 55 to 65% | |
Credit Quality Information [Abstract] | |
2021 | |
2020 | |
2019 | 28 |
2018 | |
2017 | |
Prior | |
Total | 28 |
DSCR Less than or Equal to 1.2x, LTV Greater than 65% | |
Credit Quality Information [Abstract] | |
2021 | 21 |
2020 | 9 |
2019 | 62 |
2018 | |
2017 | |
Prior | 7 |
Total | $ 99 |
Investments, Aggregate Contract
Investments, Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
With hedge designation | Interest rate swaps | ||
Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
Contractual/notional amount | $ 675 | |
Asset, estimated fair value | ||
Liability, estimated fair value | (26) | |
Without hedge designation | Options – purchased | Options – purchased | ||
Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
Contractual/notional amount | 135 | |
Asset, estimated fair value | 3 | |
Liability, estimated fair value | ||
Without hedge designation | Interest rate swaps | ||
Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
Contractual/notional amount | 100 | 100 |
Asset, estimated fair value | ||
Liability, estimated fair value | (3) | |
Without hedge designation | Embedded derivative on funds withheld liability | ||
Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
Contractual/notional amount | 270 | 190 |
Asset, estimated fair value | ||
Liability, estimated fair value | $ (12) | $ (19) |
Investments, Investment Commitm
Investments, Investment Commitments (Details) - Investments in Assets Requiring Future Purchase, Sale or Funding Commitments $ in Millions | Dec. 31, 2021USD ($) |
Investment Commitments [Abstract] | |
Commitments to purchase or fund investments | $ 1,200 |
Commitments to sell investments | $ 90 |
Investments, Investments on Dep
Investments, Investments on Deposit (Details) - USD ($) $ in Billions | Dec. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities deposited by insurance subsidiaries under requirements of regulatory authorities and others | $ 3 | $ 3 |
Cash and securities deposited with financial institutions in trust accounts or as collateral for letters of credit to secure obligations | $ 1.2 | $ 1.1 |
Fair Value, Assets and Liabilit
Fair Value, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2021 | Jan. 01, 2020 | |
Corporate bonds and other | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 937 | $ 770 | $ 770 | $ 468 |
Included in Net Income | (10) | 1 | ||
Included in OCI | (32) | 43 | ||
Purchases | 312 | 264 | ||
Sales | (3) | (3) | ||
Settlements | (68) | (13) | ||
Transfers into Level 3 | 20 | 10 | ||
Transfers out of Level 3 | (52) | |||
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31 | ||||
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss)on Level 3 Assets and Liabilities Held at December 31 | (32) | 43 | ||
States, municipalities and political subdivisions | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 56 | 46 | 46 | |
Included in Net Income | ||||
Included in OCI | (1) | 1 | ||
Purchases | 12 | 45 | ||
Sales | ||||
Settlements | (1) | |||
Transfers into Level 3 | ||||
Transfers out of Level 3 | ||||
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31 | ||||
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss)on Level 3 Assets and Liabilities Held at December 31 | (1) | 1 | ||
Asset-backed | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 556 | 308 | 308 | 165 |
Included in Net Income | 7 | 1 | ||
Included in OCI | (10) | 16 | ||
Purchases | 287 | 154 | ||
Sales | (9) | (9) | ||
Settlements | (61) | (32) | ||
Transfers into Level 3 | 109 | 30 | ||
Transfers out of Level 3 | (75) | (17) | ||
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31 | ||||
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss)on Level 3 Assets and Liabilities Held at December 31 | (11) | 18 | ||
Fixed maturities available-for-sale | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,549 | 1,124 | 1,124 | 633 |
Included in Net Income | (3) | 2 | ||
Included in OCI | (43) | 60 | ||
Purchases | 611 | 463 | ||
Sales | (12) | (12) | ||
Settlements | (130) | (45) | ||
Transfers into Level 3 | 129 | 40 | ||
Transfers out of Level 3 | (127) | (17) | ||
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31 | 0 | 0 | ||
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss)on Level 3 Assets and Liabilities Held at December 31 | (44) | 62 | ||
Fixed maturities trading | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 8 | 8 | 4 |
Included in Net Income | (6) | 4 | ||
Included in OCI | ||||
Purchases | ||||
Sales | ||||
Settlements | (2) | |||
Transfers into Level 3 | ||||
Transfers out of Level 3 | ||||
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31 | 4 | |||
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss)on Level 3 Assets and Liabilities Held at December 31 | ||||
Total fixed maturities | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,549 | 1,132 | 1,132 | 637 |
Included in Net Income | (9) | 6 | ||
Included in OCI | (43) | 60 | ||
Purchases | 611 | 463 | ||
Sales | (12) | (12) | ||
Settlements | (132) | (45) | ||
Transfers into Level 3 | 129 | 40 | ||
Transfers out of Level 3 | (127) | (17) | ||
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31 | 0 | 4 | ||
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss)on Level 3 Assets and Liabilities Held at December 31 | (44) | 62 | ||
Equity securities | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 29 | 43 | $ 43 | $ 19 |
Included in Net Income | (15) | (6) | ||
Included in OCI | ||||
Purchases | 11 | 15 | ||
Sales | (21) | |||
Settlements | ||||
Transfers into Level 3 | 21 | 15 | ||
Transfers out of Level 3 | (10) | |||
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31 | (2) | (6) | ||
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss)on Level 3 Assets and Liabilities Held at December 31 | ||||
Fair Value, Recurring | Payable to brokers | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Liabilities | (70) | (43) | ||
Fair Value, Recurring | Corporate bonds and other | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 24,845 | 25,207 | ||
Fair Value, Recurring | States, municipalities and political subdivisions | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 11,943 | 11,592 | ||
Fair Value, Recurring | Asset-backed | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 7,585 | 7,805 | ||
Fair Value, Recurring | Fixed maturities available-for-sale | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 44,373 | 44,604 | ||
Fair Value, Recurring | Fixed maturities trading | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 7 | 42 | ||
Fair Value, Recurring | Total fixed maturities | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 44,380 | 44,646 | ||
Fair Value, Recurring | Equity securities | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 1,674 | 1,561 | ||
Fair Value, Recurring | Short term investments and other | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 4,770 | 4,577 | ||
Fair Value, Recurring | Level 1 | Payable to brokers | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Liabilities | (70) | (14) | ||
Fair Value, Recurring | Level 1 | Corporate bonds and other | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 140 | 355 | ||
Fair Value, Recurring | Level 1 | States, municipalities and political subdivisions | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | ||||
Fair Value, Recurring | Level 1 | Asset-backed | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | ||||
Fair Value, Recurring | Level 1 | Fixed maturities available-for-sale | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 140 | 355 | ||
Fair Value, Recurring | Level 1 | Fixed maturities trading | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | ||||
Fair Value, Recurring | Level 1 | Total fixed maturities | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 140 | 355 | ||
Fair Value, Recurring | Level 1 | Equity securities | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 924 | 796 | ||
Fair Value, Recurring | Level 1 | Short term investments and other | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 4,696 | 4,538 | ||
Fair Value, Recurring | Level 2 | Payable to brokers | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Liabilities | (29) | |||
Fair Value, Recurring | Level 2 | Corporate bonds and other | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 23,768 | 24,082 | ||
Fair Value, Recurring | Level 2 | States, municipalities and political subdivisions | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 11,887 | 11,546 | ||
Fair Value, Recurring | Level 2 | Asset-backed | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 7,029 | 7,497 | ||
Fair Value, Recurring | Level 2 | Fixed maturities available-for-sale | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 42,684 | 43,125 | ||
Fair Value, Recurring | Level 2 | Fixed maturities trading | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 7 | 34 | ||
Fair Value, Recurring | Level 2 | Total fixed maturities | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 42,691 | 43,159 | ||
Fair Value, Recurring | Level 2 | Equity securities | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 721 | 722 | ||
Fair Value, Recurring | Level 2 | Short term investments and other | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 74 | 39 | ||
Fair Value, Recurring | Level 3 | Payable to brokers | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Liabilities | ||||
Fair Value, Recurring | Level 3 | Corporate bonds and other | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 937 | 770 | ||
Fair Value, Recurring | Level 3 | States, municipalities and political subdivisions | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 56 | 46 | ||
Fair Value, Recurring | Level 3 | Asset-backed | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 556 | 308 | ||
Fair Value, Recurring | Level 3 | Fixed maturities available-for-sale | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 1,549 | 1,124 | ||
Fair Value, Recurring | Level 3 | Fixed maturities trading | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 8 | |||
Fair Value, Recurring | Level 3 | Total fixed maturities | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 1,549 | 1,132 | ||
Fair Value, Recurring | Level 3 | Equity securities | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets | 29 | 43 | ||
Fair Value, Recurring | Level 3 | Short term investments and other | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Assets |
Fair Value, Significant Unobser
Fair Value, Significant Unobservable Inputs (Details) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
Estimated Fair Value | $ 44,380 | $ 44,646 |
Level 3 | Total fixed maturities | ||
Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
Estimated Fair Value | $ 1,225 | $ 966 |
Debt Securities, Available-for-sale, Valuation Technique [Extensible List] | Range (Weighted Average) | Range (Weighted Average) |
Debt Securities, Available-for-sale, Measurement Input [Extensible List] | Credit spread | Credit spread |
Credit spread | Minimum | Level 3 | Total fixed maturities | Range (Weighted Average) | ||
Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
Measurement input | 0.01 | 0.01 |
Credit spread | Maximum | Level 3 | Total fixed maturities | Range (Weighted Average) | ||
Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
Measurement input | 0.07 | 0.08 |
Credit spread | Weighted Average | Level 3 | Total fixed maturities | Range (Weighted Average) | ||
Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
Measurement input | 0.02 | 0.03 |
Fair Value, Financial Assets an
Fair Value, Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Amount | ||
Assets [Abstract] | ||
Other invested assets, primarily mortgage loans | $ 973 | $ 1,068 |
Liabilities [Abstract] | ||
Short term debt | 93 | 35 |
Long term debt | 8,981 | 10,042 |
Estimated Fair Value | ||
Assets [Abstract] | ||
Other invested assets, primarily mortgage loans | 1,018 | 1,151 |
Liabilities [Abstract] | ||
Short term debt | 93 | 36 |
Long term debt | 9,781 | 11,247 |
Estimated Fair Value | Level 1 | ||
Assets [Abstract] | ||
Other invested assets, primarily mortgage loans | ||
Liabilities [Abstract] | ||
Short term debt | ||
Long term debt | ||
Estimated Fair Value | Level 2 | ||
Assets [Abstract] | ||
Other invested assets, primarily mortgage loans | ||
Liabilities [Abstract] | ||
Short term debt | 19 | |
Long term debt | 9,170 | 10,482 |
Estimated Fair Value | Level 3 | ||
Assets [Abstract] | ||
Other invested assets, primarily mortgage loans | 1,018 | 1,151 |
Liabilities [Abstract] | ||
Short term debt | 93 | 17 |
Long term debt | $ 611 | $ 765 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Reinsurance (Note 16) | $ 5,484 | $ 4,478 |
Insurance | 2,974 | 2,640 |
Receivable from brokers | 280 | 97 |
Accrued investment income | 377 | 381 |
Federal income taxes | 11 | 4 |
Other, primarily customer accounts | 200 | 290 |
Total | 9,326 | 7,890 |
Less: allowance for doubtful accounts on reinsurance receivables | 21 | 21 |
Allowance for other doubtful accounts | 32 | 36 |
Receivables | $ 9,273 | $ 7,833 |
Property, Plant and Equipment,
Property, Plant and Equipment, Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Construction in process | $ 340 | $ 281 |
Property, plant and equipment | 9,888 | 10,451 |
Pipeline Equipment | ||
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment | 8,308 | 8,368 |
Accumulated depreciation | 3,742 | 3,402 |
Hotel Properties | ||
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment | 959 | 1,083 |
Accumulated depreciation | 472 | 439 |
Other Energy Equipment | ||
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment | 281 | 719 |
Accumulated depreciation | $ 522 | $ 688 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Depreciation Expense and Capital Expenditures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 503 | $ 673 | $ 898 |
Capital expenditures | 489 | 670 | 1,058 |
Interest Costs Capitalized | 12 | 14 | 18 |
Rigid plastic packaging and recycled resin - Corporate | |||
Property, Plant and Equipment [Abstract] | |||
Depreciation | 21 | 74 | 70 |
Capital expenditures | 23 | 90 | 53 |
Non-insurance warranty – CNA Financial | |||
Property, Plant and Equipment [Abstract] | |||
Depreciation | 51 | 56 | 64 |
Capital expenditures | 26 | 25 | 26 |
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines | |||
Property, Plant and Equipment [Abstract] | |||
Depreciation | 368 | 361 | 348 |
Capital expenditures | 340 | 415 | 418 |
Lodging and related services – Loews Hotels & Co | |||
Property, Plant and Equipment [Abstract] | |||
Depreciation | 63 | 63 | 60 |
Capital expenditures | 100 | 88 | 216 |
Asset impairment charge, after tax | 22 | 77 | |
Diamond Offshore Drilling Inc. | |||
Property, Plant and Equipment [Abstract] | |||
Depreciation | 119 | 356 | |
Capital expenditures | 52 | $ 345 | |
Asset impairment charge, after tax | $ 408 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Asset Impairments (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020ExtensionRig | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($)Property | |
Asset Impairments [Abstract] | ||||
Asset impairment charge | $ 10 | $ 810 | $ 99 | |
Number of drilling rigs impaired | Extension | 4 | |||
Diamond Offshore Drilling Inc. | ||||
Asset Impairments [Abstract] | ||||
Number of drilling rigs evaluated for impairment | Rig | 5 | |||
Asset impairment charge | 774 | |||
Asset impairment charge, after tax | 408 | |||
Lodging and related services – Loews Hotels & Co | ||||
Asset Impairments [Abstract] | ||||
Asset impairment charge | 30 | 99 | ||
Asset impairment charge, after tax | $ 22 | $ 77 | ||
Number of hotel properties impaired | Property | 1 | 4 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 785 | $ 767 |
Acquisition | 18 | |
Deconsolidation of Altium Packaging (see Note 2) | (436) | |
Goodwill, ending balance | 349 | 785 |
Non-insurance warranty – CNA Financial | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 112 | 112 |
Goodwill, ending balance | 112 | 112 |
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 237 | 237 |
Goodwill, ending balance | 237 | 237 |
