Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 27, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'L | ' |
Entity Registrant Name | 'LOEWS CORP | ' |
Entity Central Index Key | '0000060086 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 374,144,134 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Fixed maturities, amortized cost of $37,631 and $39,426 | $40,804 | $41,320 |
Equity securities, cost of $765 and $881 | 754 | 871 |
Limited partnership investments | 3,658 | 3,420 |
Other invested assets | 702 | 562 |
Short term investments | 6,726 | 6,772 |
Total investments | 52,644 | 52,945 |
Cash | 637 | 294 |
Receivables | 8,185 | 9,338 |
Property, plant and equipment | 14,411 | 13,524 |
Goodwill | 353 | 357 |
Assets of discontinued operations | ' | 1,041 |
Other assets | 1,672 | 1,635 |
Deferred acquisition costs of insurance subsidiaries | 627 | 624 |
Separate account business | ' | 181 |
Total assets | 78,529 | 79,939 |
Liabilities and Equity: | ' | ' |
Claim and claim adjustment expense | 23,475 | 24,089 |
Future policy benefits | 8,890 | 10,471 |
Unearned premiums | 3,703 | 3,718 |
Policyholders' funds | 27 | 116 |
Total insurance reserves | 36,095 | 38,394 |
Payable to brokers | 663 | 134 |
Short term debt | 850 | 819 |
Long term debt | 10,051 | 9,525 |
Deferred income taxes | 1,030 | 716 |
Liabilities of discontinued operations | ' | 632 |
Other liabilities | 4,724 | 4,632 |
Separate account business | ' | 181 |
Total liabilities | 53,413 | 55,033 |
Commitments and contingent liabilities | ' | ' |
Preferred stock, $0.10 par value: Authorized - 100,000,000 shares | ' | ' |
Common stock, $0.01 par value: Authorized - 1,800,000,000 shares Issued - 387,493,404 and 387,210,096 shares | 4 | 4 |
Additional paid-in capital | 3,613 | 3,607 |
Retained earnings | 15,817 | 15,508 |
Accumulated other comprehensive income | 638 | 339 |
Shareholders Equity Before Treasury Stock, Total | 20,072 | 19,458 |
Less treasury stock, at cost (9,571,870 shares) | -415 | ' |
Total shareholders' equity | 19,657 | 19,458 |
Noncontrolling interests | 5,459 | 5,448 |
Total equity | 25,116 | 24,906 |
Total liabilities and equity | $78,529 | $79,939 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Fixed maturities, amortized cost | $37,631 | $39,426 |
Equity securities, cost | $765 | $881 |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares issued | 387,493,404 | 387,210,096 |
Treasury stock, shares | 9,571,870 | 0 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenues: | ' | ' | ' | ' | ||||
Insurance premiums | $1,810 | $1,825 | $5,427 | $5,389 | ||||
Net investment income | 451 | 605 | 1,625 | 1,739 | ||||
Investment gains (losses): | ' | ' | ' | ' | ||||
Other-than-temporary impairment losses | -10 | -15 | -17 | -49 | ||||
Portion of other-than-temporary impairment losses recognized in Other comprehensive income (loss) | ' | -1 | ' | -1 | ||||
Net impairment losses recognized in earnings | -10 | -16 | -17 | -50 | ||||
Other net investment gains | 47 | 18 | 82 | 57 | ||||
Total investment gains | 37 | [1] | 2 | [1] | 65 | [1] | 7 | [1] |
Contract drilling revenues | 728 | 691 | 2,063 | 2,136 | ||||
Other Revenues | 497 | 474 | 1,624 | 1,560 | ||||
Total | 3,523 | 3,597 | 10,804 | 10,831 | ||||
Expenses: | ' | ' | ' | ' | ||||
Insurance claims and policyholders' benefits | 1,354 | 1,378 | 4,241 | 4,259 | ||||
Amortization of deferred acquisition costs | 332 | 341 | 996 | 1,004 | ||||
Contract drilling expenses | 400 | 420 | 1,165 | 1,164 | ||||
Other operating expenses | 977 | 777 | 2,634 | 2,309 | ||||
Interest | 121 | 105 | 369 | 316 | ||||
Total | 3,184 | 3,021 | 9,405 | 9,052 | ||||
Income before income tax | 339 | 576 | 1,399 | 1,779 | ||||
Income tax expense | -99 | -155 | -347 | -478 | ||||
Income from continuing operations | 240 | 421 | 1,052 | 1,301 | ||||
Discontinued operations, net | 29 | -37 | -384 | -107 | ||||
Net income | 269 | 384 | 668 | 1,194 | ||||
Amounts attributable to noncontrolling interests | -61 | -102 | -285 | -401 | ||||
Net income | 208 | 282 | 383 | 793 | ||||
Net income attributable to Loews Corporation: | ' | ' | ' | ' | ||||
Income from continuing operations | 179 | 318 | 747 | 901 | ||||
Discontinued operations, net | 29 | -36 | -364 | -108 | ||||
Net income | $208 | $282 | $383 | $793 | ||||
Basic net income per share: | ' | ' | ' | ' | ||||
Income from continuing operations | $0.47 | $0.82 | $1.94 | $2.32 | ||||
Discontinued operations, net | $0.08 | ($0.09) | ($0.94) | ($0.28) | ||||
Net income | $0.55 | $0.73 | $1 | $2.04 | ||||
Diluted net income per share: | ' | ' | ' | ' | ||||
Income from continuing operations | $0.47 | $0.82 | $1.94 | $2.31 | ||||
Discontinued operations, net | $0.08 | ($0.09) | ($0.94) | ($0.28) | ||||
Net income | $0.55 | $0.73 | $1 | $2.03 | ||||
Dividends per share | $0.06 | $0.06 | $0.19 | $0.19 | ||||
Weighted average shares outstanding: | ' | ' | ' | ' | ||||
Shares of common stock | 380.59 | 387.26 | 384.53 | 389.13 | ||||
Dilutive potential shares of common stock | 0.6 | 0.88 | 0.66 | 0.83 | ||||
Total weighted average shares outstanding assuming dilution | 381.19 | 388.14 | 385.19 | 389.96 | ||||
[1] | (a) Includes gross realized gains of $52, $50, $130 and $129 and gross realized losses of $16, $50, $70 and $124 on available-for-sale securities for the three and nine months ended September 30, 2014 and 2013. |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ' | ' | ' | ' |
Net income | $269 | $384 | $668 | $1,194 |
Other comprehensive income (loss), after tax Changes in: | ' | ' | ' | ' |
Net unrealized gains (losses) on investments with other-than-temporary impairments | 1 | -3 | 15 | 3 |
Net other unrealized gains (losses) on investments | -83 | -70 | 424 | -717 |
Total unrealized gains (losses) on available-for-sale investments | -82 | -73 | 439 | -714 |
Discontinued operations | -34 | -8 | -19 | -13 |
Unrealized gains (losses) on cash flow hedges | -4 | 5 | -1 | -1 |
Pension liability | 2 | 3 | -52 | 12 |
Foreign currency | -73 | 56 | -37 | -18 |
Other comprehensive income (loss) | -191 | -17 | 330 | -734 |
Comprehensive income | 78 | 367 | 998 | 460 |
Amounts attributable to noncontrolling interests | -39 | -102 | -316 | -327 |
Total comprehensive income attributable to Loews Corporation | $39 | $265 | $682 | $133 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock Held in Treasury [Member] | Noncontrolling Interests [Member] |
In Millions | |||||||
Beginning Balance at Dec. 31, 2012 | $24,676 | $4 | $3,595 | $15,192 | $678 | ($10) | $5,217 |
Net income | 1,194 | ' | ' | 793 | ' | ' | 401 |
Other comprehensive income (loss) | -734 | ' | ' | ' | -660 | ' | -74 |
Dividends paid | -444 | ' | ' | -73 | ' | ' | -371 |
Issuance of equity securities by subsidiary | 337 | ' | 51 | ' | 2 | ' | 284 |
Purchases of Loews treasury stock | -218 | ' | ' | ' | ' | -218 | ' |
Issuance of Loews common stock | 4 | ' | 4 | ' | ' | ' | ' |
Stock-based compensation | 12 | ' | -1 | ' | ' | ' | 13 |
Other | -6 | ' | -1 | -1 | ' | ' | -4 |
Ending Balance at Sep. 30, 2013 | 24,821 | 4 | 3,648 | 15,911 | 20 | -228 | 5,466 |
Beginning Balance at Dec. 31, 2013 | 24,906 | 4 | 3,607 | 15,508 | 339 | ' | 5,448 |
Net income | 668 | ' | ' | 383 | ' | ' | 285 |
Other comprehensive income (loss) | 330 | ' | ' | ' | 299 | ' | 31 |
Dividends paid | -333 | ' | ' | -72 | ' | ' | -261 |
Purchases of subsidiary stock from noncontrolling interests | -83 | ' | -8 | ' | ' | ' | -75 |
Purchases of Loews treasury stock | -415 | ' | ' | ' | ' | -415 | ' |
Issuance of Loews common stock | 5 | ' | 5 | ' | ' | ' | ' |
Stock-based compensation | 19 | ' | 9 | ' | ' | ' | 10 |
Other | 19 | ' | ' | -2 | ' | ' | 21 |
Ending Balance at Sep. 30, 2014 | $25,116 | $4 | $3,613 | $15,817 | $638 | ($415) | $5,459 |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities: | ' | ' |
Net income | $668 | $1,194 |
Adjustments to reconcile net income to net cash provided by operating activities, net | 1,491 | 925 |
Changes in operating assets and liabilities, net: | ' | ' |
Receivables | 571 | 146 |
Deferred acquisition costs | 14 | -23 |
Insurance reserves | -222 | -166 |
Other assets | -127 | -64 |
Other liabilities | -152 | 215 |
Trading securities | -147 | -898 |
Net cash flow operating activities | 2,096 | 1,329 |
Investing Activities: | ' | ' |
Purchases of fixed maturities | -7,457 | -8,205 |
Proceeds from sales of fixed maturities | 4,005 | 4,830 |
Proceeds from maturities of fixed maturities | 2,901 | 2,496 |
Purchases of equity securities | -44 | -61 |
Proceeds from sales of equity securities | 23 | 82 |
Purchases of limited partnership investments | -218 | -263 |
Proceeds from sales of limited partnership investments | 133 | 187 |
Purchases of property, plant and equipment | -1,595 | -1,307 |
Acquisitions | -180 | -235 |
Dispositions | 1,030 | 135 |
Change in short term investments | 489 | 611 |
Other, net | -52 | -135 |
Net cash flow investing activities | -965 | -1,865 |
Financing Activities: | ' | ' |
Dividends paid | -72 | -73 |
Dividends paid to noncontrolling interests | -261 | -371 |
Purchases of subsidiary stock from noncontrolling interests | -88 | ' |
Purchases of Loews treasury stock | -396 | -228 |
Issuance of Loews common stock | 5 | 4 |
Proceeds from sale of subsidiary stock | 4 | 370 |
Principal payments on debt | -1,250 | -1,058 |
Issuance of debt | 1,259 | 1,953 |
Other, net | 14 | -29 |
Net cash flow financing activities | -785 | 568 |
Effect of foreign exchange rate on cash | -3 | -3 |
Net change in cash | 343 | 29 |
Cash, beginning of period | 294 | 228 |
Cash, end of period | $637 | $257 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
Loews Corporation is a holding company. Its subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), a 90% owned subsidiary); the operation of offshore oil and gas drilling rigs (Diamond Offshore Drilling, Inc. (“Diamond Offshore”), a 51% owned subsidiary); transportation and storage of natural gas and natural gas liquids and gathering and processing of natural gas (Boardwalk Pipeline Partners, LP (“Boardwalk Pipeline”), a 53% owned subsidiary); and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels”), a wholly owned subsidiary). Unless the context otherwise requires, the terms “Company,” “Loews” and “Registrant” as used herein mean Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders. | |
In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of September 30, 2014 and December 31, 2013, the results of operations and comprehensive income for the three and nine months ended September 30, 2014 and 2013 and changes in shareholders’ equity and cash flows for the nine months ended September 30, 2014 and 2013. | |
Net income for the third quarter and first nine months of each of the years is not necessarily indicative of net income for that entire year. | |
Reference is made to the Notes to Consolidated Financial Statements in the 2013 Annual Report on Form 10-K which should be read in conjunction with these Consolidated Condensed Financial Statements. | |
The Company presents basic and diluted net income per share on the Consolidated Condensed Statements of Income. Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of 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 common stock were exercised or converted into common stock. Stock appreciation rights (“SARs”) of 2.6 million, 1.4 million, 2.2 million and 1.4 million shares were not included in the diluted weighted average shares amounts for the three and nine months ended September 30, 2014 and 2013 due to the exercise price being greater than the average stock price. | |
Updated accounting guidance not yet adopted – In April of 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under the new accounting guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. The update also requires new disclosures for discontinued operations and disposals that do not meet the definition of a discontinued operation. The new accounting guidance is to be applied prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014, and will not have a material impact on the Company’s consolidated financial statements. | |
In May of 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The core principle of the new accounting guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new accounting guidance provides a five-step analysis of transactions to determine when and how revenue is recognized and requires enhanced disclosures about revenue. This update is effective for annual reporting periods beginning after December 15, 2016, including interim periods, and can be adopted either retrospectively or as a cumulative effect adjustment at the date of adoption. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated financial statements. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Sep. 30, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions and Divestitures | ' |
2. Acquisitions and Divestitures | |
Continental Assurance Company (“CAC”) – On August 1, 2014, CNA completed the sale of the common stock of CAC. The sale price is subject to a customary post-closing review by the purchaser. The business sold, which was previously reported within the Life & Group Non-Core segment, is reported as discontinued operations in the Consolidated Condensed Statements of Income for the three and nine months ended September 30, 2014 and 2013. | |
In connection with the sale of CAC, CNA entered into a 100% coinsurance agreement on a separate small block of annuity business outside of CAC. The coinsurance agreement required the transfer of assets with a book value equal to the ceded reserves on the inception date of the contract. Because a substantial portion of the assets supporting these liabilities are held in trust for the benefit of the original cedant, those assets were transferred on a funds withheld basis. Under this approach CNA maintains legal ownership of the assets, but the investment income and realized gains and losses on those assets inure to the reinsurer. As a result, the $31 million (after tax and noncontrolling interests) difference between market value and book value of the funds withheld assets at the coinsurance contract’s inception was recognized in Other operating expenses. | |
HighMount – In May of 2014, the Company announced that HighMount Exploration & Production LLC (“HighMount”), its natural gas and oil exploration and production subsidiary, was pursuing strategic alternatives, including a potential sale of the business. In the second quarter of 2014, the Company recognized an impairment charge of $259 million ($167 million after tax) related to the excess carrying value of HighMount over the estimated fair value, less costs to sell. The Company measured estimated fair value using an estimated sale price arrived at by assessing market response in the auction process in relation to valuation models provided by HighMount’s financial advisors, which are Level 3 inputs of the fair value hierarchy. On August 7, 2014, the Company entered into an agreement to sell HighMount to privately held affiliates of EnerVest, Ltd. and on September 30, 2014, HighMount was sold for net proceeds of $794 million, subject to customary closing adjustments. HighMount’s bank debt of $480 million was repaid from proceeds of the sale. In the third quarter of 2014, the Company adjusted the previously recognized impairment and reduced the charge by $60 million ($30 million after tax) based on the actual sales price. | |
See Note 15 for further discussion of discontinued operations. | |
Evangeline Pipeline System – In October of 2014, Boardwalk Pipeline acquired Chevron Petrochemical Pipeline, LLC, which owns the Evangeline ethylene pipeline system for $295 million in cash, subject to customary adjustments. The purchase price was funded through borrowings under Boardwalk Pipeline’s revolving credit facility. As of September 30, 2014, Boardwalk Pipeline had recorded a $30 million deposit related to this transaction. | |
Bluegrass Project – As discussed in Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, Boardwalk Pipeline executed a series of agreements in 2013 with The Williams Companies, Inc. (“Williams”) to develop the Bluegrass Project. In the first quarter of 2014, the Company expensed the previously capitalized project costs related to the development process due to a lack of customer commitments, resulting in a charge of $94 million ($55 million after tax and noncontrolling interests), inclusive of a $10 million charge recorded by Boardwalk Pipeline Partners, LP. This charge was recorded within Other operating expenses on the Consolidated Condensed Statements of Income. In the third quarter of 2014, Boardwalk Pipeline and Williams agreed to dissolve the Bluegrass project entities. | |
Loews Hotels – In 2014, Loews Hotels has acquired three properties. In July of 2014, Loews Hotels purchased the Loews Chicago O’Hare Hotel, a 556 guestroom hotel, and the Loews Minneapolis Hotel, a 251 guestroom hotel, and in October of 2014, Loews Hotels purchased the Loews Ventana Canyon in Tucson, Arizona, a 398 guestroom hotel, which had been operated by Loews Hotels under a management agreement, for a total cost of approximately $230 million, funded with a combination of cash and property-level debt. | |
In addition, Loews Hotels has a joint venture interest in the Cabana Bay Beach Resort, an 1,800 guestroom hotel at Universal Orlando, Florida, which opened in March of 2014. Loews Hotels also has commitments of approximately $170 million for the Loews Chicago Hotel, a 400 guestroom hotel being developed and planned to open in early 2015 and approximately $60 million for the development, through a joint venture, of the Loews Sapphire Falls Resort at Universal Orlando, Florida, a 1,000 guestroom hotel, scheduled to open in late 2016. |
Investments
Investments | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||||||||||||
3. Investments | |||||||||||||||||||||||||||||||||||
Net investment income is as follows: | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 453 | $ | 461 | $ | 1,356 | $ | 1,372 | |||||||||||||||||||||||||||
Short term investments | 1 | 2 | 3 | 5 | |||||||||||||||||||||||||||||||
Limited partnership investments | 26 | 115 | 229 | 345 | |||||||||||||||||||||||||||||||
Equity securities | 2 | 3 | 7 | 9 | |||||||||||||||||||||||||||||||
Income (loss) from trading portfolio (a) | (24 | ) | 30 | 46 | 28 | ||||||||||||||||||||||||||||||
Other | 7 | 7 | 25 | 19 | |||||||||||||||||||||||||||||||
Total investment income | 465 | 618 | 1,666 | 1,778 | |||||||||||||||||||||||||||||||
Investment expenses | (14 | ) | (13 | ) | (41 | ) | (39) | ||||||||||||||||||||||||||||
Net investment income | $ | 451 | $ | 605 | $ | 1,625 | $ | 1,739 | |||||||||||||||||||||||||||
(a) Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(19), $25, $46 and $(22) for the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||||
Investment gains (losses) are as follows: | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 39 | $ | 2 | $ | 58 | $ | 22 | |||||||||||||||||||||||||||
Equity securities | (3 | ) | (2 | ) | 2 | (17) | |||||||||||||||||||||||||||||
Derivative instruments | (1 | ) | 1 | (4) | |||||||||||||||||||||||||||||||
Short term investments and other | 1 | 3 | 4 | 6 | |||||||||||||||||||||||||||||||
Investment gains (a) | $ | 37 | $ | 2 | $ | 65 | $ | 7 | |||||||||||||||||||||||||||
(a) | Includes gross realized gains of $52, $50, $130 and $129 and gross realized losses of $16, $50, $70 and $124 on available-for-sale securities for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||
The components of other-than-temporary impairment (“OTTI”) losses recognized in earnings by asset type are as follows: | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 6 | $ | 8 | $ | 9 | $ | 16 | |||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 2 | 2 | 4 | 5 | |||||||||||||||||||||||||||||||
Other asset-backed | 1 | 1 | 2 | ||||||||||||||||||||||||||||||||
Total asset-backed | 2 | 3 | 5 | 7 | |||||||||||||||||||||||||||||||
Total fixed maturities available-for-sale | 8 | 11 | 14 | 23 | |||||||||||||||||||||||||||||||
Equity securities available-for-sale: | |||||||||||||||||||||||||||||||||||
Common stock | 2 | 3 | 3 | 5 | |||||||||||||||||||||||||||||||
Preferred stock | 2 | 22 | |||||||||||||||||||||||||||||||||
Total equity securities available-for-sale | 2 | 5 | 3 | 27 | |||||||||||||||||||||||||||||||
Net OTTI losses recognized in earnings | $ | 10 | $ | 16 | $ | 17 | $ | 50 | |||||||||||||||||||||||||||
The amortized cost and fair values of securities are as follows: | |||||||||||||||||||||||||||||||||||
September 30, 2014 | Cost or | Gross | Gross | Estimated | Unrealized | ||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | OTTI Losses | |||||||||||||||||||||||||||||||
Cost | Gains | Losses | (Gains) | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 17,480 | $ 1,704 | $ | 40 | $19,144 | |||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 11,217 | 1,295 | 53 | 12,459 | |||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,972 | 187 | 13 | 5,146 | $ | (54) | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,079 | 87 | 8 | 2,158 | (2) | ||||||||||||||||||||||||||||||
Other asset-backed | 1,222 | 13 | 5 | 1,230 | |||||||||||||||||||||||||||||||
Total asset-backed | 8,273 | 287 | 26 | 8,534 | (56) | ||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 25 | 5 | 30 | ||||||||||||||||||||||||||||||||
Foreign government | 456 | 16 | 1 | 471 | |||||||||||||||||||||||||||||||
Redeemable preferred stock | 39 | 3 | 42 | ||||||||||||||||||||||||||||||||
Fixed maturities available- for-sale | 37,490 | 3,310 | 120 | 40,680 | (56) | ||||||||||||||||||||||||||||||
Fixed maturities, trading | 141 | 17 | 124 | ||||||||||||||||||||||||||||||||
Total fixed maturities | 37,631 | 3,310 | 137 | 40,804 | (56) | ||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Common stock | 35 | 11 | 46 | ||||||||||||||||||||||||||||||||
Preferred stock | 162 | 4 | 1 | 165 | |||||||||||||||||||||||||||||||
Equity securities available-for-sale | 197 | 15 | 1 | 211 | - | ||||||||||||||||||||||||||||||
Equity securities, trading | 568 | 87 | 112 | 543 | |||||||||||||||||||||||||||||||
Total equity securities | 765 | 102 | 113 | 754 | - | ||||||||||||||||||||||||||||||
Total | $ | 38,396 | $ 3,412 | $ | 250 | $41,558 | $ | (56) | |||||||||||||||||||||||||||
December 31, 2013 | Cost or | Gross | Gross | Estimated | Unrealized | ||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | OTTI Losses | |||||||||||||||||||||||||||||||
Cost | Gains | Losses | (Gains) | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 19,352 | $ | 1,645 | $ | 135 | $ | 20,862 | |||||||||||||||||||||||||||
States, municipalities and political subdivisions | 11,281 | 548 | 272 | 11,557 | |||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,940 | 123 | 92 | 4,971 | $ | (37) | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 1,995 | 90 | 22 | 2,063 | (3) | ||||||||||||||||||||||||||||||
Other asset-backed | 945 | 13 | 3 | 955 | |||||||||||||||||||||||||||||||
Total asset-backed | 7,880 | 226 | 117 | 7,989 | (40) | ||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 139 | 6 | 1 | 144 | |||||||||||||||||||||||||||||||
Foreign government | 531 | 15 | 3 | 543 | |||||||||||||||||||||||||||||||
Redeemable preferred stock | 92 | 10 | 102 | ||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 39,275 | 2,450 | 528 | 41,197 | (40) | ||||||||||||||||||||||||||||||
Fixed maturities, trading | 151 | 28 | 123 | ||||||||||||||||||||||||||||||||
Total fixed maturities | 39,426 | 2,450 | 556 | 41,320 | (40) | ||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Common stock | 36 | 9 | 45 | ||||||||||||||||||||||||||||||||
Preferred stock | 143 | 1 | 4 | 140 | |||||||||||||||||||||||||||||||
Equity securities available-for-sale | 179 | 10 | 4 | 185 | - | ||||||||||||||||||||||||||||||
Equity securities, trading | 702 | 119 | 135 | 686 | |||||||||||||||||||||||||||||||
Total equity securities | 881 | 129 | 139 | 871 | - | ||||||||||||||||||||||||||||||
Total | $ | 40,307 | $ | 2,579 | $ | 695 | $ | 42,191 | $ | (40) | |||||||||||||||||||||||||
The net unrealized gains on investments included in the tables above are recorded as a component of Accumulated other comprehensive income (“AOCI”). When presented in AOCI, these amounts are net of tax and noncontrolling interests and any required Shadow Adjustments. At September 30, 2014 and December 31, 2013, the net unrealized gains on investments included in AOCI were net of Shadow Adjustments of $873 million and $478 million. To the extent that unrealized gains on fixed income securities supporting certain products within CNA’s Life & Group Non-Core segment would result in a premium deficiency if realized, a related decrease in Deferred acquisition costs, and/or increase in Insurance reserves are recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (loss) (Shadow Adjustments). | |||||||||||||||||||||||||||||||||||
The available-for-sale securities in a gross unrealized loss position are as follows: | |||||||||||||||||||||||||||||||||||
Less than | 12 Months | Total | |||||||||||||||||||||||||||||||||
12 Months | or Longer | ||||||||||||||||||||||||||||||||||
September 30, 2014 | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 1,726 | $ | 23 | $ | 402 | $ | 17 | $ | 2,128 | $ | 40 | |||||||||||||||||||||||
States, municipalities and political subdivisions | 176 | 2 | 435 | 51 | 611 | 53 | |||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 208 | 3 | 254 | 10 | 462 | 13 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 506 | 4 | 112 | 4 | 618 | 8 | |||||||||||||||||||||||||||||
Other asset-backed | 507 | 4 | 13 | 1 | 520 | 5 | |||||||||||||||||||||||||||||
Total asset-backed | 1,221 | 11 | 379 | 15 | 1,600 | 26 | |||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 5 | 5 | |||||||||||||||||||||||||||||||||
Foreign government | 35 | 8 | 1 | 43 | 1 | ||||||||||||||||||||||||||||||
Total fixed maturity securities | 3,158 | 36 | 1,229 | 84 | 4,387 | 120 | |||||||||||||||||||||||||||||
Preferred stock | 32 | 1 | 1 | 33 | 1 | ||||||||||||||||||||||||||||||
Total | $ | 3,190 | $ | 37 | $ | 1,230 | $ | 84 | $ | 4,420 | $ | 121 | |||||||||||||||||||||||
Less than | 12 Months | Total | |||||||||||||||||||||||||||||||||
12 Months | or Longer | ||||||||||||||||||||||||||||||||||
December 31, 2013 | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 3,592 | $ | 129 | $ | 72 | $ | 6 | $ | 3,664 | $ | 135 | |||||||||||||||||||||||
States, municipalities and political subdivisions | 3,251 | 197 | 129 | 75 | 3,380 | 272 | |||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,293 | 29 | 343 | 63 | 1,636 | 92 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 640 | 22 | 640 | 22 | |||||||||||||||||||||||||||||||
Other asset-backed | 269 | 3 | 269 | 3 | |||||||||||||||||||||||||||||||
Total asset-backed | 2,202 | 54 | 343 | 63 | 2,545 | 117 | |||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 13 | 1 | 13 | 1 | |||||||||||||||||||||||||||||||
Foreign government | 111 | 3 | 111 | 3 | |||||||||||||||||||||||||||||||
Total fixed maturity securities | 9,169 | 384 | 544 | 144 | 9,713 | 528 | |||||||||||||||||||||||||||||
Preferred stock | 87 | 4 | 87 | 4 | |||||||||||||||||||||||||||||||
Total | $ | 9,256 | $ | 388 | $ | 544 | $ | 144 | $ | 9,800 | $ | 532 | |||||||||||||||||||||||
Based on current facts and circumstances, the Company believes the unrealized losses presented in the table above are not indicative of the ultimate collectibility of the current amortized cost of the securities, but rather are primarily attributable to changes in interest rates and credit spreads, market illiquidity and other factors. The Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional OTTI losses to be recorded at September 30, 2014. | |||||||||||||||||||||||||||||||||||
The following table summarizes the activity for the three and nine months ended September 30, 2014 and 2013 related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held at September 30, 2014 and 2013 for which a portion of an OTTI loss was recognized in Other comprehensive income (loss). | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Beginning balance of credit losses on fixed maturity securities | $ | 66 | $ | 89 | $ | 74 | $ | 95 | |||||||||||||||||||||||||||
Additional credit losses for securities for which an | 1 | 2 | |||||||||||||||||||||||||||||||||
OTTI loss was previously recognized | |||||||||||||||||||||||||||||||||||
Reductions for securities sold during the period | (2) | -7 | -7 | (14) | |||||||||||||||||||||||||||||||
Reductions for securities the Company intends to sell or | -3 | ||||||||||||||||||||||||||||||||||
