Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 01, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | L | ||
Entity Registrant Name | LOEWS CORP | ||
Entity Central Index Key | 60,086 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 311,299,326 | ||
Entity Public Float | $ 13,382,000,000 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Fixed maturities, amortized cost of $38,234 and $38,861 | $ 39,699 | $ 42,133 |
Equity securities, cost of $1,479 and $1,177 | 1,293 | 1,224 |
Limited partnership investments | 2,424 | 3,278 |
Other invested assets, primarily mortgage loans | 901 | 945 |
Short term investments | 3,869 | 4,646 |
Total investments | 48,186 | 52,226 |
Cash | 405 | 472 |
Receivables | 7,960 | 7,613 |
Property, plant and equipment | 15,511 | 15,427 |
Goodwill | 665 | 659 |
Deferred non-insurancewarranty acquisition expenses (Note 1) | 2,513 | 212 |
Deferred acquisition costs of insurance subsidiaries | 633 | 634 |
Other assets | 2,443 | 2,343 |
Total assets | 78,316 | 79,586 |
Liabilities and Equity: | ||
Claim and claim adjustment expense | 21,984 | 22,004 |
Future policy benefits | 10,597 | 11,179 |
Unearned premiums | 4,183 | 4,029 |
Total insurance reserves | 36,764 | 37,212 |
Payable to brokers | 42 | 60 |
Short Term Debt | 17 | 280 |
Long term debt | 11,359 | 11,253 |
Deferred income taxes | 841 | 749 |
Deferred non-insurance warranty revenue (Note 1) | 3,402 | 972 |
Other liabilities | 4,505 | 4,494 |
Total liabilities | 56,930 | 55,020 |
Commitments and contingent liabilities | ||
Shareholders' equity: | ||
Preferred stock, $0.10 par value: | ||
Common stock, $0.01 par value: | 3 | 3 |
Additional paid-in capital | 3,627 | 3,151 |
Retained earnings | 15,773 | 16,096 |
Accumulated other comprehensive loss | (880) | (26) |
Shareholders' equity before treasury stock, total | 18,523 | 19,224 |
Less treasury stock, at cost (100,000 and 400,000 shares) | (5) | (20) |
Total shareholders' equity | 18,518 | 19,204 |
Noncontrolling interests | 2,868 | 5,362 |
Total equity | 21,386 | 24,566 |
Total liabilities and equity | $ 78,316 | $ 79,586 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 38,234 | $ 38,861 |
Equity securities, cost | $ 1,479 | $ 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 | 312,169,189 | 332,487,815 |
Treasury stock, shares | 100,000 | 400,000 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Insurance premiums | $ 7,312 | $ 6,988 | $ 6,924 |
Net investment income | 1,817 | 2,182 | 2,135 |
Investment gains (losses): | |||
Other-than-temporary impairment losses | (21) | (14) | (81) |
Other net investment gains (losses) | (36) | 136 | 131 |
Total investment gains (losses) | (57) | 122 | 50 |
Non-insurance warranty revenue (Notes 1 and 13) | 1,007 | 390 | 361 |
Operating revenues and other | 3,987 | 4,053 | 3,635 |
Total | 14,066 | 13,735 | 13,105 |
Expenses: | |||
Insurance claims and policyholders' benefits | 5,572 | 5,310 | 5,283 |
Amortization of deferred acquisition costs | 1,335 | 1,233 | 1,235 |
Non-insurance warranty expense (Notes 1 and 13) | 923 | 299 | 271 |
Operating expenses and other (Note 6) | 4,828 | 4,665 | 4,844 |
Interest | 574 | 646 | 536 |
Total | 13,232 | 12,153 | 12,169 |
Income before income tax | 834 | 1,582 | 936 |
Income tax expense | (128) | (170) | (220) |
Net income | 706 | 1,412 | 716 |
Amounts attributable to noncontrolling interests | (70) | (248) | (62) |
Net income attributable to Loews Corporation | $ 636 | $ 1,164 | $ 654 |
Basic net income per common share | $ 1.99 | $ 3.46 | $ 1.93 |
Diluted net income per common share | $ 1.99 | $ 3.45 | $ 1.93 |
Basic weighted average number of shares outstanding | 319,060 | 336,610 | 337,950 |
Diluted weighted average number of shares outstanding | 319,930 | 337,500 | 338,310 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 706 | $ 1,412 | $ 716 |
Other comprehensive income (loss), after tax Changes in: | |||
Net unrealized gains (losses) on investments with other-than-temporary impairments | (14) | (5) | 3 |
Net other unrealized gains (losses) on investments | (798) | 108 | 257 |
Total unrealized gains (losses) on investments | (812) | 103 | 260 |
Unrealized gains on cash flow hedges | 6 | 3 | 2 |
Pension liability | (2) | 12 | 5 |
Foreign currency translation | (84) | 100 | (114) |
Other comprehensive income (loss) | (892) | 218 | 153 |
Comprehensive income (loss) | (186) | 1,630 | 869 |
Amounts attributable to noncontrolling interests | 25 | (269) | (81) |
Total comprehensive income (loss) | $ (161) | $ 1,361 | $ 788 |
Consolidated Condensed Statem_3
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, 2015 | $ 22,810 | $ 3 | $ 3,184 | $ 14,731 | $ (357) | $ 5,249 | |
Net income | 716 | 654 | 62 | ||||
Other comprehensive income | 153 | 134 | 19 | ||||
Dividends paid ($0.25 per share) | (218) | (84) | |||||
Dividends paid | (134) | ||||||
Purchase of Boardwalk Pipeline common units | (9) | 3 | (12) | ||||
Purchases of Loews treasury stock | (134) | $ (134) | |||||
Retirement of treasury stock | (32) | (102) | 134 | ||||
Stock-based compensation | 47 | 45 | 2 | ||||
Other | (4) | (13) | (3) | 12 | |||
Ending Balance at Dec. 31, 2016 | 23,361 | 3 | 3,187 | 15,196 | (223) | 5,198 | |
Net income | 1,412 | 1,164 | 248 | ||||
Other comprehensive income | 218 | 197 | 21 | ||||
Dividends paid ($0.25 per share) | (223) | (84) | |||||
Dividends paid | (139) | ||||||
Purchases of Loews treasury stock | (237) | (237) | |||||
Retirement of treasury stock | 1 | (41) | (175) | 217 | |||
Stock-based compensation | 35 | 2 | 33 | ||||
Other | (1) | 3 | (5) | 1 | |||
Ending 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 | 706 | 636 | 70 | ||||
Other comprehensive income | (892) | (797) | (95) | ||||
Dividends paid ($0.25 per share) | (201) | (80) | |||||
Dividends paid | (121) | ||||||
Purchase of Boardwalk Pipeline common units | (1,718) | 658 | (29) | (2,347) | |||
Purchases of Loews treasury stock | (1,011) | (1,011) | |||||
Retirement of treasury stock | (195) | (831) | 1,026 | ||||
Stock-based compensation | 31 | 19 | 12 | ||||
Other | (4) | (6) | (5) | 7 | |||
Ending Balance at Dec. 31, 2018 | $ 21,386 | $ 3 | $ 3,627 | $ 15,773 | $ (880) | $ (5) | $ 2,868 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid per share | $ 0.25 | $ 0.25 | $ 0.25 |
Consolidated Condensed Statem_5
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities: | |||
Net income | $ 706 | $ 1,412 | $ 716 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Investment (gains) losses | 57 | (122) | (50) |
Equity method investees | 572 | 25 | 221 |
Amortization of investments | (70) | (40) | (27) |
Depreciation and amortization | 912 | 874 | 841 |
Asset impairments | 44 | 106 | 697 |
Provision for deferred income taxes | 86 | (47) | 102 |
Other non-cash items | 72 | 164 | 73 |
Changes in operating assets and liabilities, net: | |||
Receivables | (131) | 93 | 24 |
Deferred acquisition costs | (6) | (24) | (8) |
Insurance reserves | 482 | 22 | 237 |
Other assets | (102) | (95) | (71) |
Other liabilities | (102) | 114 | 26 |
Trading securities | 1,702 | 108 | (528) |
Net cash flow operating activities | 4,222 | 2,590 | 2,253 |
Investing Activities: | |||
Purchases of fixed maturities | (10,785) | (9,065) | (9,827) |
Proceeds from sales of fixed maturities | 8,408 | 5,438 | 5,332 |
Proceeds from maturities of fixed maturities | 2,370 | 3,641 | 3,219 |
Purchases of limited partnership investments | (420) | (171) | (355) |
Proceeds from sales of limited partnership investments | 470 | 212 | 327 |
Purchases of property, plant and equipment | (995) | (1,031) | (1,450) |
Acquisitions | (37) | (1,218) | (79) |
Dispositions | 113 | 79 | 330 |
Change in short term investments | (339) | (167) | 158 |
Other, net | (229) | (373) | 158 |
Net cash flow investing activities | (1,444) | (2,655) | (2,187) |
Financing Activities: | |||
Dividends paid | (80) | (84) | (84) |
Dividends paid to noncontrolling interests | (121) | (139) | (134) |
Purchase of Boardwalk Pipeline common units | (1,504) | ||
Purchases of Loews treasury stock | (1,026) | (216) | (134) |
Principal payments on debt | (1,043) | (2,411) | (3,418) |
Issuance of debt | 865 | 3,067 | 3,614 |
Other, net | 74 | (16) | (10) |
Net cash flow financing activities | (2,835) | 201 | (166) |
Effect of foreign exchange rate on cash | (10) | 9 | (13) |
Net change in cash | (67) | 145 | (113) |
Cash, beginning of year | 472 | 327 | 440 |
Cash, end of year | $ 405 | $ 472 | $ 327 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Basis of presentation Principles of consolidation Accounting estimates Investments available-for-sale available-for-sale The cost of fixed maturity securities classified as available-for-sale For asset-backed securities included in fixed maturity securities, the Company recognizes income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. To the extent that unrealized gains on fixed maturity securities supporting long term care products and structured settlements not funded by annuities would result in a premium deficiency if those gains were realized, a related increase in Insurance reserves is recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (“Shadow Adjustments”). Shadow Adjustments decreased $298 million (after tax and noncontrolling interests) and increased $355 million (after tax and noncontrolling interests) for the years ended December 31, 2018 and 2017. As of December 31, 2018 and 2017, net unrealized gains on investments included in Accumulated other comprehensive income (“AOCI”) were correspondingly reduced by Shadow Adjustments of $964 million and $1.3 billion (after tax and noncontrolling interests). Equity securities are carried at fair value. CNA’s non-redeemable non-redeemable available-for-sale The Company’s carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the general partner. Certain partnerships for which results are not available on a timely basis are reported on a lag, primarily three months or less. These investments are accounted for under the equity method and changes in net asset values are recorded within Net investment income on the Consolidated Statements of Income. Investments in derivative securities are carried at fair value with changes in fair value reported as a component of Investment gains (losses), Income (loss) from trading portfolio, or Other comprehensive income (loss), depending on their hedge designation. A derivative is typically defined as an instrument whose value is “derived” from an underlying instrument, index or rate, has a notional amount, requires little or no initial investment and can be net settled. Derivatives include, but are not limited to, the following types of investments: interest rate swaps, interest rate caps and floors, put and call options, warrants, futures, forwards, commitments to purchase securities, credit default swaps and combinations of the foregoing. Derivatives embedded within non-derivative An available-for-sale Significant judgment is required in the determination of whether an OTTI loss has occurred for a security. CNA follows a consistent and systematic process for determining and recording an OTTI loss including the evaluation of securities in an unrealized loss position on at least a quarterly basis. CNA’s assessment of whether an OTTI loss has occurred incorporates both quantitative and qualitative information. Fixed maturity securities that CNA intends to sell, or it more likely than not will be required to sell before recovery of amortized cost, are considered to be other-than-temporarily impaired and the entire difference between the amortized cost basis and fair value of the security is recognized as an OTTI loss in earnings. The remaining fixed maturity securities in an unrealized loss position are evaluated to determine if a credit loss exists. The factors considered include: (i) the financial condition and near term and long term prospects of the issuer, (ii) whether the debtor is current on interest and principal payments, (iii) credit ratings of the securities and (iv) general market conditions and industry or sector specific outlook. CNA also considers results and analysis of cash flow modeling for asset-backed securities, and when appropriate, other fixed maturity securities. The focus of the analysis for asset-backed securities is on assessing the sufficiency and quality of underlying collateral and timing of cash flows based on scenario tests. If the present value of the modeled expected cash flows equals or exceeds the amortized cost of a security, no credit loss is judged to exist and the asset-backed security is deemed to be temporarily impaired. If the present value of the expected cash flows is significantly less than amortized cost, the security is judged to be other-than-temporarily impaired for credit reasons and that shortfall, referred to as the credit component, is recognized as an OTTI loss in earnings. The difference between the adjusted amortized cost basis and fair value, referred to as the non-credit non-credit CNA performs the discounted cash flow analysis using stressed scenarios to determine future expectations regarding recoverability. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. Prior to 2018, CNA applied the same impairment model as described above for the majority of its non-redeemable Joint venture investments The following tables present summarized financial information for these joint ventures: Year Ended December 31 2018 2017 (In millions) Total assets $ 1,924 $ 1,703 Total liabilities 1,451 1,347 Year Ended December 31 2018 2017 2016 Revenues $ 731 $ 731 $ 693 Net income 114 261 80 Hedging Securities lending activities Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan. This matching of terms tends to limit risk. In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice. Collateral is not reflected as an asset of the Company. There was no collateral held at December 31, 2018 and 2017. Revenue recognition Insurance receivables include balances due currently or in the future, including amounts due from insureds related to losses under high deductible policies, and are presented at unpaid balances, net of an allowance for doubtful accounts. Amounts are considered past due based on policy payment terms. The allowance is determined based on periodic evaluations of aged receivables, historical business default data, management’s experience and current economic conditions. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. Property and casualty contracts that are retrospectively rated contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions and loss experience of the insured during the experience period. For such contracts, CNA estimates the amount of ultimate premiums that it may earn upon completion of the experience period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. CNA adjusts such estimated ultimate premium amounts during the course of the experience period based on actual results to date. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period. CNA’s non-insurance non-insurance Non-insurance Non-insurance 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 to provide packaging solutions to end markets such as beverage, food and household chemicals through a network of manufacturing locations across North America. In addition, Consolidated Container manufactures commodity and differentiated plastic resins from recycled plastic materials for a variety of end markets. Consolidated Container recognizes revenue as control is transferred to the customer. Contract costs non-insurance non-insurance Claim and claim adjustment expense reserves Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.2 billion as of December 31, 2018 and 2017. A significant portion of these amounts are supported by collateral. CNA also has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Receivables on the Consolidated Balance Sheets. Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. CNA’s obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and carried at present values determined using interest rates ranging from 5.5% to 8.0% as of December 31, 2018 and 2017. As of December 31, 2018 and 2017, the discounted reserves for unfunded structured settlements were $512 million and $527 million, net of discount of $760 million and $798 million. For the years ended December 31, 2018, 2017 and 2016, the amount of interest recognized on the discounted reserves of unfunded structured settlements was $40 million, $41 million and $42 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income but is excluded from the disclosure of prior year loss reserve development. Workers’ compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. At December 31, 2018 and 2017, workers’ compensation lifetime claim reserves are discounted at a 3.5% interest rate. As of December 31, 2018 and 2017, the discounted reserves for workers’ compensation lifetime claim reserves were $343 million and $346 million, net of discount of $168 million and $190 million. For the years ended December 31, 2018, 2017 and 2016, the amount of interest accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves was $16 million, $19 million and $17 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income, but is excluded from the Company’s disclosure of prior year loss reserve development. Long term care claim reserves are calculated using mortality and morbidity assumptions based on CNA and industry experience. Long term care claim reserves are discounted at an interest rate of 6.0% as of December 31, 2018 and 2017. As of December 31, 2018 and 2017, such discounted reserves totaled $2.6 billion and $2.4 billion, net of discount of $460 million and $446 million. Future policy benefit reserves CNA’s most recent GPV indicated the future policy benefit reserves for the long term care business were not deficient in the aggregate, but profits are expected to be recognized in early years followed by losses in later years. In that circumstance, future policy benefit reserves are increased in the profitable years by an amount necessary to offset losses that are projected to be recognized in later years. The amount of the additional future policy benefit reserves recorded in each quarterly period is determined by applying the ratio of the present value of future losses divided by the present value of future profits from the most recently completed GPV to long term care core income in that period. Guaranty fund and other insurance-related assessments Reinsurance Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefit reserves. Reinsurance receivables are reported net of an allowance for doubtful accounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of CNA. CNA has established an allowance for doubtful accounts on reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The allowance for doubtful accounts on reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer solvency, industry experience and current economic conditions. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if CNA becomes aware of significant changes related to a reinsurer. Because billed receivables generally approximate 5% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for doubtful accounts on reinsurance receivables are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables from insolvent insurers related to paid losses are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. Reinsurance contracts that do not effectively transfer the economic risk of loss on the underlying policies are recorded using the deposit method of accounting, which requires that premium paid or received by the ceding company or assuming company be accounted for as a deposit asset or liability. CNA had $3 million and $8 million recorded as deposit assets as of December 31, 2018 and 2017, and $3 million and $4 million recorded as deposit liabilities as of December 31, 2018 and 2017. Income on reinsurance contracts accounted for under the deposit method is recognized using an effective yield based on the anticipated timing of payments and the remaining life of the contract. When the anticipated timing of payments changes, the effective yield is recalculated to reflect actual payments to date and the estimated timing of future payments. The deposit asset or liability is adjusted to the amount that would have existed had the new effective yield been applied since the inception of the contract. A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative claim and allocated claim adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a revised estimate of claim and allocated claim adjustment expenses and the loss portfolio transfer is in a gain position, the deferred gain is recalculated as if the revised estimate was available at the inception date of the loss portfolio transfer and the change in the deferred gain is recognized in earnings. Deferred acquisition costs CNA evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current period results of operations. Goodwill and other intangible assets Other intangible assets are reported within Other assets. Finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived other intangible assets are tested for impairment annually or when certain triggering events require such tests. See Note 7 for additional information on the Company’s goodwill and other intangible assets. Property, plant and equipment The principal service lives used in computing provisions for depreciation are as follows: Years Pipeline equipment 30 to 50 Offshore drilling equipment 15 to 30 Other 3 to 40 Impairment of long-lived assets Income taxes The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. See Note 10 for additional information on the provision for income taxes. Pension and postretirement benefits Stock-based compensation Net income per share For each of the years ended December 31, 2018, 2017 and 2016, approximately 0.9 million, 0.9 million and 0.4 million potential shares attributable to issuances and exercises under the Loews Corporation 2016 Incentive Compensation Plan and the prior plan were included in the calculation of diluted net income per share. For those same periods, there were no shares and approximately 0.4 million and 3.7 million shares attributable to employee stock-based compensation awards excluded from the calculation of diluted net income per share because the effect would have been antidilutive. Foreign currency Regulatory accounting Supplementary cash flow information 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 Deferred non-insurance non-insurance The impact of the new guidance is primarily related to revenue on CNA’s non-insurance Non-insurance Non-insurance gross-up non-insurance non-insurance 2014-09, non-insurance non-insurance Non-insurance Non-insurance 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 In August of 2018, the FASB issued ASU 2018-13, – In August of 2018, the FASB issued ASU 2018-14, – – – 715-20): Disclosure – Recently issued ASUs – 2016-02, 2018-11, non-lease 2014-09 non-lease In June of 2016, the FASB issued ASU 2016-13, available-for-sale available-for-sale In August of 2018, the FASB issued ASU 2018-12, – This guidance is effective for interim and annual periods beginning after December 15, 2020, and requires restatement of the prior periods presented. Early adoption is permitted. The Company is currently evaluating the method and timing of adoption and the effect the updated guidance will have on its consolidated financial statements. The annual updating of cash flow assumptions is expected to increase income statement volatility. The quarterly change in the discount rate is expected to increase volatility in the Company’s Shareholders’ equity, but that will be somewhat mitigated because Shadow Adjustments are eliminated under the new guidance. See Note 3 for further information on Shadow Adjustments. While the requirements of the new guidance represent a material change from existing accounting guidance, the underlying economics of CNA’s business and related cash flows are unchanged. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Note 2. Acquisitions and Divestitures Loews Corporation 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 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. (“BPHC”), a wholly owned subsidiary of Loews Corporation, holds, directly or indirectly, all of the limited partnership 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. On May 22, 2017, the Company acquired CCC Acquisition Holdings, Inc. for $1.2 billion. CCC Acquisition Holdings, Inc., through its wholly owned subsidiary, Consolidated Container, is a rigid plastic packaging and recycled resins manufacturer that provides packaging solutions to end markets such as beverage, food and household chemicals through a network of manufacturing locations across North America. The results of Consolidated Container are included in the Consolidated Financial Statements since the acquisition date in the Corporate segment. Consolidated Container’s revenues were $868 million in 2018 and $498 million in 2017 for the period since the acquisition date. Net income for 2018 and 2017 was not significant. The acquisition was funded with approximately $620 million of Parent Company cash and debt financing proceeds at Consolidated Container of $600 million. The following table summarizes the allocation of the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date. (In millions) Cash $ 5 Property, plant and equipment 389 Goodwill 310 Other assets: Inventory 57 Customer relationships 459 Trade name 43 Other 127 Deferred income taxes (27 ) Other liabilities: Accounts payable (52 ) Pension liability (27 ) Other (61 ) $ 1,223 Customer relationships were valued using an income approach, which values the intangible asset at the present value of the related incremental after tax cash flows. The customer relationships intangible asset will be amortized over a useful life of 21 years. The trade name was valued using an income approach, which values the intangible asset based on an estimate of cost savings, or a relief from royalty. The trade name will be amortized over a useful life of 10 years. Goodwill includes value associated with the assembled workforce and Consolidated Container’s future growth and profitability. The assets acquired and liabilities assumed as part of the acquisition did not result in a step up of tax basis and approximately $94 million of goodwill is deductible for tax purposes. See Note 7 for additional information on goodwill and intangible assets. Loews Hotels & Co In 2018, Loews Hotels & Co received proceeds of $40 million for the sale of a hotel. In 2017, Loews Hotels & Co received proceeds of $31 million for the sale of two hotels, in which Loews Hotels & Co had joint venture interests. Loews Hotels & Co paid approximately $84 million to acquire a hotel in 2016. This acquisition was funded with a combination of cash and property-level debt. Consolidated Container In 2018, Consolidated Container paid approximately $40 million to complete three acquisitions of plastic packaging manufacturers located in the U.S. and Canada, resulting in recognition of approximately $10 million of goodwill and approximately $15 million of intangible assets, primarily customer relationships. