Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 20, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | L | |
Entity Registrant Name | LOEWS CORP | |
Entity Central Index Key | 60,086 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 315,982,102 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Fixed maturities, amortized cost of $38,568 and $38,861 | $ 40,441 | $ 42,133 |
Equity securities, cost of $1,320 and $1,177 | 1,305 | 1,224 |
Limited partnership investments | 3,310 | 3,278 |
Other invested assets, primarily mortgage loans | 976 | 945 |
Short term investments | 4,437 | 4,646 |
Total investments | 50,469 | 52,226 |
Cash | 453 | 472 |
Receivables | 8,217 | 7,613 |
Property, plant and equipment | 15,471 | 15,427 |
Goodwill | 658 | 659 |
Other assets | 4,791 | 2,555 |
Deferred acquisition costs of insurance subsidiaries | 673 | 634 |
Total assets | 80,732 | 79,586 |
Liabilities and Equity: | ||
Claim and claim adjustment expense | 21,990 | 22,004 |
Future policy benefits | 10,667 | 11,179 |
Unearned premiums | 4,410 | 4,029 |
Total insurance reserves | 37,067 | 37,212 |
Payable to brokers | 311 | 60 |
Short term debt | 181 | 280 |
Long term debt | 11,290 | 11,253 |
Deferred income taxes | 879 | 749 |
Other liabilities | 9,146 | 5,466 |
Total liabilities | 58,874 | 55,020 |
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 - 332,684,645 and 332,487,815 shares | 3 | 3 |
Additional paid-in capital | 3,809 | 3,151 |
Retained earnings | 16,532 | 16,096 |
Accumulated other comprehensive loss | (625) | (26) |
Shareholders' equity before treasury stock, total | 19,719 | 19,224 |
Less treasury stock, at cost (16,017,088 and 400,000 shares) | (808) | (20) |
Total shareholders' equity | 18,911 | 19,204 |
Noncontrolling interests | 2,947 | 5,362 |
Total equity | 21,858 | 24,566 |
Total liabilities and equity | $ 80,732 | $ 79,586 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 38,568 | $ 38,861 |
Equity securities, cost | $ 1,320 | $ 1,177 |
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 | 332,684,645 | 332,487,815 |
Treasury stock, shares | 16,017,088 | 400,000 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Insurance premiums | $ 1,815 | $ 1,734 | $ 3,600 | $ 3,379 |
Net investment income | 551 | 478 | 1,057 | 1,082 |
Investment gains (losses): | ||||
Other-than-temporary impairment losses | (2) | (6) | (4) | |
Other net investment gains (losses) | (3) | 45 | 12 | 81 |
Total investment gains (losses) | (3) | 43 | 6 | 77 |
Operating revenues and other | 1,227 | 1,104 | 2,508 | 2,121 |
Total | 3,590 | 3,359 | 7,171 | 6,659 |
Expenses: | ||||
Insurance claims and policyholders' benefits | 1,327 | 1,280 | 2,666 | 2,573 |
Amortization of deferred acquisition costs | 359 | 312 | 655 | 617 |
Operating expenses and other | 1,454 | 1,281 | 2,854 | 2,331 |
Interest | 143 | 139 | 284 | 281 |
Total | 3,283 | 3,012 | 6,459 | 5,802 |
Income before income tax | 307 | 347 | 712 | 857 |
Income tax expense | (59) | (69) | (84) | (188) |
Net income | 248 | 278 | 628 | 669 |
Amounts attributable to noncontrolling interests | (18) | (47) | (105) | (143) |
Net income attributable to Loews Corporation | $ 230 | $ 231 | $ 523 | $ 526 |
Basic net income per share | $ 0.72 | $ 0.69 | $ 1.62 | $ 1.56 |
Diluted net income per share | 0.72 | 0.69 | 1.61 | 1.56 |
Dividends per share | $ 0.0625 | $ 0.0625 | $ 0.1250 | $ 0.1250 |
Weighted average shares outstanding: | ||||
Shares of common stock | 318,870 | 336,910 | 323,300 | 336,900 |
Dilutive potential shares of common stock | 910 | 810 | 930 | 800 |
Total weighted average shares outstanding assuming dilution | 319,780 | 337,720 | 324,230 | 337,700 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 248 | $ 278 | $ 628 | $ 669 |
Other comprehensive income (loss), after tax Changes in: | ||||
Net unrealized gains (losses) on investments with other-than-temporary impairments | (1) | (10) | (4) | |
Net other unrealized gains (losses) on investments | (159) | 77 | (588) | 144 |
Total unrealized gains (losses) on investments | (160) | 77 | (598) | 140 |
Unrealized gains on cash flow hedges | 4 | 14 | ||
Pension liability | 9 | 7 | 19 | 15 |
Foreign currency translation | (52) | 42 | (41) | 53 |
Other comprehensive income (loss) | (199) | 126 | (606) | 208 |
Comprehensive income | 49 | 404 | 22 | 877 |
Amounts attributable to noncontrolling interests | 2 | (60) | (41) | (164) |
Total comprehensive income (loss) attributable to Loews Corporation | $ 51 | $ 344 | $ (19) | $ 713 |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock Held in Treasury [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2016 | $ 23,361 | $ 3 | $ 3,187 | $ 15,196 | $ (223) | $ 5,198 | |
Net income | 669 | 526 | 143 | ||||
Other comprehensive income (loss) | 208 | 187 | 21 | ||||
Dividends paid | (138) | (42) | |||||
Dividends paid | (96) | ||||||
Purchases of Loews treasury stock | (6) | $ (6) | |||||
Stock-based compensation | 14 | (9) | 23 | ||||
Other | (2) | (3) | 1 | ||||
Ending Balance at Jun. 30, 2017 | 24,106 | 3 | 3,178 | 15,677 | (36) | (6) | 5,290 |
Net income | 278 | ||||||
Other comprehensive income (loss) | 126 | ||||||
Ending Balance at Jun. 30, 2017 | 24,106 | 3 | 3,178 | 15,677 | (36) | (6) | 5,290 |
Beginning Balance at Dec. 31, 2017 | 24,566 | 3 | 3,151 | 16,096 | (26) | (20) | 5,362 |
Cumulative effect adjustment from changes in accounting standards at Dec. 31, 2017 | (91) | (43) | (28) | (20) | |||
Balance, as adjusted at Dec. 31, 2017 | 24,475 | 3 | 3,151 | 16,053 | (54) | (20) | 5,342 |
Net income | 628 | 523 | 105 | ||||
Other comprehensive income (loss) | (606) | (542) | (64) | ||||
Dividends paid | (140) | (40) | |||||
Dividends paid | (100) | ||||||
Purchase of Boardwalk Pipeline common units | (1,715) | 661 | (29) | (2,347) | |||
Purchases of Loews treasury stock | (788) | (788) | |||||
Stock-based compensation | 8 | 1 | 7 | ||||
Other | (4) | (4) | (4) | 4 | |||
Ending Balance at Jun. 30, 2018 | 21,858 | 3 | 3,809 | 16,532 | (625) | (808) | 2,947 |
Net income | 248 | ||||||
Other comprehensive income (loss) | (199) | ||||||
Ending Balance at Jun. 30, 2018 | $ 21,858 | $ 3 | $ 3,809 | $ 16,532 | $ (625) | $ (808) | $ 2,947 |
Consolidated Condensed Stateme7
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Activities: | ||
Net income | $ 628 | $ 669 |
Adjustments to reconcile net income to net cash provided (used) by operating activities, net | 494 | 614 |
Changes in operating assets and liabilities, net: | ||
Receivables | (507) | (223) |
Deferred acquisition costs | (43) | (41) |
Insurance reserves | 563 | 262 |
Other assets | (151) | (108) |
Other liabilities | (115) | (79) |
Trading securities | 1,282 | 137 |
Net cash flow operating activities | 2,151 | 1,231 |
Investing Activities: | ||
Purchases of fixed maturities | (5,608) | (4,840) |
Proceeds from sales of fixed maturities | 4,781 | 3,142 |
Proceeds from maturities of fixed maturities | 1,306 | 1,770 |
Purchases of limited partnership investments | (73) | (47) |
Proceeds from sales of limited partnership investments | 94 | 119 |
Purchases of property, plant and equipment | (480) | (476) |
Acquisitions | (10) | (1,222) |
Dispositions | 2 | 69 |
Change in short term investments | (1,104) | (29) |
Other, net | (145) | (40) |
Net cash flow investing activities | (1,237) | (1,554) |
Financing Activities: | ||
Dividends paid | (40) | (42) |
Dividends paid to noncontrolling interests | (100) | (96) |
Purchases of Loews treasury stock | (799) | (6) |
Principal payments on debt | (605) | (908) |
Issuance of debt | 533 | 1,401 |
Other, net | 83 | (1) |
Net cash flow financing activities | (928) | 348 |
Effect of foreign exchange rate on cash | (5) | 5 |
Net change in cash | (19) | 30 |
Cash, beginning of period | 472 | 327 |
Cash, end of period | $ 453 | $ 357 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
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 89% 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 (Boardwalk Pipeline Partners, LP (“Boardwalk Pipeline”), a wholly owned subsidiary); the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary); and the manufacture of rigid plastic packaging solutions (Consolidated Container Company LLC (“Consolidated Container”), a 99% 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 attributable to Loews Corporation” as used herein means Net income attributable to Loews Corporation shareholders. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of June 30, 2018 and December 31, 2017, results of operations and comprehensive income for the three and six months ended June 30, 2018 and 2017 and changes in shareholders’ equity and cash flows for the six months ended June 30, 2018 and 2017. Net income for the second quarter and first half of each of the years is not necessarily indicative of net income for that entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K 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. There were no shares and 0.6 million shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts for the three and six months ended June 30, 2018 and 2017 because the effect would have been antidilutive. Accounting changes – 2014-09, 2014-09”). On January 1, 2018, the Company adopted the updated accounting guidance using the modified retrospective method, with a cumulative effect adjustment to the opening balance sheet. Upon adoption, the new guidance was applied to all contracts subject to the standard that were not completed as of the date of adoption. Prior period amounts have not been adjusted and continue to be reported in accordance with the previous accounting guidance. At adoption, the cumulative effect adjustment decreased beginning Retained earnings by $62 million (after tax and noncontrolling interests), resulted in a deferred tax asset of $23 million and increased Other assets by approximately $1.9 billion and Other liabilities by approximately $2.0 billion. The impact of the new guidance is primarily related to revenue on CNA’s non-insurance gross-up 2014-09, In January of 2016, the FASB issued ASU 2016-01, – 825-10): 2016-01”). available-for-sale In October of 2016, the FASB issued ASU 2016-16, In February of 2018, the FASB issued ASU 2018-02, 2018-02”). security-by-security Recently issued ASUs – 2016-02, 2014-09. In June of 2016, the FASB issued ASU 2016-13, available-for-sale available-for-sale Income tax reform update non-cash one-time non-U.S. The Company is still in the process of evaluating the estimate as it relates to the tax effect of: (i) the amount of deferred tax assets and liabilities subject to the income tax rate change from 35% to 21%, including the calculation of the mandatory deemed repatriation aspect of the Tax Act and the state tax effect of adjustments made to the federal temporary differences, (ii) the ability to more likely than not realize the benefit of deferred tax assets, including net operating losses and foreign tax credits, (iii) the effect of re-computing |
Purchase of Boardwalk Pipeline
Purchase of Boardwalk Pipeline Common Units | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Purchase of Boardwalk Pipeline Common Units | 2. Purchase of Boardwalk Pipeline Common Units On June 29, 2018, Boardwalk GP, LP (“General Partner”), the general partner of Boardwalk Pipeline and an indirect wholly owned subsidiary of the Company, elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipeline not already owned by the General Partner or its affiliates pursuant to Section 15.1(b) of Boardwalk Pipeline’s Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”) for a cash purchase price, determined in accordance with the Limited Partnership Agreement, of $12.06 per unit, or approximately $1.5 billion, in the aggregate. The election to exercise the call option resulted in the Boardwalk Pipeline noncontrolling interests being reclassified as mandatorily redeemable equity. The noncontrolling interest liability was removed and $1.5 billion was recorded in Other liabilities on the Consolidated Condensed Balance Sheet as of June 30, 2018. The purchase price of the common units was lower than the carrying value of the noncontrolling interests for Boardwalk Pipeline, resulting in an increase to Additional paid-in Following completion of the transaction on July 18, 2018, Boardwalk Pipelines Holding Corp., a wholly owned subsidiary of Loews Corporation, directly or indirectly owned all of the equity interests of Boardwalk Pipeline. As a result of the transaction, Boardwalk Pipeline has withdrawn the common units from listing on the New York Stock Exchange and from registration under Section 12(b) of the Securities Exchange Act of 1934. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 3. Investments Net investment income is as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In millions) Fixed maturity securities $ 444 $ 457 $ 890 $ 912 Limited partnership investments 60 23 108 139 Short term investments 11 4 20 8 Equity securities 12 2 22 3 Income (loss) from trading portfolio (a) 23 (1 ) 20 33 Other 17 8 28 16 Total investment income 567 493 1,088 1,111 Investment expenses (16 ) (15 ) (31 ) (29 ) Net investment income $ 551 $ 478 $ 1,057 $ 1,082 (a) Net unrealized gains (losses) related to changes in fair value on securities still held were $(4) and $(6) for the three months ended June 30, 2018 and 2017 and $(25) and $19 for the six months ended June 30, 2018 and 2017. Investment gains (losses) are as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 (In millions) Fixed maturity securities $ 4 $ 44 $ 22 $ 76 Equity securities (10 ) (25 ) Derivative instruments 4 (3 ) 9 (2 ) Short term investments and other (1 ) 2 3 Investment gains (a) $ (3 ) $ 43 $ 6 $ 77 (a) Gross realized gains on available-for-sale available-for-sale non-redeemable The components of other-than-temporary impairment (“OTTI”) losses recognized in earnings by asset type are as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 2 $ 5 $ 4 Asset-backed 1 Net OTTI losses recognized in earnings $ - $ 2 $ 6 $ 4 The amortized cost and fair values of fixed maturity and equity securities are as follows: June 30, 2018 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 17,883 $ 938 $ 203 $ 18,618 States, municipalities and political subdivisions 10,856 1,161 8 12,009 Asset-backed: Residential mortgage-backed 4,961 72 85 4,948 $ (25) Commercial mortgage-backed 2,082 23 33 2,072 Other asset-backed 1,557 9 9 1,557 Total asset-backed 8,600 104 127 8,577 (25) U.S. Treasury and obligations of government- sponsored enterprises 127 3 3 127 Foreign government 436 6 5 437 Redeemable preferred stock 9 1 10 Fixed maturities available-for-sale 37,911 2,213 346 39,778 (25) Fixed maturities trading 657 7 1 663 Total fixed maturity securities $ 38,568 $ 2,220 $ 347 $ 40,441 $ (25) December 31, 2017 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 17,210 $ 1,625 $ 28 $ 18,807 States, municipalities and political subdivisions 12,478 1,551 2 14,027 $ (11) Asset-backed: Residential mortgage-backed 5,043 109 32 5,120 (27) Commercial mortgage-backed 1,840 46 14 1,872 Other asset-backed 1,083 16 5 1,094 Total asset-backed 7,966 171 51 8,086 (27) U.S. Treasury and obligations of government- sponsored enterprises 111 2 4 109 Foreign government 437 9 2 444 Redeemable preferred stock 10 1 11 Fixed maturities available-for-sale 38,212 3,359 87 41,484 (38) Fixed maturities trading 649 2 2 649 Total fixed maturities 38,861 3,361 89 42,133 (38) Equity securities: Common stock 21 7 1 27 Preferred stock 638 31 1 668 Equity securities available-for-sale 659 38 2 695 - Equity securities trading 518 92 81 529 Total equity securities 1,177 130 83 1,224 - Total fixed maturity and equity securities $ 40,038 $ 3,491 $ 172 $ 43,357 $ (38) The net unrealized gains on available-for-sale The available-for-sale Less than 12 Months 12 Months or Longer Total June 30, 2018 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: Corporate and other bonds $ 6,963 $ 192 $ 193 $ 11 $ 7,156 $ 203 States, municipalities and political subdivisions 723 8 3 726 8 Asset-backed: Residential mortgage-backed 3,183 68 344 17 3,527 85 Commercial mortgage-backed 913 16 228 17 1,141 33 Other asset-backed 632 6 27 3 659 9 Total asset-backed 4,728 90 599 37 5,327 127 U.S. Treasury and obligations of government- sponsored enterprises 49 1 19 2 68 3 Foreign government 178 3 40 2 218 5 Total fixed maturity securities $ 12,641 $ 294 $ 854 $ 52 $ 13,495 $ 346 Less than 12 Months 12 Months or Longer Total December 31, 2017 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: Corporate and other bonds $ 1,354 $ 21 $ 168 $ 7 $ 1,522 $ 28 States, municipalities and political subdivisions 72 1 85 1 157 2 Asset-backed: Residential mortgage-backed 1,228 5 947 27 2,175 32 Commercial mortgage-backed 403 4 212 10 615 14 Other asset-backed 248 3 18 2 266 5 Total asset-backed 1,879 12 1,177 39 3,056 51 U.S. Treasury and obligations of government- sponsored enterprises 49 2 21 2 70 4 Foreign government 166 2 4 170 2 Total fixed maturity securities 3,520 38 1,455 49 4,975 87 Equity securities: Common stock 7 1 7 1 Preferred stock 93 1 93 1 Total equity securities 100 2 - - 100 2 Total fixed maturity and equity securities $ 3,620 $ 40 $ 1,455 $ 49 $ 5,075 $ 89 Based on current facts and circumstances, the Company believes the unrealized losses presented in the June 30, 2018 securities in a gross unrealized loss position table above are not indicative of the ultimate collectibility of the current amortized cost of the securities, but rather are attributable to changes in interest rates, credit spreads 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 June 30, 2018. 