Rigid plastic packaging and recycled resin - Corporate | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 436 | 418 |
Acquisition | 18 | |
Deconsolidation of Altium Packaging (see Note 2) | (436) | |
Goodwill, ending balance | $ 0 | $ 436 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Intangible Assets [Abstract] | |||
Finite-lived intangible assets, gross carrying amount | $ 78 | $ 718 | |
Finite-lived intangible assets, accumulated amortization | 32 | 172 | |
Indefinite-lived intangible assets, gross carrying amount | 63 | 64 | |
Total other intangible assets, gross carrying amount | 141 | 782 | |
Total other intangible assets, accumulated amortization | 32 | 172 | |
Amortization Expense [Abstract] | |||
Amortization expense | 3 | 61 | $ 45 |
Estimated amortization expense in 2022 | 3 | ||
Customer relationships | |||
Other Intangible Assets [Abstract] | |||
Finite-lived intangible assets, gross carrying amount | 59 | 647 | |
Finite-lived intangible assets, accumulated amortization | 17 | 111 | |
Other | |||
Other Intangible Assets [Abstract] | |||
Finite-lived intangible assets, gross carrying amount | 19 | 71 | |
Finite-lived intangible assets, accumulated amortization | $ 15 | $ 61 |
Claim, Claim Adjustment Expen_3
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Net Liability for Unpaid Claim and Claim Adjustment Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Net Liability for Unpaid Claim and Claim Adjustment Expenses [Abstract] | ||||
Net claim and claim adjustment expenses | $ 19,205 | $ 18,701 | $ 17,885 | $ 17,965 |
Total reinsurance receivables | 4,969 | 4,005 | 3,835 | 4,019 |
Total gross liability for unpaid claims and claims adjustment expenses | 24,174 | 22,706 | $ 21,720 | $ 21,984 |
Property and casualty | ||||
Net Liability for Unpaid Claim and Claim Adjustment Expenses [Abstract] | ||||
Net claim and claim adjustment expenses | 15,270 | 14,195 | ||
Total reinsurance receivables | 2,333 | |||
Insurance, Other | ||||
Net Liability for Unpaid Claim and Claim Adjustment Expenses [Abstract] | ||||
Net claim and claim adjustment expenses | 3,935 | $ 4,506 | ||
Total reinsurance receivables | $ 2,636 |
Claim, Claim Adjustment Expen_4
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Reconciliation of Claim and Claim Adjustment Expense Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Gross reserves, beginning of year | $ 22,706 | $ 21,720 | $ 21,984 |
Ceded reserves, beginning of year | 4,005 | 3,835 | 4,019 |
Net reserves, beginning of year | 18,701 | 17,885 | 17,965 |
Net incurred claim and claim adjustment expenses [Abstract] | |||
Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer | (632) | ||
Provision for insured events of current year | 5,970 | 5,793 | 5,356 |
Decrease in provision for insured events of prior years | (104) | (119) | (127) |
Amortization of discount | 174 | 183 | 184 |
Total net incurred | 6,040 | 5,857 | 5,413 |
Net payments attributable to [Abstract] | |||
Current year events | (1,014) | (948) | (992) |
Prior year events | (3,830) | (4,216) | (4,584) |
Total net payments | (4,844) | (5,164) | (5,576) |
Foreign currency translation adjustment and other | (60) | 123 | 83 |
Net reserves, end of year | 19,205 | 18,701 | 17,885 |
Ceded reserves, end of year | 4,969 | 4,005 | 3,835 |
Gross reserves, end of year | $ 24,174 | $ 22,706 | $ 21,720 |
Claim, Claim Adjustment Expen_5
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Gross and Net Carried Reserves (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Gross and Net Carried Reserves [Abstract] | ||||
Gross case reserves | $ 10,555 | $ 10,694 | ||
Gross IBNR reserves | 13,619 | 12,012 | ||
Total gross carried claim and claim adjustment expense reserves | 24,174 | 22,706 | ||
Net case reserves | 8,369 | 8,930 | ||
Net IBNR reserves | 10,836 | 9,771 | ||
Total net carried claim and claim adjustment expense reserves | 19,205 | 18,701 | $ 17,885 | $ 17,965 |
Property and casualty | ||||
Gross and Net Carried Reserves [Abstract] | ||||
Gross case reserves | 5,621 | 5,674 | ||
Gross IBNR reserves | 11,982 | 10,415 | ||
Total gross carried claim and claim adjustment expense reserves | 17,603 | 16,089 | ||
Net case reserves | 4,932 | 5,072 | ||
Net IBNR reserves | 10,338 | 9,123 | ||
Total net carried claim and claim adjustment expense reserves | 15,270 | 14,195 | ||
Insurance, Other | ||||
Gross and Net Carried Reserves [Abstract] | ||||
Gross case reserves | 4,934 | 5,020 | ||
Gross IBNR reserves | 1,637 | 1,597 | ||
Total gross carried claim and claim adjustment expense reserves | 6,571 | 6,617 | ||
Net case reserves | 3,437 | 3,858 | ||
Net IBNR reserves | 498 | 648 | ||
Total net carried claim and claim adjustment expense reserves | $ 3,935 | $ 4,506 |
Claim, Claim Adjustment Expen_6
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Net Prior Year Loss Reserve Development in Property and Casualty Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Prior Year Development [Abstract] | |||
Pretax favorable development | $ 11 | $ (20) | $ (73) |
Medical Professional Liability | |||
Net Prior Year Development [Abstract] | |||
Pretax favorable development | 23 | 35 | 75 |
Other Professional Liability and Management Liability | |||
Net Prior Year Development [Abstract] | |||
Pretax favorable development | 24 | (15) | (69) |
Surety | |||
Net Prior Year Development [Abstract] | |||
Pretax favorable development | (73) | (69) | (92) |
Commercial Auto | |||
Net Prior Year Development [Abstract] | |||
Pretax favorable development | 53 | 33 | (25) |
General Liability | |||
Net Prior Year Development [Abstract] | |||
Pretax favorable development | 15 | 15 | 16 |
Workers' Compensation | |||
Net Prior Year Development [Abstract] | |||
Pretax favorable development | (82) | (96) | (13) |
Property and Other | |||
Net Prior Year Development [Abstract] | |||
Pretax favorable development | (9) | 27 | (3) |
Other insurance operations | |||
Net Prior Year Development [Abstract] | |||
Pretax favorable development | $ 60 | $ 50 | $ 38 |
Claim, Claim Adjustment Expen_7
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Net Liability for Unpaid Claims and Claims Adjustment Expenses by Line of Business (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Net Liability for Unpaid Claim and Claim Adjustment Expenses [Abstract] | ||||
Net claim and claim adjustment expenses | $ 19,205 | $ 18,701 | $ 17,885 | $ 17,965 |
Property and casualty | ||||
Net Liability for Unpaid Claim and Claim Adjustment Expenses [Abstract] | ||||
Net claim and claim adjustment expenses | 15,270 | $ 14,195 | ||
Medical Professional Liability | ||||
Net Liability for Unpaid Claim and Claim Adjustment Expenses [Abstract] | ||||
Net claim and claim adjustment expenses | 1,556 | |||
Other Professional Liability and Management Liability | ||||
Net Liability for Unpaid Claim and Claim Adjustment Expenses [Abstract] | ||||
Net claim and claim adjustment expenses | 3,159 | |||
Surety | ||||
Net Liability for Unpaid Claim and Claim Adjustment Expenses [Abstract] | ||||
Net claim and claim adjustment expenses | 406 | |||
Commercial Auto | ||||
Net Liability for Unpaid Claim and Claim Adjustment Expenses [Abstract] | ||||
Net claim and claim adjustment expenses | 673 | |||
General Liability | ||||
Net Liability for Unpaid Claim and Claim Adjustment Expenses [Abstract] | ||||
Net claim and claim adjustment expenses | 2,911 | |||
Workers' Compensation | ||||
Net Liability for Unpaid Claim and Claim Adjustment Expenses [Abstract] | ||||
Net claim and claim adjustment expenses | 3,850 | |||
Property and Other | ||||
Net Liability for Unpaid Claim and Claim Adjustment Expenses [Abstract] | ||||
Net claim and claim adjustment expenses | $ 2,715 |
Claim, Claim Adjustment Expen_8
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Medical Professional Liability (Details) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($)Claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | $ 3,830 | $ 4,216 | $ 4,584 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 19,205 | 18,701 | 17,885 | $ 17,965 | ||||||
Property and casualty | ||||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 15,270 | 14,195 | ||||||||
Medical Professional Liability | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 4,776 | |||||||||
IBNR | 1,016 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 3,276 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 1,500 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | 28 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 28 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 1,556 | |||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total net development for the accident years presented above | 13 | 32 | 52 | |||||||
Total net development for accident years prior to 2012 | 3 | 3 | 21 | |||||||
Total unallocated claim adjustment expense development | 7 | 0 | 2 | |||||||
Total | 23 | 35 | 75 | |||||||
Medical Professional Liability | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 497 | 497 | 499 | 493 | $ 484 | $ 493 | $ 498 | $ 508 | $ 469 | $ 464 |
IBNR | $ 4 | |||||||||
Cumulative number of claims | Claim | 17,755 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 487 | 482 | 479 | 457 | 427 | 388 | 323 | 221 | 117 | $ 14 |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 0 | (2) | 6 | 9 | (9) | (5) | (10) | 39 | 5 | |
IBNR, Total | 33 | |||||||||
Medical Professional Liability | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 530 | 531 | 545 | 535 | 525 | 513 | 500 | 479 | 462 | |
IBNR | $ 11 | |||||||||
Cumulative number of claims | Claim | 19,565 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 512 | 508 | 495 | 462 | 414 | 355 | 255 | 119 | $ 17 | |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (1) | (14) | 10 | 10 | 12 | 13 | 21 | 17 | ||
IBNR, Total | 68 | |||||||||
Medical Professional Liability | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 524 | 527 | 529 | 535 | 530 | 537 | 489 | 450 | ||
IBNR | $ 8 | |||||||||
Cumulative number of claims | Claim | 19,800 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 497 | 489 | 472 | 417 | 359 | 258 | 136 | $ 23 | ||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (3) | (2) | (6) | 5 | (7) | 48 | 39 | |||
IBNR, Total | 74 | |||||||||
Medical Professional Liability | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 501 | 510 | 488 | 494 | 510 | 499 | 433 | |||
IBNR | $ 28 | |||||||||
Cumulative number of claims | Claim | 18,170 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 444 | 420 | 384 | 313 | 230 | 101 | $ 22 | |||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (9) | 22 | (6) | (16) | 11 | 66 | ||||
IBNR, Total | 68 | |||||||||
Medical Professional Liability | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 510 | 508 | 499 | 485 | 487 | 427 | ||||
IBNR | $ 24 | |||||||||
Cumulative number of claims | Claim | 16,085 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 436 | 401 | 339 | 246 | 121 | $ 18 | ||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 2 | 9 | 14 | (2) | 60 | |||||
IBNR, Total | 83 | |||||||||
Medical Professional Liability | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 455 | 460 | 458 | 449 | 412 | |||||
IBNR | $ 41 | |||||||||
Cumulative number of claims | Claim | 15,197 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 355 | 308 | 235 | 107 | $ 19 | |||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (5) | 2 | 9 | 37 | ||||||
IBNR, Total | 43 | |||||||||
Medical Professional Liability | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 448 | 431 | 429 | 404 | ||||||
IBNR | $ 60 | |||||||||
Cumulative number of claims | Claim | 14,997 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 290 | 211 | 115 | $ 21 | ||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 17 | 2 | 25 | |||||||
IBNR, Total | 44 | |||||||||
Medical Professional Liability | Short-Duration Insurance Contract, Accident Year 2019 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 458 | 445 | 430 | |||||||
IBNR | $ 156 | |||||||||
Cumulative number of claims | Claim | 13,804 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 183 | 91 | $ 17 | |||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 13 | 15 | ||||||||
IBNR, Total | 28 | |||||||||
Medical Professional Liability | Short-Duration Insurance Contract, Accident Year 2020 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 476 | 477 | ||||||||
IBNR | $ 347 | |||||||||
Cumulative number of claims | Claim | 9,935 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 61 | $ 11 | ||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (1) | |||||||||
IBNR, Total | (1) | |||||||||
Medical Professional Liability | Short-Duration Insurance Contract, Accident Year 2021 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 377 | |||||||||
IBNR | $ 337 | |||||||||
Cumulative number of claims | Claim | 6,761 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 11 |
Claim, Claim Adjustment Expen_9
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Other Professional Liability and Management Liability (Details) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($)Claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | $ 3,830 | $ 4,216 | $ 4,584 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 19,205 | 18,701 | 17,885 | $ 17,965 | ||||||
Property and casualty | ||||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 15,270 | 14,195 | ||||||||
Other Professional Liability and Management Liability | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 8,767 | |||||||||
IBNR | 2,326 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 5,735 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 3,032 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | 74 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 53 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 3,159 | |||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total net development for the accident years presented above | 34 | 6 | (35) | |||||||
Total net development for accident years prior to 2012 | (12) | (21) | (20) | |||||||
Total unallocated claim adjustment expense development | 2 | 0 | (14) | |||||||
Total | 24 | (15) | (69) | |||||||
Other Professional Liability and Management Liability | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 848 | 850 | 831 | 833 | $ 846 | $ 840 | $ 878 | $ 887 | $ 909 | $ 923 |
IBNR | $ 18 | |||||||||
Cumulative number of claims | Claim | 18,506 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 816 | 812 | 792 | 755 | 711 | 651 | 573 | 400 | 248 | $ 56 |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (2) | 19 | (2) | (13) | 6 | (38) | (9) | (22) | (14) | |
IBNR, Total | (75) | |||||||||
Other Professional Liability and Management Liability | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 833 | 846 | 850 | 863 | 866 | 885 | 926 | 894 | 884 | |
IBNR | $ 30 | |||||||||
Cumulative number of claims | Claim | 17,950 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 787 | 779 | 771 | 754 | 702 | 618 | 447 | 249 | $ 54 | |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (13) | (4) | (13) | (3) | (19) | (41) | 32 | 10 | ||
IBNR, Total | (51) | |||||||||
Other Professional Liability and Management Liability | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 841 | 845 | 854 | 835 | 831 | 885 | 898 | 878 | ||
IBNR | $ 37 | |||||||||
Cumulative number of claims | Claim | 17,577 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 787 | 743 | 707 | 647 | 515 | 392 | 223 | $ 51 | ||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (4) | (9) | 19 | 4 | (54) | (13) | 20 | |||
IBNR, Total | (37) | |||||||||
Other Professional Liability and Management Liability | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 836 | 813 | 807 | 832 | 877 | 892 | 888 | |||
IBNR | $ 41 | |||||||||
Cumulative number of claims | Claim | 17,436 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 725 | 677 | 612 | 542 | 404 | 234 | $ 60 | |||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 23 | 6 | (25) | (45) | (15) | 4 | ||||
IBNR, Total | (52) | |||||||||