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | N ote 3. Investments Net investment income is as follows: Year Ended December 31 2018 2017 2016 (In millions) Fixed maturity securities $ 1,795 $ 1,812 $ 1,819 Limited partnership investments 22 277 199 Short term investments 43 18 9 Equity securities 18 12 10 Income (loss) from trading portfolio (a) (54 ) 87 112 Other 54 35 45 Total investment income 1,878 2,241 2,194 Investment expenses (61 ) (59 ) (59 ) Net investment income $ 1,817 $ 2,182 $ 2,135 (a) Net unrealized gains (losses) related to changes in fair value on securities still held were $(121), $39 and $44 for the years ended December 31, 2018, 2017 and 2016. As of December 31, 2018, the Company held no non-income non-income Investment gains (losses) are as follows: Year Ended December 31 2018 2017 2016 (In millions) Fixed maturity securities $ 4 $ 122 $ 54 Equity securities (74 ) (5 ) Derivative instruments 9 (4 ) (2 ) Short term investments and other 4 4 3 Investment gains (losses) (a) $ (57 ) $ 122 $ 50 (a) Gross realized gains on available-for-sale available-for-sale non-redeemable Net change in unrealized gains (losses) on investments is as follows: Year Ended December 31 2018 2017 2016 (In millions) Fixed maturity securities $ (1,811) $ 728 $ 225 Equity securities 32 (2) Other (2 ) 1 Total net change in unrealized gains (losses) on investments $ (1,811 ) $ 758 $ 224 The components of OTTI losses recognized in earnings by asset type are as follows: Year Ended December 31 2018 2017 2016 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 12 $ 12 $ 59 Asset-backed 9 1 13 Total fixed maturity securities available-for-sale 21 13 72 Equity securities available-for-sale 1 9 Net OTTI losses recognized in earnings $ 21 $ 14 $ 81 The amortized cost and fair values of fixed maturity and equity securities are as follows: December 31, 2018 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 18,764 $ 791 $ 395 $ 19,160 States, municipalities and political subdivisions 9,681 1,076 9 10,748 Asset-backed: Residential mortgage-backed 4,815 68 57 4,826 $ (20 ) Commercial mortgage-backed 2,200 28 32 2,196 Other asset-backed 1,975 11 24 1,962 Total asset-backed 8,990 107 113 8,984 (20 ) U.S. Treasury and obligations of government-sponsored enterprises 156 3 159 Foreign government 480 5 4 481 Redeemable preferred stock 10 10 Fixed maturities available-for-sale 38,081 1,982 521 39,542 (20 ) Fixed maturities trading 153 4 157 Total fixed maturities $ 38,234 $ 1,986 $ 521 $ 39,699 $ (20 ) December 31, 2017 (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 available-for-sale Less than 12 Months 12 Months or Longer Total December 31, 2018 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: Corporate and other bonds $ 8,543 $ 340 $ 825 $ 55 $ 9,368 $ 395 States, municipalities and political subdivisions 517 8 5 1 522 9 Asset-backed: Residential mortgage-backed 1,932 23 1,119 34 3,051 57 Commercial mortgage-backed 728 10 397 22 1,125 32 Other asset-backed 834 21 125 3 959 24 Total asset-backed 3,494 54 1,641 59 5,135 113 U.S. Treasury and obligations of government-sponsored enterprises 21 19 40 Foreign government 114 2 124 2 238 4 Total fixed maturity securities $ 12,689 $ 404 $ 2,614 $ 117 $ 15,303 $ 521 December 31, 2017 (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 December 31, 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 at December 31, 2018. The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held at December 31, 2018, 2017 and 2016 for which a portion of an OTTI loss was recognized in Other comprehensive income. Year Ended December 31 2018 2017 2016 (In millions) Beginning balance of credit losses on fixed maturity securities $ 27 $ 36 $ 53 Reductions for securities sold during the period (9 ) (9 ) (16) Reductions for securities the Company intends to sell or more likely than not will be required to sell (1) Ending balance of credit losses on fixed maturity securities $ 18 $ 27 $ 36 Contractual Maturity The following table presents available-for-sale December 31 2018 2017 Cost or Estimated Cost or Estimated (In millions) Due in one year or less $ 1,350 $ 1,359 $ 1,135 $ 1,157 Due after one year through five years 7,979 8,139 8,165 8,501 Due after five years through ten years 16,859 16,870 16,060 16,718 Due after ten years 11,893 13,174 12,852 15,108 Total $ 38,081 $ 39,542 $ 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. Limited Partnerships The carrying value of limited partnerships as of December 31, 2018 and 2017 was approximately $2.4 billion and $3.3 billion, which includes net undistributed earnings of $208 million and $903 million. Limited partnerships comprising 67.6% of the total carrying value are reported on a current basis through December 31, 2018 with no reporting lag, 11.4% of the total carrying value are reported on a one month lag and the remainder are reported on more than a one month lag. The number of limited partnerships held and the strategies employed provide diversification to the limited partnership portfolio and the overall invested asset portfolio. Limited partnerships comprising 71.3% and 78.8% of the carrying value as of December 31, 2018 and 2017 employ hedge fund strategies. Limited partnerships comprising 24.3% and 18.1% of the carrying value at December 31, 2018 and 2017 were invested in private debt and equity. The remainder was primarily invested in real estate strategies. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments. These hedge fund strategies may seek to generate gains from mispriced or undervalued securities, price differentials between securities, distressed investments, sector rotation or various arbitrage disciplines. Within hedge fund strategies, approximately 55.9% were equity related, 26.4% pursued a multi-strategy approach, 14.4% were focused on distressed investments and 3.3% were fixed income related as of December 31, 2018. The ten largest limited partnership positions held totaled $1.1 billion and $1.5 billion as of December 31, 2018 and 2017. Based on the most recent information available regarding the Company’s percentage ownership of the individual limited partnerships, the carrying value reflected on the Consolidated Balance Sheets represents approximately 2.6% and 2.9% of the aggregate partnership equity at December 31, 2018 and 2017, and the related income reflected on the Consolidated Statements of Income represents approximately 3.3%, 3.0% and 4.0% of the changes in aggregate partnership equity for the years ended December 31, 2018, 2017 and 2016. While the Company generally does not invest in highly leveraged partnerships, there are risks inherent in limited partnership investments which may result in losses due to short-selling, derivatives or other speculative investment practices. The use of leverage increases volatility generated by the underlying investment strategies. The Company’s limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year and in some cases do not permit withdrawals until the termination of the partnership. Typically, withdrawals require advance written notice of up to 90 days. Derivative Financial Instruments The Company may use derivatives in the normal course of business, primarily in an attempt to reduce exposure to market risk (principally interest rate risk, credit risk, equity price risk, commodity price risk and foreign currency risk) stemming from various assets and liabilities. The principal objective under such strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment. The Company may enter into interest rate swaps, futures and forward commitments to purchase securities to manage interest rate risk. Credit derivatives such as credit default swaps may be entered into to modify the credit risk inherent in certain investments. Forward contracts, futures, swaps and options may be used to manage foreign currency and commodity price risk. In addition to the derivatives used for risk management purposes described above, the Company may also use derivatives for purposes of income enhancement. Income enhancement transactions include but are not limited to interest rate swaps, call options, put options, credit default swaps, index futures and foreign currency forwards. See Note 4 for information regarding the fair value of derivative instruments. The following tables present the aggregate contractual or notional amount and estimated fair value related to derivative financial instruments. December 31 2018 2017 Contractual/ Notional Amount Contractual/ Notional Amount Estimated Fair Value Estimated Fair Value Asset (Liability) Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 500 $ 11 $ 500 $ 4 Without hedge designation: Equity markets: Options – purchased 213 18 224 12 – written 239 $ (17) 290 $ (7) Futures – short 265 1 Commodity futures – long 32 44 Embedded derivative on funds withheld liability 172 4 167 (3) Investment Commitments As of December 31, 2018, the Company had committed approximately $574 million to future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. The Company invests in various privately placed debt securities, including bank loans, as part of its overall investment strategy and has committed to additional future purchases, sales and funding. Purchases and sales of privately placed debt securities are recorded once funded. As of December 31, 2018, the Company had commitments to purchase or fund additional amounts of $230 million and sell $78 million under the terms of such securities. Investments on Deposit Securities with carrying values of approximately $2.5 billion and $2.6 billion were deposited by CNA’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2018 and 2017. Cash and securities with carrying values of approximately $1.0 billion and $1.1 billion were deposited with financial institutions in trust accounts or as collateral for letters of credit to secure obligations with various third parties as of December 31, 2018 and 2017. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
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, foreign governments and redeemable preferred stock. December 31, 2018 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 196 $ 19,392 $ 222 $ 19,810 States, municipalities and political subdivisions 10,748 10,748 Asset-backed 8,787 197 8,984 Fixed maturities available-for-sale 196 38,927 419 39,542 Fixed maturities trading 151 6 157 Total fixed maturities $ 196 $ 39,078 $ 425 $ 39,699 Equity securities $ 704 $ 570 $ 19 $ 1,293 Short term and other 2,647 1,111 3,758 Receivables 11 11 Payable to brokers (23 ) (23) 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 tables below present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017: Unrealized Gains Unrealized (Losses) Gains Recognized in (Losses) Other Recognized in Comprehensive Net Realized Gains Net Income Income (Loss) (Losses) and Net Change (Loss) on Level on Level 3 in Unrealized Gains 3 Assets and Assets and (Losses) Transfers Transfers Liabilities Liabilities Balance, Included in Included in into out of Balance, Held at Held at 2018 January 1 Net Income OCI Purchases Sales Settlements Level 3 Level 3 December 31 December 31 December 31 (In millions) Fixed maturity securities: Corporate bonds and other $ 98 $ (1 ) $ (4 ) $ 117 $ (5 ) $ (9 ) $ 35 $ (9 ) $ 222 $ (5) States, municipalities and political subdivisions 1 (1 ) - Asset-backed 335 5 (8 ) 162 (72 ) (64 ) 42 (203 ) 197 $ (2) (4) Fixed maturities available-for-sale 434 4 (12 ) 279 (77 ) (74 ) 77 (212 ) 419 (2) (9) Fixed maturities trading 4 3 (1 ) 6 2 Total fixed maturities $ 438 $ 7 $ (12 ) $ 279 $ (78 ) $ (74 ) $ 77 $ (212 ) $ 425 $ - $ (9) Equity securities $ 22 $ (2) $ (1) $ 19 $ (2) Purchases Sales Settlements Transfers Transfers Balance, Unrealized 3 Assets and Net Realized Gains 2017 Balance, Included in Included in (In millions) Fixed maturity securities: Corporate bonds and other $ 130 $ 3 $ 18 $ (5 ) $ (54 ) $ 16 $ (10 ) $ 98 States, municipalities and political subdivisions 1 1 Asset-backed 199 $ 2 3 107 (43 ) 153 (86 ) 335 Fixed maturities available-for-sale 330 2 6 125 (5 ) (97 ) 169 (96 ) 434 $ - Fixed maturities trading 6 (2 ) 4 (2) Total fixed maturities $ 336 $ - $ 6 $ 125 $ (5 ) $ (97 ) $ 169 $ (96 ) $ 438 $ (2) Equity securities available-for-sale $ 19 $ 3 $ 1 $ (3 ) $ 20 Equity securities trading 1 $ (1 ) 2 2 Total equity securities $ 20 $ (1 ) $ 3 $ 3 $ (3 ) $ - $ - $ - $ 22 $ - Life settlement contracts $ 58 $ 6 $ (59 ) $ (5 ) $ - 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 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. 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. The weighted average rate is calculated based on fair value. December 31, 2018 Estimated Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 228 Discounted 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 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 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 December 31, 2018 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 839 $ 827 $ 827 Liabilities: Short term debt 15 $ 14 14 Long term debt 11,345 10,111 653 10,764 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. The fair values of debt were based on observable market prices when available. When observable market prices were not available, the fair values of debt were based on observable market prices of comparable instruments adjusted for differences between the observed instruments and the instruments being valued or is estimated using discounted cash flow analyses, based on current incremental borrowing rates for similar types of borrowing arrangements. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Receivables | Note 5. Receivables December 31 2018 2017 (In millions) Reinsurance (Note 16) $ 4,455 $ 4,290 Insurance 2,365 2,336 Receivable from brokers 296 69 Accrued investment income 394 413 Federal income taxes 52 52 Other, primarily customer accounts 477 533 Total 8,039 7,693 Less: allowance for doubtful accounts on reinsurance receivables 29 29 allowance for other doubtful accounts 50 51 Receivables $ 7,960 $ 7,613 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 6. Property, Plant and Equipment December 31 2018 2017 (In millions) Pipeline equipment (net of accumulated depreciation of $2,761 and $2,453) $ 8,238 $ 7,857 Offshore drilling equipment (net of accumulated depreciation of $3,067 and $2,797) 5,144 5,226 Other (net of accumulated depreciation of $1,056 and $1,009) 1,812 1,886 Construction in process 317 458 Property, plant and equipment $ 15,511 $ 15,427 The balance of other property, plant and equipment as of December 31, 2017 includes $366 million for Consolidated Container. Depreciation expense and capital expenditures are as follows: Year Ended December 31 2018 2017 2016 Depre- Capital Depre- Capital Depre- Capital (In millions) CNA Financial $ 76 $ 99 $ 80 $ 101 $ 67 $ 128 Diamond Offshore 332 222 349 113 384 629 Boardwalk Pipeline 346 487 325 689 321 648 Loews Hotels & Co 67 139 63 57 63 164 Corporate 59 48 37 30 6 3 Total $ 880 $ 995 $ 854 $ 990 $ 841 $ 1,572 Capitalized interest related to the construction and upgrade of qualifying assets amounted to approximately $27 million, $37 million and $51 million for the years ended December 31, 2018, 2017 and 2016. Diamond Offshore Asset Impairments During 2018, Diamond Offshore recorded an asset impairment charge of $27 million ($12 million after tax and noncontrolling interests) to recognize a reduction in fair value of the Ocean Scepter During 2017, Diamond Offshore evaluated ten of its drilling rigs with indicators of impairment and determined that the carrying values of three rigs were impaired. Diamond Offshore estimated the fair value of two of these rigs using an income approach, whereby the fair value of each rig was estimated based on a calculation of the rig’s future net cash flows. These calculations utilized significant unobservable inputs, including estimated proceeds that may be received on ultimate disposition of each rig. The fair value of the remaining rigs was estimated using a market approach, which required Diamond Offshore to estimate the value that would be received for the rig in the principal or most advantageous market for that rig in an orderly transaction between market participants. This estimate was primarily based on an indicative bid to purchase the rig, as well as the evaluation of other market data points. The fair value estimates were representative of Level 3 fair value measurements due to the significant level of estimation involved and the lack of transparency as to the inputs used. Diamond Offshore recorded aggregate asset impairment charges of $100 million ($32 million after tax and noncontrolling interests) for the year ended December 31, 2017. During 2016, Diamond Offshore evaluated 15 of its drilling rigs with indications that their carrying amounts may not be recoverable. Based on the assumptions and analyses, Diamond Offshore determined that the carrying values of eight of these rigs were impaired, including one rig that had been previously impaired in a prior year. Diamond Offshore estimated the fair value of these rigs using an income approach, as described above. The fair value estimates were representative of Level 3 fair value measurements due to the significant level of estimation involved and the lack of transparency as to the inputs used. Diamond Offshore recorded aggregate asset impairment charges of $672 million ($263 million after tax and noncontrolling interests) for the year ended December 31, 2016. The asset impairment charges recorded during the years ended December 31, 2018, 2017 and 2016 are reported within Operating expenses and other on the Consolidated Statements of Income. Boardwalk Pipeline Sale of Assets During 2017, Boardwalk Pipeline sold a processing plant and related assets for approximately $64 million, including customary adjustments. The sale resulted in a loss of $47 million ($15 million after tax and noncontrolling interests) and is reported within Operating expenses and other on the Consolidated Statements of Income. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets A summary of the changes in the carrying amount of goodwill is as follows: CNA Diamond Boardwalk Loews Total Financial Offshore Pipeline Hotels & Co Corporate (In millions) Balance, December 31, 2016 $ 346 $ 109 $ - $ 237 $ - $ - Acquisition 310 310 Other adjustments 3 3 Balance, December 31, 2017 659 112 - 237 - 310 Acquisition 8 8 Other adjustments (2 ) (2 ) Balance, December 31, 2018 $ 665 $ 110 $ - $ 237 $ - $ 318 The increase in the goodwill balance as of December 31, 2017 primarily reflects the acquisition of Consolidated Container in 2017. The increase as of December 31, 2018 reflects the acquisitions made by Consolidated Container in 2018. See Note 2 for further discussion on these acquisitions. A summary of the net carrying amount of other intangible assets is as follows: December 31, 2018 December 31, 2017 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (In millions) Finite-lived intangible assets: Customer relationships $ 532 $ 47 $ 518 $ 22 Other 72 20 74 13 Total finite-lived intangible assets 604 67 592 35 Indefinite-lived intangible assets 74 81 Total other intangible assets $ 678 $ 67 $ 673 $ 35 The balance of finite-lived intangible assets as of December 31, 2017 includes assets from the acquisition of Consolidated Container. The balance as of December 31, 2018 includes assets from acquisitions made by Consolidated Container. Amortization expense for the years ended December 31, 2018, 2017 and 2016 of $32 million, $20 million and $3 million is reported in Operating expenses and other on the Company’s Consolidated Statements of Income. At December 31, 2018, estimated amortization expense in each of the next five years is approximately $34 million in 2019, $33 million in 2020, $32 million in 2021, $31 million in 2022 and $31 million in 2023. |
Claim and Claim Adjustment Expe
Claim and Claim Adjustment Expense Reserves | 12 Months Ended |
Dec. 31, 2018 | |
Insurance [Abstract] | |
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 historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, as well as court decisions and 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. Liability for Unpaid Claim and Claim Adjustment Expenses The table below reconciles the net liability for unpaid claim and claim adjustment expenses to the amount presented in the Consolidated Balance Sheets. December 31 2018 (In millions) Net liability for unpaid claim and claim adjustment expenses: Property & Casualty Operations $ 14,353 Other Insurance Operations (a) 3,612 Total net claim and claim adjustment expenses 17,965 Reinsurance receivables: (b) Property & Casualty Operations 1,605 Other Insurance Operations (c) 2,414 Total reinsurance receivables 4,019 Total gross liability for unpaid claims and claims adjustment expenses $ 21,984 (a) Other Insurance Operations amounts are primarily related to long term care claim reserves, which are long duration insurance contracts, but also include amounts related to unfunded structured settlements arising from short duration insurance contracts. (b) Reinsurance receivables presented do not include reinsurance receivables related to paid losses. (c) The Other Insurance Operations reinsurance receivables are primarily related to A&EP claims covered under the loss portfolio transfer. The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of Other Insurance Operations. Year Ended December 31 2018 2017 2016 (In millions) Reserves, beginning of year: Gross $ 22,004 $ 22,343 $ 22,663 Ceded 3,934 4,094 4,087 Net reserves, beginning of year 18,070 18,249 18,576 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 5,358 5,201 5,025 Decrease in provision for insured events of prior years (179 ) (381 ) (342 ) Amortization of discount 176 179 175 Total net incurred (a) 5,355 4,999 4,858 Net payments attributable to: Current year events (1,046 ) (975 ) (967 ) Prior year events (4,285 ) (4,366 ) (4,167 ) Total net payments (5,331 ) (5,341 ) (5,134 ) Foreign currency translation adjustment and other (129 ) 163 (51 ) Net reserves, end of year 17,965 18,070 18,249 Ceded reserves, end of year 4,019 3,934 4,094 Gross reserves, end of year $ 21,984 $ 22,004 $ 22,343 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated 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. Reserving Methodology In developing claim and claim adjustment expense (“loss” or “losses”) reserve estimates, CNA’s actuaries perform detailed reserve analyses that are staggered throughout the year. Every reserve group is reviewed at least once during the year, but most are reviewed more frequently. The analyses generally review losses gross of ceded reinsurance and apply the ceded reinsurance terms to the gross estimates to establish estimates net of reinsurance. Factors considered include, but are not limited to, the historical pattern and volatility of the actuarial indications, the sensitivity of the actuarial indications to changes in paid and incurred loss patterns, the consistency of claims handling processes, the consistency of case reserving practices, changes in CNA’s pricing and underwriting, pricing and underwriting trends in the insurance market and legal, judicial, social and economic trends. In addition to the detailed analyses, CNA reviews actual loss emergence for all products each quarter. In developing the loss reserve estimates for property and casualty contracts, CNA generally projects ultimate losses using several common actuarial methods as listed below. CNA reviews the various indications from the various methods and applies judgment to select an actuarial point estimate. The carried reserve may differ from the actuarial point estimate as the result of CNA’s consideration of the factors noted above as well as the potential volatility of the projections associated with the specific product being analyzed and other factors affecting claims costs that may not be quantifiable through traditional actuarial analysis. The indicated required reserve is the difference between the selected ultimate loss and the inception-to-date Paid development Incurred development Loss ratio