Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | L | |
Entity Registrant Name | LOEWS CORP | |
Entity Central Index Key | 60086 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 371,377,009 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets: | ||
Fixed maturities, amortized cost of $36,997 and $37,469 | $40,708 | $40,885 |
Equity securities, cost of $672 and $733 | 644 | 728 |
Limited partnership investments | 3,749 | 3,674 |
Other invested assets, primarily mortgage loans | 732 | 731 |
Short term investments | 6,359 | 6,014 |
Total investments | 52,192 | 52,032 |
Cash | 271 | 364 |
Receivables | 8,157 | 7,770 |
Property, plant and equipment | 15,376 | 15,611 |
Goodwill | 371 | 374 |
Other assets | 1,640 | 1,616 |
Deferred acquisition costs of insurance subsidiaries | 616 | 600 |
Total assets | 78,623 | 78,367 |
Liabilities and Equity: | ||
Claim and claim adjustment expense | 23,248 | 23,271 |
Future policy benefits | 9,747 | 9,490 |
Unearned premiums | 3,710 | 3,592 |
Policyholders' funds | 27 | |
Total insurance reserves | 36,705 | 36,380 |
Payable to brokers | 926 | 673 |
Short term debt | 687 | 335 |
Long term debt | 9,863 | 10,333 |
Deferred income taxes | 930 | 893 |
Other liabilities | 4,882 | 5,103 |
Total liabilities | 53,993 | 53,717 |
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 - 373,194,344 and 372,934,540 shares | 4 | 4 |
Additional paid-in capital | 3,477 | 3,481 |
Retained earnings | 15,600 | 15,515 |
Accumulated other comprehensive income | 298 | 280 |
Shareholders Equity Before Treasury Stock, Total | 19,379 | 19,280 |
Less treasury stock, at cost (1,771,900 shares) | -71 | |
Total shareholders' equity | 19,308 | 19,280 |
Noncontrolling interests | 5,322 | 5,370 |
Total equity | 24,630 | 24,650 |
Total liabilities and equity | $78,623 | $78,367 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $36,997 | $37,469 |
Equity securities, cost | $672 | $733 |
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 | 373,194,344 | 372,934,540 |
Treasury stock, shares | 1,771,900 | 1,771,900 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Income (USD $) | 3 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Revenues: | ||||
Insurance premiums | $1,687 | $1,806 | ||
Net investment income | 588 | 577 | ||
Investment gains (losses): | ||||
Other-than-temporary impairment losses | -12 | -2 | ||
Portion of other-than-temporary impairment losses recognized in Other comprehensive income (loss) | 0 | 0 | ||
Net impairment losses recognized in earnings | -12 | -2 | ||
Other net investment gains | 22 | 44 | ||
Total investment gains | 10 | [1] | 42 | [1] |
Contract drilling revenues | 600 | 685 | ||
Other revenues | 593 | 578 | ||
Total | 3,478 | 3,688 | ||
Expenses: | ||||
Insurance claims and policyholders' benefits | 1,339 | 1,446 | ||
Amortization of deferred acquisition costs | 303 | 329 | ||
Contract drilling expenses | 351 | 370 | ||
Other operating expenses (Note 4) | 1,249 | 907 | ||
Interest | 131 | 122 | ||
Total | 3,373 | 3,174 | ||
Income (loss) before income tax | 105 | 514 | ||
Income tax expense | -56 | -103 | ||
Income from continuing operations | 49 | 411 | ||
Discontinued operations, net | -227 | |||
Net income | 49 | 184 | ||
Amounts attributable to noncontrolling interests | 60 | -125 | ||
Net income | 109 | 59 | ||
Net income attributable to Loews Corporation: | ||||
Income from continuing operations | 109 | 265 | ||
Discontinued operations, net | -206 | |||
Net income | $109 | $59 | ||
Basic and diluted net income per share: | ||||
Income from continuing operations | $0.29 | $0.68 | ||
Discontinued operations, net | ($0.53) | |||
Net income | $0.29 | $0.15 | ||
Dividends per share | $0.06 | $0.06 | ||
Weighted average shares outstanding: | ||||
Shares of common stock | 372.83 | 387.34 | ||
Dilutive potential shares of common stock | 0.36 | 0.73 | ||
Total weighted average shares outstanding assuming dilution | 373.19 | 388.07 | ||
[1] | Includes gross realized gains of $34 and $58 and gross realized losses of $22 and $15 on available-for-sale securities for the three months ended March 31, 2015 and 2014. |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ||
Net income | $49 | $184 |
Other comprehensive income (loss), after tax Changes in: | ||
Net unrealized gains on investments with other-than-temporary impairments | -1 | 12 |
Net other unrealized gains on investments | 110 | 237 |
Total unrealized gains on available-for-sale investments | 109 | 249 |
Discontinued operations | 5 | |
Unrealized gains on cash flow hedges | 3 | 3 |
Pension liability | 4 | -1 |
Foreign currency | -96 | -6 |
Other comprehensive income | 20 | 250 |
Comprehensive income | 69 | 434 |
Amounts attributable to noncontrolling interests | 57 | -151 |
Total comprehensive income attributable to Loews Corporation | $126 | $283 |
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 [Member] | Common Stock Held in Treasury [Member] | Noncontrolling Interests [Member] |
In Millions | |||||||
Beginning Balance at Dec. 31, 2013 | $24,906 | $4 | $3,607 | $15,508 | $339 | $5,448 | |
Net income | 184 | 59 | 125 | ||||
Other comprehensive income | 250 | 224 | 26 | ||||
Dividends paid | -130 | -24 | -106 | ||||
Purchases of subsidiary stock from noncontrolling interests | -82 | -8 | -74 | ||||
Purchases of Loews treasury stock | -24 | -24 | |||||
Issuance of Loews common stock | 5 | 5 | |||||
Stock-based compensation | 9 | 9 | |||||
Other | -1 | -2 | 1 | ||||
Ending Balance at Mar. 31, 2014 | 25,117 | 4 | 3,604 | 15,541 | 563 | -24 | 5,429 |
Beginning Balance at Dec. 31, 2014 | 24,650 | 4 | 3,481 | 15,515 | 280 | 5,370 | |
Net income | 49 | 109 | -60 | ||||
Other comprehensive income | 20 | 17 | 3 | ||||
Dividends paid | -105 | -23 | -82 | ||||
Issuance of equity securities by subsidiary | 109 | -2 | 1 | 110 | |||
Purchases of subsidiary stock from noncontrolling interests | -26 | 3 | -29 | ||||
Purchases of Loews treasury stock | -71 | -71 | |||||
Issuance of Loews common stock | 7 | 7 | |||||
Stock-based compensation | 5 | 5 | |||||
Other | -8 | -17 | -1 | 10 | |||
Ending Balance at Mar. 31, 2015 | $24,630 | $4 | $3,477 | $15,600 | $298 | ($71) | $5,322 |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities: | ||
Net income | $49 | $184 |
Adjustments to reconcile net income to net cash provided (used) by operating activities, net | 510 | 746 |
Changes in operating assets and liabilities, net: | ||
Receivables | -153 | 38 |
Deferred acquisition costs | -13 | -21 |
Insurance reserves | 304 | 85 |
Other assets | -57 | -90 |
Other liabilities | -227 | -294 |
Trading securities | -371 | -225 |
Net cash flow operating activities | 42 | 423 |
Investing Activities: | ||
Purchases of fixed maturities | -1,919 | -2,072 |
Proceeds from sales of fixed maturities | 1,144 | 1,550 |
Proceeds from maturities of fixed maturities | 1,144 | 851 |
Purchases of equity securities | -5 | -5 |
Proceeds from sales of equity securities | 2 | 11 |
Purchases of limited partnership investments | -34 | -73 |
Proceeds from sales of limited partnership investments | 20 | 68 |
Purchases of property, plant and equipment | -453 | -758 |
Dispositions | 5 | 11 |
Change in short term investments | 197 | -222 |
Other, net | -7 | 2 |
Net cash flow investing activities | 94 | -637 |
Financing Activities: | ||
Dividends paid | -23 | -24 |
Dividends paid to noncontrolling interests | -82 | -106 |
Purchases of subsidiary stock from noncontrolling interests | -24 | -86 |
Purchases of Loews treasury stock | -67 | -18 |
Issuance of Loews common stock | 7 | 5 |
Proceeds from sale of subsidiary stock | 84 | |
Principal payments on debt | -759 | -240 |
Issuance of debt | 636 | 701 |
Other, net | 5 | 1 |
Net cash flow financing activities | -223 | 233 |
Effect of foreign exchange rate on cash | -6 | 1 |
Transfer of cash to assets of discontinued operations | -14 | |
Net change in cash | -93 | 6 |
Cash, beginning of period | 364 | 295 |
Cash, end of period | $271 | $301 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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 53% 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 51% 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. | |
Loews segments are CNA Financial, including Specialty, Commercial, International and Other Non-Core; Diamond Offshore; Boardwalk Pipeline; Loews Hotels; and Corporate and other. See Note 10 for additional information on segments. | |
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 March 31, 2015 and December 31, 2014 and the results of operations, comprehensive income and changes in shareholders’ equity and cash flows for the three months ended March 31, 2015 and 2014. | |
Net income for the first quarter 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 2014 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 3.5 million and 1.9 million shares were not included in the diluted weighted average shares amounts for the three months ended March 31, 2015 and 2014 due to the exercise price being greater than the average stock price. | |
On August 1, 2014, CNA completed the sale of Continental Assurance Company (“CAC”), its former life insurance subsidiary and on September 30, 2014, the Company sold HighMount Exploration & Production LLC (“HighMount”), its natural gas and oil exploration and production subsidiary. The results of these sold businesses are reflected as discontinued operations in the Consolidated Condensed Statements of Income as further discussed in Note 13. | |
Updated accounting guidance not yet adopted – In May of 2014, the Financial Accounting Standards Board (“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
Investments | 3 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||
Investments | 2. Investments | ||||||||||||||||||||||||||||||||||
Net investment income is as follows: | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 443 | $ | 452 | |||||||||||||||||||||||||||||||
Short term investments | 3 | 1 | |||||||||||||||||||||||||||||||||
Limited partnership investments | 160 | 87 | |||||||||||||||||||||||||||||||||
Equity securities | 3 | 2 | |||||||||||||||||||||||||||||||||
Income (loss) from trading portfolio (a) | (15 | ) | 40 | ||||||||||||||||||||||||||||||||
Other | 8 | 8 | |||||||||||||||||||||||||||||||||
Total investment income | 602 | 590 | |||||||||||||||||||||||||||||||||
Investment expenses | (14 | ) | (13 | ) | |||||||||||||||||||||||||||||||
Net investment income | $ | 588 | $ | 577 | |||||||||||||||||||||||||||||||
(a) Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(14) and $13 for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||||||
Investment gains (losses) are as follows: | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 12 | $ | 38 | |||||||||||||||||||||||||||||||
Equity securities | 5 | ||||||||||||||||||||||||||||||||||
Derivative instruments | (1 | ) | |||||||||||||||||||||||||||||||||
Short term investments and other | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||
Investment gains (a) | $ | 10 | $ | 42 | |||||||||||||||||||||||||||||||
(a) Includes gross realized gains of $34 and $58 and gross realized losses of $22 and $15 on available-for-sale securities for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||||||
The components of net other-than-temporary impairment (“OTTI”) losses recognized in earnings by asset type are as follows: | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 5 | $ | 1 | |||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 5 | ||||||||||||||||||||||||||||||||||
Asset-backed – residential mortgage-backed | 1 | 1 | |||||||||||||||||||||||||||||||||
Total fixed maturities available-for-sale | 11 | 2 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale: | |||||||||||||||||||||||||||||||||||
Common stock | 1 | ||||||||||||||||||||||||||||||||||
Net OTTI losses recognized in earnings | $ | 12 | $ | 2 | |||||||||||||||||||||||||||||||
The amortized cost and fair values of securities are as follows: | |||||||||||||||||||||||||||||||||||
Cost or | Gross | Gross | Unrealized | ||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | OTTI Losses | |||||||||||||||||||||||||||||||
March 31, 2015 | Cost | Gains | Losses | Fair Value | (Gains) | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 16,737 | $ | 1,867 | $ | 45 | $ | 18,559 | |||||||||||||||||||||||||||
States, municipalities and political subdivisions | 11,407 | 1,536 | 9 | 12,934 | |||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,998 | 241 | 13 | 5,226 | $ | (51) | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,151 | 114 | 5 | 2,260 | (3) | ||||||||||||||||||||||||||||||
Other asset-backed | 1,109 | 15 | 1 | 1,123 | |||||||||||||||||||||||||||||||
Total asset-backed | 8,258 | 370 | 19 | 8,609 | (54) | ||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 24 | 6 | 30 | ||||||||||||||||||||||||||||||||
Foreign government | 390 | 19 | 409 | ||||||||||||||||||||||||||||||||
Redeemable preferred stock | 39 | 3 | 42 | ||||||||||||||||||||||||||||||||
Fixed maturities available- for-sale | 36,855 | 3,801 | 73 | 40,583 | (54) | ||||||||||||||||||||||||||||||
Fixed maturities trading | 142 | 17 | 125 | ||||||||||||||||||||||||||||||||
Total fixed maturities | 36,997 | 3,801 | 90 | 40,708 | (54) | ||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Common stock | 41 | 9 | 50 | ||||||||||||||||||||||||||||||||
Preferred stock | 172 | 7 | 4 | 175 | |||||||||||||||||||||||||||||||
Equity securities available-for-sale | 213 | 16 | 4 | 225 | - | ||||||||||||||||||||||||||||||
Equity securities trading | 459 | 74 | 114 | 419 | |||||||||||||||||||||||||||||||
Total equity securities | 672 | 90 | 118 | 644 | - | ||||||||||||||||||||||||||||||
Total | $ | 37,669 | $ | 3,891 | $ | 208 | $ | 41,352 | $ | (54) | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 17,226 | $ | 1,721 | $ | 61 | $ | 18,886 | |||||||||||||||||||||||||||
States, municipalities and political subdivisions | 11,285 | 1,463 | 8 | 12,740 | |||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,028 | 218 | 13 | 5,233 | $ | (53) | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,056 | 93 | 5 | 2,144 | (2) | ||||||||||||||||||||||||||||||
Other asset-backed | 1,234 | 11 | 10 | 1,235 | |||||||||||||||||||||||||||||||
Total asset-backed | 8,318 | 322 | 28 | 8,612 | (55) | ||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 26 | 5 | 31 | ||||||||||||||||||||||||||||||||
Foreign government | 438 | 16 | 454 | ||||||||||||||||||||||||||||||||
Redeemable preferred stock | 39 | 3 | 42 | ||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 37,332 | 3,530 | 97 | 40,765 | (55) | ||||||||||||||||||||||||||||||
Fixed maturities trading | 137 | 17 | 120 | ||||||||||||||||||||||||||||||||
Total fixed maturities | 37,469 | 3,530 | 114 | 40,885 | (55) | ||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Common stock | 38 | 9 | 47 | ||||||||||||||||||||||||||||||||
Preferred stock | 172 | 5 | 2 | 175 | |||||||||||||||||||||||||||||||
Equity securities available-for-sale | 210 | 14 | 2 | 222 | - | ||||||||||||||||||||||||||||||
Equity securities trading | 523 | 96 | 113 | 506 | |||||||||||||||||||||||||||||||
Total equity securities | 733 | 110 | 115 | 728 | - | ||||||||||||||||||||||||||||||
Total | $ | 38,202 | $ | 3,640 | $ | 229 | $ | 41,613 | $ | (55) | |||||||||||||||||||||||||
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. As of March 31, 2015 and December 31, 2014, the net unrealized gains on investments included in AOCI were net of Shadow Adjustments of $1.2 billion. To the extent that unrealized gains on fixed income securities supporting certain products within CNA’s Life & Group Non-Core business 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 (“Shadow Adjustments”). | |||||||||||||||||||||||||||||||||||
The available-for-sale securities in a gross unrealized loss position are as follows: | |||||||||||||||||||||||||||||||||||
Less than | 12 Months | ||||||||||||||||||||||||||||||||||
12 Months | or Longer | Total | |||||||||||||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||||||||||||
March 31, 2015 | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 854 | $ | 33 | $ | 139 | $ | 12 | $ | 993 | $ | 45 | |||||||||||||||||||||||
States, municipalities and political subdivisions | 479 | 6 | 100 | 3 | 579 | 9 | |||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 318 | 5 | 148 | 8 | 466 | 13 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 175 | 3 | 62 | 2 | 237 | 5 | |||||||||||||||||||||||||||||
Other asset-backed | 187 | 1 | 5 | 192 | 1 | ||||||||||||||||||||||||||||||
Total asset-backed | 680 | 9 | 215 | 10 | 895 | 19 | |||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 3 | 3 | |||||||||||||||||||||||||||||||||
Foreign government | 13 | 1 | 14 | ||||||||||||||||||||||||||||||||
Total fixed maturity securities | 2,029 | 48 | 455 | 25 | 2,484 | 73 | |||||||||||||||||||||||||||||
Preferred stock | 15 | 4 | 15 | 4 | |||||||||||||||||||||||||||||||
Total | $ | 2,044 | $ | 52 | $ | 455 | $ | 25 | $ | 2,499 | $ | 77 | |||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 1,330 | $ | 46 | $ | 277 | $ | 15 | $ | 1,607 | $ | 61 | |||||||||||||||||||||||
States, municipalities and political subdivisions | 335 | 5 | 127 | 3 | 462 | 8 | |||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 293 | 5 | 189 | 8 | 482 | 13 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 264 | 2 | 99 | 3 | 363 | 5 | |||||||||||||||||||||||||||||
Other asset-backed | 607 | 10 | 7 | 614 | 10 | ||||||||||||||||||||||||||||||
Total asset-backed | 1,164 | 17 | 295 | 11 | 1,459 | 28 | |||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 3 | 4 | 7 | ||||||||||||||||||||||||||||||||
Foreign government | 3 | 3 | 6 | ||||||||||||||||||||||||||||||||
Redeemable preferred stock | 3 | 3 | |||||||||||||||||||||||||||||||||
Total fixed maturity securities | 2,838 | 68 | 706 | 29 | 3,544 | 97 | |||||||||||||||||||||||||||||
Preferred stock | 17 | 2 | 1 | 18 | 2 | ||||||||||||||||||||||||||||||
Total | $ | 2,855 | $ | 70 | $ | 707 | $ | 29 | $ | 3,562 | $ | 99 | |||||||||||||||||||||||
Based on current facts and circumstances, the Company believes the unrealized losses presented in the table above are not indicative of the ultimate collectibility of the current amortized cost of the securities, but rather are primarily attributable to changes in interest rates and credit spreads, market illiquidity and other factors. The Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional OTTI losses to be recorded as of March 31, 2015. | |||||||||||||||||||||||||||||||||||
The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held as of March 31, 2015 and 2014 for which a portion of an OTTI loss was recognized in Other comprehensive income. | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Beginning balance of credit losses on fixed maturity securities | $ | 62 | $ | 74 | |||||||||||||||||||||||||||||||
Reductions for securities sold during the period | (1 | ) | (2) | ||||||||||||||||||||||||||||||||
Reductions for securities the Company intends to sell or more likely than not will be required to sell | (3) | ||||||||||||||||||||||||||||||||||
Ending balance of credit losses on fixed maturity securities | $ | 61 | $ | 69 | |||||||||||||||||||||||||||||||
Contractual Maturity | |||||||||||||||||||||||||||||||||||