Other Professional Liability and Management Liability | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 891 | 907 | 904 | 900 | 900 | 901 | ||||
IBNR | $ 84 | |||||||||
Cumulative number of claims | Claim | 17,968 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 736 | 701 | 625 | 466 | 248 | $ 64 | ||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (16) | 3 | 4 | 0 | (1) | |||||
IBNR, Total | (10) | |||||||||
Other Professional Liability and Management Liability | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 775 | 791 | 813 | 845 | 847 | |||||
IBNR | $ 152 | |||||||||
Cumulative number of claims | Claim | 18,159 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 557 | 498 | 394 | 222 | $ 57 | |||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (16) | (22) | (32) | (2) | ||||||
IBNR, Total | (72) | |||||||||
Other Professional Liability and Management Liability | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 906 | 869 | 864 | 850 | ||||||
IBNR | $ 202 | |||||||||
Cumulative number of claims | Claim | 19,926 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 599 | 473 | 282 | $ 54 | ||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 37 | 5 | 14 | |||||||
IBNR, Total | 56 | |||||||||
Other Professional Liability and Management Liability | Short-Duration Insurance Contract, Accident Year 2019 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 856 | 845 | 837 | |||||||
IBNR | $ 283 | |||||||||
Cumulative number of claims | Claim | 19,357 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 422 | 263 | $ 64 | |||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 11 | 8 | ||||||||
IBNR, Total | 19 | |||||||||
Other Professional Liability and Management Liability | Short-Duration Insurance Contract, Accident Year 2020 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 944 | 930 | ||||||||
IBNR | $ 568 | |||||||||
Cumulative number of claims | Claim | 19,095 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 248 | $ 67 | ||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 14 | |||||||||
IBNR, Total | 14 | |||||||||
Other Professional Liability and Management Liability | Short-Duration Insurance Contract, Accident Year 2021 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 1,037 | |||||||||
IBNR | $ 911 | |||||||||
Cumulative number of claims | Claim | 15,487 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 58 |
Claim, Claim Adjustment Expe_10
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Surety (Details) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($)Claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | $ 3,830 | $ 4,216 | $ 4,584 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 19,205 | 18,701 | 17,885 | $ 17,965 | ||||||
Property and casualty | ||||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 15,270 | 14,195 | ||||||||
Surety | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 765 | |||||||||
IBNR | 328 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 396 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 369 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | 17 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 20 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 406 | |||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total net development for the accident years presented above | (76) | (67) | (79) | |||||||
Total net development for accident years prior to 2012 | 3 | (2) | (3) | |||||||
Total unallocated claim adjustment expense development | 0 | 0 | (10) | |||||||
Total | (73) | (69) | (92) | |||||||
Surety | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 36 | 37 | 38 | 39 | $ 45 | $ 52 | $ 70 | $ 98 | $ 122 | $ 120 |
IBNR | $ 1 | |||||||||
Cumulative number of claims | Claim | 5,586 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 36 | 36 | 37 | 37 | 36 | 35 | 35 | 34 | 32 | $ 5 |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (1) | (1) | (1) | (6) | (7) | (18) | (28) | (24) | 2 | |
IBNR, Total | (84) | |||||||||
Surety | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 82 | 82 | 83 | 87 | 91 | 106 | 115 | 121 | 120 | |
IBNR | $ 2 | |||||||||
Cumulative number of claims | Claim | 5,088 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 79 | 78 | 77 | 78 | 78 | 78 | 69 | 40 | $ 16 | |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 0 | (1) | (4) | (4) | (15) | (9) | (6) | 1 | ||
IBNR, Total | (38) | |||||||||
Surety | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 43 | 45 | 45 | 60 | 69 | 94 | 124 | 123 | ||
IBNR | $ 1 | |||||||||
Cumulative number of claims | Claim | 5,118 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 39 | 39 | 38 | 38 | 36 | 38 | 30 | $ 7 | ||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (2) | 0 | (15) | (9) | (25) | (30) | 1 | |||
IBNR, Total | (80) | |||||||||
Surety | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 53 | 58 | 63 | 79 | 104 | 131 | 131 | |||
IBNR | $ 9 | |||||||||
Cumulative number of claims | Claim | 5,055 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 42 | 44 | 42 | 40 | 38 | 26 | $ 7 | |||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (5) | (5) | (16) | (25) | (27) | 0 | ||||
IBNR, Total | (78) | |||||||||
Surety | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 64 | 67 | 84 | 109 | 124 | 124 | ||||
IBNR | $ 10 | |||||||||
Cumulative number of claims | Claim | 5,521 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 43 | 43 | 45 | 45 | 37 | $ 5 | ||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (3) | (17) | (25) | (15) | 0 | |||||
IBNR, Total | (60) | |||||||||
Surety | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 71 | 84 | 103 | 115 | 120 | |||||
IBNR | $ 9 | |||||||||
Cumulative number of claims | Claim | 5,795 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 49 | 46 | 41 | 37 | $ 23 | |||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (13) | (19) | (12) | (5) | ||||||
IBNR, Total | (49) | |||||||||
Surety | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 62 | 91 | 108 | 114 | ||||||
IBNR | $ 19 | |||||||||
Cumulative number of claims | Claim | 6,097 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 39 | 34 | 25 | $ 5 | ||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (29) | (17) | (6) | |||||||
IBNR, Total | (52) | |||||||||
Surety | Short-Duration Insurance Contract, Accident Year 2019 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 98 | 112 | 119 | |||||||
IBNR | $ 44 | |||||||||
Cumulative number of claims | Claim | 5,816 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 44 | 34 | $ 12 | |||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (14) | (7) | ||||||||
IBNR, Total | (21) | |||||||||
Surety | Short-Duration Insurance Contract, Accident Year 2020 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 119 | 128 | ||||||||
IBNR | $ 104 | |||||||||
Cumulative number of claims | Claim | 4,006 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 20 | $ 4 | ||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (9) | |||||||||
IBNR, Total | (9) | |||||||||
Surety | Short-Duration Insurance Contract, Accident Year 2021 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 137 | |||||||||
IBNR | $ 129 | |||||||||
Cumulative number of claims | Claim | 2,592 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 5 |
Claim, Claim Adjustment Expe_11
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Commercial Auto (Details) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($)Claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | $ 3,830 | $ 4,216 | $ 4,584 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 19,205 | 18,701 | 17,885 | $ 17,965 | ||||||
Property and casualty | ||||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 15,270 | 14,195 | ||||||||
Commercial Auto | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 2,582 | |||||||||
IBNR | 433 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 1,928 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 654 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | 5 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 14 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 673 | |||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total net development for the accident years presented above | 52 | 31 | (17) | |||||||
Total net development for accident years prior to 2012 | 1 | 2 | (7) | |||||||
Total unallocated claim adjustment expense development | 0 | 0 | (1) | |||||||
Total | 53 | 33 | (25) | |||||||
Commercial Auto | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 295 | 296 | 297 | 299 | $ 299 | $ 307 | $ 303 | $ 299 | $ 289 | $ 275 |
IBNR | $ 1 | |||||||||
Cumulative number of claims | Claim | 46,288 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 292 | 291 | 291 | 290 | 285 | 282 | 259 | 220 | 160 | $ 78 |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (1) | (1) | (2) | 0 | (8) | 4 | 4 | 10 | 14 | |
IBNR, Total | 20 | |||||||||
Commercial Auto | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 241 | 241 | 241 | 245 | 245 | 249 | 265 | 265 | 246 | |
IBNR | $ 2 | |||||||||
Cumulative number of claims | Claim | 39,430 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 239 | 239 | 238 | 234 | 225 | 200 | 168 | 135 | $ 74 | |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 0 | 0 | (4) | 0 | (4) | (16) | 0 | 19 | ||
IBNR, Total | (5) | |||||||||
Commercial Auto | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 202 | 201 | 201 | 205 | 205 | 212 | 223 | 234 | ||
IBNR | $ 2 | |||||||||
Cumulative number of claims | Claim | 33,628 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 199 | 198 | 196 | 187 | 166 | 137 | 102 | $ 64 | ||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 1 | 0 | (4) | 0 | (7) | (11) | (11) | |||
IBNR, Total | (32) | |||||||||
Commercial Auto | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 183 | 181 | 183 | 190 | 190 | 199 | 201 | |||
IBNR | $ 3 | |||||||||
Cumulative number of claims | Claim | 30,427 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 178 | 175 | 172 | 153 | 130 | 96 | $ 52 | |||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 2 | (2) | (7) | 0 | (9) | (2) | ||||
IBNR, Total | (18) | |||||||||
Commercial Auto | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 195 | 190 | 186 | 186 | 186 | 198 | ||||
IBNR | $ 3 | |||||||||
Cumulative number of claims | Claim | 30,449 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 185 | 175 | 154 | 126 | 93 | $ 52 | ||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 5 | 4 | 0 | 0 | (12) | |||||
IBNR, Total | (3) | |||||||||
Commercial Auto | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 232 | 221 | 200 | 198 | 199 | |||||
IBNR | $ 5 | |||||||||
Cumulative number of claims | Claim | 30,940 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 203 | 178 | 150 | 107 | $ 58 | |||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 11 | 21 | 2 | (1) | ||||||
IBNR, Total | 33 | |||||||||
Commercial Auto | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 245 | 227 | 227 | 229 | ||||||
IBNR | $ 8 | |||||||||
Cumulative number of claims | Claim | 34,292 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 212 | 175 | 128 | $ 66 | ||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 18 | 0 | (2) | |||||||
IBNR, Total | 16 | |||||||||
Commercial Auto | Short-Duration Insurance Contract, Accident Year 2019 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 289 | 266 | 257 | |||||||
IBNR | $ 31 | |||||||||
Cumulative number of claims | Claim | 37,142 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 203 | 147 | $ 77 | |||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 23 | 9 | ||||||||
IBNR, Total | 32 | |||||||||
Commercial Auto | Short-Duration Insurance Contract, Accident Year 2020 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 303 | 310 | ||||||||
IBNR | $ 107 | |||||||||
Cumulative number of claims | Claim | 28,837 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 134 | $ 71 | ||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (7) | |||||||||
IBNR, Total | (7) | |||||||||
Commercial Auto | Short-Duration Insurance Contract, Accident Year 2021 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 397 | |||||||||
IBNR | $ 271 | |||||||||
Cumulative number of claims | Claim | 27,182 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 83 |
Claim, Claim Adjustment Expe_12
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, General Liability (Details) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($)Claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | $ 3,830 | $ 4,216 | $ 4,584 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 19,205 | 18,701 | 17,885 | $ 17,965 | ||||||
Property and casualty | ||||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 15,270 | 14,195 | ||||||||
General Liability | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 6,670 | |||||||||
IBNR | 2,006 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 3,929 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 2,741 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | 119 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 51 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 2,911 | |||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total net development for the accident years presented above | 14 | 16 | 21 | |||||||
Total net development for accident years prior to 2012 | (1) | (1) | (4) | |||||||
Total unallocated claim adjustment expense development | 2 | 0 | (1) | |||||||
Total | 15 | 15 | 16 | |||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 632 | 632 | 630 | 635 | $ 635 | $ 619 | $ 636 | $ 639 | $ 611 | $ 587 |
IBNR | $ 20 | |||||||||
Cumulative number of claims | Claim | 35,313 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 602 | 597 | 579 | 559 | 510 | 454 | 374 | 247 | 132 | $ 28 |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 0 | 2 | (5) | 0 | 16 | (17) | (3) | 28 | 24 | |
IBNR, Total | 45 | |||||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 624 | 623 | 620 | 623 | 613 | 655 | 650 | 655 | 650 | |
IBNR | $ 24 | |||||||||
Cumulative number of claims | Claim | 33,706 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 582 | 572 | 551 | 510 | 450 | 352 | 240 | 128 | $ 31 | |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 1 | 3 | (3) | 10 | (42) | 5 | (5) | 5 | ||
IBNR, Total | (26) | |||||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 659 | 659 | 658 | 635 | 631 | 654 | 658 | 653 | ||
IBNR | $ 28 | |||||||||
Cumulative number of claims | Claim | 28,064 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 607 | 569 | 547 | 481 | 376 | 247 | 119 | $ 31 | ||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 0 | 1 | 23 | 4 | (23) | (4) | 5 | |||
IBNR, Total | 6 | |||||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 617 | 602 | 600 | 589 | 574 | 576 | 581 | |||
IBNR | $ 42 | |||||||||
Cumulative number of claims | Claim | 24,118 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 530 | 501 | 446 | 357 | 230 | 110 | $ 19 | |||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 15 | 2 | 11 | 15 | (2) | (5) | ||||
IBNR, Total | 36 | |||||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 683 | 673 | 671 | 667 | 659 | 623 | ||||
IBNR | $ 68 | |||||||||
Cumulative number of claims | Claim | 24,511 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 524 | 481 | 407 | 279 | 163 | $ 32 | ||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 10 | 2 | 4 | 8 | 36 | |||||
IBNR, Total | 60 | |||||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 630 | 634 | 632 | 632 | 632 | |||||
IBNR | $ 67 | |||||||||
Cumulative number of claims | Claim | 22,195 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 471 | 399 | 250 | 118 | $ 23 | |||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (4) | 2 | 0 | 0 | ||||||
IBNR, Total | (2) | |||||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 639 | 646 | 644 | 653 | ||||||
IBNR | $ 205 | |||||||||
Cumulative number of claims | Claim | 19,917 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 307 | 228 | 107 | $ 33 | ||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (7) | 2 | (9) | |||||||
IBNR, Total | (14) | |||||||||