Bornhuetter-Ferguson using premiums and paid loss Bornhuetter-Ferguson using premiums and incurred loss Frequency times severity Stochastic modeling For many exposures, especially those that can be considered long-tail, a particular accident or policy year may not have a sufficient volume of paid losses to produce a statistically reliable estimate of ultimate losses. In such a case, CNA’s actuaries typically assign more weight to the incurred development method than to the paid development method. As claims continue to settle and the volume of paid loss increases, the actuaries may assign additional weight to the paid development method. For most of CNA’s products, even the incurred losses for accident or policy years that are early in the claim settlement process will not be of sufficient volume to produce a reliable estimate of ultimate losses. In these cases, CNA may not assign any weight to the paid and incurred development methods. CNA may use the loss ratio, Bornhuetter-Ferguson and frequency times severity methods. For short-tail exposures, the paid and incurred development methods can often be relied on sooner, primarily because CNA’s history includes a sufficient number of years to cover the entire period over which paid and incurred losses are expected to change. However, CNA may also use the loss ratio, Bornhuetter-Ferguson and frequency times severity methods for short-tail exposures. For other more complex reserve groups where the above methods may not produce reliable indications, CNA uses additional methods tailored to the characteristics of the specific situation. Certain claim liabilities are more difficult to estimate or have differing methodologies and considerations which are described below. Mass Tort and A&EP Reserves CNA’s reserving methodologies for mass tort and A&EP are similar as both are based on detailed reviews of large accounts with estimates of ultimate payments based on the facts in each case and CNA’s view of applicable law and coverage litigation. Other Insurance Operations Other Insurance Operations includes CNA’s run-off CNA maintains both claim and claim adjustment expense reserves as well as future policy benefit reserves for policyholder benefits for CNA’s Other Insurance Operations. Claim and claim adjustment expense reserves consist of estimated reserves for long term care policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported. In developing the claim and claim adjustment expense reserve estimates for the long term care policies, CNA’s actuaries perform a detailed claim experience study on an annual basis. The study reviews the sufficiency of existing reserves for policyholders currently on claim and includes an evaluation of expected benefit utilization and claim duration. CNA’s recorded claim and claim adjustment expense reserves reflect management’s best estimate after incorporating the results of the most recent study. In addition, claim and claim adjustment expense reserves are also maintained for the structured settlement obligations. Both elements of the Other Insurance Operations reserves are discounted as discussed in Note 1. Gross and Net Carried Reserves The following tables present the gross and net carried reserves: Property Other and Casualty Insurance December 31, 2018 Operations Operations Total (In millions) Gross Case Reserves $ 6,671 $ 4,724 $ 11,395 Gross IBNR Reserves 9,287 1,302 10,589 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 15,958 $ 6,026 $ 21,984 Net Case Reserves $ 6,063 $ 3,460 $ 9,523 Net IBNR Reserves 8,290 152 8,442 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 14,353 $ 3,612 $ 17,965 December 31, 2017 (In millions) Gross Case Reserves $ 6,913 $ 4,757 $ 11,670 Gross IBNR Reserves 9,156 1,178 10,334 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 16,069 $ 5,935 $ 22,004 Net Case Reserves $ 6,343 $ 3,302 $ 9,645 Net IBNR Reserves 8,232 193 8,425 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 14,575 $ 3,495 $ 18,070 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 (“development”). These changes can be favorable or unfavorable. The following table and discussion presents detail of the development in CNA’s Property & Casualty Operations: Year Ended December 31 2018 2017 2016 (In millions) Medical professional liability $ 47 $ 30 $ 9 Other professional liability and management liability (127 ) (126 ) (14 0) Surety (70 ) (84 ) (6 3) Commercial auto 1 (35 ) (4 7) General liability 32 (24 ) (6 5) Workers’ compensation (32 ) (63 ) 14 5 Other (32 ) (6 ) (12 7) Total pretax (favorable) unfavorable development $ (181 ) $ (308 ) $ (28 8) Favorable net prior year loss reserve development of $19 million, $72 million and $46 million was recorded for Other Insurance Operations for the years ended December 31, 2018, 2017 and 2016. The favorable net prior year loss reserve development for the year ended December 31, 2018 was driven by lower than expected claim severity. Development Tables For CNA’s Property & Casualty Operations, the following tables present further detail and commentary on the development reflected in the financial statements for each of the periods presented. Also presented are loss reserve development tables that illustrate the change over time of reserves established for claim and allocated claim adjustment expenses arising from short duration insurance contracts for certain lines of business within CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”). Not all lines of business are presented based on their context to CNA’s overall loss reserves, calendar year reserve development, or calendar year net earned premiums. Insurance contracts are considered to be short duration contracts when the contracts are not expected to remain in force for an extended period of time. The Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses tables, reading across, show the cumulative net incurred claim and allocated claim adjustment expenses relating to each accident year at the end of the stated calendar year. Changes in the cumulative amount across time are the result of CNA’s expanded awareness of additional facts and circumstances that pertain to the unsettled claims. The Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses tables, reading across, show the cumulative amount paid for claims in each accident year as of the end of the stated calendar year. The Net Strengthening or (Releases) of Prior Accident Year Reserves tables, reading across, show the net increase or decrease in the cumulative net incurred accident year claim and allocated claim adjustment expenses during each stated calendar year and indicates whether the reserves for that accident year were strengthened or released. The information in the tables is reported on a net basis after reinsurance and does not include the effects of discounting. The information contained in calendar years 2017 and prior is unaudited. To the extent CNA enters into a commutation, the transaction is reported on a prospective basis. To the extent that CNA enters into a disposition, the effects of the disposition are reported on a retrospective basis by removing the balances associated with it. The amounts reported for the cumulative number of reported claims include direct and assumed open and closed claims by accident year at the claimant level. The number excludes claim counts for claims within a policy deductible where the insured is responsible for payment of losses in the deductible layer. Claim count data for certain assumed reinsurance contracts is unavailable. In the loss reserve development tables, IBNR includes reserves for incurred but not reported losses and expected development on case reserves. 2018 Unfavorable development in medical professional liability was primarily due to higher than expected severity in accident years 2014 and 2017 in CNA’s hospitals business. In addition, there was higher than expected frequency and severity in aging services in accident years 2014 through 2017 combined, partially offset by lower than expected frequency in accident year 2015. Favorable development in other professional liability and management liability was primarily due to lower than expected claim frequency in recent accident years related to financial institutions and professional liability errors and omissions (“E&O”), favorable severity in accident years 2015 and prior related to professional liability E&O and favorable outcomes on individual claims in financial institutions in accident years 2013 and prior. Favorable development in surety was due to lower than expected loss emergence for accident years 2017 and prior. Unfavorable development in general liability was driven by higher than expected claim severity in unsupported umbrella in accident years 2013 through 2016. Favorable development in workers’ compensation was driven by lower frequency and severity experience and favorable impacts from California reforms. Favorable development in other coverages was driven by lower than expected claim severity in catastrophes in accident year 2017 for property in Commercial, better than expected frequency in the liability portion of the package business in Canada and general liability in Europe in casualty and better than expected large loss frequency in the energy book in accident year 2017, as well as a reduction in incurred losses within the Europe marine discontinued portfolio in energy and marine and lower than expected frequency in accident years 2015 and prior in Europe in healthcare and technology for International. This was partially offset by unfavorable development primarily driven by higher than expected severity in Canada and higher than expected frequency in Hardy, both in accident year 2017 in property and increased loss severity in the accident year 2017 in Europe professional indemnity in specialty for International. 2017 Unfavorable development in medical professional liability was primarily due to continued higher than expected frequency in aging services and higher than expected severity for hospitals in recent accident years. This was partially offset by favorable development in hospitals in prior accident years as well as favorable development related to unallocated claim adjustment expenses. Favorable development in other professional liability and management liability was primarily due to favorable settlements on closed claims and a lower frequency of large losses for accident years 2011 through 2015 for professional and management liability, lower than expected claim frequency in accident years 2012 through 2015 for professional liability and lower than expected severity in accident years 2014 through 2015 for professional liability. Favorable development in surety coverages was primarily due to lower than expected frequency of large losses in accident years 2015 and prior. Favorable development in commercial auto was primarily due to lower than expected severity in accident years 2013 through 2016, as well as a large favorable recovery on a claim in accident year 2012. Favorable development in general liability was due to lower than expected severity in life sciences. Favorable development in workers’ compensation was primarily related to decreases in frequency and severity in recent accident years, partially attributable to California reforms impacting medical costs. This was partially offset by unfavorable development related to an adverse arbitration ruling on reinsurance recoverables from older accident years as well as the recognition of loss estimates associated with earned premium from a prior exposure year. Unfavorable development for other coverages was primarily due to higher than expected severity in accident year 2015 arising from the management liability business, partially offset by favorable development in accident years 2014 and prior. Additional unfavorable development was related to adverse large claims experience in the CNA Hardy political risks portfolio, relating largely to accident year 2016. This was partially offset by favorable development related to better than expected frequency in accident years 2014 through 2016 in property and in energy and marine. 2016 Favorable development in other professional liability and management liability was primarily due to favorable settlements on closed claims and lower than expected frequency of claims in accident years 2010 through 2014 related to professional services and financial institutions. This was partially offset by unfavorable development related to a specific financial institutions claim in accident year 2014, higher management liability severities in accident year 2015 and deterioration on credit crises-related claims in accident year 2009. Favorable development in surety coverages was primarily due to lower than expected frequency of large losses in accident years 2014 and prior. Favorable development in commercial auto was primarily due to favorable settlements on claims in accident years 2010 through 2014 and lower than expected severities in accident years 2012 through 2015. Favorable development in general liability was primarily due to better than expected claim settlements in accident years 2012 through 2014, better than expected severity on umbrella claims in accident years 2010 through 2013 and better than expected severity in medical products liability in accident years 2010 through 2015. This was partially offset by unfavorable development related to an increase in reported claims prior to the closing of the three year window set forth by the Minnesota Child Victims Act in accident years 2006 and prior. Unfavorable development in workers’ compensation was primarily due to higher than expected severity for Defense Base Act contractors that largely resulted from a reduction of expected future recoveries from the U.S. Department of Labor under the War Hazard Act. Further unfavorable development was due to the impact of recent Florida court rulings for accident years 2008 through 2015. These were partially offset by favorable development related to lower than expected frequencies related to the ongoing Middle Market and Small Business results for accident years 2009 through 2014. Favorable development in other coverages was due to better than expected claim frequency and claim severity in accident years 2010 through 2015, better than expected loss frequency in accident years 2013 through 2015, better than expected severity on the December 2015 United Kingdom floods, better than expected attritional losses and large loss experience on accident years 2013 through 2015 for Hardy business and favorable settlements on claims in accident years 2013 and prior related to CNA’s Canadian package business. Additional favorable development was due to a commutation of exposures in marine run-off Property & Casualty Operations – Line of Business Composition The table below presents the net liability for unpaid claim and claim adjustment expenses, by line of business for Property & Casualty Operations: December 31 2018 (In millions) Medical professional liability $ 1,457 Other professional liability and management liability 2,849 Surety 379 Commercial auto 412 General liability 3,195 Workers’ compensation 3,968 Other 2,093 Total net liability for unpaid claim and claim adjustment expenses $ 14,353 Medical Professional Liability December 31, 2018 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 IBNR Claims (In millions, except reported claims data) Accident Year 2009 $ 389 $ 390 $ 392 $ 392 $ 366 $ 346 $ 336 $ 309 $ 302 $ 310 $ - 14,716 2010 402 412 423 426 415 395 365 360 356 - 14,615 2011 429 437 443 468 439 434 437 437 8 16,505 2012 464 469 508 498 493 484 493 10 17,691 2013 462 479 500 513 525 535 28 19,442 2014 450 489 537 530 535 30 19,602 2015 433 499 510 494 78 17,835 2016 427 487 485 120 15,427 2017 412 449 217 13,777 2018 404 333 11,205 Total $ 4,498 $ 824 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2009 $ 9 $ 63 $ 143 $ 211 $ 247 $ 269 $ 280 $ 288 $ 291 $ 300 2010 10 86 173 257 306 326 337 346 350 2011 17 109 208 295 347 375 398 409 2012 14 117 221 323 388 427 457 2013 17 119 255 355 414 462 2014 23 136 258 359 417 2015 22 101 230 313 2016 18 121 246 2017 19 107 2018 21 Total $ 3,082 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,416 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 18 Liability for unallocated claim adjustment expenses for accident years presented 23 Total net liability for unpaid claim and claim adjustment expenses $ 1,457 Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2009 $ 1 $ 2 $ - $ (26 ) $ (20 ) $ (10 ) $ (27 ) $ (7 ) $ 8 $ (79 ) 2010 10 11 3 (11 ) (20 ) (30 ) (5 ) (4 ) (46 ) 2011 8 6 25 (29 ) (5 ) 3 - 8 2012 5 39 (10 ) (5 ) (9 ) 9 29 2013 17 21 13 12 10 73 2014 39 48 (7 ) 5 85 2015 66 11 (16 ) 61 2016 60 (2 ) 58 2017 37 37 Total net development for the accident years presented above 60 58 47 Total net development for accident years prior to 2009 (51 ) (21 ) 1 Total unallocated claim adjustment expense development - (7 ) (1 ) Total $ 9 $ 30 $ 47 (a) Data presented for these calendar years is required supplemental information, which is unaudited. Other Professional Liability and Management Liability December 31, 2018 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 IBNR Claims (In millions, except reported claims data) Accident Year 2009 $ 831 $ 875 $ 908 $ 903 $ 893 $ 903 $ 897 $ 906 $ 904 $ 892 $ 18 17,374 2010 828 828 848 848 847 837 824 827 821 19 17,888 2011 880 908 934 949 944 911 899 888 39 18,728 2012 923 909 887 878 840 846 833 41 18,491 2013 884 894 926 885 866 863 65 17,918 2014 878 898 885 831 835 88 17,515 2015 888 892 877 832 194 17,333 2016 901 900 900 279 17,787 2017 847 845 479 17,780 2018 850 726 16,564 Total $ 8,559 $ 1,948 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2009 $ 37 $ 195 $ 361 $ 553 $ 641 $ 722 $ 772 $ 801 $ 825 $ 844 2010 31 204 405 541 630 670 721 752 784 2011 71 314 503 605 683 726 781 796 2012 56 248 400 573 651 711 755 2013 54 249 447 618 702 754 2014 51 223 392 515 647 2015 60 234 404 542 2016 64 248 466 2017 57 222 2018 54 Total $ 5,864 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 2,695 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 90 Liability for unallocated claim adjustment expenses for accident years presented 64 Total net liability for unpaid claim and claim adjustment expenses $ 2,849 Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2009 $ 44 $ 33 $ (5 ) $ (10 ) $ 10 $ (6 ) $ 9 $ (2 ) $ (12 ) $ 61 2010 - 20 - (1 ) (10 ) (13 ) 3 (6 ) (7 ) 2011 28 26 15 (5 ) (33 ) (12 ) (11 ) 8 2012 (14 ) (22 ) (9 ) (38 ) 6 (13 ) (90 ) 2013 10 32 (41 ) (19 ) (3 ) (21 ) 2014 20 (13 ) (54 ) 4 (43 ) 2015 4 (15 ) (45 ) (56 ) 2016 (1 ) - (1 ) 2017 (2 ) (2 ) Total net development for the accident years presented above (125 ) (94 ) (88 ) Total net development for accident years prior to 2009 (15 ) (25 ) (32 ) Total unallocated claim adjustment expense development - (7 ) (7 ) Total $ (140 ) $ (126 ) $ (127 ) (a) Data presented for these calendar years is required supplemental information, which is unaudited. Surety December 31, 2018 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 IBNR Claims (In millions, except reported claims data) Accident Year 2009 $ 114 $ 114 $ 103 $ 85 $ 68 $ 59 $ 52 $ 53 $ 53 $ 52 $ 1 6,688 2010 112 112 111 84 76 66 63 59 61 1 5,971 2011 120 121 116 87 75 70 66 62 1 5,808 2012 120 122 98 70 52 45 39 2 5,559 2013 120 121 115 106 91 87 6 5,039 2014 123 124 94 69 60 19 5,036 2015 131 131 104 79 36 4,887 2016 124 124 109 60 5,185 2017 120 115 78 4,936 2018 114 101 3,105 Total $ 778 $ 305 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2009 $ 13 $ 24 $ 34 $ 41 $ 43 $ 45 $ 46 $ 47 $ 47 $ 47 2010 13 34 50 55 57 58 55 52 52 2011 19 42 55 58 60 60 56 57 2012 5 32 34 35 35 36 37 2013 16 40 69 78 78 78 2014 7 30 38 36 38 2015 7 26 38 40 2016 5 37 45 2017 23 37 2018 5 Total $ 436 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 342 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 7 Liability for unallocated claim adjustment expenses for accident years presented 30 Total net liability for unpaid claim and claim adjustment expenses $ 379 Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2009 $ - $ (11 ) $ (18 ) $ (17 ) $ (9 ) $ (7 ) $ 1 $ - $ (1 ) $ (62 ) 2010 - (1 ) (27 ) (8 ) (10 ) (3 ) (4 ) 2 (51 ) 2011 1 (5 ) (29 ) (12 ) (5 ) (4 ) (4 ) (58 ) 2012 2 (24 ) (28 ) (18 ) (7 ) (6 ) (81 ) 2013 1 (6 ) (9 ) (15 ) (4 ) (33 ) 2014 1 (30 ) (25 ) (9 ) (63 ) 2015 - (27 ) (25 ) (52 ) 2016 - (15 ) (15 ) 2017 (5 ) (5 ) Total net development for the accident years presented above (64 ) (82 ) (67 ) Total net development for accident years prior to 2009 1 1 (3 ) Total unallocated claim adjustment expense development - (3 ) - Total $ (63 ) $ (84 ) $ (70 ) (a) Data presented for these calendar years is required supplemental information, which is unaudited. Commercial Auto December 31, 2018 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 IBNR Claims (In millions, except reported claims data) Accident Year 2009 $ 291 $ 276 $ 280 $ 282 $ 285 $ 281 $ 278 $ 276 $ 276 $ 277 $ - 48,499 2010 267 283 287 291 298 293 289 288 288 1 48,030 2011 268 281 288 302 300 294 294 294 4 47,905 2012 275 289 299 303 307 299 299 6 46,288 2013 246 265 265 249 245 245 7 39,429 2014 234 223 212 205 205 9 33,609 2015 201 199 190 190 22 30,388 2016 198 186 186 27 30,342 2017 199 198 45 30,580 2018 229 118 28,602 Total $ 2,411 $ 239 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2009 $ 73 $ 130 $ 191 $ 233 $ 261 $ 272 $ 274 $ 274 $ 275 $ 277 2010 74 141 203 246 271 281 286 287 287 2011 79 145 199 248 274 284 287 289 2012 78 160 220 259 282 285 290 2013 74 135 168 200 225 234 2014 64 102 137 166 187 2015 52 96 130 153 2016 52 93 126 2017 58 107 2018 66 Total $ 2,016 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 395 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 6 Liability for unallocated claim adjustment expenses for accident years presented 11 Total net liability for unpaid claim and claim adjustment expenses $ 412 Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2009 $ (15 ) $ 4 $ 2 $ 3 $ (4 ) $ (3 ) $ (2 ) $ - $ 1 $ (14 ) 2010 16 4 4 7 (5 ) (4 ) (1 ) - 21 2011 13 7 14 (2 ) (6 ) - - 26 2012 14 10 4 4 (8 ) - 24 2013 19 - (16 ) (4 ) - (1 ) 2014 (11 ) (11 ) (7 ) - (29 ) 2015 (2 ) (9 ) - (11 ) 2016 (12 ) - (12 ) 2017 (1 ) (1 ) Total net development for the accident years presented above (37 ) (41 ) - Total net development for accident years prior to 2009 (10 ) 4 - Total unallocated claim adjustment expense development - 2 1 Total $ (47 ) $ (35 ) $ 1 (a) Data presented for these calendar years is required supplemental information, which is unaudited. General Liability December 31, 2018 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 IBNR Claims (In millions, except reported claims data) Accident Year 2009 $ 662 $ 716 $ 733 $ 755 $ 752 $ 756 $ 755 $ 754 $ 755 $ 755 $ 16 44,934 2010 646 664 658 709 750 726 697 691 691 24 44,144 2011 591 589 631 677 676 681 670 669 26 39,283 2012 587 611 639 636 619 635 635 46 35,083 2013 650 655 650 655 613 623 51 33,420 2014 653 658 654 631 635 71 27,736 2015 581 576 574 589 122 23,471 2016 623 659 667 265 23,078 2017 632 632 412 19,716 2018 653 553 13,336 Total $ 6,549 $ 1,586 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2009 $ 33 $ 124 $ 305 $ 468 $ 576 $ 625 $ 663 $ 701 $ 721 $ 727 2010 27 145 280 429 561 611 642 652 656 2011 28 148 273 411 517 568 602 622 2012 28 132 247 374 454 510 559 2013 31 128 240 352 450 510 2014 31 119 247 376 481 2015 19 110 230 357 2016 32 163 279 2017 23 118 2018 33 Total $ 4,342 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 2,207 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 927 Liability for unallocated claim adjustment expenses for accident years presented 61 Total net liability for unpaid claim and claim adjustment expenses $ 3,195 Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2009 $ 54 $ 17 $ 22 $ (3 ) $ 4 $ (1 ) $ (1 ) $ 1 $ - $ 93 2010 18 (6 ) 51 41 (24 ) (29 ) (6 ) - 45 2011 (2 ) 42 46 (1 ) 5 (11 ) (1 ) 78 2012 24 28 (3 ) (17 ) 16 - 48 2013 5 (5 ) 5 (42 ) 10 (27 ) 2014 5 (4 ) (23 ) 4 (18 ) 2015 (5 ) (2 ) 15 8 2016 36 8 44 2017 - - Total net development for the accident years presented above (46 ) (31 ) 36 Total net development for accident years prior to 2009 (19 ) (1 ) - Total unallocated claim adjustment expense development - 8 (4 ) Total $ (65 ) $ (24 ) $ 32 (a) Data presented for these calendar years is required supplemental information, which is una |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | Leases primarily cover office facilities, machinery and computer equipment. Hotel properties, in some instances, are constructed on leased land. Rent expense amounted to $120 million, $113 million and $97 million for the years ended December 31, 2018, 2017 and 2016. The table below presents the future minimum lease payments to be made under non-cancelable Future Minimum Lease Year Ended December 31 Payments Receipts (In millions) 2019 $ 75 $ 6 2020 79 5 2021 79 5 2022 68 4 2023 57 4 Thereafter 344 14 Total $ 702 $ 38 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The Company and its eligible subsidiaries file a consolidated federal income tax return. The Company has entered into a separate tax allocation agreement with CNA, a majority-owned subsidiary in which its ownership exceeds 80%. The agreement provides that the Company will: (i) pay to CNA the amount, if any, by which the Company’s consolidated federal income tax is reduced by virtue of inclusion of CNA in the Company’s return or (ii) be paid by CNA an amount, if any, equal to the federal income tax that would have been payable by CNA if it had filed a separate consolidated return. The agreement may be canceled by either