The following table presents available-for-sale fixed maturity securities by contractual maturity. 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. | |||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||
Cost or | Estimated | Cost or | Estimated | ||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 2,011 | $ | 2,043 | $ | 2,479 | $ | 2,511 | |||||||||||||||||||||||||||
Due after one year through five years | 8,776 | 9,354 | 9,070 | 9,621 | |||||||||||||||||||||||||||||||
Due after five years through ten years | 12,401 | 13,108 | 12,055 | 12,584 | |||||||||||||||||||||||||||||||
Due after ten years | 13,667 | 16,078 | 13,728 | 16,049 | |||||||||||||||||||||||||||||||
Total | $ | 36,855 | $ | 40,583 | $ | 37,332 | $ | 40,765 | |||||||||||||||||||||||||||
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. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. | |||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||
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 | $ | 34 | $ | (3 | ) | $ | 70 | $ | (5) | ||||||||||||||||||||||||||
Without hedge designation: | |||||||||||||||||||||||||||||||||||
Equity markets: | |||||||||||||||||||||||||||||||||||
Options – purchased | 2,306 | $ | 21 | 544 | $ | 24 | |||||||||||||||||||||||||||||
– written | 1,493 | (13 | ) | 292 | (21) | ||||||||||||||||||||||||||||||
Equity swaps and warrants – long | 10 | 2 | 10 | 2 | |||||||||||||||||||||||||||||||
Futures – short | 399 | 3 | 130 | 2 | |||||||||||||||||||||||||||||||
Foreign exchange: | |||||||||||||||||||||||||||||||||||
Currency forwards – long | 134 | 1 | 109 | (3) | |||||||||||||||||||||||||||||||
– short | 99 | 2 | 88 | 2 | |||||||||||||||||||||||||||||||
Currency options – long | 179 | 25 | 151 | 7 | |||||||||||||||||||||||||||||||
– short | 218 | (5 | ) | ||||||||||||||||||||||||||||||||
Embedded derivative on funds withheld liability | 184 | (5 | ) | 184 | (3) | ||||||||||||||||||||||||||||||
Investment Commitments | |||||||||||||||||||||||||||||||||||
As of March 31, 2015, the Company had committed approximately $338 million to future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. | |||||||||||||||||||||||||||||||||||
The Company invests in various privately placed debt securities, including bank loans, as part of its overall investment strategy and has committed to additional future purchases, sales and funding. As of March 31, 2015, the Company had commitments to purchase or fund additional amounts of $82 million and sell $71 million under the terms of such securities. |
Fair_Value
Fair Value | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Fair Value | 3. 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 presented in the following tables: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 29 | $ | 18,344 | $ | 186 | $ | 18,559 | |||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 12,848 | 86 | 12,934 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,994 | 232 | 5,226 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,196 | 64 | 2,260 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed | 570 | 553 | 1,123 | ||||||||||||||||||||||||||||||||||||||
Total asset-backed | 7,760 | 849 | 8,609 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 29 | 1 | 30 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 37 | 372 | 409 | ||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 30 | 12 | 42 | ||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 125 | 39,337 | 1,121 | 40,583 | |||||||||||||||||||||||||||||||||||||
Fixed maturities trading | 36 | 89 | 125 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 125 | $ | 39,373 | $ | 1,210 | $ | 40,708 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale | $ | 149 | $ | 63 | $ | 13 | $ | 225 | |||||||||||||||||||||||||||||||||
Equity securities trading | 418 | 1 | 419 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 567 | $ | 63 | $ | 14 | $ | 644 | |||||||||||||||||||||||||||||||||
Short term investments | $ | 5,595 | $ | 678 | $ | 6,273 | |||||||||||||||||||||||||||||||||||
Other invested assets | 103 | 41 | 144 | ||||||||||||||||||||||||||||||||||||||
Receivables | 3 | 28 | 31 | ||||||||||||||||||||||||||||||||||||||
Life settlement contracts | $ | 79 | 79 | ||||||||||||||||||||||||||||||||||||||
Payable to brokers | (365 | ) | (8 | ) | (373) | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 32 | $ | 18,692 | $ | 162 | $ | 18,886 | |||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 12,646 | 94 | 12,740 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,044 | 189 | 5,233 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,061 | 83 | 2,144 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed | 580 | 655 | 1,235 | ||||||||||||||||||||||||||||||||||||||
Total asset-backed | 7,685 | 927 | 8,612 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 28 | 3 | 31 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 41 | 413 | 454 | ||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 30 | 12 | 42 | ||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 131 | 39,451 | 1,183 | 40,765 | |||||||||||||||||||||||||||||||||||||
Fixed maturities trading | 30 | 90 | 120 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 131 | $ | 39,481 | $ | 1,273 | $ | 40,885 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale | $ | 145 | $ | 61 | $ | 16 | $ | 222 | |||||||||||||||||||||||||||||||||
Equity securities trading | 505 | 1 | 506 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 650 | $ | 61 | $ | 17 | $ | 728 | |||||||||||||||||||||||||||||||||
Short term investments | $ | 4,989 | $ | 963 | $ | 5,952 | |||||||||||||||||||||||||||||||||||
Other invested assets | 102 | 41 | 143 | ||||||||||||||||||||||||||||||||||||||
Receivables | 2 | 7 | 9 | ||||||||||||||||||||||||||||||||||||||
Life settlement contracts | $ | 82 | 82 | ||||||||||||||||||||||||||||||||||||||
Payable to brokers | (546 | ) | (6 | ) | (552) | ||||||||||||||||||||||||||||||||||||
The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||||||
Gains | |||||||||||||||||||||||||||||||||||||||||
(Losses) | |||||||||||||||||||||||||||||||||||||||||
Recognized in | |||||||||||||||||||||||||||||||||||||||||
Net Realized Gains | Net Income | ||||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | on Level | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | 3 Assets and | ||||||||||||||||||||||||||||||||||||||||
(Losses) | Transfers | Transfers | Liabilities | ||||||||||||||||||||||||||||||||||||||
Balance, | Included in | Included in | into | out of | Balance, | Held at | |||||||||||||||||||||||||||||||||||
2015 | January 1 | Net Income | OCI | Purchases | Sales | Settlements | Level 3 | Level 3 | 31-Mar | 31-Mar | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 162 | $ | 1 | $ | 12 | $ | (12) | $ | (14) | $ | 37 | $ | 186 | |||||||||||||||||||||||||||
States, municipalities and political subdivisions | 94 | 1 | (9) | 86 | |||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 189 | 1 | 72 | (10) | $ | (20) | 232 | ||||||||||||||||||||||||||||||||||
Commercial mortgage- backed | 83 | 1 | $ | 1 | 6 | (1) | (26) | 64 | |||||||||||||||||||||||||||||||||
Other asset-backed | 655 | 1 | 9 | 35 | (144) | (3) | 553 | ||||||||||||||||||||||||||||||||||
Total asset-backed | 927 | 3 | 10 | 113 | (144) | (14) | - | (46) | 849 | $ | - | ||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,183 | 5 | 10 | 125 | (156) | (37) | 37 | (46) | 1,121 | ||||||||||||||||||||||||||||||||
Fixed maturities trading | 90 | (1) | 89 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,273 | $ | 5 | $ | 10 | $ | 125 | $ | (157) | $ | (37) | $ | 37 | $ | (46) | $ | 1,210 | $ | - | |||||||||||||||||||||
Equity securities available-for-sale | $ | 16 | $ | (3) | $ | 13 | |||||||||||||||||||||||||||||||||||
Equity securities trading | 1 | 1 | |||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 17 | $ | - | $ | (3) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 14 | $ | - | |||||||||||||||||||||
Life settlement contracts | $ | 82 | $ | 13 | $ | (16) | $ | 79 | $ | 1 | |||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||||||
Gains | |||||||||||||||||||||||||||||||||||||||||
(Losses) | |||||||||||||||||||||||||||||||||||||||||
Recognized in | |||||||||||||||||||||||||||||||||||||||||
Net Realized Gains | Net Income | ||||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | on Level | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | 3 Assets and | ||||||||||||||||||||||||||||||||||||||||
(Losses) | Transfers | Transfers | 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 | 31-Mar | 31-Mar | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 204 | $ | 1 | $ | 1 | $ | 5 | $ | (4) | $ | (5) | $ | 3 | $ | (16) | $ | 189 | |||||||||||||||||||||||
States, municipalities and political subdivisions | 71 | 1 | 14 | 86 | |||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 331 | 1 | 15 | 25 | (21) | 21 | (13) | 359 | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 151 | 1 | (1) | (1) | (24) | 126 | |||||||||||||||||||||||||||||||||||
Other asset-backed | 446 | 1 | 148 | (83) | (72) | (1) | 439 | ||||||||||||||||||||||||||||||||||
Total asset-backed | 928 | 3 | 14 | 173 | (83) | (94) | 21 | (38) | 924 | ||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,203 | 4 | 16 | 178 | (87) | (99) | 38 | (54) | 1,199 | ||||||||||||||||||||||||||||||||
Fixed maturities trading | 80 | 5 | 85 | $ | 5 | ||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,283 | $ | 9 | $ | 16 | $ | 178 | $ | (87) | $ | (99) | $ | 38 | $ | (54) | $ | 1,284 | $ | 5 | |||||||||||||||||||||
Equity securities available-for-sale | $ | 11 | $ | 3 | $ | (4) | $ | (8) | $ | 2 | |||||||||||||||||||||||||||||||
Equity securities trading | 8 | (1) | $ | 1 | (6) | 2 | $ | (1) | |||||||||||||||||||||||||||||||||
Total equity securities | $ | 19 | $ | 2 | $ | (4) | $ | 1 | $ | (14) | $ | - | $ | - | $ | - | $ | 4 | $ | (1) | |||||||||||||||||||||
Life settlement contracts | $ | 88 | $ | 10 | $ | (11) | $ | 87 | $ | 1 | |||||||||||||||||||||||||||||||
Separate account business | 1 | $ | (1) | - | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | (3) | (1) | $ | (1) | $ | (2) | $ | 1 | 1 | (5) | 2 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||
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 March 31, 2015 there were no transfers between Level 1 and Level 2. During the three months ended March 31, 2014 there were $23 million of transfers from Level 2 to Level 1 and $1 million of transfers from Level 1 to Level 2. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. | |||||||||||||||||||||||||||||||||||||||||
Valuation Methodologies and Inputs | |||||||||||||||||||||||||||||||||||||||||
The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified. | |||||||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||||||||||||||||||
Level 1 securities include exchange traded bonds, highly liquid U.S. and foreign government bonds and redeemable preferred stock, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using methodologies that model information generated by market transactions involving identical or comparable assets, as well as discounted cash flow methodologies. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are generally assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with inputs that are not market observable. | |||||||||||||||||||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||||||||||||||
Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily non-redeemable preferred stocks and common stocks valued using pricing for similar securities, recently executed transactions, broker/dealer quotes and other pricing models utilizing market observable inputs. Level 3 securities are priced using internal models with inputs that are not market observable. | |||||||||||||||||||||||||||||||||||||||||
Derivative Financial 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, 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 or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes commercial paper, for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short term investments as presented in the tables above differ from the amounts presented 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. | |||||||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||||||
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the table below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. | |||||||||||||||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||||||||||||||
Valuation | Unobservable | (Weighted | |||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Fair Value | Techniques | Inputs | Average) | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 102 | Discounted cash flow | Credit spread | 2% – 13% (3%) | ||||||||||||||||||||||||||||||||||||
Equity securities | 13 | Market approach | Private offering price | $10 – $4,400 per share | |||||||||||||||||||||||||||||||||||||
($682 per share) | |||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 79 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||||
Mortality assumption | 55% – 1,676% (164%) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 101 | Discounted cash flow | Credit spread | 2% – 13% (3%) | ||||||||||||||||||||||||||||||||||||
Equity securities | 16 | Market approach | Private offering price | $12 – $4,391 per share | |||||||||||||||||||||||||||||||||||||
($600 per share) | |||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 82 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||||
Mortality assumption | 55% – 1,676% (163%) | ||||||||||||||||||||||||||||||||||||||||
For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement. For equity securities, an increase in the private offering price would result in a higher fair value measurement. For life settlement contracts, an increase in the discount rate risk premium or decrease in the mortality assumption would result in a lower fair value measurement. | |||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Not Measured at Fair Value | |||||||||||||||||||||||||||||||||||||||||
The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. 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 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Other invested assets, primarily mortgage loans | $ | 586 | $ | 612 | $ | 612 | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Short term debt | 685 | $ | 670 | 35 | 705 | ||||||||||||||||||||||||||||||||||||
Long term debt | 9,850 | 9,813 | 470 | 10,283 | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Other invested assets, primarily mortgage loans | $ | 588 | $ | 608 | $ | 608 | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Short term debt | 334 | $ | 255 | 84 | 339 | ||||||||||||||||||||||||||||||||||||
Long term debt | 10,320 | 10,299 | 420 | 10,719 | |||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||
Fair value of debt was based on observable market prices when available. When observable market prices were not available, the fair value of 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. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, Plant and Equipment |
Diamond Offshore | |
Asset Impairment | |
In the first quarter of 2015, as a result of the continued deterioration of the market fundamentals in the oil and gas industry, including the dramatic decline in oil prices, significant cutbacks in customer capital spending plans, contract cancellations by customers and increased regulatory requirements, Diamond Offshore evaluated all of its mid-water semisubmersible rigs, as well as one drillship, for impairment. | |
Diamond Offshore utilizes an undiscounted probability-weighted cash flow analysis in testing an asset for potential impairment. A matrix of assumptions is developed for each rig under evaluation using multiple utilization/dayrate scenarios, to each of which Diamond Offshore assigns a probability of occurrence. Diamond Offshore arrives at a projected probability weighted cash flow for each rig based on the respective matrix and compares such amount to the carrying value of the asset to assess recoverability. | |
The underlying assumptions and assigned probabilities of occurrence for utilization and dayrate scenarios are developed using a methodology that examines historical data for each rig, which considers the rig’s age, rated water depth and other attributes and then assesses its future marketability in light of the current and projected market environment at the time of assessment. Other assumptions, such as operating, maintenance and inspection costs, are estimated using historical data adjusted for known developments and future events that are anticipated by management at the time of the assessment. | |
Based on this evaluation, Diamond Offshore determined that seven mid-water semisubmersibles as well as an older drillship were impaired and an impairment loss was recognized aggregating $359 million ($158 million after tax and noncontrolling interests) for the three months ended March 31, 2015. Of the impaired rigs, five rigs are currently cold stacked, including three semisubmersible rigs that Diamond Offshore expects to retire and scrap. The remaining three impaired rigs are currently under contract and are expected to be cold stacked or scrapped at the end of their respective contracts. | |
The fair value of the five cold stacked rigs was determined utilizing a market approach, which utilized the most recent contracted sales price for another of Diamond Offshore’s previously impaired mid-water semisubmersible rigs, which Diamond Offshore expects to scrap in the second quarter of 2015. The fair value of Diamond Offshore’s three rigs currently under contract was determined using an income approach, which utilized significant unobservable inputs, including assumptions related to estimated dayrate revenue, rig utilization and anticipated costs for the remainder of the current contract, as well as estimated proceeds that may be received on disposition of each rig, representative of a Level 3 fair value measurement. The aggregate fair value of the impaired rigs was $14 million as of March 31, 2015 and is included in Property, plant and equipment on the Consolidated Condensed Balance Sheets. | |
Loews Hotels | |
In 2015, Loews Hotels paid a total of approximately $330 million to acquire a hotel in February of 2015 and a hotel in April of 2015, funded with capital contributions from the Company. |
Claim_and_Claim_Adjustment_Exp
Claim and Claim Adjustment Expense Reserves | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Insurance [Abstract] | |||||||||||||||||
Claim and Claim Adjustment Expense Reserves | 5. 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 $29 million and $74 million for the three months ended March 31, 2015 and 2014. Catastrophe losses in 2015 related primarily to U.S. weather-related events. | |||||||||||||||||
The fourth quarter of 2014 asbestos and environmental pollution (“A&EP”) reserve review was not completed because additional information and analysis on inuring third-party reinsurance recoveries were needed to finalize the review. The review and analysis of this information continues, and CNA expects to complete the review in the second quarter of 2015. Given the significance of the information and analysis needed to finalize the remaining elements of the review, management is not able to estimate the impact, if any, of this uncertainty on the Consolidated Condensed Financial Statements. | |||||||||||||||||