General Liability | Short-Duration Insurance Contract, Accident Year 2019 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 682 | 682 | 680 | |||||||
IBNR | $ 330 | |||||||||
Cumulative number of claims | Claim | 18,602 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 181 | 98 | $ 25 | |||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 0 | 2 | ||||||||
IBNR, Total | 2 | |||||||||
General Liability | Short-Duration Insurance Contract, Accident Year 2020 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 722 | 723 | ||||||||
IBNR | $ 516 | |||||||||
Cumulative number of claims | Claim | 13,028 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 99 | $ 23 | ||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (1) | |||||||||
IBNR, Total | (1) | |||||||||
General Liability | Short-Duration Insurance Contract, Accident Year 2021 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 782 | |||||||||
IBNR | $ 706 | |||||||||
Cumulative number of claims | Claim | 9,759 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 26 |
Claim, Claim Adjustment Expe_13
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Workers' Compensation (Details) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($)Claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | $ 3,830 | $ 4,216 | $ 4,584 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 19,205 | 18,701 | 17,885 | $ 17,965 | ||||||
Property and casualty | ||||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 15,270 | 14,195 | ||||||||
Workers' Compensation | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 4,575 | |||||||||
IBNR | 1,325 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 2,703 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 1,872 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | 1,941 | |||||||||
Other | (14) | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 51 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 3,850 | |||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total net development for the accident years presented above | (49) | (85) | (77) | |||||||
Adjustment for development on a discounted basis | 2 | 2 | 3 | |||||||
Total net development for accident years prior to 2012 | (35) | (13) | 38 | |||||||
Total unallocated claim adjustment expense development | 0 | 0 | 23 | |||||||
Total | (82) | (96) | (13) | |||||||
Workers' Compensation | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 664 | 663 | 668 | 671 | $ 673 | $ 678 | $ 669 | $ 659 | $ 627 | $ 601 |
IBNR | $ 66 | |||||||||
Cumulative number of claims | Claim | 42,804 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 541 | 538 | 536 | 524 | 509 | 470 | 416 | 342 | 232 | 87 |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 1 | (5) | (3) | (2) | (5) | 9 | 10 | 32 | 26 | |
IBNR, Total | 63 | |||||||||
Workers' Compensation | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 548 | 552 | 561 | 582 | 593 | 618 | 592 | 572 | 537 | |
IBNR | $ 91 | |||||||||
Cumulative number of claims | Claim | 38,867 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 417 | 414 | 411 | 419 | 417 | 370 | 300 | 213 | 80 | |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (4) | (9) | (21) | (11) | (25) | 26 | 20 | 35 | ||
IBNR, Total | 11 | |||||||||
Workers' Compensation | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 448 | 439 | 446 | 450 | 452 | 479 | 480 | 467 | ||
IBNR | $ 105 | |||||||||
Cumulative number of claims | Claim | 33,502 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 306 | 297 | 290 | 282 | 258 | 215 | 159 | 61 | ||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 9 | (7) | (4) | (2) | (27) | (1) | 13 | |||
IBNR, Total | (19) | |||||||||
Workers' Compensation | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 372 | 382 | 394 | 408 | 406 | 431 | 422 | |||
IBNR | $ 101 | |||||||||
Cumulative number of claims | Claim | 31,894 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 251 | 243 | 231 | 212 | 180 | 131 | 51 | |||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (10) | (12) | (14) | 2 | (25) | 9 | ||||
IBNR, Total | (50) | |||||||||
Workers' Compensation | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 355 | 366 | 382 | 396 | 405 | 426 | ||||
IBNR | $ 104 | |||||||||
Cumulative number of claims | Claim | 31,981 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 227 | 219 | 198 | 169 | 129 | 53 | ||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (11) | (16) | (14) | (9) | (21) | |||||
IBNR, Total | (71) | |||||||||
Workers' Compensation | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 402 | 400 | 421 | 432 | 440 | |||||
IBNR | $ 92 | |||||||||
Cumulative number of claims | Claim | 33,121 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 265 | 243 | 207 | 151 | 63 | |||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 2 | (21) | (11) | (8) | ||||||
IBNR, Total | (38) | |||||||||
Workers' Compensation | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 415 | 428 | 440 | 450 | ||||||
IBNR | $ 104 | |||||||||
Cumulative number of claims | Claim | 34,851 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 259 | 229 | 163 | 68 | ||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (13) | (12) | (10) | |||||||
IBNR, Total | (35) | |||||||||
Workers' Compensation | Short-Duration Insurance Contract, Accident Year 2019 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 437 | 449 | 452 | |||||||
IBNR | $ 134 | |||||||||
Cumulative number of claims | Claim | 34,248 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 223 | 169 | 71 | |||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (12) | (3) | ||||||||
IBNR, Total | (15) | |||||||||
Workers' Compensation | Short-Duration Insurance Contract, Accident Year 2020 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 466 | 477 | ||||||||
IBNR | $ 228 | |||||||||
Cumulative number of claims | Claim | 29,188 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 147 | 65 | ||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (11) | |||||||||
IBNR, Total | (11) | |||||||||
Workers' Compensation | Short-Duration Insurance Contract, Accident Year 2021 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 468 | |||||||||
IBNR | $ 300 | |||||||||
Cumulative number of claims | Claim | 25,711 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 67 | |||||||||
General Liability | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 6,670 | |||||||||
IBNR | 2,006 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 3,929 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 2,741 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2012 | 119 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 51 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 2,911 | |||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total net development for the accident years presented above | 14 | 16 | 21 | |||||||
Total net development for accident years prior to 2012 | (1) | (1) | (4) | |||||||
Total unallocated claim adjustment expense development | 2 | 0 | (1) | |||||||
Total | 15 | 15 | 16 | |||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 632 | 632 | 630 | 635 | 635 | 619 | 636 | 639 | 611 | 587 |
IBNR | $ 20 | |||||||||
Cumulative number of claims | Claim | 35,313 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 602 | 597 | 579 | 559 | 510 | 454 | 374 | 247 | 132 | $ 28 |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 0 | 2 | (5) | 0 | 16 | (17) | (3) | 28 | 24 | |
IBNR, Total | 45 | |||||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 624 | 623 | 620 | 623 | 613 | 655 | 650 | 655 | 650 | |
IBNR | $ 24 | |||||||||
Cumulative number of claims | Claim | 33,706 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 582 | 572 | 551 | 510 | 450 | 352 | 240 | 128 | $ 31 | |
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 1 | 3 | (3) | 10 | (42) | 5 | (5) | 5 | ||
IBNR, Total | (26) | |||||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 659 | 659 | 658 | 635 | 631 | 654 | 658 | 653 | ||
IBNR | $ 28 | |||||||||
Cumulative number of claims | Claim | 28,064 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 607 | 569 | 547 | 481 | 376 | 247 | 119 | $ 31 | ||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 0 | 1 | 23 | 4 | (23) | (4) | 5 | |||
IBNR, Total | 6 | |||||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 617 | 602 | 600 | 589 | 574 | 576 | 581 | |||
IBNR | $ 42 | |||||||||
Cumulative number of claims | Claim | 24,118 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 530 | 501 | 446 | 357 | 230 | 110 | $ 19 | |||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 15 | 2 | 11 | 15 | (2) | (5) | ||||
IBNR, Total | 36 | |||||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 683 | 673 | 671 | 667 | 659 | 623 | ||||
IBNR | $ 68 | |||||||||
Cumulative number of claims | Claim | 24,511 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 524 | 481 | 407 | 279 | 163 | $ 32 | ||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 10 | 2 | 4 | 8 | 36 | |||||
IBNR, Total | 60 | |||||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 630 | 634 | 632 | 632 | 632 | |||||
IBNR | $ 67 | |||||||||
Cumulative number of claims | Claim | 22,195 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 471 | 399 | 250 | 118 | $ 23 | |||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (4) | 2 | 0 | 0 | ||||||
IBNR, Total | (2) | |||||||||
General Liability | Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 639 | 646 | 644 | 653 | ||||||
IBNR | $ 205 | |||||||||
Cumulative number of claims | Claim | 19,917 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 307 | 228 | 107 | $ 33 | ||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (7) | 2 | (9) | |||||||
IBNR, Total | (14) | |||||||||
General Liability | Short-Duration Insurance Contract, Accident Year 2019 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 682 | 682 | 680 | |||||||
IBNR | $ 330 | |||||||||
Cumulative number of claims | Claim | 18,602 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 181 | 98 | $ 25 | |||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | 0 | 2 | ||||||||
IBNR, Total | 2 | |||||||||
General Liability | Short-Duration Insurance Contract, Accident Year 2020 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 722 | 723 | ||||||||
IBNR | $ 516 | |||||||||
Cumulative number of claims | Claim | 13,028 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 99 | $ 23 | ||||||||
Net Strengthening (Releases) of Prior Accident Year Reserves [Abstract] | ||||||||||
Total | (1) | |||||||||
IBNR, Total | (1) | |||||||||
General Liability | Short-Duration Insurance Contract, Accident Year 2021 | ||||||||||
Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | 782 | |||||||||
IBNR | $ 706 | |||||||||
Cumulative number of claims | Claim | 9,759 | |||||||||
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses [Abstract] | ||||||||||
Total | $ 26 |
Claim, Claim Adjustment Expe_14
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Supplementary Information about Average Historical Claims Duration (Details) | Dec. 31, 2021 |
Medical Professional Liability | |
Average Annual percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 3.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 18.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 23.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 18.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 12.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 8.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 5.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 2.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 1.00% |
Other Professional Liability and Management Liability | |
Average Annual percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 6.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 21.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 21.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 16.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 9.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 6.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 4.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 3.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 1.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.50% |
Surety | |
Average Annual percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 14.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 48.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 18.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 2.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 1.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 1.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | (0.80%) |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.00% |
Commercial Auto | |
Average Annual percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 26.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 23.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 18.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 13.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 10.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 3.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 1.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.30% |
General Liability | |
Average Annual percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 4.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 14.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 18.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 19.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 13.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 8.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 5.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 4.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 2.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.80% |
Workers' Compensation | |
Average Annual percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses [Abstract] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 14.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 21.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 13.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 9.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 6.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 2.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 1.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 1.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.50% |
Claim, Claim Adjustment Expe_15
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, A&EP Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2010 | |
Additional amounts ceded under LPT [Abstract] | ||||
Net A&EP adverse development before consideration of LPT | $ 143 | $ 125 | $ 150 | |
Provision for uncollectible third-party reinsurance on A&EP | (5) | (25) | (25) | |
Total additional amounts ceded under LPT | 138 | 100 | 125 | |
Retroactive reinsurance benefit recognized | (107) | (94) | (107) | |
Pretax impact of deferred retroactive reinsurance | 31 | 6 | 18 | |
A&EP Reserves | ||||
A&EP Reserves [Abstract] | ||||
Net A&EP claim and allocated claim adjustment expense reserves | $ 1,600 | |||
Aggregate limit under A&EP Loss Portfolio Transfer | 4,000 | |||
Ceded A&EP claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts transferred to NICO under A&EP Loss Portfolio Transfer | 1,200 | |||
Reinsurance premium paid to NICO under A&EP loss portfolio transfer | 2,000 | |||
Net reinsurance receivables transferred to NICO under A&EP Loss Portfolio Transfer | 215 | |||
Total consideration | $ 2,200 | |||
Additional amounts ceded under LPT [Abstract] | ||||
Releases from provision for uncollectible third-party reinsurance | 5 | 25 | $ 25 | |
Cumulative amounts ceded under loss portfolio transfer | 3,400 | 3,300 | ||
Unrecognized deferred retroactive reinsurance benefit | 429 | $ 398 | ||
Fair value of collateral trust account | $ 3,100 |
Claim, Claim Adjustment Expe_16
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Excess Workers' Compensation LPT (Details) - USD ($) $ in Millions | Feb. 05, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||