of the parties upon thirty days written notice. For 2016 through 2018, the Internal Revenue Service (“IRS”) has accepted the Company into the Compliance Assurance Process (“CAP”), which is a voluntary program for large corporations. Under CAP, the IRS conducts a real-time audit and works contemporaneously with the Company to resolve any issues prior to the filing of the tax return. The Company believes this approach should reduce tax-related Diamond Offshore, which is not included in the Company’s consolidated federal income tax return, files income tax returns in the U.S. federal and various state and foreign jurisdictions. Tax years that remain subject to examination by these jurisdictions include years 2006 to 2017. On December 22, 2017, H.R.1, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018,” previously known as “The Tax Cuts and Jobs Act” was signed into law (the “Tax Act”). The Securities and Exchange Commission Staff Accounting Bulletin No. 118 (“SAB 118”) allowed companies to report the income tax effects of the Tax Act as a provisional amount based on a reasonable estimate, subject to adjustment during a reasonable measurement period, not to exceed twelve months, until the accounting and analysis under ASC 740 is complete. Although further guidance and clarification from the relevant authorities is expected to continue into 2019, in accordance with SAB 118’s twelve month measurement period, we have completed our analysis of the income tax effect of the Tax Act including: (i) the amount of deferred tax assets and liabilities subject to the income tax rate change from 35% to 21%, including, but not limited to, the calculation of the mandatory deemed repatriation aspect of the Tax Act and the state tax effect of adjustments made to 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 The Company recorded a one-time non-cash one-time non-U.S. The current and deferred components of income tax expense (benefit) are as follows: Year Ended December 31 2018 2017 2016 (In millions) Income tax expense (benefit): Federal: Current $ 6 $ 157 $ 71 Deferred 85 (63 ) 102 State and city: Current 15 22 13 Deferred 9 17 13 Foreign 13 37 21 Total $ 128 $ 170 $ 220 The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense (benefit) is as follows: Year Ended December 31 2018 2017 2016 (In millions) Income before income tax: U.S. $ 775 $ 1,322 $ 1,207 Foreign 59 260 (271 ) Total $ 834 $ 1,582 $ 936 Income tax expense at statutory rate $ 175 $ 554 $ 328 Increase (decrease) in income tax expense resulting from: Effect of the Tax Act (6 ) (190 ) Exempt investment income (64 ) (134 ) (126 ) Foreign related tax differential 1 (36 ) 40 Taxes related to domestic affiliate (7 ) 1 (14 ) Partnership earnings not subject to taxes (14 ) (51 ) (52 ) Valuation allowance 12 7 62 Unrecognized tax positions, settlements and adjustments relating to prior years 2 (8 ) (42 ) State taxes 20 23 18 Other 9 4 6 Income tax expense (benefit) $ 128 $ 170 $ 220 The deferred foreign earnings of certain international subsidiaries were deemed to be repatriated under the Tax Act and consequently the Company will no longer permanently reinvest earnings of its foreign subsidiaries. The Company has not provided income tax on the outside basis difference of its foreign subsidiaries since there is no intention to dispose of these subsidiaries and structuring alternatives exist to mitigate any potential liability. The potential unrecorded liability associated with the outside basis difference is approximately $116 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding tax carryforwards and interest and penalties, is as follows: Year Ended December 31 2018 2017 2016 (In millions) Balance at January 1 $ 84 $ 35 $ 54 Additions for tax positions related to the current year 3 51 4 Additions for tax positions related to a prior year 20 5 1 Reductions for tax positions related to a prior year (48 ) (1 ) (20 ) Lapse of statute of limitations (1 ) (6 ) (4 ) Balance at December 31 $ 58 $ 84 $ 35 The 2018 addition to prior year tax positions is primarily due to recent proposed regulations on the offsetting of the deemed repatriation with certain tax attributes and the reduction for prior year tax positions is due to clarification issued by the Internal Revenue Service regarding tax attributes available to offset the deemed repatriation. The $51 million addition to current year tax positions for 2017 is attributable to a provisional liability associated with the use of tax attributes on the deemed, mandatory repatriation of the Tax Act. In 2016, the $20 million in reductions for tax positions related to a prior year, is primarily from the devaluation of the Egyptian pound. At December 31, 2018, 2017 and 2016, $82 million, $102 million and $36 million of unrecognized tax benefits related to Diamond Offshore would affect the effective tax rate if recognized. The Company recognizes interest accrued related to: (i) unrecognized tax benefits in Interest expense and (ii) tax refund claims in Operating revenues and other on the Consolidated Statements of Income. The Company recognizes penalties in Income tax expense on the Consolidated Statements of Income. Interest amounts recorded by the Company were insignificant for the years ended December 31, 2018, 2017 and 2016. The Company recorded income tax expense of $1 million for the year ended December 31, 2018 and a benefit of $2 million and $23 million for the years ended December 31, 2017 and 2016 related to penalties. The following table summarizes deferred tax assets and liabilities: December 31 2018 2017 (In millions) Deferred tax assets: Insurance reserves: Property and casualty claim and claim adjustment expense reserves $ 108 $ 74 Unearned premium reserves 108 142 Receivables 13 13 Employee benefits 222 243 Deferred retroactive reinsurance benefit 79 68 Net operating loss carryforwards 251 169 Tax credit carryforwards 101 199 Net unrealized losses 24 Basis differential in investment in subsidiary 8 15 Other 197 211 Total deferred tax assets 1,111 1,134 Valuation allowance (175 ) (169 ) Net deferred tax assets 936 965 Deferred tax liabilities: Deferred acquisition costs (78 ) (77 ) Net unrealized gains (263 ) Property, plant and equipment (840 ) (765 ) Basis differential in investment in subsidiary (586 ) (364 ) Other liabilities (236 ) (220 ) Total deferred tax liabilities (1,740 ) (1,689 ) Net deferred tax liabilities (a) $ (804 ) $ (724 ) (a) Includes $37 and $25 of deferred tax assets reflected in Other assets in the Consolidated Balance Sheets at December 31, 2018 and 2017. Federal net operating loss carryforwards of $83 million expire between 2034 and 2038 and $35 million can be carried forward indefinitely. Net operating loss carryforwards in foreign tax jurisdictions of $37 million expire between 2021 and 2028 and $83 million can be carried forward indefinitely. Federal tax credit carryforwards of $57 million can be utilized to offset future current tax liabilities or will ultimately be refundable no later than 2021. Foreign tax credit carryforwards of $43 million will expire in 2020 and 2024 to 2027. Although realization of deferred tax assets is not assured, management believes it is more likely than not that the recognized deferred tax assets will be realized through recoupment of ordinary and capital taxes paid in prior carryback years and through future earnings, reversal of existing temporary differences and available tax planning strategies. As of December 31, 2018, Diamond Offshore recorded a valuation allowance of $175 million related to net operating losses of $98 million, foreign tax credits of $45 million, and other deferred tax assets of $32 million. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | December 31 2018 2017 (In millions) Loews Corporation (Parent Company): Senior: 2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500) $ 500 $ 500 3.8% notes due 2026 (effective interest rate of 3.9%) (authorized, $500) 500 500 6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300) 300 300 4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500) 500 500 CNA Financial: Senior: 7.0% notes due 2018 (effective interest rate of 7.1%) (authorized, $150) 150 5.9% notes due 2020 (effective interest rate of 6.0%) (authorized, $500) 500 500 5.8% notes due 2021 (effective interest rate of 5.9%) (authorized, $400) 400 400 7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250) 243 243 4.0% notes due 2024 (effective interest rate of 4.0%) (authorized, $550) 550 550 4.5% notes due 2026 (effective interest rate of 4.5%) (authorized, $500) 500 500 3.5% notes due 2027 (effective interest rate of 3.6%) (authorized, $500) 500 500 Variable rate note due 2036 (effective interest rate of 4.9%) 30 Capital lease obligation 1 3 Diamond Offshore: Senior: 3.5% notes due 2023 (effective interest rate of 3.6%) (authorized, $250) 250 250 7.9% notes due 2025 (effective interest rate of 8.0%) (authorized, $500) 500 500 5.7% notes due 2039 (effective interest rate of 5.8%) (authorized, $500) 500 500 4.9% notes due 2043 (effective interest rate of 5.0%) (authorized, $750) 750 750 Boardwalk Pipeline: Senior: Variable rate revolving credit facility due 2022 (effective interest rate of 3.7% and 2.7%) 580 385 5.2% notes due 2018 (effective interest rate of 5.4%) (authorized, $185) 185 5.8% notes due 2019 (effective interest rate of 5.9%) (authorized, $350) 350 350 4.5% notes due 2021 (effective interest rate of 5.0%) (authorized, $440) 440 440 4.0% notes due 2022 (effective interest rate of 4.4%) (authorized, $300) 300 300 3.4% notes due 2023 (effective interest rate of 3.5%) (authorized, $300) 300 300 5.0% notes due 2024 (effective interest rate of 5.2%) (authorized, $600) 600 600 6.0% notes due 2026 (effective interest rate of 6.2%) (authorized, $550) 550 550 4.5% notes due 2027 (effective interest rate of 4.6%) (authorized, $500) 500 500 7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100) 100 100 Capital lease obligation 8 9 Loews Hotels & Co: Senior debt, principally mortgages (effective interest rates approximate 4.4%) 653 648 Consolidated Container: Senior: Variable rate asset based lending facility due 2022 (effective interest rate of 5.5%) 9 Variable rate term loan due 2024 (effective interest rate of 5.0% and 5.5%) 597 604 Capital lease obligation 7 6 11,488 11,653 Less unamortized discount and issuance costs 112 120 Debt $ 11,376 $ 11,533 December 31, 2018 Principal Unamortized Net Short Term Long Term (In millions) Loews Corporation $ 1,800 $ 22 $ 1,778 $ 1,778 CNA Financial 2,694 13 2,681 2,681 Diamond Offshore 2,000 26 1,974 1,974 Boardwalk Pipeline 3,728 26 3,702 $ 1 3,701 Loews Hotels & Co 653 11 642 642 Consolidated Container 613 14 599 16 583 Total $ 11,488 $ 112 $ 11,376 $ 17 $ 11,359 At December 31, 2018, the aggregate long term debt maturing in each of the next five years is approximately as follows: $17 million in 2019, $605 million in 2020, $846 million in 2021, $1.3 billion in 2022, $1.3 billion in 2023 and $7.4 billion thereafter. Long term debt is generally redeemable in whole or in part at the greater of the principal amount or the net present value of remaining scheduled payments discounted at the specified treasury rate plus a margin. CNA Financial CNA is a member of the Federal Home Loan Bank of Chicago (“FHLBC”). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CNA held $5 million of FHLBC stock as of December 31, 2018, giving it access to approximately $111 million of additional liquidity. As of December 31, 2018 and 2017, CNA had no outstanding borrowings from the FHLBC. In 2018, CNA retired at maturity the $150 million outstanding aggregate principal amount of its 7.0% senior notes, CNA also redeemed the $30 million outstanding aggregate principal amount of its variable rate senior notes due September 15, 2036. CNA has a five-year $250 million senior unsecured revolving credit facility with a syndicate of banks which may be used for general corporate purposes. As of December 31, 2018, CNA had no outstanding borrowings under the credit agreement and was in compliance with all covenants. Diamond Offshore In 2018, Diamond Offshore entered into a new senior five-year revolving credit agreement with maximum borrowings available of $950 million which may be used for general corporate purposes, including investments, acquisitions and capital expenditures. The new credit agreement, which expires on October 2, 2023, provides for a swingline subfacility of $100 million and a letter of credit subfacility in the amount of $250 million. Diamond Offshore also amended its existing credit agreement to reduce the aggregate principal amounts of commitments to $325 million, of which, $40 million matures in March of 2019, $60 million matures in October of 2019 and $225 million matures in October of 2020. As of December 31, 2018, Diamond Offshore had no outstanding borrowings under its credit agreements and was in compliance with all covenant requirements under its credit agreements. Boardwalk Pipeline In 2018, Boardwalk Pipeline retired at maturity the $185 million outstanding aggregate principal amount of its 5.2% senior notes with borrowings under its credit facility. Boardwalk Pipeline has a revolving credit facility having aggregate lending commitments of $1.5 billion maturing May 26, 2022. As of December 31, 2018, Boardwalk Pipeline had $580 million of outstanding borrowings under its credit agreement and was in compliance with all covenants. Consolidated Container Consolidated Container has a $125 million asset based lending facility (“ABL facility”) maturing May 23, 2022. As of December 31, 2018, Consolidated Container had $9 million of outstanding borrowings under its ABL facility and was in compliance with all covenants. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | Accumulated other comprehensive income (loss) The tables below present the changes in AOCI by component for the years ended December 31, 2016, 2017 and 2018: OTTI Unrealized Cash Flow Pension Foreign Total (In millions) Balance, January 1, 2016 $ 24 $ 347 $ (3 ) $ (649 ) $ (76 ) $ (357) Other comprehensive income (loss) before reclassifications, after tax of $(4), $(133), $0, $9 and $0 9 283 (22 ) (114 ) 156 Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $3, $16, $0, $(15) and $0 (6 ) (26) 2 27 (3) Other comprehensive income (loss) 3 257 2 5 (114 ) 153 Amounts attributable to noncontrolling interests (28) (1 ) (2 ) 12 (19) Balance, December 31, 2016 27 576 (2 ) (646 ) (178 ) (223) Other comprehensive income (loss) before reclassifications, after tax of $1, $(106), $(2), $4 and $0 (3 ) 190 1 (18 ) 100 270 Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $1, $38, $0, $(16) and $0 (2 ) (82) 2 30 (52) Other comprehensive income (loss) (5 ) 108 3 12 100 218 Amounts attributable to noncontrolling interests (11) (1 ) 1 (10 ) (21) Balance, December 31, 2017 22 673 - (633 ) (88 ) (26) Cumulative effect adjustment for adoption of ASU 2016-01 (a), (25) (25) Cumulative effect adjustment for adoption of ASU 2018-02 (a) 4 123 (130 ) (3) Balance, January 1, 2018, as adjusted 26 771 - (763 ) (88 ) (54) Other comprehensive income (loss) before reclassifications, after tax of $2, $213, $(2), $9 and $0 (7 ) (801) 4 (34 ) (84 ) (922) Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $2, $(2), $0, $(6) and $0 (7 ) 3 2 32 30 Other comprehensive income (loss) (14 ) (798) 6 (2 ) (84 ) (892) Amounts attributable to noncontrolling interests 2 84 9 95 Purchase of Boardwalk Pipeline common units (1 ) (28 ) (29) Balance, December 31, 2018 $ 14 $ 57 $ 5 $ (793 ) $ (163 ) $ (880) (a) See Note 1 for information regarding this accounting standard. 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, Interest expense and Operating expenses and other Pension liability Operating expenses and other Common Stock Dividends Dividends of $0.25 per share on the Company’s common stock were declared and paid in 2018, 2017 and 2016. There are no restrictions on the Company’s retained earnings or net income with regard to payment of dividends. However, as a holding company, Loews Corporation relies upon invested cash balances and distributions from its subsidiaries to generate the funds necessary to declare and pay any dividends to holders of its common stock. The ability of the Company’s subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, compliance with covenants in their respective credit agreements and applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies. See Note 14 for a discussion of the regulatory restrictions on CNA’s availability to pay dividends. Treasury Stock The Company repurchased 20.3 million, 4.8 million and 3.4 million shares of its common stock at aggregate costs of $1.0 billion, $237 million and $134 million during the years ended December 31, 2018, 2017 and 2016. As of December 31, 2018, 20.6 million shares were retired. The remaining 0.1 million shares will be retired in 2019. Upon retirement, treasury stock was eliminated through a reduction to common stock, APIC and retained earnings. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Disaggregation of revenues Non-insurance Year Ended December 31 2018 2017 (a) 2016 (a) (In millions) Non-insurance $ 1,007 $ 390 $ 361 Contract drilling – Diamond Offshore $ 1,083 $ 1,486 $ 1,600 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipeline 1,206 1,298 1,291 Lodging and related services – Loews Hotels & Co 730 682 667 Rigid plastic packaging and recycled resin – Corporate 867 498 Total revenues from contracts with customers 3,886 3,964 3,558 Other revenues 101 89 77 Operating revenues and other $ 3,987 $ 4,053 $ 3,635 (a) Prior period amounts have not been adjusted under the modified retrospective method of adoption for ASU 2014-09. Receivables from contracts with customers Deferred revenue non-insurance Contract costs non-insurance non-insurance Non-insurance Performance obligations non-insurance |
Statutory Accounting Practices
Statutory Accounting Practices | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Statutory Accounting Practices | CNA’s insurance subsidiaries are domiciled in various jurisdictions. These subsidiaries prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the respective jurisdictions’ insurance regulators. Domestic prescribed statutory accounting practices are set forth in a variety of publications of the National Association of Insurance Commissioners (“NAIC”) as well as state laws, regulations and general administrative rules. These statutory accounting principles vary in certain respects from GAAP. In converting from statutory accounting principles to GAAP, the more significant adjustments include deferral of policy acquisition costs and the inclusion of net unrealized holding gains or losses in shareholders’ equity relating to certain fixed maturity securities. CNA has a prescribed practice as it relates to the accounting under Statement of Statutory Accounting Principles No. 62R (“SSAP No. 62R”), Property and Casualty Reinsurance The payment of dividends by CNA’s insurance subsidiaries without prior approval of the insurance department of each subsidiary’s domiciliary jurisdiction is generally limited by formula. Dividends in excess of these amounts are subject to prior approval by the respective insurance regulator. Dividends from CCC are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance (the “Department”) are determined based on the greater of the prior year’s statutory net income or 10% of statutory surplus as of the end of the prior year, as well as the timing and amount of dividends paid in the preceding 12 months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2018, CCC is in a positive earned surplus position. The maximum allowable dividend CCC could pay during 2019 that would not be subject to the Department’s prior approval is $1.4 billion, less dividends paid during the preceding 12 months measured at that point in time. CCC paid dividends of $1.0 billion in 2018. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company. Combined statutory capital and surplus and statutory net income for the Combined Continental Casualty Companies are presented in the table below, determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities. Statutory Capital and Surplus Statutory Net Income December 31 Year Ended December 31 2018(a) 2017 2018(a) 2017 2016 (In millions) Combined Continental Casualty Companies $ 10,411 $ 10,726 $ 1,405 $ 1,029 $ 1,033 (a) Information derived from the statutory-basis financial statements to be filed with insurance regulators. CNA’s domestic insurance subsidiaries are subject to risk-based capital (“RBC”) requirements. RBC is a method developed by the NAIC to determine the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. The formula for determining the amount of RBC specifies various factors, weighted based on the perceived degree of risk, which are applied to certain financial balances and financial activity. The adequacy of a company’s actual capital is evaluated by a comparison to the RBC results, as determined by the formula. Companies below minimum RBC requirements are classified within certain levels, each of which requires specified corrective action. The statutory capital and surplus presented above for CCC was approximately 266% and 264% of company action level RBC at December 31, 2018 and 2017. Company action level RBC is the level of RBC which triggers a heightened level of regulatory supervision. The statutory capital and surplus of CCC’s foreign insurance subsidiaries, which is not significant to the overall statutory capital and surplus, also met or exceeded their respective regulatory and other capital requirements. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Note 1 Pension Plans – The Company and its subsidiaries have several non-contributory Other Postretirement Benefit Plans – The Company and its subsidiaries have several postretirement benefit plans covering eligible employees and retirees. Participants generally become eligible after reaching age 55 with required years of service. Actual requirements for coverage vary by plan. Benefits for retirees who were covered by bargaining agreements vary by each unit and contract. Benefits for certain retirees are in the form of a Company health care account. Benefits for retirees reaching age 65 are generally integrated with Medicare. Other retirees, based on plan provisions, must use Medicare as their primary coverage, with the Company and its subsidiaries reimbursing a portion of the unpaid amount; or are reimbursed for the Medicare Part B premium or have no Company coverage. The benefits provided by the Company and its subsidiaries are basically health and, for certain retirees, life insurance type benefits. The Company and its subsidiaries fund certain of these benefit plans, and accrue postretirement benefits during the active service of those employees who would become eligible for such benefits when they retire. The Company and its subsidiaries use December 31 as the measurement date for their plans. Weighted average assumptions used to determine benefit obligations: Pension Benefits Other Postretirement Benefits December 31 2018 2017 2016 2018 2017 2016 Discount rate 4.1% 3.5% 3.9% 4.1% 3.4% 3.7% Expected long term rate of return on plan assets 7.5% 7.5% 7.5% 5.3% 5.3% 5.3% Interest crediting rate 3.8% 3.7% 3.7% Rate of compensation increase 3.9% to 5.5% 3.9% to 5.5% 3.9% to 5.5% Weighted average assumptions used to determine net periodic benefit cost: Pension Benefits Other Postretirement Benefits Year Ended December 31 2018 2017 2016 2018 2017 2016 Discount rate 3.6% 3.8% 4.0% 3.4% 3.7% 3.7% Expected long term rate of return on plan assets 7.5% 7.5% 7.5% 5.3% 5.3% 5.3% Interest crediting rate 3.7% 3.7% 3.7% Rate of compensation increase 3.9% to 5.5% 3.9% to 5.5% 3.5% to 5.5% In determining the discount rate assumption, we utilize current market and liability information, including a discounted cash flow analysis of our pension and postretirement obligations. In particular, the basis for our discount rate selection was the yield on indices of highly rated fixed income debt securities with durations comparable to that of our plan liabilities. The yield curve was applied to expected future retirement plan payments to adjust the discount rate to reflect the cash flow characteristics of the plans. The yield curves and indices evaluated in the selection of the discount rate are comprised of high quality corporate bonds that are rated AA by an accepted rating agency. The expected long term rate of return for plan assets is determined based on widely-accepted capital market principles, long term return analysis for global fixed income and equity markets as well as the active total return oriented portfolio management style. Long term trends are evaluated relative to market factors such as inflation, interest rates and fiscal and monetary policies, in order to assess the capital market assumptions as applied to the plan. Consideration of diversification needs and rebalancing is maintained. Assumed health care cost trend rates: December 31 2018 2017 2016 Health care cost trend rate assumed for next year 4.0% to 6.5% 4.0% to 7.0% 4.0% to 7.0% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.0% to 5.0% 4.0% to 5.0% 4.0% to 5.0% Year that the rate reaches the ultimate trend rate 2019-2022 2018-2022 2017-2021 Net periodic benefit cost components: Pension Benefits Other Postretirement Benefits Year Ended December 31 2018 2017 2016 2018 2017 2016 (In millions) Service cost $ 8 $ 8 $ 8 $ 1 $ 1 $ 1 Interest cost 110 119 128 2 2 3 Expected return on plan assets (179 ) (173 ) (177 ) (5 ) (5 ) (5) Amortization of unrecognized net loss 42 43 46 (1 ) Amortization of unrecognized prior