Net Prior Year Development | |||||||||||||||||
The following tables and discussion present net prior year development recorded for Specialty, Commercial and International segments. | |||||||||||||||||
Three Months Ended March 31, 2015 | Specialty | Commercial | International | Total | |||||||||||||
(In millions) | |||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 2 | $ | (5) | $ | (4 | ) | $ | (7) | ||||||||
Pretax (favorable) unfavorable premium development | (6 | ) | (1) | 16 | 9 | ||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (4 | ) | $ | (6) | $ | 12 | $ | 2 | ||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (3 | ) | $ | 18 | $ | 10 | $ | 25 | ||||||||
Pretax (favorable) unfavorable premium development | (6 | ) | (18) | (7 | ) | (31) | |||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (9 | ) | $ | - | $ | 3 | $ | (6) | ||||||||
Specialty | |||||||||||||||||
The following table and discussion provide further detail of the net prior year claim and allocated claim adjustment expense reserve development (“development”) recorded for the Specialty segment: | |||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||
(In millions) | |||||||||||||||||
Medical professional liability | $ | 14 | |||||||||||||||
Other professional liability and management liability | (3 | ) | $ | (6) | |||||||||||||
Surety | 1 | 1 | |||||||||||||||
Other | (10 | ) | 2 | ||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 2 | $ | (3) | |||||||||||||
2015 | |||||||||||||||||
Overall, unfavorable development for medical professional liability was primarily related to increased frequency in the Aging Services book for accident years 2013 and 2014, partially offset by better than expected severity in accident years 2010 and prior. | |||||||||||||||||
Favorable development for other coverages was primarily due to better than expected frequency in property coverages provided to Specialty customers in accident year 2014. | |||||||||||||||||
2014 | |||||||||||||||||
Favorable development for other professional liability and management liability was related to better than expected loss emergence in accident years 2004 and prior. | |||||||||||||||||
Commercial | |||||||||||||||||
The following table and discussion provide further detail of the development recorded for the Commercial segment: | |||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||
(In millions) | |||||||||||||||||
Commercial auto | $ | 20 | |||||||||||||||
General liability | $ | 4 | |||||||||||||||
Workers’ compensation | (1 | ) | 11 | ||||||||||||||
Property and other | (8 | ) | (13) | ||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (5 | ) | $ | 18 | ||||||||||||
2015 | |||||||||||||||||
Favorable development for property and other was due to lower than expected loss emergence from 2014 catastrophe events. | |||||||||||||||||
2014 | |||||||||||||||||
Unfavorable development for commercial auto was primarily related to higher than expected frequency in accident years 2012 and 2013 and higher than expected loss emergence in accident years 2010 and 2011. | |||||||||||||||||
Unfavorable development for workers’ compensation was primarily due to the recognition of losses related to favorable premium development in accident year 2013. | |||||||||||||||||
Favorable development for property and other was primarily due to better than expected loss emergence in catastrophe losses in accident year 2013. | |||||||||||||||||
International | |||||||||||||||||
The following table and discussion provide further detail of the development recorded for the International segment: | |||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||
(In millions) | |||||||||||||||||
Medical professional liability | $ | 1 | |||||||||||||||
Other professional liability | (1) | ||||||||||||||||
Liability | $ | (5 | ) | (2) | |||||||||||||
Property & marine | (6 | ) | 8 | ||||||||||||||
Other | 7 | (6) | |||||||||||||||
Commutations | 10 | ||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (4 | ) | $ | 10 | ||||||||||||
2014 | |||||||||||||||||
Reinsurance commutations in the first quarter of 2014 reduced ceded losses from prior years. Overall the commutations increased net operating income because of the release of the related allowance for doubtful accounts on reinsurance receivables. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes |
The consolidated effective income tax rate includes the impact of asset impairment losses recognized in foreign jurisdictions with lower tax rates. Excluding the impact of the $359 million asset impairment loss which is a discrete income tax item, the effective income tax rate was 23% and 20% for the three months ended March 31, 2015 and 2014. The change in the effective tax rate is attributable to the change in the relative components of earnings, excluding this discrete item, generated in tax jurisdictions with lower tax rates. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt |
Boardwalk Pipeline | |
In February of 2015, Boardwalk Pipeline repaid at maturity the entire $275 million aggregate principal amount of its 5.1% senior notes. | |
In March of 2015, Boardwalk Pipeline completed a public offering of an additional $250 million aggregate principal amount of its 5.0% senior notes due December 15, 2024. Boardwalk Pipeline originally issued $350 million aggregate principal amount of its 5.0% senior notes due December 15, 2024 in November of 2014. Boardwalk Pipeline intends to use the net proceeds from this offering to retire a portion of the outstanding $250 million aggregate principal amount of 4.6% notes due June 1, 2015. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||
Shareholders' Equity | 8. Shareholders’ Equity | ||||||||||||||||||||||||||||
Accumulated other comprehensive income | |||||||||||||||||||||||||||||
The tables below display the changes in Accumulated other comprehensive income (“AOCI”) by component for the three months ended March 31, 2014 and 2015: | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||
OTTI | Unrealized | Foreign | Other | ||||||||||||||||||||||||||
Gains | Gains (Losses) | Discontinued | Cash Flow | Pension | Currency | Comprehensive | |||||||||||||||||||||||
(Losses) | on Investments | Operations | Hedges | Liability | Translation | Income (Loss) | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 23 | $ | 622 | $ | (3) | $ | (4) | $ | (432) | $ | 133 | $ | 339 | |||||||||||||||
Transfer to net assets held for sale | (5) | (15) | 20 | - | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $(6), $(141), $(1), $(1), $0 and $0 | 12 | 264 | 2 | 2 | (6) | 274 | |||||||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $14, $(3), $0, $(1) and $0 | (27) | 3 | 1 | (1) | (24) | ||||||||||||||||||||||||
Other comprehensive income (loss) | 12 | 237 | 5 | 3 | (1) | (6) | 250 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | (1) | (24) | (1) | (1) | 1 | (26) | |||||||||||||||||||||||
Balance, March 31, 2014 | $ | 29 | $ | 820 | $ | 21 | $ | (2) | $ | (432) | $ | 127 | $ | 563 | |||||||||||||||
Balance, January 1, 2015 | $ | 32 | $ | 846 | $ | - | $ | (6) | $ | (641) | $ | 49 | $ | 280 | |||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $0, $(62), $0, $1, $0 and $0 | (1) | 119 | (2) | (96) | 20 | ||||||||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $0, $0, $(2), $(3) and $0 | (9) | 5 | 4 | - | |||||||||||||||||||||||||
Other comprehensive income (loss) | (1) | 110 | - | 3 | 4 | (96) | 20 | ||||||||||||||||||||||
Issuance of equity securities by subsidiary | 1 | 1 | |||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | (12) | 9 | (3) | ||||||||||||||||||||||||||
Balance, March 31, 2015 | $ | 31 | $ | 944 | $ | - | $ | (3) | $ | (636) | $ | (38) | $ | 298 | |||||||||||||||
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 | |||||||||||||||||||||||||||||
Loews purchased 0.9 million shares of Diamond Offshore common stock at an aggregate cost of $24 million during the first three months of 2015. The Company’s percentage ownership interest in Diamond Offshore increased as a result of these transactions, from 52.5% to 53.1%. The Company’s carrying value exceeded the purchase price of the shares, resulting in an increase to Additional paid-in capital (“APIC”) of $3 million. | |||||||||||||||||||||||||||||
In March of 2015, Boardwalk Pipeline sold 6.7 million common units under an equity distribution agreement with certain broker-dealers and received net proceeds of $109 million, including a $2 million contribution from the Company to maintain its 2% general partner interest. The Company’s percentage ownership interest in Boardwalk Pipeline declined as a result of this transaction, from 53% to 51%. The Company’s carrying value exceeded the issuance price of the common units, resulting in a decrease to APIC of $2 million and an increase to AOCI of $1 million. | |||||||||||||||||||||||||||||
Treasury Stock | |||||||||||||||||||||||||||||
The Company repurchased 1.8 million and 0.5 million shares of Loews common stock at aggregate costs of $71 million and $24 million during the three months ended March 31, 2015 and 2014. |
Benefit_Plans
Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Benefit Plans | 9. 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 covers salaried employees are based on formulas which include, among others, years of service and average pay. The Company’s funding policy is to make contributions in accordance with applicable governmental regulatory requirements. | |||||||||||||||||
Other Postretirement Benefit Plans - 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: | |||||||||||||||||
Other | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In millions) | |||||||||||||||||
Service cost | $ | 4 | $ | 5 | |||||||||||||
Interest cost | 32 | 37 | $ | 1 | $ | 1 | |||||||||||
Expected return on plan assets | (48) | (53) | (1) | (1) | |||||||||||||
Amortization of unrecognized net loss | 11 | 7 | |||||||||||||||
Amortization of unrecognized prior service benefit | (2) | (6) | |||||||||||||||
Net periodic benefit cost | $ | (1) | $ | (4) | $ | (2) | $ | (6) | |||||||||
Business_Segments
Business Segments | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Business Segments | 10. Business Segments | ||||||||
The Company’s reportable segments are primarily based on its individual operating subsidiaries. Each of the principal operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. 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: Specialty, Commercial, International and Other Non-Core. Specialty provides a broad array of professional, financial and specialty property and casualty products and services, through a network of independent agents, brokers and managing general underwriters. Commercial includes property and casualty coverages sold to small businesses and middle market entities and organizations primarily through an independent agency distribution system. Commercial also includes commercial insurance and risk management products sold to large corporations primarily through insurance brokers. International provides management and professional liability coverages as well as a broad range of other property and casualty insurance products and services abroad through a network of brokers, independent agencies and managing general underwriters, as well as the Lloyd’s marketplace. Other Non-Core primarily includes the results of CNA’s individual and group long term care businesses that are in run-off and also includes corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including CNA Re and A&EP. | |||||||||
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 35 drilling rigs, excluding three rigs that Diamond Offshore plans to retire and scrap and including two newbuild rigs which are under construction. On March 31, 2015, Diamond Offshore’s drilling rigs were located offshore eight 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 23 hotels, 22 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, 2014. 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 following tables set forth the Company’s consolidated revenues and income (loss) by business segment: | |||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||
(In millions) | |||||||||
Revenues (a): | |||||||||
CNA Financial: | |||||||||
Property and Casualty: | |||||||||
Specialty | $ | 917 | $ | 915 | |||||
Commercial | 895 | 946 | |||||||
International | 206 | 259 | |||||||
Other Non-Core | 334 | 343 | |||||||
Total CNA Financial | 2,352 | 2,463 | |||||||
Diamond Offshore | 627 | 710 | |||||||
Boardwalk Pipeline | 330 | 357 | |||||||
Loews Hotels | 139 | 105 | |||||||
Corporate and other | 30 | 53 | |||||||
Total | $ | 3,478 | $ | 3,688 | |||||
Income (loss) before income tax and noncontrolling interests (a): | |||||||||
CNA Financial: | |||||||||
Property and Casualty: | |||||||||
Specialty | $ | 207 | $ | 203 | |||||
Commercial | 186 | 119 | |||||||
International | 13 | 27 | |||||||
Other Non-Core | -92 | (48) | |||||||
Total CNA Financial | 314 | 301 | |||||||
Diamond Offshore | -287 | 168 | |||||||
Boardwalk Pipeline (b) | 77 | 23 | |||||||
Loews Hotels | 10 | 5 | |||||||
Corporate and other | -9 | 17 | |||||||
Total | $ | 105 | $ | 514 | |||||
Net income (loss) (a): | |||||||||
CNA Financial: | |||||||||
Property and Casualty: | |||||||||
Specialty | $ | 123 | $ | 123 | |||||
Commercial | 110 | 73 | |||||||
International | 9 | 15 | |||||||
Other Non-Core | -32 | (11) | |||||||
Total CNA Financial | 210 | 200 | |||||||
Diamond Offshore | -126 | 69 | |||||||
Boardwalk Pipeline (b) | 25 | (18) | |||||||
Loews Hotels | 5 | 3 | |||||||
Corporate and other | -5 | 11 | |||||||
Income from continuing operations | 109 | 265 | |||||||
Discontinued operations, net | (206) | ||||||||
Total | $ | 109 | $ | 59 | |||||
(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 March 31 | 2015 | 2014 | |||||||
Revenues and Income (loss) before income tax and noncontrolling interests: | |||||||||
CNA Financial: | |||||||||
Property and Casualty: | |||||||||
Specialty | $ | 4 | $ | 11 | |||||
Commercial | 4 | 10 | |||||||
International | 1 | 3 | |||||||
Other Non-Core | 1 | 18 | |||||||
Total | $ | 10 | $ | 42 | |||||
Net income (loss): | |||||||||
CNA Financial: | |||||||||
Property and Casualty: | |||||||||
Specialty | $ | 2 | $ | 7 | |||||
Commercial | 3 | 7 | |||||||
International | 1 | ||||||||
Other Non-Core | 2 | 10 | |||||||
Total | $ | 8 | $ | 24 | |||||
(b) | 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, 2014, a charge of $94 million ($55 million after tax and noncontrolling interests) was recorded in the first quarter of 2014 related to the Bluegrass Project. |
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 11. 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 | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies |
CNA Financial | |
In the course of selling business entities and assets to third parties, CNA agreed to guarantee the performance of certain obligations of a previously owned subsidiary and to indemnify purchasers for losses arising out of breaches of representation and warranties with respect to the business entities or assets being sold, including, in certain cases, losses arising from undisclosed liabilities or certain named litigation. Such guarantee and indemnification agreements in effect for sales of business entities, assets and third party loans may include provisions that survive indefinitely. As of March 31, 2015, the aggregate amount related to quantifiable guarantees was $375 million and the aggregate amount related to indemnification agreements was $324 million. Should 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 March 31, 2015, 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 guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities provided by a previously owned subsidiary, which are estimated to mature through 2120. The potential amount of future payments CNA could be required to pay under these guarantees was approximately $2.0 billion as of March 31, 2015. 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 | |
Diamond Offshore is financially obligated under a contract with Hyundai Heavy Industries, Co. Ltd. (“Hyundai”) for the construction of a dynamically positioned, harsh environment semisubmersible drilling rig, with expected delivery in the first quarter of 2016. The total cost of the rig including shipyard costs, capital spares, commissioning, project management and shipyard supervision is estimated to be $764 million. The remaining contractual payment of $440 million is due upon delivery of the rig. | |
Diamond Offshore expects to take delivery of an ultra-deepwater drillship in the second quarter of 2015 and will pay the remaining contractual payment to Hyundai of approximately $395 million at that time. | |
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. Diamond Offshore is currently unable to estimate the range of loss, if any, that it would incur if Petrobras is ultimately assessed such taxes and if it is determined that Petrobras is entitled to obtain reimbursement from Diamond Offshore. However, if Diamond Offshore’s position is not sustained, the amount of such reimbursement could have a material adverse effect on its financial condition and the Company’s results of operations and cash flows. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Discontinued Operations | 13. Discontinued Operations | ||||
The Consolidated Condensed Statements of Income include discontinued operations of HighMount as follows: | |||||
Three Months Ended March 31 | 2014 | ||||
(In millions) | |||||
Revenues: | |||||
Other revenue, primarily operating | $ | 55 | |||
Total | 55 | ||||
Expenses: | |||||
Other operating expenses | |||||
Impairment of natural gas and oil properties | 29 | ||||
Operating | 55 | ||||
Interest | 2 | ||||
Total | 86 | ||||
Loss before income tax | (31) | ||||
Income tax benefit | 11 | ||||
Loss from discontinued operations | $ | (20) | |||
The Consolidated Condensed Statements of Income include discontinued operations of the CAC business as follows: | |||||
Three Months Ended March 31 | 2014 | ||||
(In millions) | |||||
Revenues: | |||||
Net investment income | $ | 41 | |||
Investment gains | 1 | ||||
Total | 42 | ||||
Expenses: | |||||
Insurance claims and policyholders’ benefits | 31 | ||||
Other operating expenses | 1 | ||||
Total | 32 | ||||
Income before income tax | 10 | ||||
Income tax expense | (3) | ||||
Results of discontinued operations, net of income tax | 7 | ||||
Loss on sale, net of tax benefit of $41 | (214) | ||||
Amounts attributable to noncontrolling interests | 21 | ||||
Loss from discontinued operations | $ | (186) | |||
Consolidating_Financial_Inform
Consolidating Financial Information | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||
Consolidating Financial Information | 14. Consolidating Financial Information | ||||||||||||||||||||||||||||
The following schedules present the Company’s consolidating balance sheet information at March 31, 2015 and December 31, 2014, and consolidating statements of income information for the three months ended March 31, 2015 and 2014. 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 and corporate long term debt. 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 | |||||||||||||||||||||||||