Reinsurance recoverable | $ 5,463 | $ 4,457 | ||||
Claims paid | 4,844 | $ 5,164 | $ 5,576 | |||
Outstanding reserves maintained as security for obligations | 634 | |||||
Non-insurance warranty – CNA Financial | Loss Portfolio Transfer for Workers' Compensation Liabilities | ||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||
Reinsurance recoverable | $ 690 | $ 690 | ||||
Payment for Reinsurance Premium | $ 697 | |||||
Claims paid | $ 64 | |||||
Loss contingency, after tax and noncontrolling interests | $ 11 | |||||
Non-insurance warranty – CNA Financial | Loss Portfolio Transfer for Workers' Compensation Liabilities | Maximum | ||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||
Reinsurance recoverable | $ 1,000 |
Claim, Claim Adjustment Expe_17
Claim, Claim Adjustment Expense and Future Policy Benefit Reserves, Life and Group Policyholder Reserves (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Long Term Care Policyholder Reserves [Abstract] | |||||
Liability For Future Policy Benefits Pretax Margin | $ 72 | ||||
Liability for Future Policy Benefits, Period Expense (Income) | $ 74 | $ 216 | |||
Lower Claim Severity | |||||
Long Term Care Policyholder Reserves [Abstract] | |||||
Pretax reductions in claim tax and claim adjustment expense reserves | $ (40) | $ (37) | $ (56) | ||
Lower Discount Rate Assumptions and Mortality Assumption Changes | |||||
Long Term Care Policyholder Reserves [Abstract] | |||||
Pretax reductions in claim tax and claim adjustment expense reserves | $ 2 | $ 46 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease right of use asset | $ 272 | $ 370 | |
Total lease liabilities | 363 | 501 | |
Total lease expense | 92 | 110 | $ 146 |
Operating lease expense | 66 | 84 | 121 |
Variable lease expense | 23 | 22 | 19 |
Short term lease expense | 3 | 4 | 6 |
Lease liability cash payments | 65 | 86 | 117 |
Operating lease right of use assets obtained in exchange for lease obligations | 35 | 40 | $ 54 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2022 | 63 | ||
2023 | 58 | ||
2024 | 46 | ||
2025 | 38 | ||
2026 | 34 | ||
Thereafter | 243 | ||
Total | 482 | ||
Less: discount | 119 | ||
Total lease liabilities | $ 363 | $ 501 | |
Lessee Disclosure [Abstract] | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | |
Weighted average remaining lease term | 10 years | ||
Weighted average discount rate | 3.40% |
Income Taxes, Current and Defer
Income Taxes, Current and Deferred Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Notice period for cancellation of agreement | 30 days | ||
Federal [Abstract] | |||
Current | $ 239 | $ 43 | $ 108 |
Deferred | 197 | (260) | 47 |
State and Local Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current | 13 | 1 | 18 |
Deferred | 13 | 13 | 22 |
Foreign | 17 | 30 | 53 |
Income tax expense (benefit) | $ 479 | $ (173) | $ 248 |
Non-insurance warranty – CNA Financial | Minimum | |||
Income Taxes [Abstract] | |||
Percentage of equity method investments in associated companies | 80.00% |
Income Taxes, Reconciliation be
Income Taxes, Reconciliation between Federal Income Tax Expense at Statutory Rates and Actual Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (loss) before income tax [Abstract] | |||
U.S. | $ 2,058 | $ (768) | $ 1,145 |
Foreign | 124 | (696) | (26) |
Income (loss) before income tax | 2,182 | (1,464) | 1,119 |
Income tax expense (benefit) at statutory rate | 458 | (307) | 235 |
Increase (decrease) in income tax expense (benefit) resulting from [Abstract] | |||
Effect of the 2017 tax act | (14) | ||
Exempt investment income | (48) | (49) | (50) |
Foreign related tax differential | (2) | 63 | (55) |
Taxes related to domestic affiliate | 40 | (15) | |
Valuation allowance | 1 | 55 | 12 |
Unrecognized tax positions, settlements and adjustments relating to prior years | 68 | 97 | |
State taxes | 24 | 4 | 37 |
Other | 6 | (7) | 1 |
Income tax expense (benefit) | $ 479 | $ (173) | $ 248 |
Income Taxes, Unrecognized Tax
Income Taxes, Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Deferred taxes on undistributed earnings of subsidiaries | $ 0 | ||
Unrecognized Tax Benefits [Roll Forward] | |||
Balance at January 1 | $ 2 | 121 | $ 58 |
Additions for tax positions related to the current year | 68 | 86 | |
Additions for tax positions related to a prior year | 2 | ||
Reductions for tax positions related to a prior year | (23) | ||
Lapse of statute of limitations | (2) | ||
Reduction due to deconsolidation of subsidiaries | (2) | (187) | |
Balance at December 31 | 0 | $ 2 | $ 121 |
Interest expense (benefit) | 0 | ||
Income tax penalties expense | $ 0 |
Income Taxes, Deferred Tax Asse
Income Taxes, Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Insurance reserves [Abstract] | ||
Property and casualty claim and claim adjustment expense reserves | $ 173 | $ 157 |
Unearned premium reserves | 193 | 174 |
Receivables | 11 | 11 |
Employee benefits | 111 | 197 |
Deferred retroactive reinsurance benefit | 90 | 83 |
Net operating loss carryforwards | 29 | 13 |
Tax credit carryforwards | 4 | 11 |
Basis differential in investment in subsidiary | 8 | 8 |
Other | 180 | 189 |
Total deferred tax assets | 799 | 843 |
Valuation allowance | (15) | (13) |
Net deferred tax assets | 784 | 830 |
Deferred tax liabilities [Abstract] | ||
Deferred acquisition costs | (99) | (93) |
Net unrealized gains | (275) | (441) |
Property, plant and equipment | (751) | (721) |
Basis differential in investment in subsidiary | (503) | (432) |
Other liabilities | (190) | (165) |
Total deferred tax liabilities | (1,818) | (1,852) |
Net deferred tax liabilities | (1,034) | (1,022) |
Foreign | ||
Insurance reserves [Abstract] | ||
Net operating loss carryforwards | 29 | |
Deferred tax liabilities [Abstract] | ||
Net operating loss carryforwards indefinitely | 4 | |
State | ||
Deferred tax liabilities [Abstract] | ||
Valuation allowance recorded | 15 | |
Other Assets | ||
Insurance reserves [Abstract] | ||
Total deferred tax assets | $ 45 | $ 43 |
Debt, Long-term Debt (Details)
Debt, Long-term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt [Abstract] | ||
Total long term debt and finance lease obligation | $ 9,141 | $ 10,197 |
Less unamortized discount and issuance costs | 62 | 88 |
Debt, net | 9,079 | 10,109 |
Loews Corporation | ||
Debt [Abstract] | ||
Total long term debt and finance lease obligation | 2,300 | |
Less unamortized discount and issuance costs | 22 | |
Debt, net | 2,278 | |
Loews Corporation | 2.6% Senior Notes Due 2023 | ||
Debt [Abstract] | ||
Long term debt | $ 500 | 500 |
Interest rate | 2.60% | |
Maturity date | 2023 | |
Effective interest rate | 2.80% | |
Debt authorized | $ 500 | |
Loews Corporation | 3.8% Senior Notes Due 2026 | ||
Debt [Abstract] | ||
Long term debt | $ 500 | 500 |
Interest rate | 3.80% | |
Maturity date | 2026 | |
Effective interest rate | 3.90% | |
Debt authorized | $ 500 | |
Loews Corporation | 3.2% Senior Notes Due 2030 | ||
Debt [Abstract] | ||
Long term debt | $ 500 | 500 |
Interest rate | 3.20% | |
Maturity date | 2030 | |
Effective interest rate | 3.30% | |
Debt authorized | $ 500 | |
Loews Corporation | 6.0% Senior Notes Due 2035 | ||
Debt [Abstract] | ||
Long term debt | $ 300 | 300 |
Interest rate | 6.00% | |
Maturity date | 2035 | |
Effective interest rate | 6.20% | |
Debt authorized | $ 300 | |
Loews Corporation | 4.1% Senior Notes Due 2043 | ||
Debt [Abstract] | ||
Long term debt | $ 500 | 500 |
Interest rate | 4.10% | |
Maturity date | 2043 | |
Effective interest rate | 4.30% | |
Debt authorized | $ 500 | |
Non-insurance warranty – CNA Financial | ||
Debt [Abstract] | ||
Total long term debt and finance lease obligation | 2,793 | |
Less unamortized discount and issuance costs | 14 | |
Debt, net | 2,779 | |
Non-insurance warranty – CNA Financial | 7.3% Senior Debentures Due 2023 | ||
Debt [Abstract] | ||
Long term debt | $ 243 | 243 |
Interest rate | 7.30% | |
Maturity date | 2023 | |
Effective interest rate | 7.30% | |
Debt authorized | $ 250 | |
Non-insurance warranty – CNA Financial | 4.0% Senior Notes Due 2024 | ||
Debt [Abstract] | ||
Long term debt | $ 550 | 550 |
Interest rate | 4.00% | |
Maturity date | 2024 | |
Effective interest rate | 4.00% | |
Debt authorized | $ 550 | |
Non-insurance warranty – CNA Financial | 4.5% Senior Notes Due 2026 | ||
Debt [Abstract] | ||
Long term debt | $ 500 | 500 |
Interest rate | 4.50% | |
Maturity date | 2026 | |
Effective interest rate | 4.50% | |
Debt authorized | $ 500 | |
Non-insurance warranty – CNA Financial | 3.5% Senior Notes Due 2027 | ||
Debt [Abstract] | ||
Long term debt | $ 500 | 500 |
Interest rate | 3.50% | |
Maturity date | 2027 | |
Effective interest rate | 3.50% | |
Debt authorized | $ 500 | |
Non-insurance warranty – CNA Financial | 3.9% Senior Notes Due 2029 | ||
Debt [Abstract] | ||
Long term debt | $ 500 | 500 |
Interest rate | 3.90% | |
Maturity date | 2029 | |
Effective interest rate | 3.90% | |
Debt authorized | $ 500 | |
Non-insurance warranty – CNA Financial | 2.1% Senior Notes Due 2030 | ||
Debt [Abstract] | ||
Long term debt | $ 500 | 500 |
Interest rate | 2.10% | |
Maturity date | 2030 | |
Effective interest rate | 2.10% | |
Debt authorized | $ 500 | |
Boardwalk Pipelines | ||
Debt [Abstract] | ||
Finance lease obligation | 6 | 7 |
Total long term debt and finance lease obligation | 3,356 | |
Less unamortized discount and issuance costs | 21 | |
Debt, net | 3,335 | |
Boardwalk Pipelines | Senior Variable Rate Revolving Credit Facility Due 2022 | ||
Debt [Abstract] | ||
Long term debt | $ 130 | |
Maturity date | 2026 | |
Effective interest rate | 1.40% | |
Boardwalk Pipelines | 4.0% Senior Notes Due 2022 | ||
Debt [Abstract] | ||
Long term debt | $ 300 | $ 300 |
Interest rate | 4.00% | |
Maturity date | 2022 | |
Effective interest rate | 4.40% | |
Debt authorized | $ 300 | |
Boardwalk Pipelines | 3.4% Senior Notes Due 2023 | ||
Debt [Abstract] | ||
Long term debt | $ 300 | 300 |
Interest rate | 3.40% | |
Maturity date | 2023 | |
Effective interest rate | 3.50% | |
Debt authorized | $ 300 | |
Boardwalk Pipelines | 5.0% Senior Notes Due 2024 | ||
Debt [Abstract] | ||
Long term debt | $ 600 | 600 |
Interest rate | 5.00% | |
Maturity date | 2024 | |
Effective interest rate | 5.20% | |
Debt authorized | $ 600 | |
Boardwalk Pipelines | 6.0% Senior Notes Due 2026 | ||
Debt [Abstract] | ||
Long term debt | $ 550 | 550 |
Interest rate | 6.00% | |
Maturity date | 2026 | |
Effective interest rate | 6.20% | |
Debt authorized | $ 550 | |
Boardwalk Pipelines | 4.5% Senior Notes Due 2027 | ||
Debt [Abstract] | ||
Long term debt | $ 500 | 500 |
Interest rate | 4.50% | |
Maturity date | 2027 | |
Effective interest rate | 4.60% | |
Debt authorized | $ 500 | |
Boardwalk Pipelines | 7.3% Senior Debentures Due 2027 | ||
Debt [Abstract] | ||
Long term debt | $ 100 | 100 |
Interest rate | 7.30% | |
Maturity date | 2027 | |
Effective interest rate | 8.10% | |
Debt authorized | $ 100 | |
Boardwalk Pipelines | 4.8% Senior Notes Due 2029 | ||
Debt [Abstract] | ||
Long term debt | $ 500 | 500 |
Interest rate | 4.80% | |
Maturity date | 2029 | |
Effective interest rate | 4.90% | |
Debt authorized | $ 500 | |
Boardwalk Pipelines | 3.4% Senior Notes Due 2031 | ||
Debt [Abstract] | ||
Long term debt | $ 500 | 500 |
Interest rate | 3.40% | |
Maturity date | 2031 | |
Effective interest rate | 3.50% | |
Debt authorized | $ 500 | |
Lodging and related services – Loews Hotels & Co | ||
Debt [Abstract] | ||
Total long term debt and finance lease obligation | 692 | |
Less unamortized discount and issuance costs | 5 | |
Debt, net | 687 | |
Lodging and related services – Loews Hotels & Co | Senior Debt, Principally Mortgages | ||
Debt [Abstract] | ||
Long term debt | $ 692 | $ 750 |
Effective interest rate | 4.60% | 4.70% |
Altium Packaging | ||
Debt [Abstract] | ||
Finance lease obligation | $ 26 | |
Altium Packaging | Senior Variable Rate Asset Based Lending Facility Due 2022 | ||
Debt [Abstract] | ||
Long term debt | 10 | |
Maturity date | 2022 | |
Effective interest rate | 3.50% | |
Altium Packaging | Senior Variable Rate Term Loan Due 2024 | ||
Debt [Abstract] | ||
Long term debt | $ 585 | |
Maturity date | 2024 | |
Effective interest rate | 4.70% | |
Altium Packaging | Senior Variable Rate Term Loan Due 2026 | ||
Debt [Abstract] | ||
Long term debt | $ 246 | |
Maturity date | 2026 | |
Effective interest rate | 4.10% |
Debt, Summary of Long-term Debt
Debt, Summary of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt [Abstract] | ||
Principal | $ 9,141 | $ 10,197 |
Less unamortized discount and issuance costs | 62 | 88 |
Debt, net | 9,079 | 10,109 |
Short term debt | 93 | 37 |
Long term debt | 8,986 | 10,072 |
Loews Corporation | ||
Debt [Abstract] | ||
Principal | 2,300 | |
Less unamortized discount and issuance costs | 22 | |
Debt, net | 2,278 | |
Short term debt | ||
Long term debt | 2,278 | $ 2,276 |
Non-insurance warranty – CNA Financial | ||
Debt [Abstract] | ||
Principal | 2,793 | |
Less unamortized discount and issuance costs | 14 | |
Debt, net | 2,779 | |
Short term debt | ||
Long term debt | 2,779 | |
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines | ||
Debt [Abstract] | ||
Principal | 3,356 | |
Less unamortized discount and issuance costs | 21 | |
Debt, net | 3,335 | |
Short term debt | ||
Long term debt | 3,335 | |
Lodging and related services – Loews Hotels & Co | ||
Debt [Abstract] | ||
Principal | 692 | |
Less unamortized discount and issuance costs | 5 | |
Debt, net | 687 | |
Short term debt | 93 | |
Long term debt | $ 594 |
Debt, Narrative (Details)
Debt, Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
May 31, 2021Extension | Dec. 31, 2021USD ($)Extension | Feb. 04, 2022USD ($) | May 01, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt [Abstract] | |||||
Long term debt maturing in 2022 | $ 394 | ||||
Long term debt maturing in 2023 | 1,200 | ||||
Long term debt maturing in 2024 | 1,500 | ||||
Long term debt maturing in 2025 | 2 | ||||
Long term debt maturing in 2026 | 1,500 | ||||
Long term debt maturing thereafter | 4,500 | ||||
Non-insurance warranty – CNA Financial | |||||
Debt [Abstract] | |||||
FHLBC stock held | 5 | ||||
Additional liquidity available | 106 | ||||
Outstanding borrowings from FHLBC | 0 | $ 0 | |||
Non-insurance warranty – CNA Financial | 2.1% Senior Notes Due 2030 | |||||
Debt [Abstract] | |||||
Face amount | $ 500 | ||||
Interest rate | 2.10% | ||||
Non-insurance warranty – CNA Financial | Senior unsecured revolving credit facility | |||||
Debt [Abstract] | |||||
Term | 5 years | ||||
Maximum borrowing capacity | 250 | ||||
Additional borrowing capacity | $ 100 | ||||
Number of extensions | Extension | 2 | ||||
Term of extension | 1 year | ||||
Outstanding borrowings | $ 0 | ||||
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines | 3.4% Senior Notes Due 2031 | |||||
Debt [Abstract] | |||||
Face amount | $ 500 | ||||
Interest rate | 3.40% | ||||
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines | Revolving Credit Facility Due 2022 | |||||
Debt [Abstract] | |||||
Number of extensions | Extension | 2 | ||||
Term of extension | 1 year | ||||
Remaining borrowing capacity | $ 1,000 | ||||
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines | Revolving Credit Facility Due 2022 | Subsequent Event | |||||
Debt [Abstract] | |||||
Outstanding borrowings | $ 0 | ||||
Remaining borrowing capacity | $ 1,000 | ||||
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines | Senior Variable Rate Revolving Credit Facility Due 2026 | |||||
Debt [Abstract] | |||||
Maximum borrowing capacity | $ 1,000 |
Shareholders' Equity, Component
Shareholders' Equity, Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 19,181 | $ 21,930 | $ 21,386 |
Other comprehensive income (loss) | (445) | 727 | 911 |
Amounts attributable to noncontrolling interests | |||
Balance at end of period | 19,175 | 19,181 | 21,930 |
Net Unrealized Gains (Losses) on Investments with OTTI Losses | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 0 | 13 | |
Other comprehensive income (loss) before reclassifications, after tax | (7) | (43) | (13) |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax | 5 | 43 | 12 |