service benefit (1 ) (2 ) (2 ) (3) Settlement 9 11 3 Net periodic benefit cost $ (10) $ 8 $ 7 $ (5 ) $ (4 ) $ (4) The following provides a reconciliation of benefit obligations and plan assets: Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 (In millions) Change in benefit obligation: Benefit obligation at January 1 $ 3,242 $ 3,131 $ 62 $ 66 Acquisitions 103 Service cost 8 8 1 1 Interest cost 110 119 2 2 Plan participants’ contributions 4 5 Amendments Actuarial (gain) loss (212 ) 100 (6 ) (1) Benefits paid from plan assets (187 ) (192 ) (10 ) (11) Settlements (35 ) (37 ) Foreign exchange (7 ) 10 Benefit obligation at December 31 2,919 3,242 53 62 Change in plan assets: Fair value of plan assets at January 1 2,577 2,423 88 86 Acquisitions 75 Actual return on plan assets (83 ) 247 5 Company contributions 39 51 3 3 Plan participants’ contributions 4 5 Benefits paid from plan assets (187 ) (192 ) (10 ) (11) Settlements (35 ) (37 ) Foreign exchange (7 ) 10 Fair value of plan assets at December 31 2,304 2,577 85 88 Funded status $ (615 ) $ (665 ) $ 32 $ 26 Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 (In millions) Amounts recognized in the Consolidated Balance Sheets consist of: Other assets $ 9 $ 4 $ 49 $ 47 Other liabilities (624) (669) (17 ) (21) Net amount recognized $ (615) $ (665) $ 32 $ 26 Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost: Prior service credit $ (2) $ (3) $ (1) $ (3) Net actuarial loss 1,065 1,069 (3) (3) Net amount recognized $ 1,063 $ 1,066 $ (4) $ (6) Information for plans with projected and accumulated benefit obligations in excess of plan assets: Projected benefit obligation $ 2,825 $ 3,132 Accumulated benefit obligation 2,813 3,117 $ 18 $ 21 Fair value of plan assets 2,201 2,462 The accumulated benefit obligation for all defined benefit pension plans was $2.9 billion and $3.2 billion at December 31, 2018 and 2017. Changes for the years ended December 31, 2018 and 2017 include actuarial (gains) losses of $(212) million and $100 million primarily driven by changes in the discount rate used to determine the benefit obligations. The Company and its subsidiaries employ a total return approach whereby a mix of equity and fixed maturity securities are used to maximize the long term return of plan assets for a prudent level of risk and to manage cash flows according to plan requirements. The target allocation of plan assets is 40% to 60% invested in equity securities and limited partnerships, with the remainder primarily invested in fixed maturity securities. The intent of this strategy is to minimize expenses by generating investment returns that exceed the growth of the plan liabilities over the long run. Risk tolerance is established after careful consideration of the plan liabilities, plan funded status and corporate financial conditions. The investment portfolio contains a diversified blend of fixed maturity, equity and short term securities. Alternative investments, including limited partnerships, are used to enhance risk adjusted long term returns while improving portfolio diversification. At December 31, 2018, the Company and its subsidiaries had committed $99 million to future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. Investment risk is monitored through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. The table below presents the estimated future minimum benefit payments at December 31, 2018. Expected future benefit payments Pension Other (In millions) 2019 $ 218 $ 5 2020 223 5 2021 210 5 2022 218 4 2023 214 4 2024 – 2028 1,026 16 In 2019, it is expected that contributions of approximately $14 million will be made to pension plans and $2 million to postretirement health care and life insurance benefit plans. Pension plan assets measured at fair value on a recurring basis are summarized below. December 31, 2018 Level 1 Level 2 Level 3 Total (In millions) Plan assets at fair value: Fixed maturity securities: Corporate and other bonds $ 472 $ 10 $ 482 States, municipalities and political subdivisions 58 58 Asset-backed 165 165 Total fixed maturities $ - 695 10 705 Equity securities 406 110 516 Short term investments 36 54 90 Fixed income mutual funds 120 120 Other assets 9 9 Total plan assets at fair value $ 562 $ 868 $ 10 $ 1,440 Plan assets at net asset value: (a) Limited partnerships 864 Total plan assets $ 562 $ 868 $ 10 $ 2,304 December 31, 2017 Level 1 Level 2 Level 3 Total (In millions) Plan assets at fair value: Fixed maturity securities: Corporate and other bonds $ 522 $ 10 $ 532 States, municipalities and political subdivisions 62 62 Asset-backed 182 182 Total fixed maturities $ - 766 10 776 Equity securities 449 122 571 Short term investments 29 11 40 Fixed income mutual funds 96 96 Other assets 13 9 22 Total plan assets at fair value $ 587 $ 908 $ 10 $ 1,505 Plan assets at net asset value: (a) Limited partnerships 990 Collective investment trust funds 82 Total plan assets $ 587 $ 908 $ 10 $ 2,577 (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The limited partnership investments held within the plans are recorded at fair value, which represents the plans’ shares of the net asset value of each partnership, as determined by the general partner. Limited partnerships comprising 82% and 86% of the carrying value as of December 31, 2018 and 2017 employ hedge fund strategies that generate returns through investing in marketable securities in the public fixed income and equity markets and the remainder were primarily invested in private debt and equity. Within hedge fund strategies, approximately 66% were equity related, 28% pursued a multi-strategy approach and 6% were focused on distressed investments at December 31, 2018. For a discussion of the valuation methodologies used to measure fixed maturity securities, equities and short term investments, see Note 4. Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below. December 31, 2018 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 24 $ 24 States, municipalities and political subdivisions 11 11 Asset-backed 30 30 Total fixed maturities $ - 65 $ - 65 Short term investments 4 4 Fixed income mutual funds 16 16 Total $ 20 $ 65 $ - $ 85 December 31, 2017 Fixed maturity securities: Corporate and other bonds $ 18 $ 18 States, municipalities and political subdivisions 42 42 Asset-backed 12 12 Total fixed maturities $ - 72 $ - 72 Short term investments 2 2 Fixed income mutual funds 14 14 Total $ 16 $ 72 $ - $ 88 There were no Level 3 assets at December 31, 2018 and 2017. Savings Plans – The Company and its subsidiaries have several contributory savings plans which allow employees to make regular contributions based upon a percentage of their salaries. Matching contributions are made up to specified percentages of employees’ contributions. The contributions by the Company and its subsidiaries to these plans amounted to $100 million, $105 million and $107 million for the years ended December 31, 2018, 2017 and 2016. Stock-based Compensation – In 2016, shareholders approved the Loews Corporation 2016 Incentive Compensation Plan (the “2016 Loews Plan”) which replaced a previously existing plan. The aggregate number of shares of Loews common stock authorized under the 2016 Loews Plan is 6,000,000 shares, plus up to 3,000,000 shares that may be forfeited under the prior plan. The maximum number of shares of Loews common stock with respect to which awards may be granted to any individual in any calendar year is 500,000 shares. In accordance with the 2016 Loews Plan and the prior plan, the Company’s stock-based compensation consists of the following: SARs: Time-based Restricted Stock Units: Performance-based Restricted Stock Units: In 2018, the Company granted an aggregate of 235,231 RSUs and PSUs at a weighted average grant-date fair value of $47.71 per unit. 33,923 RSUs were forfeited during the year. 3,470,953 SARs were outstanding at December 31, 2018 with a weighted average exercise price of $39.90. The Company recognized compensation expense that decreased net income by $35 million, $33 million and $32 million for the years ended December 31, 2018, 2017 and 2016. Several of the Company’s subsidiaries also maintain their own stock-based compensation plans. Such amounts include the Company’s share of expense related to its subsidiaries’ plans. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2018 | |
Insurance [Abstract] | |
Reinsurance | Note 16. Reinsurance CNA cedes insurance to reinsurers to limit its maximum loss, provide greater diversification of risk, minimize exposures on larger risks and to exit certain lines of business. The ceding of insurance does not discharge the primary liability of CNA. A credit exposure exists with respect to reinsurance ceded to the extent that any reinsurer is unable to meet its obligations. A collectability exposure also exists to the extent that the reinsurer disputes the liabilities assumed under reinsurance agreements. Property and casualty reinsurance coverages are tailored to the specific risk characteristics of each product line and CNA’s retained amount varies by type of coverage. Reinsurance contracts are purchased to protect specific lines of business such as property and workers’ compensation. Corporate catastrophe reinsurance is also purchased for property and workers’ compensation exposure. CNA also utilizes facultative reinsurance in certain lines. In addition, CNA assumes reinsurance, primarily through Hardy and as a member of various reinsurance pools and associations. The following table presents the amounts receivable from reinsurers: December 31 2018 2017 (In millions) Reinsurance receivables related to insurance reserves: Ceded claim and claim adjustment expenses $ 4,019 $ 3,934 Ceded future policy benefits 233 230 Reinsurance receivables related to paid losses 203 126 Reinsurance receivables 4,455 4,290 Less allowance for doubtful accounts 29 29 Reinsurance receivables, net of allowance for doubtful accounts $ 4,426 $ 4,261 CNA has established an allowance for doubtful accounts on reinsurance receivables related to credit risk. CNA reviews the allowance quarterly and adjusts the allowance as necessary to reflect changes in estimates of uncollectible balances. The allowance may also be reduced by write-offs of reinsurance receivable balances. CNA attempts to mitigate its credit risk related to reinsurance by entering into reinsurance arrangements with reinsurers that have credit ratings above certain levels and by obtaining collateral. On a limited basis, CNA may enter into reinsurance agreements with reinsurers that are not rated, primarily captive reinsurers. The primary methods of obtaining collateral are through reinsurance trusts, letters of credit and funds withheld balances. Such collateral was approximately $3.2 billion and $2.9 billion at December 31, 2018 and 2017. CNA’s largest recoverables from a single reinsurer, including ceded unearned premium reserves as of December 31, 2018 were approximately $2.2 billion from a subsidiary of Berkshire Hathaway Insurance Group, $278 million from the Gateway Rivers Insurance Company and $233 million from subsidiaries of Wilton Re. These amounts are substantially collateralized. The recoverable from the Berkshire Hathaway Insurance Group includes amounts related to third party reinsurance for which NICO has assumed the credit risk under the terms of the loss portfolio transfer as discussed in Note 8. The effects of reinsurance on earned premiums are presented in the following table: Assumed/ Direct Assumed Ceded Net Net % (In millions) Year Ended December 31, 2018 Property and casualty $ 10,857 $ 305 $ 4,380 $ 6,782 4.5 % Long term care 480 50 530 9.4 Earned premiums $ 11,337 $ 355 $ 4,380 $ 7,312 4.9 % Year Ended December 31, 2017 Property and casualty $ 10,447 $ 317 $ 4,315 $ 6,449 4.9 % Long term care 489 50 539 9.3 Earned premiums $ 10,936 $ 367 $ 4,315 $ 6,988 5.3 % Year Ended December 31, 2016 Property and casualty $ 10,400 $ 258 $ 4,270 $ 6,388 4.0 % Long term care 486 50 536 9.3 Earned premiums $ 10,886 $ 308 $ 4,270 $ 6,924 4.4 % Included in the direct and ceded earned premiums for the years ended December 31, 2018, 2017 and 2016 are $3.7 billion, $3.9 billion and $3.9 billion related to property business that is 100% reinsured under a significant third party captive program. The third party captives that participate in this program are affiliated with the non-insurance Long term care premiums are from long duration contracts; property and casualty premiums are from short duration contracts. Insurance claims and policyholders’ benefits reported on the Consolidated Statements of Income are net of reinsurance recoveries of $2.8 billion, $3.1 billion and $3.0 billion for the years ended December 31, 2018, 2017 and 2016, including $1.9 billion, $2.5 billion and $2.6 billion related to the significant third party captive program discussed above. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 2018 Quarter Ended Dec. 31 Sept. 30 June 30 March 31 (In millions, except per share data) Total revenues $ 3,287 $ 3,608 $ 3,590 $ 3,581 Net income (loss) (a) (165 ) 278 230 293 Per share-basic and diluted (0.53 ) 0.88 0.72 0.89 2017 Quarter Ended Total revenues (b) $ 3,555 $ 3,521 $ 3,359 $ 3,300 Net income (c) 481 157 231 295 Per share-basic 1.43 0.46 0.69 0.88 Per share-diluted 1.43 0.46 0.69 0.87 The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date (a) Net loss for the fourth quarter of 2018 includes a loss on limited partnership and common stock investments of $97 million (after tax and noncontrolling interests), catastrophe losses of $96 million (after tax and noncontrolling interests) and net investment losses of $57 million (after tax). (b) Prior period amounts have not been adjusted under the modified retrospective method of adoption of ASU 2014-09 2016-01. (c) Net income for the fourth quarter of 2017 includes the impact of a $200 million net benefit resulting from the enactment of the Tax Act. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Boardwalk Pipeline On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Court”) against the following defendants, Boardwalk Pipeline, the General Partner, Boardwalk GP, LLC and BPHC (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipeline not already owned by the General Partner or its affiliates pursuant to Section 15.1(b) of the Limited Partnership Agreement. On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of the Partnership within a period specified by the Proposed Settlement. As discussed in Note 2, on June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipeline not already owned by the General Partner or its affiliates pursuant to Section 15.1(b) of the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018. On September 28, 2018, the Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding. The Company is evaluating its response to this new complaint. 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 such litigation, management does not believe that the outcome of any such pending litigation will materially affect the Company’s results of operations or equity. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
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 December 31, 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 December 31, 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 December 31, 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 were reported net of any impact from the premium rate adjustments. The policyholder refunds for the multi-peril package product were completed in the third quarter of 2017. The policyholder refunds for workers’ compensation policies were completed in the fourth quarter of 2018. For the year ended December 31, 2016, CNA recorded a charge which reduced earned premium by $16 million. For the year ended December 31, 2017, earned premium was reduced by $36 million. For the year ended December 31, 2018 earned premium increased by $6 million, as a result of a change in estimate of the refund payments to policyholders. Additionally, Interest expense recognized for interest due to policyholders on the premium rate adjustments was $1 million and $7 million for the years ended December 31, 2018 and 2017. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
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 since the acquisition date are included in the Corporate segment. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. CNA’s business is the sale of property and casualty insurance coverage primarily through a network of independent agents, brokers and managing general underwriters. CNA’s operations also include its long term care business that is in run-off, run-off, Diamond Offshore provides contract drilling services to the energy industry around the world with a fleet of 17 offshore drilling rigs consisting of four drillships and 13 semisubmersible rigs. Boardwalk Pipeline is engaged in the interstate transportation and storage of natural gas and NGLs. This segment consists of interstate natural gas pipeline systems located in the Gulf Coast region, Oklahoma, Arkansas and the midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, natural gas storage facilities in four states and NGL pipelines and storage facilities in Louisiana and Texas, with approximately 14,230 miles of pipeline. Loews Hotels & Co operates a chain of 24 hotels, 22 of which are in the United States and two of which are in Canada. The Corporate segment consists of investment income from the Parent Company’s cash and investments, interest expense, other unallocated expenses and the results of Consolidated Container since the acquisition date. Purchase accounting adjustments have been pushed down to the appropriate subsidiary. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1. In the following tables certain financial measures are presented to provide information used by management to monitor the Company’s operating performance. These schedules present the reportable segments of the Company and their contribution to the consolidated financial statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. Statements of Income and Total assets by segment are presented in the following tables. CNA Diamond Boardwalk Loews Year Ended December 31, 2018 Financial Offshore Pipeline Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 7,312 $ 7,312 Net investment income (loss) 1,817 $ 8 $ 2 $ (10 ) 1,817 Investment losses (57) (57) Non-insurance 1,007 1,007 Operating revenues and other 55 1,085 $ 1,227 753 867 3,987 Total 10,134 1,093 1,227 755 857 14,066 Expenses: Insurance claims and policyholders’ benefits 5,572 5,572 Amortization of deferred acquisition costs 1,335 1,335 Non-insurance 923 923 Operating expenses and other 1,203 1,196 820 653 956 4,828 Interest 138 123 176 29 108 574 Total 9,171 1,319 996 682 1,064 13,232 Income (loss) before income tax 963 (226 ) 231 73 (207 ) 834 Income tax (expense) benefit (151) 30 (28 ) (25 ) 46 (128) Net income (loss) 812 (196 ) 203 48 (161 ) 706 Amounts attributable to noncontrolling interests (86) 84 (68 ) (70) Net income (loss) attributable to Loews Corporation $ 726 $ (112 ) $ 135 $ 48 $ (161 ) $ 636 December 31, 2018 Total assets $ 57,123 $ 6,036 $ 9,131 $ 1,812 $ 4,214 $ 78,316 CNA Diamond Boardwalk Loews Year Ended December 31, 2017 Financial Offshore Pipeline Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 6,988 $ 6,988 Net investment income 2,034 $ 2 $ 146 2,182 Investment gains 122 122 Non-insurance 390 390 Operating revenues and other 49 1,498 $ 1,325 $ 682 499 4,053 Total 9,583 1,500 1,325 682 645 13,735 Expenses: Insurance claims and policyholders’ benefits 5,310 5,310 Amortization of deferred acquisition costs 1,233 1,233 Non-insurance 299 299 Operating expenses and other 1,224 1,373 861 589 618 4,665 Interest 203 149 171 28 95 646 Total 8,269 1,522 1,032 617 713 12,153 Income (loss) before income tax 1,314 (22 ) 293 65 (68 ) 1,582 Income tax (expense) benefit (419 ) 4 232 (1 ) 14 (170 ) Net income (loss) 895 (18 ) 525 64 (54 ) 1,412 Amounts attributable to noncontrolling interests (94 ) (9 ) (145 ) (248 ) Net income (loss) attributable to Loews Corporation $ 801 $ (27 ) $ 380 $ 64 $ (54 ) $ 1,164 December 31, 2017 Total assets $ 56,539 $ 6,251 $ 8,972 $ 1,558 $ 6,266 $ 79,586 CNA Diamond Boardwalk Loews Year Ended December 31, 2016 Financial Offshore Pipeline Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 6,924 $ 6,924 Net investment income 1,988 $ 1 $ 146 2,135 Investment gains (losses) 62 (12 ) 50 Non-insurance 361 361 Operating revenues and other 49 1,600 $ 1,316 $ 667 3 3,635 Total 9,384 1,589 1,316 667 149 13,105 Expenses: Insurance claims and policyholders’ benefits 5,283 5,283 Amortization of deferred acquisition costs 1,235 1,235 Non-insurance 271 271 Operating expenses and other 1,287 1,970 835 621 131 4,844 Interest 167 90 183 24 72 536 Total 8,243 2,060 1,018 645 203 12,169 Income (loss) before income tax 1,141 (471 ) 298 22 (54 ) 936 Income tax (expense) benefit (279 ) 111 (61 ) (10 ) 19 (220 ) Net income (loss) 862 (360 ) 237 12 (35 ) 716 Amounts attributable to noncontrolling interests (88 ) 174 (148 ) (62 ) Net income (loss) attributable to Loews Corporation $ 774 $ (186 ) $ 89 $ 12 $ (35 ) $ 654 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant | SCHEDULE I LOEWS CORPORATION BALANCE SHEETS ASSETS December 31 2018 2017 (In millions) Current assets, principally investment in short term instruments $ 2,050 $ 2,755 Investments in securities 1,112 2,144 Investments in capital stocks of subsidiaries, at equity 17,556 16,303 Other assets 402 506 Total assets $ 21,120 $ 21,708 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities $ 109 $ 182 Long term debt 1,778 1,776 Deferred income tax and other 715 546 Total liabilities 2,602 2,504 Shareholders’ equity 18,518 19,204 Total liabilities and shareholders’ equity $ 21,120 $ 21,708 STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) Year Ended December 31 2018 2017 2016 (In millions) Revenues: Equity in income of subsidiaries (a) $ 819 $ 1,199 $ 655 Interest and other (11 ) 167 165 Total 808 1,366 820 Expenses: Administrative 127 134 127 Interest 72 72 72 Total 199 206 199 Income before income tax 609 1,160 621 Income tax benefit 27 4 33 Net income 636 1,164 654 Equity in other comprehensive income (loss) of subsidiaries (797 ) 197 134 Total comprehensive income (loss) $ (161 ) $ 1,361 $ 788 Condensed Financial Information of Registrant LOEWS CORPORATION STATEMENTS OF CASH FLOWS Year Ended December 31 2018 2017 2016 (In millions) Operating Activities: Net income $ 636 $ 1,164 $ 654 Adjustments to reconcile net income to net cash provided (used) by operating activities: Equity method investees 401 (405 ) 115 Provision for deferred income taxes 113 77 10 Changes in operating assets and liabilities, net: Receivables 3 4 2 Accounts payable and accrued liabilities 92 (20 ) 52 Trading securities 1,702 100 (614) Other, net 19 (41 ) (15) 2,966 879 204 Investing Activities: Investments in and advances to subsidiaries (135 ) 12 50 Change in investments, primarily short term (187 ) 30 (127) Purchase of Boardwalk Pipeline common units (1,504 ) Acquisition (620 ) Other (2 ) (1 ) (2) (1,828 ) (579 ) (79) Financing Activities: Dividends paid (80 ) (84 ) (84) Purchases of treasury shares (1,026 ) (216 ) (134) Principal payments in debt (400) Issuance of debt 495 Other (3 ) (2) (1,109 ) (300 ) (125) Net change in cash 29 - - Cash, beginning of year Cash, end of year $ 29 $ - $ - (a) Cash dividends paid to the Company by affiliates amounted to $878, $804 and $780 for the years ended December 31, 2018, 2017 and 2016. |
Schedule V - Supplemental Infor
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations | SCHEDULE V LOEWS CORPORATION AND SUBSIDIARIES Consolidated Property and Casualty Operations December 31 2018 2017 (In millions) Deferred acquisition costs $ 632 $ 632 Reserves for unpaid claim and claim adjustment expenses 21,984 22,004 Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 8.0%) 1,388 1,434 Unearned premiums 4,183 4,029 Year Ended December 31 2018 2017 2016 (In millions) Net written premiums $ 7,345 $ 7,069 $ 6,988 Net earned premiums 7,312 6,988 6,924 Net investment income 1,751 1,992 1,952 Incurred claim and claim adjustment expenses related to current year 5,358 5,201 5,025 Incurred claim and claim adjustment expenses related to prior years (179 ) (381 ) (342) Amortization of deferred acquisition costs 1,335 1,233 1,235 Paid claim and claim adjustment expenses 5,331 5,341 5,134 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation |
Principles of consolidation | Principles of consolidation |
Accounting estimates | Accounting estimates |