more likely than not will be required to sell | |||||||||||||||||||||||||||||||||||
Ending balance of credit losses on fixed maturity securities | $ | 64 | $ | 83 | $ | 64 | $ | 83 | |||||||||||||||||||||||||||
Contractual Maturity | |||||||||||||||||||||||||||||||||||
The following table summarizes available-for-sale fixed maturity securities by contractual maturity at September 30, 2014 and December 31, 2013. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid with or without call or prepayment penalties. Securities not due at a single date are allocated based on weighted average life. | |||||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||
Cost or | Estimated | Cost or | Estimated | ||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 2,329 | $ | 2,368 | $ | 2,420 | $ | 2,455 | |||||||||||||||||||||||||||
Due after one year through five years | 8,888 | 9,455 | 9,496 | 10,068 | |||||||||||||||||||||||||||||||
Due after five years through ten years | 12,446 | 12,951 | 11,667 | 11,954 | |||||||||||||||||||||||||||||||
Due after ten years | 13,827 | 15,906 | 15,692 | 16,720 | |||||||||||||||||||||||||||||||
Total | $ | 37,490 | $ | 40,680 | $ | 39,275 | $ | 41,197 | |||||||||||||||||||||||||||
Investment Commitments | |||||||||||||||||||||||||||||||||||
As of September 30, 2014, the Company had committed approximately $365 million to future capital calls from various third-party limited partnership investments in exchange for an ownership interest in the related partnerships. | |||||||||||||||||||||||||||||||||||
The Company invests in various privately placed debt securities, including bank loans, as part of its overall investment strategy and has committed to additional future purchases, sales and funding. As of September 30, 2014, the Company had commitments to purchase or fund additional amounts of $140 million and sell $103 million under the terms of such securities. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||||||||||||||||||||||
4. Fair Value | |||||||||||||||||||||||||||||||||||||||||
Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: | |||||||||||||||||||||||||||||||||||||||||
— | Level 1 – Quoted prices for identical instruments in active markets. | ||||||||||||||||||||||||||||||||||||||||
— | Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. | ||||||||||||||||||||||||||||||||||||||||
— | Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable. | ||||||||||||||||||||||||||||||||||||||||
Prices may fall within Level 1, 2 or 3 depending upon the methodologies and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using methodologies and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company. | |||||||||||||||||||||||||||||||||||||||||
The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures include (i) the review of pricing service or broker pricing methodologies, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where changes in price, period-over-period, are reviewed and challenged with the pricing service or broker based on exception criteria, (iv) detailed analysis, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities and (v) pricing validation, where prices received are compared to prices independently estimated by the Company. | |||||||||||||||||||||||||||||||||||||||||
The fair values of CNA’s life settlement contracts are included in Other assets on the Consolidated Condensed Balance Sheets. Equity options purchased are included in Equity securities, and all other derivative assets are included in Receivables. Derivative liabilities are included in Payable to brokers. Assets and liabilities measured at fair value on a recurring basis are summarized in the tables below: | |||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 33 | $ | 18,938 | $ | 173 | $ | 19,144 | |||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 12,379 | 80 | 12,459 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,986 | 160 | 5,146 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,061 | 97 | 2,158 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed | 588 | 642 | 1,230 | ||||||||||||||||||||||||||||||||||||||
Total asset-backed | 7,635 | 899 | 8,534 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 27 | 3 | 30 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 47 | 424 | 471 | ||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 30 | 12 | 42 | ||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 137 | 39,391 | 1,152 | 40,680 | |||||||||||||||||||||||||||||||||||||
Fixed maturities, trading | 33 | 91 | 124 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 137 | $ | 39,424 | $ | 1,243 | $ | 40,804 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale | $ | 141 | $ | 53 | $ | 17 | $ | 211 | |||||||||||||||||||||||||||||||||
Equity securities, trading | 540 | 3 | 543 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 681 | $ | 53 | $ | 20 | $ | 754 | |||||||||||||||||||||||||||||||||
Short term investments | $ | 6,047 | $ | 612 | $ | 6,659 | |||||||||||||||||||||||||||||||||||
Other invested assets | 102 | 44 | 146 | ||||||||||||||||||||||||||||||||||||||
Receivables | 19 | 19 | |||||||||||||||||||||||||||||||||||||||
Life settlement contracts | $ | 86 | 86 | ||||||||||||||||||||||||||||||||||||||
Payable to brokers | -409 | -5 | (414) | ||||||||||||||||||||||||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 33 | $ | 20,625 | $ | 204 | $ | 20,862 | |||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 11,486 | 71 | 11,557 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,640 | 331 | 4,971 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 1,912 | 151 | 2,063 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed | 509 | 446 | 955 | ||||||||||||||||||||||||||||||||||||||
Total asset-backed | 7,061 | 928 | 7,989 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 116 | 28 | 144 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 81 | 462 | 543 | ||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 45 | 57 | 102 | ||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 275 | 39,719 | 1,203 | 41,197 | |||||||||||||||||||||||||||||||||||||
Fixed maturities, trading | 43 | 80 | 123 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 275 | $ | 39,762 | $ | 1,283 | $ | 41,320 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale | $ | 126 | $ | 48 | $ | 11 | $ | 185 | |||||||||||||||||||||||||||||||||
Equity securities, trading | 678 | 8 | 686 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 804 | $ | 48 | $ | 19 | $ | 871 | |||||||||||||||||||||||||||||||||
Short term investments | $ | 6,134 | $ | 563 | $ | 6,697 | |||||||||||||||||||||||||||||||||||
Other invested assets | 54 | 54 | |||||||||||||||||||||||||||||||||||||||
Receivables | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Life settlement contracts | $ | 88 | 88 | ||||||||||||||||||||||||||||||||||||||
Separate account business | 9 | 171 | 1 | 181 | |||||||||||||||||||||||||||||||||||||
Payable to brokers | (40 | ) | (1 | ) | (3 | ) | (44) | ||||||||||||||||||||||||||||||||||
Assets of discontinued operations | 28 | 2 | 2 | 32 | |||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | (6 | ) | (2 | ) | (8) | ||||||||||||||||||||||||||||||||||||
The tables below present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
Net Realized Gains | Transfers | Transfers | Unrealized | ||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | Gains | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | (Losses) | ||||||||||||||||||||||||||||||||||||||||
(Losses) | Recognized in | ||||||||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||||||||
on Level | |||||||||||||||||||||||||||||||||||||||||
3 Assets and | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Balance, | Included in | Included in | into | out of | Balance, | Held at | |||||||||||||||||||||||||||||||||||
2014 | July 1 | Net Income | OCI | Purchases | Sales | Settlements | Level 3 | Level 3 | September 30 | September 30 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 194 | $ | (1) | $ | 4 | $ | (3) | $ | (21) | $ | 173 | |||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 79 | 1 | 80 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 185 | $ | 1 | (17) | $ | 11 | (20) | 160 | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 59 | 2 | (2) | 28 | (21) | 31 | 97 | ||||||||||||||||||||||||||||||||||
Other asset-backed | 626 | 1 | (4) | 80 | (25) | (36) | 642 | ||||||||||||||||||||||||||||||||||
Total asset-backed | 870 | 4 | (6) | 108 | $ | - | (63) | 42 | (56) | 899 | $ | - | |||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,143 | 4 | (6) | 112 | (66) | 42 | (77) | 1,152 | |||||||||||||||||||||||||||||||||
Fixed maturities, trading | 91 | 91 | |||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,234 | $ | 4 | $ | (6) | $ | 112 | $ | - | $ | (66) | $ | 42 | $ | (77) | $ | 1,243 | $ | - | |||||||||||||||||||||
Equity securities available-for-sale | $ | 2 | $ | (1) | $ | 16 | $ | 17 | |||||||||||||||||||||||||||||||||
Equity securities trading | 4 | (1) | 3 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 6 | $ | - | $ | (1) | $ | 15 | $ | - | $ | - | $ | - | $ | - | $ | 20 | $ | - | |||||||||||||||||||||
Life settlement contracts | $ | 86 | $ | 1 | $ | (1) | $ | 86 | $ | 1 | |||||||||||||||||||||||||||||||
Derivative financial instruments, net | - | - | (1) | ||||||||||||||||||||||||||||||||||||||
Net Realized Gains | Transfers | Transfers | Unrealized | ||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | Gains | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | (Losses) | ||||||||||||||||||||||||||||||||||||||||
(Losses) | Recognized in | ||||||||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||||||||
on Level | |||||||||||||||||||||||||||||||||||||||||
3 Assets and | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Balance, | Included in | Included in | into | out of | Balance, | Held at | |||||||||||||||||||||||||||||||||||
2013 | 1-Jul | Net Income | OCI | Purchases | Sales | Settlements | Level 3 | Level 3 | September 30 | September 30 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 202 | $ | 1 | $ | 6 | $ | (6) | $ | (8) | $ | 17 | $ | (1) | $ | 211 | |||||||||||||||||||||||||
States, municipalities and political subdivisions | 140 | $ | (3) | (15) | (27) | 95 | |||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 428 | (20) | 5 | (21) | (22) | 370 | $ | (1) | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 165 | (1) | (2) | 10 | (1) | (14) | 157 | ||||||||||||||||||||||||||||||||||
Other asset-backed | 387 | 1 | 56 | (6) | (5) | 433 | (1) | ||||||||||||||||||||||||||||||||||
Total asset-backed | 980 | (1) | (21) | 71 | - | (28) | - | (41) | 960 | (2) | |||||||||||||||||||||||||||||||
Redeemable preferred stock | 25 | (1) | 1 | (25) | - | ||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,347 | (1) | (23) | 77 | (6) | (76) | 17 | (69) | 1,266 | (2) | |||||||||||||||||||||||||||||||
Fixed maturities, trading | 87 | (8) | (1) | 78 | (8) | ||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,434 | $ | (9) | $ | (23) | $ | 77 | $ | (7) | $ | (76) | $ | 17 | $ | (69) | $ | 1,344 | $ | (10) | |||||||||||||||||||||
Equity securities available-for-sale | $ | 13 | $ | (2) | $ | 2 | $ | 13 | $ | (2) | |||||||||||||||||||||||||||||||
Equity securities trading | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 15 | $ | (2) | $ | 2 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 15 | $ | (2) | |||||||||||||||||||||
Life settlement contracts | $ | 91 | $ | 3 | $ | (4) | $ | 90 | |||||||||||||||||||||||||||||||||
Separate account business | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | 5 | 2 | $ | (4) | $ | (2) | (1) | - | |||||||||||||||||||||||||||||||||
Transfers | Transfers | Unrealized | |||||||||||||||||||||||||||||||||||||||
Gains | |||||||||||||||||||||||||||||||||||||||||
Net Realized Gains | (Losses) | ||||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | Recognized in | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | Net Income | ||||||||||||||||||||||||||||||||||||||||
(Losses) | on Level | ||||||||||||||||||||||||||||||||||||||||
3 Assets and | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Balance, | Included in | Included in | into | out of | Balance, | Held at | |||||||||||||||||||||||||||||||||||
2014 | January 1 | Net Income | OCI | Purchases | Sales | Settlements | Level 3 | Level 3 | September 30 | September 30 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 204 | $ | 2 | $ | 30 | $ | (10) | $ | (13) | $ | 8 | $ | (48) | $ | 173 | |||||||||||||||||||||||||
States, municipalities and political subdivisions | 71 | 1 | $ | 3 | 1 | (10) | 14 | 80 | |||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 331 | (22) | 62 | 47 | (174) | (57) | 32 | (59) | 160 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 151 | 4 | (2) | 28 | (60) | (23) | 43 | (44) | 97 | ||||||||||||||||||||||||||||||||
Other asset-backed | 446 | 2 | 457 | (111) | (115) | (37) | 642 | $ | (1) | ||||||||||||||||||||||||||||||||
Total asset-backed | 928 | (16) | 60 | 532 | (345) | (195) | 75 | (140) | 899 | (1) | |||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,203 | (13) | 63 | 563 | (365) | (208) | 97 | (188) | 1,152 | (1) | |||||||||||||||||||||||||||||||
Fixed maturities, trading | 80 | 11 | 91 | 11 | |||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,283 | $ | (2) | $ | 63 | $ | 563 | $ | (365) | $ | (208) | $ | 97 | $ | (188) | $ | 1,243 | $ | 10 | |||||||||||||||||||||
Equity securities available-for-sale | $ | 11 | $ | 3 | $ | (5) | $ | 16 | $ | (8) | $ | 17 | |||||||||||||||||||||||||||||
Equity securities trading | 8 | 1 | (6) | 3 | |||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 19 | $ | 3 | $ | (5) | $ | 17 | $ | (14) | $ | - | $ | - | $ | - | $ | 20 | $ | - | |||||||||||||||||||||
Life settlement contracts | $ | 88 | $ | 23 | $ | (25) | $ | 86 | $ | 3 | |||||||||||||||||||||||||||||||
Separate account business | 1 | $ | (1) | - | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | (3) | 1 | $ | (2) | $ | 2 | 2 | - | 1 | ||||||||||||||||||||||||||||||||
Net Realized Gains | Transfers | Transfers | Unrealized | ||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | Gains | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | (Losses) | ||||||||||||||||||||||||||||||||||||||||
(Losses) | Recognized in | ||||||||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||||||||
on Level | |||||||||||||||||||||||||||||||||||||||||
3 Assets and | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Balance, | Included in | Included in | into | out of | Balance, | Held at | |||||||||||||||||||||||||||||||||||
2013 | January 1 | Net Income | OCI | Purchases | Sales | Settlements | Level 3 | Level 3 | September 30 | September 30 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 219 | $ | 2 | $ | (1) | $ | 129 | $ | (96) | $ | (34) | $ | 43 | $ | (51) | $ | 211 | $ | (2) | |||||||||||||||||||||
States, municipalities and political subdivisions | 96 | (3) | 1 | 122 | (79) | (20) | 5 | (27) | 95 | ||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 413 | 2 | (21) | 116 | (10) | (53) | 4 | (81) | 370 | (3) | |||||||||||||||||||||||||||||||
Commercial mortgage-backed | 129 | 7 | 88 | (10) | 21 | (78) | 157 | ||||||||||||||||||||||||||||||||||
Other asset-backed | 368 | 3 | (1) | 230 | (132) | (30) | (5) | 433 | (2) | ||||||||||||||||||||||||||||||||
Total asset-backed | 910 | 5 | (15) | 434 | (142) | (93) | 25 | (164) | 960 | (5) | |||||||||||||||||||||||||||||||
Redeemable preferred stock | 26 | (1) | (25) | - | |||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,251 | 3 | (15) | 685 | (317) | (172) | 73 | (242) | 1,266 | (7) | |||||||||||||||||||||||||||||||
Fixed maturities, trading | 89 | (7) | (4) | 78 | (7) | ||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,340 | $ | (4) | $ | (15) | $ | 685 | $ | (321) | $ | (172) | $ | 73 | $ | (242) | $ | 1,344 | $ | (14) | |||||||||||||||||||||
Equity securities available-for-sale | $ | 34 | $ | (22) | $ | 2 | $ | (1) | $ | 13 | $ | (22) | |||||||||||||||||||||||||||||
Equity securities trading | 7 | (5) | 2 | (5) | |||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 41 | $ | (27) | $ | 2 | $ | - | $ | - | $ | - | $ | - | $ | (1) | $ | 15 | $ | (27) | |||||||||||||||||||||
Short term investments | $ | 6 | $ | (6) | $ | - | |||||||||||||||||||||||||||||||||||
Other invested assets | 1 | (1) | - | ||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 100 | $ | 14 | $ | (24) | 90 | $ | (1) | |||||||||||||||||||||||||||||||||
Separate account business | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | 5 | 7 | $ | (6) | $ | 1 | (2) | (5) | - | 1 | |||||||||||||||||||||||||||||||
Net realized and unrealized gains and losses are reported in Net income as follows: | |||||||||||||||||||||||||||||||||||||||||
Major Category of Assets and Liabilities | Consolidated Condensed Statements of Income Line Items | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale | Investment gains (losses) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities, trading | Net investment income | ||||||||||||||||||||||||||||||||||||||||
Equity securities available-for-sale | Investment gains (losses) | ||||||||||||||||||||||||||||||||||||||||
Equity securities, trading | 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 Other revenues | ||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments included in Assets and Liabilities of discontinued operations | Discontinued operations, net | ||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | Other revenues | ||||||||||||||||||||||||||||||||||||||||
Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume. During the three months ended September 30, 2014 there were no transfers between Level 1 and Level 2. During the nine months ended September 30, 2014 there were $24 million of transfers from Level 2 to Level 1 and $1 million from Level 1 to Level 2. There were no transfers between Level 1 and Level 2 during the three or nine months ended September 30, 2013. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. | |||||||||||||||||||||||||||||||||||||||||
Valuation Methodologies and Inputs | |||||||||||||||||||||||||||||||||||||||||
The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified. | |||||||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities are valued using methodologies that model information generated by market transactions involving identical or comparable assets, as well as discounted cash flow methodologies. Common inputs include: prices from recently executed transactions of similar securities, broker/dealer quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. | |||||||||||||||||||||||||||||||||||||||||
Level 1 securities include exchange traded bonds, highly liquid U.S. and foreign government bonds, and redeemable preferred stock, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. Securities are generally assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with inputs that are not market observable. | |||||||||||||||||||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||||||||||||||
Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily non-redeemable preferred stocks and common stocks valued using pricing for similar securities, recently executed transactions, broker/dealer quotes and other pricing models utilizing market observable inputs. Level 3 securities are priced using internal models with inputs that are not market observable. | |||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||||||||
Exchange traded derivatives are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy. Level 2 derivatives primarily include currency forwards valued using observable market forward rates. Over-the-counter derivatives, principally interest rate swaps, total return swaps, commodity swaps, credit default swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 2 or Level 3 of the valuation hierarchy, depending on the amount of transparency as to whether these quotes are based on information that is observable in the marketplace. | |||||||||||||||||||||||||||||||||||||||||
Short Term Investments | |||||||||||||||||||||||||||||||||||||||||
Securities that are actively traded and have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes commercial paper, for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short term investments as presented in the tables above differ from the amounts presented in the Consolidated Condensed Balance Sheets because certain short term investments, such as time deposits, are not measured at fair value. | |||||||||||||||||||||||||||||||||||||||||
Other Invested Assets | |||||||||||||||||||||||||||||||||||||||||
Level 1 securities include exchange traded open-end funds valued using quoted market prices. Level 2 securities include overseas deposits which can be redeemed at net asset value in 90 days or less. | |||||||||||||||||||||||||||||||||||||||||
Life Settlement Contracts | |||||||||||||||||||||||||||||||||||||||||
The fair values of life settlement contracts are determined as the present value of the anticipated death benefits less anticipated premium payments based on contract terms that are distinct for each insured, as well as CNA’s own assumptions for mortality, premium expense, and the rate of return that a buyer would require on the contracts, as no comparable market pricing data is available. | |||||||||||||||||||||||||||||||||||||||||
Separate Account Business | |||||||||||||||||||||||||||||||||||||||||
Separate account business includes fixed maturity securities, equities and short term investments. The valuation methodologies and inputs for these asset types have been described above. | |||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities of Discontinued Operations | |||||||||||||||||||||||||||||||||||||||||
Assets and liabilities of discontinued operations relate to HighMount, as discussed in Notes 2 and 15. These balances represent short term investments and derivative assets and liabilities, which are valued using the methodologies and inputs for these asset and liability types described above. | |||||||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||||||
The tables below present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the table below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. | |||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | Fair Value | Valuation | Unobservable | Range | |||||||||||||||||||||||||||||||||||||
Techniques | Inputs | (Weighted | |||||||||||||||||||||||||||||||||||||||
Average) | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 95 | Discounted cash flow | Credit spread | 2% – 12% (3%) | ||||||||||||||||||||||||||||||||||||
Equity securities | 18 | Market approach | Private offering price | $13 – $4,388 per share | |||||||||||||||||||||||||||||||||||||
($554 per share) | |||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 86 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||||
Mortality assumption | 70% – 743% (193%) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 142 | Discounted cash flow | Credit spread | 2% – 20% (4%) | ||||||||||||||||||||||||||||||||||||
Equity securities | 10 | Market approach | Private offering price | $360 – $4,268 per share | |||||||||||||||||||||||||||||||||||||
($1,148 per share) | |||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 88 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||||
Mortality assumption | 70% – 743% (192%) | ||||||||||||||||||||||||||||||||||||||||
For fixed maturity securities, an increase in the credit spread assumptions would result in a lower fair value measurement. For equity securities, an increase in the private offering price, earnings projections and earnings multiple would result in a higher fair value measurement. For life settlement contracts, an increase in the discount rate risk premium or decrease in the mortality assumption would result in a lower fair value measurement. | |||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Not Measured at Fair Value | |||||||||||||||||||||||||||||||||||||||||
The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instrument assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are listed in the tables below. The carrying amounts and estimated fair values of short term debt and long term debt exclude capital lease obligations. The carrying amounts reported on the Consolidated Condensed 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 | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Other invested assets | $ | 556 | $ | 576 | $ | 576 | |||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Short term debt | 850 | $ | 813 | 51 | 864 | ||||||||||||||||||||||||||||||||||||
Long term debt | 10,040 | 10,191 | 420 | 10,611 | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Other invested assets | $ | 508 | $ | 515 | $ | 515 | |||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Premium deposits and annuity contracts | 57 | 58 | 58 | ||||||||||||||||||||||||||||||||||||||
Short term debt | 818 | $ | 832 | 20 | 852 | ||||||||||||||||||||||||||||||||||||
Long term debt | 9,515 | 9,907 | 182 | 10,089 | |||||||||||||||||||||||||||||||||||||
Long term debt included in discontinued operations | 500 | 500 | 500 | ||||||||||||||||||||||||||||||||||||||
The following methods and assumptions were used in estimating the fair value of these financial assets and liabilities. | |||||||||||||||||||||||||||||||||||||||||
The fair values of mortgage loans, included in Other invested assets, were based on the present value of the expected future cash flows discounted at the current interest rate for similar financial instruments, adjusted for specific loan risk. | |||||||||||||||||||||||||||||||||||||||||
Premium deposits and annuity contracts were valued based on cash surrender values or estimated fair values of policyholder liabilities, net of amounts ceded related to sold business. | |||||||||||||||||||||||||||||||||||||||||
Fair value of debt was based on observable market prices when available. When observable market prices were not available, the fair value for debt was based on observable market prices of comparable instruments adjusted for differences between the observed instruments and the instruments being valued or is estimated using discounted cash flow analyses, based on current incremental borrowing rates for similar types of borrowing arrangements. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||
5. Derivative Financial Instruments | |||||||||||||||||||||||||
A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under the agreements and may not be representative of the potential for gain or loss on these instruments. | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Contractual/ | Contractual/ | ||||||||||||||||||||||||
Notional | Estimated Fair Value | Notional | Estimated Fair Value | ||||||||||||||||||||||
Amount | Asset | (Liability) | Amount | Asset | (Liability) | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
With hedge designation: | |||||||||||||||||||||||||
Foreign exchange: | |||||||||||||||||||||||||
Currency forwards – short | $ | 133 | $ | (4 | ) | $ | 114 | $ | 2 | $ | (1 | ) | |||||||||||||
Without hedge designation: | |||||||||||||||||||||||||
Equity markets: | |||||||||||||||||||||||||
Options – purchased | 569 | $ | 18 | 1,561 | 41 | ||||||||||||||||||||
– written | 218 | (18 | ) | 729 | (23 | ) | |||||||||||||||||||
Equity swaps and warrants | |||||||||||||||||||||||||
– long | 12 | 4 | 17 | 9 | |||||||||||||||||||||
Interest rate risk: | |||||||||||||||||||||||||
Credit default swaps | |||||||||||||||||||||||||
– purchased protection | 50 | (3 | ) | ||||||||||||||||||||||
– sold protection | 25 | ||||||||||||||||||||||||
Foreign exchange: | |||||||||||||||||||||||||
Currency forwards – long | 55 | ||||||||||||||||||||||||
– short | 181 | 7 | 113 | ||||||||||||||||||||||
Currency options – long | 625 | 13 | |||||||||||||||||||||||
– short | 50 | ||||||||||||||||||||||||
Embedded derivative on funds withheld liability | 185 | (1 | ) | ||||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||
Interest rate risk: | |||||||||||||||||||||||||
Interest rate swaps | 300 | (4 | ) | ||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Forwards – short | 180 | 4 | (4 | ) | |||||||||||||||||||||
Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables, Payable to brokers and Assets and Liabilities of discontinued operations on the Consolidated Condensed Balance Sheets. There would be no significant difference in the balance included in such accounts if the estimated fair values were presented net for the periods ended September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