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 June 30, 2018 and 2017 for which a portion of an OTTI loss was recognized in Other comprehensive income. Three Months Ended Six Months Ended 2018 2017 2018 2017 (In millions) Beginning balance of credit losses on fixed maturity securities $ 25 $ 32 $ 27 $ 36 Reductions for securities sold during the period (4 ) (2 ) (6 ) (6 ) Ending balance of credit losses on fixed maturity securities $ 21 $ 30 $ 21 $ 30 Contractual Maturity The following table presents available-for-sale June 30, 2018 December 31, 2017 Cost or Estimated Cost or Estimated (In millions) Due in one year or less $ 1,301 $ 1,322 $ 1,135 $ 1,157 Due after one year through five years 8,211 8,421 8,165 8,501 Due after five years through ten years 16,138 16,240 16,060 16,718 Due after ten years 12,261 13,795 12,852 15,108 Total $ 37,911 $ 39,778 $ 38,212 $ 41,484 Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. 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. June 30, 2018 December 31, 2017 Contractual/ Contractual/ Notional Estimated Fair Value Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 500 $ 19 $ 500 $ 4 Without hedge designation: Equity markets: Options – purchased 198 9 224 12 – written 204 $ (8) 290 $ (7) Futures – short 148 265 1 Commodity futures – long 51 44 Embedded derivative on funds withheld liability 161 4 167 (3) |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 4. Fair Value Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices may fall within Level 1, 2 or 3 depending upon the methodology 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 a methodology 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 may include: (i) the review of pricing service methodologies or broker pricing qualifications, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, (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. Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises and foreign governments and redeemable preferred stock. June 30, 2018 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 166 $ 18,932 $ 94 $ 19,192 States, municipalities and political subdivisions 12,008 1 12,009 Asset-backed 8,304 273 8,577 Fixed maturities available-for-sale 166 39,244 368 39,778 Fixed maturities trading 656 7 663 Total fixed maturities $ 166 $ 39,900 $ 375 $ 40,441 Equity securities $ 683 $ 604 $ 18 $ 1,305 Short term and other 3,361 1,050 4,411 Receivables 19 19 Payable to brokers (11 ) (11 ) December 31, 2017 Fixed maturity securities: Corporate bonds and other $ 128 $ 19,145 $ 98 $ 19,371 States, municipalities and political subdivisions 14,026 1 14,027 Asset-backed 7,751 335 8,086 Fixed maturities available-for-sale 128 40,922 434 41,484 Fixed maturities trading 10 635 4 649 Total fixed maturities $ 138 $ 41,557 $ 438 $ 42,133 Equity securities available-for-sale $ 91 $ 584 $ 20 $ 695 Equity securities trading 527 2 529 Total equity securities $ 618 $ 584 $ 22 $ 1,224 Short term and other $ 3,669 $ 958 $ 4,627 Receivables 1 4 5 Payable to brokers (12 ) (12 ) 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 and six months ended June 30, 2018 and 2017: Net Realized Gains Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Included in Transfers Transfers Liabilities Balance, Net Income Included in into out of Balance, Held at 2018 April 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 100 $ (1 ) $ 2 $ (5 ) $ (2 ) $ 94 States, municipalities and political subdivisions 1 1 Asset-backed 279 (1 ) 41 (6 ) $ 13 $ (53 ) 273 Fixed maturities available-for-sale 380 $ - (2 ) 43 (5 ) (8 ) 13 (53 ) 368 $ - Fixed maturities trading 7 7 Total fixed maturities $ 387 $ - $ (2 ) $ 43 $ (5 ) $ (8 ) $ 13 $ (53 ) $ 375 $ - Equity securities $ 20 $ (1 ) $ (1 ) $ 18 $ (1 ) Net Realized Gains Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Included in Transfers Transfers Liabilities Balance, Net Income Included in into out of Balance, Held at 2017 April 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 121 $ (11 ) $ (10 ) $ 100 States, municipalities and political subdivisions 1 1 Asset-backed 256 $ 1 $ 1 $ 13 (7 ) $ 24 (70 ) 218 Fixed maturities available-for-sale 378 1 1 13 (18 ) 24 (80 ) 319 $ - Fixed maturities trading 5 5 (1 ) Total fixed maturities $ 383 $ 1 $ 1 $ 13 $ - $ (18 ) $ 24 $ (80 ) $ 324 $ (1 ) Equity securities available-for-sale $ 19 $ 1 $ (1 ) $ 19 Equity securities trading 1 1 Total equity securities $ 20 $ - $ 1 $ - $ (1 ) $ - $ - $ - $ 20 $ - Life settlement contracts $ 46 $ (45 ) $ 1 Net Realized Gains (Losses) and Net Change in Unrealized Gains Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level Included in Transfers Transfers Liabilities Balance, Net Income Included in into out of Balance, Held at 2018 January 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 98 $ (1 ) $ (1 ) $ 2 $ (5 ) $ (4 ) $ 5 $ 94 States, municipalities and political subdivisions 1 1 Asset-backed 335 7 (6 ) 71 (72 ) (12 ) 13 $ (63 ) 273 Fixed maturities available-for-sale 434 6 (7 ) 73 (77 ) (16 ) 18 (63 ) 368 $ - Fixed maturities trading 4 3 7 3 Total fixed maturities $ 438 $ 9 $ (7 ) $ 73 $ (77 ) $ (16 ) $ 18 $ (63 ) $ 375 $ 3 Equity securities $ 22 $ (3 ) $ (1 ) $ 18 $ (3 ) Net Realized Gains (Losses) and Net Change in Unrealized Gains Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level Included in Transfers Transfers Liabilities Balance, Net Income Included in into out of Balance, Held at 2017 January 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 130 $ 1 $ 5 $ (1 ) $ (25 ) $ (10 ) $ 100 States, municipalities and political subdivisions 1 1 Asset-backed 199 $ 1 3 51 (13 ) $ 52 (75 ) 218 Fixed maturities available-for-sale 330 1 4 56 (1 ) (38 ) 52 (85 ) 319 $ - Fixed maturities trading 6 (1 ) 5 (1 ) Total fixed maturities $ 336 $ - $ 4 $ 56 $ (1 ) $ (38 ) $ 52 $ (85 ) $ 324 $ (1 ) Equity securities available-for-sale $ 19 $ 2 $ 1 $ (3 ) $ 19 Equity securities trading 1 1 Total equity securities $ 20 $ - $ 2 $ 1 $ (3 ) $ - $ - $ - $ 20 $ - Life settlement contracts $ 58 $ 6 $ (58 ) $ (5 ) $ 1 Derivative financial instruments, net - 1 (1 ) - Net realized and unrealized gains and losses are reported in Net income as follows: Major Category of Assets and Liabilities Consolidated Condensed Statements of Income Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities trading Net investment income Equity securities Investment gains (losses) and Net investment income Other invested assets Investment gains (losses) and Net investment income Derivative financial instruments held in a trading portfolio Net investment income Derivative financial instruments, other Investment gains (losses) and Operating revenues and other Life settlement contracts Operating revenues and other 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 June 30, 2018, there were no transfers between Level 1 and Level 2. During the six months ended June 30, 2018, there were $29 million of transfers from Level 2 to Level 1 and no transfers from Level 1 to Level 2. During the three and six months ended June 30, 2017 there were no transfers between Level 1 and 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 highly liquid and exchange traded 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 a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology or a combination of both when necessary. 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 primarily 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 securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and 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 Short Term and Other Invested Assets Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds, treasury bills and exchange traded open-end Life Settlement Contracts CNA sold its life settlement contracts to a third party in 2017. The valuation of the life settlement contracts was based on the terms of sale. The contracts were classified as Level 3 as there was not an active market for life settlement contracts. Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. June 30, 2018 Estimated Fair Value Valuation Techniques Unobservable Inputs Range (In millions) Fixed maturity securities $ 130 Discounted cash flow Credit spread 1 % –12% (3%) December 31, 2017 Fixed maturity securities $ 136 Discounted cash flow Credit spread 1 % – 12% (3%) For fixed maturity securities, an increase to the credit spread assumptions 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 June 30, 2018 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 865 $ 850 $ 850 Liabilities: Short term debt 178 $ 36 142 178 Long term debt 11,273 10,550 631 11,181 December 31, 2017 Assets: Other invested assets, primarily mortgage loans $ 839 $ 844 $ 844 Liabilities: Short term debt 278 $ 156 122 278 Long term debt 11,236 10,966 525 11,491 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. |
Claim and Claim Adjustment Expe
Claim and Claim Adjustment Expense Reserves | 6 Months Ended |
Jun. 30, 2018 | |
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 incurred but not reported (“IBNR”) claims 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 claim reserving trends and 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 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 Liability for Unpaid Claim and Claim Adjustment Expenses Rollforward The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of Other Insurance Operations. Six Months Ended June 30 2018 2017 (In millions) Reserves, beginning of year: Gross $ 22,004 $ 22,343 Ceded 3,934 4,094 Net reserves, beginning of year 18,070 18,249 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 2,552 2,443 Decrease in provision for insured events of prior years (112 ) (159 ) Amortization of discount 92 93 Total net incurred (a) 2,532 2,377 Net payments attributable to: Current year events (312 ) (266 ) Prior year events (2,387 ) (2,331 ) Total net payments (2,699 ) (2,597 ) Foreign currency translation adjustment and other (70 ) 70 Net reserves, end of period 17,833 18,099 Ceded reserves, end of period 4,157 4,080 Gross reserves, end of period $ 21,990 $ 22,179 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected in the Consolidated Condensed Statements of Income due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and loss deductible receivables and benefit expenses related to future policy benefits, which are not reflected in the table above. Net Prior Year Development Changes in estimates of claim and claim adjustment expense reserves net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable. Favorable net prior year development of $59 million and $55 million for the three months ended June 30, 2018 and 2017 and $98 million and $112 million for the six months ended June 30, 2018 and 2017 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). The following table and discussion present details of the net prior year claim and claim adjustment expense reserve development in CNA’s Property & Casualty Operations: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In millions) Medical professional liability $ 3 $ 2 $ 23 $ 22 Other professional liability and management liability (34 ) (37 ) (68 ) (69 ) Surety (15 ) (30 ) Commercial auto 1 (1 ) (25 ) General liability 26 1 18 (17 ) Workers’ compensation (6 ) (47 ) (12 ) (47 ) Other (33 ) 25 (28 ) 24 Total pretax (favorable) unfavorable development $ (59 ) $ (55 ) $ (98 ) $ (112 ) Three Months 2018 Favorable development in other professional liability and management liability was primarily in professional liability errors and omissions (“E&O”) reflecting lower than expected claim frequency in accident years 2014 through 2016 and favorable severity for accident years 2012 and prior. Favorable development in surety was driven by continued lower than expected loss emergence on accident years 2015 and prior. Unfavorable development in general liability was driven by higher than expected claim severity in umbrella in accident years 2013 through 2015. Favorable development for other coverages was primarily due to lower than expected claim severity from catastrophes in accident year 2017 for property and other and lower than expected frequency in accident years 2015 and prior related to healthcare in Europe in healthcare and technology. This favorable development was partially offset by unfavorable development in property driven by higher than expected severity in Canada and higher than expected frequency in Hardy, both in accident year 2017 and increased severity in accident year 2017 related to professional indemnity in specialty. 