Other comprehensive income (loss) | (2) | 0 | (1) |
Amounts attributable to noncontrolling interests | |||
Balance at end of period | (2) | 0 | 13 |
Other Comprehensive Income (Loss) before Reclassifications, Tax | 2 | 12 | 3 |
Reclassification from AOCI, Current Period, Tax | (1) | (12) | (3) |
Net Other Unrealized Gains (Losses) on Investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 1,563 | 905 | |
Other comprehensive income (loss) before reclassifications, after tax | (625) | 763 | 957 |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax | (81) | (43) | (8) |
Other comprehensive income (loss) | (706) | 720 | 949 |
Amounts attributable to noncontrolling interests | 73 | (75) | (101) |
Balance at end of period | 930 | 1,563 | 905 |
Other Comprehensive Income (Loss) before Reclassifications, Tax | 167 | (201) | (256) |
Reclassification from AOCI, Current Period, Tax | 21 | 12 | 1 |
Unrealized Gains (Losses) on Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (23) | (6) | |
Other comprehensive income (loss) before reclassifications, after tax | 13 | (22) | (11) |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax | 4 | 5 | |
Other comprehensive income (loss) | 17 | (17) | (11) |
Amounts attributable to noncontrolling interests | |||
Balance at end of period | (6) | (23) | (6) |
Other Comprehensive Income (Loss) before Reclassifications, Tax | (2) | 8 | 5 |
Reclassification from AOCI, Current Period, Tax | (1) | (2) | 0 |
Pension and Postretirement Benefits | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (877) | (855) | |
Other comprehensive income (loss) before reclassifications, after tax | 220 | (66) | (102) |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax | 46 | 42 | 34 |
Other comprehensive income (loss) | 266 | (24) | (68) |
Amounts attributable to noncontrolling interests | (25) | 2 | 6 |
Balance at end of period | (636) | (877) | (855) |
Other Comprehensive Income (Loss) before Reclassifications, Tax | (59) | 18 | 28 |
Reclassification from AOCI, Current Period, Tax | (12) | (11) | (9) |
Foreign Currency Translation | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (82) | (125) | |
Other comprehensive income (loss) before reclassifications, after tax | (20) | 48 | 42 |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax | |||
Other comprehensive income (loss) | (20) | 48 | 42 |
Amounts attributable to noncontrolling interests | 2 | (5) | (4) |
Balance at end of period | (100) | (82) | (125) |
Other Comprehensive Income (Loss) before Reclassifications, Tax | 0 | 0 | 0 |
Reclassification from AOCI, Current Period, Tax | 0 | 0 | 0 |
AOCI Including Portion Attributable to Noncontrolling Interest | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 581 | (68) | |
Other comprehensive income (loss) before reclassifications, after tax | (419) | 680 | 873 |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax | (26) | 47 | 38 |
Other comprehensive income (loss) | (445) | 727 | 911 |
Amounts attributable to noncontrolling interests | 50 | (78) | (99) |
Balance at end of period | $ 186 | 581 | (68) |
Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (5) | ||
Balance at end of period | (5) | ||
Cumulative Effect, Period of Adoption, Adjustment | Net Unrealized Gains (Losses) on Investments with OTTI Losses | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 14 | ||
Cumulative Effect, Period of Adoption, Adjustment | Net Other Unrealized Gains (Losses) on Investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 57 | ||
Cumulative Effect, Period of Adoption, Adjustment | Unrealized Gains (Losses) on Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 5 | ||
Cumulative Effect, Period of Adoption, Adjustment | Pension and Postretirement Benefits | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (793) | ||
Cumulative Effect, Period of Adoption, Adjustment | Foreign Currency Translation | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (163) | ||
Cumulative Effect, Period of Adoption, Adjustment | AOCI Including Portion Attributable to Noncontrolling Interest | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (880) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 21,925 | ||
Balance at end of period | 21,925 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Net Unrealized Gains (Losses) on Investments with OTTI Losses | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Balance at end of period | 0 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Net Other Unrealized Gains (Losses) on Investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 918 | ||
Balance at end of period | 918 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Unrealized Gains (Losses) on Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (6) | ||
Balance at end of period | (6) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Pension and Postretirement Benefits | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (855) | ||
Balance at end of period | (855) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Foreign Currency Translation | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (125) | ||
Balance at end of period | (125) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | AOCI Including Portion Attributable to Noncontrolling Interest | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ (68) | ||
Balance at end of period | $ (68) |
Shareholders' Equity, Common St
Shareholders' Equity, Common Stock Dividends and Treasury Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income Per Share [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | $ 0.25 | $ 0.25 |
Dividends paid (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Treasury Stock, Shares [Abstract] | |||
Purchases of Loews treasury stock (in shares) | 21.1 | 22 | 21.5 |
Purchases of Loews treasury stock (in usd) | $ 1,132 | $ 917 | $ 1,059 |
Treasury stock, retired (in shares) | 21.2 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenues [Abstract] | |||
Revenues from contracts with customers | $ 2,005 | $ 2,820 | $ 3,870 |
Other revenues | 128 | 113 | 68 |
Operating revenues and other | 2,133 | 2,933 | 3,938 |
Deferred Revenue [Abstract] | |||
Deferred revenue | 4,503 | 4,023 | |
Revenue recognized | 1,200 | 1,100 | |
Contract Costs [Abstract] | |||
Capitalized Contract Cost, Net | 3,476 | 3,068 | |
Amortization of contract costs | 1,100 | 907 | |
Adjustments to deferred costs | 0 | 0 | |
Receivables | |||
Receivables from Contracts with Customers [Abstract] | |||
Receivables from contracts with customers | 145 | 246 | |
Other Liabilities | |||
Deferred Revenue [Abstract] | |||
Deferred revenue | 4,600 | 4,100 | |
Deferred Non-insurance Warranty Acquisition Expenses | |||
Contract Costs [Abstract] | |||
Capitalized Contract Cost, Net | 3,500 | 3,100 | |
Non-insurance warranty – CNA Financial | Non-insurance warranty – CNA Financial | |||
Disaggregation of Revenues [Abstract] | |||
Revenues from contracts with customers | 1,430 | 1,252 | 1,161 |
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines | Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines | |||
Disaggregation of Revenues [Abstract] | |||
Revenues from contracts with customers | 1,306 | 1,264 | 1,266 |
Lodging and related services – Loews Hotels & Co | Lodging and related services – Loews Hotels & Co | |||
Disaggregation of Revenues [Abstract] | |||
Revenues from contracts with customers | 419 | 234 | 691 |
Rigid plastic packaging and recycled resin - Corporate | Rigid plastic packaging and recycled resin - Corporate | |||
Disaggregation of Revenues [Abstract] | |||
Revenues from contracts with customers | 280 | 1,022 | 932 |
Contract drilling - Diamond Offshore | Diamond Offshore Drilling Inc. | |||
Disaggregation of Revenues [Abstract] | |||
Revenues from contracts with customers | $ 300 | $ 981 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers, Performance Obligations (Details) $ in Billions | Dec. 31, 2021USD ($) |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations | $ 13.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations | $ 2.5 |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations | $ 2 |
Expected timing of satisfaction | 1 year |
Statutory Accounting Practice_2
Statutory Accounting Practices (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory Accounting Practices [Abstract] | |||
Increase in statutory capital and surplus | $ 67 | $ 91 | |
Combined Continental Casualty Companies | |||
Statutory Accounting Practices [Abstract] | |||
Allowable dividends payable without prior supervisory approval | 1,200 | ||
Dividends paid | 880 | ||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 11,321 | 10,708 | |
Statutory net income | $ 1,253 | $ 800 | $ 1,062 |
Statutory capital and surplus percentage of risk-based capital | 264.00% | 266.00% |
Benefit Plans, Weighted Average
Benefit Plans, Weighted Average Assumptions Used to Determine Benefit Obligations (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||
Eligible age for several postretirement benefit plans | 55 years | ||
Eligible age for Medicare benefits | 65 years | ||
Pension Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.60% | 2.10% | 3.00% |
Interest crediting rate | 3.00% | 3.00% | 3.70% |
Pension Benefits | Minimum | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Rate of compensation increase | 0.00% | 0.00% | 3.00% |
Pension Benefits | Maximum | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Rate of compensation increase | 3.00% | 3.00% | 5.50% |
Other Postretirement Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.60% | 2.20% | 3.00% |
Interest crediting rate |
Benefit Plans, Weighted Avera_2
Benefit Plans, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.10% | 3.00% | 4.00% |
Expected long term rate of return on plan assets | 6.70% | 7.20% | 7.50% |
Interest crediting rate | 3.00% | 3.70% | 3.70% |
Pension Benefits | Minimum | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Rate of compensation increase | 0.00% | 0.00% | 3.00% |
Pension Benefits | Maximum | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Rate of compensation increase | 3.00% | 3.00% | 5.50% |
Other Postretirement Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.20% | 2.90% | 4.00% |
Expected long term rate of return on plan assets | 2.80% | 3.60% | 3.60% |
Interest crediting rate |
Benefit Plans, Assumed Health C
Benefit Plans, Assumed Health Care Cost Trend Rates (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Minimum | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Health care cost trend rate assumed for next year | 4.00% | 4.00% | 4.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.00% | 4.00% | 4.00% |
Year that the rate reaches the ultimate trend rate | 2022 | 2021 | 2021 |
Maximum | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Health care cost trend rate assumed for next year | 7.00% | 7.50% | 8.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2026 | 2026 | 2026 |
Benefit Plans, Components of Ne
Benefit Plans, Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 3 | $ 3 | $ 7 |
Interest cost | 70 | 92 | 117 |
Expected return on plan assets | (169) | (173) | (159) |
Amortization of unrecognized net loss | 49 | 48 | 45 |
Settlements and curtailments | 3 | 10 | 1 |
Regulatory asset decrease | 3 | ||
Net periodic (benefit) cost | (41) | (20) | 11 |
Other Postretirement Benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | |||
Interest cost | 1 | 2 | 2 |
Expected return on plan assets | (3) | (3) | (3) |
Amortization of unrecognized net loss | (1) | (1) | |
Settlements and curtailments | (1) | ||
Regulatory asset decrease | |||
Net periodic (benefit) cost | $ (2) | $ (3) | $ (2) |
Benefit Plans, Reconciliation o
Benefit Plans, Reconciliation of Benefit Obligations and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in benefit obligation [Roll Forward] | |||
Actuarial loss | $ (89) | $ 236 | |
Pension Benefits | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation, beginning balance | 3,243 | 3,137 | |
Deconsolidation | (98) | ||
Service cost | 3 | 3 | $ 7 |
Interest cost | 70 | 92 | 117 |
Plan participants' contributions | |||
Actuarial loss | (89) | 236 | |
Benefits paid from plan assets | (193) | (189) | |
Settlements and curtailments | (19) | (40) | |
Foreign exchange | (1) | 4 | |
Benefit obligation, ending balance | 2,916 | 3,243 | 3,137 |
Change in plan assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 2,739 | 2,576 | |
Deconsolidation | (85) | ||
Actual return on plan assets | 355 | 327 | |
Company contributions | 20 | 61 | |
Plan participants' contributions | |||
Benefits paid from plan assets | (193) | (189) | |
Settlements | (19) | (40) | |
Foreign exchange | (1) | 4 | |
Fair value of plan assets, ending balance | 2,816 | 2,739 | 2,576 |
Funded status | (100) | (504) | |
Other Postretirement Benefits | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation, beginning balance | 51 | 52 | |
Deconsolidation | |||
Service cost | |||
Interest cost | 1 | 2 | 2 |
Plan participants' contributions | 4 | 4 | |
Actuarial loss | (2) | 3 | |
Benefits paid from plan assets | (10) | (10) | |
Settlements and curtailments | |||
Foreign exchange | |||
Benefit obligation, ending balance | 44 | 51 | 52 |
Change in plan assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 96 | 90 | |
Deconsolidation | |||
Actual return on plan assets | 8 | ||
Company contributions | 3 | 4 | |
Plan participants' contributions | 4 | 4 | |
Benefits paid from plan assets | (10) | (10) | |
Settlements | |||
Foreign exchange | |||
Fair value of plan assets, ending balance | 93 | 96 | $ 90 |
Funded status | $ 49 | $ 45 |
Benefit Plans, Amounts Recogniz
Benefit Plans, Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits | ||
Amounts recognized in the Consolidated Balance Sheets consist of [Abstract] | ||
Other assets | $ 90 | $ 4 |
Other liabilities | (190) | (508) |
Net amount recognized | (100) | (504) |
Other Postretirement Benefits | ||
Amounts recognized in the Consolidated Balance Sheets consist of [Abstract] | ||
Other assets | 62 | 61 |
Other liabilities | (13) | (16) |
Net amount recognized | $ 49 | $ 45 |
Benefit Plans, Amounts Not Yet
Benefit Plans, Amounts Not Yet Recognized in Net Periodic (Benefit) Cost (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | ||
Net actuarial loss | $ 837 | $ 1,169 |
Net amount recognized | 837 | 1,169 |
Other Postretirement Benefits | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | ||
Net actuarial loss | (5) | (5) |
Net amount recognized | $ (5) | $ (5) |
Benefit Plans, Plans With Proje
Benefit Plans, Plans With Projected and Accumulated Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Additional Information [Abstract] | ||
Accumulated benefit obligation for all defined benefit pension plans | $ 2,900 | $ 3,200 |
Actuarial gain (loss) | 89 | (236) |
Future capital calls from various third party limited partnership investments | $ 162 | |
Defined Benefit Plan, Equity Securities | Minimum | ||
Defined Benefit Plan, Additional Information [Abstract] | ||
Target allocation of plan assets invested in equity securities and limited partnerships | 40.00% | |
Defined Benefit Plan, Equity Securities | Maximum | ||
Defined Benefit Plan, Additional Information [Abstract] | ||
Target allocation of plan assets invested in equity securities and limited partnerships | 60.00% | |
Pension Benefits | ||
Information for plans with projected and accumulated benefit obligations in excess of plan assets: | ||
Projected benefit obligation | $ 292 | 3,103 |
Accumulated benefit obligation | 286 | 3,096 |
Fair value of plan assets | 104 | 2,596 |
Defined Benefit Plan, Additional Information [Abstract] | ||
Actuarial gain (loss) | 89 | (236) |
Other Postretirement Benefits | ||
Information for plans with projected and accumulated benefit obligations in excess of plan assets: | ||
Projected benefit obligation | ||
Accumulated benefit obligation | 13 | 16 |
Fair value of plan assets | ||
Defined Benefit Plan, Additional Information [Abstract] | ||
Actuarial gain (loss) | $ 2 | $ (3) |
Benefit Plans, Estimated Future