In connection with the sale of HighMount, as discussed in Note 2, cash flow hedge accounting treatment was discontinued for all of HighMount’s commodity and interest rate swaps in 2014 and a loss of $4 million after tax was reclassified from AOCI into Discontinued operations, net for those hedges where the original forecasted transactions are no longer probable of occurring. In addition, mark-to-market losses of $2 million after tax were recognized on these derivatives in 2014. | |||||||||||||||||||||||||
For derivative financial instruments without hedge designation, changes in the fair value of derivatives not held in a trading portfolio are reported in Investment gains (losses) and changes in the fair value of derivatives held for trading purposes are reported in Net investment income on the Consolidated Condensed Statements of Income. Losses of $1 million for the three months ended September 30, 2013 and gains of $1 million and losses of $4 million for the nine months ended September 30, 2014 and 2013 were included in Investment gains (losses). Losses of $7 million and $17 million for the three months ended September 30, 2014 and 2013 and losses of $2 million and $33 million for the nine months ended September 30, 2014 and 2013 were included in Net investment income. | |||||||||||||||||||||||||
The Company’s derivative financial instruments with cash flow hedge designation hedge variable price risk associated with the purchase and sale of natural gas and exposure to foreign currency losses on future foreign currency expenditures. Losses of $6 million and gains of $1 million were recognized in OCI related to these cash flow hedges for the three months ended September 30, 2014 and 2013. Gains of $2 million and losses of $6 million were recognized in OCI related to these cash flow hedges for the nine months ended September 30, 2014 and 2013. For the three months ended September 30, 2013, losses of $5 million were reclassified from AOCI into income. For the nine months ended September 30, 2014 and 2013, gains of $3 million and losses of $3 million were reclassified from AOCI into income. As of September 30, 2014, the estimated amount of net unrealized losses associated with these cash flow hedges that will be reclassified from AOCI into earnings during the next twelve months was $6 million. The net amounts recognized due to ineffectiveness were less than $1 million for the three and nine months ended September 30, 2014 and 2013. |
Claim_and_Claim_Adjustment_Exp
Claim and Claim Adjustment Expense Reserves | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Insurance [Abstract] | ' | ||||||||||||||||
Claim and Claim Adjustment Expense Reserves | ' | ||||||||||||||||
6. Claim and Claim Adjustment Expense Reserves | |||||||||||||||||
CNA’s property and casualty insurance claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including claims that are incurred but not reported (“IBNR”) as of the reporting date. CNA’s reserve projections are based primarily on detailed analysis of the facts in each case, CNA’s experience with similar cases and various historical development patterns. Consideration is given to such historical patterns as field reserving trends and claims settlement practices, loss payments, pending levels of unpaid claims and product mix, as well as court decisions, economic conditions including inflation and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. | |||||||||||||||||
Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can all affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that CNA’s ultimate cost for insurance losses will not exceed current estimates. | |||||||||||||||||
Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in CNA’s results of operations and/or equity. CNA reported catastrophe losses, net of reinsurance, of $17 million and $42 million for the three months ended September 30, 2014 and 2013 and $147 million and $146 million for the nine months ended September 30, 2014 and 2013. Catastrophe losses in 2014 related primarily to U.S. weather-related events. | |||||||||||||||||
Net Prior Year Development | |||||||||||||||||
The following tables and discussion include the net prior year development recorded for CNA Specialty, CNA Commercial and Other. | |||||||||||||||||
Three Months Ended September 30, 2014 | CNA | CNA | Other | Total | |||||||||||||
Specialty | Commercial | ||||||||||||||||
(In millions) | |||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | -82 | $ | 57 | $ | -1 | $ | (26) | |||||||||
Pretax (favorable) unfavorable premium development | -2 | (1) | 6 | 3 | |||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | -84 | $ | 56 | $ | 5 | $ | (23) | |||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | -74 | $ | (3) | $ | -4 | $ | (81) | |||||||||
Pretax (favorable) unfavorable premium development | -3 | 7 | 1 | 5 | |||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | -77 | $ | 4 | $ | -3 | $ | (76) | |||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | -139 | $ | 153 | $ | 9 | $ | 23 | |||||||||
Pretax (favorable) unfavorable premium development | -11 | (25) | 6 | (30) | |||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | -150 | $ | 128 | $ | 15 | $ | (7) | |||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | -130 | $ | 13 | $ | 5 | $ | (112) | |||||||||
Pretax (favorable) unfavorable premium development | -16 | (8) | 8 | (16) | |||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | -146 | $ | 5 | $ | 13 | $ | (128) | |||||||||
CNA Specialty | |||||||||||||||||
The following table and discussion provide further detail of the net prior year claim and allocated claim adjustment expense reserve development (“development”) recorded for the CNA Specialty segment: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Medical professional liability | $ | 13 | $ | 9 | $ | 15 | $ | (11) | |||||||||
Other professional liability and management liability | (9) | (4) | (73) | (28) | |||||||||||||
Surety | (79) | (76) | (78) | (74) | |||||||||||||
Other | (7) | (3) | (3) | (17) | |||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (82) | $ | (74) | $ | (139) | $ | (130) | |||||||||
Three Months | |||||||||||||||||
2014 | |||||||||||||||||
Unfavorable development for medical professional liability was primarily related to increased frequency of large medical products liability class action lawsuits in accident years 2012 and prior. | |||||||||||||||||
Favorable development for surety coverages was primarily due to lower than expected frequency of large losses in accident years 2012 and prior. | |||||||||||||||||
2013 | |||||||||||||||||
Favorable development for surety coverages was primarily due to better than expected large loss emergence in accident years 2011 and prior. | |||||||||||||||||
Nine Months | |||||||||||||||||
2014 | |||||||||||||||||
Unfavorable development for medical professional liability was primarily related to increased frequency of large medical products liability class action lawsuits in accident years 2012 and prior. | |||||||||||||||||
Favorable development for other professional liability and management liability was related to better than expected severity in accident years 2008 through 2011, including favorable outcomes on individual large claims. | |||||||||||||||||
Favorable development for surety coverages was primarily due to lower than expected frequency of large losses in accident years 2012 and prior. | |||||||||||||||||
2013 | |||||||||||||||||
Overall, favorable development for medical professional liability reflects favorable experience in accident years 2009 and prior. Unfavorable development was recorded for accident years 2010 and 2011 due to higher than expected large loss activity. | |||||||||||||||||
Overall, favorable development for other professional liability and management liability was related to better than expected loss emergence in accident years 2007 through 2009. Unfavorable development was recorded in accident years 2010 through 2012 related to an increase in severity. | |||||||||||||||||
Favorable development for surety coverages was primarily due to better than expected large loss emergence in accident years 2011 and prior. | |||||||||||||||||
Favorable development for other coverages was primarily due to better than expected loss emergence in property coverages in accident years 2010 and subsequent. | |||||||||||||||||
CNA Commercial | |||||||||||||||||
The following table and discussion provide further detail of the development recorded for the CNA Commercial segment. A significant amount of the unfavorable development for the nine months ended September 30, 2014 relates to business classes which CNA has exited, but also includes Small Business where CNA is taking underwriting actions in an effort to improve profitability. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Commercial auto | $ | 12 | $ | 4 | $ | 52 | $ | 1 | |||||||||
General liability | 39 | (18) | 64 | (24) | |||||||||||||
Workers’ compensation | 24 | 26 | 74 | 96 | |||||||||||||
Property and other | (18) | (15) | (37) | (60) | |||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 57 | $ | (3) | $ | 153 | $ | 13 | |||||||||
Three Months | |||||||||||||||||
2014 | |||||||||||||||||
Overall, unfavorable development for general liability coverages was primarily related to higher than expected severity in accident years 2010, 2011 and 2013. Favorable development was recorded primarily related to lower than expected frequency of large losses in accident years 2005 through 2008. | |||||||||||||||||
Overall, unfavorable development for workers’ compensation was primarily related to increased medical severity in accident years 2010 and prior and higher than expected severity related to Defense Base Act (“DBA”) contractors in accident years 2010 through 2013. Favorable development of $26 million was recorded in accident years 1996 and prior related to the commutation of a workers’ compensation reinsurance pool. | |||||||||||||||||
Favorable development for property and other first-party coverages was recorded in accident years 2013 and prior, primarily related to fewer claims than expected and favorable individual claim settlements. | |||||||||||||||||
2013 | |||||||||||||||||
Favorable development for general liability coverages was primarily related to better than expected loss emergence in accident years 2005 through 2007 and 2012. | |||||||||||||||||
Unfavorable development for workers’ compensation was primarily due to increased frequency and severity on claims related to DBA contractors in accident year 2012. | |||||||||||||||||
Favorable development for property and other coverages was primarily related to favorable loss emergence in non-catastrophe losses in accident years 2010 through 2012. | |||||||||||||||||
Nine Months | |||||||||||||||||
2014 | |||||||||||||||||
Unfavorable development for commercial auto was primarily related to higher than expected frequency in accident years 2012 and 2013 and higher than expected severity for liability coverages in accident years 2009 through 2013. | |||||||||||||||||
Overall, unfavorable development for general liability was primarily related to higher than expected severity in accident years 2010, 2011 and 2013, including unfavorable development in accident year 2013 related to Small Business. Favorable development was recorded primarily related to lower than expected frequency of large losses in accident years 2005 through 2008. | |||||||||||||||||
Overall, unfavorable development for workers’ compensation was primarily due to increased medical severity in accident years 2010 and prior, higher than expected severity related to DBA contractors in accident years 2010 through 2013 and the recognition of losses related to favorable premium development in accident year 2013. Favorable development of $26 million was recorded in accident years 1996 and prior related to the commutation of a workers’ compensation reinsurance pool. | |||||||||||||||||
Favorable development for property and other first-party coverages was recorded in accident years 2013 and prior, primarily related to fewer claims than expected and favorable individual claim settlements. | |||||||||||||||||
2013 | |||||||||||||||||
Favorable development for general liability coverages was primarily related to better than expected loss emergence in accident years 2009 and prior and 2012. | |||||||||||||||||
Unfavorable development for workers’ compensation includes CNA’s response to legislation enacted during 2013 related to the New York Fund for Reopened Cases. The law change necessitated an increase in reserves as re-opened workers’ compensation claims can no longer be turned over to the state for handling and payment after December 31, 2013. Additional unfavorable development was recorded in accident year 2012 related to increased frequency and severity on claims related to DBA contractors and in accident year 2010 due to higher than expected large losses and increased severity in the state of California. | |||||||||||||||||
Favorable development for property and other coverages was primarily related to favorable outcomes on litigated catastrophe claims in accident years 2005 and 2010 and favorable loss emergence in non-catastrophe losses in accident years 2010 through 2012. |
Impairment_of_LongLived_Assets
Impairment of Long-Lived Assets | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Impairment of Long-Lived Assets | ' |
7. Impairment of Long-Lived Assets | |
In the third quarter of 2014, Diamond Offshore cold stacked a semisubmersible rig and expects to cold stack two additional rigs in the near term. Demand for offshore drilling rigs continues to decline and is exacerbated by an oversupply of rigs including newbuilds scheduled for delivery in 2014 and 2015. Due to these factors, among other things, Diamond Offshore plans to retire and scrap a number of rigs that are currently idle, as well as an additional rig upon completion of its contract term in March of 2015. As a result, Diamond Offshore performed an impairment analysis to determine whether the carrying amount of these assets was recoverable. Based on this analysis, an impairment loss, related to Diamond Offshore’s semisubmersible rigs, was recognized aggregating $109 million ($55 million after tax and noncontrolling interests) for the three and nine months ended September 30, 2014. This impairment loss was recorded within Other operating expenses on the Consolidated Condensed Statements of Income. At September 30, 2014, the fair value of these rigs amounted to $17 million. The fair value was determined through discussions and a nonbinding quote from a rig broker, and for the rig currently under contract using an internally developed income approach, which are Level 3 inputs of the fair value hierarchy. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
8. Income Taxes | |
During 2013, Diamond Offshore received notification from the Egyptian tax authorities proposing a $1.2 billion increase in taxable income for the years 2006 to 2008. In December of 2013, Diamond Offshore accrued an additional $57 million of expense for uncertain tax positions in Egypt for all open years. During the first quarter of 2014, Diamond Offshore settled certain disputes for the years 2006 through 2008 with the Egyptian tax authorities, resulting in a net reduction to income tax expense of $17 million. | |
During the second quarter of 2014, the Appeals Committee in Egypt issued a decision regarding one remaining open item for the years 2006 to 2008. Diamond Offshore has filed an objection with the Egyptian courts and continues to dispute the matter, believing that its position will, more likely than not, be sustained. However, if Diamond Offshore’s position is not sustained, tax expense and related penalties would increase by approximately $50 million related to this issue for the 2006 through 2008 tax years as of September 30, 2014. | |
In July of 2014, the United Kingdom Finance Act (“Finance Act”) was enacted, with an effective date retroactive to April 1, 2014. Certain provisions of the Finance Act will limit the amount of tax deductions available with respect to rigs operating in the United Kingdom (“U.K.”) under bareboat charter arrangements, which has caused Diamond Offshore’s expected tax expense for the full year of 2014 to increase by approximately $26 million. | |
During the third quarter of 2014, Diamond Offshore reversed $36 million of reserves for uncertain tax positions, including $6 million for interest and $11 million for penalties, related to a favorable court decision in Brazil resulting in the closure of the 2004 and 2005 tax years, approval from Malaysian tax authorities for the settlement of tax liabilities and penalties for the years 2003 through 2008 and the expiration of the statute of limitations in Mexico for the 2008 tax year. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
9. Debt | |
CNA Financial | |
In February of 2014, CNA completed a public offering of $550 million aggregate principal amount of 4.0% senior notes due May 15, 2024. CNA intends to use the net proceeds from this offering to repurchase, redeem, repay or otherwise retire the $549 million outstanding aggregate principal balance of its 5.9% senior notes due December 15, 2014. | |
Diamond Offshore | |
In September of 2014, Diamond Offshore repaid at maturity the entire $250 million principal amount of its 5.2% senior notes. | |
In October of 2014, Diamond Offshore entered into an agreement to increase its revolving credit facility by $500 million. The credit agreement provides for a $1.5 billion revolving credit facility for general corporate purposes, maturing in 2019. As of September 30, 2014, there were no borrowings under the revolving credit facility. | |
Loews Hotels | |
In August of 2014, Loews Hotels refinanced the indebtedness on the Miami Beach Hotel by extinguishing the existing $125 million 4.8% mortgage loan and entering into a new $300 million 4.1% mortgage loan due in September of 2024. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||||||||||||||
10. Shareholders’ Equity | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||
The tables below display the changes in Accumulated other comprehensive income (“AOCI”) by component for the three and nine months ended September 30, 2013 and 2014: | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Unrealized | Accumulated | ||||||||||||||||||||||||||||
OTTI | Gains | Foreign | Other | ||||||||||||||||||||||||||
Gains | (Losses) on | Discontinued | Cash Flow | Pension | Currency | Comprehensive | |||||||||||||||||||||||
(Losses) | Investments | Operations | Hedges | Liability | Translation | Income (Loss) | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Balance, July 1, 2013 | $ | 23 | $ | 650 | $ | 15 | $ | (7) | $ | (721) | $ | 77 | $ | 37 | |||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $1, $36, $(3), $0, $0 and $0 | (4) | (68) | 8 | 1 | 56 | (7) | |||||||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $2, $8, $(1), $(5) and $0 | 1 | (2) | (16) | 4 | 3 | (10) | |||||||||||||||||||||||
Other comprehensive income (loss) | (3) | (70) | (8) | 5 | 3 | 56 | (17) | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | 1 | 7 | (2) | (6) | - | ||||||||||||||||||||||||
Balance, September 30, 2013 | $ | 21 | $ | 587 | $ | 7 | $ | (4) | $ | (718) | $ | 127 | $ | 20 | |||||||||||||||
Balance, July 1, 2014 | $ | 30 | $ | 1,062 | $ | 30 | $ | (3) | $ | (478) | $ | 166 | $ | 807 | |||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $(1), $52, $2, $2, $1 and $0 | 1 | (59) | (3) | (4) | (2) | (73) | (140) | ||||||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $12, $21, $0, $(2) and $0 | (24) | (31) | 4 | (51) | |||||||||||||||||||||||||
Other comprehensive income (loss) | 1 | (83) | (34) | (4) | 2 | (73) | (191) | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | 1 | 8 | 4 | 2 | 7 | 22 | |||||||||||||||||||||||
Balance, September 30, 2014 | $ | 32 | $ | 987 | $ | - | $ | (5) | $ | (476) | $ | 100 | $ | 638 | |||||||||||||||
Total | |||||||||||||||||||||||||||||
Unrealized | Accumulated | ||||||||||||||||||||||||||||
OTTI | Gains | Foreign | Other | ||||||||||||||||||||||||||
Gains | (Losses) on | Discontinued | Cash Flow | Pension | Currency | Comprehensive | |||||||||||||||||||||||
(Losses) | Investments | Operations | Hedges | Liability | Translation | Income (Loss) | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 18 | $ | 1,233 | $ | 20 | $ | (4) | $ | (732) | $ | 143 | $ | 678 | |||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $(2), $382, $(5), $3, $0 and $0 | 2 | (706) | 14 | (3) | (18) | (711) | |||||||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $5, $14, $(1), $(10) and $0 | 1 | (11) | (27) | 2 | 12 | (23) | |||||||||||||||||||||||
Other comprehensive income (loss) | 3 | (717) | (13) | (1) | 12 | (18) | (734) | ||||||||||||||||||||||
Issuance of equity securities by subsidiary | 2 | 2 | |||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | 71 | 1 | 2 | 74 | |||||||||||||||||||||||||
Balance, September 30, 2013 | $ | 21 | $ | 587 | $ | 7 | $ | (4) | $ | (718) | $ | 127 | $ | 20 | |||||||||||||||
Balance, January 1, 2014 | $ | 23 | $ | 622 | $ | (3) | $ | (4) | $ | (432) | $ | 133 | $ | 339 | |||||||||||||||
Transfer to net assets of discontinued operations | (5) | (15) | 20 | - | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax $(8), $(229), $(3), $(1), $1 and $0 | 15 | 462 | 2 | 1 | (2) | (37) | 441 | ||||||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $20, $16, $1, $24 and $0 | (38) | (21) | (2) | (50) | (111) | ||||||||||||||||||||||||
Other comprehensive income (loss) | 15 | 424 | (19) | (1) | (52) | (37) | 330 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | (1) | (44) | 2 | 8 | 4 | (31) | |||||||||||||||||||||||
Balance, September 30, 2014 | $ | 32 | $ | 987 | $ | - | $ | (5) | $ | (476) | $ | 100 | $ | 638 | |||||||||||||||
Amounts reclassified from AOCI shown above are reported in Net income as follows: | |||||||||||||||||||||||||||||
Major Category of AOCI | Affected Line Item | ||||||||||||||||||||||||||||
OTTI gains (losses) | Investment gains (losses) | ||||||||||||||||||||||||||||
Unrealized gains (losses) on investments | Investment gains (losses) | ||||||||||||||||||||||||||||
Unrealized gains (losses) and cash flow hedges related to discontinued operations | Discontinued operations, net | ||||||||||||||||||||||||||||
Cash flow hedges | Other revenues and Contract drilling expenses | ||||||||||||||||||||||||||||
Pension liability | Other operating expenses | ||||||||||||||||||||||||||||
Subsidiary Equity Transactions | |||||||||||||||||||||||||||||
Diamond Offshore repurchased 1.9 million shares of its common stock at an aggregate cost of $88 million during the nine months ended September 30, 2014. The Company’s percentage ownership interest in Diamond Offshore increased as a result of these repurchases, from 50.4% to 51.1%. The repurchase price of the shares exceeded the Company’s carrying value, resulting in a decrease to Additional paid-in capital of $8 million. | |||||||||||||||||||||||||||||
Treasury Stock | |||||||||||||||||||||||||||||
The Company repurchased 9.6 million and 4.9 million shares of Loews common stock at aggregate costs of $415 million and $218 million during the nine months ended September 30, 2014 and 2013. |
Benefit_Plans
Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Benefit Plans | ' | ||||||||||||||||
11. Benefit Plans | |||||||||||||||||
Pension Plans - The Company has several non-contributory defined benefit plans for eligible employees. Benefits for certain plans are determined annually based on a specified percentage of annual earnings (based on the participant’s age or years of service) and a specified interest rate (which is established annually for all participants) applied to accrued balances. The benefits for another plan which cover 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 - The Company has several postretirement benefit plans covering 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 units vary by each unit and contract. Benefits for certain retirees are in the form of a Company 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 the Company reimbursing a portion of the unpaid amount; or are reimbursed for the Medicare Part B premium or have no Company coverage. The benefits provided by the Company are basically health and, for certain retirees, life insurance type benefits. | |||||||||||||||||
The Company funds certain of these benefit plans and accrues postretirement benefits during the active service of those employees who would become eligible for such benefits when they retire. | |||||||||||||||||
The components of net periodic benefit cost are as follows: | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Service cost | $ | 5 | $ | 6 | $ | 13 | $ | 18 | |||||||||
Interest cost | 37 | 34 | 111 | 101 | |||||||||||||
Expected return on plan assets | (52) | (49) | (157) | (148) | |||||||||||||
Amortization of unrecognized net loss | 7 | 12 | 22 | 40 | |||||||||||||
Regulatory asset decrease | 4 | 1 | 4 | ||||||||||||||
Net periodic benefit cost | $ | (3) | $ | 7 | $ | (10) | $ | 15 | |||||||||
Other Postretirement Benefits | |||||||||||||||||
Three Months Ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Service cost | $ | 1 | $ | 1 | |||||||||||||
Interest cost | $ | 1 | 1 | $ | 3 | 3 | |||||||||||
Expected return on plan assets | (1) | (1) | (3) | (3) | |||||||||||||
Amortization of unrecognized net loss | 1 | 1 | |||||||||||||||
Amortization of unrecognized prior service benefit | (2) | (6) | (15) | (19) | |||||||||||||
Curtailment gain | (86) | ||||||||||||||||
Net periodic benefit cost | $ | (2) | $ | (4) | $ | (101) | $ | (17) | |||||||||
In the second quarter of 2014, CNA eliminated certain postretirement medical benefits associated with the CNA Health and Group Benefits Program. This change was a negative plan amendment and also resulted in an $86 million curtailment gain which is included in Other operating expenses in the Consolidated Condensed Statements of Income. In connection with the plan amendment, CNA remeasured the plan benefit obligation which resulted in a decrease to the discount rate used to determine the benefit obligation from 3.6% to 3.1%. |
Business_Segments
Business Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segments | ' | ||||||||||||||||
12. Business Segments | |||||||||||||||||
The Company’s reportable segments are primarily based on its individual operating subsidiaries. Each of the principal operating subsidiaries are 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. Investment gains (losses) and the related income taxes, excluding those of CNA, are included in the Corporate and other segment. | |||||||||||||||||
CNA’s results are reported in four business segments: CNA Specialty, CNA Commercial, Life & Group Non-Core and Other. CNA Specialty provides a broad array of professional, financial and specialty property and casualty products and services, primarily through insurance brokers and managing general underwriters. CNA Commercial includes property and casualty coverages sold to small businesses and middle market entities and organizations primarily through an independent agency distribution system. CNA Commercial also includes commercial insurance and risk management products sold to large corporations primarily through insurance brokers. Life & Group Non-Core primarily includes the results of the life and group lines of business that are in run-off. Other includes the operations of Hardy Underwriting Bermuda Limited (“Hardy”), corporate expenses, including interest on corporate debt, and the results of certain property and casualty business primarily in run-off, including CNA Re and asbestos and environmental pollution. Hardy is a specialized Lloyd’s of London underwriter primarily of short-tail exposures in marine and aviation, non-marine property, specialty lines and property treaty reinsurance. | |||||||||||||||||
Diamond Offshore owns and operates offshore drilling rigs that are chartered on a contract basis for fixed terms by companies engaged in exploration and production of hydrocarbons. Offshore rigs are mobile units that can be relocated based on market demand. Diamond Offshore’s fleet consists of 38 drilling rigs, excluding six mid-water rigs that Diamond Offshore plans to retire and scrap, and including four newbuild rigs, which are under construction and one rig being constructed utilizing the hull of one of Diamond Offshore’s existing mid-water floaters. On September 30, 2014, Diamond Offshore’s drilling rigs were located offshore nine countries in addition to the United States. | |||||||||||||||||