2017 Favorable development in other professional liability and management liability was primarily due to lower than expected claim frequency in accident years 2013 through 2015 and lower than expected severity in accident years 2014 through 2016 for professional liability. Favorable development for workers’ compensation was primarily related to decreases in frequency and severity in recent accident years, partially attributable to California reforms related to decreases in medical costs. Unfavorable development for other coverages was primarily due to higher than expected severity in accident year 2016 for property and other, higher than expected severity in accident year 2015 arising from the management liability business and adverse large claims experience in the Hardy political risks portfolio, relating largely to accident year 2016. This unfavorable development was partially offset by favorable development in accident years 2014 and prior for the management liability business and better than expected frequency in accident years 2014 through 2016, for property. Six Months 2018 Unfavorable development for medical professional liability was primarily due to higher than expected severity in accident years 2014 and 2017 in CNA’s hospitals business. Favorable development in other professional liability and management liability was primarily due to lower than expected claim frequency for accident years 2013 through 2017 related to financial institutions. Additional favorable development was in professional liability E&O reflecting lower than expected claims frequency in accident years 2014 through 2016 and favorable severity for accident years 2012 and prior. Favorable development for surety was due to continued lower than expected loss emergence for accident years 2015 and prior. Unfavorable development in general liability was driven by higher than expected claim severity in umbrella in accident years 2013 through 2015. The drivers of development for other coverages were consistent with the three month summary above. 2017 Unfavorable development in medical professional liability was primarily due to continued higher than expected frequency in aging services. Favorable development in other professional liability and management liability was primarily due to favorable settlements on closed claims and a lower than expected frequency of large losses for accident years 2011 through 2016 for professional and management liability, lower than expected claim frequency in accident years 2013 through 2015 for professional liability and lower than expected severity in accident years 2014 through 2016 for professional liability. Favorable development for commercial auto was primarily due to lower than expected severity in accident years 2013 through 2015. Favorable development for general liability was due to lower than expected severity in life sciences. Favorable development for workers’ compensation was primarily related to decreases in frequency and severity in recent accident years, partially attributable to California reforms related to decreases in medical costs. The drivers of development for other coverages were generally consistent with the three month summary above. Asbestos and Environmental Pollution (“A&EP”) Reserves In 2010, Continental Casualty Company (“CCC”) together with several of CNA’s other insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of CNA’s legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“loss portfolio transfer” or “LPT”). At the effective date of the transaction, CNA ceded approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. CNA paid NICO a reinsurance premium of $2.0 billion and transferred to NICO billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion. In years subsequent to the effective date of the LPT, CNA recognized adverse prior year development on its A&EP reserves resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which CNA recognizes a change in the estimate of A&EP reserves that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits in the Consolidated Condensed Statements of Income. The following table presents the impact of the loss portfolio transfer on the Consolidated Condensed Statements of Income. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In millions) Additional amounts ceded under LPT: Net A&EP adverse development before consideration of LPT $ - $ - $ 113 $ 60 Provision for uncollectible third-party reinsurance on A&EP (16 ) Total additional amounts ceded under LPT - - 97 60 Retroactive reinsurance benefit recognized (15 ) (3 ) (72 ) (43 ) Pretax impact of deferred retroactive reinsurance $ (15 ) $ (3 ) $ 25 $ 17 Based upon CNA’s annual A&EP reserve review, net unfavorable prior year development of $113 million and $60 million was recognized before consideration of cessions to the LPT for the six months ended June 30, 2018 and 2017. Additionally, in 2018, CNA released a portion of its provision for uncollectible third party reinsurance. The 2018 unfavorable development was driven by higher than anticipated defense costs on direct asbestos environmental accounts and paid losses on assumed reinsurance exposures. The 2017 unfavorable development was driven by modestly higher anticipated payouts on claims from known sources of asbestos exposure. While the unfavorable development was ceded to NICO under the LPT, CNA’s reported earnings in the six month periods were negatively affected due to the application of retroactive reinsurance accounting. As of June 30, 2018 and December 31, 2017, the cumulative amounts ceded under the LPT were $3.0 billion and $2.9 billion. The unrecognized deferred retroactive reinsurance benefit was $351 million and $326 million as of June 30, 2018 and December 31, 2017. NICO established a collateral trust account as security for its obligations to CNA. The fair value of the collateral trust account was $3.0 billion and $3.1 billion as of June 30, 2018 and December 31, 2017. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to CNA’s A&EP claims. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | 6. Shareholders’ Equity Accumulated other comprehensive income (loss) The tables below present the changes in AOCI by component for the three and six months ended June 30, 2017 and 2018: OTTI Gains Unrealized Cash Flow Pension Foreign Total (In millions) Balance, April 1, 2017 $ 23 $ 636 $ (2) $ (638) $ (168) $ (149) Other comprehensive income (loss) before reclassifications, after tax of $1, $(63), $0, $0 and $0 (1) 108 42 149 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $(1), $15, $0, $(3) and $0 1 (31 ) 7 (23) Other comprehensive income - 77 - 7 42 126 Amounts attributable to noncontrolling interests (8 ) (1) (4) (13) Balance, June 30, 2017 $ 23 $ 705 $ (2) $ (632) $ (130) $ (36) Balance, April 1, 2018 $ 18 $ 386 $ 10 $ (753) $ (78) $ (417) Other comprehensive income (loss) before reclassifications, after tax of $1, $45, $0, $0 and $0 (1) (156 ) 4 (52) (205) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $1, $0, $(2) and $0 (3 ) 9 6 Other comprehensive income (loss) (1) (159 ) 4 9 (52) (199) Amounts attributable to noncontrolling interests 17 (2) 5 20 Purchase of Boardwalk Pipeline common units (1) (28) (29) Balance, June 30, 2018 $ 17 $ 244 $ 13 $ (774) $ (125) $ (625) OTTI Unrealized Cash Flow Pension Foreign Total (In millions) Balance, January 1, 2017 $ 27 $ 576 $ (2 ) $ (646 ) $ (178 ) $ (223 ) Other comprehensive income (loss) before reclassifications, after tax of $0, $(110), $0, $0 and $0 (1 ) 193 (1 ) 53 244 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $1, $24, $0, $(7) and $0 (3 ) (49 ) 1 15 (36 ) Other comprehensive income (loss) (4 ) 144 - 15 53 208 Amounts attributable to noncontrolling interests (15 ) (1 ) (5 ) (21 ) Balance, June 30, 2017 $ 23 $ 705 $ (2 ) $ (632 ) $ (130 ) $ (36 ) Balance, January 1, 2018, as reported $ 22 $ 673 $ - $ (633 ) $ (88 ) $ (26 ) Cumulative effect adjustment for adoption of ASU 2016-01 (25 ) (25 ) Cumulative effect adjustment for adoption of ASU 2018-02 4 123 (130 ) (3 ) Balance, January 1, 2018, as adjusted 26 771 - (763 ) (88 ) (54 ) Other comprehensive income (loss) before reclassifications, after tax of $3, $150, $(2), $0 and $0 (11 ) (570 ) 12 (41 ) (610 ) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $5, $0, $(5) and $0 1 (18 ) 2 19 4 Other comprehensive income (loss) (10 ) (588 ) 14 19 (41 ) (606 ) Amounts attributable to noncontrolling interests 1 61 (2 ) 4 64 Purchase of Boardwalk Pipeline common units (1 ) (28 ) (29 ) Balance, June 30, 2018 $ 17 $ 244 $ 13 $ (774 ) $ (125 ) $ (625 ) (a) For information regarding this accounting standard see Note 1. 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) Cash flow hedges Operating revenues and other and Operating expenses and other Pension liability Operating expenses and other Treasury Stock The Company repurchased 15.6 million and 0.1 million shares of Loews common stock at aggregate costs of $788 million and $6 million during the six months ended June 30, 2018 and 2017. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 7. Revenue from Contracts with Customers Disaggregation of revenues Three Months Ended Six Months Ended June 30, June 30, 2018 2017 (a) 2018 2017 (a) (In millions) Non-insurance $ 248 $ 98 $ 486 $ 191 Contract drilling – Diamond Offshore 268 398 564 773 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipeline 281 303 612 654 Lodging and related services – Loews Hotels & Co 200 181 383 348 Rigid plastic packaging and recycled resin – Corporate 216 91 429 91 Total revenues from contracts with customers 1,213 1,071 2,474 2,057 Other revenues 14 33 34 64 Operating revenues and other $ 1,227 $ 1,104 $ 2,508 $ 2,121 (a) Prior period amounts have not been adjusted under the modified retrospective method of adoption for ASU 2014-09. CNA’s non-insurance Non-insurance non-insurance Diamond Offshore’s contract drilling revenues primarily result from providing a drilling rig and the crew and supplies necessary to operate the rig, mobilizing and demobilizing the rig to and from the drill site and performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue and reimbursement revenue for the purchase of supplies, equipment, personnel services and other services requested by the customer. Diamond Offshore accounts for these integrated services provided within its drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which drilling services are provided. The total transaction price is determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the term of the contract. The standard contract term ranges from two to 60 months. Boardwalk Pipeline primarily earns revenues by providing transportation and storage services for natural gas and natural gas liquids and hydrocarbons (referred to together as “NGLs”) on a firm and interruptible basis and provides interruptible natural gas parking and lending services. The majority of Boardwalk Pipeline’s operating subsidiaries are subject to Federal Energy Regulatory Commission (“FERC”) regulations and certain revenues collected, under certain circumstances, may be subject to possible refunds to its customers. An estimated refund liability is recorded considering regulatory proceedings, advice of counsel and estimated total exposure. The majority of Boardwalk Pipeline’s revenues are from firm service contracts which are accounted for as a single promise to stand ready each month of the contract term to provide the committed capacity for either transportation or storage services. The transaction price is comprised of a fixed fee based on the capacity reserved plus a usage fee paid on the volume of commodity transported or injected and withdrawn from storage. Both the fixed and the usage fees are allocated to the single performance obligation of providing transportation or storage service and recognized over time as control is passed to the customer. These service contracts can range in term from one to 20 years and are invoiced monthly. Loews Hotels & Co provides lodging and related goods and services as well as management and marketing services. Loews Hotels & Co allocates the lodging transaction price to the distinct goods and services based on the market price. Lodging and related revenues are recognized as the guest takes possession of the goods or receives the services. Management and marketing services revenues are recognized as the services are provided and billed on a monthly basis. In addition, Loews Hotels & Co recognizes revenue for the reimbursement of payroll expenses incurred on behalf of the owners of joint venture and managed hotel properties. Consolidated Container manufactures rigid plastic packaging and recycled resins and provides packaging solutions to end markets such as beverage, food and household chemicals through a network of manufacturing locations across North America. Consolidated Container recognizes revenue as control is transferred to the customer. Receivables from contracts with customers Deferred revenue non-insurance Contract costs non-insurance For CNA’s non-insurance Performance obligations non-insurance |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Benefit Plans | 8. Benefit Plans The Company and its subsidiaries have several non-contributory The following table presents the components of net periodic (benefit) cost for the plans: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In millions) Service cost $ 2 $ 2 $ 4 $ 4 Interest cost 28 29 55 59 Expected return on plan assets (45 ) (43 ) (90 ) (86 ) Amortization of unrecognized net loss 10 11 21 22 Settlement charge 3 1 7 3 Net periodic (benefit) cost $ (2 ) $ - $ (3 ) $ 2 Other Postretirement Benefits Three Months Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In millions) Interest cost $ 1 $ 1 Expected return on plan assets $ (1 ) $ (1 ) (2 ) (2 ) Amortization of unrecognized prior service benefit (1 ) (1 ) Net periodic (benefit) cost $ (1 ) $ (1 ) $ (2 ) $ (2 ) |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 9. Legal Proceedings CNA Financial In September of 2016, a class action lawsuit was filed against CCC, Continental Assurance Company (“CAC”) (a former subsidiary of CCC), CNA, the Investment Committee of the CNA 401(k) Plus Plan (“Plan”), The Northern Trust Company and John Does 1-10 The plaintiff, Defendants and the Plan’s fiduciary insurance carriers have agreed on terms to settle this matter and have executed settlement agreements. The plaintiff and Defendants have proposed a class settlement for court approval, and the court granted preliminary approval subject to a fairness hearing. Based on the executed settlement agreements, management has recorded its best estimate of CNA’s probable loss and does not believe that the ultimate resolution of this matter will have a material impact on its consolidated financial statements. Other Litigation The Company and its subsidiaries are from time to time parties to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any such pending litigation will materially affect the Company’s results of operations or equity. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies CNA Guarantees In the course of selling business entities and assets to third parties, CNA agreed to guarantee the performance of certain obligations of previously owned subsidiaries and to indemnify purchasers for losses arising out of breaches of representations and warranties with respect to the business entities or assets 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 June 30, 2018, the aggregate amount related to quantifiable guarantees was $375 million and the aggregate amount related to quantifiable indemnification agreements was $252 million. In certain cases, should CNA be required to make payments under any such guarantee, it would have the right to seek reimbursement 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 June 30, 2018, 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. CNA also provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities provided by a previously owned subsidiary. As of June 30, 2018, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.8 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities. CNA Small Business Premium Rate Adjustment In 2016 and 2017, CNA identified rating errors related to its multi-peril package product and workers’ compensation policies within its Small Business unit and determined that it would voluntarily issue premium refunds along with interest on affected policies. After the rating errors were identified, written and earned premium have been reported net of any impact from the premium rate adjustments. CNA increased earned premium by $1 million and reduced earned premium by $37 million for three and six months ended June 30, 2017. Interest expense increased for interest due to policyholders on the premium rate adjustments by $1 million and $6 million for the three and six months ended June 30, 2017. The policyholder refunds for the multi-peril package product were issued in the third quarter of 2017. The policyholder refunds for workers’ compensation policies are in process and are expected to be completed by the end of 2018. Interest expense of $1 million was recorded for the six months ended June 30, 2018. The estimated refund liability, including interest, for the workers’ compensation policies as of June 30, 2018 was $47 million. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segments | 11. Segments The Company has five reportable segments comprised of four individual operating subsidiaries, CNA, Diamond Offshore, Boardwalk Pipeline and Loews Hotels & Co; and the Corporate segment. The operations of Consolidated Container are included in the Corporate segment for the three and six months ended June 30, 2018 and the period from the acquisition date, May 22, 2017 through June 30, 2017. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding the composition of the Company’s segments, see Note 19 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K The following tables present the reportable segments of the Company and their contribution to the Consolidated Condensed Statements of Income. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. Statements of Income by segment are presented in the following tables. Three Months Ended June 30, 2018 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 1,815 $ 1,815 Net investment income 506 $ 2 $ 1 $ 42 551 Investment losses (3) (3 ) Operating revenues and other 256 269 $ 285 200 217 1,227 Total 2,574 271 285 201 259 3,590 Expenses: Insurance claims and policyholders’ benefits 1,327 1,327 Amortization of deferred acquisition costs 359 359 Operating expenses and other 524 320 203 169 238 1,454 Interest 35 30 43 8 27 143 Total 2,245 350 246 177 265 3,283 Income (loss) before income tax 329 (79 ) 39 24 (6 ) 307 Income tax (expense) benefit (60) 10 (2 ) (7) (59 ) Net income (loss) 269 (69 ) 37 17 (6 ) 248 Amounts attributable to noncontrolling interests (29) 32 (21 ) (18 ) Net income (loss) attributable to Loews Corporation $ 240 $ (37 ) $ 16 $ 17 $ (6 ) $ 230 Three Months Ended June 30, 2017 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 1,734 $ 1,734 Net investment income 475 $ 1 $ 2 478 Investment gains 43 43 Operating revenues and other 114 398 $ 318 $ 181 93 1,104 Total 2,366 399 318 181 95 3,359 Expenses: Insurance claims and policyholders’ benefits 1,280 1,280 Amortization of deferred acquisition costs 312 312 Operating expenses and other 364 381 251 155 130 1,281 Interest 40 27 44 6 22 139 Total 1,996 408 295 161 152 3,012 Income (loss) before income tax 370 (9 ) 23 20 (57 ) 347 Income tax (expense) benefit (98) 23 (5 ) (10) 21 (69 ) Net income (loss) 272 14 18 10 (36 ) 278 Amounts attributable to noncontrolling interests (28) (7 ) (12 ) (47 ) Net income (loss) attributable to Loews Corporation $ 244 $ 7 $ 6 $ 10 $ (36 ) $ 231 Six Months Ended June 30, 2018 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 3,600 $ 3,600 Net investment income 996 $ 4 $ 1 $ 56 1,057 Investment gains 6 6 Operating revenues and other 507 566 $ 622 383 430 2,508 Total 5,109 570 622 384 486 7,171 Expenses: Insurance claims and policyholders’ benefits 2,666 2,666 Amortization of deferred acquisition costs 655 655 Operating expenses and other 1,042 616 401 325 470 2,854 Interest 70 58 87 15 54 284 Total 4,433 674 488 340 524 6,459 Income (loss) before income tax 676 (104 ) 134 44 (38 ) 712 Income tax (expense) benefit (115) 54 (14 ) (14) 5 (84 ) Net income (loss) 561 (50 ) 120 30 (33 ) 628 Amounts attributable to noncontrolling interests (60) 23 (68 ) (105 ) Net income (loss) attributable to Loews Corporation $ 501 $ (27 ) $ 52 $ 30 $ (33 ) $ 523 Six Months Ended June 30, 2017 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 3,379 $ 3,379 Net investment income 1,020 $ 1 $ 61 1,082 Investment gains 77 77 Operating revenues and other 219 775 $ 686 $ 348 93 2,121 Total 4,695 776 686 348 154 6,659 Expenses: Insurance claims and policyholders’ benefits 2,573 2,573 Amortization of deferred acquisition costs 617 617 Operating expenses and other 707 705 455 296 168 2,331 Interest 83 55 90 13 40 281 Total 3,980 760 545 309 208 5,802 Income (loss) before income tax 715 16 141 39 (54 ) 857 Income tax (expense) benefit (182) 21 (28 ) (19) 20 (188 ) Net income (loss) 533 37 113 20 (34 ) 669 Amounts attributable to noncontrolling interests (55) (18 ) (70 ) (143 ) Net income (loss) attributable to Loews Corporation $ 478 $ 19 $ 43 $ 20 $ (34 ) $ 526 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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 89% 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 (Boardwalk Pipeline Partners, LP (“Boardwalk Pipeline”), a wholly owned subsidiary); the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary); and the manufacture of rigid plastic packaging solutions (Consolidated Container Company LLC (“Consolidated Container”), a 99% 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 attributable to Loews Corporation” as used herein means Net income attributable to Loews Corporation shareholders. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of June 30, 2018 and December 31, 2017, results of operations and comprehensive income for the three and six months ended June 30, 2018 and 2017 and changes in shareholders’ equity and cash flows for the six months ended June 30, 2018 and 2017. Net income for the second quarter and first half of each of the years is not necessarily indicative of net income for that entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K |
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. There were no shares and 0.6 million shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts for the three and six months ended June 30, 2018 and 2017 because the effect would have been antidilutive. |
Revenue from Contracts with Customers | In May of 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) ASU 2014-09, 2014-09”). On January 1, 2018, the Company adopted the updated accounting guidance using the modified retrospective method, with a cumulative effect adjustment to the opening balance sheet. Upon adoption, the new guidance was applied to all contracts subject to the standard that were not completed as of the date of adoption. Prior period amounts have not been adjusted and continue to be reported in accordance with the previous accounting guidance. At adoption, the cumulative effect adjustment decreased beginning Retained earnings by $62 million (after tax and noncontrolling interests), resulted in a deferred tax asset of $23 million and increased Other assets by approximately $1.9 billion and Other liabilities by approximately $2.0 billion. The impact of the new guidance is primarily related to revenue on CNA’s non-insurance gross-up 2014-09, |
Recognition and Measurement of Financial Assets and Financial Liabilities | In January of 2016, the FASB issued ASU 2016-01, – 825-10): 2016-01”). available-for-sale |
Income Taxes | In October of 2016, the FASB issued ASU 2016-16, |
Income Statement-Reporting Comprehensive Income | In February of 2018, the FASB issued ASU 2018-02, 2018-02”). security-by-security |
Recently issued ASUs | Recently issued ASUs – 2016-02, 2014-09. In June of 2016, the FASB issued ASU 2016-13, available-for-sale available-for-sale Income tax reform update non-cash one-time non-U.S. The Company is still in the process of evaluating the estimate as it relates to the tax effect of: (i) the amount of deferred tax assets and liabilities subject to the income tax rate change from 35% to 21%, including the calculation of the mandatory deemed repatriation aspect of the Tax Act and the state tax effect of adjustments made to the federal temporary differences, (ii) the ability to more likely than not realize the benefit of deferred tax assets, including net operating losses and foreign tax credits, (iii) the effect of re-computing |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Net Investment Income and Investment Gains (Losses) | Net investment income is as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In millions) Fixed maturity securities $ 444 $ 457 $ 890 $ 912 Limited partnership investments 60 23 108 139 Short term investments 11 4 20 8 Equity securities 12 2 22 3 Income (loss) from trading portfolio (a) 23 (1 ) 20 33 Other 17 8 28 16 Total investment income 567 493 1,088 1,111 Investment expenses (16 ) (15 ) (31 ) (29 ) Net investment income $ 551 $ 478 $ 1,057 $ 1,082 (a) Net unrealized gains (losses) related to changes in fair value on securities still held were $(4) and $(6) for the three months ended June 30, 2018 and 2017 and $(25) and $19 for the six months ended June 30, 2018 and 2017. Investment gains (losses) are as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 (In millions) Fixed maturity securities $ 4 $ 44 $ 22 $ 76 Equity securities (10 ) (25 ) Derivative instruments 4 (3 ) 9 (2 ) Short term investments and other (1 ) 2 3 Investment gains (a) $ (3 ) $ 43 $ 6 $ 77 (a) Gross realized gains on available-for-sale available-for-sale non-redeemable |
Components of OTTI Losses Recognized in Earnings by Asset Type | The components of other-than-temporary impairment (“OTTI”) losses recognized in earnings by asset type are as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 2 $ 5 $ 4 Asset-backed 1 Net OTTI losses recognized in earnings $ - $ 2 $ 6 $ 4 |
Amortized Cost and Fair Values of Fixed Maturity and Equity Securities | The amortized cost and fair values of fixed maturity and equity securities are as follows: June 30, 2018 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 17,883 $ 938 $ 203 $ 18,618 States, municipalities and political subdivisions 10,856 1,161 8 12,009 Asset-backed: Residential mortgage-backed 4,961 72 85 4,948 $ (25) Commercial mortgage-backed 2,082 23 33 2,072 Other asset-backed 1,557 9 9 1,557 Total asset-backed 8,600 104 127 8,577 (25) U.S. Treasury and obligations of government- sponsored enterprises 127 3 3 127 Foreign government 436 6 5 437 Redeemable preferred stock 9 1 10 Fixed maturities available-for-sale 37,911 2,213 346 39,778 (25) Fixed maturities trading 657 7 1 663 Total fixed maturity securities $ 38,568 $ 2,220 $ 347 $ 40,441 $ (25) December 31, 2017 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 17,210 $ 1,625 $ 28 $ 18,807 States, municipalities and political subdivisions 12,478 1,551 2 14,027 $ (11) Asset-backed: Residential mortgage-backed 5,043 109 32 5,120 (27) Commercial mortgage-backed 1,840 46 14 1,872 Other asset-backed 1,083 16 5 1,094 Total asset-backed 7,966 171 51 8,086 (27) U.S. Treasury and obligations of government- sponsored enterprises 111 2 4 109 Foreign government 437 9 2 444 Redeemable preferred stock 10 1 11 Fixed maturities available-for-sale 38,212 3,359 87 41,484 (38) Fixed maturities trading 649 2 2 649 Total fixed maturities 38,861 3,361 89 42,133 (38) Equity securities: Common stock 21 7 1 27 Preferred stock 638 31 1 668 Equity securities available-for-sale 659 38 2 695 - Equity securities trading 518 92 81 529 Total equity securities 1,177 130 83 1,224 - Total fixed maturity and equity securities $ 40,038 $ 3,491 $ 172 $ 43,357 $ (38) |
Securities Available-for-Sale in Gross Unrealized Loss Position | The available-for-sale Less than 12 Months 12 Months or Longer Total June 30, 2018 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: Corporate and other bonds $ 6,963 $ 192 $ 193 $ 11 $ 7,156 $ 203 States, municipalities and political subdivisions 723 8 3 726 8 Asset-backed: Residential mortgage-backed 3,183 68 344 17 3,527 85 Commercial mortgage-backed 913 16 228 17 1,141 33 Other asset-backed 632 6 27 3 659 9 Total asset-backed 4,728 90 599 37 5,327 127 U.S. Treasury and obligations of government- sponsored enterprises 49 1 19 2 68 3 Foreign government 178 3 40 2 218 5 Total fixed maturity securities $ 12,641 $ 294 $ 854 $ 52 $ 13,495 $ 346 Less than 12 Months 12 Months or Longer Total December 31, 2017 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: Corporate and other bonds $ 1,354 $ 21 $ 168 $ 7 $ 1,522 $ 28 States, municipalities and political subdivisions 72 1 85 1 157 2 Asset-backed: Residential mortgage-backed 1,228 5 947 27 2,175 32 Commercial mortgage-backed 403 4 212 10 615 14 Other asset-backed 248 3 18 2 266 5 Total asset-backed 1,879 12 1,177 39 3,056 51 U.S. Treasury and obligations of government- sponsored enterprises 49 2 21 2 70 4 Foreign government 166 2 4 170 2 Total fixed maturity securities 3,520 38 1,455 49 4,975 87 Equity securities: Common stock 7 1 7 1 Preferred stock 93 1 93 1 Total equity securities 100 2 - - 100 2 Total fixed maturity and equity securities $ 3,620 $ 40 $ 1,455 $ 49 $ 5,075 $ 89 |
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 June 30, 2018 and 2017 for which a portion of an OTTI loss was recognized in Other comprehensive income. Three Months Ended Six Months Ended 2018 2017 2018 2017 (In millions) Beginning balance of credit losses on fixed maturity securities $ 25 $ 32 $ 27 $ 36 Reductions for securities sold during the period (4 ) (2 ) (6 ) (6 ) Ending balance of credit losses on fixed maturity securities $ 21 $ 30 $ 21 $ 30 |
Available-for-Sale Fixed Maturity Securities by Contractual Maturity | The following table presents available-for-sale June 30, 2018 December 31, 2017 Cost or Estimated Cost or Estimated (In millions) Due in one year or less $ 1,301 $ 1,322 $ 1,135 $ 1,157 Due after one year through five years 8,211 8,421 8,165 8,501 Due after five years through ten years 16,138 16,240 16,060 16,718 Due after ten years 12,261 13,795 12,852 15,108 Total $ 37,911 $ 39,778 $ 38,212 $ 41,484 |