March 31, 2015 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Investments | $ | 45,932 | $ | 191 | $ | 48 | $ | 6,021 | $ | 52,192 | |||||||||||||||||||
Cash | 201 | 7 | $ | 30 | 6 | 27 | 271 | ||||||||||||||||||||||
Receivables | 7,404 | 469 | 158 | 42 | 116 | $ | (32) | 8,157 | |||||||||||||||||||||
Property, plant and equipment | 284 | 6,578 | 7,626 | 838 | 50 | 15,376 | |||||||||||||||||||||||
Deferred income taxes | 86 | 2 | 186 | (274) | - | ||||||||||||||||||||||||
Goodwill | 114 | 20 | 237 | 371 | |||||||||||||||||||||||||
Investments in capital stocks of subsidiaries | 15,702 | (15,702) | - | ||||||||||||||||||||||||||
Other assets | 808 | 266 | 305 | 240 | 10 | 11 | 1,640 | ||||||||||||||||||||||
Deferred acquisition costs of insurance subsidiaries | 616 | 616 | |||||||||||||||||||||||||||
Total assets | $ | 55,445 | $ | 7,531 | $ | 8,356 | $ | 1,176 | $ | 22,112 | $ | (15,997) | $ | 78,623 | |||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||
Insurance reserves | $ | 36,705 | $ | 36,705 | |||||||||||||||||||||||||
Payable to brokers | 257 | $ | 3 | $ | 666 | 926 | |||||||||||||||||||||||
Short term debt | 1 | 250 | $ | 36 | 400 | 687 | |||||||||||||||||||||||
Long term debt | 2,563 | 1,981 | $ | 3,568 | 471 | 1,280 | 9,863 | ||||||||||||||||||||||
Deferred income taxes | 9 | 397 | 751 | 36 | $ | (263) | 930 | ||||||||||||||||||||||
Other liabilities | 3,503 | 697 | 385 | 22 | 307 | (32) | 4,882 | ||||||||||||||||||||||
Total liabilities | 43,038 | 3,328 | 4,704 | 565 | 2,653 | (295) | 53,993 | ||||||||||||||||||||||
Total shareholders’ equity | 11,125 | 2,245 | 1,572 | 609 | 19,459 | (15,702) | 19,308 | ||||||||||||||||||||||
Noncontrolling interests | 1,282 | 1,958 | 2,080 | 2 | 5,322 | ||||||||||||||||||||||||
Total equity | 12,407 | 4,203 | 3,652 | 611 | 19,459 | (15,702) | 24,630 | ||||||||||||||||||||||
Total liabilities and equity | $ | 55,445 | $ | 7,531 | $ | 8,356 | $ | 1,176 | $ | 22,112 | $ | (15,997) | $ | 78,623 | |||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
December 31, 2014 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Investments | $ | 46,262 | $ | 234 | $ | 75 | $ | 5,461 | $ | 52,032 | |||||||||||||||||||
Cash | 190 | 16 | $ | 8 | 9 | 141 | 364 | ||||||||||||||||||||||
Receivables | 7,097 | 490 | 128 | 29 | 82 | $ | (56) | 7,770 | |||||||||||||||||||||
Property, plant and equipment | 280 | 6,949 | 7,649 | 671 | 62 | 15,611 | |||||||||||||||||||||||
Deferred income taxes | 222 | 2 | 374 | (598) | - | ||||||||||||||||||||||||
Goodwill | 117 | 20 | 237 | 374 | |||||||||||||||||||||||||
Investments in capital stocks of subsidiaries | 15,974 | (15,974) | - | ||||||||||||||||||||||||||
Other assets | 778 | 307 | 304 | 206 | 7 | 14 | 1,616 | ||||||||||||||||||||||
Deferred acquisition costs of insurance subsidiaries | 600 | 600 | |||||||||||||||||||||||||||
Total assets | $ | 55,546 | $ | 8,016 | $ | 8,326 | $ | 992 | $ | 22,101 | $ | (16,614) | $ | 78,367 | |||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||
Insurance reserves | $ | 36,380 | $ | 36,380 | |||||||||||||||||||||||||
Payable to brokers | 117 | $ | 5 | $ | 551 | 673 | |||||||||||||||||||||||
Short term debt | 250 | $ | 85 | 335 | |||||||||||||||||||||||||
Long term debt | 2,561 | 1,981 | $ | 3,690 | 421 | 1,680 | 10,333 | ||||||||||||||||||||||
Deferred income taxes | 11 | 514 | 732 | 36 | $ | (400) | 893 | ||||||||||||||||||||||
Other liabilities | 3,713 | 792 | 400 | 17 | 421 | (240) | 5,103 | ||||||||||||||||||||||
Total liabilities | 42,782 | 3,542 | 4,822 | 559 | 2,652 | (640) | 53,717 | ||||||||||||||||||||||
Total shareholders’ equity | 11,457 | 2,359 | 1,558 | 431 | 19,449 | (15,974) | 19,280 | ||||||||||||||||||||||
Noncontrolling interests | 1,307 | 2,115 | 1,946 | 2 | 5,370 | ||||||||||||||||||||||||
Total equity | 12,764 | 4,474 | 3,504 | 433 | 19,449 | (15,974) | 24,650 | ||||||||||||||||||||||
Total liabilities and equity | $ | 55,546 | $ | 8,016 | $ | 8,326 | $ | 992 | $ | 22,101 | $ | (16,614) | $ | 78,367 | |||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
Three Months Ended March 31, 2015 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Insurance premiums | $ | 1,687 | $ | 1,687 | |||||||||||||||||||||||||
Net investment income | 558 | $ | 1 | $ | 29 | 588 | |||||||||||||||||||||||
Intercompany interest and dividends | 567 | $ | (567) | - | |||||||||||||||||||||||||
Investment gains | 10 | 10 | |||||||||||||||||||||||||||
Contract drilling revenues | 600 | 600 | |||||||||||||||||||||||||||
Other revenues | 97 | 26 | $ | 330 | $ | 139 | 1 | 593 | |||||||||||||||||||||
Total | 2,352 | 627 | 330 | 139 | 597 | (567) | 3,478 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 1,339 | 1,339 | |||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 303 | 303 | |||||||||||||||||||||||||||
Contract drilling expenses | 351 | 351 | |||||||||||||||||||||||||||
Other operating expenses | 357 | 539 | 208 | 124 | 21 | 1,249 | |||||||||||||||||||||||
Interest | 39 | 24 | 45 | 5 | 18 | 131 | |||||||||||||||||||||||
Total | 2,038 | 914 | 253 | 129 | 39 | - | 3,373 | ||||||||||||||||||||||
Income (loss) before income tax | 314 | (287) | 77 | 10 | 558 | (567) | 105 | ||||||||||||||||||||||
Income tax (expense) benefit | (80) | 41 | (16) | (5) | 4 | (56) | |||||||||||||||||||||||
Net income (loss) | 234 | (246) | 61 | 5 | 562 | (567) | 49 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | (24) | 120 | (36) | 60 | |||||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | 210 | $ | (126) | $ | 25 | $ | 5 | $ | 562 | $ | (567) | $ | 109 | |||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Insurance premiums | $ | 1,806 | $ | 1,806 | |||||||||||||||||||||||||
Net investment income | 526 | $ | 51 | 577 | |||||||||||||||||||||||||
Intercompany interest and dividends | 377 | $ | (377) | - | |||||||||||||||||||||||||
Investment gains | 42 | 42 | |||||||||||||||||||||||||||
Contract drilling revenues | $ | 685 | 685 | ||||||||||||||||||||||||||
Other revenues | 89 | 25 | $ | 357 | $ | 105 | 2 | 578 | |||||||||||||||||||||
Total | 2,463 | 710 | 357 | 105 | 430 | (377) | 3,688 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 1,446 | 1,446 | |||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 329 | 329 | |||||||||||||||||||||||||||
Contract drilling expenses | 370 | 370 | |||||||||||||||||||||||||||
Other operating expenses | 343 | 154 | 293 | 99 | 18 | 907 | |||||||||||||||||||||||
Interest | 44 | 18 | 41 | 1 | 18 | 122 | |||||||||||||||||||||||
Total | 2,162 | 542 | 334 | 100 | 36 | - | 3,174 | ||||||||||||||||||||||
Income (loss) before income tax | 301 | 168 | 23 | 5 | 394 | (377) | 514 | ||||||||||||||||||||||
Income tax (expense) benefit | (79) | (27) | 11 | (2) | (6) | (103) | |||||||||||||||||||||||
Income (loss) from continuing operations | 222 | 141 | 34 | 3 | 388 | (377) | 411 | ||||||||||||||||||||||
Discontinued operations, net | (207) | (20) | (227) | ||||||||||||||||||||||||||
Net income (loss) | 15 | 141 | 34 | 3 | 368 | (377) | 184 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | (1) | (72) | (52) | (125) | |||||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | 14 | $ | 69 | $ | (18) | $ | 3 | $ | 368 | $ | (377) | $ | 59 | |||||||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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 53% 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 51% 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. |
Loews segments are CNA Financial, including Specialty, Commercial, International and Other Non-Core; Diamond Offshore; Boardwalk Pipeline; Loews Hotels; and Corporate and other. See Note 10 for additional information on segments. | |
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 March 31, 2015 and December 31, 2014 and the results of operations, comprehensive income and changes in shareholders’ equity and cash flows for the three months ended March 31, 2015 and 2014. | |
Net income for the first quarter 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 2014 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 3.5 million and 1.9 million shares were not included in the diluted weighted average shares amounts for the three months ended March 31, 2015 and 2014 due to the exercise price being greater than the average stock price. |
Recent Accounting Developments | Updated accounting guidance not yet adopted – In May of 2014, the Financial Accounting Standards Board (“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) | 3 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||
Net Investment Income and Investment Gains (Losses) | Net investment income is as follows: | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 443 | $ | 452 | |||||||||||||||||||||||||||||||
Short term investments | 3 | 1 | |||||||||||||||||||||||||||||||||
Limited partnership investments | 160 | 87 | |||||||||||||||||||||||||||||||||
Equity securities | 3 | 2 | |||||||||||||||||||||||||||||||||
Income (loss) from trading portfolio (a) | (15 | ) | 40 | ||||||||||||||||||||||||||||||||
Other | 8 | 8 | |||||||||||||||||||||||||||||||||
Total investment income | 602 | 590 | |||||||||||||||||||||||||||||||||
Investment expenses | (14 | ) | (13 | ) | |||||||||||||||||||||||||||||||
Net investment income | $ | 588 | $ | 577 | |||||||||||||||||||||||||||||||
(a) Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(14) and $13 for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||||||
Investment gains (losses) are as follows: | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 12 | $ | 38 | |||||||||||||||||||||||||||||||
Equity securities | 5 | ||||||||||||||||||||||||||||||||||
Derivative instruments | (1 | ) | |||||||||||||||||||||||||||||||||
Short term investments and other | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||
Investment gains (a) | $ | 10 | $ | 42 | |||||||||||||||||||||||||||||||
(a) Includes gross realized gains of $34 and $58 and gross realized losses of $22 and $15 on available-for-sale securities for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||||||
Components of Net Other-than-Temporary Impairment Losses Recognized in Earnings by Asset Type | The components of net other-than-temporary impairment (“OTTI”) losses recognized in earnings by asset type are as follows: | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 5 | $ | 1 | |||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 5 | ||||||||||||||||||||||||||||||||||
Asset-backed – residential mortgage-backed | 1 | 1 | |||||||||||||||||||||||||||||||||
Total fixed maturities available-for-sale | 11 | 2 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale: | |||||||||||||||||||||||||||||||||||
Common stock | 1 | ||||||||||||||||||||||||||||||||||
Net OTTI losses recognized in earnings | $ | 12 | $ | 2 | |||||||||||||||||||||||||||||||
Amortized Cost and Fair Values of Securities | The amortized cost and fair values of securities are as follows: | ||||||||||||||||||||||||||||||||||
Cost or | Gross | Gross | Unrealized | ||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | OTTI Losses | |||||||||||||||||||||||||||||||
March 31, 2015 | Cost | Gains | Losses | Fair Value | (Gains) | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 16,737 | $ | 1,867 | $ | 45 | $ | 18,559 | |||||||||||||||||||||||||||
States, municipalities and political subdivisions | 11,407 | 1,536 | 9 | 12,934 | |||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,998 | 241 | 13 | 5,226 | $ | (51) | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,151 | 114 | 5 | 2,260 | (3) | ||||||||||||||||||||||||||||||
Other asset-backed | 1,109 | 15 | 1 | 1,123 | |||||||||||||||||||||||||||||||
Total asset-backed | 8,258 | 370 | 19 | 8,609 | (54) | ||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 24 | 6 | 30 | ||||||||||||||||||||||||||||||||
Foreign government | 390 | 19 | 409 | ||||||||||||||||||||||||||||||||
Redeemable preferred stock | 39 | 3 | 42 | ||||||||||||||||||||||||||||||||
Fixed maturities available- for-sale | 36,855 | 3,801 | 73 | 40,583 | (54) | ||||||||||||||||||||||||||||||
Fixed maturities trading | 142 | 17 | 125 | ||||||||||||||||||||||||||||||||
Total fixed maturities | 36,997 | 3,801 | 90 | 40,708 | (54) | ||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Common stock | 41 | 9 | 50 | ||||||||||||||||||||||||||||||||
Preferred stock | 172 | 7 | 4 | 175 | |||||||||||||||||||||||||||||||
Equity securities available-for-sale | 213 | 16 | 4 | 225 | - | ||||||||||||||||||||||||||||||
Equity securities trading | 459 | 74 | 114 | 419 | |||||||||||||||||||||||||||||||
Total equity securities | 672 | 90 | 118 | 644 | - | ||||||||||||||||||||||||||||||
Total | $ | 37,669 | $ | 3,891 | $ | 208 | $ | 41,352 | $ | (54) | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 17,226 | $ | 1,721 | $ | 61 | $ | 18,886 | |||||||||||||||||||||||||||
States, municipalities and political subdivisions | 11,285 | 1,463 | 8 | 12,740 | |||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,028 | 218 | 13 | 5,233 | $ | (53) | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,056 | 93 | 5 | 2,144 | (2) | ||||||||||||||||||||||||||||||
Other asset-backed | 1,234 | 11 | 10 | 1,235 | |||||||||||||||||||||||||||||||
Total asset-backed | 8,318 | 322 | 28 | 8,612 | (55) | ||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 26 | 5 | 31 | ||||||||||||||||||||||||||||||||
Foreign government | 438 | 16 | 454 | ||||||||||||||||||||||||||||||||
Redeemable preferred stock | 39 | 3 | 42 | ||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 37,332 | 3,530 | 97 | 40,765 | (55) | ||||||||||||||||||||||||||||||
Fixed maturities trading | 137 | 17 | 120 | ||||||||||||||||||||||||||||||||
Total fixed maturities | 37,469 | 3,530 | 114 | 40,885 | (55) | ||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Common stock | 38 | 9 | 47 | ||||||||||||||||||||||||||||||||
Preferred stock | 172 | 5 | 2 | 175 | |||||||||||||||||||||||||||||||
Equity securities available-for-sale | 210 | 14 | 2 | 222 | - | ||||||||||||||||||||||||||||||
Equity securities trading | 523 | 96 | 113 | 506 | |||||||||||||||||||||||||||||||
Total equity securities | 733 | 110 | 115 | 728 | - | ||||||||||||||||||||||||||||||
Total | $ | 38,202 | $ | 3,640 | $ | 229 | $ | 41,613 | $ | (55) | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
12 Months | or Longer | Total | |||||||||||||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||||||||||||
March 31, 2015 | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 854 | $ | 33 | $ | 139 | $ | 12 | $ | 993 | $ | 45 | |||||||||||||||||||||||
States, municipalities and political subdivisions | 479 | 6 | 100 | 3 | 579 | 9 | |||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 318 | 5 | 148 | 8 | 466 | 13 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 175 | 3 | 62 | 2 | 237 | 5 | |||||||||||||||||||||||||||||
Other asset-backed | 187 | 1 | 5 | 192 | 1 | ||||||||||||||||||||||||||||||
Total asset-backed | 680 | 9 | 215 | 10 | 895 | 19 | |||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 3 | 3 | |||||||||||||||||||||||||||||||||
Foreign government | 13 | 1 | 14 | ||||||||||||||||||||||||||||||||
Total fixed maturity securities | 2,029 | 48 | 455 | 25 | 2,484 | 73 | |||||||||||||||||||||||||||||
Preferred stock | 15 | 4 | 15 | 4 | |||||||||||||||||||||||||||||||
Total | $ | 2,044 | $ | 52 | $ | 455 | $ | 25 | $ | 2,499 | $ | 77 | |||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 1,330 | $ | 46 | $ | 277 | $ | 15 | $ | 1,607 | $ | 61 | |||||||||||||||||||||||
States, municipalities and political subdivisions | 335 | 5 | 127 | 3 | 462 | 8 | |||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 293 | 5 | 189 | 8 | 482 | 13 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 264 | 2 | 99 | 3 | 363 | 5 | |||||||||||||||||||||||||||||
Other asset-backed | 607 | 10 | 7 | 614 | 10 | ||||||||||||||||||||||||||||||
Total asset-backed | 1,164 | 17 | 295 | 11 | 1,459 | 28 | |||||||||||||||||||||||||||||
U.S. Treasury and obligations of government- sponsored enterprises | 3 | 4 | 7 | ||||||||||||||||||||||||||||||||
Foreign government | 3 | 3 | 6 | ||||||||||||||||||||||||||||||||
Redeemable preferred stock | 3 | 3 | |||||||||||||||||||||||||||||||||
Total fixed maturity securities | 2,838 | 68 | 706 | 29 | 3,544 | 97 | |||||||||||||||||||||||||||||
Preferred stock | 17 | 2 | 1 | 18 | 2 | ||||||||||||||||||||||||||||||
Total | $ | 2,855 | $ | 70 | $ | 707 | $ | 29 | $ | 3,562 | $ | 99 | |||||||||||||||||||||||
Pretax Credit Loss Component Reflected in Retained Earnings on Fixed Maturity Securities | The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held as of March 31, 2015 and 2014 for which a portion of an OTTI loss was recognized in Other comprehensive income. | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Beginning balance of credit losses on fixed maturity securities | $ | 62 | $ | 74 | |||||||||||||||||||||||||||||||
Reductions for securities sold during the period | (1 | ) | (2) | ||||||||||||||||||||||||||||||||
Reductions for securities the Company intends to sell or more likely than not will be required to sell | (3) | ||||||||||||||||||||||||||||||||||
Ending balance of credit losses on fixed maturity securities | $ | 61 | $ | 69 | |||||||||||||||||||||||||||||||
Available-for-Sale Fixed Maturity Securities by Contractual Maturity | The following table presents available-for-sale fixed maturity securities by contractual maturity. 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. | ||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||
Cost or | Estimated | Cost or | Estimated | ||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 2,011 | $ | 2,043 | $ | 2,479 | $ | 2,511 | |||||||||||||||||||||||||||
Due after one year through five years | 8,776 | 9,354 | 9,070 | 9,621 | |||||||||||||||||||||||||||||||
Due after five years through ten years | 12,401 | 13,108 | 12,055 | 12,584 | |||||||||||||||||||||||||||||||
Due after ten years | 13,667 | 16,078 | 13,728 | 16,049 | |||||||||||||||||||||||||||||||
Total | $ | 36,855 | $ | 40,583 | $ | 37,332 | $ | 40,765 | |||||||||||||||||||||||||||
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. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. | ||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||
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 | $ | 34 | $ | (3 | ) | $ | 70 | $ | (5) | ||||||||||||||||||||||||||
Without hedge designation: | |||||||||||||||||||||||||||||||||||
Equity markets: | |||||||||||||||||||||||||||||||||||
Options – purchased | 2,306 | $ | 21 | 544 | $ | 24 | |||||||||||||||||||||||||||||
– written | 1,493 | (13 | ) | 292 | (21) | ||||||||||||||||||||||||||||||
Equity swaps and warrants – long | 10 | 2 | 10 | 2 | |||||||||||||||||||||||||||||||
Futures – short | 399 | 3 | 130 | 2 | |||||||||||||||||||||||||||||||
Foreign exchange: | |||||||||||||||||||||||||||||||||||
Currency forwards – long | 134 | 1 | 109 | (3) | |||||||||||||||||||||||||||||||
– short | 99 | 2 | 88 | 2 | |||||||||||||||||||||||||||||||
Currency options – long | 179 | 25 | 151 | 7 | |||||||||||||||||||||||||||||||
– short | 218 | (5 | ) | ||||||||||||||||||||||||||||||||
Embedded derivative on funds withheld liability | 184 | (5 | ) | 184 | (3) |