Boardwalk Pipeline is engaged in the interstate transportation and storage of natural gas and NGLs and gathering and processing of natural gas. This segment consists of interstate natural gas pipeline systems originating in the Gulf Coast region, Oklahoma and Arkansas, and extending north and east through the midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, natural gas storage facilities in four states and NGL pipelines and storage facilities in Louisiana, with approximately 14,625 miles of pipeline. | |||||||||||||||||
Loews Hotels operates a chain of 21 hotels, 20 of which are in the United States and one of which is in Canada. | |||||||||||||||||
The Corporate and other segment consists primarily of corporate investment income, corporate interest expense and other unallocated expenses. | |||||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In addition, CNA does not maintain a distinct investment portfolio for every insurance segment, and accordingly, allocation of assets to each segment is not performed. Therefore, a | |||||||||||||||||
significant portion of net investment income and investment gains (losses) are allocated based on each segment’s carried insurance reserves, as adjusted. | |||||||||||||||||
The HighMount and CAC businesses are reported as discontinued operations in the Consolidated Condensed Statements of Income for the three and nine months ended September 30, 2014 and 2013. See Notes 2 and 15 for further discussion of discontinued operations. | |||||||||||||||||
The following tables set forth the Company’s consolidated revenues and income (loss) by business segment: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Revenues (a): | |||||||||||||||||
CNA Financial: | |||||||||||||||||
CNA Specialty | $ | 987 | $ | 996 | $ | 2,959 | $ | 2,906 | |||||||||
CNA Commercial | 985 | 1,062 | 3,053 | 3,267 | |||||||||||||
Life & Group Non-Core | 343 | 300 | 990 | 918 | |||||||||||||
Other | 96 | 100 | 312 | 272 | |||||||||||||
Total CNA Financial | 2,411 | 2,458 | 7,314 | 7,363 | |||||||||||||
Diamond Offshore | 737 | 706 | 2,148 | 2,198 | |||||||||||||
Boardwalk Pipeline | 279 | 288 | 931 | 921 | |||||||||||||
Loews Hotels | 126 | 95 | 343 | 290 | |||||||||||||
Corporate and other | -30 | 50 | 68 | 59 | |||||||||||||
Total | $ | 3,523 | $ | 3,597 | $ | 10,804 | $ | 10,831 | |||||||||
Income (loss) before income tax and noncontrolling interests (a): | |||||||||||||||||
CNA Financial: | |||||||||||||||||
CNA Specialty | $ | 290 | $ | 283 | $ | 771 | $ | 718 | |||||||||
CNA Commercial | 99 | 200 | 306 | 559 | |||||||||||||
Life & Group Non-Core | -52 | -83 | -91 | (190) | |||||||||||||
Other | -42 | -26 | -25 | (91) | |||||||||||||
Total CNA Financial | 295 | 374 | 961 | 996 | |||||||||||||
Diamond Offshore | 82 | 131 | 362 | 593 | |||||||||||||
Boardwalk Pipeline | 28 | 60 | 105 | 226 | |||||||||||||
Loews Hotels | -2 | 14 | |||||||||||||||
Corporate and other | -66 | 13 | -43 | (36) | |||||||||||||
Total | $ | 339 | $ | 576 | $ | 1,399 | $ | 1,779 | |||||||||
Net income (loss) (a): | |||||||||||||||||
CNA Financial: | |||||||||||||||||
CNA Specialty | $ | 174 | $ | 170 | $ | 462 | $ | 427 | |||||||||
CNA Commercial | 61 | 119 | 186 | 328 | |||||||||||||
Life & Group Non-Core | -19 | -33 | -6 | (69) | |||||||||||||
Other | -28 | -11 | -19 | (51) | |||||||||||||
Total CNA Financial | 188 | 245 | 623 | 635 | |||||||||||||
Diamond Offshore | 25 | 44 | 136 | 213 | |||||||||||||
Boardwalk Pipeline | 8 | 19 | 7 | 74 | |||||||||||||
Loews Hotels | 1 | 8 | 2 | ||||||||||||||
Corporate and other | -42 | 9 | -27 | (23) | |||||||||||||
Income from continuing operations | 179 | 318 | 747 | 901 | |||||||||||||
Discontinued operations, net | 29 | -36 | -364 | (108) | |||||||||||||
Total | $ | 208 | $ | 282 | $ | 383 | $ | 793 | |||||||||
(a) | Investment gains (losses) included in Revenues, Income (loss) before income tax and noncontrolling interests and Net income (loss) are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues and Income (loss) before income tax and noncontrolling interests: | |||||||||||||||||
CNA Financial: | |||||||||||||||||
CNA Specialty | $ | 3 | $ | 2 | $ | 10 | $ (1) | ||||||||||
CNA Commercial | 3 | 3 | 8 | (5) | |||||||||||||
Life & Group Non-Core | 30 | -3 | 42 | 6 | |||||||||||||
Other | 1 | 5 | 7 | ||||||||||||||
Total | $ | 37 | $ | 2 | $ | 65 | $ | 7 | |||||||||
Net income (loss): | |||||||||||||||||
CNA Financial: | |||||||||||||||||
CNA Specialty | $ | 2 | $ | 6 | $ | (1) | |||||||||||
CNA Commercial | 3 | $ | 1 | 5 | (3) | ||||||||||||
Life & Group Non-Core | 20 | (2) | 26 | 4 | |||||||||||||
Other | -1 | 2 | 2 | 5 | |||||||||||||
Total | $ | 24 | $ | 1 | $ | 39 | $ | 5 | |||||||||
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
13. Legal Proceedings | |
The Company and its subsidiaries are parties to litigation arising in the ordinary course of business. The outcome of this litigation will not, in the opinion of management, materially affect the Company’s results of operations or equity. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
14. Commitments and Contingencies | |
CNA Financial | |
In the course of selling business entities and assets to third parties, CNA has agreed to guarantee the performance of certain obligations of a previously owned subsidiary and to indemnify purchasers for losses arising out of breaches of representation and warranties with respect to the business entities or assets being sold, including, in certain cases, losses arising from undisclosed liabilities or certain named litigation. Such guarantee and indemnification agreements may include provisions that survive indefinitely. As of September 30, 2014, the aggregate amount of quantifiable guarantee and indemnification agreements in effect for sales of business entities, assets and third party loans was $375 million and $324 million. Should CNA be required to make payments under the guarantee, it would have the right to seek reimbursement in certain cases from an affiliate of a previously owned subsidiary. | |
In addition, CNA has agreed to provide indemnification to third party purchasers for certain losses associated with sold business entities or assets that are not limited by a contractual monetary amount. As of September 30, 2014, CNA had outstanding unlimited indemnifications in connection with the sales of certain of its business entities or assets that included tax liabilities arising prior to a purchaser’s ownership of an entity or asset, defects in title at the time of sale, employee claims arising prior to closing and in some cases losses arising from certain litigation and undisclosed liabilities. Certain provisions of the indemnification agreements survive indefinitely while others survive until the applicable statutes of limitation expire, or until the agreed upon contract terms expire. | |
In the normal course of business, CNA also provided indemnifications, if the primary obligor fails to perform, to holders of structured settlement annuities provided by a previously owned subsidiary, which are estimated to mature through 2120. The potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.9 billion at September 30, 2014. CNA does not believe a payable 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. | |
Diamond Offshore | |
In July of 2014, Diamond Offshore was notified by Petróleo Brasileiro S.A., (“Petrobras”) that it is challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during the years 2008 and 2009. If Petrobras is ultimately assessed such withholding taxes, it will seek reimbursement from Diamond Offshore for the portion allocable to its drilling rigs. Diamond Offshore disputes any basis for Petrobras to obtain such reimbursement and has notified Petrobras of its position and intends to pursue all legal remedies available to defend any reimbursement claims against it vigorously. However, if Diamond Offshore’s position is not sustained, the amount of such reimbursement could be material. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
15. Discontinued Operations | |||||||||||||||||
As discussed in Note 2, HighMount and the CAC business are classified and presented as discontinued operations. | |||||||||||||||||
The Consolidated Condensed Statements of Income include discontinued operations of HighMount for the three and nine months ended September 30, 2014 and 2013, as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Revenues: | |||||||||||||||||
Other revenue, primarily operating | $ | 49 | $ | 61 | $ | 150 | $ | 195 | |||||||||
Total | 49 | 61 | 150 | 195 | |||||||||||||
Expenses: | |||||||||||||||||
Other operating expenses | |||||||||||||||||
Impairment of natural gas and oil properties | 65 | 29 | 210 | ||||||||||||||
Operating | 54 | 52 | 165 | 162 | |||||||||||||
Interest | 3 | 4 | 8 | 13 | |||||||||||||
Total | 57 | 121 | 202 | 385 | |||||||||||||
Loss before income tax | -8 | -60 | -52 | (190) | |||||||||||||
Income tax benefit | 3 | 22 | 2 | 69 | |||||||||||||
Results of discontinued operations, net of income tax | -5 | -38 | -50 | (121) | |||||||||||||
Impairment loss, net of tax (expense) benefit of $(30) and $62 | 30 | -137 | |||||||||||||||
Income (loss) from discontinued operations | $ | 25 | $ | (38) | $ | (187) | $ | (121) | |||||||||
The Consolidated Condensed Statements of Income include discontinued operations of the CAC business for the three and nine months ended September 30, 2014 and 2013, as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Revenues: | |||||||||||||||||
Net investment income | $ | 14 | $ | 42 | $ | 94 | $ | 128 | |||||||||
Investment gains | 1 | 3 | 3 | 8 | |||||||||||||
Other | 1 | 1 | |||||||||||||||
Total revenues | $ | 15 | $ | 46 | $ | 97 | $ | 137 | |||||||||
Expenses: | |||||||||||||||||
Insurance claims and policyholders’ benefits | 12 | 36 | 75 | 105 | |||||||||||||
Other operating expenses | 6 | 2 | 8 | ||||||||||||||
Total | 12 | 42 | 77 | 113 | |||||||||||||
Income before income tax | 3 | 4 | 20 | 24 | |||||||||||||
Income tax expense | -2 | -3 | -6 | (10) | |||||||||||||
Results of discontinued operations, net of income tax | 1 | 1 | 14 | 14 | |||||||||||||
Loss on sale, net of tax (expense) benefit of $(1) and $40 | 3 | -211 | |||||||||||||||
Amounts attributable to noncontrolling interests | 1 | 20 | (1) | ||||||||||||||
Income (loss) from discontinued operations | $ | 4 | $ | 2 | $ | (177) | $ | 13 | |||||||||
The following table presents the assets and liabilities of HighMount reported as discontinued operations as of December 31, 2013: | |||||||||||||||||
HighMount | Eliminations | Total | |||||||||||||||
(In millions) | |||||||||||||||||
Assets: | |||||||||||||||||
Investments, including cash | $ | 29 | $ | 29 | |||||||||||||
Receivables | 143 | $ (120) | 23 | ||||||||||||||
Property, plant and equipment | 974 | 974 | |||||||||||||||
Deferred income taxes | 517 | -517 | - | ||||||||||||||
Other assets | 15 | 15 | |||||||||||||||
Total assets of discontinued operations | $ | 1,678 | $ (637) | $ | 1,041 | ||||||||||||
Liabilities: | |||||||||||||||||
Short term debt | $ | 21 | $ | 21 | |||||||||||||
Long term debt | 481 | 481 | |||||||||||||||
Other liabilities | 130 | 130 | |||||||||||||||
Total liabilities of discontinued operations | $ | 632 | $ - | $ | 632 | ||||||||||||
Consolidating_Financial_Inform
Consolidating Financial Information | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Consolidating Financial Information | ' | ||||||||||||||||||||||||||||
16. Consolidating Financial Information | |||||||||||||||||||||||||||||
The following schedules present the Company’s consolidating balance sheet information at September 30, 2014 and December 31, 2013, and consolidating statements of income information for the three and nine months ended September 30, 2014 and 2013. These schedules present the individual subsidiaries of the Company and their contribution to the Consolidated Condensed 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. In addition, many of the Company’s subsidiaries use a classified balance sheet which also leads to differences in amounts reported for certain line items. | |||||||||||||||||||||||||||||
The Corporate and Other column primarily reflects the parent company’s investment in its subsidiaries, invested cash portfolio, corporate long term debt and assets and liabilities of discontinued operations of HighMount. The elimination adjustments are for intercompany assets and liabilities, interest and dividends, the parent company’s investment in capital stocks of subsidiaries, and various reclasses of debit or credit balances to the amounts in consolidation. Purchase accounting adjustments have been pushed down to the appropriate subsidiary. | |||||||||||||||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
September 30, 2014 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Investments | $ | 46,320 | $ | 1,043 | $ | 76 | $ | 5,205 | $ | 52,644 | |||||||||||||||||||
Cash | 247 | 26 | $ | 7 | 7 | 350 | 637 | ||||||||||||||||||||||
Receivables | 7,313 | 543 | 84 | 39 | 294 | $ | (88) | 8,185 | |||||||||||||||||||||
Property, plant and equipment | 271 | 6,076 | 7,391 | 611 | 62 | 14,411 | |||||||||||||||||||||||
Deferred income taxes | 3 | 278 | (281) | - | |||||||||||||||||||||||||
Goodwill | 118 | 20 | 215 | 353 | |||||||||||||||||||||||||
Investments in capital stocks of subsidiaries | 16,779 | (16,779) | - | ||||||||||||||||||||||||||
Other assets | 783 | 329 | 326 | 202 | 18 | 14 | 1,672 | ||||||||||||||||||||||
Deferred acquisition costs of insurance subsidiaries | 627 | 627 | |||||||||||||||||||||||||||
Total assets | $ | 55,679 | $ | 8,037 | $ | 8,023 | $ | 938 | $ | 22,986 | $ | (17,134) | $ | 78,529 | |||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||
Insurance reserves | $ | 36,095 | $ | 36,095 | |||||||||||||||||||||||||
Payable to brokers | 135 | $ | 4 | $ | 524 | 663 | |||||||||||||||||||||||
Short term debt | 549 | 250 | $ | 51 | 850 | ||||||||||||||||||||||||
Long term debt | 2,559 | 1,981 | $ | 3,410 | 422 | 1,679 | 10,051 | ||||||||||||||||||||||
Deferred income taxes | 38 | 504 | 691 | 38 | $ | (241) | 1,030 | ||||||||||||||||||||||
Other liabilities | 3,300 | 803 | 418 | 32 | 285 | (114) | 4,724 | ||||||||||||||||||||||
Total liabilities | 42,676 | 3,542 | 4,519 | 543 | 2,488 | (355) | 53,413 | ||||||||||||||||||||||
Total shareholders’ equity | 11,673 | 2,309 | 1,561 | 395 | 20,498 | (16,779) | 19,657 | ||||||||||||||||||||||
Noncontrolling interests | 1,330 | 2,186 | 1,943 | 5,459 | |||||||||||||||||||||||||
Total equity | 13,003 | 4,495 | 3,504 | 395 | 20,498 | (16,779) | 25,116 | ||||||||||||||||||||||
Total liabilities and equity | $ | 55,679 | $ | 8,037 | $ | 8,023 | $ | 938 | $ | 22,986 | $ | (17,134) | $ | 78,529 | |||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
December 31, 2013 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Investments | $ | 46,107 | $ | 2,061 | $ | 43 | $ | 4,734 | $ | 52,945 | |||||||||||||||||||
Cash | 195 | 36 | $ | 29 | 10 | 24 | 294 | ||||||||||||||||||||||
Receivables | 8,666 | 498 | 97 | 28 | 74 | $ | (25) | 9,338 | |||||||||||||||||||||
Property, plant and equipment | 282 | 5,472 | 7,296 | 430 | 44 | 13,524 | |||||||||||||||||||||||
Deferred income taxes | 244 | 3 | (247) | - | |||||||||||||||||||||||||
Goodwill | 119 | 20 | 215 | 3 | 357 | ||||||||||||||||||||||||
Assets of discontinued operations | 1,678 | (637) | 1,041 | ||||||||||||||||||||||||||
Investments in capital stocks of subsidiaries | 17,264 | (17,264) | - | ||||||||||||||||||||||||||
Other assets | 741 | 305 | 360 | 183 | 7 | 39 | 1,635 | ||||||||||||||||||||||
Deferred acquisition costs of insurance subsidiaries | 624 | 624 | |||||||||||||||||||||||||||
Separate account business | 181 | 181 | |||||||||||||||||||||||||||
Total assets | $ | 57,159 | $ | 8,392 | $ | 7,997 | $ | 700 | $ | 23,825 | $ | (18,134) | $ | 79,939 | |||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||
Insurance reserves | $ | 38,394 | $ | 38,394 | |||||||||||||||||||||||||
Payable to brokers | 85 | $ | 1 | $ | 48 | 134 | |||||||||||||||||||||||
Short term debt | 549 | 250 | $ | 20 | 819 | ||||||||||||||||||||||||
Long term debt | 2,011 | 2,230 | $ | 3,424 | 182 | 1,678 | 9,525 | ||||||||||||||||||||||
Deferred income taxes | 516 | 689 | 41 | 195 | $ | (725) | 716 | ||||||||||||||||||||||
Liabilities of discontinued operations | 632 | 632 | |||||||||||||||||||||||||||
Other liabilities | 3,323 | 734 | 427 | 23 | 690 | (565) | 4,632 | ||||||||||||||||||||||
Separate account business | 181 | 181 | |||||||||||||||||||||||||||
Total liabilities | 44,543 | 3,731 | 4,540 | 266 | 3,243 | (1,290) | 55,033 | ||||||||||||||||||||||
Total shareholders’ equity | 11,354 | 2,362 | 1,570 | 434 | 20,582 | (16,844) | 19,458 | ||||||||||||||||||||||
Noncontrolling interests | 1,262 | 2,299 | 1,887 | 5,448 | |||||||||||||||||||||||||
Total equity | 12,616 | 4,661 | 3,457 | 434 | 20,582 | (16,844) | 24,906 | ||||||||||||||||||||||
Total liabilities and equity | $ | 57,159 | $ | 8,392 | $ | 7,997 | $ | 700 | $ | 23,825 | $ | (18,134) | $ | 79,939 | |||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Insurance premiums | $ | 5,427 | $ | 5,427 | |||||||||||||||||||||||||
Net investment income | 1,556 | $ | 1 | $ | 68 | 1,625 | |||||||||||||||||||||||
Intercompany interest and dividends | 647 | $ | (647) | - | |||||||||||||||||||||||||
Investment gains | 65 | 65 | |||||||||||||||||||||||||||
Contract drilling revenues | 2,063 | 2,063 | |||||||||||||||||||||||||||
Other revenues | 266 | 84 | $ | 931 | $ | 343 | 1,624 | ||||||||||||||||||||||
Total | 7,314 | 2,148 | 931 | 343 | 715 | (647) | 10,804 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 4,241 | 4,241 | |||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 996 | 996 | |||||||||||||||||||||||||||
Contract drilling expenses | 1,165 | 1,165 | |||||||||||||||||||||||||||
Other operating expenses | 978 | 575 | 705 | 320 | 56 | 2,634 | |||||||||||||||||||||||
Interest | 138 | 46 | 121 | 9 | 55 | 369 | |||||||||||||||||||||||
Total | 6,353 | 1,786 | 826 | 329 | 111 | - | 9,405 | ||||||||||||||||||||||
Income before income tax | 961 | 362 | 105 | 14 | 604 | (647) | 1,399 | ||||||||||||||||||||||
Income tax (expense) benefit | -268 | -84 | (5) | -6 | 16 | (347) | |||||||||||||||||||||||
Income from continuing operations | 693 | 278 | 100 | 8 | 620 | (647) | 1,052 | ||||||||||||||||||||||
Discontinued operations, net | -197 | (187) | (384) | ||||||||||||||||||||||||||
Net income | 496 | 278 | 100 | 8 | 433 | (647) | 668 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -50 | -142 | (93) | (285) | |||||||||||||||||||||||||
Net income attributable to Loews Corporation | $ | 446 | $ | 136 | $ | 7 | $ | 8 | $ | 433 | $ (647) | $ | 383 | ||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Insurance premiums | $ | 5,389 | $ | 5,389 | |||||||||||||||||||||||||
Net investment income | 1,680 | $ | 1 | $ | 58 | 1,739 | |||||||||||||||||||||||
Intercompany interest and dividends | 547 | $ | (547) | - | |||||||||||||||||||||||||
Investment gains | 7 | 7 | |||||||||||||||||||||||||||
Contract drilling revenues | 2,136 | 2,136 | |||||||||||||||||||||||||||
Other revenues | 287 | 61 | $ | 921 | $ | 290 | 1 | 1,560 | |||||||||||||||||||||
Total | 7,363 | 2,198 | 921 | 290 | 606 | (547) | 10,831 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 4,259 | 4,259 | |||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 1,004 | 1,004 | |||||||||||||||||||||||||||
Contract drilling expenses | 1,164 | 1,164 | |||||||||||||||||||||||||||
Other operating expenses | 979 | 423 | 573 | 282 | 52 | 2,309 | |||||||||||||||||||||||
Interest | 125 | 18 | 122 | 8 | 43 | 316 | |||||||||||||||||||||||
Total | 6,367 | 1,605 | 695 | 290 | 95 | - | 9,052 | ||||||||||||||||||||||
Income before income tax | 996 | 593 | 226 | - | 511 | (547) | 1,779 | ||||||||||||||||||||||
Income tax (expense) benefit | -290 | -154 | (49) | 2 | 13 | (478) | |||||||||||||||||||||||
Income from continuing operations | 706 | 439 | 177 | 2 | 524 | (547) | 1,301 | ||||||||||||||||||||||
Discontinued operations, net | 14 | (121) | (107) | ||||||||||||||||||||||||||
Net income | 720 | 439 | 177 | 2 | 403 | (547) | 1,194 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -72 | -226 | (103) | (401) | |||||||||||||||||||||||||
Net income attributable to Loews Corporation | $ | 648 | $ | 213 | $ | 74 | $ | 2 | $ | 403 | $ | (547) | $ | 793 | |||||||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting | ' |
Loews Corporation is a holding company. Its subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), a 90% owned subsidiary); the operation of offshore oil and gas drilling rigs (Diamond Offshore Drilling, Inc. (“Diamond Offshore”), a 51% owned subsidiary); transportation and storage of natural gas and natural gas liquids and gathering and processing of natural gas (Boardwalk Pipeline Partners, LP (“Boardwalk Pipeline”), a 53% owned subsidiary); and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels”), a wholly owned subsidiary). Unless the context otherwise requires, the terms “Company,” “Loews” and “Registrant” as used herein mean Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders. | |
In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of September 30, 2014 and December 31, 2013, the results of operations and comprehensive income for the three and nine months ended September 30, 2014 and 2013 and changes in shareholders’ equity and cash flows for the nine months ended September 30, 2014 and 2013. | |
Net income for the third quarter and first nine months of each of the years is not necessarily indicative of net income for that entire year. | |
Reference is made to the Notes to Consolidated Financial Statements in the 2013 Annual Report on Form 10-K which should be read in conjunction with these Consolidated Condensed Financial Statements. | |
Income Per Share | ' |
The Company presents basic and diluted net income per share on the Consolidated Condensed Statements of Income. Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of 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 common stock were exercised or converted into common stock. Stock appreciation rights (“SARs”) of 2.6 million, 1.4 million, 2.2 million and 1.4 million shares were not included in the diluted weighted average shares amounts for the three and nine months ended September 30, 2014 and 2013 due to the exercise price being greater than the average stock price. | |
Recent Accounting Developments | ' |
Updated accounting guidance not yet adopted – In April of 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under the new accounting guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. The update also requires new disclosures for discontinued operations and disposals that do not meet the definition of a discontinued operation. The new accounting guidance is to be applied prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014, and will not have a material impact on the Company’s consolidated financial statements. | |
In May of 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The core principle of the new accounting guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new accounting guidance provides a five-step analysis of transactions to determine when and how revenue is recognized and requires enhanced disclosures about revenue. This update is effective for annual reporting periods beginning after December 15, 2016, including interim periods, and can be adopted either retrospectively or as a cumulative effect adjustment at the date of adoption. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated financial statements. |
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Net Investment Income and Investment Gains (Losses) | ' | ||||||||||||||||||||||||||||||||||
Net investment income is as follows: | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 453 | $ | 461 | $ | 1,356 | $ | 1,372 | |||||||||||||||||||||||||||
Short term investments | 1 | 2 | 3 | 5 | |||||||||||||||||||||||||||||||
Limited partnership investments | 26 | 115 | 229 | 345 | |||||||||||||||||||||||||||||||
Equity securities | 2 | 3 | 7 | 9 | |||||||||||||||||||||||||||||||
Income (loss) from trading portfolio (a) | (24 | ) | 30 | 46 | 28 | ||||||||||||||||||||||||||||||
Other | 7 | 7 | 25 | 19 | |||||||||||||||||||||||||||||||
Total investment income | 465 | 618 | 1,666 | 1,778 | |||||||||||||||||||||||||||||||
Investment expenses | (14 | ) | (13 | ) | (41 | ) | (39) | ||||||||||||||||||||||||||||
Net investment income | $ | 451 | $ | 605 | $ | 1,625 | $ | 1,739 | |||||||||||||||||||||||||||
(a) Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(19), $25, $46 and $(22) for the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||||
Investment gains (losses) are as follows: | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 39 | $ | 2 | $ | 58 | $ | 22 | |||||||||||||||||||||||||||
Equity securities | (3 | ) | (2 | ) | 2 | (17) | |||||||||||||||||||||||||||||
Derivative instruments | (1 | ) | 1 | (4) | |||||||||||||||||||||||||||||||
Short term investments and other | 1 | 3 | 4 | 6 | |||||||||||||||||||||||||||||||
Investment gains (a) | $ | 37 | $ | 2 | $ | 65 | $ | 7 | |||||||||||||||||||||||||||
(a) | Includes gross realized gains of $52, $50, $130 and $129 and gross realized losses of $16, $50, $70 and $124 on available-for-sale securities for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||
Components of Other-than-Temporary Impairment Losses Recognized in Earnings by Asset Type | ' | ||||||||||||||||||||||||||||||||||
The components of other-than-temporary impairment (“OTTI”) losses recognized in earnings by asset type are as follows: | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 6 | $ | 8 | $ | 9 | $ | 16 | |||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 2 | 2 | 4 | 5 | |||||||||||||||||||||||||||||||
Other asset-backed | 1 | 1 | 2 | ||||||||||||||||||||||||||||||||
Total asset-backed | 2 | 3 | 5 | 7 | |||||||||||||||||||||||||||||||
Total fixed maturities available-for-sale | 8 | 11 | 14 | 23 | |||||||||||||||||||||||||||||||
Equity securities available-for-sale: | |||||||||||||||||||||||||||||||||||
Common stock | 2 | 3 | 3 | 5 | |||||||||||||||||||||||||||||||
Preferred stock | 2 | 22 | |||||||||||||||||||||||||||||||||
Total equity securities available-for-sale | 2 | 5 | 3 | 27 | |||||||||||||||||||||||||||||||
Net OTTI losses recognized in earnings | $ | 10 | $ | 16 | $ | 17 | $ | 50 | |||||||||||||||||||||||||||
Amortized Cost and Fair Values of Securities | ' | ||||||||||||||||||||||||||||||||||
The amortized cost and fair values of securities are as follows: | |||||||||||||||||||||||||||||||||||
September 30, 2014 | Cost or | Gross | Gross | Estimated | Unrealized | ||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | OTTI Losses | |||||||||||||||||||||||||||||||
Cost | Gains | Losses | (Gains) | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 17,480 | $ 1,704 | $ | 40 | $19,144 | |||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 11,217 | 1,295 | 53 | 12,459 | |||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,972 | 187 | 13 | 5,146 | $ | (54) | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,079 | 87 | 8 | 2,158 | (2) | ||||||||||||||||||||||||||||||
Other asset-backed | 1,222 | 13 | 5 | 1,230 | |||||||||||||||||||||||||||||||
Total asset-backed | 8,273 | 287 | 26 | 8,534 | (56) | ||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 25 | 5 | 30 | ||||||||||||||||||||||||||||||||
Foreign government | 456 | 16 | 1 | 471 | |||||||||||||||||||||||||||||||
Redeemable preferred stock | 39 | 3 | 42 | ||||||||||||||||||||||||||||||||
Fixed maturities available- for-sale | 37,490 | 3,310 | 120 | 40,680 | (56) | ||||||||||||||||||||||||||||||
Fixed maturities, trading | 141 | 17 | 124 | ||||||||||||||||||||||||||||||||
Total fixed maturities | 37,631 | 3,310 | 137 | 40,804 | (56) | ||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Common stock | 35 | 11 | 46 | ||||||||||||||||||||||||||||||||
Preferred stock | 162 | 4 | 1 | 165 | |||||||||||||||||||||||||||||||
Equity securities available-for-sale | 197 | 15 | 1 | 211 | - | ||||||||||||||||||||||||||||||
Equity securities, trading | 568 | 87 | 112 | 543 | |||||||||||||||||||||||||||||||
Total equity securities | 765 | 102 | 113 | 754 | - | ||||||||||||||||||||||||||||||
Total | $ | 38,396 | $ 3,412 | $ | 250 | $41,558 | $ | (56) | |||||||||||||||||||||||||||
December 31, 2013 | Cost or | Gross | Gross | Estimated | Unrealized | ||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | OTTI Losses | |||||||||||||||||||||||||||||||
Cost | Gains | Losses | (Gains) | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 19,352 | $ | 1,645 | $ | 135 | $ | 20,862 | |||||||||||||||||||||||||||