Summary of Aggregate Contractual or Notional Amount and Estimated Fair Value Related to Derivative Financial 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. June 30, 2018 December 31, 2017 Contractual/ Contractual/ Notional Estimated Fair Value Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 500 $ 19 $ 500 $ 4 Without hedge designation: Equity markets: Options – purchased 198 9 224 12 – written 204 $ (8) 290 $ (7) Futures – short 148 265 1 Commodity futures – long 51 44 Embedded derivative on funds withheld liability 161 4 167 (3) |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises and foreign governments and redeemable preferred stock. June 30, 2018 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 166 $ 18,932 $ 94 $ 19,192 States, municipalities and political subdivisions 12,008 1 12,009 Asset-backed 8,304 273 8,577 Fixed maturities available-for-sale 166 39,244 368 39,778 Fixed maturities trading 656 7 663 Total fixed maturities $ 166 $ 39,900 $ 375 $ 40,441 Equity securities $ 683 $ 604 $ 18 $ 1,305 Short term and other 3,361 1,050 4,411 Receivables 19 19 Payable to brokers (11 ) (11 ) December 31, 2017 Fixed maturity securities: Corporate bonds and other $ 128 $ 19,145 $ 98 $ 19,371 States, municipalities and political subdivisions 14,026 1 14,027 Asset-backed 7,751 335 8,086 Fixed maturities available-for-sale 128 40,922 434 41,484 Fixed maturities trading 10 635 4 649 Total fixed maturities $ 138 $ 41,557 $ 438 $ 42,133 Equity securities available-for-sale $ 91 $ 584 $ 20 $ 695 Equity securities trading 527 2 529 Total equity securities $ 618 $ 584 $ 22 $ 1,224 Short term and other $ 3,669 $ 958 $ 4,627 Receivables 1 4 5 Payable to brokers (12 ) (12 ) |
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 and six months ended June 30, 2018 and 2017: Net Realized Gains Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Included in Transfers Transfers Liabilities Balance, Net Income Included in into out of Balance, Held at 2018 April 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 100 $ (1 ) $ 2 $ (5 ) $ (2 ) $ 94 States, municipalities and political subdivisions 1 1 Asset-backed 279 (1 ) 41 (6 ) $ 13 $ (53 ) 273 Fixed maturities available-for-sale 380 $ - (2 ) 43 (5 ) (8 ) 13 (53 ) 368 $ - Fixed maturities trading 7 7 Total fixed maturities $ 387 $ - $ (2 ) $ 43 $ (5 ) $ (8 ) $ 13 $ (53 ) $ 375 $ - Equity securities $ 20 $ (1 ) $ (1 ) $ 18 $ (1 ) Net Realized Gains Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Included in Transfers Transfers Liabilities Balance, Net Income Included in into out of Balance, Held at 2017 April 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 121 $ (11 ) $ (10 ) $ 100 States, municipalities and political subdivisions 1 1 Asset-backed 256 $ 1 $ 1 $ 13 (7 ) $ 24 (70 ) 218 Fixed maturities available-for-sale 378 1 1 13 (18 ) 24 (80 ) 319 $ - Fixed maturities trading 5 5 (1 ) Total fixed maturities $ 383 $ 1 $ 1 $ 13 $ - $ (18 ) $ 24 $ (80 ) $ 324 $ (1 ) Equity securities available-for-sale $ 19 $ 1 $ (1 ) $ 19 Equity securities trading 1 1 Total equity securities $ 20 $ - $ 1 $ - $ (1 ) $ - $ - $ - $ 20 $ - Life settlement contracts $ 46 $ (45 ) $ 1 Net Realized Gains (Losses) and Net Change in Unrealized Gains Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level Included in Transfers Transfers Liabilities Balance, Net Income Included in into out of Balance, Held at 2018 January 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 98 $ (1 ) $ (1 ) $ 2 $ (5 ) $ (4 ) $ 5 $ 94 States, municipalities and political subdivisions 1 1 Asset-backed 335 7 (6 ) 71 (72 ) (12 ) 13 $ (63 ) 273 Fixed maturities available-for-sale 434 6 (7 ) 73 (77 ) (16 ) 18 (63 ) 368 $ - Fixed maturities trading 4 3 7 3 Total fixed maturities $ 438 $ 9 $ (7 ) $ 73 $ (77 ) $ (16 ) $ 18 $ (63 ) $ 375 $ 3 Equity securities $ 22 $ (3 ) $ (1 ) $ 18 $ (3 ) Net Realized Gains (Losses) and Net Change in Unrealized Gains Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level Included in Transfers Transfers Liabilities Balance, Net Income Included in into out of Balance, Held at 2017 January 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 130 $ 1 $ 5 $ (1 ) $ (25 ) $ (10 ) $ 100 States, municipalities and political subdivisions 1 1 Asset-backed 199 $ 1 3 51 (13 ) $ 52 (75 ) 218 Fixed maturities available-for-sale 330 1 4 56 (1 ) (38 ) 52 (85 ) 319 $ - Fixed maturities trading 6 (1 ) 5 (1 ) Total fixed maturities $ 336 $ - $ 4 $ 56 $ (1 ) $ (38 ) $ 52 $ (85 ) $ 324 $ (1 ) Equity securities available-for-sale $ 19 $ 2 $ 1 $ (3 ) $ 19 Equity securities trading 1 1 Total equity securities $ 20 $ - $ 2 $ 1 $ (3 ) $ - $ - $ - $ 20 $ - Life settlement contracts $ 58 $ 6 $ (58 ) $ (5 ) $ 1 Derivative financial instruments, net - 1 (1 ) - Net realized and unrealized gains and losses are reported in Net income as follows: Major Category of Assets and Liabilities Consolidated Condensed Statements of Income Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities trading Net investment income Equity securities Investment gains (losses) and Net investment income Other invested assets Investment gains (losses) and Net investment income Derivative financial instruments held in a trading portfolio Net investment income Derivative financial instruments, other Investment gains (losses) and Operating revenues and other Life settlement contracts Operating revenues and other |
Quantitative Information about Significant Unobservable Inputs Utilized by Company in Fair Value Measurements of Level 3 Assets | The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. June 30, 2018 Estimated Fair Value Valuation Techniques Unobservable Inputs Range (In millions) Fixed maturity securities $ 130 Discounted cash flow Credit spread 1 % –12% (3%) December 31, 2017 Fixed maturity securities $ 136 Discounted cash flow Credit spread 1 % – 12% (3%) |
Carrying Amount, Estimated Fair Value and Level of Fair Value Hierarchy of Company's Financial Assets and Liabilities | 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 June 30, 2018 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 865 $ 850 $ 850 Liabilities: Short term debt 178 $ 36 142 178 Long term debt 11,273 10,550 631 11,181 December 31, 2017 Assets: Other invested assets, primarily mortgage loans $ 839 $ 844 $ 844 Liabilities: Short term debt 278 $ 156 122 278 Long term debt 11,236 10,966 525 11,491 |
Claim and Claim Adjustment Ex22
Claim and Claim Adjustment Expense Reserves (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Insurance [Abstract] | |
Reconciliation of Claim and Claim Adjustment Expense Reserves | The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of Other Insurance Operations. Six Months Ended June 30 2018 2017 (In millions) Reserves, beginning of year: Gross $ 22,004 $ 22,343 Ceded 3,934 4,094 Net reserves, beginning of year 18,070 18,249 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 2,552 2,443 Decrease in provision for insured events of prior years (112 ) (159 ) Amortization of discount 92 93 Total net incurred (a) 2,532 2,377 Net payments attributable to: Current year events (312 ) (266 ) Prior year events (2,387 ) (2,331 ) Total net payments (2,699 ) (2,597 ) Foreign currency translation adjustment and other (70 ) 70 Net reserves, end of period 17,833 18,099 Ceded reserves, end of period 4,157 4,080 Gross reserves, end of period $ 21,990 $ 22,179 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected in the Consolidated Condensed Statements of Income due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and loss deductible receivables and benefit expenses related to future policy benefits, which are not reflected in the table above. |
Details of the Net Prior Year Development in CNA's Property and Casulaity Operations | The following table and discussion present details of the net prior year claim and claim adjustment expense reserve development in CNA’s Property & Casualty Operations: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In millions) Medical professional liability $ 3 $ 2 $ 23 $ 22 Other professional liability and management liability (34 ) (37 ) (68 ) (69 ) Surety (15 ) (30 ) Commercial auto 1 (1 ) (25 ) General liability 26 1 18 (17 ) Workers’ compensation (6 ) (47 ) (12 ) (47 ) Other (33 ) 25 (28 ) 24 Total pretax (favorable) unfavorable development $ (59 ) $ (55 ) $ (98 ) $ (112 ) |
Schedule of Impact of Loss Portfolio Transfer on the Consolidated Statement of Operations | The following table presents the impact of the loss portfolio transfer on the Consolidated Condensed Statements of Income. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In millions) Additional amounts ceded under LPT: Net A&EP adverse development before consideration of LPT $ - $ - $ 113 $ 60 Provision for uncollectible third-party reinsurance on A&EP (16 ) Total additional amounts ceded under LPT - - 97 60 Retroactive reinsurance benefit recognized (15 ) (3 ) (72 ) (43 ) Pretax impact of deferred retroactive reinsurance $ (15 ) $ (3 ) $ 25 $ 17 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The tables below present the changes in AOCI by component for the three and six months ended June 30, 2017 and 2018: OTTI Gains Unrealized Cash Flow Pension Foreign Total (In millions) Balance, April 1, 2017 $ 23 $ 636 $ (2) $ (638) $ (168) $ (149) Other comprehensive income (loss) before reclassifications, after tax of $1, $(63), $0, $0 and $0 (1) 108 42 149 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $(1), $15, $0, $(3) and $0 1 (31 ) 7 (23) Other comprehensive income - 77 - 7 42 126 Amounts attributable to noncontrolling interests (8 ) (1) (4) (13) Balance, June 30, 2017 $ 23 $ 705 $ (2) $ (632) $ (130) $ (36) Balance, April 1, 2018 $ 18 $ 386 $ 10 $ (753) $ (78) $ (417) Other comprehensive income (loss) before reclassifications, after tax of $1, $45, $0, $0 and $0 (1) (156 ) 4 (52) (205) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $1, $0, $(2) and $0 (3 ) 9 6 Other comprehensive income (loss) (1) (159 ) 4 9 (52) (199) Amounts attributable to noncontrolling interests 17 (2) 5 20 Purchase of Boardwalk Pipeline common units (1) (28) (29) Balance, June 30, 2018 $ 17 $ 244 $ 13 $ (774) $ (125) $ (625) OTTI Unrealized Cash Flow Pension Foreign Total (In millions) Balance, January 1, 2017 $ 27 $ 576 $ (2 ) $ (646 ) $ (178 ) $ (223 ) Other comprehensive income (loss) before reclassifications, after tax of $0, $(110), $0, $0 and $0 (1 ) 193 (1 ) 53 244 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $1, $24, $0, $(7) and $0 (3 ) (49 ) 1 15 (36 ) Other comprehensive income (loss) (4 ) 144 - 15 53 208 Amounts attributable to noncontrolling interests (15 ) (1 ) (5 ) (21 ) Balance, June 30, 2017 $ 23 $ 705 $ (2 ) $ (632 ) $ (130 ) $ (36 ) Balance, January 1, 2018, as reported $ 22 $ 673 $ - $ (633 ) $ (88 ) $ (26 ) Cumulative effect adjustment for adoption of ASU 2016-01 (25 ) (25 ) Cumulative effect adjustment for adoption of ASU 2018-02 4 123 (130 ) (3 ) Balance, January 1, 2018, as adjusted 26 771 - (763 ) (88 ) (54 ) Other comprehensive income (loss) before reclassifications, after tax of $3, $150, $(2), $0 and $0 (11 ) (570 ) 12 (41 ) (610 ) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $5, $0, $(5) and $0 1 (18 ) 2 19 4 Other comprehensive income (loss) (10 ) (588 ) 14 19 (41 ) (606 ) Amounts attributable to noncontrolling interests 1 61 (2 ) 4 64 Purchase of Boardwalk Pipeline common units (1 ) (28 ) (29 ) Balance, June 30, 2018 $ 17 $ 244 $ 13 $ (774 ) $ (125 ) $ (625 ) (a) For information regarding this accounting standard see Note 1. |
Revenue from Contracts with C24
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenues | The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 11: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 (a) 2018 2017 (a) (In millions) Non-insurance $ 248 $ 98 $ 486 $ 191 Contract drilling – Diamond Offshore 268 398 564 773 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipeline 281 303 612 654 Lodging and related services – Loews Hotels & Co 200 181 383 348 Rigid plastic packaging and recycled resin – Corporate 216 91 429 91 Total revenues from contracts with customers 1,213 1,071 2,474 2,057 Other revenues 14 33 34 64 Operating revenues and other $ 1,227 $ 1,104 $ 2,508 $ 2,121 (a) Prior period amounts have not been adjusted under the modified retrospective method of adoption for ASU 2014-09. |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The following table presents the components of net periodic (benefit) cost for the plans: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In millions) Service cost $ 2 $ 2 $ 4 $ 4 Interest cost 28 29 55 59 Expected return on plan assets (45 ) (43 ) (90 ) (86 ) Amortization of unrecognized net loss 10 11 21 22 Settlement charge 3 1 7 3 Net periodic (benefit) cost $ (2 ) $ - $ (3 ) $ 2 Other Postretirement Benefits Three Months Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In millions) Interest cost $ 1 $ 1 Expected return on plan assets $ (1 ) $ (1 ) (2 ) (2 ) Amortization of unrecognized prior service benefit (1 ) (1 ) Net periodic (benefit) cost $ (1 ) $ (1 ) $ (2 ) $ (2 ) |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Consolidating Statement of Income and Total Assets by Segment | Statements of Income by segment are presented in the following tables. Three Months Ended June 30, 2018 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 1,815 $ 1,815 Net investment income 506 $ 2 $ 1 $ 42 551 Investment losses (3) (3 ) Operating revenues and other 256 269 $ 285 200 217 1,227 Total 2,574 271 285 201 259 3,590 Expenses: Insurance claims and policyholders’ benefits 1,327 1,327 Amortization of deferred acquisition costs 359 359 Operating expenses and other 524 320 203 169 238 1,454 Interest 35 30 43 8 27 143 Total 2,245 350 246 177 265 3,283 Income (loss) before income tax 329 (79 ) 39 24 (6 ) 307 Income tax (expense) benefit (60) 10 (2 ) (7) (59 ) Net income (loss) 269 (69 ) 37 17 (6 ) 248 Amounts attributable to noncontrolling interests (29) 32 (21 ) (18 ) Net income (loss) attributable to Loews Corporation $ 240 $ (37 ) $ 16 $ 17 $ (6 ) $ 230 Three Months Ended June 30, 2017 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 1,734 $ 1,734 Net investment income 475 $ 1 $ 2 478 Investment gains 43 43 Operating revenues and other 114 398 $ 318 $ 181 93 1,104 Total 2,366 399 318 181 95 3,359 Expenses: Insurance claims and policyholders’ benefits 1,280 1,280 Amortization of deferred acquisition costs 312 312 Operating expenses and other 364 381 251 155 130 1,281 Interest 40 27 44 6 22 139 Total 1,996 408 295 161 152 3,012 Income (loss) before income tax 370 (9 ) 23 20 (57 ) 347 Income tax (expense) benefit (98) 23 (5 ) (10) 21 (69 ) Net income (loss) 272 14 18 10 (36 ) 278 Amounts attributable to noncontrolling interests (28) (7 ) (12 ) (47 ) Net income (loss) attributable to Loews Corporation $ 244 $ 7 $ 6 $ 10 $ (36 ) $ 231 Six Months Ended June 30, 2018 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 3,600 $ 3,600 Net investment income 996 $ 4 $ 1 $ 56 1,057 Investment gains 6 6 Operating revenues and other 507 566 $ 622 383 430 2,508 Total 5,109 570 622 384 486 7,171 Expenses: Insurance claims and policyholders’ benefits 2,666 2,666 Amortization of deferred acquisition costs 655 655 Operating expenses and other 1,042 616 401 325 470 2,854 Interest 70 58 87 15 54 284 Total 4,433 674 488 340 524 6,459 Income (loss) before income tax 676 (104 ) 134 44 (38 ) 712 Income tax (expense) benefit (115) 54 (14 ) (14) 5 (84 ) Net income (loss) 561 (50 ) 120 30 (33 ) 628 Amounts attributable to noncontrolling interests (60) 23 (68 ) (105 ) Net income (loss) attributable to Loews Corporation $ 501 $ (27 ) $ 52 $ 30 $ (33 ) $ 523 Six Months Ended June 30, 2017 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 3,379 $ 3,379 Net investment income 1,020 $ 1 $ 61 1,082 Investment gains 77 77 Operating revenues and other 219 775 $ 686 $ 348 93 2,121 Total 4,695 776 686 348 154 6,659 Expenses: Insurance claims and policyholders’ benefits 2,573 2,573 Amortization of deferred acquisition costs 617 617 Operating expenses and other 707 705 455 296 168 2,331 Interest 83 55 90 13 40 281 Total 3,980 760 545 309 208 5,802 Income (loss) before income tax 715 16 141 39 (54 ) 857 Income tax (expense) benefit (182) 21 (28 ) (19) 20 (188 ) Net income (loss) 533 37 113 20 (34 ) 669 Amounts attributable to noncontrolling interests (55) (18 ) (70 ) (143 ) Net income (loss) attributable to Loews Corporation $ 478 $ 19 $ 43 $ 20 $ (34 ) $ 526 |