Investments | Investments available-for-sale available-for-sale The cost of fixed maturity securities classified as available-for-sale For asset-backed securities included in fixed maturity securities, the Company recognizes income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. To the extent that unrealized gains on fixed maturity securities supporting long term care products and structured settlements not funded by annuities would result in a premium deficiency if those gains were realized, a related increase in Insurance reserves is recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (“Shadow Adjustments”). Shadow Adjustments decreased $298 million (after tax and noncontrolling interests) and increased $355 million (after tax and noncontrolling interests) for the years ended December 31, 2018 and 2017. As of December 31, 2018 and 2017, net unrealized gains on investments included in Accumulated other comprehensive income (“AOCI”) were correspondingly reduced by Shadow Adjustments of $964 million and $1.3 billion (after tax and noncontrolling interests). Equity securities are carried at fair value. CNA’s non-redeemable non-redeemable available-for-sale The Company’s carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the general partner. Certain partnerships for which results are not available on a timely basis are reported on a lag, primarily three months or less. These investments are accounted for under the equity method and changes in net asset values are recorded within Net investment income on the Consolidated Statements of Income. Investments in derivative securities are carried at fair value with changes in fair value reported as a component of Investment gains (losses), Income (loss) from trading portfolio, or Other comprehensive income (loss), depending on their hedge designation. A derivative is typically defined as an instrument whose value is “derived” from an underlying instrument, index or rate, has a notional amount, requires little or no initial investment and can be net settled. Derivatives include, but are not limited to, the following types of investments: interest rate swaps, interest rate caps and floors, put and call options, warrants, futures, forwards, commitments to purchase securities, credit default swaps and combinations of the foregoing. Derivatives embedded within non-derivative An available-for-sale Significant judgment is required in the determination of whether an OTTI loss has occurred for a security. CNA follows a consistent and systematic process for determining and recording an OTTI loss including the evaluation of securities in an unrealized loss position on at least a quarterly basis. CNA’s assessment of whether an OTTI loss has occurred incorporates both quantitative and qualitative information. Fixed maturity securities that CNA intends to sell, or it more likely than not will be required to sell before recovery of amortized cost, are considered to be other-than-temporarily impaired and the entire difference between the amortized cost basis and fair value of the security is recognized as an OTTI loss in earnings. The remaining fixed maturity securities in an unrealized loss position are evaluated to determine if a credit loss exists. The factors considered include: (i) the financial condition and near term and long term prospects of the issuer, (ii) whether the debtor is current on interest and principal payments, (iii) credit ratings of the securities and (iv) general market conditions and industry or sector specific outlook. CNA also considers results and analysis of cash flow modeling for asset-backed securities, and when appropriate, other fixed maturity securities. The focus of the analysis for asset-backed securities is on assessing the sufficiency and quality of underlying collateral and timing of cash flows based on scenario tests. If the present value of the modeled expected cash flows equals or exceeds the amortized cost of a security, no credit loss is judged to exist and the asset-backed security is deemed to be temporarily impaired. If the present value of the expected cash flows is significantly less than amortized cost, the security is judged to be other-than-temporarily impaired for credit reasons and that shortfall, referred to as the credit component, is recognized as an OTTI loss in earnings. The difference between the adjusted amortized cost basis and fair value, referred to as the non-credit non-credit CNA performs the discounted cash flow analysis using stressed scenarios to determine future expectations regarding recoverability. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. Prior to 2018, CNA applied the same impairment model as described above for the majority of its non-redeemable |
Joint venture investments | Joint venture investments The following tables present summarized financial information for these joint ventures: Year Ended December 31 2018 2017 (In millions) Total assets $ 1,924 $ 1,703 Total liabilities 1,451 1,347 Year Ended December 31 2018 2017 2016 Revenues $ 731 $ 731 $ 693 Net income 114 261 80 |
Hedging | Hedging |
Securities lending activities | Securities lending activities Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan. This matching of terms tends to limit risk. In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice. Collateral is not reflected as an asset of the Company. There was no collateral held at December 31, 2018 and 2017. |
Revenue recognition | Revenue recognition Insurance receivables include balances due currently or in the future, including amounts due from insureds related to losses under high deductible policies, and are presented at unpaid balances, net of an allowance for doubtful accounts. Amounts are considered past due based on policy payment terms. The allowance is determined based on periodic evaluations of aged receivables, historical business default data, management’s experience and current economic conditions. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. Property and casualty contracts that are retrospectively rated contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions and loss experience of the insured during the experience period. For such contracts, CNA estimates the amount of ultimate premiums that it may earn upon completion of the experience period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. CNA adjusts such estimated ultimate premium amounts during the course of the experience period based on actual results to date. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period. CNA’s non-insurance non-insurance Non-insurance Non-insurance 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 to provide packaging solutions to end markets such as beverage, food and household chemicals through a network of manufacturing locations across North America. In addition, Consolidated Container manufactures commodity and differentiated plastic resins from recycled plastic materials for a variety of end markets. Consolidated Container recognizes revenue as control is transferred to the customer. |
Contract costs | Contract costs non-insurance non-insurance |
Claim and claim adjustment expense reserves | Claim and claim adjustment expense reserves Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.2 billion as of December 31, 2018 and 2017. A significant portion of these amounts are supported by collateral. CNA also has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Receivables on the Consolidated Balance Sheets. Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. CNA’s obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and carried at present values determined using interest rates ranging from 5.5% to 8.0% as of December 31, 2018 and 2017. As of December 31, 2018 and 2017, the discounted reserves for unfunded structured settlements were $512 million and $527 million, net of discount of $760 million and $798 million. For the years ended December 31, 2018, 2017 and 2016, the amount of interest recognized on the discounted reserves of unfunded structured settlements was $40 million, $41 million and $42 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income but is excluded from the disclosure of prior year loss reserve development. Workers’ compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. At December 31, 2018 and 2017, workers’ compensation lifetime claim reserves are discounted at a 3.5% interest rate. As of December 31, 2018 and 2017, the discounted reserves for workers’ compensation lifetime claim reserves were $343 million and $346 million, net of discount of $168 million and $190 million. For the years ended December 31, 2018, 2017 and 2016, the amount of interest accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves was $16 million, $19 million and $17 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income, but is excluded from the Company’s disclosure of prior year loss reserve development. Long term care claim reserves are calculated using mortality and morbidity assumptions based on CNA and industry experience. Long term care claim reserves are discounted at an interest rate of 6.0% as of December 31, 2018 and 2017. As of December 31, 2018 and 2017, such discounted reserves totaled $2.6 billion and $2.4 billion, net of discount of $460 million and $446 million. |
Future policy benefit reserves | Future policy benefit reserves CNA’s most recent GPV indicated the future policy benefit reserves for the long term care business were not deficient in the aggregate, but profits are expected to be recognized in early years followed by losses in later years. In that circumstance, future policy benefit reserves are increased in the profitable years by an amount necessary to offset losses that are projected to be recognized in later years. The amount of the additional future policy benefit reserves recorded in each quarterly period is determined by applying the ratio of the present value of future losses divided by the present value of future profits from the most recently completed GPV to long term care core income in that period. |
Guaranty fund and other insurance-related assessments | Guaranty fund and other insurance-related assessments |
Reinsurance | Reinsurance Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefit reserves. Reinsurance receivables are reported net of an allowance for doubtful accounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of CNA. CNA has established an allowance for doubtful accounts on reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The allowance for doubtful accounts on reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer solvency, industry experience and current economic conditions. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if CNA becomes aware of significant changes related to a reinsurer. Because billed receivables generally approximate 5% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for doubtful accounts on reinsurance receivables are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables from insolvent insurers related to paid losses are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. Reinsurance contracts that do not effectively transfer the economic risk of loss on the underlying policies are recorded using the deposit method of accounting, which requires that premium paid or received by the ceding company or assuming company be accounted for as a deposit asset or liability. CNA had $3 million and $8 million recorded as deposit assets as of December 31, 2018 and 2017, and $3 million and $4 million recorded as deposit liabilities as of December 31, 2018 and 2017. Income on reinsurance contracts accounted for under the deposit method is recognized using an effective yield based on the anticipated timing of payments and the remaining life of the contract. When the anticipated timing of payments changes, the effective yield is recalculated to reflect actual payments to date and the estimated timing of future payments. The deposit asset or liability is adjusted to the amount that would have existed had the new effective yield been applied since the inception of the contract. A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative claim and allocated claim adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a revised estimate of claim and allocated claim adjustment expenses and the loss portfolio transfer is in a gain position, the deferred gain is recalculated as if the revised estimate was available at the inception date of the loss portfolio transfer and the change in the deferred gain is recognized in earnings. |
Deferred acquisition costs | Deferred acquisition costs CNA evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current period results of operations. |
Goodwill and other intangible assets | Goodwill and other intangible assets Other intangible assets are reported within Other assets. Finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived other intangible assets are tested for impairment annually or when certain triggering events require such tests. See Note 7 for additional information on the Company’s goodwill and other intangible assets. |
Property, plant and equipment | Property, plant and equipment The principal service lives used in computing provisions for depreciation are as follows: Years Pipeline equipment 30 to 50 Offshore drilling equipment 15 to 30 Other 3 to 40 |
Impairment of long-lived assets | Impairment of long-lived assets |
Income taxes | Income taxes The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. See Note 10 for additional information on the provision for income taxes. |
Pension and postretirement benefits | Pension and postretirement benefits |
Stock-based compensation | Stock-based compensation |
Net income per share | Net income per share For each of the years ended December 31, 2018, 2017 and 2016, approximately 0.9 million, 0.9 million and 0.4 million potential shares attributable to issuances and exercises under the Loews Corporation 2016 Incentive Compensation Plan and the prior plan were included in the calculation of diluted net income per share. For those same periods, there were no shares and approximately 0.4 million and 3.7 million shares attributable to employee stock-based compensation awards excluded from the calculation of diluted net income per share because the effect would have been antidilutive. |
Foreign currency | Foreign currency |
Regulatory accounting | Regulatory accounting |
Supplementary cash flow information | Supplementary cash flow information |
Accounting changes | 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 Deferred non-insurance non-insurance The impact of the new guidance is primarily related to revenue on CNA’s non-insurance Non-insurance Non-insurance gross-up non-insurance non-insurance 2014-09, non-insurance non-insurance Non-insurance Non-insurance 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 In August of 2018, the FASB issued ASU 2018-13, – In August of 2018, the FASB issued ASU 2018-14, – – – 715-20): Disclosure – |
Recently issued ASUs | Recently issued ASUs – 2016-02, 2018-11, non-lease 2014-09 non-lease In June of 2016, the FASB issued ASU 2016-13, available-for-sale available-for-sale In August of 2018, the FASB issued ASU 2018-12, – This guidance is effective for interim and annual periods beginning after December 15, 2020, and requires restatement of the prior periods presented. Early adoption is permitted. The Company is currently evaluating the method and timing of adoption and the effect the updated guidance will have on its consolidated financial statements. The annual updating of cash flow assumptions is expected to increase income statement volatility. The quarterly change in the discount rate is expected to increase volatility in the Company’s Shareholders’ equity, but that will be somewhat mitigated because Shadow Adjustments are eliminated under the new guidance. See Note 3 for further information on Shadow Adjustments. While the requirements of the new guidance represent a material change from existing accounting guidance, the underlying economics of CNA’s business and related cash flows are unchanged. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Financial Information for Joint Ventures | The following tables present summarized financial information for these joint ventures: Year Ended December 31 2018 2017 (In millions) Total assets $ 1,924 $ 1,703 Total liabilities 1,451 1,347 Year Ended December 31 2018 2017 2016 Revenues $ 731 $ 731 $ 693 Net income 114 261 80 |
Principal Service Lives | The principal service lives used in computing provisions for depreciation are as follows: Years Pipeline equipment 30 to 50 Offshore drilling equipment 15 to 30 Other 3 to 40 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Summary of Preliminary Allocation of Purchase Price to Tangible and Identifiable Intangible Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date. (In millions) Cash $ 5 Property, plant and equipment 389 Goodwill 310 Other assets: Inventory 57 Customer relationships 459 Trade name 43 Other 127 Deferred income taxes (27 ) Other liabilities: Accounts payable (52 ) Pension liability (27 ) Other (61 ) $ 1,223 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Net Investment Income | Net investment income is as follows: Year Ended December 31 2018 2017 2016 (In millions) Fixed maturity securities $ 1,795 $ 1,812 $ 1,819 Limited partnership investments 22 277 199 Short term investments 43 18 9 Equity securities 18 12 10 Income (loss) from trading portfolio (a) (54 ) 87 112 Other 54 35 45 Total investment income 1,878 2,241 2,194 Investment expenses (61 ) (59 ) (59 ) Net investment income $ 1,817 $ 2,182 $ 2,135 (a) Net unrealized gains (losses) related to changes in fair value on securities still held were $(121), $39 and $44 for the years ended December 31, 2018, 2017 and 2016. |
Summary of Investment Gains (Losses) | Investment gains (losses) are as follows: Year Ended December 31 2018 2017 2016 (In millions) Fixed maturity securities $ 4 $ 122 $ 54 Equity securities (74 ) (5 ) Derivative instruments 9 (4 ) (2 ) Short term investments and other 4 4 3 Investment gains (losses) (a) $ (57 ) $ 122 $ 50 (a) Gross realized gains on available-for-sale available-for-sale non-redeemable |
Schedule of Net Change in Unrealized Gains (Losses) Investments | Net change in unrealized gains (losses) on investments is as follows: Year Ended December 31 2018 2017 2016 (In millions) Fixed maturity securities $ (1,811) $ 728 $ 225 Equity securities 32 (2) Other (2 ) 1 Total net change in unrealized gains (losses) on investments $ (1,811 ) $ 758 $ 224 |
Components of OTTI Losses Recognized in Earnings by Asset Type | The components of OTTI losses recognized in earnings by asset type are as follows: Year Ended December 31 2018 2017 2016 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 12 $ 12 $ 59 Asset-backed 9 1 13 Total fixed maturity securities available-for-sale 21 13 72 Equity securities available-for-sale 1 9 Net OTTI losses recognized in earnings $ 21 $ 14 $ 81 |
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: December 31, 2018 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 18,764 $ 791 $ 395 $ 19,160 States, municipalities and political subdivisions 9,681 1,076 9 10,748 Asset-backed: Residential mortgage-backed 4,815 68 57 4,826 $ (20 ) Commercial mortgage-backed 2,200 28 32 2,196 Other asset-backed 1,975 11 24 1,962 Total asset-backed 8,990 107 113 8,984 (20 ) U.S. Treasury and obligations of government-sponsored enterprises 156 3 159 Foreign government 480 5 4 481 Redeemable preferred stock 10 10 Fixed maturities available-for-sale 38,081 1,982 521 39,542 (20 ) Fixed maturities trading 153 4 157 Total fixed maturities $ 38,234 $ 1,986 $ 521 $ 39,699 $ (20 ) December 31, 2017 (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 December 31, 2018 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: Corporate and other bonds $ 8,543 $ 340 $ 825 $ 55 $ 9,368 $ 395 States, municipalities and political subdivisions 517 8 5 1 522 9 Asset-backed: Residential mortgage-backed 1,932 23 1,119 34 3,051 57 Commercial mortgage-backed 728 10 397 22 1,125 32 Other asset-backed 834 21 125 3 959 24 Total asset-backed 3,494 54 1,641 59 5,135 113 U.S. Treasury and obligations of government-sponsored enterprises 21 19 40 Foreign government 114 2 124 2 238 4 Total fixed maturity securities $ 12,689 $ 404 $ 2,614 $ 117 $ 15,303 $ 521 December 31, 2017 (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 at December 31, 2018, 2017 and 2016 for which a portion of an OTTI loss was recognized in Other comprehensive income. Year Ended December 31 2018 2017 2016 (In millions) Beginning balance of credit losses on fixed maturity securities $ 27 $ 36 $ 53 Reductions for securities sold during the period (9 ) (9 ) (16) Reductions for securities the Company intends to sell or more likely than not will be required to sell (1) Ending balance of credit losses on fixed maturity securities $ 18 $ 27 $ 36 |
Available-for-Sale Fixed Maturity Securities by Contractual Maturity | The following table presents available-for-sale December 31 2018 2017 Cost or Estimated Cost or Estimated (In millions) Due in one year or less $ 1,350 $ 1,359 $ 1,135 $ 1,157 Due after one year through five years 7,979 8,139 8,165 8,501 Due after five years through ten years 16,859 16,870 16,060 16,718 Due after ten years 11,893 13,174 12,852 15,108 Total $ 38,081 $ 39,542 $ 38,212 $ 41,484 |
Summary of Aggregate Contractual or Notional Amount and Estimated Fair Value Related to Derivative Financial Instruments | The following tables present the aggregate contractual or notional amount and estimated fair value related to derivative financial instruments. December 31 2018 2017 Contractual/ Notional Amount Contractual/ Notional Amount Estimated Fair Value Estimated Fair Value Asset (Liability) Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 500 $ 11 $ 500 $ 4 Without hedge designation: Equity markets: Options – purchased 213 18 224 12 – written 239 $ (17) 290 $ (7) Futures – short 265 1 Commodity futures – long 32 44 Embedded derivative on funds withheld liability 172 4 167 (3) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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, foreign governments and redeemable preferred stock. December 31, 2018 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 196 $ 19,392 $ 222 $ 19,810 States, municipalities and political subdivisions 10,748 10,748 Asset-backed 8,787 197 8,984 Fixed maturities available-for-sale 196 38,927 419 39,542 Fixed maturities trading 151 6 157 Total fixed maturities $ 196 $ 39,078 $ 425 $ 39,699 Equity securities $ 704 $ 570 $ 19 $ 1,293 Short term and other 2,647 1,111 3,758 Receivables 11 11 Payable to brokers (23 ) (23) 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 tables below present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017: Unrealized Gains Unrealized (Losses) Gains Recognized in (Losses) Other Recognized in Comprehensive Net Realized Gains Net Income Income (Loss) (Losses) and Net Change (Loss) on Level on Level 3 in Unrealized Gains 3 Assets and Assets and (Losses) Transfers Transfers Liabilities Liabilities Balance, Included in Included in into out of Balance, Held at Held at 2018 January 1 Net Income OCI Purchases Sales Settlements Level 3 Level 3 December 31 December 31 December 31 (In millions) Fixed maturity securities: Corporate bonds and other $ 98 $ (1 ) $ (4 ) $ 117 $ (5 ) $ (9 ) $ 35 $ (9 ) $ 222 $ (5) States, municipalities and political subdivisions 1 (1 ) - Asset-backed 335 5 (8 ) 162 (72 ) (64 ) 42 (203 ) 197 $ (2) (4) Fixed maturities available-for-sale 434 4 (12 ) 279 (77 ) (74 ) 77 (212 ) 419 (2) (9) Fixed maturities trading 4 3 (1 ) 6 2 Total fixed maturities $ 438 $ 7 $ (12 ) $ 279 $ (78 ) $ (74 ) $ 77 $ (212 ) $ 425 $ - $ (9) Equity securities $ 22 $ (2) $ (1) $ 19 $ (2) Purchases Sales Settlements Transfers Transfers Balance, Unrealized 3 Assets and Net Realized Gains 2017 Balance, Included in Included in (In millions) Fixed maturity securities: Corporate bonds and other $ 130 $ 3 $ 18 $ (5 ) $ (54 ) $ 16 $ (10 ) $ 98 States, municipalities and political subdivisions 1 1 Asset-backed 199 $ 2 3 107 (43 ) 153 (86 ) 335 Fixed maturities available-for-sale 330 2 6 125 (5 ) (97 ) 169 (96 ) 434 $ - Fixed maturities trading 6 (2 ) 4 (2) Total fixed maturities $ 336 $ - $ 6 $ 125 $ (5 ) $ (97 ) $ 169 $ (96 ) $ 438 $ (2) Equity securities available-for-sale $ 19 $ 3 $ 1 $ (3 ) $ 20 Equity securities trading 1 $ (1 ) 2 2 Total equity securities $ 20 $ (1 ) $ 3 $ 3 $ (3 ) $ - $ - $ - $ 22 $ - Life settlement contracts $ 58 $ 6 $ (59 ) $ (5 ) $ - 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 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. The weighted average rate is calculated based on fair value. December 31, 2018 Estimated Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 228 Discounted 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 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 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 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 December 31, 2018 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 839 $ 827 $ 827 Liabilities: Short term debt 15 $ 14 14 Long term debt 11,345 10,111 653 10,764 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 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Receivables | December 31 2018 2017 (In millions) Reinsurance (Note 16) $ 4,455 $ 4,290 Insurance 2,365 2,336 Receivable from brokers 296 69 Accrued investment income 394 413 Federal income taxes 52 52 Other, primarily customer accounts 477 533 Total 8,039 7,693 Less: allowance for doubtful accounts on reinsurance receivables 29 29 allowance for other doubtful accounts 50 51 Receivables $ 7,960 $ 7,613 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | December 31 2018 2017 (In millions) Pipeline equipment (net of accumulated depreciation of $2,761 and $2,453) $ 8,238 $ 7,857 Offshore drilling equipment (net of accumulated depreciation of $3,067 and $2,797) 5,144 5,226 Other (net of accumulated depreciation of $1,056 and $1,009) 1,812 1,886 Construction in process 317 458 Property, plant and equipment $ 15,511 $ 15,427 |
Depreciation Expense and Capital Expenditures | Depreciation expense and capital expenditures are as follows: Year Ended December 31 2018 2017 2016 Depre- Capital Depre- Capital Depre- Capital (In millions) CNA Financial $ 76 $ 99 $ 80 $ 101 $ 67 $ 128 Diamond Offshore 332 222 349 113 384 629 Boardwalk Pipeline 346 487 325 689 321 648 Loews Hotels & Co 67 139 63 57 63 164 Corporate 59 48 37 30 6 3 Total $ 880 $ 995 $ 854 $ 990 $ 841 $ 1,572 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | A summary of the changes in the carrying amount of goodwill is as follows: CNA Diamond Boardwalk Loews Total Financial Offshore Pipeline Hotels & Co Corporate (In millions) Balance, December 31, 2016 $ 346 $ 109 $ - $ 237 $ - $ - Acquisition 310 310 Other adjustments 3 3 Balance, December 31, 2017 659 112 - 237 - 310 Acquisition 8 8 Other adjustments (2 ) (2 ) Balance, December 31, 2018 $ 665 $ 110 $ - $ 237 $ - $ 318 |