States, municipalities and political subdivisions | 11,281 | 548 | 272 | 11,557 | |||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,940 | 123 | 92 | 4,971 | $ | (37) | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 1,995 | 90 | 22 | 2,063 | (3) | ||||||||||||||||||||||||||||||
Other asset-backed | 945 | 13 | 3 | 955 | |||||||||||||||||||||||||||||||
Total asset-backed | 7,880 | 226 | 117 | 7,989 | (40) | ||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 139 | 6 | 1 | 144 | |||||||||||||||||||||||||||||||
Foreign government | 531 | 15 | 3 | 543 | |||||||||||||||||||||||||||||||
Redeemable preferred stock | 92 | 10 | 102 | ||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 39,275 | 2,450 | 528 | 41,197 | (40) | ||||||||||||||||||||||||||||||
Fixed maturities, trading | 151 | 28 | 123 | ||||||||||||||||||||||||||||||||
Total fixed maturities | 39,426 | 2,450 | 556 | 41,320 | (40) | ||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Common stock | 36 | 9 | 45 | ||||||||||||||||||||||||||||||||
Preferred stock | 143 | 1 | 4 | 140 | |||||||||||||||||||||||||||||||
Equity securities available-for-sale | 179 | 10 | 4 | 185 | - | ||||||||||||||||||||||||||||||
Equity securities, trading | 702 | 119 | 135 | 686 | |||||||||||||||||||||||||||||||
Total equity securities | 881 | 129 | 139 | 871 | - | ||||||||||||||||||||||||||||||
Total | $ | 40,307 | $ | 2,579 | $ | 695 | $ | 42,191 | $ | (40) | |||||||||||||||||||||||||
Securities Available-for-Sale in Gross Unrealized Loss Position | ' | ||||||||||||||||||||||||||||||||||
The available-for-sale securities in a gross unrealized loss position are as follows: | |||||||||||||||||||||||||||||||||||
Less than | 12 Months | Total | |||||||||||||||||||||||||||||||||
12 Months | or Longer | ||||||||||||||||||||||||||||||||||
September 30, 2014 | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 1,726 | $ | 23 | $ | 402 | $ | 17 | $ | 2,128 | $ | 40 | |||||||||||||||||||||||
States, municipalities and political subdivisions | 176 | 2 | 435 | 51 | 611 | 53 | |||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 208 | 3 | 254 | 10 | 462 | 13 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 506 | 4 | 112 | 4 | 618 | 8 | |||||||||||||||||||||||||||||
Other asset-backed | 507 | 4 | 13 | 1 | 520 | 5 | |||||||||||||||||||||||||||||
Total asset-backed | 1,221 | 11 | 379 | 15 | 1,600 | 26 | |||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 5 | 5 | |||||||||||||||||||||||||||||||||
Foreign government | 35 | 8 | 1 | 43 | 1 | ||||||||||||||||||||||||||||||
Total fixed maturity securities | 3,158 | 36 | 1,229 | 84 | 4,387 | 120 | |||||||||||||||||||||||||||||
Preferred stock | 32 | 1 | 1 | 33 | 1 | ||||||||||||||||||||||||||||||
Total | $ | 3,190 | $ | 37 | $ | 1,230 | $ | 84 | $ | 4,420 | $ | 121 | |||||||||||||||||||||||
Less than | 12 Months | Total | |||||||||||||||||||||||||||||||||
12 Months | or Longer | ||||||||||||||||||||||||||||||||||
December 31, 2013 | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 3,592 | $ | 129 | $ | 72 | $ | 6 | $ | 3,664 | $ | 135 | |||||||||||||||||||||||
States, municipalities and political subdivisions | 3,251 | 197 | 129 | 75 | 3,380 | 272 | |||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,293 | 29 | 343 | 63 | 1,636 | 92 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 640 | 22 | 640 | 22 | |||||||||||||||||||||||||||||||
Other asset-backed | 269 | 3 | 269 | 3 | |||||||||||||||||||||||||||||||
Total asset-backed | 2,202 | 54 | 343 | 63 | 2,545 | 117 | |||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 13 | 1 | 13 | 1 | |||||||||||||||||||||||||||||||
Foreign government | 111 | 3 | 111 | 3 | |||||||||||||||||||||||||||||||
Total fixed maturity securities | 9,169 | 384 | 544 | 144 | 9,713 | 528 | |||||||||||||||||||||||||||||
Preferred stock | 87 | 4 | 87 | 4 | |||||||||||||||||||||||||||||||
Total | $ | 9,256 | $ | 388 | $ | 544 | $ | 144 | $ | 9,800 | $ | 532 | |||||||||||||||||||||||
Pretax Credit Loss Component Reflected in Retained Earnings on Fixed Maturity Securities | ' | ||||||||||||||||||||||||||||||||||
The following table summarizes the activity for the three and nine months ended September 30, 2014 and 2013 related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held at September 30, 2014 and 2013 for which a portion of an OTTI loss was recognized in Other comprehensive income (loss). | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Beginning balance of credit losses on fixed maturity securities | $ | 66 | $ | 89 | $ | 74 | $ | 95 | |||||||||||||||||||||||||||
Additional credit losses for securities for which an | 1 | 2 | |||||||||||||||||||||||||||||||||
OTTI loss was previously recognized | |||||||||||||||||||||||||||||||||||
Reductions for securities sold during the period | (2) | -7 | -7 | (14) | |||||||||||||||||||||||||||||||
Reductions for securities the Company intends to sell or | -3 | ||||||||||||||||||||||||||||||||||
more likely than not will be required to sell | |||||||||||||||||||||||||||||||||||
Ending balance of credit losses on fixed maturity securities | $ | 64 | $ | 83 | $ | 64 | $ | 83 | |||||||||||||||||||||||||||
Available-for-Sale Fixed Maturity Securities by Contractual Maturity | ' | ||||||||||||||||||||||||||||||||||
Contractual Maturity | |||||||||||||||||||||||||||||||||||
The following table summarizes available-for-sale fixed maturity securities by contractual maturity at September 30, 2014 and December 31, 2013. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid with or without call or prepayment penalties. Securities not due at a single date are allocated based on weighted average life. | |||||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||
Cost or | Estimated | Cost or | Estimated | ||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 2,329 | $ | 2,368 | $ | 2,420 | $ | 2,455 | |||||||||||||||||||||||||||
Due after one year through five years | 8,888 | 9,455 | 9,496 | 10,068 | |||||||||||||||||||||||||||||||
Due after five years through ten years | 12,446 | 12,951 | 11,667 | 11,954 | |||||||||||||||||||||||||||||||
Due after ten years | 13,827 | 15,906 | 15,692 | 16,720 | |||||||||||||||||||||||||||||||
Total | $ | 37,490 | $ | 40,680 | $ | 39,275 | $ | 41,197 | |||||||||||||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
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 tables below: | |||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 33 | $ | 18,938 | $ | 173 | $ | 19,144 | |||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 12,379 | 80 | 12,459 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,986 | 160 | 5,146 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,061 | 97 | 2,158 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed | 588 | 642 | 1,230 | ||||||||||||||||||||||||||||||||||||||
Total asset-backed | 7,635 | 899 | 8,534 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 27 | 3 | 30 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 47 | 424 | 471 | ||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 30 | 12 | 42 | ||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 137 | 39,391 | 1,152 | 40,680 | |||||||||||||||||||||||||||||||||||||
Fixed maturities, trading | 33 | 91 | 124 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 137 | $ | 39,424 | $ | 1,243 | $ | 40,804 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale | $ | 141 | $ | 53 | $ | 17 | $ | 211 | |||||||||||||||||||||||||||||||||
Equity securities, trading | 540 | 3 | 543 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 681 | $ | 53 | $ | 20 | $ | 754 | |||||||||||||||||||||||||||||||||
Short term investments | $ | 6,047 | $ | 612 | $ | 6,659 | |||||||||||||||||||||||||||||||||||
Other invested assets | 102 | 44 | 146 | ||||||||||||||||||||||||||||||||||||||
Receivables | 19 | 19 | |||||||||||||||||||||||||||||||||||||||
Life settlement contracts | $ | 86 | 86 | ||||||||||||||||||||||||||||||||||||||
Payable to brokers | -409 | -5 | (414) | ||||||||||||||||||||||||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 33 | $ | 20,625 | $ | 204 | $ | 20,862 | |||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 11,486 | 71 | 11,557 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,640 | 331 | 4,971 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 1,912 | 151 | 2,063 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed | 509 | 446 | 955 | ||||||||||||||||||||||||||||||||||||||
Total asset-backed | 7,061 | 928 | 7,989 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 116 | 28 | 144 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 81 | 462 | 543 | ||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 45 | 57 | 102 | ||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 275 | 39,719 | 1,203 | 41,197 | |||||||||||||||||||||||||||||||||||||
Fixed maturities, trading | 43 | 80 | 123 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 275 | $ | 39,762 | $ | 1,283 | $ | 41,320 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale | $ | 126 | $ | 48 | $ | 11 | $ | 185 | |||||||||||||||||||||||||||||||||
Equity securities, trading | 678 | 8 | 686 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 804 | $ | 48 | $ | 19 | $ | 871 | |||||||||||||||||||||||||||||||||
Short term investments | $ | 6,134 | $ | 563 | $ | 6,697 | |||||||||||||||||||||||||||||||||||
Other invested assets | 54 | 54 | |||||||||||||||||||||||||||||||||||||||
Receivables | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Life settlement contracts | $ | 88 | 88 | ||||||||||||||||||||||||||||||||||||||
Separate account business | 9 | 171 | 1 | 181 | |||||||||||||||||||||||||||||||||||||
Payable to brokers | (40 | ) | (1 | ) | (3 | ) | (44) | ||||||||||||||||||||||||||||||||||
Assets of discontinued operations | 28 | 2 | 2 | 32 | |||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | (6 | ) | (2 | ) | (8) | ||||||||||||||||||||||||||||||||||||
Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | ' | ||||||||||||||||||||||||||||||||||||||||
The tables below present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
Net Realized Gains | Transfers | Transfers | Unrealized | ||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | Gains | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | (Losses) | ||||||||||||||||||||||||||||||||||||||||
(Losses) | Recognized in | ||||||||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||||||||
on Level | |||||||||||||||||||||||||||||||||||||||||
3 Assets and | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Balance, | Included in | Included in | into | out of | Balance, | Held at | |||||||||||||||||||||||||||||||||||
2014 | July 1 | Net Income | OCI | Purchases | Sales | Settlements | Level 3 | Level 3 | September 30 | September 30 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 194 | $ | (1) | $ | 4 | $ | (3) | $ | (21) | $ | 173 | |||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 79 | 1 | 80 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 185 | $ | 1 | (17) | $ | 11 | (20) | 160 | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 59 | 2 | (2) | 28 | (21) | 31 | 97 | ||||||||||||||||||||||||||||||||||
Other asset-backed | 626 | 1 | (4) | 80 | (25) | (36) | 642 | ||||||||||||||||||||||||||||||||||
Total asset-backed | 870 | 4 | (6) | 108 | $ | - | (63) | 42 | (56) | 899 | $ | - | |||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,143 | 4 | (6) | 112 | (66) | 42 | (77) | 1,152 | |||||||||||||||||||||||||||||||||
Fixed maturities, trading | 91 | 91 | |||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,234 | $ | 4 | $ | (6) | $ | 112 | $ | - | $ | (66) | $ | 42 | $ | (77) | $ | 1,243 | $ | - | |||||||||||||||||||||
Equity securities available-for-sale | $ | 2 | $ | (1) | $ | 16 | $ | 17 | |||||||||||||||||||||||||||||||||
Equity securities trading | 4 | (1) | 3 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 6 | $ | - | $ | (1) | $ | 15 | $ | - | $ | - | $ | - | $ | - | $ | 20 | $ | - | |||||||||||||||||||||
Life settlement contracts | $ | 86 | $ | 1 | $ | (1) | $ | 86 | $ | 1 | |||||||||||||||||||||||||||||||
Derivative financial instruments, net | - | - | (1) | ||||||||||||||||||||||||||||||||||||||
Net Realized Gains | Transfers | Transfers | Unrealized | ||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | Gains | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | (Losses) | ||||||||||||||||||||||||||||||||||||||||
(Losses) | Recognized in | ||||||||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||||||||
on Level | |||||||||||||||||||||||||||||||||||||||||
3 Assets and | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Balance, | Included in | Included in | into | out of | Balance, | Held at | |||||||||||||||||||||||||||||||||||
2013 | 1-Jul | Net Income | OCI | Purchases | Sales | Settlements | Level 3 | Level 3 | September 30 | September 30 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 202 | $ | 1 | $ | 6 | $ | (6) | $ | (8) | $ | 17 | $ | (1) | $ | 211 | |||||||||||||||||||||||||
States, municipalities and political subdivisions | 140 | $ | (3) | (15) | (27) | 95 | |||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 428 | (20) | 5 | (21) | (22) | 370 | $ | (1) | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 165 | (1) | (2) | 10 | (1) | (14) | 157 | ||||||||||||||||||||||||||||||||||
Other asset-backed | 387 | 1 | 56 | (6) | (5) | 433 | (1) | ||||||||||||||||||||||||||||||||||
Total asset-backed | 980 | (1) | (21) | 71 | - | (28) | - | (41) | 960 | (2) | |||||||||||||||||||||||||||||||
Redeemable preferred stock | 25 | (1) | 1 | (25) | - | ||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,347 | (1) | (23) | 77 | (6) | (76) | 17 | (69) | 1,266 | (2) | |||||||||||||||||||||||||||||||
Fixed maturities, trading | 87 | (8) | (1) | 78 | (8) | ||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,434 | $ | (9) | $ | (23) | $ | 77 | $ | (7) | $ | (76) | $ | 17 | $ | (69) | $ | 1,344 | $ | (10) | |||||||||||||||||||||
Equity securities available-for-sale | $ | 13 | $ | (2) | $ | 2 | $ | 13 | $ | (2) | |||||||||||||||||||||||||||||||
Equity securities trading | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 15 | $ | (2) | $ | 2 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 15 | $ | (2) | |||||||||||||||||||||
Life settlement contracts | $ | 91 | $ | 3 | $ | (4) | $ | 90 | |||||||||||||||||||||||||||||||||
Separate account business | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | 5 | 2 | $ | (4) | $ | (2) | (1) | - | |||||||||||||||||||||||||||||||||
Transfers | Transfers | Unrealized | |||||||||||||||||||||||||||||||||||||||
Gains | |||||||||||||||||||||||||||||||||||||||||
Net Realized Gains | (Losses) | ||||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | Recognized in | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | Net Income | ||||||||||||||||||||||||||||||||||||||||
(Losses) | on Level | ||||||||||||||||||||||||||||||||||||||||
3 Assets and | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Balance, | Included in | Included in | into | out of | Balance, | Held at | |||||||||||||||||||||||||||||||||||
2014 | January 1 | Net Income | OCI | Purchases | Sales | Settlements | Level 3 | Level 3 | September 30 | September 30 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 204 | $ | 2 | $ | 30 | $ | (10) | $ | (13) | $ | 8 | $ | (48) | $ | 173 | |||||||||||||||||||||||||
States, municipalities and political subdivisions | 71 | 1 | $ | 3 | 1 | (10) | 14 | 80 | |||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 331 | (22) | 62 | 47 | (174) | (57) | 32 | (59) | 160 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 151 | 4 | (2) | 28 | (60) | (23) | 43 | (44) | 97 | ||||||||||||||||||||||||||||||||
Other asset-backed | 446 | 2 | 457 | (111) | (115) | (37) | 642 | $ | (1) | ||||||||||||||||||||||||||||||||
Total asset-backed | 928 | (16) | 60 | 532 | (345) | (195) | 75 | (140) | 899 | (1) | |||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,203 | (13) | 63 | 563 | (365) | (208) | 97 | (188) | 1,152 | (1) | |||||||||||||||||||||||||||||||
Fixed maturities, trading | 80 | 11 | 91 | 11 | |||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,283 | $ | (2) | $ | 63 | $ | 563 | $ | (365) | $ | (208) | $ | 97 | $ | (188) | $ | 1,243 | $ | 10 | |||||||||||||||||||||
Equity securities available-for-sale | $ | 11 | $ | 3 | $ | (5) | $ | 16 | $ | (8) | $ | 17 | |||||||||||||||||||||||||||||
Equity securities trading | 8 | 1 | (6) | 3 | |||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 19 | $ | 3 | $ | (5) | $ | 17 | $ | (14) | $ | - | $ | - | $ | - | $ | 20 | $ | - | |||||||||||||||||||||
Life settlement contracts | $ | 88 | $ | 23 | $ | (25) | $ | 86 | $ | 3 | |||||||||||||||||||||||||||||||
Separate account business | 1 | $ | (1) | - | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | (3) | 1 | $ | (2) | $ | 2 | 2 | - | 1 | ||||||||||||||||||||||||||||||||
Net Realized Gains | Transfers | Transfers | Unrealized | ||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | Gains | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | (Losses) | ||||||||||||||||||||||||||||||||||||||||
(Losses) | Recognized in | ||||||||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||||||||
on Level | |||||||||||||||||||||||||||||||||||||||||
3 Assets and | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Balance, | Included in | Included in | into | out of | Balance, | Held at | |||||||||||||||||||||||||||||||||||
2013 | January 1 | Net Income | OCI | Purchases | Sales | Settlements | Level 3 | Level 3 | September 30 | September 30 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 219 | $ | 2 | $ | (1) | $ | 129 | $ | (96) | $ | (34) | $ | 43 | $ | (51) | $ | 211 | $ | (2) | |||||||||||||||||||||
States, municipalities and political subdivisions | 96 | (3) | 1 | 122 | (79) | (20) | 5 | (27) | 95 | ||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 413 | 2 | (21) | 116 | (10) | (53) | 4 | (81) | 370 | (3) | |||||||||||||||||||||||||||||||
Commercial mortgage-backed | 129 | 7 | 88 | (10) | 21 | (78) | 157 | ||||||||||||||||||||||||||||||||||
Other asset-backed | 368 | 3 | (1) | 230 | (132) | (30) | (5) | 433 | (2) | ||||||||||||||||||||||||||||||||
Total asset-backed | 910 | 5 | (15) | 434 | (142) | (93) | 25 | (164) | 960 | (5) | |||||||||||||||||||||||||||||||
Redeemable preferred stock | 26 | (1) | (25) | - | |||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,251 | 3 | (15) | 685 | (317) | (172) | 73 | (242) | 1,266 | (7) | |||||||||||||||||||||||||||||||
Fixed maturities, trading | 89 | (7) | (4) | 78 | (7) | ||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,340 | $ | (4) | $ | (15) | $ | 685 | $ | (321) | $ | (172) | $ | 73 | $ | (242) | $ | 1,344 | $ | (14) | |||||||||||||||||||||
Equity securities available-for-sale | $ | 34 | $ | (22) | $ | 2 | $ | (1) | $ | 13 | $ | (22) | |||||||||||||||||||||||||||||
Equity securities trading | 7 | (5) | 2 | (5) | |||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 41 | $ | (27) | $ | 2 | $ | - | $ | - | $ | - | $ | - | $ | (1) | $ | 15 | $ | (27) | |||||||||||||||||||||
Short term investments | $ | 6 | $ | (6) | $ | - | |||||||||||||||||||||||||||||||||||
Other invested assets | 1 | (1) | - | ||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 100 | $ | 14 | $ | (24) | 90 | $ | (1) | |||||||||||||||||||||||||||||||||
Separate account business | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | 5 | 7 | $ | (6) | $ | 1 | (2) | (5) | - | 1 | |||||||||||||||||||||||||||||||
Quantitative Information about Significant Unobservable Inputs Utilized by Company Fair Value in Measurements of Level 3 Assets | ' | ||||||||||||||||||||||||||||||||||||||||
The tables below present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the table below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. | |||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | Fair Value | Valuation | Unobservable | Range | |||||||||||||||||||||||||||||||||||||
Techniques | Inputs | (Weighted | |||||||||||||||||||||||||||||||||||||||
Average) | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 95 | Discounted cash flow | Credit spread | 2% – 12% (3%) | ||||||||||||||||||||||||||||||||||||
Equity securities | 18 | Market approach | Private offering price | $13 – $4,388 per share | |||||||||||||||||||||||||||||||||||||
($554 per share) | |||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 86 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||||
Mortality assumption | 70% – 743% (193%) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 142 | Discounted cash flow | Credit spread | 2% – 20% (4%) | ||||||||||||||||||||||||||||||||||||
Equity securities | 10 | Market approach | Private offering price | $360 – $4,268 per share | |||||||||||||||||||||||||||||||||||||
($1,148 per share) | |||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 88 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||||
Mortality assumption | 70% – 743% (192%) | ||||||||||||||||||||||||||||||||||||||||
Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities Not Measured at Fair Value | ' | ||||||||||||||||||||||||||||||||||||||||
The carrying amounts reported on the Consolidated Condensed 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 | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Other invested assets | $ | 556 | $ | 576 | $ | 576 | |||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Short term debt | 850 | $ | 813 | 51 | 864 | ||||||||||||||||||||||||||||||||||||
Long term debt | 10,040 | 10,191 | 420 | 10,611 | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Other invested assets | $ | 508 | $ | 515 | $ | 515 | |||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Premium deposits and annuity contracts | 57 | 58 | 58 | ||||||||||||||||||||||||||||||||||||||
Short term debt | 818 | $ | 832 | 20 | 852 | ||||||||||||||||||||||||||||||||||||
Long term debt | 9,515 | 9,907 | 182 | 10,089 | |||||||||||||||||||||||||||||||||||||
Long term debt included in discontinued operations | 500 | 500 | 500 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of Aggregate Contractual or Notional Amounts and Gross Estimated Fair Values Related to Derivative Financial Instruments | ' | ||||||||||||||||||||||||
A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under the agreements and may not be representative of the potential for gain or loss on these instruments. | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Contractual/ | Contractual/ | ||||||||||||||||||||||||
Notional | Estimated Fair Value | Notional | Estimated Fair Value | ||||||||||||||||||||||
Amount | Asset | (Liability) | Amount | Asset | (Liability) | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
With hedge designation: | |||||||||||||||||||||||||
Foreign exchange: | |||||||||||||||||||||||||
Currency forwards – short | $ | 133 | $ | (4 | ) | $ | 114 | $ | 2 | $ | (1 | ) | |||||||||||||
Without hedge designation: | |||||||||||||||||||||||||
Equity markets: | |||||||||||||||||||||||||
Options – purchased | 569 | $ | 18 | 1,561 | 41 | ||||||||||||||||||||
– written | 218 | (18 | ) | 729 | (23 | ) | |||||||||||||||||||
Equity swaps and warrants | |||||||||||||||||||||||||
– long | 12 | 4 | 17 | 9 | |||||||||||||||||||||
Interest rate risk: | |||||||||||||||||||||||||
Credit default swaps | |||||||||||||||||||||||||
– purchased protection | 50 | (3 | ) | ||||||||||||||||||||||
– sold protection | 25 | ||||||||||||||||||||||||
Foreign exchange: | |||||||||||||||||||||||||
Currency forwards – long | 55 | ||||||||||||||||||||||||
– short | 181 | 7 | 113 | ||||||||||||||||||||||
Currency options – long | 625 | 13 | |||||||||||||||||||||||
– short | 50 | ||||||||||||||||||||||||
Embedded derivative on funds withheld liability | 185 | (1 | ) | ||||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||
Interest rate risk: | |||||||||||||||||||||||||
Interest rate swaps | 300 | (4 | ) | ||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Forwards – short | 180 | 4 | (4 | ) |
Claim_and_Claim_Adjustment_Exp1
Claim and Claim Adjustment Expense Reserves (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Net Prior Year Development | ' | ||||||||||||||||
The following tables and discussion include the net prior year development recorded for CNA Specialty, CNA Commercial and Other. | |||||||||||||||||
Three Months Ended September 30, 2014 | CNA | CNA | Other | Total | |||||||||||||
Specialty | Commercial | ||||||||||||||||
(In millions) | |||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | -82 | $ | 57 | $ | -1 | $ | (26) | |||||||||
Pretax (favorable) unfavorable premium development | -2 | (1) | 6 | 3 | |||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | -84 | $ | 56 | $ | 5 | $ | (23) | |||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | -74 | $ | (3) | $ | -4 | $ | (81) | |||||||||
Pretax (favorable) unfavorable premium development | -3 | 7 | 1 | 5 | |||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | -77 | $ | 4 | $ | -3 | $ | (76) | |||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | -139 | $ | 153 | $ | 9 | $ | 23 | |||||||||
Pretax (favorable) unfavorable premium development | -11 | (25) | 6 | (30) | |||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | -150 | $ | 128 | $ | 15 | $ | (7) | |||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | -130 | $ | 13 | $ | 5 | $ | (112) | |||||||||
Pretax (favorable) unfavorable premium development | -16 | (8) | 8 | (16) | |||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | -146 | $ | 5 | $ | 13 | $ | (128) | |||||||||
CNA Specialty [Member] | ' | ||||||||||||||||
Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development | ' | ||||||||||||||||
The following table and discussion provide further detail of the net prior year claim and allocated claim adjustment expense reserve development (“development”) recorded for the CNA Specialty segment: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Medical professional liability | $ | 13 | $ | 9 | $ | 15 | $ | (11) | |||||||||
Other professional liability and management liability | (9) | (4) | (73) | (28) | |||||||||||||
Surety | (79) | (76) | (78) | (74) | |||||||||||||
Other | (7) | (3) | (3) | (17) | |||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (82) | $ | (74) | $ | (139) | $ | (130) | |||||||||
CNA Commercial [Member] | ' | ||||||||||||||||
Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development | ' | ||||||||||||||||
The following table and discussion provide further detail of the development recorded for the CNA Commercial segment. A significant amount of the unfavorable development for the nine months ended September 30, 2014 relates to business classes which CNA has exited, but also includes Small Business where CNA is taking underwriting actions in an effort to improve profitability. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Commercial auto | $ | 12 | $ | 4 | $ | 52 | $ | 1 | |||||||||
General liability | 39 | (18) | 64 | (24) | |||||||||||||
Workers’ compensation | 24 | 26 | 74 | 96 | |||||||||||||
Property and other | (18) | (15) | (37) | (60) | |||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 57 | $ | (3) | $ | 153 | $ | 13 | |||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||||||
The tables below display the changes in Accumulated other comprehensive income (“AOCI”) by component for the three and nine months ended September 30, 2013 and 2014: | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Unrealized | Accumulated | ||||||||||||||||||||||||||||
OTTI | Gains | Foreign | Other | ||||||||||||||||||||||||||
Gains | (Losses) on | Discontinued | Cash Flow | Pension | Currency | Comprehensive | |||||||||||||||||||||||
(Losses) | Investments | Operations | Hedges | Liability | Translation | Income (Loss) | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Balance, July 1, 2013 | $ | 23 | $ | 650 | $ | 15 | $ | (7) | $ | (721) | $ | 77 | $ | 37 | |||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $1, $36, $(3), $0, $0 and $0 | (4) | (68) | 8 | 1 | 56 | (7) | |||||||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $2, $8, $(1), $(5) and $0 | 1 | (2) | (16) | 4 | 3 | (10) | |||||||||||||||||||||||
Other comprehensive income (loss) | (3) | (70) | (8) | 5 | 3 | 56 | (17) | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | 1 | 7 | (2) | (6) | - | ||||||||||||||||||||||||
Balance, September 30, 2013 | $ | 21 | $ | 587 | $ | 7 | $ | (4) | $ | (718) | $ | 127 | $ | 20 | |||||||||||||||
Balance, July 1, 2014 | $ | 30 | $ | 1,062 | $ | 30 | $ | (3) | $ | (478) | $ | 166 | $ | 807 | |||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $(1), $52, $2, $2, $1 and $0 | 1 | (59) | (3) | (4) | (2) | (73) | (140) | ||||||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $12, $21, $0, $(2) and $0 | (24) | (31) | 4 | (51) | |||||||||||||||||||||||||