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are presented in the following tables: | ||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 29 | $ | 18,344 | $ | 186 | $ | 18,559 | |||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 12,848 | 86 | 12,934 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,994 | 232 | 5,226 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,196 | 64 | 2,260 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed | 570 | 553 | 1,123 | ||||||||||||||||||||||||||||||||||||||
Total asset-backed | 7,760 | 849 | 8,609 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 29 | 1 | 30 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 37 | 372 | 409 | ||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 30 | 12 | 42 | ||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 125 | 39,337 | 1,121 | 40,583 | |||||||||||||||||||||||||||||||||||||
Fixed maturities trading | 36 | 89 | 125 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 125 | $ | 39,373 | $ | 1,210 | $ | 40,708 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale | $ | 149 | $ | 63 | $ | 13 | $ | 225 | |||||||||||||||||||||||||||||||||
Equity securities trading | 418 | 1 | 419 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 567 | $ | 63 | $ | 14 | $ | 644 | |||||||||||||||||||||||||||||||||
Short term investments | $ | 5,595 | $ | 678 | $ | 6,273 | |||||||||||||||||||||||||||||||||||
Other invested assets | 103 | 41 | 144 | ||||||||||||||||||||||||||||||||||||||
Receivables | 3 | 28 | 31 | ||||||||||||||||||||||||||||||||||||||
Life settlement contracts | $ | 79 | 79 | ||||||||||||||||||||||||||||||||||||||
Payable to brokers | (365 | ) | (8 | ) | (373) | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 32 | $ | 18,692 | $ | 162 | $ | 18,886 | |||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 12,646 | 94 | 12,740 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,044 | 189 | 5,233 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,061 | 83 | 2,144 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed | 580 | 655 | 1,235 | ||||||||||||||||||||||||||||||||||||||
Total asset-backed | 7,685 | 927 | 8,612 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 28 | 3 | 31 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 41 | 413 | 454 | ||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 30 | 12 | 42 | ||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 131 | 39,451 | 1,183 | 40,765 | |||||||||||||||||||||||||||||||||||||
Fixed maturities trading | 30 | 90 | 120 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 131 | $ | 39,481 | $ | 1,273 | $ | 40,885 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale | $ | 145 | $ | 61 | $ | 16 | $ | 222 | |||||||||||||||||||||||||||||||||
Equity securities trading | 505 | 1 | 506 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 650 | $ | 61 | $ | 17 | $ | 728 | |||||||||||||||||||||||||||||||||
Short term investments | $ | 4,989 | $ | 963 | $ | 5,952 | |||||||||||||||||||||||||||||||||||
Other invested assets | 102 | 41 | 143 | ||||||||||||||||||||||||||||||||||||||
Receivables | 2 | 7 | 9 | ||||||||||||||||||||||||||||||||||||||
Life settlement contracts | $ | 82 | 82 | ||||||||||||||||||||||||||||||||||||||
Payable to brokers | (546 | ) | (6 | ) | (552) | ||||||||||||||||||||||||||||||||||||
Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||||||
Gains | |||||||||||||||||||||||||||||||||||||||||
(Losses) | |||||||||||||||||||||||||||||||||||||||||
Recognized in | |||||||||||||||||||||||||||||||||||||||||
Net Realized Gains | Net Income | ||||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | on Level | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | 3 Assets and | ||||||||||||||||||||||||||||||||||||||||
(Losses) | Transfers | Transfers | Liabilities | ||||||||||||||||||||||||||||||||||||||
Balance, | Included in | Included in | into | out of | Balance, | Held at | |||||||||||||||||||||||||||||||||||
2015 | January 1 | Net Income | OCI | Purchases | Sales | Settlements | Level 3 | Level 3 | 31-Mar | 31-Mar | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 162 | $ | 1 | $ | 12 | $ | (12) | $ | (14) | $ | 37 | $ | 186 | |||||||||||||||||||||||||||
States, municipalities and political subdivisions | 94 | 1 | (9) | 86 | |||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 189 | 1 | 72 | (10) | $ | (20) | 232 | ||||||||||||||||||||||||||||||||||
Commercial mortgage- backed | 83 | 1 | $ | 1 | 6 | (1) | (26) | 64 | |||||||||||||||||||||||||||||||||
Other asset-backed | 655 | 1 | 9 | 35 | (144) | (3) | 553 | ||||||||||||||||||||||||||||||||||
Total asset-backed | 927 | 3 | 10 | 113 | (144) | (14) | - | (46) | 849 | $ | - | ||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,183 | 5 | 10 | 125 | (156) | (37) | 37 | (46) | 1,121 | ||||||||||||||||||||||||||||||||
Fixed maturities trading | 90 | (1) | 89 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,273 | $ | 5 | $ | 10 | $ | 125 | $ | (157) | $ | (37) | $ | 37 | $ | (46) | $ | 1,210 | $ | - | |||||||||||||||||||||
Equity securities available-for-sale | $ | 16 | $ | (3) | $ | 13 | |||||||||||||||||||||||||||||||||||
Equity securities trading | 1 | 1 | |||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 17 | $ | - | $ | (3) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 14 | $ | - | |||||||||||||||||||||
Life settlement contracts | $ | 82 | $ | 13 | $ | (16) | $ | 79 | $ | 1 | |||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||||||
Gains | |||||||||||||||||||||||||||||||||||||||||
(Losses) | |||||||||||||||||||||||||||||||||||||||||
Recognized in | |||||||||||||||||||||||||||||||||||||||||
Net Realized Gains | Net Income | ||||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | on Level | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | 3 Assets and | ||||||||||||||||||||||||||||||||||||||||
(Losses) | Transfers | Transfers | 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 | 31-Mar | 31-Mar | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 204 | $ | 1 | $ | 1 | $ | 5 | $ | (4) | $ | (5) | $ | 3 | $ | (16) | $ | 189 | |||||||||||||||||||||||
States, municipalities and political subdivisions | 71 | 1 | 14 | 86 | |||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 331 | 1 | 15 | 25 | (21) | 21 | (13) | 359 | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 151 | 1 | (1) | (1) | (24) | 126 | |||||||||||||||||||||||||||||||||||
Other asset-backed | 446 | 1 | 148 | (83) | (72) | (1) | 439 | ||||||||||||||||||||||||||||||||||
Total asset-backed | 928 | 3 | 14 | 173 | (83) | (94) | 21 | (38) | 924 | ||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,203 | 4 | 16 | 178 | (87) | (99) | 38 | (54) | 1,199 | ||||||||||||||||||||||||||||||||
Fixed maturities trading | 80 | 5 | 85 | $ | 5 | ||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,283 | $ | 9 | $ | 16 | $ | 178 | $ | (87) | $ | (99) | $ | 38 | $ | (54) | $ | 1,284 | $ | 5 | |||||||||||||||||||||
Equity securities available-for-sale | $ | 11 | $ | 3 | $ | (4) | $ | (8) | $ | 2 | |||||||||||||||||||||||||||||||
Equity securities trading | 8 | (1) | $ | 1 | (6) | 2 | $ | (1) | |||||||||||||||||||||||||||||||||
Total equity securities | $ | 19 | $ | 2 | $ | (4) | $ | 1 | $ | (14) | $ | - | $ | - | $ | - | $ | 4 | $ | (1) | |||||||||||||||||||||
Life settlement contracts | $ | 88 | $ | 10 | $ | (11) | $ | 87 | $ | 1 | |||||||||||||||||||||||||||||||
Separate account business | 1 | $ | (1) | - | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | (3) | (1) | $ | (1) | $ | (2) | $ | 1 | 1 | (5) | 2 | ||||||||||||||||||||||||||||||
Quantitative Information about Significant Unobservable Inputs Utilized by Company Fair Value in Measurements of Level 3 Assets | The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the table below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. | ||||||||||||||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||||||||||||||
Valuation | Unobservable | (Weighted | |||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Fair Value | Techniques | Inputs | Average) | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 102 | Discounted cash flow | Credit spread | 2% – 13% (3%) | ||||||||||||||||||||||||||||||||||||
Equity securities | 13 | Market approach | Private offering price | $10 – $4,400 per share | |||||||||||||||||||||||||||||||||||||
($682 per share) | |||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 79 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||||
Mortality assumption | 55% – 1,676% (164%) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 101 | Discounted cash flow | Credit spread | 2% – 13% (3%) | ||||||||||||||||||||||||||||||||||||
Equity securities | 16 | Market approach | Private offering price | $12 – $4,391 per share | |||||||||||||||||||||||||||||||||||||
($600 per share) | |||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 82 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||||
Mortality assumption | 55% – 1,676% (163%) | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Other invested assets, primarily mortgage loans | $ | 586 | $ | 612 | $ | 612 | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Short term debt | 685 | $ | 670 | 35 | 705 | ||||||||||||||||||||||||||||||||||||
Long term debt | 9,850 | 9,813 | 470 | 10,283 | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Other invested assets, primarily mortgage loans | $ | 588 | $ | 608 | $ | 608 | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Short term debt | 334 | $ | 255 | 84 | 339 | ||||||||||||||||||||||||||||||||||||
Long term debt | 10,320 | 10,299 | 420 | 10,719 |
Claim_and_Claim_Adjustment_Exp1
Claim and Claim Adjustment Expense Reserves (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Net Prior Year Development | The following tables and discussion present net prior year development recorded for Specialty, Commercial and International segments. | ||||||||||||||||
Three Months Ended March 31, 2015 | Specialty | Commercial | International | Total | |||||||||||||
(In millions) | |||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 2 | $ | (5) | $ | (4 | ) | $ | (7) | ||||||||
Pretax (favorable) unfavorable premium development | (6 | ) | (1) | 16 | 9 | ||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (4 | ) | $ | (6) | $ | 12 | $ | 2 | ||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (3 | ) | $ | 18 | $ | 10 | $ | 25 | ||||||||
Pretax (favorable) unfavorable premium development | (6 | ) | (18) | (7 | ) | (31) | |||||||||||
Total pretax (favorable) unfavorable net prior year development | $ | (9 | ) | $ | - | $ | 3 | $ | (6) | ||||||||
Specialty [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 Specialty segment: | ||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||
(In millions) | |||||||||||||||||
Medical professional liability | $ | 14 | |||||||||||||||
Other professional liability and management liability | (3 | ) | $ | (6) | |||||||||||||
Surety | 1 | 1 | |||||||||||||||
Other | (10 | ) | 2 | ||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 2 | $ | (3) | |||||||||||||
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 Commercial segment: | ||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||
(In millions) | |||||||||||||||||
Commercial auto | $ | 20 | |||||||||||||||
General liability | $ | 4 | |||||||||||||||
Workers’ compensation | (1 | ) | 11 | ||||||||||||||
Property and other | (8 | ) | (13) | ||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (5 | ) | $ | 18 | ||||||||||||
International [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 International segment: | ||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | |||||||||||||||
(In millions) | |||||||||||||||||
Medical professional liability | $ | 1 | |||||||||||||||
Other professional liability | (1) | ||||||||||||||||
Liability | $ | (5 | ) | (2) | |||||||||||||
Property & marine | (6 | ) | 8 | ||||||||||||||
Other | 7 | (6) | |||||||||||||||
Commutations | 10 | ||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (4 | ) | $ | 10 | ||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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 months ended March 31, 2014 and 2015: | ||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||
OTTI | Unrealized | Foreign | Other | ||||||||||||||||||||||||||
Gains | Gains (Losses) | Discontinued | Cash Flow | Pension | Currency | Comprehensive | |||||||||||||||||||||||
(Losses) | on Investments | Operations | Hedges | Liability | Translation | Income (Loss) | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 23 | $ | 622 | $ | (3) | $ | (4) | $ | (432) | $ | 133 | $ | 339 | |||||||||||||||
Transfer to net assets held for sale | (5) | (15) | 20 | - | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $(6), $(141), $(1), $(1), $0 and $0 | 12 | 264 | 2 | 2 | (6) | 274 | |||||||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $14, $(3), $0, $(1) and $0 | (27) | 3 | 1 | (1) | (24) | ||||||||||||||||||||||||
Other comprehensive income (loss) | 12 | 237 | 5 | 3 | (1) | (6) | 250 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | (1) | (24) | (1) | (1) | 1 | (26) | |||||||||||||||||||||||
Balance, March 31, 2014 | $ | 29 | $ | 820 | $ | 21 | $ | (2) | $ | (432) | $ | 127 | $ | 563 | |||||||||||||||
Balance, January 1, 2015 | $ | 32 | $ | 846 | $ | - | $ | (6) | $ | (641) | $ | 49 | $ | 280 | |||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $0, $(62), $0, $1, $0 and $0 | (1) | 119 | (2) | (96) | 20 | ||||||||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $0, $0, $(2), $(3) and $0 | (9) | 5 | 4 | - | |||||||||||||||||||||||||
Other comprehensive income (loss) | (1) | 110 | - | 3 | 4 | (96) | 20 | ||||||||||||||||||||||
Issuance of equity securities by subsidiary | 1 | 1 | |||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | (12) | 9 | (3) | ||||||||||||||||||||||||||
Balance, March 31, 2015 | $ | 31 | $ | 944 | $ | - | $ | (3) | $ | (636) | $ | (38) | $ | 298 | |||||||||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows: | ||||||||||||||||
Other | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
Three Months Ended March 31 | 2015 | 2014 | 2015 | 2014 | |||||||||||||
(In millions) | |||||||||||||||||
Service cost | $ | 4 | $ | 5 | |||||||||||||
Interest cost | 32 | 37 | $ | 1 | $ | 1 | |||||||||||
Expected return on plan assets | (48) | (53) | (1) | (1) | |||||||||||||
Amortization of unrecognized net loss | 11 | 7 | |||||||||||||||
Amortization of unrecognized prior service benefit | (2) | (6) | |||||||||||||||
Net periodic benefit cost | $ | (1) | $ | (4) | $ | (2) | $ | (6) | |||||||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 March 31 | 2015 | 2014 | |||||||
(In millions) | |||||||||
Revenues (a): | |||||||||
CNA Financial: | |||||||||
Property and Casualty: | |||||||||
Specialty | $ | 917 | $ | 915 | |||||
Commercial | 895 | 946 | |||||||
International | 206 | 259 | |||||||
Other Non-Core | 334 | 343 | |||||||
Total CNA Financial | 2,352 | 2,463 | |||||||
Diamond Offshore | 627 | 710 | |||||||
Boardwalk Pipeline | 330 | 357 | |||||||
Loews Hotels | 139 | 105 | |||||||
Corporate and other | 30 | 53 | |||||||
Total | $ | 3,478 | $ | 3,688 | |||||
Income (loss) before income tax and noncontrolling interests (a): | |||||||||
CNA Financial: | |||||||||
Property and Casualty: | |||||||||
Specialty | $ | 207 | $ | 203 | |||||
Commercial | 186 | 119 | |||||||
International | 13 | 27 | |||||||
Other Non-Core | -92 | (48) | |||||||
Total CNA Financial | 314 | 301 | |||||||
Diamond Offshore | -287 | 168 | |||||||
Boardwalk Pipeline (b) | 77 | 23 | |||||||
Loews Hotels | 10 | 5 | |||||||
Corporate and other | -9 | 17 | |||||||
Total | $ | 105 | $ | 514 | |||||
Net income (loss) (a): | |||||||||
CNA Financial: | |||||||||
Property and Casualty: | |||||||||
Specialty | $ | 123 | $ | 123 | |||||
Commercial | 110 | 73 | |||||||
International | 9 | 15 | |||||||
Other Non-Core | -32 | (11) | |||||||
Total CNA Financial | 210 | 200 | |||||||
Diamond Offshore | -126 | 69 | |||||||
Boardwalk Pipeline (b) | 25 | (18) | |||||||
Loews Hotels | 5 | 3 | |||||||
Corporate and other | -5 | 11 | |||||||
Income from continuing operations | 109 | 265 | |||||||
Discontinued operations, net | (206) | ||||||||
Total | $ | 109 | $ | 59 | |||||
(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 March 31 | 2015 | 2014 | |||||||
Revenues and Income (loss) before income tax and noncontrolling interests: | |||||||||
CNA Financial: | |||||||||
Property and Casualty: | |||||||||
Specialty | $ | 4 | $ | 11 | |||||
Commercial | 4 | 10 | |||||||
International | 1 | 3 | |||||||
Other Non-Core | 1 | 18 | |||||||
Total | $ | 10 | $ | 42 | |||||
Net income (loss): | |||||||||
CNA Financial: | |||||||||
Property and Casualty: | |||||||||
Specialty | $ | 2 | $ | 7 | |||||
Commercial | 3 | 7 | |||||||
International | 1 | ||||||||
Other Non-Core | 2 | 10 | |||||||
Total | $ | 8 | $ | 24 | |||||
(b) | 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, 2014, a charge of $94 million ($55 million after tax and noncontrolling interests) was recorded in the first quarter of 2014 related to the Bluegrass Project. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
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 as follows: | ||||
Three Months Ended March 31 | 2014 | ||||
(In millions) | |||||
Revenues: | |||||
Other revenue, primarily operating | $ | 55 | |||
Total | 55 | ||||
Expenses: | |||||
Other operating expenses | |||||
Impairment of natural gas and oil properties | 29 | ||||
Operating | 55 | ||||
Interest | 2 | ||||
Total | 86 | ||||
Loss before income tax | (31) | ||||
Income tax benefit | 11 | ||||
Loss from discontinued operations | $ | (20) | |||
The Consolidated Condensed Statements of Income include discontinued operations of the CAC business as follows: | |||||
Three Months Ended March 31 | 2014 | ||||
(In millions) | |||||
Revenues: | |||||
Net investment income | $ | 41 | |||
Investment gains | 1 | ||||
Total | 42 | ||||
Expenses: | |||||
Insurance claims and policyholders’ benefits | 31 | ||||
Other operating expenses | 1 | ||||
Total | 32 | ||||
Income before income tax | 10 | ||||
Income tax expense | (3) | ||||
Results of discontinued operations, net of income tax | 7 | ||||
Loss on sale, net of tax benefit of $41 | (214) | ||||
Amounts attributable to noncontrolling interests | 21 | ||||
Loss from discontinued operations | $ | (186) | |||
Consolidating_Financial_Inform1
Consolidating Financial Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | Loews Corporation | ||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
March 31, 2015 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Investments | $ | 45,932 | $ | 191 | $ | 48 | $ | 6,021 | $ | 52,192 | |||||||||||||||||||
Cash | 201 | 7 | $ | 30 | 6 | 27 | 271 | ||||||||||||||||||||||
Receivables | 7,404 | 469 | 158 | 42 | 116 | $ | (32) | 8,157 | |||||||||||||||||||||
Property, plant and equipment | 284 | 6,578 | 7,626 | 838 | 50 | 15,376 | |||||||||||||||||||||||
Deferred income taxes | 86 | 2 | 186 | (274) | - | ||||||||||||||||||||||||
Goodwill | 114 | 20 | 237 | 371 | |||||||||||||||||||||||||
Investments in capital stocks of subsidiaries | 15,702 | (15,702) | - | ||||||||||||||||||||||||||
Other assets | 808 | 266 | 305 | 240 | 10 | 11 | 1,640 | ||||||||||||||||||||||
Deferred acquisition costs of insurance subsidiaries | 616 | 616 | |||||||||||||||||||||||||||
Total assets | $ | 55,445 | $ | 7,531 | $ | 8,356 | $ | 1,176 | $ | 22,112 | $ | (15,997) | $ | 78,623 | |||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||