Benefit Plans, Estimated Future Minimum Benefit Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Pension Benefits | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2022 | $ 223 |
2023 | 209 |
2024 | 205 |
2025 | 204 |
2026 | 205 |
2027 – 2031 | 911 |
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |
Expected contributions in 2022 | 16 |
Other Postretirement Benefits | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2022 | 4 |
2023 | 4 |
2024 | 3 |
2025 | 3 |
2026 | 3 |
2027 – 2031 | 11 |
Postretirement Healthcare and Life Insurance Benefit Plans | |
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |
Expected contributions in 2022 | $ 2 |
Benefit Plans, Pension Plan Ass
Benefit Plans, Pension Plan Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Limited Partnership Investments [Abstract] | |||
Percentage of carrying value of investments employing hedge fund strategies | 66.00% | 75.00% | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | $ 0 | $ 0 | |
Hedge Funds, Equity Related | |||
Limited Partnership Investments [Abstract] | |||
Percentage of carrying value of investments in limited partnerships | 76.00% | ||
Hedge Funds, Multi-Strategy Approach Hedge Funds | |||
Limited Partnership Investments [Abstract] | |||
Percentage of carrying value of investments in limited partnerships | 20.00% | ||
Hedge Funds, Distressed Investments | |||
Limited Partnership Investments [Abstract] | |||
Percentage of carrying value of investments in limited partnerships | 4.00% | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | $ 2,816 | 2,739 | $ 2,576 |
Pension Benefits | Total Plan Assets Including Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 2,816 | 2,739 | |
Pension Benefits | Total Plan Assets Including Net Asset Value | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 961 | 961 | |
Pension Benefits | Total Plan Assets Including Net Asset Value | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 934 | 956 | |
Pension Benefits | Total Plan Assets Including Net Asset Value | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 8 | 9 | |
Pension Benefits | Plan Assets At Fair Value | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 1,903 | 1,926 | |
Pension Benefits | Plan Assets At Fair Value | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 961 | 961 | |
Pension Benefits | Plan Assets At Fair Value | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 934 | 956 | |
Pension Benefits | Plan Assets At Fair Value | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 8 | 9 | |
Pension Benefits | Total fixed maturities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 793 | 782 | |
Pension Benefits | Total fixed maturities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 0 | 0 | |
Pension Benefits | Total fixed maturities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 785 | 773 | |
Pension Benefits | Total fixed maturities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 8 | 9 | |
Pension Benefits | Corporate bonds and other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 653 | 652 | |
Pension Benefits | Corporate bonds and other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | |||
Pension Benefits | Corporate bonds and other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 645 | 643 | |
Pension Benefits | Corporate bonds and other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 8 | 9 | |
Pension Benefits | States, municipalities and political subdivisions | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 30 | 32 | |
Pension Benefits | States, municipalities and political subdivisions | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | |||
Pension Benefits | States, municipalities and political subdivisions | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 30 | 32 | |
Pension Benefits | States, municipalities and political subdivisions | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | |||
Pension Benefits | Asset-backed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 110 | 98 | |
Pension Benefits | Asset-backed | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | |||
Pension Benefits | Asset-backed | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 110 | 98 | |
Pension Benefits | Asset-backed | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | |||
Pension Benefits | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 942 | 922 | |
Pension Benefits | Equity Securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 801 | 785 | |
Pension Benefits | Equity Securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 141 | 137 | |
Pension Benefits | Equity Securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | |||
Pension Benefits | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 47 | 75 | |
Pension Benefits | Short-term Investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 47 | 37 | |
Pension Benefits | Short-term Investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 38 | ||
Pension Benefits | Short-term Investments | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | |||
Pension Benefits | Fixed income mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 111 | 139 | |
Pension Benefits | Fixed income mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 111 | 139 | |
Pension Benefits | Fixed income mutual funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | |||
Pension Benefits | Fixed income mutual funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | |||
Pension Benefits | Other Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 10 | 8 | |
Pension Benefits | Other Assets | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 2 | ||
Pension Benefits | Other Assets | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 8 | 8 | |
Pension Benefits | Other Assets | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | |||
Pension Benefits | Equity securities | Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 20 | ||
Pension Benefits | Limited partnerships | Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | $ 893 | $ 813 |
Benefit Plans, Other Postretire
Benefit Plans, Other Postretirement Benefit Plan Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Level 3 | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | $ 0 | $ 0 | |
Other Postretirement Benefits | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 93 | 96 | $ 90 |
Other Postretirement Benefits | Plan Assets At Fair Value | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 93 | 96 | |
Other Postretirement Benefits | Total fixed maturities | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 70 | 71 | |
Other Postretirement Benefits | Corporate bonds and other | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 31 | 24 | |
Other Postretirement Benefits | States, municipalities and political subdivisions | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 32 | 14 | |
Other Postretirement Benefits | Asset-backed | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 7 | 33 | |
Other Postretirement Benefits | Short term investments | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 4 | 5 | |
Other Postretirement Benefits | Fixed income mutual funds | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 19 | 20 | |
Other Postretirement Benefits | Level 1 | Plan Assets At Fair Value | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 23 | 25 | |
Other Postretirement Benefits | Level 1 | Total fixed maturities | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | Corporate bonds and other | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Other Postretirement Benefits | Level 1 | States, municipalities and political subdivisions | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Other Postretirement Benefits | Level 1 | Asset-backed | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Other Postretirement Benefits | Level 1 | Short term investments | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 4 | 5 | |
Other Postretirement Benefits | Level 1 | Fixed income mutual funds | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 19 | 20 | |
Other Postretirement Benefits | Level 2 | Plan Assets At Fair Value | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 70 | 71 | |
Other Postretirement Benefits | Level 2 | Total fixed maturities | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 70 | 71 | |
Other Postretirement Benefits | Level 2 | Corporate bonds and other | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 31 | 24 | |
Other Postretirement Benefits | Level 2 | States, municipalities and political subdivisions | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 32 | 14 | |
Other Postretirement Benefits | Level 2 | Asset-backed | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 7 | 33 | |
Other Postretirement Benefits | Level 2 | Short term investments | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Other Postretirement Benefits | Level 2 | Fixed income mutual funds | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Other Postretirement Benefits | Level 3 | Plan Assets At Fair Value | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Total fixed maturities | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Corporate bonds and other | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Other Postretirement Benefits | Level 3 | States, municipalities and political subdivisions | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Other Postretirement Benefits | Level 3 | Asset-backed | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Other Postretirement Benefits | Level 3 | Short term investments | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Other Postretirement Benefits | Level 3 | Fixed income mutual funds | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Pension Benefits | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 2,816 | 2,739 | $ 2,576 |
Pension Benefits | Total fixed maturities | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 793 | 782 | |
Pension Benefits | Corporate bonds and other | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 653 | 652 | |
Pension Benefits | States, municipalities and political subdivisions | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 30 | 32 | |
Pension Benefits | Asset-backed | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 110 | 98 | |
Pension Benefits | Short term investments | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 47 | 75 | |
Pension Benefits | Fixed income mutual funds | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 111 | 139 | |
Pension Benefits | Level 1 | Plan Assets At Fair Value | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 961 | 961 | |
Pension Benefits | Level 1 | Total fixed maturities | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 0 | 0 | |
Pension Benefits | Level 1 | Corporate bonds and other | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Pension Benefits | Level 1 | States, municipalities and political subdivisions | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Pension Benefits | Level 1 | Asset-backed | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Pension Benefits | Level 1 | Short term investments | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 47 | 37 | |
Pension Benefits | Level 1 | Fixed income mutual funds | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 111 | 139 | |
Pension Benefits | Level 2 | Plan Assets At Fair Value | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 934 | 956 | |
Pension Benefits | Level 2 | Total fixed maturities | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 785 | 773 | |
Pension Benefits | Level 2 | Corporate bonds and other | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 645 | 643 | |
Pension Benefits | Level 2 | States, municipalities and political subdivisions | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 30 | 32 | |
Pension Benefits | Level 2 | Asset-backed | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 110 | 98 | |
Pension Benefits | Level 2 | Short term investments | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 38 | ||
Pension Benefits | Level 2 | Fixed income mutual funds | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Pension Benefits | Level 3 | Plan Assets At Fair Value | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 8 | 9 | |
Pension Benefits | Level 3 | Total fixed maturities | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 8 | 9 | |
Pension Benefits | Level 3 | Corporate bonds and other | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | 8 | 9 | |
Pension Benefits | Level 3 | States, municipalities and political subdivisions | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Pension Benefits | Level 3 | Asset-backed | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Pension Benefits | Level 3 | Short term investments | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets | |||
Pension Benefits | Level 3 | Fixed income mutual funds | |||
Other Postretirement Benefits Plan Assets Measured at Fair Value on a Recurring Basis [Abstract] | |||
Total plan assets |
Benefit Plans, Savings Plans an
Benefit Plans, Savings Plans and Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2016 | |
Share-based Payment Arrangement, Disclosure [Abstract] | ||||
Company matching contributions to savings plans | $ 83 | $ 90 | $ 102 | |
Compensation expense | $ 33 | $ 37 | $ 37 | |
SARs | ||||
Share-based Payment Arrangement, Disclosure [Abstract] | ||||
Vesting period | 4 years | |||
Expiration period | 10 years | |||
Units outstanding (in shares) | 1,364,502 | |||
Weighted average exercise price (in dollars per share) | $ 42.15 | |||
RSUs | ||||
Share-based Payment Arrangement, Disclosure [Abstract] | ||||
Number of shares received (in shares) | 1 | |||
Units forfeited (in shares) | 16,528 | |||
RSUs | First 50% | ||||
Share-based Payment Arrangement, Disclosure [Abstract] | ||||
Vesting percentage | 50.00% | |||
RSUs | Second 50% | ||||
Share-based Payment Arrangement, Disclosure [Abstract] | ||||
Vesting percentage | 50.00% | |||
PSUs | ||||
Share-based Payment Arrangement, Disclosure [Abstract] | ||||
Number of shares received (in shares) | 1 | |||
PSUs | First 50% | ||||
Share-based Payment Arrangement, Disclosure [Abstract] | ||||
Vesting percentage | 50.00% | |||
PSUs | Second 50% | ||||
Share-based Payment Arrangement, Disclosure [Abstract] | ||||
Vesting percentage | 50.00% | |||
RSUs and PSUs | ||||
Share-based Payment Arrangement, Disclosure [Abstract] | ||||
Units granted (in shares) | 223,664 | |||
Weighted average grant date fair value (in dollars per share) | $ 47.68 | |||
2016 Loews Plan | ||||
Share-based Payment Arrangement, Disclosure [Abstract] | ||||
Number of shares authorized (in shares) | 6,000,000 | |||
Number of shares that may be granted to any individual per calendar year (in shares) | 500,000 | |||
2016 Loews Plan | Maximum | ||||
Share-based Payment Arrangement, Disclosure [Abstract] | ||||
Number of shares authorized (in shares) | 3,000,000 |
Reinsurance, Receivables from R
Reinsurance, Receivables from Reinsurers (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Reinsurance Recoverables, Including Reinsurance Premium Paid [Abstract] | ||
Ceded claim and claim adjustment expenses | $ 4,969 | $ 4,005 |
Ceded future policy benefits | 288 | 263 |
Reinsurance receivables related to paid losses | 227 | 210 |
Reinsurance receivables | 5,484 | 4,478 |
Less allowance for doubtful accounts | 21 | 21 |
Reinsurance receivables, net of allowance for doubtful accounts | $ 5,463 | $ 4,457 |
Reinsurance, Voluntary Reinsura
Reinsurance, Voluntary Reinsurance Receivables by Financial Strength (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Voluntary Reinsurance Receivables [Abstract] | ||
Reinsurance collateral | $ 4,000 | $ 3,300 |
Voluntary reinsurance receivables | 4,802 | |
Subsidiaries of Berkshire Hathaway Insurance Group | ||
Voluntary Reinsurance Receivables [Abstract] | ||
Voluntary reinsurance receivables | 1,800 | |
Cavello Bay Reinsurance Limited | ||
Voluntary Reinsurance Receivables [Abstract] | ||
Voluntary reinsurance receivables | 612 | |
Gateway Rivers Insurance Company | ||
Voluntary Reinsurance Receivables [Abstract] | ||