Other comprehensive income (loss) | 1 | (83) | (34) | (4) | 2 | (73) | (191) | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | 1 | 8 | 4 | 2 | 7 | 22 | |||||||||||||||||||||||
Balance, September 30, 2014 | $ | 32 | $ | 987 | $ | - | $ | (5) | $ | (476) | $ | 100 | $ | 638 | |||||||||||||||
Total | |||||||||||||||||||||||||||||
Unrealized | Accumulated | ||||||||||||||||||||||||||||
OTTI | Gains | Foreign | Other | ||||||||||||||||||||||||||
Gains | (Losses) on | Discontinued | Cash Flow | Pension | Currency | Comprehensive | |||||||||||||||||||||||
(Losses) | Investments | Operations | Hedges | Liability | Translation | Income (Loss) | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 18 | $ | 1,233 | $ | 20 | $ | (4) | $ | (732) | $ | 143 | $ | 678 | |||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $(2), $382, $(5), $3, $0 and $0 | 2 | (706) | 14 | (3) | (18) | (711) | |||||||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $5, $14, $(1), $(10) and $0 | 1 | (11) | (27) | 2 | 12 | (23) | |||||||||||||||||||||||
Other comprehensive income (loss) | 3 | (717) | (13) | (1) | 12 | (18) | (734) | ||||||||||||||||||||||
Issuance of equity securities by subsidiary | 2 | 2 | |||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | 71 | 1 | 2 | 74 | |||||||||||||||||||||||||
Balance, September 30, 2013 | $ | 21 | $ | 587 | $ | 7 | $ | (4) | $ | (718) | $ | 127 | $ | 20 | |||||||||||||||
Balance, January 1, 2014 | $ | 23 | $ | 622 | $ | (3) | $ | (4) | $ | (432) | $ | 133 | $ | 339 | |||||||||||||||
Transfer to net assets of discontinued operations | (5) | (15) | 20 | - | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax $(8), $(229), $(3), $(1), $1 and $0 | 15 | 462 | 2 | 1 | (2) | (37) | 441 | ||||||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $20, $16, $1, $24 and $0 | (38) | (21) | (2) | (50) | (111) | ||||||||||||||||||||||||
Other comprehensive income (loss) | 15 | 424 | (19) | (1) | (52) | (37) | 330 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | (1) | (44) | 2 | 8 | 4 | (31) | |||||||||||||||||||||||
Balance, September 30, 2014 | $ | 32 | $ | 987 | $ | - | $ | (5) | $ | (476) | $ | 100 | $ | 638 | |||||||||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
The components of net periodic benefit cost are as follows: | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Service cost | $ | 5 | $ | 6 | $ | 13 | $ | 18 | |||||||||
Interest cost | 37 | 34 | 111 | 101 | |||||||||||||
Expected return on plan assets | (52) | (49) | (157) | (148) | |||||||||||||
Amortization of unrecognized net loss | 7 | 12 | 22 | 40 | |||||||||||||
Regulatory asset decrease | 4 | 1 | 4 | ||||||||||||||
Net periodic benefit cost | $ | (3) | $ | 7 | $ | (10) | $ | 15 | |||||||||
Other Postretirement Benefits | |||||||||||||||||
Three Months Ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Service cost | $ | 1 | $ | 1 | |||||||||||||
Interest cost | $ | 1 | 1 | $ | 3 | 3 | |||||||||||
Expected return on plan assets | (1) | (1) | (3) | (3) | |||||||||||||
Amortization of unrecognized net loss | 1 | 1 | |||||||||||||||
Amortization of unrecognized prior service benefit | (2) | (6) | (15) | (19) | |||||||||||||
Curtailment gain | (86) | ||||||||||||||||
Net periodic benefit cost | $ | (2) | $ | (4) | $ | (101) | $ | (17) | |||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Consolidated Revenues and Income (Loss) by Business Segment | ' | ||||||||||||||||
The following tables set forth the Company’s consolidated revenues and income (loss) by business segment: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Revenues (a): | |||||||||||||||||
CNA Financial: | |||||||||||||||||
CNA Specialty | $ | 987 | $ | 996 | $ | 2,959 | $ | 2,906 | |||||||||
CNA Commercial | 985 | 1,062 | 3,053 | 3,267 | |||||||||||||
Life & Group Non-Core | 343 | 300 | 990 | 918 | |||||||||||||
Other | 96 | 100 | 312 | 272 | |||||||||||||
Total CNA Financial | 2,411 | 2,458 | 7,314 | 7,363 | |||||||||||||
Diamond Offshore | 737 | 706 | 2,148 | 2,198 | |||||||||||||
Boardwalk Pipeline | 279 | 288 | 931 | 921 | |||||||||||||
Loews Hotels | 126 | 95 | 343 | 290 | |||||||||||||
Corporate and other | -30 | 50 | 68 | 59 | |||||||||||||
Total | $ | 3,523 | $ | 3,597 | $ | 10,804 | $ | 10,831 | |||||||||
Income (loss) before income tax and noncontrolling interests (a): | |||||||||||||||||
CNA Financial: | |||||||||||||||||
CNA Specialty | $ | 290 | $ | 283 | $ | 771 | $ | 718 | |||||||||
CNA Commercial | 99 | 200 | 306 | 559 | |||||||||||||
Life & Group Non-Core | -52 | -83 | -91 | (190) | |||||||||||||
Other | -42 | -26 | -25 | (91) | |||||||||||||
Total CNA Financial | 295 | 374 | 961 | 996 | |||||||||||||
Diamond Offshore | 82 | 131 | 362 | 593 | |||||||||||||
Boardwalk Pipeline | 28 | 60 | 105 | 226 | |||||||||||||
Loews Hotels | -2 | 14 | |||||||||||||||
Corporate and other | -66 | 13 | -43 | (36) | |||||||||||||
Total | $ | 339 | $ | 576 | $ | 1,399 | $ | 1,779 | |||||||||
Net income (loss) (a): | |||||||||||||||||
CNA Financial: | |||||||||||||||||
CNA Specialty | $ | 174 | $ | 170 | $ | 462 | $ | 427 | |||||||||
CNA Commercial | 61 | 119 | 186 | 328 | |||||||||||||
Life & Group Non-Core | -19 | -33 | -6 | (69) | |||||||||||||
Other | -28 | -11 | -19 | (51) | |||||||||||||
Total CNA Financial | 188 | 245 | 623 | 635 | |||||||||||||
Diamond Offshore | 25 | 44 | 136 | 213 | |||||||||||||
Boardwalk Pipeline | 8 | 19 | 7 | 74 | |||||||||||||
Loews Hotels | 1 | 8 | 2 | ||||||||||||||
Corporate and other | -42 | 9 | -27 | (23) | |||||||||||||
Income from continuing operations | 179 | 318 | 747 | 901 | |||||||||||||
Discontinued operations, net | 29 | -36 | -364 | (108) | |||||||||||||
Total | $ | 208 | $ | 282 | $ | 383 | $ | 793 | |||||||||
(a) | Investment gains (losses) included in Revenues, Income (loss) before income tax and noncontrolling interests and Net income (loss) are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues and Income (loss) before income tax and noncontrolling interests: | |||||||||||||||||
CNA Financial: | |||||||||||||||||
CNA Specialty | $ | 3 | $ | 2 | $ | 10 | $ (1) | ||||||||||
CNA Commercial | 3 | 3 | 8 | (5) | |||||||||||||
Life & Group Non-Core | 30 | -3 | 42 | 6 | |||||||||||||
Other | 1 | 5 | 7 | ||||||||||||||
Total | $ | 37 | $ | 2 | $ | 65 | $ | 7 | |||||||||
Net income (loss): | |||||||||||||||||
CNA Financial: | |||||||||||||||||
CNA Specialty | $ | 2 | $ | 6 | $ | (1) | |||||||||||
CNA Commercial | 3 | $ | 1 | 5 | (3) | ||||||||||||
Life & Group Non-Core | 20 | (2) | 26 | 4 | |||||||||||||
Other | -1 | 2 | 2 | 5 | |||||||||||||
Total | $ | 24 | $ | 1 | $ | 39 | $ | 5 | |||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Discontinued Operations Reflected in Consolidated Condensed Statements of Income | ' | ||||||||||||||||
The Consolidated Condensed Statements of Income include discontinued operations of HighMount for the three and nine months ended September 30, 2014 and 2013, as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Revenues: | |||||||||||||||||
Other revenue, primarily operating | $ | 49 | $ | 61 | $ | 150 | $ | 195 | |||||||||
Total | 49 | 61 | 150 | 195 | |||||||||||||
Expenses: | |||||||||||||||||
Other operating expenses | |||||||||||||||||
Impairment of natural gas and oil properties | 65 | 29 | 210 | ||||||||||||||
Operating | 54 | 52 | 165 | 162 | |||||||||||||
Interest | 3 | 4 | 8 | 13 | |||||||||||||
Total | 57 | 121 | 202 | 385 | |||||||||||||
Loss before income tax | -8 | -60 | -52 | (190) | |||||||||||||
Income tax benefit | 3 | 22 | 2 | 69 | |||||||||||||
Results of discontinued operations, net of income tax | -5 | -38 | -50 | (121) | |||||||||||||
Impairment loss, net of tax (expense) benefit of $(30) and $62 | 30 | -137 | |||||||||||||||
Income (loss) from discontinued operations | $ | 25 | $ | (38) | $ | (187) | $ | (121) | |||||||||
The Consolidated Condensed Statements of Income include discontinued operations of the CAC business for the three and nine months ended September 30, 2014 and 2013, as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Revenues: | |||||||||||||||||
Net investment income | $ | 14 | $ | 42 | $ | 94 | $ | 128 | |||||||||
Investment gains | 1 | 3 | 3 | 8 | |||||||||||||
Other | 1 | 1 | |||||||||||||||
Total revenues | $ | 15 | $ | 46 | $ | 97 | $ | 137 | |||||||||
Expenses: | |||||||||||||||||
Insurance claims and policyholders’ benefits | 12 | 36 | 75 | 105 | |||||||||||||
Other operating expenses | 6 | 2 | 8 | ||||||||||||||
Total | 12 | 42 | 77 | 113 | |||||||||||||
Income before income tax | 3 | 4 | 20 | 24 | |||||||||||||
Income tax expense | -2 | -3 | -6 | (10) | |||||||||||||
Results of discontinued operations, net of income tax | 1 | 1 | 14 | 14 | |||||||||||||
Loss on sale, net of tax (expense) benefit of $(1) and $40 | 3 | -211 | |||||||||||||||
Amounts attributable to noncontrolling interests | 1 | 20 | (1) | ||||||||||||||
Income (loss) from discontinued operations | $ | 4 | $ | 2 | $ | (177) | $ | 13 | |||||||||
Schedule of Assets and Liabilities Reported as Discontinued Operations | ' | ||||||||||||||||
The following table presents the assets and liabilities of HighMount reported as discontinued operations as of December 31, 2013: | |||||||||||||||||
HighMount | Eliminations | Total | |||||||||||||||
(In millions) | |||||||||||||||||
Assets: | |||||||||||||||||
Investments, including cash | $ | 29 | $ | 29 | |||||||||||||
Receivables | 143 | $ (120) | 23 | ||||||||||||||
Property, plant and equipment | 974 | 974 | |||||||||||||||
Deferred income taxes | 517 | -517 | - | ||||||||||||||
Other assets | 15 | 15 | |||||||||||||||
Total assets of discontinued operations | $ | 1,678 | $ (637) | $ | 1,041 | ||||||||||||
Liabilities: | |||||||||||||||||
Short term debt | $ | 21 | $ | 21 | |||||||||||||
Long term debt | 481 | 481 | |||||||||||||||
Other liabilities | 130 | 130 | |||||||||||||||
Total liabilities of discontinued operations | $ | 632 | $ - | $ | 632 | ||||||||||||
Consolidating_Financial_Inform1
Consolidating Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | ' | ||||||||||||||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
September 30, 2014 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Investments | $ | 46,320 | $ | 1,043 | $ | 76 | $ | 5,205 | $ | 52,644 | |||||||||||||||||||
Cash | 247 | 26 | $ | 7 | 7 | 350 | 637 | ||||||||||||||||||||||
Receivables | 7,313 | 543 | 84 | 39 | 294 | $ | (88) | 8,185 | |||||||||||||||||||||
Property, plant and equipment | 271 | 6,076 | 7,391 | 611 | 62 | 14,411 | |||||||||||||||||||||||
Deferred income taxes | 3 | 278 | (281) | - | |||||||||||||||||||||||||
Goodwill | 118 | 20 | 215 | 353 | |||||||||||||||||||||||||
Investments in capital stocks of subsidiaries | 16,779 | (16,779) | - | ||||||||||||||||||||||||||
Other assets | 783 | 329 | 326 | 202 | 18 | 14 | 1,672 | ||||||||||||||||||||||
Deferred acquisition costs of insurance subsidiaries | 627 | 627 | |||||||||||||||||||||||||||
Total assets | $ | 55,679 | $ | 8,037 | $ | 8,023 | $ | 938 | $ | 22,986 | $ | (17,134) | $ | 78,529 | |||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||
Insurance reserves | $ | 36,095 | $ | 36,095 | |||||||||||||||||||||||||
Payable to brokers | 135 | $ | 4 | $ | 524 | 663 | |||||||||||||||||||||||
Short term debt | 549 | 250 | $ | 51 | 850 | ||||||||||||||||||||||||
Long term debt | 2,559 | 1,981 | $ | 3,410 | 422 | 1,679 | 10,051 | ||||||||||||||||||||||
Deferred income taxes | 38 | 504 | 691 | 38 | $ | (241) | 1,030 | ||||||||||||||||||||||
Other liabilities | 3,300 | 803 | 418 | 32 | 285 | (114) | 4,724 | ||||||||||||||||||||||
Total liabilities | 42,676 | 3,542 | 4,519 | 543 | 2,488 | (355) | 53,413 | ||||||||||||||||||||||
Total shareholders’ equity | 11,673 | 2,309 | 1,561 | 395 | 20,498 | (16,779) | 19,657 | ||||||||||||||||||||||
Noncontrolling interests | 1,330 | 2,186 | 1,943 | 5,459 | |||||||||||||||||||||||||
Total equity | 13,003 | 4,495 | 3,504 | 395 | 20,498 | (16,779) | 25,116 | ||||||||||||||||||||||
Total liabilities and equity | $ | 55,679 | $ | 8,037 | $ | 8,023 | $ | 938 | $ | 22,986 | $ | (17,134) | $ | 78,529 | |||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
December 31, 2013 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Investments | $ | 46,107 | $ | 2,061 | $ | 43 | $ | 4,734 | $ | 52,945 | |||||||||||||||||||
Cash | 195 | 36 | $ | 29 | 10 | 24 | 294 | ||||||||||||||||||||||
Receivables | 8,666 | 498 | 97 | 28 | 74 | $ | (25) | 9,338 | |||||||||||||||||||||
Property, plant and equipment | 282 | 5,472 | 7,296 | 430 | 44 | 13,524 | |||||||||||||||||||||||
Deferred income taxes | 244 | 3 | (247) | - | |||||||||||||||||||||||||
Goodwill | 119 | 20 | 215 | 3 | 357 | ||||||||||||||||||||||||
Assets of discontinued operations | 1,678 | (637) | 1,041 | ||||||||||||||||||||||||||
Investments in capital stocks of subsidiaries | 17,264 | (17,264) | - | ||||||||||||||||||||||||||
Other assets | 741 | 305 | 360 | 183 | 7 | 39 | 1,635 | ||||||||||||||||||||||
Deferred acquisition costs of insurance subsidiaries | 624 | 624 | |||||||||||||||||||||||||||
Separate account business | 181 | 181 | |||||||||||||||||||||||||||
Total assets | $ | 57,159 | $ | 8,392 | $ | 7,997 | $ | 700 | $ | 23,825 | $ | (18,134) | $ | 79,939 | |||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||
Insurance reserves | $ | 38,394 | $ | 38,394 | |||||||||||||||||||||||||
Payable to brokers | 85 | $ | 1 | $ | 48 | 134 | |||||||||||||||||||||||
Short term debt | 549 | 250 | $ | 20 | 819 | ||||||||||||||||||||||||
Long term debt | 2,011 | 2,230 | $ | 3,424 | 182 | 1,678 | 9,525 | ||||||||||||||||||||||
Deferred income taxes | 516 | 689 | 41 | 195 | $ | (725) | 716 | ||||||||||||||||||||||
Liabilities of discontinued operations | 632 | 632 | |||||||||||||||||||||||||||
Other liabilities | 3,323 | 734 | 427 | 23 | 690 | (565) | 4,632 | ||||||||||||||||||||||
Separate account business | 181 | 181 | |||||||||||||||||||||||||||
Total liabilities | 44,543 | 3,731 | 4,540 | 266 | 3,243 | (1,290) | 55,033 | ||||||||||||||||||||||
Total shareholders’ equity | 11,354 | 2,362 | 1,570 | 434 | 20,582 | (16,844) | 19,458 | ||||||||||||||||||||||
Noncontrolling interests | 1,262 | 2,299 | 1,887 | 5,448 | |||||||||||||||||||||||||
Total equity | 12,616 | 4,661 | 3,457 | 434 | 20,582 | (16,844) | 24,906 | ||||||||||||||||||||||
Total liabilities and equity | $ | 57,159 | $ | 8,392 | $ | 7,997 | $ | 700 | $ | 23,825 | $ | (18,134) | $ | 79,939 | |||||||||||||||
Consolidating Statement of Income Information | ' | ||||||||||||||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Insurance premiums | $ | 5,427 | $ | 5,427 | |||||||||||||||||||||||||
Net investment income | 1,556 | $ | 1 | $ | 68 | 1,625 | |||||||||||||||||||||||
Intercompany interest and dividends | 647 | $ | (647) | - | |||||||||||||||||||||||||
Investment gains | 65 | 65 | |||||||||||||||||||||||||||
Contract drilling revenues | 2,063 | 2,063 | |||||||||||||||||||||||||||
Other revenues | 266 | 84 | $ | 931 | $ | 343 | 1,624 | ||||||||||||||||||||||
Total | 7,314 | 2,148 | 931 | 343 | 715 | (647) | 10,804 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 4,241 | 4,241 | |||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 996 | 996 | |||||||||||||||||||||||||||
Contract drilling expenses | 1,165 | 1,165 | |||||||||||||||||||||||||||
Other operating expenses | 978 | 575 | 705 | 320 | 56 | 2,634 | |||||||||||||||||||||||
Interest | 138 | 46 | 121 | 9 | 55 | 369 | |||||||||||||||||||||||
Total | 6,353 | 1,786 | 826 | 329 | 111 | - | 9,405 | ||||||||||||||||||||||
Income before income tax | 961 | 362 | 105 | 14 | 604 | (647) | 1,399 | ||||||||||||||||||||||
Income tax (expense) benefit | -268 | -84 | (5) | -6 | 16 | (347) | |||||||||||||||||||||||
Income from continuing operations | 693 | 278 | 100 | 8 | 620 | (647) | 1,052 | ||||||||||||||||||||||
Discontinued operations, net | -197 | (187) | (384) | ||||||||||||||||||||||||||
Net income | 496 | 278 | 100 | 8 | 433 | (647) | 668 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -50 | -142 | (93) | (285) | |||||||||||||||||||||||||
Net income attributable to Loews Corporation | $ | 446 | $ | 136 | $ | 7 | $ | 8 | $ | 433 | $ (647) | $ | 383 | ||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Insurance premiums | $ | 5,389 | $ | 5,389 | |||||||||||||||||||||||||
Net investment income | 1,680 | $ | 1 | $ | 58 | 1,739 | |||||||||||||||||||||||
Intercompany interest and dividends | 547 | $ | (547) | - | |||||||||||||||||||||||||
Investment gains | 7 | 7 | |||||||||||||||||||||||||||
Contract drilling revenues | 2,136 | 2,136 | |||||||||||||||||||||||||||
Other revenues | 287 | 61 | $ | 921 | $ | 290 | 1 | 1,560 | |||||||||||||||||||||
Total | 7,363 | 2,198 | 921 | 290 | 606 | (547) | 10,831 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 4,259 | 4,259 | |||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 1,004 | 1,004 | |||||||||||||||||||||||||||
Contract drilling expenses | 1,164 | 1,164 | |||||||||||||||||||||||||||
Other operating expenses | 979 | 423 | 573 | 282 | 52 | 2,309 | |||||||||||||||||||||||
Interest | 125 | 18 | 122 | 8 | 43 | 316 | |||||||||||||||||||||||
Total | 6,367 | 1,605 | 695 | 290 | 95 | - | 9,052 | ||||||||||||||||||||||
Income before income tax | 996 | 593 | 226 | - | 511 | (547) | 1,779 | ||||||||||||||||||||||
Income tax (expense) benefit | -290 | -154 | (49) | 2 | 13 | (478) | |||||||||||||||||||||||
Income from continuing operations | 706 | 439 | 177 | 2 | 524 | (547) | 1,301 | ||||||||||||||||||||||
Discontinued operations, net | 14 | (121) | (107) | ||||||||||||||||||||||||||
Net income | 720 | 439 | 177 | 2 | 403 | (547) | 1,194 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -72 | -226 | (103) | (401) | |||||||||||||||||||||||||
Net income attributable to Loews Corporation | $ | 648 | $ | 213 | $ | 74 | $ | 2 | $ | 403 | $ | (547) | $ | 793 | |||||||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' |
Shares excluded from diluted EPS calculation | 2.6 | 2.2 | 1.4 | 1.4 |
CNA Financial Corporation [Member] | ' | ' | ' | ' |
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' |
Subsidiary ownership percentage | ' | ' | 90.00% | ' |
Diamond Offshore Drilling, Inc. [Member] | ' | ' | ' | ' |
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' |
Subsidiary ownership percentage | ' | ' | 51.00% | ' |
Boardwalk Pipeline Partners, LP [Member] | ' | ' | ' | ' |
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' |
Subsidiary ownership percentage | ' | ' | 53.00% | ' |
Acquisitions_and_Divestitures_
Acquisitions and Divestitures - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||
In Millions, unless otherwise specified | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Hotel | Evangeline Pipeline System [Member] | Bluegrass Project [Member] | Bluegrass Project [Member] | Loews Chicago O'Hare Hotel [Member] | Loews Minneapolis Hotel [Member] | Cabana Bay Beach Resort [Member] | Loews Sapphire Falls Resort [Member] | Loews Chicago Hotel [Member] | Loews Ventana Canyon [Member] | CAC [Member] | CAC [Member] | HighMount [Member] | HighMount [Member] | HighMount [Member] | HighMount [Member] | HighMount [Member] | Boardwalk Pipeline Partners, LP [Member] | |||
Subsequent Event [Member] | Other Operating Expenses [Member] | Guest_Room | Guest_Room | Guest_Room | Guest_Room | Guest_Room | Subsequent Event [Member] | Adjustment [Member] | Bluegrass Project [Member] | |||||||||||
Guest_Room | ||||||||||||||||||||
Business Acquisition and Divestitures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of coinsurance agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' |
Recognized loss due to difference between market value and book value of funds withheld assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $31 | $31 | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 259 | ' | 60 | ' |
Impairment charge, after tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 211 | ' | -30 | 167 | 137 | 30 | ' |
Net proceeds from sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 794 | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 480 | ' | ' |
Purchase price | 230 | 180 | 235 | 295 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow deposit | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Previous period capitalized costs recorded as charge in present period in other operating expenses | ' | ' | ' | ' | ' | 94 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 |
Previous period capitalized costs recorded as charge in present period in other operating expenses, net of tax and noncontrolling interest | ' | ' | ' | ' | 55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties acquired | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of guestroom in hotel | ' | ' | ' | ' | ' | ' | 556 | 251 | 1,800 | 1,000 | 400 | 398 | ' | ' | ' | ' | ' | ' | ' | ' |
Development commitments through joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60 | $170 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_Net_Investment_Inc
Investments - Net Investment Income and Investment Gains (Losses) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Net Investment Income [Line Items] | ' | ' | ' | ' | ||||
Total investment income | $465 | $618 | $1,666 | $1,778 | ||||
Investment expenses | -14 | -13 | -41 | -39 | ||||
Net investment income | 451 | 605 | 1,625 | 1,739 | ||||
Investment gains | 37 | [1] | 2 | [1] | 65 | [1] | 7 | [1] |
Fixed Maturity Securities [Member] | ' | ' | ' | ' | ||||
Net Investment Income [Line Items] | ' | ' | ' | ' | ||||
Total investment income | 453 | 461 | 1,356 | 1,372 | ||||
Investment gains | 39 | 2 | 58 | 22 | ||||
Short Term Investments [Member] | ' | ' | ' | ' | ||||
Net Investment Income [Line Items] | ' | ' | ' | ' | ||||
Total investment income | 1 | 2 | 3 | 5 | ||||
Investment gains | 1 | 3 | 4 | 6 | ||||
Limited Partnership Investments [Member] | ' | ' | ' | ' | ||||
Net Investment Income [Line Items] | ' | ' | ' | ' | ||||
Total investment income | 26 | 115 | 229 | 345 | ||||
Equity Securities [Member] | ' | ' | ' | ' | ||||
Net Investment Income [Line Items] | ' | ' | ' | ' | ||||
Total investment income | 2 | 3 | 7 | 9 | ||||
Investment gains | -3 | -2 | 2 | -17 | ||||
Income (Loss) from Trading Portfolio [Member] | ' | ' | ' | ' | ||||
Net Investment Income [Line Items] | ' | ' | ' | ' | ||||
Total investment income | -24 | [2] | 30 | [2] | 46 | [2] | 28 | [2] |
Other [Member] | ' | ' | ' | ' | ||||
Net Investment Income [Line Items] | ' | ' | ' | ' | ||||
Total investment income | 7 | 7 | 25 | 19 | ||||
Derivative Instruments [Member] | ' | ' | ' | ' | ||||
Net Investment Income [Line Items] | ' | ' | ' | ' | ||||
Investment gains | ' | ($1) | $1 | ($4) | ||||
[1] | (a) Includes gross realized gains of $52, $50, $130 and $129 and gross realized losses of $16, $50, $70 and $124 on available-for-sale securities for the three and nine months ended September 30, 2014 and 2013. | |||||||
[2] | (a) Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(19), $25, $46 and $(22) for the three and nine months ended September 30, 2014 and 2013. |
Investments_Net_Investment_Inc1
Investments - Net Investment Income and Investment Gains (Losses) (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Investments Schedule [Abstract] | ' | ' | ' | ' |
Net unrealized gains (losses) on trading securities | ($19) | $25 | $46 | ($22) |
Gross realized gains on available-for-sale securities | 52 | 50 | 130 | 129 |
Gross realized losses on available-for-sale securities | $16 | $50 | $70 | $124 |
Investments_Components_of_Othe
Investments - Components of Other-than-Temporary Impairment Losses Recognized in Earnings by Asset Type (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | ' |
Net OTTI losses recognized in earnings | $10 | $16 | $17 | $50 |
Corporate and Other Bonds [Member] | ' | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | ' |
Net OTTI losses recognized in earnings | 6 | 8 | 9 | 16 |
Residential Mortgage-Backed [Member] | ' | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | ' |
Net OTTI losses recognized in earnings | 2 | 2 | 4 | 5 |
Other Asset-Backed [Member] | ' | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | ' |
Net OTTI losses recognized in earnings | ' | 1 | 1 | 2 |
Total Asset-Backed [Member] | ' | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | ' |
Net OTTI losses recognized in earnings | 2 | 3 | 5 | 7 |
Total Fixed Maturities Available-for-Sale [Member] | ' | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | ' |
Net OTTI losses recognized in earnings | 8 | 11 | 14 | 23 |
Common Stock [Member] | ' | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | ' |
Net OTTI losses recognized in earnings | 2 | 3 | 3 | 5 |
Preferred Stock [Member] | ' | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | ' |
Net OTTI losses recognized in earnings | ' | 2 | ' | 22 |
Total Equity Securities Available-for-Sale [Member] | ' | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | ' |
Net OTTI losses recognized in earnings | $2 | $5 | $3 | $27 |
Investments_Amortized_Cost_and
Investments - Amortized Cost and Fair Values of Securities (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | $38,396 | $40,307 |
Gross Unrealized Gains | 3,412 | 2,579 |
Gross Unrealized Losses | 250 | 695 |
Estimated Fair Value | 41,558 | 42,191 |
Unrealized OTTI Losses (Gains) | -56 | -40 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 37,631 | 39,426 |
Gross Unrealized Gains | 3,310 | 2,450 |
Gross Unrealized Losses | 137 | 556 |
Estimated Fair Value | 40,804 | 41,320 |
Unrealized OTTI Losses (Gains) | -56 | -40 |
Corporate and Other Bonds [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 17,480 | 19,352 |
Gross Unrealized Gains | 1,704 | 1,645 |
Gross Unrealized Losses | 40 | 135 |
Estimated Fair Value | 19,144 | 20,862 |
States, Municipalities and Political Subdivisions [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 11,217 | 11,281 |
Gross Unrealized Gains | 1,295 | 548 |
Gross Unrealized Losses | 53 | 272 |
Estimated Fair Value | 12,459 | 11,557 |
Residential Mortgage-Backed [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 4,972 | 4,940 |
Gross Unrealized Gains | 187 | 123 |
Gross Unrealized Losses | 13 | 92 |
Estimated Fair Value | 5,146 | 4,971 |
Unrealized OTTI Losses (Gains) | -54 | -37 |
Commercial Mortgage-Backed [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 2,079 | 1,995 |
Gross Unrealized Gains | 87 | 90 |
Gross Unrealized Losses | 8 | 22 |
Estimated Fair Value | 2,158 | 2,063 |
Unrealized OTTI Losses (Gains) | -2 | -3 |
Other Asset-Backed [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 1,222 | 945 |
Gross Unrealized Gains | 13 | 13 |
Gross Unrealized Losses | 5 | 3 |
Estimated Fair Value | 1,230 | 955 |
Total Asset-Backed [Member] | Fixed Maturity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 8,273 | 7,880 |
Gross Unrealized Gains | 287 | 226 |
Gross Unrealized Losses | 26 | 117 |
Estimated Fair Value | 8,534 | 7,989 |
Unrealized OTTI Losses (Gains) | -56 | -40 |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 25 | 139 |
Gross Unrealized Gains | 5 | 6 |
Gross Unrealized Losses | ' | 1 |
Estimated Fair Value | 30 | 144 |
Foreign Government [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 456 | 531 |
Gross Unrealized Gains | 16 | 15 |
Gross Unrealized Losses | 1 | 3 |
Estimated Fair Value | 471 | 543 |
Redeemable Preferred Stock [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 39 | 92 |
Gross Unrealized Gains | 3 | 10 |
Estimated Fair Value | 42 | 102 |
Total Fixed Maturities Available-for-Sale [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 37,490 | 39,275 |
Gross Unrealized Gains | 3,310 | 2,450 |
Gross Unrealized Losses | 120 | 528 |
Estimated Fair Value | 40,680 | 41,197 |
Unrealized OTTI Losses (Gains) | -56 | -40 |
Fixed Maturities, Trading [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 141 | 151 |
Gross Unrealized Losses | 17 | 28 |
Estimated Fair Value | 124 | 123 |
Common Stock [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 35 | 36 |
Gross Unrealized Gains | 11 | 9 |
Estimated Fair Value | 46 | 45 |
Preferred Stock [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 162 | 143 |
Gross Unrealized Gains | 4 | 1 |
Gross Unrealized Losses | 1 | 4 |
Estimated Fair Value | 165 | 140 |
Total Equity Securities Available-for-Sale [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 197 | 179 |
Gross Unrealized Gains | 15 | 10 |
Gross Unrealized Losses | 1 | 4 |
Estimated Fair Value | 211 | 185 |
Unrealized OTTI Losses (Gains) | ' | ' |
Equity Securities, Trading [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 568 | 702 |
Gross Unrealized Gains | 87 | 119 |
Gross Unrealized Losses | 112 | 135 |