Basis of presentation - Additio
Basis of presentation - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Shares excluded from diluted EPS calculation | 0 | 600,000 | 0 | 600,000 | |||
Other assets | $ 2,555 | $ 4,791 | $ 2,555 | $ 4,791 | |||
Other liabilities | $ 5,466 | 9,146 | 5,466 | 9,146 | |||
Non-cash increase in net income | 200 | ||||||
Increase to net income for uncertain tax positions | $ 23 | ||||||
Tax rate | 35.00% | 21.00% | |||||
CNA Financial [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Subsidiary ownership percentage | 89.00% | ||||||
Diamond Offshore Drilling, Inc. [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Subsidiary ownership percentage | 53.00% | ||||||
Consolidated Container [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Subsidiary ownership percentage | 99.00% | ||||||
Accounting Standards Update 2014-09 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cumulative effect adjustment | $ (62) | ||||||
Accounting Standards Update 2016-01 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cumulative effect adjustment | 25 | ||||||
Accounting Standards Update 2016-16 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cumulative effect adjustment | (9) | ||||||
Accounting Standards Update 2018-02 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cumulative effect adjustment | 3 | ||||||
Accumulated Other Comprehensive Income (Loss) [Member] | Accounting Standards Update 2018-02 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Changes due to adoption of new accounting standards update | (3) | ||||||
Deferred Tax Asset [Member] | Accounting Standards Update 2014-09 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Changes due to adoption of new accounting standards update | 23 | ||||||
Other Assets [Member] | Accounting Standards Update 2014-09 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Changes due to adoption of new accounting standards update | 1,900 | ||||||
Other Liabilities [Member] | Accounting Standards Update 2014-09 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Changes due to adoption of new accounting standards update | 2,000 | ||||||
Pension Liability [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accounting Standards Update 2018-02 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Changes due to adoption of new accounting standards update | (130) | ||||||
Pretax Loss on Investments [Member] | Accounting Standards Update 2016-01 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Changes due to adoption of new accounting standards update | (8) | $ (23) | |||||
Other Comprehensive Income (Loss) [Member] | Accounting Standards Update 2016-01 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Changes due to adoption of new accounting standards update | $ 2 | $ 6 | |||||
Unrealized Gain Loss on Investments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accounting Standards Update 2018-02 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Changes due to adoption of new accounting standards update | $ 127 | ||||||
Operating Revenues and Other [Member] | Accounting Standards Update 2014-09 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Changes due to adoption of new accounting standards update | 143 | 274 | |||||
Operating Expenses and Other [Member] | Accounting Standards Update 2014-09 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Changes due to adoption of new accounting standards update | 141 | 274 | |||||
Prior to Adoption of Accounting Standards Update 2014-09 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Other assets | $ 2,600 | 2,700 | 2,600 | 2,700 | |||
Other liabilities | $ 5,500 | $ 7,000 | $ 5,500 | $ 7,000 |
Purchase of Boardwalk Pipelin28
Purchase of Boardwalk Pipeline Common Units - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 29, 2018 | Jun. 30, 2018 |
Business Acquisition [Line Items] | ||
Mandatory redeemable equity liability | $ 1,500 | |
Purchase of Boardwalk Pipeline common units | (1,715) | |
Increase to deferred income tax liabilities | 211 | |
Subsidiaries [Member] | Boardwalk Gp Lp [Member] | Boardwalk Pipeline [Member] | ||
Business Acquisition [Line Items] | ||
Purchase price | $ 1,500 | |
Purchase price, per unit | $ 12.06 | |
Additional Paid-in Capital [Member] | ||
Business Acquisition [Line Items] | ||
Purchase of Boardwalk Pipeline common units | 661 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Business Acquisition [Line Items] | ||
Purchase of Boardwalk Pipeline common units | $ (29) |
Investments - Net Investment In
Investments - Net Investment Income and Investment Gains (Losses) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Investment Income [Line Items] | ||||
Total investment income | $ 567 | $ 493 | $ 1,088 | $ 1,111 |
Investment expenses | (16) | (15) | (31) | (29) |
Investment gains (losses) | (3) | 43 | 6 | 77 |
Net investment income | 551 | 478 | 1,057 | 1,082 |
Fixed Maturity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 444 | 457 | 890 | 912 |
Investment gains (losses) | 4 | 44 | 22 | 76 |
Equity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 12 | 2 | 22 | 3 |
Investment gains (losses) | (10) | (25) | ||
Derivative Instruments [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment gains (losses) | 4 | (3) | 9 | (2) |
Short Term and Other [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 11 | 4 | 20 | 8 |
Investment gains (losses) | (1) | 2 | 3 | |
Limited Partnership Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 60 | 23 | 108 | 139 |
Income (Loss) from Trading Portfolio [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 23 | (1) | 20 | 33 |
Other [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | $ 17 | $ 8 | $ 28 | $ 16 |
Investments - Net Investment 30
Investments - Net Investment Income and Investment Gains (Losses) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Investment Income [Line Items] | ||||
Net unrealized gains (losses) on trading securities | $ (4) | $ (6) | $ (25) | $ 19 |
Fixed Maturity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Gross realized gains on available-for-sale securities | 37 | 57 | 106 | 106 |
Gross realized losses on available-for-sale securities | 33 | 13 | 84 | 30 |
Fixed Maturity Securities [Member] | Nonredeemable Preferred Stock [Member] | ||||
Net Investment Income [Line Items] | ||||
Net unrealized gains (losses) on trading securities | $ 11 | $ 25 | $ 11 | $ 25 |
Investments - Components of OTT
Investments - Components of OTTI Losses Recognized in Earnings by Asset Type (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | $ 2 | $ 6 | $ 4 |
Corporate Bonds and Other [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | $ 2 | 5 | $ 4 |
Total Asset-Backed [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | $ 1 |
Investments - Amortized Cost an
Investments - Amortized Cost and Fair Values of Fixed Maturity and Equity Securities (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | $ 38,568 | $ 40,038 |
Gross Unrealized Gains | 2,220 | 3,491 |
Gross Unrealized Losses | 347 | 172 |
Estimated Fair Value | 40,441 | 43,357 |
Unrealized OTTI Losses (Gains) | (25) | (38) |
Corporate Bonds and Other [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 17,883 | 17,210 |
Gross Unrealized Gains | 938 | 1,625 |
Gross Unrealized Losses | 203 | 28 |
Estimated Fair Value | 18,618 | 18,807 |
States, Municipalities and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 10,856 | 12,478 |
Gross Unrealized Gains | 1,161 | 1,551 |
Gross Unrealized Losses | 8 | 2 |
Estimated Fair Value | 12,009 | 14,027 |
Unrealized OTTI Losses (Gains) | (11) | |
Residential Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 4,961 | 5,043 |
Gross Unrealized Gains | 72 | 109 |
Gross Unrealized Losses | 85 | 32 |
Estimated Fair Value | 4,948 | 5,120 |
Unrealized OTTI Losses (Gains) | (25) | (27) |
Commercial Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 2,082 | 1,840 |
Gross Unrealized Gains | 23 | 46 |
Gross Unrealized Losses | 33 | 14 |
Estimated Fair Value | 2,072 | 1,872 |
Other Asset-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 1,557 | 1,083 |
Gross Unrealized Gains | 9 | 16 |
Gross Unrealized Losses | 9 | 5 |
Estimated Fair Value | 1,557 | 1,094 |
Total Asset-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 8,600 | 7,966 |
Gross Unrealized Gains | 104 | 171 |
Gross Unrealized Losses | 127 | 51 |
Estimated Fair Value | 8,577 | 8,086 |
Unrealized OTTI Losses (Gains) | (25) | (27) |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 127 | 111 |
Gross Unrealized Gains | 3 | 2 |
Gross Unrealized Losses | 3 | 4 |
Estimated Fair Value | 127 | 109 |
Foreign Government [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 436 | 437 |
Gross Unrealized Gains | 6 | 9 |
Gross Unrealized Losses | 5 | 2 |
Estimated Fair Value | 437 | 444 |
Redeemable Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 9 | 10 |
Gross Unrealized Gains | 1 | 1 |
Estimated Fair Value | 10 | 11 |
Total Fixed Maturities Available-for-Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 37,911 | 38,212 |
Gross Unrealized Gains | 2,213 | 3,359 |
Gross Unrealized Losses | 346 | 87 |
Estimated Fair Value | 39,778 | 41,484 |
Unrealized OTTI Losses (Gains) | (25) | (38) |
Fixed Maturities Trading [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 657 | 649 |
Gross Unrealized Gains | 7 | 2 |
Gross Unrealized Losses | 1 | 2 |
Estimated Fair Value | $ 663 | 649 |
Fixed Maturity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 38,861 | |
Gross Unrealized Gains | 3,361 | |
Gross Unrealized Losses | 89 | |
Estimated Fair Value | 42,133 | |
Unrealized OTTI Losses (Gains) | (38) | |
Common Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 21 | |
Gross Unrealized Gains | 7 | |
Gross Unrealized Losses | 1 | |
Estimated Fair Value | 27 | |
Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 638 | |
Gross Unrealized Gains | 31 | |
Gross Unrealized Losses | 1 | |
Estimated Fair Value | 668 | |
Equity Securities Available-for-Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 659 | |
Gross Unrealized Gains | 38 | |
Gross Unrealized Losses | 2 | |
Estimated Fair Value | 695 | |
Equity Securities Trading [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 518 | |
Gross Unrealized Gains | 92 | |
Gross Unrealized Losses | 81 | |
Estimated Fair Value | 529 | |
Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 1,177 | |
Gross Unrealized Gains | 130 | |
Gross Unrealized Losses | 83 | |
Estimated Fair Value | $ 1,224 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||
Shadow Adjustments | $ 1,100,000,000 | $ 1,300,000,000 |
Additional other than temporary impairment losses | $ 0 |
Investments - Securities Availa
Investments - Securities Available-for-Sale in Gross Unrealized Loss Position (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $ 3,620 | |
Gross Unrealized Losses, Less than 12 Months | 40 | |
Estimated Fair Value, 12 Months or Longer | 1,455 | |
Gross Unrealized Losses, 12 Months or Longer | 49 | |
Total Estimated Fair Value | 5,075 | |
Total Gross Unrealized Losses | 89 | |
Corporate Bonds and Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $ 6,963 | 1,354 |
Gross Unrealized Losses, Less than 12 Months | 192 | 21 |
Estimated Fair Value, 12 Months or Longer | 193 | 168 |
Gross Unrealized Losses, 12 Months or Longer | 11 | 7 |
Total Estimated Fair Value | 7,156 | 1,522 |
Total Gross Unrealized Losses | 203 | 28 |
States, Municipalities and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 723 | 72 |
Gross Unrealized Losses, Less than 12 Months | 8 | 1 |
Estimated Fair Value, 12 Months or Longer | 3 | 85 |
Gross Unrealized Losses, 12 Months or Longer | 1 | |
Total Estimated Fair Value | 726 | 157 |
Total Gross Unrealized Losses | 8 | 2 |
Residential Mortgage-Backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 3,183 | 1,228 |
Gross Unrealized Losses, Less than 12 Months | 68 | 5 |
Estimated Fair Value, 12 Months or Longer | 344 | 947 |
Gross Unrealized Losses, 12 Months or Longer | 17 | 27 |
Total Estimated Fair Value | 3,527 | 2,175 |
Total Gross Unrealized Losses | 85 | 32 |
Commercial Mortgage-Backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 913 | 403 |
Gross Unrealized Losses, Less than 12 Months | 16 | 4 |
Estimated Fair Value, 12 Months or Longer | 228 | 212 |
Gross Unrealized Losses, 12 Months or Longer | 17 | 10 |
Total Estimated Fair Value | 1,141 | 615 |
Total Gross Unrealized Losses | 33 | 14 |
Other Asset-Backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 632 | 248 |
Gross Unrealized Losses, Less than 12 Months | 6 | 3 |
Estimated Fair Value, 12 Months or Longer | 27 | 18 |
Gross Unrealized Losses, 12 Months or Longer | 3 | 2 |
Total Estimated Fair Value | 659 | 266 |
Total Gross Unrealized Losses | 9 | 5 |
Total Asset-Backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 4,728 | 1,879 |
Gross Unrealized Losses, Less than 12 Months | 90 | 12 |
Estimated Fair Value, 12 Months or Longer | 599 | 1,177 |
Gross Unrealized Losses, 12 Months or Longer | 37 | 39 |
Total Estimated Fair Value | 5,327 | 3,056 |
Total Gross Unrealized Losses | 127 | 51 |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 49 | 49 |
Gross Unrealized Losses, Less than 12 Months | 1 | 2 |
Estimated Fair Value, 12 Months or Longer | 19 | 21 |
Gross Unrealized Losses, 12 Months or Longer | 2 | 2 |
Total Estimated Fair Value | 68 | 70 |
Total Gross Unrealized Losses | 3 | 4 |
Foreign Government [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 178 | 166 |
Gross Unrealized Losses, Less than 12 Months | 3 | 2 |
Estimated Fair Value, 12 Months or Longer | 40 | 4 |
Gross Unrealized Losses, 12 Months or Longer | 2 | |
Total Estimated Fair Value | 218 | 170 |
Total Gross Unrealized Losses | 5 | 2 |
Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 12,641 | 3,520 |
Gross Unrealized Losses, Less than 12 Months | 294 | 38 |
Estimated Fair Value, 12 Months or Longer | 854 | 1,455 |
Gross Unrealized Losses, 12 Months or Longer | 52 | 49 |
Total Estimated Fair Value | 13,495 | 4,975 |
Total Gross Unrealized Losses | $ 346 | 87 |
Common Stock [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 7 | |
Gross Unrealized Losses, Less than 12 Months | 1 | |
Total Estimated Fair Value | 7 | |
Total Gross Unrealized Losses | 1 | |
Preferred Stock [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 93 | |
Gross Unrealized Losses, Less than 12 Months | 1 | |
Total Estimated Fair Value | 93 | |
Total Gross Unrealized Losses | 1 | |
Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 100 | |
Gross Unrealized Losses, Less than 12 Months | 2 | |
Total Estimated Fair Value | 100 | |
Total Gross Unrealized Losses | $ 2 |
Investments - Pretax Credit Los