Insurance reserves | $ | 36,705 | $ | 36,705 | |||||||||||||||||||||||||
Payable to brokers | 257 | $ | 3 | $ | 666 | 926 | |||||||||||||||||||||||
Short term debt | 1 | 250 | $ | 36 | 400 | 687 | |||||||||||||||||||||||
Long term debt | 2,563 | 1,981 | $ | 3,568 | 471 | 1,280 | 9,863 | ||||||||||||||||||||||
Deferred income taxes | 9 | 397 | 751 | 36 | $ | (263) | 930 | ||||||||||||||||||||||
Other liabilities | 3,503 | 697 | 385 | 22 | 307 | (32) | 4,882 | ||||||||||||||||||||||
Total liabilities | 43,038 | 3,328 | 4,704 | 565 | 2,653 | (295) | 53,993 | ||||||||||||||||||||||
Total shareholders’ equity | 11,125 | 2,245 | 1,572 | 609 | 19,459 | (15,702) | 19,308 | ||||||||||||||||||||||
Noncontrolling interests | 1,282 | 1,958 | 2,080 | 2 | 5,322 | ||||||||||||||||||||||||
Total equity | 12,407 | 4,203 | 3,652 | 611 | 19,459 | (15,702) | 24,630 | ||||||||||||||||||||||
Total liabilities and equity | $ | 55,445 | $ | 7,531 | $ | 8,356 | $ | 1,176 | $ | 22,112 | $ | (15,997) | $ | 78,623 | |||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
December 31, 2014 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Investments | $ | 46,262 | $ | 234 | $ | 75 | $ | 5,461 | $ | 52,032 | |||||||||||||||||||
Cash | 190 | 16 | $ | 8 | 9 | 141 | 364 | ||||||||||||||||||||||
Receivables | 7,097 | 490 | 128 | 29 | 82 | $ | (56) | 7,770 | |||||||||||||||||||||
Property, plant and equipment | 280 | 6,949 | 7,649 | 671 | 62 | 15,611 | |||||||||||||||||||||||
Deferred income taxes | 222 | 2 | 374 | (598) | - | ||||||||||||||||||||||||
Goodwill | 117 | 20 | 237 | 374 | |||||||||||||||||||||||||
Investments in capital stocks of subsidiaries | 15,974 | (15,974) | - | ||||||||||||||||||||||||||
Other assets | 778 | 307 | 304 | 206 | 7 | 14 | 1,616 | ||||||||||||||||||||||
Deferred acquisition costs of insurance subsidiaries | 600 | 600 | |||||||||||||||||||||||||||
Total assets | $ | 55,546 | $ | 8,016 | $ | 8,326 | $ | 992 | $ | 22,101 | $ | (16,614) | $ | 78,367 | |||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||
Insurance reserves | $ | 36,380 | $ | 36,380 | |||||||||||||||||||||||||
Payable to brokers | 117 | $ | 5 | $ | 551 | 673 | |||||||||||||||||||||||
Short term debt | 250 | $ | 85 | 335 | |||||||||||||||||||||||||
Long term debt | 2,561 | 1,981 | $ | 3,690 | 421 | 1,680 | 10,333 | ||||||||||||||||||||||
Deferred income taxes | 11 | 514 | 732 | 36 | $ | (400) | 893 | ||||||||||||||||||||||
Other liabilities | 3,713 | 792 | 400 | 17 | 421 | (240) | 5,103 | ||||||||||||||||||||||
Total liabilities | 42,782 | 3,542 | 4,822 | 559 | 2,652 | (640) | 53,717 | ||||||||||||||||||||||
Total shareholders’ equity | 11,457 | 2,359 | 1,558 | 431 | 19,449 | (15,974) | 19,280 | ||||||||||||||||||||||
Noncontrolling interests | 1,307 | 2,115 | 1,946 | 2 | 5,370 | ||||||||||||||||||||||||
Total equity | 12,764 | 4,474 | 3,504 | 433 | 19,449 | (15,974) | 24,650 | ||||||||||||||||||||||
Total liabilities and equity | $ | 55,546 | $ | 8,016 | $ | 8,326 | $ | 992 | $ | 22,101 | $ | (16,614) | $ | 78,367 | |||||||||||||||
Consolidating Statement of Income Information | Loews Corporation | ||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
Three Months Ended March 31, 2015 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Insurance premiums | $ | 1,687 | $ | 1,687 | |||||||||||||||||||||||||
Net investment income | 558 | $ | 1 | $ | 29 | 588 | |||||||||||||||||||||||
Intercompany interest and dividends | 567 | $ | (567) | - | |||||||||||||||||||||||||
Investment gains | 10 | 10 | |||||||||||||||||||||||||||
Contract drilling revenues | 600 | 600 | |||||||||||||||||||||||||||
Other revenues | 97 | 26 | $ | 330 | $ | 139 | 1 | 593 | |||||||||||||||||||||
Total | 2,352 | 627 | 330 | 139 | 597 | (567) | 3,478 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 1,339 | 1,339 | |||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 303 | 303 | |||||||||||||||||||||||||||
Contract drilling expenses | 351 | 351 | |||||||||||||||||||||||||||
Other operating expenses | 357 | 539 | 208 | 124 | 21 | 1,249 | |||||||||||||||||||||||
Interest | 39 | 24 | 45 | 5 | 18 | 131 | |||||||||||||||||||||||
Total | 2,038 | 914 | 253 | 129 | 39 | - | 3,373 | ||||||||||||||||||||||
Income (loss) before income tax | 314 | (287) | 77 | 10 | 558 | (567) | 105 | ||||||||||||||||||||||
Income tax (expense) benefit | (80) | 41 | (16) | (5) | 4 | (56) | |||||||||||||||||||||||
Net income (loss) | 234 | (246) | 61 | 5 | 562 | (567) | 49 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | (24) | 120 | (36) | 60 | |||||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | 210 | $ | (126) | $ | 25 | $ | 5 | $ | 562 | $ | (567) | $ | 109 | |||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||
CNA | Diamond | Boardwalk | Loews | Corporate | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Financial | Offshore | Pipeline | Hotels | and Other | Eliminations | Total | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Insurance premiums | $ | 1,806 | $ | 1,806 | |||||||||||||||||||||||||
Net investment income | 526 | $ | 51 | 577 | |||||||||||||||||||||||||
Intercompany interest and dividends | 377 | $ | (377) | - | |||||||||||||||||||||||||
Investment gains | 42 | 42 | |||||||||||||||||||||||||||
Contract drilling revenues | $ | 685 | 685 | ||||||||||||||||||||||||||
Other revenues | 89 | 25 | $ | 357 | $ | 105 | 2 | 578 | |||||||||||||||||||||
Total | 2,463 | 710 | 357 | 105 | 430 | (377) | 3,688 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 1,446 | 1,446 | |||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 329 | 329 | |||||||||||||||||||||||||||
Contract drilling expenses | 370 | 370 | |||||||||||||||||||||||||||
Other operating expenses | 343 | 154 | 293 | 99 | 18 | 907 | |||||||||||||||||||||||
Interest | 44 | 18 | 41 | 1 | 18 | 122 | |||||||||||||||||||||||
Total | 2,162 | 542 | 334 | 100 | 36 | - | 3,174 | ||||||||||||||||||||||
Income (loss) before income tax | 301 | 168 | 23 | 5 | 394 | (377) | 514 | ||||||||||||||||||||||
Income tax (expense) benefit | (79) | (27) | 11 | (2) | (6) | (103) | |||||||||||||||||||||||
Income (loss) from continuing operations | 222 | 141 | 34 | 3 | 388 | (377) | 411 | ||||||||||||||||||||||
Discontinued operations, net | (207) | (20) | (227) | ||||||||||||||||||||||||||
Net income (loss) | 15 | 141 | 34 | 3 | 368 | (377) | 184 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interests | (1) | (72) | (52) | (125) | |||||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | 14 | $ | 69 | $ | (18) | $ | 3 | $ | 368 | $ | (377) | $ | 59 | |||||||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Subsidiary or Equity Method Investee [Line Items] | ||
Shares excluded from diluted EPS calculation | 3.5 | 1.9 |
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 | 53.00% | |
Boardwalk Pipeline Partners, LP [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Subsidiary ownership percentage | 51.00% |
Investments_Net_Investment_Inc
Investments - Net Investment Income and Investment Gains (Losses) (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Net Investment Income [Line Items] | ||||
Total investment income | $602 | $590 | ||
Investment expenses | -14 | -13 | ||
Net investment income | 588 | 577 | ||
Investment gains | 10 | [1] | 42 | [1] |
Fixed Maturity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 443 | 452 | ||
Investment gains | 12 | 38 | ||
Short Term Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 3 | 1 | ||
Investment gains | -1 | -1 | ||
Limited Partnership Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 160 | 87 | ||
Equity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 3 | 2 | ||
Investment gains | 5 | |||
Income (Loss) from Trading Portfolio [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | -15 | [2] | 40 | [2] |
Other [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 8 | 8 | ||
Derivative Instruments [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment gains | ($1) | |||
[1] | Includes gross realized gains of $34 and $58 and gross realized losses of $22 and $15 on available-for-sale securities for the three months ended March 31, 2015 and 2014. | |||
[2] | Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(14) and $13 for the three months ended March 31, 2015 and 2014. |
Investments_Net_Investment_Inc1
Investments - Net Investment Income and Investment Gains (Losses) (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investments Schedule [Abstract] | ||
Net unrealized gains (losses) on trading securities | ($14) | $13 |
Gross realized gains on available-for-sale securities | 34 | 58 |
Gross realized losses on available-for-sale securities | $22 | $15 |
Investments_Components_of_Net_
Investments - Components of Net Other-than-Temporary Impairment Losses Recognized in Earnings by Asset Type (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Net OTTI losses recognized in earnings | $12 | $2 |
Corporate and Other Bonds [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Net OTTI losses recognized in earnings | 5 | 1 |
States, Municipalities and Political Subdivisions [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Net OTTI losses recognized in earnings | 5 | |
Residential Mortgage-Backed [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Net OTTI losses recognized in earnings | 1 | 1 |
Total Fixed Maturities Available-for-Sale [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Net OTTI losses recognized in earnings | 11 | 2 |
Common Stock [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Net OTTI losses recognized in earnings | $1 |
Investments_Amortized_Cost_and
Investments - Amortized Cost and Fair Values of Securities (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | $37,669 | $38,202 |
Gross Unrealized Gains | 3,891 | 3,640 |
Gross Unrealized Losses | 208 | 229 |
Estimated Fair Value | 41,352 | 41,613 |
Unrealized OTTI Losses (Gains) | -54 | -55 |
Fixed Maturity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 36,997 | 37,469 |
Gross Unrealized Gains | 3,801 | 3,530 |
Gross Unrealized Losses | 90 | 114 |
Estimated Fair Value | 40,708 | 40,885 |
Unrealized OTTI Losses (Gains) | -54 | -55 |
Corporate and Other Bonds [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 16,737 | 17,226 |
Gross Unrealized Gains | 1,867 | 1,721 |
Gross Unrealized Losses | 45 | 61 |
Estimated Fair Value | 18,559 | 18,886 |
States, Municipalities and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 11,407 | 11,285 |
Gross Unrealized Gains | 1,536 | 1,463 |
Gross Unrealized Losses | 9 | 8 |
Estimated Fair Value | 12,934 | 12,740 |
Residential Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 4,998 | 5,028 |
Gross Unrealized Gains | 241 | 218 |
Gross Unrealized Losses | 13 | 13 |
Estimated Fair Value | 5,226 | 5,233 |
Unrealized OTTI Losses (Gains) | -51 | -53 |
Commercial Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 2,151 | 2,056 |
Gross Unrealized Gains | 114 | 93 |
Gross Unrealized Losses | 5 | 5 |
Estimated Fair Value | 2,260 | 2,144 |
Unrealized OTTI Losses (Gains) | -3 | -2 |
Other Asset-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 1,109 | 1,234 |
Gross Unrealized Gains | 15 | 11 |
Gross Unrealized Losses | 1 | 10 |
Estimated Fair Value | 1,123 | 1,235 |
Total Asset-Backed [Member] | Fixed Maturity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 8,258 | 8,318 |
Gross Unrealized Gains | 370 | 322 |
Gross Unrealized Losses | 19 | 28 |
Estimated Fair Value | 8,609 | 8,612 |
Unrealized OTTI Losses (Gains) | -54 | -55 |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 24 | 26 |
Gross Unrealized Gains | 6 | 5 |
Estimated Fair Value | 30 | 31 |
Foreign Government [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 390 | 438 |
Gross Unrealized Gains | 19 | 16 |
Estimated Fair Value | 409 | 454 |
Redeemable Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 39 | 39 |
Gross Unrealized Gains | 3 | 3 |
Estimated Fair Value | 42 | 42 |
Total Fixed Maturities Available-for-Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 36,855 | 37,332 |
Gross Unrealized Gains | 3,801 | 3,530 |
Gross Unrealized Losses | 73 | 97 |
Estimated Fair Value | 40,583 | 40,765 |
Unrealized OTTI Losses (Gains) | -54 | -55 |
Fixed Maturities Trading [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 142 | 137 |
Gross Unrealized Losses | 17 | 17 |
Estimated Fair Value | 125 | 120 |
Common Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 41 | 38 |
Gross Unrealized Gains | 9 | 9 |
Estimated Fair Value | 50 | 47 |
Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 172 | 172 |
Gross Unrealized Gains | 7 | 5 |
Gross Unrealized Losses | 4 | 2 |
Estimated Fair Value | 175 | 175 |
Total Equity Securities Available-for-Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 213 | 210 |
Gross Unrealized Gains | 16 | 14 |
Gross Unrealized Losses | 4 | 2 |
Estimated Fair Value | 225 | 222 |
Equity Securities Trading [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 459 | 523 |
Gross Unrealized Gains | 74 | 96 |
Gross Unrealized Losses | 114 | 113 |
Estimated Fair Value | 419 | 506 |
Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 672 | 733 |
Gross Unrealized Gains | 90 | 110 |
Gross Unrealized Losses | 118 | 115 |
Estimated Fair Value | $644 | $728 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Amortized Cost and Fair Value Debt Securities [Abstract] | |||
Net unrealized gains on investments included in "AOCI" | $1,200,000,000 | $1,200,000,000 | |
Additional other than temporary impairment losses | 0 | ||
Future capital call commitments | 338,000,000 | ||
Commitments to purchase various privately placed debt securities, including bank loans | 82,000,000 | ||
Commitments to sell various privately placed debt securities, including bank loans | $71,000,000 |
Investments_Securities_Availab
Investments - Securities Available-for-Sale in Gross Unrealized Loss Position (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Corporate and Other Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $854 | $1,330 |
Gross Unrealized Losses, Less than 12 Months | 33 | 46 |
Estimated Fair Value, 12 Months or Longer | 139 | 277 |
Gross Unrealized Losses, 12 Months or Longer | 12 | 15 |
Total Estimated Fair Value | 993 | 1,607 |
Total Gross Unrealized Losses | 45 | 61 |
States, Municipalities and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 479 | 335 |
Gross Unrealized Losses, Less than 12 Months | 6 | 5 |
Estimated Fair Value, 12 Months or Longer | 100 | 127 |
Gross Unrealized Losses, 12 Months or Longer | 3 | 3 |
Total Estimated Fair Value | 579 | 462 |
Total Gross Unrealized Losses | 9 | 8 |
Residential Mortgage-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 318 | 293 |
Gross Unrealized Losses, Less than 12 Months | 5 | 5 |
Estimated Fair Value, 12 Months or Longer | 148 | 189 |
Gross Unrealized Losses, 12 Months or Longer | 8 | 8 |
Total Estimated Fair Value | 466 | 482 |
Total Gross Unrealized Losses | 13 | 13 |
Commercial Mortgage-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 175 | 264 |
Gross Unrealized Losses, Less than 12 Months | 3 | 2 |
Estimated Fair Value, 12 Months or Longer | 62 | 99 |
Gross Unrealized Losses, 12 Months or Longer | 2 | 3 |
Total Estimated Fair Value | 237 | 363 |
Total Gross Unrealized Losses | 5 | 5 |
Other Asset-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 187 | 607 |
Gross Unrealized Losses, Less than 12 Months | 1 | 10 |
Estimated Fair Value, 12 Months or Longer | 5 | 7 |
Total Estimated Fair Value | 192 | 614 |
Total Gross Unrealized Losses | 1 | 10 |
Total Asset-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 680 | 1,164 |
Gross Unrealized Losses, Less than 12 Months | 9 | 17 |
Estimated Fair Value, 12 Months or Longer | 215 | 295 |
Gross Unrealized Losses, 12 Months or Longer | 10 | 11 |
Total Estimated Fair Value | 895 | 1,459 |
Total Gross Unrealized Losses | 19 | 28 |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 3 | 3 |
Estimated Fair Value, 12 Months or Longer | 4 | |
Total Estimated Fair Value | 3 | 7 |
Foreign Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 13 | 3 |
Estimated Fair Value, 12 Months or Longer | 1 | 3 |
Total Estimated Fair Value | 14 | 6 |
Redeemable Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 3 | |
Total Estimated Fair Value | 3 | |
Total Fixed Maturities Available-for-Sale [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 2,029 | 2,838 |
Gross Unrealized Losses, Less than 12 Months | 48 | 68 |
Estimated Fair Value, 12 Months or Longer | 455 | 706 |
Gross Unrealized Losses, 12 Months or Longer | 25 | 29 |
Total Estimated Fair Value | 2,484 | 3,544 |
Total Gross Unrealized Losses | 73 | 97 |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 15 | 17 |
Gross Unrealized Losses, Less than 12 Months | 4 | 2 |
Estimated Fair Value, 12 Months or Longer | 1 | |
Total Estimated Fair Value | 15 | 18 |
Total Gross Unrealized Losses | 4 | 2 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 2,044 | 2,855 |
Gross Unrealized Losses, Less than 12 Months | 52 | 70 |
Estimated Fair Value, 12 Months or Longer | 455 | 707 |
Gross Unrealized Losses, 12 Months or Longer | 25 | 29 |
Total Estimated Fair Value | 2,499 | 3,562 |
Total Gross Unrealized Losses | $77 | $99 |
Investments_Pretax_Credit_Loss
Investments - Pretax Credit Loss Component Reflected in Retained Earnings on Fixed Maturity Securities (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Beginning balance of credit losses on fixed maturity securities | $62 | $74 |
Reductions for securities sold during the period | -1 | -2 |
Reductions for securities the Company intends to sell or more likely than not will be required to sell | -3 | |
Ending balance of credit losses on fixed maturity securities | $61 | $69 |
Investments_AvailableforSale_F
Investments - Available-for-Sale Fixed Maturity Securities by Contractual Maturity (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Cost or Amortized Cost, Due in one year or less | $2,011 | $2,479 |
Cost or Amortized Cost, Due after one year through five years | 8,776 | 9,070 |
Cost or Amortized Cost, Due after five years through ten years | 12,401 | 12,055 |
Cost or Amortized Cost, Due after ten years | 13,667 | 13,728 |
Cost or Amortized Cost, Total | 36,855 | 37,332 |
Estimated Fair Value, Due in one year or less | 2,043 | 2,511 |
Estimated Fair Value, Due after one year through five years | 9,354 | 9,621 |
Estimated Fair Value, Due after five years through ten years | 13,108 | 12,584 |
Estimated Fair Value, Due after ten years | 16,078 | 16,049 |
Estimated Fair Value, Total | $40,583 | $40,765 |
Investments_Summary_of_Aggrega
Investments - Summary of Aggregate Contractual or Notional Amounts and Gross Estimated Fair Values Related to Derivative Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Embedded Derivative on Funds Withheld Liability [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | $184 | $184 |
Estimated Fair Value, (Liability) | -5 | -3 |
With Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 34 | 70 |
Estimated Fair Value, (Liability) | -3 | -5 |
Without Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 99 | 88 |
Estimated Fair Value, Asset | 2 | 2 |
Without Hedge Designation [Member] | Equity Markets, Options - Purchased [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 2,306 | 544 |