Estimated Fair Value | 543 | 686 |
Equity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 765 | 881 |
Gross Unrealized Gains | 102 | 129 |
Gross Unrealized Losses | 113 | 139 |
Estimated Fair Value | 754 | 871 |
Unrealized OTTI Losses (Gains) | ' | ' |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 0 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Net unrealized gains on investments included in AOCI | ' | $873,000,000 | $478,000,000 |
Additional other than temporary impairment losses | 0 | ' | ' |
Future capital call commitments | ' | 365,000,000 | ' |
Commitments to purchase various privately placed debt securities, including bank loans | ' | 140,000,000 | ' |
Commitments to sell various privately placed debt securities, including bank loans | ' | $103,000,000 | ' |
Investments_Securities_Availab
Investments - Securities Available-for-Sale in Gross Unrealized Loss Position (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Corporate and Other Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | $1,726 | $3,592 |
Gross Unrealized Losses, Less than 12 Months | 23 | 129 |
Estimated Fair Value, 12 Months or Longer | 402 | 72 |
Gross Unrealized Losses, 12 Months or Longer | 17 | 6 |
Total Estimated Fair Value | 2,128 | 3,664 |
Total Gross Unrealized Losses | 40 | 135 |
States, Municipalities and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 176 | 3,251 |
Gross Unrealized Losses, Less than 12 Months | 2 | 197 |
Estimated Fair Value, 12 Months or Longer | 435 | 129 |
Gross Unrealized Losses, 12 Months or Longer | 51 | 75 |
Total Estimated Fair Value | 611 | 3,380 |
Total Gross Unrealized Losses | 53 | 272 |
Residential Mortgage-Backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 208 | 1,293 |
Gross Unrealized Losses, Less than 12 Months | 3 | 29 |
Estimated Fair Value, 12 Months or Longer | 254 | 343 |
Gross Unrealized Losses, 12 Months or Longer | 10 | 63 |
Total Estimated Fair Value | 462 | 1,636 |
Total Gross Unrealized Losses | 13 | 92 |
Commercial Mortgage-Backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 506 | 640 |
Gross Unrealized Losses, Less than 12 Months | 4 | 22 |
Estimated Fair Value, 12 Months or Longer | 112 | ' |
Gross Unrealized Losses, 12 Months or Longer | 4 | ' |
Total Estimated Fair Value | 618 | 640 |
Total Gross Unrealized Losses | 8 | 22 |
Other Asset-Backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 507 | 269 |
Gross Unrealized Losses, Less than 12 Months | 4 | 3 |
Estimated Fair Value, 12 Months or Longer | 13 | ' |
Gross Unrealized Losses, 12 Months or Longer | 1 | ' |
Total Estimated Fair Value | 520 | 269 |
Total Gross Unrealized Losses | 5 | 3 |
Total Asset-Backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 1,221 | 2,202 |
Gross Unrealized Losses, Less than 12 Months | 11 | 54 |
Estimated Fair Value, 12 Months or Longer | 379 | 343 |
Gross Unrealized Losses, 12 Months or Longer | 15 | 63 |
Total Estimated Fair Value | 1,600 | 2,545 |
Total Gross Unrealized Losses | 26 | 117 |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | ' | 13 |
Gross Unrealized Losses, Less than 12 Months | ' | 1 |
Estimated Fair Value, 12 Months or Longer | 5 | ' |
Total Estimated Fair Value | 5 | 13 |
Total Gross Unrealized Losses | ' | 1 |
Foreign Government [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 35 | 111 |
Gross Unrealized Losses, Less than 12 Months | ' | 3 |
Estimated Fair Value, 12 Months or Longer | 8 | ' |
Gross Unrealized Losses, 12 Months or Longer | 1 | ' |
Total Estimated Fair Value | 43 | 111 |
Total Gross Unrealized Losses | 1 | 3 |
Total Fixed Maturities Available-for-Sale [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 3,158 | 9,169 |
Gross Unrealized Losses, Less than 12 Months | 36 | 384 |
Estimated Fair Value, 12 Months or Longer | 1,229 | 544 |
Gross Unrealized Losses, 12 Months or Longer | 84 | 144 |
Total Estimated Fair Value | 4,387 | 9,713 |
Total Gross Unrealized Losses | 120 | 528 |
Preferred Stock [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 32 | 87 |
Gross Unrealized Losses, Less than 12 Months | 1 | 4 |
Estimated Fair Value, 12 Months or Longer | 1 | ' |
Total Estimated Fair Value | 33 | 87 |
Total Gross Unrealized Losses | 1 | 4 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 3,190 | 9,256 |
Gross Unrealized Losses, Less than 12 Months | 37 | 388 |
Estimated Fair Value, 12 Months or Longer | 1,230 | 544 |
Gross Unrealized Losses, 12 Months or Longer | 84 | 144 |
Total Estimated Fair Value | 4,420 | 9,800 |
Total Gross Unrealized Losses | $121 | $532 |
Investments_Pretax_Credit_Loss
Investments - Pretax Credit Loss Component Reflected in Retained Earnings on Fixed Maturity Securities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' |
Beginning balance of credit losses on fixed maturity securities | $66 | $89 | $74 | $95 |
Additional credit losses for securities for which an OTTI loss was previously recognized | ' | 1 | ' | 2 |
Reductions for securities sold during the period | -2 | -7 | -7 | -14 |
Reductions for securities the Company intends to sell or more likely than not will be required to sell | ' | ' | -3 | ' |
Ending balance of credit losses on fixed maturity securities | $64 | $83 | $64 | $83 |
Investments_AvailableforSale_F
Investments - Available-for-Sale Fixed Maturity Securities by Contractual Maturity (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Cost or Amortized Cost, Due in one year or less | $2,329 | $2,420 |
Cost or Amortized Cost, Due after one year through five years | 8,888 | 9,496 |
Cost or Amortized Cost, Due after five years through ten years | 12,446 | 11,667 |
Cost or Amortized Cost, Due after ten years | 13,827 | 15,692 |
Cost or Amortized Cost, Total | 37,490 | 39,275 |
Estimated Fair Value, Due in one year or less | 2,368 | 2,455 |
Estimated Fair Value, Due after one year through five years | 9,455 | 10,068 |
Estimated Fair Value, Due after five years through ten years | 12,951 | 11,954 |
Estimated Fair Value, Due after ten years | 15,906 | 16,720 |
Estimated Fair Value, Total | $40,680 | $41,197 |
Fair_Value_Assets_and_Liabilit
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets of discontinued operations | ' | $32 |
Liabilities of discontinued operations | ' | -8 |
Corporate and Other Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 19,144 | 20,862 |
States, Municipalities and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 12,459 | 11,557 |
Residential Mortgage-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 5,146 | 4,971 |
Commercial Mortgage-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 2,158 | 2,063 |
Other Asset-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1,230 | 955 |
Total Asset-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 8,534 | 7,989 |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 30 | 144 |
Foreign Government [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 471 | 543 |
Redeemable Preferred Stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 42 | 102 |
Total Fixed Maturities Available-for-Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 40,680 | 41,197 |
Fixed Maturities, Trading [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 124 | 123 |
Fixed Maturity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 40,804 | 41,320 |
Total Equity Securities Available-for-Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 211 | 185 |
Equity Securities, Trading [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 543 | 686 |
Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 754 | 871 |
Short Term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 6,659 | 6,697 |
Other Invested Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 146 | 54 |
Receivables [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 19 | 3 |
Life Settlement Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 86 | 88 |
Separate Account Business [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | 181 |
Payable to Brokers [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of liabilities, measured on a recurring basis | -414 | -44 |
Level 1 [Member] | Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets of discontinued operations | ' | 28 |
Level 1 [Member] | Corporate and Other Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 33 | 33 |
Level 1 [Member] | U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 27 | 116 |
Level 1 [Member] | Foreign Government [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 47 | 81 |
Level 1 [Member] | Redeemable Preferred Stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 30 | 45 |
Level 1 [Member] | Total Fixed Maturities Available-for-Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 137 | 275 |
Level 1 [Member] | Fixed Maturity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 137 | 275 |
Level 1 [Member] | Total Equity Securities Available-for-Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 141 | 126 |
Level 1 [Member] | Equity Securities, Trading [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 540 | 678 |
Level 1 [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 681 | 804 |
Level 1 [Member] | Short Term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 6,047 | 6,134 |
Level 1 [Member] | Other Invested Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 102 | ' |
Level 1 [Member] | Separate Account Business [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | 9 |
Level 1 [Member] | Payable to Brokers [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of liabilities, measured on a recurring basis | -409 | -40 |
Level 2 [Member] | Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets of discontinued operations | ' | 2 |
Liabilities of discontinued operations | ' | -6 |
Level 2 [Member] | Corporate and Other Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 18,938 | 20,625 |
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 12,379 | 11,486 |
Level 2 [Member] | Residential Mortgage-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 4,986 | 4,640 |
Level 2 [Member] | Commercial Mortgage-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 2,061 | 1,912 |
Level 2 [Member] | Other Asset-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 588 | 509 |
Level 2 [Member] | Total Asset-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 7,635 | 7,061 |
Level 2 [Member] | U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 3 | 28 |
Level 2 [Member] | Foreign Government [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 424 | 462 |
Level 2 [Member] | Redeemable Preferred Stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 12 | 57 |
Level 2 [Member] | Total Fixed Maturities Available-for-Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 39,391 | 39,719 |
Level 2 [Member] | Fixed Maturities, Trading [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 33 | 43 |
Level 2 [Member] | Fixed Maturity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 39,424 | 39,762 |
Level 2 [Member] | Total Equity Securities Available-for-Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 53 | 48 |
Level 2 [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 53 | 48 |
Level 2 [Member] | Short Term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 612 | 563 |
Level 2 [Member] | Other Invested Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 44 | 54 |
Level 2 [Member] | Receivables [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 19 | 3 |
Level 2 [Member] | Separate Account Business [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | 171 |
Level 2 [Member] | Payable to Brokers [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of liabilities, measured on a recurring basis | -5 | -1 |
Level 3 [Member] | Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets of discontinued operations | ' | 2 |
Liabilities of discontinued operations | ' | -2 |
Level 3 [Member] | Corporate and Other Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 173 | 204 |
Level 3 [Member] | States, Municipalities and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 80 | 71 |
Level 3 [Member] | Residential Mortgage-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 160 | 331 |
Level 3 [Member] | Commercial Mortgage-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 97 | 151 |
Level 3 [Member] | Other Asset-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 642 | 446 |
Level 3 [Member] | Total Asset-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 899 | 928 |
Level 3 [Member] | Total Fixed Maturities Available-for-Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1,152 | 1,203 |
Level 3 [Member] | Fixed Maturities, Trading [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 91 | 80 |
Level 3 [Member] | Fixed Maturity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1,243 | 1,283 |
Level 3 [Member] | Total Equity Securities Available-for-Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 17 | 11 |
Level 3 [Member] | Equity Securities, Trading [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 3 | 8 |
Level 3 [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 20 | 19 |
Level 3 [Member] | Life Settlement Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 86 | 88 |
Level 3 [Member] | Separate Account Business [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | 1 |
Level 3 [Member] | Payable to Brokers [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of liabilities, measured on a recurring basis | ' | ($3) |
Fair_Value_Reconciliation_of_A
Fair Value - Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Derivative Financial Instruments, Net [Member] | Derivative Financial Instruments, Net [Member] | Derivative Financial Instruments, Net [Member] | Derivative Financial Instruments, Net [Member] | Corporate and Other Bonds [Member] | Corporate and Other Bonds [Member] | Corporate and Other Bonds [Member] | Corporate and Other Bonds [Member] | States, Municipalities and Political Subdivisions [Member] | States, Municipalities and Political Subdivisions [Member] | States, Municipalities and Political Subdivisions [Member] | States, Municipalities and Political Subdivisions [Member] | Residential Mortgage-Backed [Member] | Residential Mortgage-Backed [Member] | Residential Mortgage-Backed [Member] | Residential Mortgage-Backed [Member] | Commercial Mortgage-Backed [Member] | Commercial Mortgage-Backed [Member] | Commercial Mortgage-Backed [Member] | Commercial Mortgage-Backed [Member] | Other Asset-Backed [Member] | Other Asset-Backed [Member] | Other Asset-Backed [Member] | Other Asset-Backed [Member] | Total Asset-Backed [Member] | Total Asset-Backed [Member] | Total Asset-Backed [Member] | Total Asset-Backed [Member] | Redeemable Preferred Stock [Member] | Redeemable Preferred Stock [Member] | Total Fixed Maturities Available-for-Sale [Member] | Total Fixed Maturities Available-for-Sale [Member] | Total Fixed Maturities Available-for-Sale [Member] | Total Fixed Maturities Available-for-Sale [Member] | Fixed Maturities, Trading [Member] | Fixed Maturities, Trading [Member] | Fixed Maturities, Trading [Member] | Fixed Maturities, Trading [Member] | Fixed Maturity Securities [Member] | Fixed Maturity Securities [Member] | Fixed Maturity Securities [Member] | Fixed Maturity Securities [Member] | Total Equity Securities Available-for-Sale [Member] | Total Equity Securities Available-for-Sale [Member] | Total Equity Securities Available-for-Sale [Member] | Total Equity Securities Available-for-Sale [Member] | Equity Securities, Trading [Member] | Equity Securities, Trading [Member] | Equity Securities, Trading [Member] | Equity Securities, Trading [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Short Term Investments [Member] | Other Invested Assets [Member] | Life Settlement Contracts [Member] | Life Settlement Contracts [Member] | Life Settlement Contracts [Member] | Life Settlement Contracts [Member] | Separate Account Business [Member] | Separate Account Business [Member] | Separate Account Business [Member] | Separate Account Business [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | $5 | ($3) | $5 | $194 | $202 | $204 | $219 | $79 | $140 | $71 | $96 | $185 | $428 | $331 | $413 | $59 | $165 | $151 | $129 | $626 | $387 | $446 | $368 | $870 | $980 | $928 | $910 | $25 | $26 | $1,143 | $1,347 | $1,203 | $1,251 | $87 | $80 | $89 | $91 | $1,234 | $1,434 | $1,283 | $1,340 | $2 | $13 | $11 | $34 | $4 | $8 | $7 | $2 | $6 | $15 | $19 | $41 | $6 | $1 | $86 | $91 | $88 | $100 | $1 | $2 | $2 | $2 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | ' | 2 | 1 | 7 | ' | 1 | 2 | 2 | ' | ' | 1 | -3 | 1 | ' | -22 | 2 | 2 | -1 | 4 | ' | 1 | ' | 2 | 3 | 4 | -1 | -16 | 5 | -1 | -1 | 4 | -1 | -13 | 3 | -8 | 11 | -7 | ' | 4 | -9 | -2 | -4 | ' | -2 | 3 | -22 | ' | ' | -5 | ' | ' | -2 | 3 | -27 | ' | ' | 1 | 3 | 23 | 14 | ' | ' | ' | ' |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | ' | -4 | ' | -6 | -1 | ' | ' | -1 | 1 | -3 | 3 | 1 | ' | -20 | 62 | -21 | -2 | -2 | -2 | 7 | -4 | 1 | ' | -1 | -6 | -21 | 60 | -15 | 1 | ' | -6 | -23 | 63 | -15 | ' | ' | ' | ' | -6 | -23 | 63 | -15 | -1 | 2 | -5 | 2 | ' | ' | ' | ' | -1 | 2 | -5 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases | ' | ' | -2 | 1 | 4 | 6 | 30 | 129 | ' | ' | 1 | 122 | ' | 5 | 47 | 116 | 28 | 10 | 28 | 88 | 80 | 56 | 457 | 230 | 108 | 71 | 532 | 434 | ' | ' | 112 | 77 | 563 | 685 | ' | ' | ' | ' | 112 | 77 | 563 | 685 | 16 | ' | 16 | ' | -1 | 1 | ' | ' | 15 | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | -2 | 2 | -2 | ' | -6 | -10 | -96 | ' | ' | -10 | -79 | ' | ' | -174 | -10 | ' | ' | -60 | ' | ' | ' | -111 | -132 | ' | ' | -345 | -142 | ' | ' | ' | -6 | -365 | -317 | -1 | ' | -4 | ' | ' | -7 | -365 | -321 | ' | ' | -8 | ' | ' | -6 | ' | ' | ' | ' | -14 | ' | -6 | -1 | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements | ' | -1 | ' | -5 | -3 | -8 | -13 | -34 | ' | -15 | ' | -20 | -17 | -21 | -57 | -53 | -21 | -1 | -23 | -10 | -25 | -6 | -115 | -30 | -63 | -28 | -195 | -93 | -25 | -25 | -66 | -76 | -208 | -172 | ' | ' | ' | ' | -66 | -76 | -208 | -172 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -4 | -25 | -24 | ' | ' | ' | ' |
Transfers into Level 3 | ' | ' | ' | ' | ' | 17 | 8 | 43 | ' | ' | 14 | 5 | 11 | ' | 32 | 4 | 31 | ' | 43 | 21 | ' | ' | ' | ' | 42 | ' | 75 | 25 | ' | ' | 42 | 17 | 97 | 73 | ' | ' | ' | ' | 42 | 17 | 97 | 73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers out of Level 3 | ' | ' | 2 | ' | -21 | -1 | -48 | -51 | ' | -27 | ' | -27 | -20 | -22 | -59 | -81 | ' | -14 | -44 | -78 | -36 | -5 | -37 | -5 | -56 | -41 | -140 | -164 | ' | ' | -77 | -69 | -188 | -242 | ' | ' | ' | ' | -77 | -69 | -188 | -242 | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' |
Ending balance | ' | ' | ' | ' | 173 | 211 | 173 | 211 | 80 | 95 | 80 | 95 | 160 | 370 | 160 | 370 | 97 | 157 | 97 | 157 | 642 | 433 | 642 | 433 | 899 | 960 | 899 | 960 | ' | ' | 1,152 | 1,266 | 1,152 | 1,266 | 78 | 91 | 78 | 91 | 1,243 | 1,344 | 1,243 | 1,344 | 17 | 13 | 17 | 13 | 3 | 3 | 2 | 2 | 20 | 15 | 20 | 15 | ' | ' | 86 | 90 | 86 | 90 | ' | 2 | 2 | 2 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at September 30 | ($1) | ' | $1 | $1 | ' | ' | ' | ($2) | ' | ' | ' | ' | ' | ($1) | ' | ($3) | ' | ' | ' | ' | ' | ($1) | ($1) | ($2) | ' | ($2) | ($1) | ($5) | ' | ' | ' | ($2) | ($1) | ($7) | ($8) | $11 | ($7) | ' | ' | ($10) | $10 | ($14) | ' | ($2) | ' | ($22) | ' | ' | ($5) | ' | ' | ($2) | ' | ($27) | ' | ' | $1 | ' | $3 | ($1) | ' | ' | ' | ' |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Transfers out of Level 2 to Level 1, Assets | $0 | $0 | $24,000,000 | $0 |
Transfers out of Level 1 to Level 2, Assets | $0 | $0 | $1,000,000 | $0 |
Fair_Value_Quantitative_Inform
Fair Value - Quantitative Information about Significant Unobservable Inputs Utilized by Company in Fair Value Measurements of Level 3 Assets (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fixed Maturity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Credit spread adjustment | 3.00% | 4.00% |
Fixed Maturity Securities [Member] | Discounted Cash Flow [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 95 | 142 |
Valuation Techniques | 'Discounted cash flow | 'Discounted cash flow |
Fixed Maturity Securities [Member] | Minimum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Credit spread adjustment | 2.00% | 2.00% |
Fixed Maturity Securities [Member] | Maximum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Credit spread adjustment | 12.00% | 20.00% |
Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Private offering price | 554 | 1,148 |
Equity Securities [Member] | Market approach [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 18 | 10 |
Valuation Techniques | 'Market approach | 'Market approach |
Equity Securities [Member] | Minimum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Private offering price | 13 | 360 |
Equity Securities [Member] | Maximum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Private offering price | 4,388 | 4,268 |
Life Settlement Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Discount rate risk premium | 9.00% | 9.00% |
Mortality assumption | 193.00% | 192.00% |
Life Settlement Contracts [Member] | Discounted Cash Flow [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 86 | 88 |
Valuation Techniques | 'Discounted cash flow | 'Discounted cash flow |
Life Settlement Contracts [Member] | Minimum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortality assumption | 70.00% | 70.00% |
Life Settlement Contracts [Member] | Maximum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortality assumption | 743.00% | 743.00% |
Fair_Value_Carrying_Amount_and
Fair Value - Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities Not Measured at Fair Value (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short term debt | $813 | ' |
Short term debt | ' | 832 |
Long term debt | 10,191 | ' |
Long term debt | ' | 9,907 |
Long term debt included in discontinued operations | ' | 500 |
Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other invested assets | 576 | 515 |
Premium deposits and annuity contracts | ' | 58 |
Short term debt | 51 | ' |
Short term debt | ' | 20 |
Long term debt | 420 | ' |
Long term debt | ' | 182 |
Estimate Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other invested assets | 576 | 515 |
Premium deposits and annuity contracts | ' | 58 |
Short term debt | 864 | ' |
Short term debt | ' | 852 |
Long term debt | 10,611 | ' |
Long term debt | ' | 10,089 |
Long term debt included in discontinued operations | ' | 500 |
Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other invested assets | 556 | 508 |
Premium deposits and annuity contracts | ' | 57 |
Short term debt | 850 | 818 |
Long term debt | 10,040 | 9,515 |
Long term debt included in discontinued operations | ' | $500 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Summary of Aggregate Contractual or Notional Amounts and Gross Estimated Fair Values Related to Derivative Financial Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commodities, Forwards - Short [Member] | Discontinued Operations [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | ' | $180 |
Estimated Fair Value, Asset | ' | 4 |
Estimated Fair Value, (Liability) | ' | -4 |
Embedded Derivative on Funds Withheld Liability [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 185 | ' |
Estimated Fair Value, (Liability) | -1 | ' |
Interest Rate Risk, Interest Rate Swaps [Member] | Discontinued Operations [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | ' | 300 |
Estimated Fair Value, (Liability) | ' | -4 |
With Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Short [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 133 | 114 |
Estimated Fair Value, Asset | ' | 2 |
Estimated Fair Value, (Liability) | -4 | -1 |
Without Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Short [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 181 | 113 |
Estimated Fair Value, Asset | 7 | ' |
Without Hedge Designation [Member] | Equity Markets, Options - Purchased [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 569 | 1,561 |
Estimated Fair Value, Asset | 18 | 41 |
Without Hedge Designation [Member] | Equity Markets, Options - Written [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 218 | 729 |
Estimated Fair Value, (Liability) | -18 | -23 |
Without Hedge Designation [Member] | Equity Swaps and Warrants - Long [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 12 | 17 |
Estimated Fair Value, Asset | 4 | 9 |
Without Hedge Designation [Member] | Interest Rate Risk, Credit Default Swaps - Purchased Protection [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | ' | 50 |
Estimated Fair Value, (Liability) | ' | -3 |
Without Hedge Designation [Member] | Interest Rate Risk, Credit Default Swaps - Sold Protection [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | ' | 25 |
Without Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Long [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | ' | 55 |
Without Hedge Designation [Member] | Currency Options - Long [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 625 | ' |
Estimated Fair Value, Asset | 13 | ' |
Without Hedge Designation [Member] | Currency Options - Short [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | $50 | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative [Line Items] | ' | ' | ' | ' |
Loss after tax was reclassified from AOCI into Discontinued operations, net of income taxes | ' | ' | $4 | ' |
Market-to-market losses after tax recognized on derivatives | ' | ' | 2 | ' |
Gains (losses) from changes in fair value of derivatives included in Investment gains (losses) | ' | -1 | 1 | -4 |
Losses from changes in fair value of derivatives held for trading included in Net investment income | -7 | -17 | -2 | -33 |
Amount of gain (losses) recognized in OCI | -6 | 1 | 2 | -6 |
Amount of gains (losses) reclassified from AOCI into income | ' | -5 | 3 | -3 |
Estimated amount of net unrealized losses associated with cash flow hedges that will be reclassified from AOCI into earnings during next twelve months | ' | ' | -6 | ' |
Maximum [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Net amounts recognized due to ineffectiveness | $1 | $1 | $1 | $1 |
Claim_and_Claim_Adjustment_Exp2
Claim and Claim Adjustment Expense Reserves - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Catastrophe losses, net of reinsurance | $17 | $42 | $147 | $146 |
CNA Commercial [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Favorable development in accident years | 24 | 26 | 74 | 96 |
CNA Commercial [Member] | 1996 and Prior [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Favorable development in accident years | $26 | ' | $26 | ' |
Claim_and_Claim_Adjustment_Exp3
Claim and Claim Adjustment Expense Reserves - Net Prior Year Development (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | ($26) | ($81) | $23 | ($112) |
Pretax (favorable) unfavorable premium development | 3 | 5 | -30 | -16 |
Total pretax (favorable) unfavorable net prior year development | -23 | -76 | -7 | -128 |
CNA Specialty [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | -82 | -74 | -139 | -130 |
Pretax (favorable) unfavorable premium development | -2 | -3 | -11 | -16 |
Total pretax (favorable) unfavorable net prior year development | -84 | -77 | -150 | -146 |
CNA Commercial [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | 57 | -3 | 153 | 13 |
Pretax (favorable) unfavorable premium development | -1 | 7 | -25 | -8 |
Total pretax (favorable) unfavorable net prior year development | 56 | 4 | 128 | 5 |
Other Insurance [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | -1 | -4 | 9 | 5 |
Pretax (favorable) unfavorable premium development | 6 | 1 | 6 | 8 |
Total pretax (favorable) unfavorable net prior year development | $5 | ($3) | $15 | $13 |
Claim_and_Claim_Adjustment_Exp4
Claim and Claim Adjustment Expense Reserves - Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
CNA Specialty [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Medical professional liability | $13 | $9 | $15 | ($11) |
Other professional liability and management liability | -9 | -4 | -73 | -28 |
Surety | -79 | -76 | -78 | -74 |
Other | -7 | -3 | -3 | -17 |
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | -82 | -74 | -139 | -130 |
CNA Commercial [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Commercial auto | 12 | 4 | 52 | 1 |
General liability | 39 | -18 | 64 | -24 |
Workers' compensation | 24 | 26 | 74 | 96 |
Property and other | -18 | -15 | -37 | -60 |
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $57 | ($3) | $153 | $13 |
Impairment_of_LongLived_Assets1
Impairment of Long-Lived Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ' | ' |