Schedule of Carrying Amount of Other Intangible Assets | A summary of the net carrying amount of other intangible assets is as follows: December 31, 2018 December 31, 2017 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (In millions) Finite-lived intangible assets: Customer relationships $ 532 $ 47 $ 518 $ 22 Other 72 20 74 13 Total finite-lived intangible assets 604 67 592 35 Indefinite-lived intangible assets 74 81 Total other intangible assets $ 678 $ 67 $ 673 $ 35 |
Claim and Claim Adjustment Ex_2
Claim and Claim Adjustment Expense Reserves (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Reconciliation of Net Liability for Unpaid Claim and Claim Adjustment Expenses for Property and Casualty Operations to Amount Presented in Consolidated Balance Sheets | The table below reconciles the net liability for unpaid claim and claim adjustment expenses to the amount presented in the Consolidated Balance Sheets. December 31 2018 (In millions) Net liability for unpaid claim and claim adjustment expenses: Property & Casualty Operations $ 14,353 Other Insurance Operations (a) 3,612 Total net claim and claim adjustment expenses 17,965 Reinsurance receivables: (b) Property & Casualty Operations 1,605 Other Insurance Operations (c) 2,414 Total reinsurance receivables 4,019 Total gross liability for unpaid claims and claims adjustment expenses $ 21,984 (a) Other Insurance Operations amounts are primarily related to long term care claim reserves, which are long duration insurance contracts, but also include amounts related to unfunded structured settlements arising from short duration insurance contracts. (b) Reinsurance receivables presented do not include reinsurance receivables related to paid losses. (c) The Other Insurance Operations reinsurance receivables are primarily related to A&EP claims covered under the loss portfolio transfer. |
Reconciliation of Claim and Claim Adjustment Expense Reserves | The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of Other Insurance Operations. Year Ended December 31 2018 2017 2016 (In millions) Reserves, beginning of year: Gross $ 22,004 $ 22,343 $ 22,663 Ceded 3,934 4,094 4,087 Net reserves, beginning of year 18,070 18,249 18,576 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 5,358 5,201 5,025 Decrease in provision for insured events of prior years (179 ) (381 ) (342 ) Amortization of discount 176 179 175 Total net incurred (a) 5,355 4,999 4,858 Net payments attributable to: Current year events (1,046 ) (975 ) (967 ) Prior year events (4,285 ) (4,366 ) (4,167 ) Total net payments (5,331 ) (5,341 ) (5,134 ) Foreign currency translation adjustment and other (129 ) 163 (51 ) Net reserves, end of year 17,965 18,070 18,249 Ceded reserves, end of year 4,019 3,934 4,094 Gross reserves, end of year $ 21,984 $ 22,004 $ 22,343 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated 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. |
Schedule of Gross and Net Carried Claim and Claim Adjustment Expense Reserves | The following tables present the gross and net carried reserves: Property Other and Casualty Insurance December 31, 2018 Operations Operations Total (In millions) Gross Case Reserves $ 6,671 $ 4,724 $ 11,395 Gross IBNR Reserves 9,287 1,302 10,589 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 15,958 $ 6,026 $ 21,984 Net Case Reserves $ 6,063 $ 3,460 $ 9,523 Net IBNR Reserves 8,290 152 8,442 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 14,353 $ 3,612 $ 17,965 December 31, 2017 (In millions) Gross Case Reserves $ 6,913 $ 4,757 $ 11,670 Gross IBNR Reserves 9,156 1,178 10,334 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 16,069 $ 5,935 $ 22,004 Net Case Reserves $ 6,343 $ 3,302 $ 9,645 Net IBNR Reserves 8,232 193 8,425 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 14,575 $ 3,495 $ 18,070 |
Details of the Net Prior Year Development in CNA's Property and Casulaity Operations | The following table and discussion presents detail of the development in CNA’s Property & Casualty Operations: Year Ended December 31 2018 2017 2016 (In millions) Medical professional liability $ 47 $ 30 $ 9 Other professional liability and management liability (127 ) (126 ) (14 0) Surety (70 ) (84 ) (6 3) Commercial auto 1 (35 ) (4 7) General liability 32 (24 ) (6 5) Workers’ compensation (32 ) (63 ) 14 5 Other (32 ) (6 ) (12 7) Total pretax (favorable) unfavorable development $ (181 ) $ (308 ) $ (28 8) |
Schedule of Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development for Segment | The table below presents the net liability for unpaid claim and claim adjustment expenses, by line of business for Property & Casualty Operations: December 31 2018 (In millions) Medical professional liability $ 1,457 Other professional liability and management liability 2,849 Surety 379 Commercial auto 412 General liability 3,195 Workers’ compensation 3,968 Other 2,093 Total net liability for unpaid claim and claim adjustment expenses $ 14,353 |
Schedule of Historical Claims Duration | The table below presents information about average historical claims duration as of December 31, 2018 and is presented as required supplementary information, which is unaudited. Average Annual Percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses in Year: 1 2 3 4 5 6 7 8 9 10 Total Medical professional liability 3.8 % 19.7 % 24.3 % 20.1 % 12.1 % 7.2 % 4.5 % 2.5 % 1.0 % 2.9 % 98.1 % Other professional liability and management liability 6.2 % 21.5 % 21.3 % 17.4 % 10.7 % 6.4 % 5.8 % 2.9 % 3.3 % 2.1 % 97.6 % Surety (a) 21.6 % 37.9 % 21.0 % 7.9 % 2.1 % 1.6 % (1.7 )% (0.5 )% - - 89.9 % Commercial auto 28.0 % 23.0 % 18.5 % 14.2 % 9.3 % 3.1 % 1.3 % 0.3 % 0.2 % 0.7 % 98.6 % General liability 4.3 % 15.9 % 19.5 % 20.5 % 15.7 % 8.0 % 5.6 % 3.2 % 1.6 % 0.8 % 95.1 % Workers’ compensation 13.7 % 21.1 % 13.9 % 10.6 % 7.5 % 4.4 % 4.4 % 3.2 % 2.5 % 1.2 % 82.5 % (a) Due to the nature of the Surety business, average annual percentage payout of ultimate net incurred claim and allocated claim adjustment expenses has been calculated using only the payouts of mature accident years presented in the loss reserve development tables. |
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 Statements of Income. Year Ended December 31 2018 2017 2016 (In millions) Additional amounts ceded under LPT: Net A&EP adverse development before consideration of LPT $ 178 $ 60 $ 200 Provision for uncollectible third-party reinsurance on A&EP (16 ) Total additional amounts ceded under LPT 162 60 200 Retroactive reinsurance benefit recognized (114 ) (68 ) (107 ) Pretax impact of deferred retroactive reinsurance $ 48 $ (8 ) $ 93 |
Medical Professional Liability [Member] | |
Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses | December 31, 2018 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 IBNR Claims (In millions, except reported claims data) Accident Year 2009 $ 389 $ 390 $ 392 $ 392 $ 366 $ 346 $ 336 $ 309 $ 302 $ 310 $ - 14,716 2010 402 412 423 426 415 395 365 360 356 - 14,615 2011 429 437 443 468 439 434 437 437 8 16,505 2012 464 469 508 498 493 484 493 10 17,691 2013 462 479 500 513 525 535 28 19,442 2014 450 489 537 530 535 30 19,602 2015 433 499 510 494 78 17,835 2016 427 487 485 120 15,427 2017 412 449 217 13,777 2018 404 333 11,205 Total $ 4,498 $ 824 |
Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses | Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2009 $ 9 $ 63 $ 143 $ 211 $ 247 $ 269 $ 280 $ 288 $ 291 $ 300 2010 10 86 173 257 306 326 337 346 350 2011 17 109 208 295 347 375 398 409 2012 14 117 221 323 388 427 457 2013 17 119 255 355 414 462 2014 23 136 258 359 417 2015 22 101 230 313 2016 18 121 246 2017 19 107 2018 21 Total $ 3,082 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,416 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 18 Liability for unallocated claim adjustment expenses for accident years presented 23 Total net liability for unpaid claim and claim adjustment expenses $ 1,457 |
Schedule of Net Strengthening or (Releases) of Prior Accident Year Reserves | Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2009 $ 1 $ 2 $ - $ (26 ) $ (20 ) $ (10 ) $ (27 ) $ (7 ) $ 8 $ (79 ) 2010 10 11 3 (11 ) (20 ) (30 ) (5 ) (4 ) (46 ) 2011 8 6 25 (29 ) (5 ) 3 - 8 2012 5 39 (10 ) (5 ) (9 ) 9 29 2013 17 21 13 12 10 73 2014 39 48 (7 ) 5 85 2015 66 11 (16 ) 61 2016 60 (2 ) 58 2017 37 37 Total net development for the accident years presented above 60 58 47 Total net development for accident years prior to 2009 (51 ) (21 ) 1 Total unallocated claim adjustment expense development - (7 ) (1 ) Total $ 9 $ 30 $ 47 (a) Data presented for these calendar years is required supplemental information, which is unaudited. |
Other Professional Liability and Management Liability [Member] | |
Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses | Other Professional Liability and Management Liability December 31, 2018 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 IBNR Claims (In millions, except reported claims data) Accident Year 2009 $ 831 $ 875 $ 908 $ 903 $ 893 $ 903 $ 897 $ 906 $ 904 $ 892 $ 18 17,374 2010 828 828 848 848 847 837 824 827 821 19 17,888 2011 880 908 934 949 944 911 899 888 39 18,728 2012 923 909 887 878 840 846 833 41 18,491 2013 884 894 926 885 866 863 65 17,918 2014 878 898 885 831 835 88 17,515 2015 888 892 877 832 194 17,333 2016 901 900 900 279 17,787 2017 847 845 479 17,780 2018 850 726 16,564 Total $ 8,559 $ 1,948 |
Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses | Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2009 $ 37 $ 195 $ 361 $ 553 $ 641 $ 722 $ 772 $ 801 $ 825 $ 844 2010 31 204 405 541 630 670 721 752 784 2011 71 314 503 605 683 726 781 796 2012 56 248 400 573 651 711 755 2013 54 249 447 618 702 754 2014 51 223 392 515 647 2015 60 234 404 542 2016 64 248 466 2017 57 222 2018 54 Total $ 5,864 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 2,695 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 90 Liability for unallocated claim adjustment expenses for accident years presented 64 Total net liability for unpaid claim and claim adjustment expenses $ 2,849 |
Schedule of Net Strengthening or (Releases) of Prior Accident Year Reserves | Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2009 $ 44 $ 33 $ (5 ) $ (10 ) $ 10 $ (6 ) $ 9 $ (2 ) $ (12 ) $ 61 2010 - 20 - (1 ) (10 ) (13 ) 3 (6 ) (7 ) 2011 28 26 15 (5 ) (33 ) (12 ) (11 ) 8 2012 (14 ) (22 ) (9 ) (38 ) 6 (13 ) (90 ) 2013 10 32 (41 ) (19 ) (3 ) (21 ) 2014 20 (13 ) (54 ) 4 (43 ) 2015 4 (15 ) (45 ) (56 ) 2016 (1 ) - (1 ) 2017 (2 ) (2 ) Total net development for the accident years presented above (125 ) (94 ) (88 ) Total net development for accident years prior to 2009 (15 ) (25 ) (32 ) Total unallocated claim adjustment expense development - (7 ) (7 ) Total $ (140 ) $ (126 ) $ (127 ) (a) Data presented for these calendar years is required supplemental information, which is unaudited. |
Surety [Member] | |
Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 IBNR Claims (In millions, except reported claims data) Accident Year 2009 $ 114 $ 114 $ 103 $ 85 $ 68 $ 59 $ 52 $ 53 $ 53 $ 52 $ 1 6,688 2010 112 112 111 84 76 66 63 59 61 1 5,971 2011 120 121 116 87 75 70 66 62 1 5,808 2012 120 122 98 70 52 45 39 2 5,559 2013 120 121 115 106 91 87 6 5,039 2014 123 124 94 69 60 19 5,036 2015 131 131 104 79 36 4,887 2016 124 124 109 60 5,185 2017 120 115 78 4,936 2018 114 101 3,105 Total $ 778 $ 305 |
Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses | Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2009 $ 13 $ 24 $ 34 $ 41 $ 43 $ 45 $ 46 $ 47 $ 47 $ 47 2010 13 34 50 55 57 58 55 52 52 2011 19 42 55 58 60 60 56 57 2012 5 32 34 35 35 36 37 2013 16 40 69 78 78 78 2014 7 30 38 36 38 2015 7 26 38 40 2016 5 37 45 2017 23 37 2018 5 Total $ 436 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 342 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 7 Liability for unallocated claim adjustment expenses for accident years presented 30 Total net liability for unpaid claim and claim adjustment expenses $ 379 |
Schedule of Net Strengthening or (Releases) of Prior Accident Year Reserves | Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2009 $ - $ (11 ) $ (18 ) $ (17 ) $ (9 ) $ (7 ) $ 1 $ - $ (1 ) $ (62 ) 2010 - (1 ) (27 ) (8 ) (10 ) (3 ) (4 ) 2 (51 ) 2011 1 (5 ) (29 ) (12 ) (5 ) (4 ) (4 ) (58 ) 2012 2 (24 ) (28 ) (18 ) (7 ) (6 ) (81 ) 2013 1 (6 ) (9 ) (15 ) (4 ) (33 ) 2014 1 (30 ) (25 ) (9 ) (63 ) 2015 - (27 ) (25 ) (52 ) 2016 - (15 ) (15 ) 2017 (5 ) (5 ) Total net development for the accident years presented above (64 ) (82 ) (67 ) Total net development for accident years prior to 2009 1 1 (3 ) Total unallocated claim adjustment expense development - (3 ) - Total $ (63 ) $ (84 ) $ (70 ) (a) Data presented for these calendar years is required supplemental information, which is unaudited. |
Commercial Auto [Member] | |
Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 IBNR Claims (In millions, except reported claims data) Accident Year 2009 $ 291 $ 276 $ 280 $ 282 $ 285 $ 281 $ 278 $ 276 $ 276 $ 277 $ - 48,499 2010 267 283 287 291 298 293 289 288 288 1 48,030 2011 268 281 288 302 300 294 294 294 4 47,905 2012 275 289 299 303 307 299 299 6 46,288 2013 246 265 265 249 245 245 7 39,429 2014 234 223 212 205 205 9 33,609 2015 201 199 190 190 22 30,388 2016 198 186 186 27 30,342 2017 199 198 45 30,580 2018 229 118 28,602 Total $ 2,411 $ 239 |
Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses | Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2009 $ 73 $ 130 $ 191 $ 233 $ 261 $ 272 $ 274 $ 274 $ 275 $ 277 2010 74 141 203 246 271 281 286 287 287 2011 79 145 199 248 274 284 287 289 2012 78 160 220 259 282 285 290 2013 74 135 168 200 225 234 2014 64 102 137 166 187 2015 52 96 130 153 2016 52 93 126 2017 58 107 2018 66 Total $ 2,016 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 395 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 6 Liability for unallocated claim adjustment expenses for accident years presented 11 Total net liability for unpaid claim and claim adjustment expenses $ 412 |
Schedule of Net Strengthening or (Releases) of Prior Accident Year Reserves | Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2009 $ (15 ) $ 4 $ 2 $ 3 $ (4 ) $ (3 ) $ (2 ) $ - $ 1 $ (14 ) 2010 16 4 4 7 (5 ) (4 ) (1 ) - 21 2011 13 7 14 (2 ) (6 ) - - 26 2012 14 10 4 4 (8 ) - 24 2013 19 - (16 ) (4 ) - (1 ) 2014 (11 ) (11 ) (7 ) - (29 ) 2015 (2 ) (9 ) - (11 ) 2016 (12 ) - (12 ) 2017 (1 ) (1 ) Total net development for the accident years presented above (37 ) (41 ) - Total net development for accident years prior to 2009 (10 ) 4 - Total unallocated claim adjustment expense development - 2 1 Total $ (47 ) $ (35 ) $ 1 (a) Data presented for these calendar years is required supplemental information, which is unaudited. |
General Liability [Member] | |
Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 IBNR Claims (In millions, except reported claims data) Accident Year 2009 $ 662 $ 716 $ 733 $ 755 $ 752 $ 756 $ 755 $ 754 $ 755 $ 755 $ 16 44,934 2010 646 664 658 709 750 726 697 691 691 24 44,144 2011 591 589 631 677 676 681 670 669 26 39,283 2012 587 611 639 636 619 635 635 46 35,083 2013 650 655 650 655 613 623 51 33,420 2014 653 658 654 631 635 71 27,736 2015 581 576 574 589 122 23,471 2016 623 659 667 265 23,078 2017 632 632 412 19,716 2018 653 553 13,336 Total $ 6,549 $ 1,586 |
Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses | Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2009 $ 33 $ 124 $ 305 $ 468 $ 576 $ 625 $ 663 $ 701 $ 721 $ 727 2010 27 145 280 429 561 611 642 652 656 2011 28 148 273 411 517 568 602 622 2012 28 132 247 374 454 510 559 2013 31 128 240 352 450 510 2014 31 119 247 376 481 2015 19 110 230 357 2016 32 163 279 2017 23 118 2018 33 Total $ 4,342 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 2,207 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 927 Liability for unallocated claim adjustment expenses for accident years presented 61 Total net liability for unpaid claim and claim adjustment expenses $ 3,195 |
Schedule of Net Strengthening or (Releases) of Prior Accident Year Reserves | Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2009 $ 54 $ 17 $ 22 $ (3 ) $ 4 $ (1 ) $ (1 ) $ 1 $ - $ 93 2010 18 (6 ) 51 41 (24 ) (29 ) (6 ) - 45 2011 (2 ) 42 46 (1 ) 5 (11 ) (1 ) 78 2012 24 28 (3 ) (17 ) 16 - 48 2013 5 (5 ) 5 (42 ) 10 (27 ) 2014 5 (4 ) (23 ) 4 (18 ) 2015 (5 ) (2 ) 15 8 2016 36 8 44 2017 - - Total net development for the accident years presented above (46 ) (31 ) 36 Total net development for accident years prior to 2009 (19 ) (1 ) - Total unallocated claim adjustment expense development - 8 (4 ) Total $ (65 ) $ (24 ) $ 32 (a) Data presented for these calendar years is required supplemental information, which is unaudited. |
Workers' Compensation [Member] | |
Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 (a) 2018 IBNR Claims (In millions, except reported claims data) Accident Year 2009 $ 592 $ 599 $ 609 $ 611 $ 616 $ 626 $ 631 $ 638 $ 649 $ 650 $ 46 51,822 2010 583 632 654 676 698 710 730 733 732 44 49,106 2011 607 641 647 659 651 676 676 674 27 45,637 2012 601 627 659 669 678 673 671 59 42,477 2013 537 572 592 618 593 582 86 38,665 2014 467 480 479 452 450 104 33,465 2015 422 431 406 408 146 31,828 2016 426 405 396 171 31,905 2017 440 432 171 32,811 2018 450 276 30,399 Total $ 5,445 $ 1,130 |
Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses | Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2009 $ 89 $ 227 $ 321 $ 388 $ 443 $ 476 $ 503 $ 525 $ 549 $ 557 2010 97 251 359 442 510 542 577 615 625 2011 99 249 358 438 478 522 564 571 2012 87 232 342 416 470 509 524 2013 80 213 300 370 417 419 2014 61 159 215 258 282 2015 51 131 180 212 2016 53 129 169 2017 63 151 2018 68 Total $ 3,578 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,867 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 2,131 Other (b) (32 ) Liability for unallocated claim adjustment expenses for accident years presented 2 Total net liability for unpaid claim and claim adjustment expenses $ 3,968 |
Schedule of Net Strengthening or (Releases) of Prior Accident Year Reserves | Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2009 $ 7 $ 10 $ 2 $ 5 $ 10 $ 5 $ 7 $ 11 $ 1 58 2010 49 22 22 22 12 20 3 (1 ) 149 2011 34 6 12 (8 ) 25 - (2 ) 67 2012 26 32 10 9 (5 ) (2 ) 70 2013 35 20 26 (25 ) (11 ) 45 2014 13 (1 ) (27 ) (2 ) (17 ) 2015 9 (25 ) 2 (14 ) 2016 (21 ) (9 ) (30 ) 2017 (8 ) (8 ) Total net development for the accident years presented above 95 (89 ) (32 ) Adjustment for development on a discounted basis (3 ) (3 ) - Total net development for accident years prior to 2009 53 28 7 Total unallocated claim adjustment expense development - 1 (7 ) Total $ 145 $ (63 ) $ (32 ) (a) Data presented for these calendar years is required supplemental information, which is unaudited. (b) Other includes the effect of discounting lifetime claim reserves. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Future Minimum Lease Payments to be Made Under Non-Cancelable Operating Leases Along with Lease and Sublease Minimum Receipts to be Received on Owned and Leased Properties | The table below presents the future minimum lease payments to be made under non-cancelable Future Minimum Lease Year Ended December 31 Payments Receipts (In millions) 2019 $ 75 $ 6 2020 79 5 2021 79 5 2022 68 4 2023 57 4 Thereafter 344 14 Total $ 702 $ 38 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Current and Deferred Components of Income Tax Expense (Benefit) | The current and deferred components of income tax expense (benefit) are as follows: Year Ended December 31 2018 2017 2016 (In millions) Income tax expense (benefit): Federal: Current $ 6 $ 157 $ 71 Deferred 85 (63 ) 102 State and city: Current 15 22 13 Deferred 9 17 13 Foreign 13 37 21 Total $ 128 $ 170 $ 220 |
Components of U.S. and Foreign Income and Reconciliation between Federal Income Tax Expense at Statutory Rates and Actual Income Tax Expense (Benefit) | The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense (benefit) is as follows: Year Ended December 31 2018 2017 2016 (In millions) Income before income tax: U.S. $ 775 $ 1,322 $ 1,207 Foreign 59 260 (271 ) Total $ 834 $ 1,582 $ 936 Income tax expense at statutory rate $ 175 $ 554 $ 328 Increase (decrease) in income tax expense resulting from: Effect of the Tax Act (6 ) (190 ) Exempt investment income (64 ) (134 ) (126 ) Foreign related tax differential 1 (36 ) 40 Taxes related to domestic affiliate (7 ) 1 (14 ) Partnership earnings not subject to taxes (14 ) (51 ) (52 ) Valuation allowance 12 7 62 Unrecognized tax positions, settlements and adjustments relating to prior years 2 (8 ) (42 ) State taxes 20 23 18 Other 9 4 6 Income tax expense (benefit) $ 128 $ 170 $ 220 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Tax Carryforwards and Interest and Penalties | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding tax carryforwards and interest and penalties, is as follows: Year Ended December 31 2018 2017 2016 (In millions) Balance at January 1 $ 84 $ 35 $ 54 Additions for tax positions related to the current year 3 51 4 Additions for tax positions related to a prior year 20 5 1 Reductions for tax positions related to a prior year (48 ) (1 ) (20 ) Lapse of statute of limitations (1 ) (6 ) (4 ) Balance at December 31 $ 58 $ 84 $ 35 |
Summary of Deferred Tax Assets and Liabilities | The following table summarizes deferred tax assets and liabilities: December 31 2018 2017 (In millions) Deferred tax assets: Insurance reserves: Property and casualty claim and claim adjustment expense reserves $ 108 $ 74 Unearned premium reserves 108 142 Receivables 13 13 Employee benefits 222 243 Deferred retroactive reinsurance benefit 79 68 Net operating loss carryforwards 251 169 Tax credit carryforwards 101 199 Net unrealized losses 24 Basis differential in investment in subsidiary 8 15 Other 197 211 Total deferred tax assets 1,111 1,134 Valuation allowance (175 ) (169 ) Net deferred tax assets 936 965 Deferred tax liabilities: Deferred acquisition costs (78 ) (77 ) Net unrealized gains (263 ) Property, plant and equipment (840 ) (765 ) Basis differential in investment in subsidiary (586 ) (364 ) Other liabilities (236 ) (220 ) Total deferred tax liabilities (1,740 ) (1,689 ) Net deferred tax liabilities (a) $ (804 ) $ (724 ) (a) Includes $37 and $25 of deferred tax assets reflected in Other assets in the Consolidated Balance Sheets at December 31, 2018 and 2017. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | December 31 2018 2017 (In millions) Loews Corporation (Parent Company): Senior: 2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500) $ 500 $ 500 3.8% notes due 2026 (effective interest rate of 3.9%) (authorized, $500) 500 500 6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300) 300 300 4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500) 500 500 CNA Financial: Senior: 7.0% notes due 2018 (effective interest rate of 7.1%) (authorized, $150) 150 5.9% notes due 2020 (effective interest rate of 6.0%) (authorized, $500) 500 500 5.8% notes due 2021 (effective interest rate of 5.9%) (authorized, $400) 400 400 7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250) 243 243 4.0% notes due 2024 (effective interest rate of 4.0%) (authorized, $550) 550 550 4.5% notes due 2026 (effective interest rate of 4.5%) (authorized, $500) 500 500 3.5% notes due 2027 (effective interest rate of 3.6%) (authorized, $500) 500 500 Variable rate note due 2036 (effective interest rate of 4.9%) 30 Capital lease obligation 1 3 Diamond Offshore: Senior: 3.5% notes due 2023 (effective interest rate of 3.6%) (authorized, $250) 250 250 7.9% notes due 2025 (effective interest rate of 8.0%) (authorized, $500) 500 500 5.7% notes due 2039 (effective interest rate of 5.8%) (authorized, $500) 500 500 4.9% notes due 2043 (effective interest rate of 5.0%) (authorized, $750) 750 750 Boardwalk Pipeline: Senior: Variable rate revolving credit facility due 2022 (effective interest rate of 3.7% and 2.7%) 580 385 5.2% notes due 2018 (effective interest rate of 5.4%) (authorized, $185) 185 5.8% notes due 2019 (effective interest rate of 5.9%) (authorized, $350) 350 350 4.5% notes due 2021 (effective interest rate of 5.0%) (authorized, $440) 440 440 4.0% notes due 2022 (effective interest rate of 4.4%) (authorized, $300) 300 300 3.4% notes due 2023 (effective interest rate of 3.5%) (authorized, $300) 300 300 5.0% notes due 2024 (effective interest rate of 5.2%) (authorized, $600) 600 600 6.0% notes due 2026 (effective interest rate of 6.2%) (authorized, $550) 550 550 4.5% notes due 2027 (effective interest rate of 4.6%) (authorized, $500) 500 500 7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100) 100 100 Capital lease obligation 8 9 Loews Hotels & Co: Senior debt, principally mortgages (effective interest rates approximate 4.4%) 653 648 Consolidated Container: Senior: Variable rate asset based lending facility due 2022 (effective interest rate of 5.5%) 9 Variable rate term loan due 2024 (effective interest rate of 5.0% and 5.5%) 597 604 Capital lease obligation 7 6 11,488 11,653 Less unamortized discount and issuance costs 112 120 Debt $ 11,376 $ 11,533 |