Estimated Fair Value, Asset | 21 | 24 |
Without Hedge Designation [Member] | Equity Markets, Options - Written [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 1,493 | 292 |
Estimated Fair Value, (Liability) | -13 | -21 |
Without Hedge Designation [Member] | Equity Swaps and Warrants - Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 10 | 10 |
Estimated Fair Value, Asset | 2 | 2 |
Without Hedge Designation [Member] | Equity Futures - Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 399 | 130 |
Estimated Fair Value, Asset | 3 | 2 |
Without Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 134 | 109 |
Estimated Fair Value, Asset | 1 | |
Estimated Fair Value, (Liability) | -3 | |
Without Hedge Designation [Member] | Currency Options - Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 179 | 151 |
Estimated Fair Value, Asset | 25 | 7 |
Without Hedge Designation [Member] | Currency Options - Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 218 | |
Estimated Fair Value, (Liability) | ($5) |
Fair_Value_Assets_and_Liabilit
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
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 | $18,559 | $18,886 |
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 | 12,934 | 12,740 |
Residential Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 5,226 | 5,233 |
Commercial Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 2,260 | 2,144 |
Other Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 1,123 | 1,235 |
Total Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 8,609 | 8,612 |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 30 | 31 |
Foreign Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 409 | 454 |
Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 42 | 42 |
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 | 40,583 | 40,765 |
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 | 125 | 120 |
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 | 40,708 | 40,885 |
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 | 225 | 222 |
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 | 419 | 506 |
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 | 644 | 728 |
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 | 6,273 | 5,952 |
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 | 144 | 143 |
Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 31 | 9 |
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 | 79 | 82 |
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 | -373 | -552 |
Level 1 [Member] | Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 29 | 32 |
Level 1 [Member] | U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 29 | 28 |
Level 1 [Member] | Foreign Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 37 | 41 |
Level 1 [Member] | Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 30 | 30 |
Level 1 [Member] | 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 | 125 | 131 |
Level 1 [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 125 | 131 |
Level 1 [Member] | 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 | 149 | 145 |
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 | 418 | 505 |
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 | 567 | 650 |
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 | 5,595 | 4,989 |
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 | 103 | 102 |
Level 1 [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 | 3 | 2 |
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 | -365 | -546 |
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 | 18,344 | 18,692 |
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 | 12,848 | 12,646 |
Level 2 [Member] | Residential Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 4,994 | 5,044 |
Level 2 [Member] | Commercial Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 2,196 | 2,061 |
Level 2 [Member] | Other Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 570 | 580 |
Level 2 [Member] | Total Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 7,760 | 7,685 |
Level 2 [Member] | U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 1 | 3 |
Level 2 [Member] | Foreign Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 372 | 413 |
Level 2 [Member] | Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 12 | 12 |
Level 2 [Member] | 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 | 39,337 | 39,451 |
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 | 36 | 30 |
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 | 39,373 | 39,481 |
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 | 63 | 61 |
Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 63 | 61 |
Level 2 [Member] | Short Term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 678 | 963 |
Level 2 [Member] | 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 | 41 | 41 |
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 | 28 | 7 |
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 | -8 | -6 |
Level 3 [Member] | Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 186 | 162 |
Level 3 [Member] | States, Municipalities and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 86 | 94 |
Level 3 [Member] | Residential Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 232 | 189 |
Level 3 [Member] | Commercial Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 64 | 83 |
Level 3 [Member] | Other Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 553 | 655 |
Level 3 [Member] | Total Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 849 | 927 |
Level 3 [Member] | 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 | 1,121 | 1,183 |
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 | 89 | 90 |
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 | 1,210 | 1,273 |
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 | 13 | 16 |
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 | 1 | 1 |
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 | 14 | 17 |
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 | $79 | $82 |
Fair_Value_Reconciliations_of_
Fair Value - Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative Financial Instruments, Net [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | ($3) | ||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | -1 | ||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | -1 | ||
Purchases | -2 | ||
Sales | 1 | ||
Settlements | 1 | ||
Ending balance | -5 | ||
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at March 31 | 2 | ||
Corporate and Other Bonds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 204 | 162 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | 1 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 1 | ||
Purchases | 5 | 12 | |
Sales | -4 | -12 | |
Settlements | -5 | -14 | |
Transfers into Level 3 | 3 | 37 | |
Transfers out of Level 3 | -16 | ||
Ending balance | 189 | 186 | |
States, Municipalities and Political Subdivisions [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 71 | 94 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | ||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 1 | ||
Settlements | -9 | ||
Transfers into Level 3 | 14 | ||
Ending balance | 86 | 86 | |
Residential Mortgage-Backed [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 331 | 189 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | 1 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 15 | ||
Purchases | 25 | 72 | |
Settlements | -21 | -10 | |
Transfers into Level 3 | 21 | ||
Transfers out of Level 3 | -13 | -20 | |
Ending balance | 359 | 232 | |
Commercial Mortgage-Backed [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 151 | 83 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | 1 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | -1 | 1 | |
Purchases | 6 | ||
Settlements | -1 | -1 | |
Transfers out of Level 3 | -24 | -26 | |
Ending balance | 126 | 64 | |
Other Asset-Backed [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 446 | 655 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | 1 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 9 | ||
Purchases | 148 | 35 | |
Sales | -83 | -144 | |
Settlements | -72 | -3 | |
Transfers out of Level 3 | -1 | ||
Ending balance | 439 | 553 | |
Total Asset-Backed [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 928 | 927 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 3 | 3 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 14 | 10 | |
Purchases | 173 | 113 | |
Sales | -83 | -144 | |
Settlements | -94 | -14 | |
Transfers into Level 3 | 21 | ||
Transfers out of Level 3 | -38 | -46 | |
Ending balance | 924 | 849 | |
Total Fixed Maturities Available-for-Sale [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 1,203 | 1,183 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 4 | 5 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 16 | 10 | |
Purchases | 178 | 125 | |
Sales | -87 | -156 | |
Settlements | -99 | -37 | |
Transfers into Level 3 | 38 | 37 | |
Transfers out of Level 3 | -54 | -46 | |
Ending balance | 1,199 | 1,121 | |
Fixed Maturities Trading [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 80 | 90 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 5 | ||
Sales | -1 | ||
Ending balance | 85 | 89 | |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at March 31 | 5 | ||
Fixed Maturity Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 1,283 | 1,273 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 9 | 5 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 16 | 10 | |
Purchases | 178 | 125 | |
Sales | -87 | -157 | |
Settlements | -99 | -37 | |
Transfers into Level 3 | 38 | 37 | |
Transfers out of Level 3 | -54 | -46 | |
Ending balance | 1,284 | 1,210 | |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at March 31 | 5 | ||
Total Equity Securities Available-for-Sale [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 11 | 16 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 3 | ||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | -4 | -3 | |
Sales | -8 | ||
Ending balance | 2 | 13 | |
Equity Securities Trading [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 8 | 1 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | -1 | ||
Purchases | 1 | ||
Sales | -6 | ||
Ending balance | 2 | 1 | 1 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at March 31 | -1 | ||
Equity Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 19 | 17 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 2 | ||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | -4 | -3 | |
Purchases | 1 | ||
Sales | -14 | ||
Ending balance | 4 | 14 | |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at March 31 | -1 | ||
Life Settlement Contracts [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 88 | 82 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 10 | 13 | |
Settlements | -11 | -16 | |
Ending balance | 87 | 79 | |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at March 31 | 1 | 1 | |
Separate Account Business [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 1 | ||
Transfers out of Level 3 | ($1) |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Transfers out of Level 2 to Level 1, Assets | $0 | $23,000,000 |
Transfers out of Level 1 to Level 2, Assets | $0 | $1,000,000 |
Fair_Value_Quantitative_Inform
Fair Value - Quantitative Information about Significant Unobservable Inputs Utilized by Company Fair Value in Measurements of Level 3 Assets (Detail) (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Fixed Maturity Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Credit spread adjustment | 3.00% | 3.00% | |
Fixed Maturity Securities [Member] | Discounted Cash Flow [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value Assets | 102 | $101 | |
Valuation Techniques | 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 | 13.00% | 13.00% | |
Equity Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Private offering price | 682 | 600 | |
Equity Securities [Member] | Market approach [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value Assets | 13 | 16 | |
Valuation Techniques | Market approach | ||
Equity Securities [Member] | Minimum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Private offering price | 10 | 12 | |
Equity Securities [Member] | Maximum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Private offering price | 4,400 | 4,391 | |
Life Settlement Contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Discount rate risk premium | 9.00% | 9.00% | |
Mortality assumption | 164.00% | 163.00% | |
Life Settlement Contracts [Member] | Discounted Cash Flow [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value Assets | 79 | $82 | |
Valuation Techniques | Discounted cash flow | ||
Life Settlement Contracts [Member] | Minimum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortality assumption | 55.00% | 55.00% | |
Life Settlement Contracts [Member] | Maximum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortality assumption | 1676.00% | 1676.00% |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short term debt | $670 | $255 |
Long term debt | 9,813 | 10,299 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 612 | 608 |
Short term debt | 35 | 84 |
Long term debt | 470 | 420 |
Estimate Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 612 | 608 |
Short term debt | 705 | 339 |
Long term debt | 10,283 | 10,719 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 586 | 588 |
Short term debt | 685 | 334 |
Long term debt | $9,850 | $10,320 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Rigs | |
Property, Plant and Equipment [Line Items] | |
Asset impairment loss, before tax and noncontrolling interests | $359 |
Number of rigs expects to retire and scrap | 3 |
Aggregate fair value of impaired rigs | 14 |
Diamond Offshore [Member] | |
Property, Plant and Equipment [Line Items] | |
Asset impairment loss, before tax and noncontrolling interests | 359 |
Asset impairment loss, net of tax and noncontrolling interests | 158 |
Number of rigs currently cold stacked | 5 |
Number of rigs currently under contract | 3 |
Drillship [Member] | Diamond Offshore [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of equipment evaluated for impairment | 1 |
Mid-Water Semisubmersible Rigs [Member] | Diamond Offshore [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of equipments impaired | 7 |
Number of rigs expects to retire and scrap | 3 |
Loews Hotels [Member] | |
Property, Plant and Equipment [Line Items] | |
Amount paid for acquisition | $330 |
Claim_and_Claim_Adjustment_Exp2
Claim and Claim Adjustment Expense Reserves - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Liability for Claims and Claims Adjustment Expense [Abstract] | ||
Catastrophe losses, net of reinsurance | $29 | $74 |
Claim_and_Claim_Adjustment_Exp3
Claim and Claim Adjustment Expense Reserves - Net Prior Year Development (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
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 | ($7) | $25 |
Pretax (favorable) unfavorable premium development | 9 | -31 |
Total pretax (favorable) unfavorable net prior year development | 2 | -6 |
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 | 2 | -3 |
Pretax (favorable) unfavorable premium development | -6 | -6 |
Total pretax (favorable) unfavorable net prior year development | -4 | -9 |
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 | -5 | 18 |
Pretax (favorable) unfavorable premium development | -1 | -18 |
Total pretax (favorable) unfavorable net prior year development | -6 | |
International [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 | -4 | 10 |
Pretax (favorable) unfavorable premium development | 16 | -7 |
Total pretax (favorable) unfavorable net prior year development | $12 | $3 |
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 | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Specialty [Member] | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Medical professional liability | $14 | |
Other professional liability and management liability | -3 | -6 |
Surety | 1 | 1 |
Other | -10 | 2 |
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | 2 | -3 |
Commercial [Member] | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Commercial auto | 20 | |
General liability | 4 | |
Workers' compensation | -1 | 11 |
Property and other | -8 | -13 |
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | -5 | 18 |
International [Member] | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Medical professional liability | 1 | |
Other professional liability | -1 | |
General liability | -5 | -2 |
Property & marine | -6 | 8 |
Other | 7 | -6 |
Commutations | 10 | |
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | ($4) | $10 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Asset impairment loss, before tax and noncontrolling interests | $359 | |
Effective income tax rate | 23.00% | 20.00% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (Boardwalk Pipeline [Member], USD $) | 1 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2015 | Mar. 31, 2015 | Nov. 30, 2014 |
5.1% Notes Due 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.10% | ||
Debt instrument principal amount repaid | $275 | ||
5.0% Senior Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.00% | 5.00% | |
Debt instrument principal amount | 250 | 350 | |
Debt maturity date | 15-Dec-24 | ||
4.6% Notes Due 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.60% | ||
Debt instrument principal amount | $250 | ||
Debt maturity date | 1-Jun-15 |
Shareholders_Equity_Components
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | $280 | $339 | |
Other comprehensive income (loss) before reclassifications, after tax | 20 | 274 | |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | -24 | ||
Other comprehensive income (loss) | 20 | 250 | |
Issuance of equity securities by subsidiary | 1 | 1 | |
Amounts attributable to noncontrolling interests | -3 | -26 | |
Ending, balance | 298 | 298 | 563 |
OTTI Gains (Losses) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | 32 | 23 | |
Transfer to net assets held for sale | -5 | ||
Other comprehensive income (loss) before reclassifications, after tax | -1 | 12 | |
Other comprehensive income (loss) | -1 | 12 | |
Amounts attributable to noncontrolling interests | -1 | ||
Ending, balance | 31 | 31 | 29 |
Unrealized Gains (Losses) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | 846 | 622 | |
Transfer to net assets held for sale | -15 | ||
Other comprehensive income (loss) before reclassifications, after tax | 119 | 264 | |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | -9 | -27 | |
Other comprehensive income (loss) | 110 | 237 | |
Amounts attributable to noncontrolling interests | -12 | -24 | |
Ending, balance | 944 | 944 | 820 |
Discontinued Operations [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | -3 | ||
Transfer to net assets held for sale | 20 | ||
Other comprehensive income (loss) before reclassifications, after tax | 2 | ||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 3 | ||
Other comprehensive income (loss) | 5 | ||
Amounts attributable to noncontrolling interests | -1 | ||
Ending, balance | 21 | ||
Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | -6 | -4 | |
Other comprehensive income (loss) before reclassifications, after tax | -2 | 2 | |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 5 | 1 | |