Impairment loss recognized related to Drilling rigs | $109 | $109 |
Diamond Offshore [Member] | ' | ' |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ' | ' |
Fair value of rigs | 17 | 17 |
Impairment loss after tax and non controlling interest | $55 | $55 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2014 | Sep. 30, 2014 | |
Diamond Offshore [Member] | Diamond Offshore [Member] | Diamond Offshore [Member] | Diamond Offshore [Member] | Diamond Offshore [Member] | ||
Egyptian Tax Authorities [Member] | Egyptian Tax Authorities [Member] | UK Tax Jurisdiction [Member] | Scenario, Forecast [Member] | |||
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' |
Proposed increase to taxable income | ' | ' | ' | $1,200,000,000 | ' | ' |
Reduction to income tax expense | ' | 17,000,000 | ' | ' | ' | ' |
Potential tax expense related to income tax examination | ' | ' | 57,000,000 | ' | ' | 50,000,000 |
Expected tax expense related to income tax examination | ' | ' | ' | ' | 26,000,000 | ' |
Reversal of reserves for uncertain tax positions | 36,000,000 | ' | ' | ' | ' | ' |
Reversal of income tax expense, interest | 6,000,000 | ' | ' | ' | ' | ' |
Reversal of income tax expense, penalties | $11,000,000 | ' | ' | ' | ' | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | |||
Sep. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Feb. 28, 2014 | Sep. 30, 2014 | Feb. 28, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | |
Revolving Credit Agreement [Member] | Subsequent Event [Member] | 4.0% Senior Notes Due 2024 [Member] | 4.0% Senior Notes Due 2024 [Member] | 5.9% Senior Notes Due 2014 [Member] | 5.9% Senior Notes Due 2014 [Member] | 5.2% Senior Notes Due 2014 [Member] | 4.8% Mortgage Loan [Member] | 4.1% Mortgage Loan Due September 2024 [Member] | |
Diamond Offshore [Member] | Revolving Credit Agreement [Member] | CNA Financial [Member] | CNA Financial [Member] | CNA Financial [Member] | CNA Financial [Member] | Diamond Offshore [Member] | Loews Hotels [Member] | Legal Defeasance Agreement [Member] | |
Diamond Offshore [Member] | Loews Hotels [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument principal amount | ' | ' | ' | $550,000,000 | ' | $549,000,000 | ' | ' | $300,000,000 |
Debt instrument interest rate | ' | ' | ' | 4.00% | ' | 5.90% | 5.20% | 4.80% | 4.10% |
Debt maturity date | ' | ' | 15-May-24 | ' | 15-Dec-14 | ' | ' | ' | 30-Sep-24 |
Repayment of debt | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' |
Increase in borrowing capacity | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt maturity year | '2019 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings under facility | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | $125,000,000 | ' |
Shareholders_Equity_Components
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | $807 | $37 | $339 | $678 |
Other comprehensive income (loss) before reclassifications, after tax | -140 | -7 | 441 | -711 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | -51 | -10 | -111 | -23 |
Other comprehensive income (loss) | -191 | -17 | 330 | -734 |
Issuance of equity securities by subsidiary | ' | ' | ' | 2 |
Amounts attributable to noncontrolling interests | 22 | ' | -31 | 74 |
Ending, balance | 638 | 20 | 638 | 20 |
OTTI Gains (Losses) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | 30 | 23 | 23 | 18 |
Transfer to net assets of discontinued operations | ' | ' | -5 | ' |
Other comprehensive income (loss) before reclassifications, after tax | 1 | -4 | 15 | 2 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | ' | 1 | ' | 1 |
Other comprehensive income (loss) | 1 | -3 | 15 | 3 |
Amounts attributable to noncontrolling interests | 1 | 1 | -1 | ' |
Ending, balance | 32 | 21 | 32 | 21 |
Unrealized Gains (Losses) on Investments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | 1,062 | 650 | 622 | 1,233 |
Transfer to net assets of discontinued operations | ' | ' | -15 | ' |
Other comprehensive income (loss) before reclassifications, after tax | -59 | -68 | 462 | -706 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | -24 | -2 | -38 | -11 |
Other comprehensive income (loss) | -83 | -70 | 424 | -717 |
Amounts attributable to noncontrolling interests | 8 | 7 | -44 | 71 |
Ending, balance | 987 | 587 | 987 | 587 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | 30 | 15 | -3 | 20 |
Transfer to net assets of discontinued operations | ' | ' | 20 | ' |
Other comprehensive income (loss) before reclassifications, after tax | -3 | 8 | 2 | 14 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | -31 | -16 | -21 | -27 |
Other comprehensive income (loss) | -34 | -8 | -19 | -13 |
Amounts attributable to noncontrolling interests | 4 | ' | 2 | ' |
Ending, balance | ' | 7 | ' | 7 |
Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | -3 | -7 | -4 | -4 |
Other comprehensive income (loss) before reclassifications, after tax | -4 | 1 | 1 | -3 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | ' | 4 | -2 | 2 |
Other comprehensive income (loss) | -4 | 5 | -1 | -1 |
Amounts attributable to noncontrolling interests | 2 | -2 | ' | 1 |
Ending, balance | -5 | -4 | -5 | -4 |
Pension Liability [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | -478 | -721 | -432 | -732 |
Other comprehensive income (loss) before reclassifications, after tax | -2 | ' | -2 | ' |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 4 | 3 | -50 | 12 |
Other comprehensive income (loss) | 2 | 3 | -52 | 12 |
Issuance of equity securities by subsidiary | ' | ' | ' | 2 |
Amounts attributable to noncontrolling interests | ' | ' | 8 | ' |
Ending, balance | -476 | -718 | -476 | -718 |
Foreign Currency Translation [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | 166 | 77 | 133 | 143 |
Other comprehensive income (loss) before reclassifications, after tax | -73 | 56 | -37 | -18 |
Other comprehensive income (loss) | -73 | 56 | -37 | -18 |
Amounts attributable to noncontrolling interests | 7 | -6 | 4 | 2 |
Ending, balance | $100 | $127 | $100 | $127 |
Shareholders_Equity_Components1
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Tax on reclassification from accumulated other comprehensive income | $99 | $155 | $347 | $478 |
OTTI Gains (Losses) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Tax on change in other comprehensive income (loss) before reclassifications | -1 | 1 | -8 | -2 |
Tax on reclassification from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Unrealized Gains (Losses) on Investments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Tax on change in other comprehensive income (loss) before reclassifications | 52 | 36 | -229 | 382 |
Tax on reclassification from accumulated other comprehensive income | 12 | 2 | 20 | 5 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Tax on change in other comprehensive income (loss) before reclassifications | 2 | -3 | -3 | -5 |
Tax on reclassification from accumulated other comprehensive income | 21 | 8 | 16 | 14 |
Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Tax on change in other comprehensive income (loss) before reclassifications | 2 | 0 | -1 | 3 |
Tax on reclassification from accumulated other comprehensive income | 0 | -1 | 1 | -1 |
Pension Liability [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Tax on change in other comprehensive income (loss) before reclassifications | 1 | 0 | 1 | 0 |
Tax on reclassification from accumulated other comprehensive income | -2 | -5 | 24 | -10 |
Foreign Currency Translation [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Tax on reclassification from accumulated other comprehensive income | $0 | $0 | $0 | $0 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Shareholders Equity [Line Items] | ' | ' |
Repurchase of stock | 9.6 | 4.9 |
Repurchase of aggregate equity stock | $83 | ' |
Purchase of Loews treasury stock | 415 | 218 |
Diamond Offshore [Member] | ' | ' |
Shareholders Equity [Line Items] | ' | ' |
Repurchase of stock | 1.9 | ' |
Repurchase of aggregate equity stock | 88 | ' |
Decrease in Additional paid-in capital | $8 | ' |
Diamond Offshore [Member] | Minimum [Member] | ' | ' |
Shareholders Equity [Line Items] | ' | ' |
Subsidiary ownership percentage | 50.40% | ' |
Diamond Offshore [Member] | Maximum [Member] | ' | ' |
Shareholders Equity [Line Items] | ' | ' |
Subsidiary ownership percentage | 51.10% | ' |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Eligible age for several postretirement benefit plans | ' | '55 years |
Eligible age for Medicare benefits | ' | '65 years |
Gain recognized due to curtailment | $86 | ' |
Maximum [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan obligation, discount rate | 3.60% | ' |
Minimum [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit plan obligation, discount rate | 3.10% | ' |
Benefit_Plans_Components_of_Ne
Benefit Plans - Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | $5 | $6 | $13 | $18 | ' | $1 | ' | $1 |
Interest cost | ' | 37 | 34 | 111 | 101 | 1 | 1 | 3 | 3 |
Expected return on plan assets | ' | -52 | -49 | -157 | -148 | -1 | -1 | -3 | -3 |
Amortization of unrecognized net loss | ' | 7 | 12 | 22 | 40 | ' | 1 | ' | 1 |
Amortization of unrecognized prior service benefit | ' | ' | ' | ' | ' | -2 | -6 | -15 | -19 |
Regulatory asset decrease | ' | ' | 4 | 1 | 4 | ' | ' | ' | ' |
Curtailment gain | -86 | ' | ' | ' | ' | ' | ' | -86 | ' |
Net periodic benefit cost | ' | ($3) | $7 | ($10) | $15 | ($2) | ($4) | ($101) | ($17) |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of offshore drilling rigs | 38 |
Number of countries where drilling rigs are located | 9 |
Number of Mid-water rigs to be retired and scrapped | 6 |
Number of rigs under construction | 4 |
Miles of natural gas and NGL pipeline | 14,625 |
Number of states having natural gas storage facilities | 4 |
Total number of hotels owned and/or operated | 21 |
United States [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of hotels | 20 |
Canada [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of hotels | 1 |
CNA Commercial [Member] | Core Operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of CNA segments | 4 |
Diamond Offshore [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of rigs under construction | 1 |
Business_Segments_Consolidated
Business Segments - Consolidated Revenues and Income (Loss) by Business Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $3,523 | $3,597 | $10,804 | $10,831 |
Income (loss) before income tax and noncontrolling interests | 339 | 576 | 1,399 | 1,779 |
Net income (loss) | 208 | 282 | 383 | 793 |
Income from continuing operations | 179 | 318 | 747 | 901 |
Discontinued operations, net | 29 | -36 | -364 | -108 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | 37 | 2 | 65 | 7 |
Investment gains included in net income (loss) | 24 | 1 | 39 | 5 |
CNA Financial [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 2,411 | 2,458 | 7,314 | 7,363 |
Income (loss) before income tax and noncontrolling interests | 295 | 374 | 961 | 996 |
Net income (loss) | 188 | 245 | 623 | 635 |
CNA Financial [Member] | CNA Specialty [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 987 | 996 | 2,959 | 2,906 |
Income (loss) before income tax and noncontrolling interests | 290 | 283 | 771 | 718 |
Net income (loss) | 174 | 170 | 462 | 427 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | 3 | 2 | 10 | -1 |
Investment gains included in net income (loss) | 2 | ' | 6 | -1 |
CNA Financial [Member] | CNA Commercial [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 985 | 1,062 | 3,053 | 3,267 |
Income (loss) before income tax and noncontrolling interests | 99 | 200 | 306 | 559 |
Net income (loss) | 61 | 119 | 186 | 328 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | 3 | 3 | 8 | -5 |
Investment gains included in net income (loss) | 3 | 1 | 5 | -3 |
CNA Financial [Member] | Life & Group Non-Core [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 343 | 300 | 990 | 918 |
Income (loss) before income tax and noncontrolling interests | -52 | -83 | -91 | -190 |
Net income (loss) | -19 | -33 | -6 | -69 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | 30 | -3 | 42 | 6 |
Investment gains included in net income (loss) | 20 | -2 | 26 | 4 |
CNA Financial [Member] | Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 96 | 100 | 312 | 272 |
Income (loss) before income tax and noncontrolling interests | -42 | -26 | -25 | -91 |
Net income (loss) | -28 | -11 | -19 | -51 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | 1 | ' | 5 | 7 |
Investment gains included in net income (loss) | -1 | 2 | 2 | 5 |
Diamond Offshore [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 737 | 706 | 2,148 | 2,198 |
Income (loss) before income tax and noncontrolling interests | 82 | 131 | 362 | 593 |
Net income (loss) | 25 | 44 | 136 | 213 |
Boardwalk Pipeline [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 279 | 288 | 931 | 921 |
Income (loss) before income tax and noncontrolling interests | 28 | 60 | 105 | 226 |
Net income (loss) | 8 | 19 | 7 | 74 |
Loews Hotels [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 126 | 95 | 343 | 290 |
Income (loss) before income tax and noncontrolling interests | ' | -2 | 14 | ' |
Net income (loss) | ' | 1 | 8 | 2 |
Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | -30 | 50 | 68 | 59 |
Income (loss) before income tax and noncontrolling interests | -66 | 13 | -43 | -36 |
Net income (loss) | ($42) | $9 | ($27) | ($23) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Aggregate amount of quantifiable indemnification agreements in effect for sales of business entities, assets and third party loans | $324,000,000 |
Aggregate amount of quantifiable guarantee agreements in effect for sales of business entities, assets and third party loans | 375,000,000 |
Potential amount of future payments under guarantees | $1,900,000,000 |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Discontinued Operations Reflected in Consolidated Condensed Statements of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Expenses: | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations | $29 | ' | ($36) | ($364) | ($108) |
HighMount [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Other revenue, primarily operating | 49 | ' | 61 | 150 | 195 |
Total | 49 | ' | 61 | 150 | 195 |
Expenses: | ' | ' | ' | ' | ' |
Impairment of natural gas and oil properties | ' | ' | 65 | 29 | 210 |
Operating | 54 | ' | 52 | 165 | 162 |
Interest | 3 | ' | 4 | 8 | 13 |
Total | 57 | ' | 121 | 202 | 385 |
Income (loss) before income tax | -8 | ' | -60 | -52 | -190 |
Income tax (expense) benefit | 3 | ' | 22 | 2 | 69 |
Results of discontinued operations, net of income tax | -5 | ' | -38 | -50 | -121 |
Impairment loss/loss on sale, net of tax (expense) benefit | 30 | -167 | ' | -137 | ' |
Income (loss) from discontinued operations | 25 | ' | -38 | -187 | -121 |
CAC [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Net investment income | 14 | ' | 42 | 94 | 128 |
Investment gains | 1 | ' | 3 | 3 | 8 |
Other | ' | ' | 1 | ' | 1 |
Total | 15 | ' | 46 | 97 | 137 |
Expenses: | ' | ' | ' | ' | ' |
Insurance claims and policyholders' benefits | 12 | ' | 36 | 75 | 105 |
Other operating expenses | ' | ' | 6 | 2 | 8 |
Total | 12 | ' | 42 | 77 | 113 |
Income (loss) before income tax | 3 | ' | 4 | 20 | 24 |
Income tax (expense) benefit | -2 | ' | -3 | -6 | -10 |
Results of discontinued operations, net of income tax | 1 | ' | 1 | 14 | 14 |
Impairment loss/loss on sale, net of tax (expense) benefit | 3 | ' | ' | -211 | ' |
Amounts attributable to noncontrolling interests | ' | ' | 1 | 20 | -1 |
Income (loss) from discontinued operations | $4 | ' | $2 | ($177) | $13 |
Discontinued_Operations_Schedu1
Discontinued Operations - Schedule of Discontinued Operations Reflected in Consolidated Condensed Statements of Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
HighMount [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Income tax (expense) benefit on impairment loss/loss on sale | ($30) | $62 |
CAC [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Income tax (expense) benefit on impairment loss/loss on sale | ($1) | $40 |
Discontinued_Operations_Schedu2
Discontinued Operations - Schedule of Assets and Liabilities Reported as Discontinued Operations (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Assets: | ' |
Investments, including cash | $29 |
Receivables | 23 |
Property, plant and equipment | 974 |
Other assets | 15 |
Total assets of discontinued operations | 1,041 |
Liabilities: | ' |
Short term debt | 21 |
Long term debt | 481 |
Other liabilities | 130 |
Total liabilities of discontinued operations | 632 |
Eliminations [Member] | ' |
Assets: | ' |
Receivables | -120 |
Deferred income taxes | -517 |
Total assets of discontinued operations | -637 |
HighMount [Member] | ' |
Assets: | ' |
Investments, including cash | 29 |
Receivables | 143 |
Property, plant and equipment | 974 |
Deferred income taxes | 517 |
Other assets | 15 |
Total assets of discontinued operations | 1,678 |
Liabilities: | ' |
Short term debt | 21 |
Long term debt | 481 |
Other liabilities | 130 |
Total liabilities of discontinued operations | $632 |
Consolidating_Financial_Inform2
Consolidating Financial Information - Consolidating Balance Sheet Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | $52,644 | $52,945 | ' | ' |
Cash | 637 | 294 | 257 | 228 |
Receivables | 8,185 | 9,338 | ' | ' |
Property, plant and equipment | 14,411 | 13,524 | ' | ' |
Goodwill | 353 | 357 | ' | ' |
Assets of discontinued operations | ' | 1,041 | ' | ' |
Other assets | 1,672 | 1,635 | ' | ' |
Deferred acquisition costs of insurance subsidiaries | 627 | 624 | ' | ' |
Separate account business | ' | 181 | ' | ' |
Total assets | 78,529 | 79,939 | ' | ' |
Insurance reserves | 36,095 | 38,394 | ' | ' |
Payable to brokers | 663 | 134 | ' | ' |
Short term debt | 850 | 819 | ' | ' |
Long term debt | 10,051 | 9,525 | ' | ' |
Deferred income taxes | 1,030 | 716 | ' | ' |
Liabilities of discontinued operations | ' | 632 | ' | ' |
Other liabilities | 4,724 | 4,632 | ' | ' |
Separate account business | ' | 181 | ' | ' |
Total liabilities | 53,413 | 55,033 | ' | ' |
Total shareholders' equity | 19,657 | 19,458 | ' | ' |
Noncontrolling interests | 5,459 | 5,448 | ' | ' |
Total equity | 25,116 | 24,906 | 24,821 | 24,676 |
Total liabilities and equity | 78,529 | 79,939 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Receivables | -88 | -25 | ' | ' |
Deferred income taxes | -281 | -247 | ' | ' |
Assets of discontinued operations | ' | -637 | ' | ' |
Investments in capital stocks of subsidiaries | -16,779 | -17,264 | ' | ' |
Other assets | 14 | 39 | ' | ' |
Total assets | -17,134 | -18,134 | ' | ' |
Deferred income taxes | -241 | -725 | ' | ' |
Other liabilities | -114 | -565 | ' | ' |
Total liabilities | -355 | -1,290 | ' | ' |
Total shareholders' equity | -16,779 | -16,844 | ' | ' |
Total equity | -16,779 | -16,844 | ' | ' |
Total liabilities and equity | -17,134 | -18,134 | ' | ' |
CNA Financial [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | 46,320 | 46,107 | ' | ' |
Cash | 247 | 195 | ' | ' |
Receivables | 7,313 | 8,666 | ' | ' |
Property, plant and equipment | 271 | 282 | ' | ' |
Deferred income taxes | ' | 244 | ' | ' |
Goodwill | 118 | 119 | ' | ' |
Other assets | 783 | 741 | ' | ' |
Deferred acquisition costs of insurance subsidiaries | 627 | 624 | ' | ' |
Separate account business | ' | 181 | ' | ' |
Total assets | 55,679 | 57,159 | ' | ' |
Insurance reserves | 36,095 | 38,394 | ' | ' |
Payable to brokers | 135 | 85 | ' | ' |
Short term debt | 549 | 549 | ' | ' |
Long term debt | 2,559 | 2,011 | ' | ' |
Deferred income taxes | 38 | ' | ' | ' |
Other liabilities | 3,300 | 3,323 | ' | ' |
Separate account business | ' | 181 | ' | ' |
Total liabilities | 42,676 | 44,543 | ' | ' |
Total shareholders' equity | 11,673 | 11,354 | ' | ' |
Noncontrolling interests | 1,330 | 1,262 | ' | ' |
Total equity | 13,003 | 12,616 | ' | ' |
Total liabilities and equity | 55,679 | 57,159 | ' | ' |
Diamond Offshore [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | 1,043 | 2,061 | ' | ' |
Cash | 26 | 36 | ' | ' |
Receivables | 543 | 498 | ' | ' |
Property, plant and equipment | 6,076 | 5,472 | ' | ' |
Goodwill | 20 | 20 | ' | ' |
Other assets | 329 | 305 | ' | ' |
Total assets | 8,037 | 8,392 | ' | ' |
Payable to brokers | 4 | 1 | ' | ' |
Short term debt | 250 | 250 | ' | ' |
Long term debt | 1,981 | 2,230 | ' | ' |
Deferred income taxes | 504 | 516 | ' | ' |
Other liabilities | 803 | 734 | ' | ' |
Total liabilities | 3,542 | 3,731 | ' | ' |
Total shareholders' equity | 2,309 | 2,362 | ' | ' |
Noncontrolling interests | 2,186 | 2,299 | ' | ' |
Total equity | 4,495 | 4,661 | ' | ' |
Total liabilities and equity | 8,037 | 8,392 | ' | ' |
Boardwalk Pipeline [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash | 7 | 29 | ' | ' |
Receivables | 84 | 97 | ' | ' |
Property, plant and equipment | 7,391 | 7,296 | ' | ' |
Goodwill | 215 | 215 | ' | ' |
Other assets | 326 | 360 | ' | ' |
Total assets | 8,023 | 7,997 | ' | ' |
Long term debt | 3,410 | 3,424 | ' | ' |
Deferred income taxes | 691 | 689 | ' | ' |
Other liabilities | 418 | 427 | ' | ' |
Total liabilities | 4,519 | 4,540 | ' | ' |
Total shareholders' equity | 1,561 | 1,570 | ' | ' |
Noncontrolling interests | 1,943 | 1,887 | ' | ' |
Total equity | 3,504 | 3,457 | ' | ' |
Total liabilities and equity | 8,023 | 7,997 | ' | ' |
Loews Hotels [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | 76 | 43 | ' | ' |
Cash | 7 | 10 | ' | ' |
Receivables | 39 | 28 | ' | ' |
Property, plant and equipment | 611 | 430 | ' | ' |
Deferred income taxes | 3 | 3 | ' | ' |
Goodwill | ' | 3 | ' | ' |
Other assets | 202 | 183 | ' | ' |
Total assets | 938 | 700 | ' | ' |
Short term debt | 51 | 20 | ' | ' |
Long term debt | 422 | 182 | ' | ' |
Deferred income taxes | 38 | 41 | ' | ' |
Other liabilities | 32 | 23 | ' | ' |
Total liabilities | 543 | 266 | ' | ' |
Total shareholders' equity | 395 | 434 | ' | ' |
Total equity | 395 | 434 | ' | ' |
Total liabilities and equity | 938 | 700 | ' | ' |
Corporate and Other [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | 5,205 | 4,734 | ' | ' |
Cash | 350 | 24 | ' | ' |
Receivables | 294 | 74 | ' | ' |
Property, plant and equipment | 62 | 44 | ' | ' |
Deferred income taxes | 278 | ' | ' | ' |
Assets of discontinued operations | ' | 1,678 | ' | ' |
Investments in capital stocks of subsidiaries | 16,779 | 17,264 | ' | ' |
Other assets | 18 | 7 | ' | ' |
Total assets | 22,986 | 23,825 | ' | ' |
Payable to brokers | 524 | 48 | ' | ' |
Long term debt | 1,679 | 1,678 | ' | ' |
Deferred income taxes | ' | 195 | ' | ' |
Liabilities of discontinued operations | ' | 632 | ' | ' |
Other liabilities | 285 | 690 | ' | ' |
Total liabilities | 2,488 | 3,243 | ' | ' |
Total shareholders' equity | 20,498 | 20,582 | ' | ' |
Total equity | 20,498 | 20,582 | ' | ' |
Total liabilities and equity | $22,986 | $23,825 | ' | ' |
Consolidating_Financial_Inform3
Consolidating Financial Information - Consolidating Statement of Income Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Insurance premiums | $1,810 | $1,825 | $5,427 | $5,389 | ||||
Net investment income | 451 | 605 | 1,625 | 1,739 | ||||
Investment gains | 37 | [1] | 2 | [1] | 65 | [1] | 7 | [1] |
Contract drilling revenues | 728 | 691 | 2,063 | 2,136 | ||||
Other Revenues | 497 | 474 | 1,624 | 1,560 | ||||
Total | ' | ' | 10,804 | 10,831 | ||||
Expenses: | ' | ' | ' | ' | ||||
Insurance claims and policyholders' benefits | 1,354 | 1,378 | 4,241 | 4,259 | ||||
Amortization of deferred acquisition costs | 332 | 341 | 996 | 1,004 | ||||
Contract drilling expenses | 400 | 420 | 1,165 | 1,164 | ||||
Other operating expenses | 977 | 777 | 2,634 | 2,309 | ||||
Interest | 121 | 105 | 369 | 316 | ||||
Total | 3,184 | 3,021 | 9,405 | 9,052 | ||||
Income before income tax | 339 | 576 | 1,399 | 1,779 | ||||
Income tax (expense) benefit | -99 | -155 | -347 | -478 | ||||
Income from continuing operations | 240 | 421 | 1,052 | 1,301 | ||||
Discontinued operations, net | 29 | -37 | -384 | -107 | ||||
Net income | 269 | 384 | 668 | 1,194 | ||||
Amounts attributable to noncontrolling interests | -61 | -102 | -285 | -401 | ||||
Net income attributable to Loews Corporation | ' | ' | 383 | 793 | ||||
Eliminations [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Intercompany interest and dividends | ' | ' | -647 | -547 | ||||
Total | ' | ' | -647 | -547 | ||||
Expenses: | ' | ' | ' | ' | ||||
Income before income tax | ' | ' | -647 | -547 | ||||
Income from continuing operations | ' | ' | -647 | -547 | ||||
Net income | ' | ' | -647 | -547 | ||||
Net income attributable to Loews Corporation | ' | ' | -647 | -547 | ||||
CNA Financial [Member] | Operating Segments [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Insurance premiums | ' | ' | 5,427 | 5,389 | ||||
Net investment income | ' | ' | 1,556 | 1,680 | ||||
Investment gains | ' | ' | 65 | 7 | ||||
Other Revenues | ' | ' | 266 | 287 | ||||
Total | ' | ' | 7,314 | 7,363 | ||||
Expenses: | ' | ' | ' | ' | ||||
Insurance claims and policyholders' benefits | ' | ' | 4,241 | 4,259 | ||||
Amortization of deferred acquisition costs | ' | ' | 996 | 1,004 | ||||
Other operating expenses | ' | ' | 978 | 979 | ||||
Interest | ' | ' | 138 | 125 | ||||
Total | ' | ' | 6,353 | 6,367 | ||||
Income before income tax | ' | ' | 961 | 996 | ||||
Income tax (expense) benefit | ' | ' | -268 | -290 | ||||
Income from continuing operations | ' | ' | 693 | 706 | ||||
Discontinued operations, net | ' | ' | -197 | 14 | ||||
Net income | ' | ' | 496 | 720 | ||||
Amounts attributable to noncontrolling interests | ' | ' | -50 | -72 | ||||
Net income attributable to Loews Corporation | ' | ' | 446 | 648 | ||||
Diamond Offshore [Member] | Operating Segments [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net investment income | ' | ' | 1 | 1 | ||||
Contract drilling revenues | ' | ' | 2,063 | 2,136 | ||||
Other Revenues | ' | ' | 84 | 61 | ||||
Total | ' | ' | 2,148 | 2,198 | ||||
Expenses: | ' | ' | ' | ' | ||||
Contract drilling expenses | ' | ' | 1,165 | 1,164 | ||||
Other operating expenses | ' | ' | 575 | 423 | ||||
Interest | ' | ' | 46 | 18 | ||||
Total | ' | ' | 1,786 | 1,605 | ||||
Income before income tax | ' | ' | 362 | 593 | ||||
Income tax (expense) benefit | ' | ' | -84 | -154 | ||||
Income from continuing operations | ' | ' | 278 | 439 | ||||
Net income | ' | ' | 278 | 439 | ||||
Amounts attributable to noncontrolling interests | ' | ' | -142 | -226 | ||||
Net income attributable to Loews Corporation | ' | ' | 136 | 213 | ||||
Boardwalk Pipeline [Member] | Operating Segments [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Other Revenues | ' | ' | 931 | 921 | ||||
Total | ' | ' | 931 | 921 | ||||
Expenses: | ' | ' | ' | ' | ||||
Other operating expenses | ' | ' | 705 | 573 | ||||
Interest | ' | ' | 121 | 122 | ||||
Total | ' | ' | 826 | 695 | ||||
Income before income tax | ' | ' | 105 | 226 | ||||
Income tax (expense) benefit | ' | ' | -5 | -49 | ||||
Income from continuing operations | ' | ' | 100 | 177 | ||||
Net income | ' | ' | 100 | 177 | ||||
Amounts attributable to noncontrolling interests | ' | ' | -93 | -103 | ||||
Net income attributable to Loews Corporation | ' | ' | 7 | 74 | ||||
Loews Hotels [Member] | Operating Segments [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Other Revenues | ' | ' | 343 | 290 | ||||
Total | ' | ' | 343 | 290 | ||||
Expenses: | ' | ' | ' | ' | ||||
Other operating expenses | ' | ' | 320 | 282 | ||||
Interest | ' | ' | 9 | 8 | ||||
Total | ' | ' | 329 | 290 | ||||
Income before income tax | ' | ' | 14 | ' | ||||
Income tax (expense) benefit | ' | ' | -6 | 2 | ||||
Income from continuing operations | ' | ' | 8 | 2 | ||||
Net income | ' | ' | 8 | 2 | ||||
Net income attributable to Loews Corporation | ' | ' | 8 | 2 | ||||
Corporate and Other [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net investment income | ' | ' | 68 | 58 | ||||
Intercompany interest and dividends | ' | ' | 647 | 547 | ||||
Other Revenues | ' | ' | ' | 1 | ||||
Total | ' | ' | 715 | 606 | ||||
Expenses: | ' | ' | ' | ' | ||||
Other operating expenses | ' | ' | 56 | 52 | ||||
Interest | ' | ' | 55 | 43 | ||||
Total | ' | ' | 111 | 95 | ||||
Income before income tax | ' | ' | 604 | 511 | ||||
Income tax (expense) benefit | ' | ' | 16 | 13 | ||||
Income from continuing operations | ' | ' | 620 | 524 | ||||
Discontinued operations, net | ' | ' | -187 | -121 | ||||
Net income | ' | ' | 433 | 403 | ||||
Net income attributable to Loews Corporation | ' | ' | $433 | $403 | ||||
[1] | (a) Includes gross realized gains of $52, $50, $130 and $129 and gross realized losses of $16, $50, $70 and $124 on available-for-sale securities for the three and nine months ended September 30, 2014 and 2013. |