Investments - Pretax Credit Loss Component Reflected in Retained Earnings on Fixed Maturity Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Beginning balance of credit losses on fixed maturity securities | $ 25 | $ 32 | $ 27 | $ 36 |
Reductions for securities sold during the period | (4) | (2) | (6) | (6) |
Ending balance of credit losses on fixed maturity securities | $ 21 | $ 30 | $ 21 | $ 30 |
Investments - Available-for-Sal
Investments - Available-for-Sale Fixed Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Cost or Amortized Cost, Due in one year or less | $ 1,301 | $ 1,135 |
Cost or Amortized Cost, Due after one year through five years | 8,211 | 8,165 |
Cost or Amortized Cost, Due after five years through ten years | 16,138 | 16,060 |
Cost or Amortized Cost, Due after ten years | 12,261 | 12,852 |
Cost or Amortized Cost, Total | 37,911 | 38,212 |
Estimated Fair Value, Due in one year or less | 1,322 | 1,157 |
Estimated Fair Value, Due after one year through five years | 8,421 | 8,501 |
Estimated Fair Value, Due after five years through ten years | 16,240 | 16,718 |
Estimated Fair Value, Due after ten years | 13,795 | 15,108 |
Estimated Fair Value, Total | $ 39,778 | $ 41,484 |
Investments - Summary of Aggreg
Investments - Summary of Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments (Detail) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Embedded Derivative on Funds Withheld Liability [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | $ 161,000,000 | $ 167,000,000 |
Estimated Fair Value, Asset | 4,000,000 | |
Estimated Fair Value, (Liability) | (3,000,000) | |
With Hedge Designation [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 500,000,000 | 500,000,000 |
Estimated Fair Value, Asset | 19,000,000 | 4,000,000 |
Without Hedge Designation [Member] | Equity Markets, Options - Purchased [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 198,000,000 | 224,000,000 |
Estimated Fair Value, Asset | 9,000,000 | 12,000,000 |
Without Hedge Designation [Member] | Equity Markets, Options - Written [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 204,000,000 | 290,000,000 |
Estimated Fair Value, (Liability) | (8,000,000) | (7,000,000) |
Without Hedge Designation [Member] | Equity Futures [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 148,000,000 | 265,000,000 |
Estimated Fair Value, Asset | 1,000,000 | |
Without Hedge Designation [Member] | Commodity Futures [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | $ 51,000,000 | $ 44,000,000 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
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 | $ (11) | $ (12) |
Corporate Bonds and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 19,192 | 19,371 |
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 | 12,009 | 14,027 |
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 | 8,577 | 8,086 |
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 | 39,778 | 41,484 |
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 | 663 | 649 |
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 | 40,441 | 42,133 |
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 | 695 | |
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 | 529 | |
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 | 1,305 | 1,224 |
Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 19 | 5 |
Short Term and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 4,411 | 4,627 |
Level 1 [Member] | Fair Value, Measurements, Recurring [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 | (11) | (12) |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 166 | 128 |
Level 1 [Member] | Fair Value, Measurements, Recurring [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 | 166 | 128 |
Level 1 [Member] | Fair Value, Measurements, Recurring [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 | 10 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [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 | 166 | 138 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | 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 | 91 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [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 | 527 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [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 | 683 | 618 |
Level 1 [Member] | Fair Value, Measurements, Recurring [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 | 1 | |
Level 1 [Member] | Short Term and Other [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 3,361 | 3,669 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 18,932 | 19,145 |
Level 2 [Member] | Fair Value, Measurements, Recurring [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 | 12,008 | 14,026 |
Level 2 [Member] | Fair Value, Measurements, Recurring [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 | 8,304 | 7,751 |
Level 2 [Member] | Fair Value, Measurements, Recurring [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 | 39,244 | 40,922 |
Level 2 [Member] | Fair Value, Measurements, Recurring [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 | 656 | 635 |
Level 2 [Member] | Fair Value, Measurements, Recurring [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 | 39,900 | 41,557 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | 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 | 584 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [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 | 604 | 584 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 19 | 4 |
Level 2 [Member] | Short Term and Other [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 1,050 | 958 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 94 | 98 |
Level 3 [Member] | Fair Value, Measurements, Recurring [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 | 1 | 1 |
Level 3 [Member] | Fair Value, Measurements, Recurring [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 | 273 | 335 |
Level 3 [Member] | Fair Value, Measurements, Recurring [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 | 368 | 434 |
Level 3 [Member] | Fair Value, Measurements, Recurring [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 | 7 | 4 |
Level 3 [Member] | Fair Value, Measurements, Recurring [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 | 375 | 438 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | 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 | 20 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [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 | 2 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [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 | $ 18 | $ 22 |
Fair Value - Reconciliations of
Fair Value - Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Corporate Bonds and Other [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 100 | $ 121 | $ 98 | $ 130 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | (1) | |||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (1) | (1) | 1 | |
Purchases | 2 | 2 | 5 | |
Sales | (5) | (5) | (1) | |
Settlements | (2) | (11) | (4) | (25) |
Transfers into Level 3 | 5 | |||
Transfers out of Level 3 | (10) | (10) | ||
Ending balance | 94 | 100 | 94 | 100 |
States, Municipalities and Political Subdivisions [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 1 | 1 | 1 | 1 |
Ending balance | 1 | 1 | 1 | 1 |
Total Asset-Backed [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 279 | 256 | 335 | 199 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | 1 | 7 | 1 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (1) | 1 | (6) | 3 |
Purchases | 41 | 13 | 71 | 51 |
Sales | (72) | |||
Settlements | (6) | (7) | (12) | (13) |
Transfers into Level 3 | 13 | 24 | 13 | 52 |
Transfers out of Level 3 | (53) | (70) | (63) | (75) |
Ending balance | 273 | 218 | 273 | 218 |
Total Fixed Maturities Available-for-Sale [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 380 | 378 | 434 | 330 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | 1 | 6 | 1 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (2) | 1 | (7) | 4 |
Purchases | 43 | 13 | 73 | 56 |
Sales | (5) | (77) | (1) | |
Settlements | (8) | (18) | (16) | (38) |
Transfers into Level 3 | 13 | 24 | 18 | 52 |
Transfers out of Level 3 | (53) | (80) | (63) | (85) |
Ending balance | 368 | 319 | 368 | 319 |
Fixed Maturities Trading [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 7 | 5 | 4 | 6 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | 3 | (1) | ||
Ending balance | 7 | 5 | 7 | 5 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | (1) | 3 | (1) | |
Fixed Maturity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 387 | 383 | 438 | 336 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | 1 | 9 | ||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (2) | 1 | (7) | 4 |
Purchases | 43 | 13 | 73 | 56 |
Sales | (5) | (77) | (1) | |
Settlements | (8) | (18) | (16) | (38) |
Transfers into Level 3 | 13 | 24 | 18 | 52 |
Transfers out of Level 3 | (53) | (80) | (63) | (85) |
Ending balance | 375 | 324 | 375 | 324 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | (1) | 3 | (1) | |
Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 20 | 20 | 22 | 20 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | (1) | (3) | ||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 1 | 2 | ||
Purchases | 1 | |||
Sales | (1) | (1) | (1) | (3) |
Ending balance | 18 | 20 | 18 | 20 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | $ (1) | $ (3) | ||
Equity Securities Available-for-Sale [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 19 | 19 | ||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 1 | 2 | ||
Purchases | 1 | |||
Sales | (1) | (3) | ||
Ending balance | 19 | 19 | ||
Equity Securities Trading [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 1 | 1 | ||
Ending balance | 1 | 1 | ||
Life Settlement Contracts [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 46 | 58 | ||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | 6 | |||
Sales | (45) | (58) | ||
Settlements | (5) | |||
Ending balance | 1 | 1 | ||
Derivative Instruments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative financial instruments, net, Beginning balance | 0 | |||
Derivative financial instruments, net, Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | 1 | |||
Derivative financial instruments, net, Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 0 | |||
Derivative financial instruments, net, Purchases | 0 | |||
Derivative financial instruments, net, Sales | (1) | |||
Derivative financial instruments, net, Settlements | 0 | |||
Derivative financial instruments, net, Transfers into Level 3 | 0 | |||
Derivative financial instruments, net, Transfers out of Level 3 | 0 | |||
Derivative financial instruments, net, Ending balance | $ 0 | 0 | ||
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | $ 0 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Fair Value Disclosures [Abstract] | ||
Transfers out of Level 1 to Level 2, Assets | $ 0 | $ 0 |
Transfers out of Level 2 to Level 1, Assets | $ 29,000,000 | $ 0 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information about Significant Unobservable Inputs Utilized by Company in Fair Value Measurements of Level 3 Assets (Detail) $ in Millions | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated fair value | $ 39,778 | $ 41,484 |
Level 3 [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated fair value | $ 130 | $ 136 |
Minimum [Member] | Level 3 [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Measurement input | 0.01 | 0.01 |
Maximum [Member] | Level 3 [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Measurement input | 0.12 | 0.12 |
Weighted Average [Member] | Level 3 [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Measurement input | 0.03 | 0.03 |
Fair Value - Carrying Amount, E
Fair Value - Carrying Amount, Estimated Fair Value and Level of Fair Value Hierarchy of Company's Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Estimate Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | $ 850 | $ 844 |
Short term debt | 178 | 278 |
Long term debt | 11,181 | 11,491 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 865 | 839 |
Short term debt | 178 | 278 |
Long term debt | 11,273 | 11,236 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short term debt | 36 | 156 |
Long term debt | 10,550 | 10,966 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 850 | 844 |
Short term debt | 142 | 122 |
Long term debt | $ 631 | $ 525 |
Claim and Claim Adjustment Ex43
Claim and Claim Adjustment Expense Reserves - Additional Information (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2010 | Dec. 31, 2017 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||
Catastrophe losses, net of reinsurance | $ 26 | $ 39 | $ 60 | $ 73 | ||
Net A&EP adverse development before consideration of LPT | 113 | 60 | ||||
Fair value of the collateral trust account | 3,000 | 3,000 | $ 3,100 | |||
Asbestos and Environmental Pollution Reserves [Member] | ||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||
Net A&EP claim and allocated claim adjustment expense reserves | $ 1,600 | |||||
Aggregate limit under A&EP Loss Portfolio Transfer | 4,000 | |||||
Ceded A&EP claim and allocated claim adjustment expense reserves | 1,200 | |||||
Reinsurance premium paid to NICO under A&EP Loss Portfolio Transfer | 2,000 | |||||
Net reinsurance receivables transferred to NICO under A&EP Loss Portfolio Transfer | 215 | |||||
Total consideration | $ 2,200 | |||||
Cumulative amounts ceded under the Loss Portfolio Transfer | 3,000 | 3,000 | 2,900 | |||
Remaining unrecognized retroactive reinsurance benefit | 351 | 351 | $ 326 | |||
Property and Casualty Operations [Member] | ||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||
Favorable net prior year development | $ 59 | $ 55 | $ 98 | $ 112 |
Claim and Claim Adjustment Ex44
Claim and Claim Adjustment Expense Reserves - Reconciliation of Claim and Claim Adjustment Expense Reserves (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Gross reserves, beginning of year | $ 22,004 | $ 22,343 |
Ceded reserves, beginning of year | 3,934 | 4,094 |
Net reserves, beginning of year | 18,070 | 18,249 |
Net incurred claim and claim adjustment expenses: | ||
Provision for insured events of current year | 2,552 | 2,443 |
Decrease in provision for insured events of prior years | (112) | (159) |
Amortization of discount | 92 | 93 |
Total net incurred | 2,532 | 2,377 |
Net payments attributable to: | ||
Current year events | (312) | (266) |
Prior year events | (2,387) | (2,331) |
Total net payments | (2,699) | (2,597) |
Foreign currency translation adjustment and other | (70) | 70 |
Net reserves, end of period | 17,833 | 18,099 |
Ceded reserves, end of period | 4,157 | 4,080 |
Gross reserves, end of period | $ 21,990 | $ 22,179 |
Claim and Claim Adjustment Ex45
Claim and Claim Adjustment Expense Reserves - Net Prior Year Development in CNA's Property and Casulaity Operations (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Medical professional liability | $ 3 | $ 2 | $ 23 | $ 22 |
Other professional liability and management liability | (34) | (37) | (68) | (69) |
Surety | (15) | (30) | ||
Commercial auto | 1 | (1) | (25) | |
General liability | 26 | 1 | 18 | (17) |
Workers' compensation | (6) | (47) | (12) | (47) |
Other | (33) | 25 | (28) | 24 |