Voluntary reinsurance receivables | 425 | |
A- to A++ | ||
Voluntary Reinsurance Receivables [Abstract] | ||
Voluntary reinsurance receivables | 3,812 | |
B- to B++ | ||
Voluntary Reinsurance Receivables [Abstract] | ||
Voluntary reinsurance receivables | 987 | |
Insolvent | ||
Voluntary Reinsurance Receivables [Abstract] | ||
Voluntary reinsurance receivables | $ 3 |
Reinsurance, Effects of Reinsur
Reinsurance, Effects of Reinsurance on Earned Premiums (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Premiums Earned, Net [Abstract] | |||
Direct | $ 12,997 | $ 12,001 | $ 11,491 |
Assumed | 288 | 288 | 338 |
Ceded | 5,110 | 4,640 | 4,401 |
Net | $ 8,175 | $ 7,649 | $ 7,428 |
Assumed/Net % | 3.50% | 3.80% | 4.60% |
Direct and ceded earned premiums | $ 3,600 | $ 3,500 | $ 3,600 |
Percentage reinsured under significant third party captive program | 100.00% | ||
Reinsurance recoveries | $ 3,100 | 3,200 | 2,700 |
Property and casualty | |||
Premiums Earned, Net [Abstract] | |||
Direct | 12,554 | 11,547 | 11,021 |
Assumed | 240 | 238 | 288 |
Ceded | 5,110 | 4,640 | 4,401 |
Net | $ 7,684 | $ 7,145 | $ 6,908 |
Assumed/Net % | 3.10% | 3.30% | 4.20% |
Long term care | |||
Premiums Earned, Net [Abstract] | |||
Direct | $ 443 | $ 454 | $ 470 |
Assumed | 48 | 50 | 50 |
Ceded | |||
Net | $ 491 | $ 504 | $ 520 |
Assumed/Net % | 9.80% | 9.90% | 9.60% |
Significant Third Party Captive Program | |||
Premiums Earned, Net [Abstract] | |||
Reinsurance recoveries | $ 2,000 | $ 2,400 | $ 2,100 |
Legal Proceedings (Details)
Legal Proceedings (Details) $ in Millions | Nov. 12, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Trial Court, Plaintiff Award | $ 690 |
Trial Court, Plaintiff Award, Plus Pre-Judgement Interest | $ 166 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Billions | Dec. 31, 2021USD ($) |
Non-insurance warranty – CNA Financial | |
Commitments and Contingencies [Abstract] | |
Potential amount of future payments under guarantees | $ 1.6 |
Segments (Details)
Segments (Details) $ in Millions | Apr. 01, 2021 | Dec. 31, 2021USD ($)SegmentSubsidiariesHotelmi | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Segments [Abstract] | ||||
Number of reportable segments | Segment | 4 | |||
Number of individual operating subsidiaries | Subsidiaries | 3 | |||
Number of miles of natural gas and natural gas liquid pipelines | mi | 14,065 | |||
Number of hotels | Hotel | 26 | |||
Revenues: | ||||
Insurance premiums | $ 8,175 | $ 7,649 | $ 7,428 | |
Net investment income | 2,259 | 1,995 | 2,355 | |
Investment gains | 660 | (1,246) | 49 | |
Non-insurance warranty revenue | 1,430 | 1,252 | 1,161 | |
Operating revenues and other | 2,133 | 2,933 | 3,938 | |
Total | 14,657 | 12,583 | 14,931 | |
Expenses: | ||||
Insurance claims and policyholders’ benefits | 6,349 | 6,170 | 5,806 | |
Amortization of deferred acquisition costs | 1,443 | 1,410 | 1,383 | |
Non-insurance warranty expense | 1,328 | 1,159 | 1,082 | |
Operating expenses and other | 2,931 | 4,793 | 4,950 | |
Interest | 424 | 515 | 591 | |
Total | 12,475 | 14,047 | 13,812 | |
Income (loss) before income tax | 2,182 | (1,464) | 1,119 | |
Income tax (expense) benefit | (479) | 173 | (248) | |
Net income (loss) | 1,703 | (1,291) | 871 | |
Amounts attributable to noncontrolling interests | (125) | 360 | 61 | |
Net income (loss) attributable to Loews Corporation | 1,578 | (931) | 932 | |
Assets: | ||||
Total assets | 81,626 | 80,236 | ||
Altium Packaging LLC | Discontinued Operations, Disposed of by Sale | ||||
Segments [Abstract] | ||||
Percent of disposal group sold | 47.00% | |||
Operating Segments | ||||
Revenues: | ||||
Insurance premiums | 8,175 | 7,649 | 7,428 | |
Net investment income | 2,259 | 1,995 | 2,355 | |
Investment gains | 660 | (1,246) | 49 | |
Non-insurance warranty revenue | 1,430 | 1,252 | 1,161 | |
Operating revenues and other | 2,133 | 2,933 | 3,938 | |
Total | 14,657 | 12,583 | 14,931 | |
Expenses: | ||||
Insurance claims and policyholders’ benefits | 6,349 | 6,170 | 5,806 | |
Amortization of deferred acquisition costs | 1,443 | 1,410 | 1,383 | |
Non-insurance warranty expense | 1,328 | 1,159 | 1,082 | |
Operating expenses and other | 2,931 | 4,793 | 4,950 | |
Interest | 424 | 515 | 591 | |
Total | 12,475 | 14,047 | 13,812 | |
Income (loss) before income tax | 2,182 | (1,464) | 1,119 | |
Income tax (expense) benefit | (479) | 173 | (248) | |
Net income (loss) | 1,703 | (1,291) | 871 | |
Amounts attributable to noncontrolling interests | (125) | 360 | 61 | |
Net income (loss) attributable to Loews Corporation | 1,578 | (931) | 932 | |
Assets: | ||||
Total assets | 81,626 | 80,236 | ||
Operating Segments | Non-insurance warranty – CNA Financial | ||||
Revenues: | ||||
Insurance premiums | 8,175 | 7,649 | 7,428 | |
Net investment income | 2,159 | 1,935 | 2,118 | |
Investment gains | 120 | (35) | 49 | |
Non-insurance warranty revenue | 1,430 | 1,252 | 1,161 | |
Operating revenues and other | 24 | 26 | 32 | |
Total | 11,908 | 10,827 | 10,788 | |
Expenses: | ||||
Insurance claims and policyholders’ benefits | 6,349 | 6,170 | 5,806 | |
Amortization of deferred acquisition costs | 1,443 | 1,410 | 1,383 | |
Non-insurance warranty expense | 1,328 | 1,159 | 1,082 | |
Operating expenses and other | 1,191 | 1,125 | 1,141 | |
Interest | 113 | 142 | 152 | |
Total | 10,424 | 10,006 | 9,564 | |
Income (loss) before income tax | 1,484 | 821 | 1,224 | |
Income tax (expense) benefit | (282) | (131) | (224) | |
Net income (loss) | 1,202 | 690 | 1,000 | |
Amounts attributable to noncontrolling interests | (125) | (72) | (106) | |
Net income (loss) attributable to Loews Corporation | 1,077 | 618 | 894 | |
Assets: | ||||
Total assets | 66,588 | 63,976 | ||
Operating Segments | Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines | ||||
Revenues: | ||||
Insurance premiums | ||||
Net investment income | ||||
Investment gains | ||||
Non-insurance warranty revenue | ||||
Operating revenues and other | 1,349 | 1,302 | 1,300 | |
Total | 1,349 | 1,302 | 1,300 | |
Expenses: | ||||
Insurance claims and policyholders’ benefits | ||||
Amortization of deferred acquisition costs | ||||
Non-insurance warranty expense | ||||
Operating expenses and other | 885 | 855 | 840 | |
Interest | 161 | 170 | 179 | |
Total | 1,046 | 1,025 | 1,019 | |
Income (loss) before income tax | 303 | 277 | 281 | |
Income tax (expense) benefit | (68) | (71) | (72) | |
Net income (loss) | 235 | 206 | 209 | |
Amounts attributable to noncontrolling interests | ||||
Net income (loss) attributable to Loews Corporation | 235 | 206 | 209 | |
Assets: | ||||
Total assets | 9,418 | 9,353 | ||
Operating Segments | Lodging and related services – Loews Hotels & Co | ||||
Revenues: | ||||
Insurance premiums | ||||
Net investment income | 1 | 1 | 1 | |
Investment gains | ||||
Non-insurance warranty revenue | ||||
Operating revenues and other | 479 | 277 | 691 | |
Total | 480 | 278 | 692 | |
Expenses: | ||||
Insurance claims and policyholders’ benefits | ||||
Amortization of deferred acquisition costs | ||||
Non-insurance warranty expense | ||||
Operating expenses and other | 456 | 519 | 698 | |
Interest | 36 | 33 | 22 | |
Total | 492 | 552 | 720 | |
Income (loss) before income tax | (12) | (274) | (28) | |
Income tax (expense) benefit | (2) | 62 | (3) | |
Net income (loss) | (14) | (212) | (31) | |
Amounts attributable to noncontrolling interests | ||||
Net income (loss) attributable to Loews Corporation | (14) | (212) | (31) | |
Assets: | ||||
Total assets | 1,671 | 1,637 | ||
Operating Segments | Rigid plastic packaging and recycled resin - Corporate | ||||
Revenues: | ||||
Insurance premiums | ||||
Net investment income | 99 | 59 | 230 | |
Investment gains | 540 | (1,211) | ||
Non-insurance warranty revenue | ||||
Operating revenues and other | 281 | 1,023 | 933 | |
Total | 920 | (129) | 1,163 | |
Expenses: | ||||
Insurance claims and policyholders’ benefits | ||||
Amortization of deferred acquisition costs | ||||
Non-insurance warranty expense | ||||
Operating expenses and other | 399 | 1,098 | 1,004 | |
Interest | 114 | 127 | 115 | |
Total | 513 | 1,225 | 1,119 | |
Income (loss) before income tax | 407 | (1,354) | 44 | |
Income tax (expense) benefit | (127) | 287 | (9) | |
Net income (loss) | 280 | (1,067) | 35 | |
Amounts attributable to noncontrolling interests | ||||
Net income (loss) attributable to Loews Corporation | 280 | (1,067) | 35 | |
Assets: | ||||
Total assets | $ 3,949 | 5,270 | ||
Operating Segments | Diamond Offshore Drilling Inc. | ||||
Revenues: | ||||
Insurance premiums | ||||
Net investment income | 6 | |||
Investment gains | ||||
Non-insurance warranty revenue | ||||
Operating revenues and other | 305 | 982 | ||
Total | 305 | 988 | ||
Expenses: | ||||
Insurance claims and policyholders’ benefits | ||||
Amortization of deferred acquisition costs | ||||
Non-insurance warranty expense | ||||
Operating expenses and other | 1,196 | 1,267 | ||
Interest | 43 | 123 | ||
Total | 1,239 | 1,390 | ||
Income (loss) before income tax | (934) | (402) | ||
Income tax (expense) benefit | 26 | 60 | ||
Net income (loss) | (908) | (342) | ||
Amounts attributable to noncontrolling interests | 432 | 167 | ||
Net income (loss) attributable to Loews Corporation | (476) | $ (175) | ||
Assets: | ||||
Total assets | $ 0 | |||
United States | Lodging and related services – Loews Hotels & Co | ||||
Segments [Abstract] | ||||
Number of hotels | Hotel | 25 | |||
Non-US | Lodging and related services – Loews Hotels & Co | ||||
Segments [Abstract] | ||||
Number of hotels | Hotel | 1 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | |
Subsequent Event [Abstract] | ||||
Reinsurance recoverable | $ 5,463 | $ 4,457 | ||
Non-insurance warranty – CNA Financial | Loss Portfolio Transfer for Workers' Compensation Liabilities | ||||
Subsequent Event [Abstract] | ||||
Reinsurance recoverable | $ 690 | $ 690 | ||
Loss contingency, after tax and noncontrolling interests | $ 11 | |||
Non-insurance warranty – CNA Financial | Loss Portfolio Transfer for Workers' Compensation Liabilities | Maximum | ||||
Subsequent Event [Abstract] | ||||
Reinsurance recoverable | $ 1,000 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Registrant, Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS [Abstract] | ||
Estimated Fair Value | $ 44,380 | $ 44,646 |
Other assets | 3,344 | 3,069 |
Total assets | 81,626 | 80,236 |
Liabilities and Equity: | ||
Long term debt | 8,986 | 10,072 |
Total liabilities | 62,451 | 61,055 |
Shareholders' equity | 17,846 | 17,860 |
Total liabilities and equity | 81,626 | 80,236 |
Loews Corporation | ||
ASSETS [Abstract] | ||
Current assets, principally investment in short term instruments | 2,818 | 2,766 |
Estimated Fair Value | 734 | 775 |
Investment in joint ventures | 16,794 | 16,861 |
Other assets | 20 | 22 |
Total assets | 20,366 | 20,424 |
Liabilities and Equity: | ||
Current liabilities | 92 | 63 |
Long term debt | 2,278 | 2,276 |
Deferred income tax and other | 150 | 225 |
Total liabilities | 2,520 | 2,564 |
Shareholders' equity | 17,846 | 17,860 |
Total liabilities and equity | $ 20,366 | $ 20,424 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Registrant, Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues [Abstract] | |||
Investment gains | $ 660 | $ (1,246) | $ 49 |
Total | 14,657 | 12,583 | 14,931 |
Expenses [Abstract] | |||
Interest | 424 | 515 | 591 |
Total | 12,475 | 14,047 | 13,812 |
Income (loss) before income tax | 2,182 | (1,464) | 1,119 |
Income tax (expense) benefit | (479) | 173 | (248) |
Net income (loss) | 1,703 | (1,291) | 871 |
Total comprehensive income (loss) attributable to Loews Corporation | 1,183 | (282) | 1,744 |
Nonredeemable Preferred Stock | |||
Revenues [Abstract] | |||
Investment gains | 2 | (3) | 66 |
Loews Corporation | |||
Revenues [Abstract] | |||
Equity in income of subsidiaries | 1,655 | 120 | 867 |
Net investment income, interest and other | 103 | 65 | 239 |
Investment gains | (15) | (1,211) | |
Total | 1,743 | (1,026) | 1,106 |
Expenses [Abstract] | |||
Administrative | 93 | 98 | 83 |
Interest | 89 | 83 | 72 |
Total | 182 | 181 | 155 |
Income (loss) before income tax | 1,561 | (1,207) | 951 |
Income tax (expense) benefit | 17 | 276 | (19) |
Net income (loss) | 1,578 | (931) | 932 |
Equity in other comprehensive income (loss) of subsidiaries | (395) | 649 | 812 |
Total comprehensive income (loss) attributable to Loews Corporation | $ 1,183 | $ (282) | $ 1,744 |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information of Registrant, Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities [Abstract] | |||
Net income (loss) | $ 1,703 | $ (1,291) | $ 871 |
Adjustments to reconcile net income to net cash provided (used) by operating activities [Abstract] | |||
Equity method investees | (74) | 102 | 20 |
Provision for deferred income taxes | 213 | (235) | 70 |
Changes in operating assets and liabilities, net [Abstract] | |||
Receivables | (1,409) | (425) | 114 |
Trading securities | (49) | (571) | (494) |
Net cash flow provided by operating activities | 2,623 | 1,745 | 1,741 |
Investing Activities [Abstract] | |||
Change in investments, primarily short term | (141) | 427 | (57) |
Net cash flow used by investing activities | (1,187) | (1,414) | (671) |
Financing Activities [Abstract] | |||
Dividends paid | (65) | (70) | (76) |
Purchases of treasury shares | (1,136) | (923) | (1,051) |
Issuance of debt | 1,199 | 2,659 | 2,076 |
Other | (12) | (2) | (16) |
Net cash flow (used) provided by financing activities | (1,289) | (198) | (1,144) |
Net change in cash | 143 | 142 | (69) |
Cash, beginning of year | 478 | 336 | 405 |
Cash, end of year | 621 | 478 | 336 |
Loews Corporation | |||
Operating Activities [Abstract] | |||
Net income (loss) | 1,578 | (931) | 932 |
Adjustments to reconcile net income to net cash provided (used) by operating activities [Abstract] | |||
Equity method investees | (820) | 834 | 36 |
Loss on deconsolidation | 15 | 1,211 | |
Provision for deferred income taxes | 7 | (196) | 106 |
Changes in operating assets and liabilities, net [Abstract] | |||
Receivables | 1 | ||
Accounts payable and accrued liabilities | (48) | (38) | (29) |
Trading securities | (69) | (566) | (478) |
Other, net | 82 | 44 | 36 |
Net cash flow provided by operating activities | 745 | 358 | 604 |
Investing Activities [Abstract] | |||
Investments in and advances to subsidiaries | 385 | (169) | 183 |
Change in investments, primarily short term | 72 | 326 | 326 |
Net cash flow used by investing activities | 457 | 157 | 509 |
Financing Activities [Abstract] | |||
Dividends paid | (65) | (70) | (76) |
Purchases of treasury shares | (1,136) | (923) | (1,051) |
Issuance of debt | 495 | ||
Other | (4) | (5) | (5) |
Net cash flow (used) provided by financing activities | (1,205) | (503) | (1,132) |
Net change in cash | (3) | 12 | (19) |
Cash, beginning of year | 22 | 10 | 29 |
Cash, end of year | 19 | 22 | 10 |
Cash dividends paid to Company by affiliates | $ 853 | $ 947 | $ 927 |
Schedule V - Supplemental Inf_2
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Information Concerning Property and Casualty Insurance Operations [Abstract] | |||
Deferred acquisition costs | $ 737 | $ 708 | |
Reserves for unpaid claim and claim adjustment expenses | 24,174 | 22,706 | |
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.5%) | 1,146 | 1,209 | |
Unearned premiums | 5,761 | 5,119 | |
Net written premiums | 8,405 | 8,059 | $ 7,656 |
Net earned premiums | 8,175 | 7,649 | 7,428 |
Net investment income | 2,111 | 1,896 | 2,063 |
Incurred claim and claim adjustment expenses related to current year | 5,970 | 5,793 | 5,356 |
Incurred claim and claim adjustment expenses related to prior years | (104) | (119) | (127) |
Amortization of deferred acquisition costs | 1,443 | 1,410 | 1,383 |
Paid claim and claim adjustment expenses | $ 4,844 | $ 5,164 | $ 5,576 |
Minimum | |||
Supplemental Information Concerning Property and Casualty Insurance Operations [Abstract] | |||
Interest rate at which discount computed | 3.50% | 3.50% | |
Maximum | |||
Supplemental Information Concerning Property and Casualty Insurance Operations [Abstract] | |||
Interest rate at which discount computed | 6.40% | 6.40% |