Other comprehensive income (loss) | 3 | 3 | |
Amounts attributable to noncontrolling interests | -1 | ||
Ending, balance | -3 | -3 | -2 |
Pension Liability [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | -641 | -432 | |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 4 | -1 | |
Other comprehensive income (loss) | 4 | -1 | |
Issuance of equity securities by subsidiary | 1 | ||
Amounts attributable to noncontrolling interests | 1 | ||
Ending, balance | -636 | -636 | -432 |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | 49 | 133 | |
Other comprehensive income (loss) before reclassifications, after tax | -96 | -6 | |
Other comprehensive income (loss) | -96 | -6 | |
Amounts attributable to noncontrolling interests | 9 | ||
Ending, balance | ($38) | ($38) | $127 |
Shareholders_Equity_Components1
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Tax on reclassification from accumulated other comprehensive income | $56 | $103 |
OTTI Gains (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | -6 |
Tax on reclassification from accumulated other comprehensive income | 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 | -62 | -141 |
Tax on reclassification from accumulated other comprehensive income | 0 | 14 |
Discontinued Operations [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | -1 |
Tax on reclassification from accumulated other comprehensive income | 0 | -3 |
Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Tax on change in other comprehensive income (loss) before reclassifications | 1 | -1 |
Tax on reclassification from accumulated other comprehensive income | -2 | 0 |
Pension Liability [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 |
Tax on reclassification from accumulated other comprehensive income | -3 | -1 |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 |
Tax on reclassification from accumulated other comprehensive income | $0 | $0 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Shareholders Equity [Line Items] | ||||
Increase (decrease) in Additional paid-in capital | ($2) | |||
Common stock, shares issued | 373,194,344 | 373,194,344 | 372,934,540 | |
Increase in accumulated other comprehensive income | 1 | 1 | ||
Treasury stock repurchased, shares | 1,800,000 | 500,000 | ||
Purchase of Loews treasury stock | 71 | 24 | ||
Diamond Offshore [Member] | ||||
Shareholders Equity [Line Items] | ||||
Purchase of common stock | 900,000 | |||
Common stock, aggregate cost | 24 | 24 | ||
Increase (decrease) in Additional paid-in capital | 3 | |||
Diamond Offshore [Member] | Minimum [Member] | ||||
Shareholders Equity [Line Items] | ||||
Subsidiary ownership percentage | 52.50% | |||
Diamond Offshore [Member] | Maximum [Member] | ||||
Shareholders Equity [Line Items] | ||||
Subsidiary ownership percentage | 53.10% | |||
Boardwalk Pipeline [Member] | ||||
Shareholders Equity [Line Items] | ||||
Common stock, shares issued | 6,700,000 | 6,700,000 | ||
Proceeds from subsidiary public offering | 109 | |||
Contribution from the company | $2 | |||
General partner interest | 2.00% | 2.00% | ||
Boardwalk Pipeline [Member] | Minimum [Member] | ||||
Shareholders Equity [Line Items] | ||||
Subsidiary ownership percentage | 51.00% | |||
Boardwalk Pipeline [Member] | Maximum [Member] | ||||
Shareholders Equity [Line Items] | ||||
Subsidiary ownership percentage | 53.00% |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Eligible age for several postretirement benefit plans | 55 years |
Eligible age for Medicare benefits | 65 years |
Benefit_Plans_Components_of_Ne
Benefit Plans - Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $1 | $1 |
Expected return on plan assets | -1 | -1 |
Amortization of unrecognized prior service benefit | -2 | -6 |
Net periodic benefit cost | -2 | -6 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 4 | 5 |
Interest cost | 32 | 37 |
Expected return on plan assets | -48 | -53 |
Amortization of unrecognized net loss | 11 | 7 |
Net periodic benefit cost | ($1) | ($4) |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting Information [Line Items] | |
Number of offshore drilling rigs | 35 |
Number of rigs, plans to retire and scrap | 3 |
Number of rigs under construction | 2 |
Number of countries where drilling rigs are located | 8 |
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 | 23 |
United States [Member] | |
Segment Reporting Information [Line Items] | |
Number of hotels | 22 |
Canada [Member] | |
Segment Reporting Information [Line Items] | |
Number of hotels | 1 |
Commercial [Member] | Core Operations [Member] | |
Segment Reporting Information [Line Items] | |
Number of CNA segments | 4 |
Business_Segments_Consolidated
Business Segments - Consolidated Revenues and Income (Loss) by Business Segment (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenues | $3,478 | $3,688 |
Income (loss) before income tax and noncontrolling interests | 105 | 514 |
Income from continuing operations | 109 | 265 |
Discontinued operations, net | -206 | |
Net income (loss) | 109 | 59 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | 10 | 42 |
Investment gains included in net income (loss) | 8 | 24 |
CNA Financial [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2,352 | 2,463 |
Income (loss) before income tax and noncontrolling interests | 314 | 301 |
Net income (loss) | 210 | 200 |
CNA Financial [Member] | Other Non-Core [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 334 | 343 |
Income (loss) before income tax and noncontrolling interests | -92 | -48 |
Net income (loss) | -32 | -11 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | 1 | 18 |
Investment gains included in net income (loss) | 2 | 10 |
CNA Financial [Member] | Property and Casualty [Member] | Specialty [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 917 | 915 |
Income (loss) before income tax and noncontrolling interests | 207 | 203 |
Net income (loss) | 123 | 123 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | 4 | 11 |
Investment gains included in net income (loss) | 2 | 7 |
CNA Financial [Member] | Property and Casualty [Member] | Commercial [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 895 | 946 |
Income (loss) before income tax and noncontrolling interests | 186 | 119 |
Net income (loss) | 110 | 73 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | 4 | 10 |
Investment gains included in net income (loss) | 3 | 7 |
CNA Financial [Member] | Property and Casualty [Member] | International [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 206 | 259 |
Income (loss) before income tax and noncontrolling interests | 13 | 27 |
Net income (loss) | 9 | 15 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | 1 | 3 |
Investment gains included in net income (loss) | 1 | |
Diamond Offshore [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 627 | 710 |
Income (loss) before income tax and noncontrolling interests | -287 | 168 |
Net income (loss) | -126 | 69 |
Boardwalk Pipeline [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 330 | 357 |
Income (loss) before income tax and noncontrolling interests | 77 | 23 |
Net income (loss) | 25 | -18 |
Loews Hotels [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 139 | 105 |
Income (loss) before income tax and noncontrolling interests | 10 | 5 |
Net income (loss) | 5 | 3 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 30 | 53 |
Income (loss) before income tax and noncontrolling interests | -9 | 17 |
Net income (loss) | ($5) | $11 |
Business_Segments_Consolidated1
Business Segments - Consolidated Revenues and Income (Loss) by Business Segment (Parenthetical) (Detail) (Bluegrass Project [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Bluegrass Project [Member] | |
Segment Reporting Information [Line Items] | |
Asset impairment charge, before tax and noncontrolling interests | $94 |
Asset impairment loss, net of tax and noncontrolling interests | $55 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Commitments [Line Items] | |
Aggregate amount related to indemnification agreements | $324,000,000 |
Aggregate amount related to quantifiable guarantees | 375,000,000 |
Potential amount of future payments under guarantees | 2,000,000,000 |
Harsh Environment Semisubmersible Drilling Rig [Member] | |
Commitments [Line Items] | |
Total cost of the project | 764,000,000 |
Remaining contractual payment is due upon delivery of rig | 440,000,000 |
Ultra-deepwater Drillships [Member] | |
Commitments [Line Items] | |
Remaining contractual payment is due upon delivery of rig | $395,000,000 |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Discontinued Operations Reflected in Consolidated Condensed Statements of Income (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Expenses: | |
Loss from discontinued operations | ($206) |
HighMount [Member] | |
Revenues: | |
Other revenue, primarily operating | 55 |
Total | 55 |
Expenses: | |
Impairment of natural gas and oil properties | 29 |
Operating | 55 |
Interest | 2 |
Total | 86 |
Income (loss) before income tax | -31 |
Income tax (expense) benefit | 11 |
Loss from discontinued operations | -20 |
CAC [Member] | |
Revenues: | |
Net investment income | 41 |
Investment gains | 1 |
Total | 42 |
Expenses: | |
Insurance claims and policyholders' benefits | 31 |
Other operating expenses | 1 |
Total | 32 |
Income (loss) before income tax | 10 |
Income tax (expense) benefit | -3 |
Results of discontinued operations, net of income tax | 7 |
Loss on sale, net of tax benefit | -214 |
Amounts attributable to noncontrolling interests | 21 |
Loss from discontinued operations | ($186) |
Discontinued_Operations_Schedu1
Discontinued Operations - Schedule of Discontinued Operations Reflected in Consolidated Condensed Statements of Income (Parenthetical) (Detail) (CAC [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
CAC [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Income tax benefit on loss on sale | $41 |
Consolidating_Financial_Inform2
Consolidating Financial Information - Consolidating Balance Sheet Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | $52,192 | $52,032 | ||
Cash | 271 | 364 | 301 | 295 |
Receivables | 8,157 | 7,770 | ||
Property, plant and equipment | 15,376 | 15,611 | ||
Goodwill | 371 | 374 | ||
Other assets | 1,640 | 1,616 | ||
Deferred acquisition costs of insurance subsidiaries | 616 | 600 | ||
Total assets | 78,623 | 78,367 | ||
Insurance reserves | 36,705 | 36,380 | ||
Payable to brokers | 926 | 673 | ||
Short term debt | 687 | 335 | ||
Long term debt | 9,863 | 10,333 | ||
Deferred income taxes | 930 | 893 | ||
Other liabilities | 4,882 | 5,103 | ||
Total liabilities | 53,993 | 53,717 | ||
Total shareholders' equity | 19,308 | 19,280 | ||
Noncontrolling interests | 5,322 | 5,370 | ||
Total equity | 24,630 | 24,650 | 25,117 | 24,906 |
Total liabilities and equity | 78,623 | 78,367 | ||
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Receivables | -32 | -56 | ||
Deferred income taxes | -274 | -598 | ||
Investments in capital stocks of subsidiaries | -15,702 | -15,974 | ||
Other assets | 11 | 14 | ||
Total assets | -15,997 | -16,614 | ||
Deferred income taxes | -263 | -400 | ||
Other liabilities | -32 | -240 | ||
Total liabilities | -295 | -640 | ||
Total shareholders' equity | -15,702 | -15,974 | ||
Total equity | -15,702 | -15,974 | ||
Total liabilities and equity | -15,997 | -16,614 | ||
CNA Financial [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | 45,932 | 46,262 | ||
Cash | 201 | 190 | ||
Receivables | 7,404 | 7,097 | ||
Property, plant and equipment | 284 | 280 | ||
Deferred income taxes | 86 | 222 | ||
Goodwill | 114 | 117 | ||
Other assets | 808 | 778 | ||
Deferred acquisition costs of insurance subsidiaries | 616 | 600 | ||
Total assets | 55,445 | 55,546 | ||
Insurance reserves | 36,705 | 36,380 | ||
Payable to brokers | 257 | 117 | ||
Short term debt | 1 | |||
Long term debt | 2,563 | 2,561 | ||
Deferred income taxes | 9 | 11 | ||
Other liabilities | 3,503 | 3,713 | ||
Total liabilities | 43,038 | 42,782 | ||
Total shareholders' equity | 11,125 | 11,457 | ||
Noncontrolling interests | 1,282 | 1,307 | ||
Total equity | 12,407 | 12,764 | ||
Total liabilities and equity | 55,445 | 55,546 | ||
Diamond Offshore [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | 191 | 234 | ||
Cash | 7 | 16 | ||
Receivables | 469 | 490 | ||
Property, plant and equipment | 6,578 | 6,949 | ||
Goodwill | 20 | 20 | ||
Other assets | 266 | 307 | ||
Total assets | 7,531 | 8,016 | ||
Payable to brokers | 3 | 5 | ||
Short term debt | 250 | 250 | ||
Long term debt | 1,981 | 1,981 | ||
Deferred income taxes | 397 | 514 | ||
Other liabilities | 697 | 792 | ||
Total liabilities | 3,328 | 3,542 | ||
Total shareholders' equity | 2,245 | 2,359 | ||
Noncontrolling interests | 1,958 | 2,115 | ||
Total equity | 4,203 | 4,474 | ||
Total liabilities and equity | 7,531 | 8,016 | ||
Boardwalk Pipeline [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 30 | 8 | ||
Receivables | 158 | 128 | ||
Property, plant and equipment | 7,626 | 7,649 | ||
Goodwill | 237 | 237 | ||
Other assets | 305 | 304 | ||
Total assets | 8,356 | 8,326 | ||
Long term debt | 3,568 | 3,690 | ||
Deferred income taxes | 751 | 732 | ||
Other liabilities | 385 | 400 | ||
Total liabilities | 4,704 | 4,822 | ||
Total shareholders' equity | 1,572 | 1,558 | ||
Noncontrolling interests | 2,080 | 1,946 | ||
Total equity | 3,652 | 3,504 | ||
Total liabilities and equity | 8,356 | 8,326 | ||
Loews Hotels [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | 48 | 75 | ||
Cash | 6 | 9 | ||
Receivables | 42 | 29 | ||
Property, plant and equipment | 838 | 671 | ||
Deferred income taxes | 2 | 2 | ||
Other assets | 240 | 206 | ||
Total assets | 1,176 | 992 | ||
Short term debt | 36 | 85 | ||
Long term debt | 471 | 421 | ||
Deferred income taxes | 36 | 36 | ||
Other liabilities | 22 | 17 | ||
Total liabilities | 565 | 559 | ||
Total shareholders' equity | 609 | 431 | ||
Noncontrolling interests | 2 | 2 | ||
Total equity | 611 | 433 | ||
Total liabilities and equity | 1,176 | 992 | ||
Corporate and Other [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | 6,021 | 5,461 | ||
Cash | 27 | 141 | ||
Receivables | 116 | 82 | ||
Property, plant and equipment | 50 | 62 | ||
Deferred income taxes | 186 | 374 | ||
Investments in capital stocks of subsidiaries | 15,702 | 15,974 | ||
Other assets | 10 | 7 | ||
Total assets | 22,112 | 22,101 | ||
Payable to brokers | 666 | 551 | ||
Short term debt | 400 | |||
Long term debt | 1,280 | 1,680 | ||
Other liabilities | 307 | 421 | ||
Total liabilities | 2,653 | 2,652 | ||
Total shareholders' equity | 19,459 | 19,449 | ||
Total equity | 19,459 | 19,449 | ||
Total liabilities and equity | $22,112 | $22,101 |
Consolidating_Financial_Inform3
Consolidating Financial Information - Consolidating Statement of Income Information (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Condensed Financial Statements, Captions [Line Items] | ||||
Insurance premiums | $1,687 | $1,806 | ||
Net investment income | 588 | 577 | ||
Investment gains | 10 | [1] | 42 | [1] |
Contract drilling revenues | 600 | 685 | ||
Other revenues | 593 | 578 | ||
Total | 3,478 | 3,688 | ||
Expenses: | ||||
Insurance claims and policyholders' benefits | 1,339 | 1,446 | ||
Amortization of deferred acquisition costs | 303 | 329 | ||
Contract drilling expenses | 351 | 370 | ||
Other operating expenses | 1,249 | 907 | ||
Interest | 131 | 122 | ||
Total | 3,373 | 3,174 | ||
Income (loss) before income tax | 105 | 514 | ||
Income tax (expense) benefit | -56 | -103 | ||
Income (loss) from continuing operations | 49 | 411 | ||
Discontinued operations, net | -227 | |||
Net income | 49 | 184 | ||
Amounts attributable to noncontrolling interests | 60 | -125 | ||
Net income (loss) attributable to Loews Corporation | 109 | 59 | ||
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany interest and dividends | -567 | -377 | ||
Total | -567 | -377 | ||
Expenses: | ||||
Income (loss) before income tax | -567 | -377 | ||
Income (loss) from continuing operations | -377 | |||
Net income | -567 | -377 | ||
Net income (loss) attributable to Loews Corporation | -567 | -377 | ||
CNA Financial [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Insurance premiums | 1,687 | 1,806 | ||
Net investment income | 558 | 526 | ||
Investment gains | 10 | 42 | ||
Other revenues | 97 | 89 | ||
Total | 2,352 | 2,463 | ||
Expenses: | ||||
Insurance claims and policyholders' benefits | 1,339 | 1,446 | ||
Amortization of deferred acquisition costs | 303 | 329 | ||
Other operating expenses | 357 | 343 | ||
Interest | 39 | 44 | ||
Total | 2,038 | 2,162 | ||
Income (loss) before income tax | 314 | 301 | ||
Income tax (expense) benefit | -80 | -79 | ||
Income (loss) from continuing operations | 222 | |||
Discontinued operations, net | -207 | |||
Net income | 234 | 15 | ||
Amounts attributable to noncontrolling interests | -24 | -1 | ||
Net income (loss) attributable to Loews Corporation | 210 | 14 | ||
Diamond Offshore [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net investment income | 1 | |||
Contract drilling revenues | 600 | 685 | ||
Other revenues | 26 | 25 | ||
Total | 627 | 710 | ||
Expenses: | ||||
Contract drilling expenses | 351 | 370 | ||
Other operating expenses | 539 | 154 | ||
Interest | 24 | 18 | ||
Total | 914 | 542 | ||
Income (loss) before income tax | -287 | 168 | ||
Income tax (expense) benefit | 41 | -27 | ||
Income (loss) from continuing operations | 141 | |||
Net income | -246 | 141 | ||
Amounts attributable to noncontrolling interests | 120 | -72 | ||
Net income (loss) attributable to Loews Corporation | -126 | 69 | ||
Boardwalk Pipeline [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Other revenues | 330 | 357 | ||
Total | 330 | 357 | ||
Expenses: | ||||
Other operating expenses | 208 | 293 | ||
Interest | 45 | 41 | ||
Total | 253 | 334 | ||
Income (loss) before income tax | 77 | 23 | ||
Income tax (expense) benefit | -16 | 11 | ||
Income (loss) from continuing operations | 34 | |||
Net income | 61 | 34 | ||
Amounts attributable to noncontrolling interests | -36 | -52 | ||
Net income (loss) attributable to Loews Corporation | 25 | -18 | ||
Loews Hotels [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Other revenues | 139 | 105 | ||
Total | 139 | 105 | ||
Expenses: | ||||
Other operating expenses | 124 | 99 | ||
Interest | 5 | 1 | ||
Total | 129 | 100 | ||
Income (loss) before income tax | 10 | 5 | ||
Income tax (expense) benefit | -5 | -2 | ||
Income (loss) from continuing operations | 3 | |||
Net income | 5 | 3 | ||
Net income (loss) attributable to Loews Corporation | 5 | 3 | ||
Corporate and Other [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net investment income | 29 | 51 | ||
Intercompany interest and dividends | 567 | 377 | ||
Other revenues | 1 | 2 | ||
Total | 597 | 430 | ||
Expenses: | ||||
Other operating expenses | 21 | 18 | ||
Interest | 18 | 18 | ||
Total | 39 | 36 | ||
Income (loss) before income tax | 558 | 394 | ||
Income tax (expense) benefit | 4 | -6 | ||
Income (loss) from continuing operations | 388 | |||
Discontinued operations, net | -20 | |||
Net income | 562 | 368 | ||
Net income (loss) attributable to Loews Corporation | $562 | $368 | ||
[1] | Includes gross realized gains of $34 and $58 and gross realized losses of $22 and $15 on available-for-sale securities for the three months ended March 31, 2015 and 2014. |