Total pretax (favorable) unfavorable development | $ (59) | $ (55) | $ (98) | $ (112) |
Claim and Claim Adjustment Ex46
Claim and Claim Adjustment Expense Reserves - Schedule of Impact of Loss Portfolio Transfer on the Consolidated Statement of Operations (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Additional amounts ceded under LPT: | ||||
Net A&EP adverse development before consideration of LPT | $ 113 | $ 60 | ||
Provision for uncollectible third-party reinsurance on A&EP | (16) | |||
Total additional amounts ceded under LPT | 97 | 60 | ||
Retroactive reinsurance benefit recognized | $ (15) | $ (3) | (72) | (43) |
Pretax impact of deferred retroactive reinsurance | $ (15) | $ (3) | $ 25 | $ 17 |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 24,566 | $ 23,361 | ||
Cumulative effect adjustment from changes in accounting standards | (91) | |||
Balance, as adjusted | 24,475 | |||
Other comprehensive income (loss) | $ (199) | $ 126 | (606) | 208 |
Purchase of Boardwalk Pipeline common units | (1,715) | |||
Ending Balance | 21,858 | 24,106 | 21,858 | 24,106 |
OTTI Gains (Losses) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 18 | 23 | 22 | 27 |
Balance, as adjusted | 26 | |||
Other comprehensive income (loss) before reclassifications, after tax | (1) | (1) | (11) | (1) |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 1 | 1 | (3) | |
Other comprehensive income (loss) | (1) | (10) | (4) | |
Amounts attributable to noncontrolling interests | 1 | |||
Ending Balance | 17 | 23 | 17 | 23 |
Unrealized Gains (Losses) on Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 386 | 636 | 673 | 576 |
Balance, as adjusted | 771 | |||
Other comprehensive income (loss) before reclassifications, after tax | (156) | 108 | (570) | 193 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | (3) | (31) | (18) | (49) |
Other comprehensive income (loss) | (159) | 77 | (588) | 144 |
Amounts attributable to noncontrolling interests | 17 | (8) | 61 | (15) |
Ending Balance | 244 | 705 | 244 | 705 |
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 10 | (2) | (2) | |
Other comprehensive income (loss) before reclassifications, after tax | 4 | 12 | (1) | |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 2 | 1 | ||
Other comprehensive income (loss) | 4 | 14 | ||
Purchase of Boardwalk Pipeline common units | (1) | (1) | ||
Ending Balance | 13 | (2) | 13 | (2) |
Pension Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (753) | (638) | (633) | (646) |
Balance, as adjusted | (763) | |||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 9 | 7 | 19 | 15 |
Other comprehensive income (loss) | 9 | 7 | 19 | 15 |
Amounts attributable to noncontrolling interests | (2) | (1) | (2) | (1) |
Purchase of Boardwalk Pipeline common units | (28) | (28) | ||
Ending Balance | (774) | (632) | (774) | (632) |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (78) | (168) | (88) | (178) |
Balance, as adjusted | (88) | |||
Other comprehensive income (loss) before reclassifications, after tax | (52) | 42 | (41) | 53 |
Other comprehensive income (loss) | (52) | 42 | (41) | 53 |
Amounts attributable to noncontrolling interests | 5 | (4) | 4 | (5) |
Ending Balance | (125) | (130) | (125) | (130) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (417) | (149) | (26) | (223) |
Balance, as adjusted | (54) | |||
Other comprehensive income (loss) before reclassifications, after tax | (205) | 149 | (610) | 244 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 6 | (23) | 4 | (36) |
Other comprehensive income (loss) | (199) | 126 | (606) | 208 |
Amounts attributable to noncontrolling interests | 20 | (13) | 64 | (21) |
Purchase of Boardwalk Pipeline common units | (29) | (29) | ||
Ending Balance | $ (625) | $ (36) | (625) | $ (36) |
Accounting Standards Update 2016-01 [Member] | Unrealized Gains (Losses) on Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative effect adjustment from changes in accounting standards | (25) | |||
Accounting Standards Update 2016-01 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative effect adjustment from changes in accounting standards | (25) | |||
Accounting Standards Update 2018-02 [Member] | OTTI Gains (Losses) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative effect adjustment from changes in accounting standards | 4 | |||
Accounting Standards Update 2018-02 [Member] | Unrealized Gains (Losses) on Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative effect adjustment from changes in accounting standards | 123 | |||
Accounting Standards Update 2018-02 [Member] | Pension Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative effect adjustment from changes in accounting standards | (130) | |||
Accounting Standards Update 2018-02 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative effect adjustment from changes in accounting standards | $ (3) |
Shareholders' Equity - Compon48
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
OTTI Gains (Losses) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on change in other comprehensive income (loss) before reclassifications | $ 1 | $ 1 | $ 3 | $ 0 |
Tax on reclassification from accumulated other comprehensive income | 0 | (1) | 0 | 1 |
Unrealized Gains (Losses) on Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on change in other comprehensive income (loss) before reclassifications | 45 | (63) | 150 | (110) |
Tax on reclassification from accumulated other comprehensive income | 1 | 15 | 5 | 24 |
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 | (2) | 0 |
Tax on reclassification from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Pension Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Tax on reclassification from accumulated other comprehensive income | (2) | (3) | (5) | (7) |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Tax on reclassification from accumulated other comprehensive income | 0 | $ 0 | 0 | $ 0 |
Accounting Standards Update 2016-01 [Member] | OTTI Gains (Losses) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on cumulative effect adjustment for adoption of ASU 2016-01 | 0 | 0 | ||
Accounting Standards Update 2016-01 [Member] | Unrealized Gains (Losses) on Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on cumulative effect adjustment for adoption of ASU 2016-01 | 8 | 8 | ||
Accounting Standards Update 2016-01 [Member] | Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on cumulative effect adjustment for adoption of ASU 2016-01 | 0 | 0 | ||
Accounting Standards Update 2016-01 [Member] | Pension Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on cumulative effect adjustment for adoption of ASU 2016-01 | 0 | 0 | ||
Accounting Standards Update 2016-01 [Member] | Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on cumulative effect adjustment for adoption of ASU 2016-01 | $ 0 | $ 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Equity [Abstract] | ||
Treasury stock repurchased, shares | 15.6 | 0.1 |
Purchase of Loews treasury stock | $ 788 | $ 6 |
Revenue from Contracts with C50
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenues (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | $ 1,213 | $ 1,071 | $ 2,474 | $ 2,057 |
Other revenues | 14 | 33 | 34 | 64 |
Operating revenues and other | 1,227 | 1,104 | 2,508 | 2,121 |
CNA Financial [Member] | Non-insurance Warranty [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 248 | 98 | 486 | 191 |
Diamond Offshore [Member] | Drilling Contracts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 268 | 398 | 564 | 773 |
Boardwalk Pipeline [Member] | Transportation and Storage of Natural Gas and NGLs and Other Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 281 | 303 | 612 | 654 |
Loews Hotels And Co [Member] | Lodging and Related Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 200 | 181 | 383 | 348 |
Corporate [Member] | Rigid Plastic Packaging and Recycled Resin [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | $ 216 | $ 91 | $ 429 | $ 91 |
Revenue from Contracts with C51
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Jan. 01, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Receivables from contracts with customers, included within Receivables | $ 422,000,000 | $ 422,000,000 | $ 488,000,000 |
Deferred revenue, included within Other liabilities | 3,200,000,000 | 3,200,000,000 | $ 3,000,000,000 |
Revenue recognized | 473,000,000 | ||
Contract cost | 2,400,000,000 | 2,400,000,000 | |
Amortization expense, contract cost | 179,000,000 | 350,000,000 | |
Premium deficiency charges, non-insurance warranty contract | 0 | ||
Performance obligations, total | 12,300,000,000 | 12,300,000,000 | |
2018 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Performance obligations, total | 1,100,000,000 | 1,100,000,000 | |
2019 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Performance obligations, total | $ 1,900,000,000 | $ 1,900,000,000 | |
Minimum [Member] | CNA Financial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Non-insurance warranty product term | 1 month | ||
Minimum [Member] | Diamond Offshore [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Contract term | 2 months | ||
Minimum [Member] | Boardwalk Pipeline [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Contract term | 1 year | ||
Maximum [Member] | CNA Financial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Non-insurance warranty product term | 10 years | ||
Maximum [Member] | Diamond Offshore [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Contract term | 60 months | ||
Maximum [Member] | Boardwalk Pipeline [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Contract term | 20 years |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2 | $ 2 | $ 4 | $ 4 |
Interest cost | 28 | 29 | 55 | 59 |
Expected return on plan assets | (45) | (43) | (90) | (86) |
Amortization of unrecognized net loss | 10 | 11 | 21 | 22 |
Settlement charge | 3 | 1 | 7 | 3 |
Net periodic (benefit) cost | (2) | (3) | 2 | |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 1 | 1 | ||
Expected return on plan assets | (1) | (1) | (2) | (2) |
Amortization of unrecognized prior service benefit | (1) | (1) | ||
Net periodic (benefit) cost | $ (1) | $ (1) | $ (2) | $ (2) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Commitments [Line Items] | |||||
Interest expense | $ 143 | $ 139 | $ 284 | $ 281 | |
Future policy benefits | 10,667 | 10,667 | $ 11,179 | ||
CNA Financial [Member] | |||||
Commitments [Line Items] | |||||
Aggregate amount related to indemnification agreements | 375 | 375 | |||
Aggregate amount related to quantifiable guarantees | 252 | 252 | |||
Potential amount of future payments under guarantees | 1,800 | 1,800 | |||
Increase (decrease) in premium development recognized | 1 | (37) | |||
Increase in interest expense | $ 1 | $ 6 | |||
CNA Financial [Member] | Workers Compensation Policy [Member] | |||||
Commitments [Line Items] | |||||
Interest expense | 1 | ||||
Future policy benefits | $ 47 | $ 47 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Number of individual operating subsidiaries | 4 |
Segments - Consolidating Statem
Segments - Consolidating Statement of Income and Total Assets by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Insurance premiums | $ 1,815 | $ 1,734 | $ 3,600 | $ 3,379 |
Net investment income | 551 | 478 | 1,057 | 1,082 |
Investment gains (losses) | (3) | 43 | 6 | 77 |
Operating revenues and other | 1,227 | 1,104 | 2,508 | 2,121 |
Total | 3,590 | 3,359 | 7,171 | 6,659 |
Expenses: | ||||
Insurance claims and policyholders' benefits | 1,327 | 1,280 | 2,666 | 2,573 |
Amortization of deferred acquisition costs | 359 | 312 | 655 | 617 |
Operating expenses and other | 1,454 | 1,281 | 2,854 | 2,331 |
Interest | 143 | 139 | 284 | 281 |
Total | 3,283 | 3,012 | 6,459 | 5,802 |
Income (loss) before income tax | 307 | 347 | 712 | 857 |
Income tax (expense) benefit | (59) | (69) | (84) | (188) |
Net income (loss) | 248 | 278 | 628 | 669 |
Amounts attributable to noncontrolling interests | (18) | (47) | (105) | (143) |
Net income (loss) attributable to Loews Corporation | 230 | 231 | 523 | 526 |
CNA Financial [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Insurance premiums | 1,815 | 1,734 | 3,600 | 3,379 |
Net investment income | 506 | 475 | 996 | 1,020 |
Investment gains (losses) | (3) | 43 | 6 | 77 |
Operating revenues and other | 256 | 114 | 507 | 219 |
Total | 2,574 | 2,366 | 5,109 | 4,695 |
Expenses: | ||||
Insurance claims and policyholders' benefits | 1,327 | 1,280 | 2,666 | 2,573 |
Amortization of deferred acquisition costs | 359 | 312 | 655 | 617 |
Operating expenses and other | 524 | 364 | 1,042 | 707 |
Interest | 35 | 40 | 70 | 83 |
Total | 2,245 | 1,996 | 4,433 | 3,980 |
Income (loss) before income tax | 329 | 370 | 676 | 715 |
Income tax (expense) benefit | (60) | (98) | (115) | (182) |
Net income (loss) | 269 | 272 | 561 | 533 |
Amounts attributable to noncontrolling interests | (29) | (28) | (60) | (55) |
Net income (loss) attributable to Loews Corporation | 240 | 244 | 501 | 478 |
Diamond Offshore [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Net investment income | 2 | 1 | 4 | 1 |
Operating revenues and other | 269 | 398 | 566 | 775 |
Total | 271 | 399 | 570 | 776 |
Expenses: | ||||
Operating expenses and other | 320 | 381 | 616 | 705 |
Interest | 30 | 27 | 58 | 55 |
Total | 350 | 408 | 674 | 760 |
Income (loss) before income tax | (79) | (9) | (104) | 16 |
Income tax (expense) benefit | 10 | 23 | 54 | 21 |
Net income (loss) | (69) | 14 | (50) | 37 |
Amounts attributable to noncontrolling interests | 32 | (7) | 23 | (18) |
Net income (loss) attributable to Loews Corporation | (37) | 7 | (27) | 19 |
Boardwalk Pipeline [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Operating revenues and other | 285 | 318 | 622 | 686 |
Total | 285 | 318 | 622 | 686 |
Expenses: | ||||
Operating expenses and other | 203 | 251 | 401 | 455 |
Interest | 43 | 44 | 87 | 90 |
Total | 246 | 295 | 488 | 545 |
Income (loss) before income tax | 39 | 23 | 134 | 141 |
Income tax (expense) benefit | (2) | (5) | (14) | (28) |
Net income (loss) | 37 | 18 | 120 | 113 |
Amounts attributable to noncontrolling interests | (21) | (12) | (68) | (70) |
Net income (loss) attributable to Loews Corporation | 16 | 6 | 52 | 43 |
Loews Hotels And Co [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Net investment income | 1 | 1 | ||
Operating revenues and other | 200 | 181 | 383 | 348 |
Total | 201 | 181 | 384 | 348 |
Expenses: | ||||
Operating expenses and other | 169 | 155 | 325 | 296 |
Interest | 8 | 6 | 15 | 13 |
Total | 177 | 161 | 340 | 309 |
Income (loss) before income tax | 24 | 20 | 44 | 39 |
Income tax (expense) benefit | (7) | (10) | (14) | (19) |
Net income (loss) | 17 | 10 | 30 | 20 |
Net income (loss) attributable to Loews Corporation | 17 | 10 | 30 | 20 |
Corporate [Member] | ||||
Revenues: | ||||
Net investment income | 42 | 2 | 56 | 61 |
Operating revenues and other | 217 | 93 | 430 | 93 |
Total | 259 | 95 | 486 | 154 |
Expenses: | ||||
Operating expenses and other | 238 | 130 | 470 | 168 |
Interest | 27 | 22 | 54 | 40 |
Total | 265 | 152 | 524 | 208 |
Income (loss) before income tax | (6) | (57) | (38) | (54) |
Income tax (expense) benefit | 21 | 5 | 20 | |
Net income (loss) | (6) | (36) | (33) | (34) |
Net income (loss) attributable to Loews Corporation | $ (6) | $ (36) | $ (33) | $ (34) |