Schedule of Debt by Subsidiary | December 31, 2018 Principal Unamortized Net Short Term Long Term (In millions) Loews Corporation $ 1,800 $ 22 $ 1,778 $ 1,778 CNA Financial 2,694 13 2,681 2,681 Diamond Offshore 2,000 26 1,974 1,974 Boardwalk Pipeline 3,728 26 3,702 $ 1 3,701 Loews Hotels & Co 653 11 642 642 Consolidated Container 613 14 599 16 583 Total $ 11,488 $ 112 $ 11,376 $ 17 $ 11,359 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The tables below present the changes in AOCI by component for the years ended December 31, 2016, 2017 and 2018: OTTI Unrealized Cash Flow Pension Foreign Total (In millions) Balance, January 1, 2016 $ 24 $ 347 $ (3 ) $ (649 ) $ (76 ) $ (357) Other comprehensive income (loss) before reclassifications, after tax of $(4), $(133), $0, $9 and $0 9 283 (22 ) (114 ) 156 Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $3, $16, $0, $(15) and $0 (6 ) (26) 2 27 (3) Other comprehensive income (loss) 3 257 2 5 (114 ) 153 Amounts attributable to noncontrolling interests (28) (1 ) (2 ) 12 (19) Balance, December 31, 2016 27 576 (2 ) (646 ) (178 ) (223) Other comprehensive income (loss) before reclassifications, after tax of $1, $(106), $(2), $4 and $0 (3 ) 190 1 (18 ) 100 270 Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $1, $38, $0, $(16) and $0 (2 ) (82) 2 30 (52) Other comprehensive income (loss) (5 ) 108 3 12 100 218 Amounts attributable to noncontrolling interests (11) (1 ) 1 (10 ) (21) Balance, December 31, 2017 22 673 - (633 ) (88 ) (26) Cumulative effect adjustment for adoption of ASU 2016-01 (a), (25) (25) Cumulative effect adjustment for adoption of ASU 2018-02 (a) 4 123 (130 ) (3) Balance, January 1, 2018, as adjusted 26 771 - (763 ) (88 ) (54) Other comprehensive income (loss) before reclassifications, after tax of $2, $213, $(2), $9 and $0 (7 ) (801) 4 (34 ) (84 ) (922) Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $2, $(2), $0, $(6) and $0 (7 ) 3 2 32 30 Other comprehensive income (loss) (14 ) (798) 6 (2 ) (84 ) (892) Amounts attributable to noncontrolling interests 2 84 9 95 Purchase of Boardwalk Pipeline common units (1 ) (28 ) (29) Balance, December 31, 2018 $ 14 $ 57 $ 5 $ (793 ) $ (163 ) $ (880) (a) See Note 1 for information regarding this accounting standard. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 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 20: Year Ended December 31 2018 2017 (a) 2016 (a) (In millions) Non-insurance $ 1,007 $ 390 $ 361 Contract drilling – Diamond Offshore $ 1,083 $ 1,486 $ 1,600 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipeline 1,206 1,298 1,291 Lodging and related services – Loews Hotels & Co 730 682 667 Rigid plastic packaging and recycled resin – Corporate 867 498 Total revenues from contracts with customers 3,886 3,964 3,558 Other revenues 101 89 77 Operating revenues and other $ 3,987 $ 4,053 $ 3,635 (a) Prior period amounts have not been adjusted under the modified retrospective method of adoption for ASU 2014-09. |
Statutory Accounting Practices
Statutory Accounting Practices (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Combined Statutory Capital and Surplus and Net Income | Combined statutory capital and surplus and statutory net income for the Combined Continental Casualty Companies are presented in the table below, determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities. Statutory Capital and Surplus Statutory Net Income December 31 Year Ended December 31 2018(a) 2017 2018(a) 2017 2016 (In millions) Combined Continental Casualty Companies $ 10,411 $ 10,726 $ 1,405 $ 1,029 $ 1,033 (a) Information derived from the statutory-basis financial statements to be filed with insurance regulators. |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | Weighted average assumptions used to determine benefit obligations: Pension Benefits Other Postretirement Benefits December 31 2018 2017 2016 2018 2017 2016 Discount rate 4.1% 3.5% 3.9% 4.1% 3.4% 3.7% Expected long term rate of return on plan assets 7.5% 7.5% 7.5% 5.3% 5.3% 5.3% Interest crediting rate 3.8% 3.7% 3.7% Rate of compensation increase 3.9% to 5.5% 3.9% to 5.5% 3.9% to 5.5% Weighted average assumptions used to determine net periodic benefit cost: Pension Benefits Other Postretirement Benefits Year Ended December 31 2018 2017 2016 2018 2017 2016 Discount rate 3.6% 3.8% 4.0% 3.4% 3.7% 3.7% Expected long term rate of return on plan assets 7.5% 7.5% 7.5% 5.3% 5.3% 5.3% Interest crediting rate 3.7% 3.7% 3.7% Rate of compensation increase 3.9% to 5.5% 3.9% to 5.5% 3.5% to 5.5% |
Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates: December 31 2018 2017 2016 Health care cost trend rate assumed for next year 4.0% to 6.5% 4.0% to 7.0% 4.0% to 7.0% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.0% to 5.0% 4.0% to 5.0% 4.0% to 5.0% Year that the rate reaches the ultimate trend rate 2019-2022 2018-2022 2017-2021 |
Components of Net Periodic Benefit Cost | Net periodic benefit cost components: Pension Benefits Other Postretirement Benefits Year Ended December 31 2018 2017 2016 2018 2017 2016 (In millions) Service cost $ 8 $ 8 $ 8 $ 1 $ 1 $ 1 Interest cost 110 119 128 2 2 3 Expected return on plan assets (179 ) (173 ) (177 ) (5 ) (5 ) (5) Amortization of unrecognized net loss 42 43 46 (1 ) Amortization of unrecognized prior service benefit (1 ) (2 ) (2 ) (3) Settlement 9 11 3 Net periodic benefit cost $ (10) $ 8 $ 7 $ (5 ) $ (4 ) $ (4) |
Reconciliation of Benefit Obligations and Plan Assets | The following provides a reconciliation of benefit obligations and plan assets: Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 (In millions) Change in benefit obligation: Benefit obligation at January 1 $ 3,242 $ 3,131 $ 62 $ 66 Acquisitions 103 Service cost 8 8 1 1 Interest cost 110 119 2 2 Plan participants’ contributions 4 5 Amendments Actuarial (gain) loss (212 ) 100 (6 ) (1) Benefits paid from plan assets (187 ) (192 ) (10 ) (11) Settlements (35 ) (37 ) Foreign exchange (7 ) 10 Benefit obligation at December 31 2,919 3,242 53 62 Change in plan assets: Fair value of plan assets at January 1 2,577 2,423 88 86 Acquisitions 75 Actual return on plan assets (83 ) 247 5 Company contributions 39 51 3 3 Plan participants’ contributions 4 5 Benefits paid from plan assets (187 ) (192 ) (10 ) (11) Settlements (35 ) (37 ) Foreign exchange (7 ) 10 Fair value of plan assets at December 31 2,304 2,577 85 88 Funded status $ (615 ) $ (665 ) $ 32 $ 26 |
Amounts Recognized in the Consolidated Balance Sheets | Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 (In millions) Amounts recognized in the Consolidated Balance Sheets consist of: Other assets $ 9 $ 4 $ 49 $ 47 Other liabilities (624) (669) (17 ) (21) Net amount recognized $ (615) $ (665) $ 32 $ 26 |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Not Yet Recognized in Net Periodic (Benefit) Cost | Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost: Prior service credit $ (2) $ (3) $ (1) $ (3) Net actuarial loss 1,065 1,069 (3) (3) Net amount recognized $ 1,063 $ 1,066 $ (4) $ (6) |
Plans With Projected and Accumulated Benefit Obligations in Excess of Plan Assets | Information for plans with projected and accumulated benefit obligations in excess of plan assets: Projected benefit obligation $ 2,825 $ 3,132 Accumulated benefit obligation 2,813 3,117 $ 18 $ 21 Fair value of plan assets 2,201 2,462 |
Estimated Future Minimum Benefit Payments | The table below presents the estimated future minimum benefit payments at December 31, 2018. Expected future benefit payments Pension Other (In millions) 2019 $ 218 $ 5 2020 223 5 2021 210 5 2022 218 4 2023 214 4 2024 – 2028 1,026 16 |
Pension Benefits [Member] | |
Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis | Pension plan assets measured at fair value on a recurring basis are summarized below. December 31, 2018 Level 1 Level 2 Level 3 Total (In millions) Plan assets at fair value: Fixed maturity securities: Corporate and other bonds $ 472 $ 10 $ 482 States, municipalities and political subdivisions 58 58 Asset-backed 165 165 Total fixed maturities $ - 695 10 705 Equity securities 406 110 516 Short term investments 36 54 90 Fixed income mutual funds 120 120 Other assets 9 9 Total plan assets at fair value $ 562 $ 868 $ 10 $ 1,440 Plan assets at net asset value: (a) Limited partnerships 864 Total plan assets $ 562 $ 868 $ 10 $ 2,304 December 31, 2017 Level 1 Level 2 Level 3 Total (In millions) Plan assets at fair value: Fixed maturity securities: Corporate and other bonds $ 522 $ 10 $ 532 States, municipalities and political subdivisions 62 62 Asset-backed 182 182 Total fixed maturities $ - 766 10 776 Equity securities 449 122 571 Short term investments 29 11 40 Fixed income mutual funds 96 96 Other assets 13 9 22 Total plan assets at fair value $ 587 $ 908 $ 10 $ 1,505 Plan assets at net asset value: (a) Limited partnerships 990 Collective investment trust funds 82 Total plan assets $ 587 $ 908 $ 10 $ 2,577 (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis | Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below. December 31, 2018 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 24 $ 24 States, municipalities and political subdivisions 11 11 Asset-backed 30 30 Total fixed maturities $ - 65 $ - 65 Short term investments 4 4 Fixed income mutual funds 16 16 Total $ 20 $ 65 $ - $ 85 December 31, 2017 Fixed maturity securities: Corporate and other bonds $ 18 $ 18 States, municipalities and political subdivisions 42 42 Asset-backed 12 12 Total fixed maturities $ - 72 $ - 72 Short term investments 2 2 Fixed income mutual funds 14 14 Total $ 16 $ 72 $ - $ 88 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Insurance [Abstract] | |
Summary of Amounts Receivable from Reinsurers | The following table presents the amounts receivable from reinsurers: December 31 2018 2017 (In millions) Reinsurance receivables related to insurance reserves: Ceded claim and claim adjustment expenses $ 4,019 $ 3,934 Ceded future policy benefits 233 230 Reinsurance receivables related to paid losses 203 126 Reinsurance receivables 4,455 4,290 Less allowance for doubtful accounts 29 29 Reinsurance receivables, net of allowance for doubtful accounts $ 4,426 $ 4,261 |
Summary of Effects of Reinsurance on Earned Premiums | The effects of reinsurance on earned premiums are presented in the following table: Assumed/ Direct Assumed Ceded Net Net % (In millions) Year Ended December 31, 2018 Property and casualty $ 10,857 $ 305 $ 4,380 $ 6,782 4.5 % Long term care 480 50 530 9.4 Earned premiums $ 11,337 $ 355 $ 4,380 $ 7,312 4.9 % Year Ended December 31, 2017 Property and casualty $ 10,447 $ 317 $ 4,315 $ 6,449 4.9 % Long term care 489 50 539 9.3 Earned premiums $ 10,936 $ 367 $ 4,315 $ 6,988 5.3 % Year Ended December 31, 2016 Property and casualty $ 10,400 $ 258 $ 4,270 $ 6,388 4.0 % Long term care 486 50 536 9.3 Earned premiums $ 10,886 $ 308 $ 4,270 $ 6,924 4.4 % |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2018 Quarter Ended Dec. 31 Sept. 30 June 30 March 31 (In millions, except per share data) Total revenues $ 3,287 $ 3,608 $ 3,590 $ 3,581 Net income (loss) (a) (165 ) 278 230 293 Per share-basic and diluted (0.53 ) 0.88 0.72 0.89 2017 Quarter Ended Total revenues (b) $ 3,555 $ 3,521 $ 3,359 $ 3,300 Net income (c) 481 157 231 295 Per share-basic 1.43 0.46 0.69 0.88 Per share-diluted 1.43 0.46 0.69 0.87 The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date (a) Net loss for the fourth quarter of 2018 includes a loss on limited partnership and common stock investments of $97 million (after tax and noncontrolling interests), catastrophe losses of $96 million (after tax and noncontrolling interests) and net investment losses of $57 million (after tax). (b) Prior period amounts have not been adjusted under the modified retrospective method of adoption of ASU 2014-09 2016-01. (c) Net income for the fourth quarter of 2017 includes the impact of a $200 million net benefit resulting from the enactment of the Tax Act. |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Consolidating Statement of Income and Total Assets by Segment | Statements of Income and Total assets by segment are presented in the following tables. CNA Diamond Boardwalk Loews Year Ended December 31, 2018 Financial Offshore Pipeline Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 7,312 $ 7,312 Net investment income (loss) 1,817 $ 8 $ 2 $ (10 ) 1,817 Investment losses (57) (57) Non-insurance 1,007 1,007 Operating revenues and other 55 1,085 $ 1,227 753 867 3,987 Total 10,134 1,093 1,227 755 857 14,066 Expenses: Insurance claims and policyholders’ benefits 5,572 5,572 Amortization of deferred acquisition costs 1,335 1,335 Non-insurance 923 923 Operating expenses and other 1,203 1,196 820 653 956 4,828 Interest 138 123 176 29 108 574 Total 9,171 1,319 996 682 1,064 13,232 Income (loss) before income tax 963 (226 ) 231 73 (207 ) 834 Income tax (expense) benefit (151) 30 (28 ) (25 ) 46 (128) Net income (loss) 812 (196 ) 203 48 (161 ) 706 Amounts attributable to noncontrolling interests (86) 84 (68 ) (70) Net income (loss) attributable to Loews Corporation $ 726 $ (112 ) $ 135 $ 48 $ (161 ) $ 636 December 31, 2018 Total assets $ 57,123 $ 6,036 $ 9,131 $ 1,812 $ 4,214 $ 78,316 CNA Diamond Boardwalk Loews Year Ended December 31, 2017 Financial Offshore Pipeline Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 6,988 $ 6,988 Net investment income 2,034 $ 2 $ 146 2,182 Investment gains 122 122 Non-insurance 390 390 Operating revenues and other 49 1,498 $ 1,325 $ 682 499 4,053 Total 9,583 1,500 1,325 682 645 13,735 Expenses: Insurance claims and policyholders’ benefits 5,310 5,310 Amortization of deferred acquisition costs 1,233 1,233 Non-insurance 299 299 Operating expenses and other 1,224 1,373 861 589 618 4,665 Interest 203 149 171 28 95 646 Total 8,269 1,522 1,032 617 713 12,153 Income (loss) before income tax 1,314 (22 ) 293 65 (68 ) 1,582 Income tax (expense) benefit (419 ) 4 232 (1 ) 14 (170 ) Net income (loss) 895 (18 ) 525 64 (54 ) 1,412 Amounts attributable to noncontrolling interests (94 ) (9 ) (145 ) (248 ) Net income (loss) attributable to Loews Corporation $ 801 $ (27 ) $ 380 $ 64 $ (54 ) $ 1,164 December 31, 2017 Total assets $ 56,539 $ 6,251 $ 8,972 $ 1,558 $ 6,266 $ 79,586 CNA Diamond Boardwalk Loews Year Ended December 31, 2016 Financial Offshore Pipeline Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 6,924 $ 6,924 Net investment income 1,988 $ 1 $ 146 2,135 Investment gains (losses) 62 (12 ) 50 Non-insurance 361 361 Operating revenues and other 49 1,600 $ 1,316 $ 667 3 3,635 Total 9,384 1,589 1,316 667 149 13,105 Expenses: Insurance claims and policyholders’ benefits 5,283 5,283 Amortization of deferred acquisition costs 1,235 1,235 Non-insurance 271 271 Operating expenses and other 1,287 1,970 835 621 131 4,844 Interest 167 90 183 24 72 536 Total 8,243 2,060 1,018 645 203 12,169 Income (loss) before income tax 1,141 (471 ) 298 22 (54 ) 936 Income tax (expense) benefit (279 ) 111 (61 ) (10 ) 19 (220 ) Net income (loss) 862 (360 ) 237 12 (35 ) 716 Amounts attributable to noncontrolling interests (88 ) 174 (148 ) (62 ) Net income (loss) attributable to Loews Corporation $ 774 $ (186 ) $ 89 $ 12 $ (35 ) $ 654 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2016 | Jan. 01, 2019 | Sep. 30, 2018 |
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Increase (decrease) in Shadow Adjustments | $ (298,000,000) | $ 355,000,000 | |||||||
Net unrealized gains on investments included in "AOCI" | 964,000,000 | 1,300,000,000 | |||||||
Investment in joint venture entities | $ 312,000,000 | $ 237,000,000 | 312,000,000 | 237,000,000 | |||||
Equity income (loss) for the investments | $ 73,000,000 | 81,000,000 | $ 41,000,000 | ||||||
Initial collateral deposit as a percentage of the fair value of the securities loaned | 100.00% | ||||||||
Collateral held | $ 0 | 0 | $ 0 | 0 | |||||
Interest rate used to discount workers' compensation lifetime claim reserves | 3.50% | 3.50% | |||||||
Discounted reserves for workers' compensation lifetime claim reserves | $ 343,000,000 | 346,000,000 | $ 343,000,000 | 346,000,000 | |||||
Discounted reserves for workers' compensation lifetime claims reserves, discount amount | 168,000,000 | $ 190,000,000 | 168,000,000 | 190,000,000 | |||||
Interest recognized on discounted reserves for workers' compensation lifetime claim reserves | 16,000,000 | $ 19,000,000 | $ 17,000,000 | ||||||
Long term care active life reserves, interest rate range, minimum | 6.60% | 6.60% | 6.60% | ||||||
Long term care active life reserves, interest rate range, maximum | 7.00% | 7.00% | 7.00% | ||||||
Liability balance for guaranty fund | $ 108,000,000 | $ 121,000,000 | $ 108,000,000 | $ 121,000,000 | |||||
Billed receivables percentage of total reinsurance receivables | 5.00% | 5.00% | |||||||
Tax benefit of a qualifying position is the largest amount of tax benefit threshold | 50.00% | 50.00% | |||||||
Potential shares attributable to exercises included in diluted EPS calculation | 0.9 | 0.9 | 0.4 | ||||||
Shares excluded from diluted EPS calculation | 0 | 0.4 | 3.7 | ||||||
Foreign currency transaction gain (loss) | $ 0 | $ 26,000,000 | $ (21,000,000) | ||||||
Cash payments made for interest on long term debt, net of capitalized interest | 558,000,000 | 533,000,000 | 511,000,000 | ||||||
Cash payments for federal, foreign, state and local income taxes amount | 101,000,000 | 166,000,000 | 114,000,000 | ||||||
Accrued capital expenditures not included in investing activities | 15,000,000 | 18,000,000 | |||||||
Accrued capital expenditures included in investing activities | 87,000,000 | ||||||||
Deferred non-insurance warranty acquisition costs | $ 2,513,000,000 | 212,000,000 | 2,513,000,000 | 212,000,000 | |||||
Deferred non-insurance warranty revenue | 3,402,000,000 | $ 3,000,000,000 | 972,000,000 | 3,402,000,000 | 972,000,000 | ||||
CNA Financial [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Anticipated amounts due from insureds related to losses under deductible policies | $ 1,200,000,000 | $ 1,200,000,000 | |||||||
Discounted reserves for unfunded structured settlements | 512,000,000 | 527,000,000 | |||||||
Discounted reserves for unfunded structured settlements, discount amount | 760,000,000 | 798,000,000 | |||||||
Interest recognized on discounted reserves for unfunded structured settlements | $ 40,000,000 | $ 41,000,000 | 42,000,000 | ||||||
Interest rate used to discount long term care claim reserves | 6.00% | 6.00% | 6.00% | 6.00% | |||||
Discounted reserves for long term care claim reserves | $ 2,600,000,000 | $ 2,400,000,000 | $ 2,600,000,000 | $ 2,400,000,000 | |||||
Discounted reserves for long term care claim reserves, discount amount | 460,000,000 | 446,000,000 | 460,000,000 | 446,000,000 | |||||
Deposit assets | 3,000,000 | 8,000,000 | 3,000,000 | 8,000,000 | |||||
Deposit liabilities | $ 3,000,000 | $ 4,000,000 | $ 3,000,000 | $ 4,000,000 | |||||
Minimum [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Percentage equity method investments in associated companies | 20.00% | 20.00% | |||||||
Share-based payment awards requisite service period | 3 years | ||||||||
Minimum [Member] | CNA Financial [Member] | Structured Settlement Annuity [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Interest rate used in determining present value of obligations of structured settlements unfunded by annuities | 5.50% | 8.00% | 5.50% | 8.00% | |||||
Maximum [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Percentage equity method investments in associated companies | 50.00% | 50.00% | |||||||
Share-based payment awards requisite service period | 4 years | ||||||||
Maximum [Member] | CNA Financial [Member] | Structured Settlement Annuity [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Interest rate used in determining present value of obligations of structured settlements unfunded by annuities | 5.50% | 8.00% | 5.50% | 8.00% | |||||
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 2016-01 [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Cumulative effect adjustment | 25,000,000 | ||||||||
Accounting Standards Update 2016-16 [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Cumulative effect adjustment | (9,000,000) | ||||||||
Accounting Standards Update 2018-02 [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Cumulative effect adjustment | 3,000,000 | ||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Cumulative effect adjustment | (62,000,000) | ||||||||
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Expected Lease assets | $ 620,000,000 | ||||||||
Expected lease liability | $ 620,000,000 | ||||||||
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 | (3,000,000) | ||||||||
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 | (130,000,000) | ||||||||
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 | 23,000,000 | ||||||||
Deferred Non-Insurance Warranty Acquisition Expenses [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Changes due to adoption of new accounting standards update | 1,900,000,000 | ||||||||
Deferred Non-Insurance Warranty Revenue [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Changes due to adoption of new accounting standards update | 2,000,000,000 | ||||||||
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 | $ (96,000,000) | ||||||||
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 | $ 33,000,000 | $ (2,000,000) | |||||||
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 | $ 127,000,000 | ||||||||
Non Insurance Warranty Revenue [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Changes due to adoption of new accounting standards update | 587,000,000 | ||||||||
Non Insurance Warranty Expense [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Changes due to adoption of new accounting standards update | 595,000,000 | ||||||||
Prior to Adoption of Accounting Standards Update 2014-09 [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Deferred non-insurance warranty acquisition costs | $ 234,000,000 | $ 212,000,000 | 234,000,000 | 212,000,000 | |||||
Deferred non-insurance warranty revenue | $ 1,000,000,000 | $ 972,000,000 | $ 1,000,000,000 | $ 972,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Financial Information for Joint Ventures (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Total assets | $ 1,924 | $ 1,703 | |
Total liabilities | 1,451 | 1,347 | |
Revenues | 731 | 731 | $ 693 |
Net income | $ 114 | $ 261 | $ 80 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Principal Service Lives (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | Pipeline Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 30 years |
Minimum [Member] | Offshore Drilling Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 15 years |
Minimum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 3 years |
Maximum [Member] | Pipeline Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 50 years |
Maximum [Member] | Offshore Drilling Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 30 years |
Maximum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 40 years |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) $ / shares in Units, $ in Millions | Jun. 29, 2018USD ($)$ / shares | May 22, 2018USD ($) | May 22, 2017USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)HotelAcquisition | Dec. 31, 2017USD ($)Hotel | Dec. 31, 2016USD ($)Hotel |
Business Acquisition [Line Items] | ||||||||||||||
Purchase of Boardwalk Pipeline common units | $ (1,718) | $ (9) | ||||||||||||
Revenue | $ 3,287 | $ 3,608 | $ 3,590 | $ 3,581 | $ 3,555 | $ 3,521 | $ 3,359 | $ 3,300 | 14,066 | $ 13,735 | 13,105 | |||
Estimated goodwill recognized | 665 | $ 659 | 665 | 659 | 346 | |||||||||
Additional Paid-in Capital [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase of Boardwalk Pipeline common units | 658 | 3 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase of Boardwalk Pipeline common units | (29) | |||||||||||||
Corporate [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Revenue | 857 | 645 | 149 | |||||||||||
Corporate [Member] | Consolidated Container [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Revenue | 868 | 498 | ||||||||||||
Boardwalk Pipeline [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Increase to deferred income tax liabilities | 213 | |||||||||||||
Boardwalk Pipeline [Member] | Additional Paid-in Capital [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase of Boardwalk Pipeline common units | 658 | |||||||||||||
Boardwalk Pipeline [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase of Boardwalk Pipeline common units | (29) | |||||||||||||
CCC Acquisition Holdings, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Payments for acquisition | $ 1,200 | |||||||||||||
Cash payments funding acquisition | $ 620 | |||||||||||||
Goodwill deductible for tax purposes | 94 | |||||||||||||
Estimated goodwill recognized | $ 310 | |||||||||||||
CCC Acquisition Holdings, Inc. [Member] | Customer Relationships [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Useful life of intangible assets | 21 years | |||||||||||||
CCC Acquisition Holdings, Inc. [Member] | Trade Name [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Useful life of intangible assets | 10 years | |||||||||||||
Plastic Packaging Manufacturers Business Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Payments for acquisition | 40 | |||||||||||||
Boardwalk Gp Lp [Member] | Boardwalk Pipeline [Member] | Subsidiaries [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Payments for acquisition | $ 1,500 | |||||||||||||
Purchase price, per unit | $ / shares | $ 12.06 | |||||||||||||
Consolidated Container [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Debt financing proceeds funding acquisition | $ 600 | |||||||||||||
Consolidated Container [Member] | Plastic Packaging Manufacturers Business Acquisition [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated goodwill recognized | 10 | $ 10 | ||||||||||||
Number of businesses acquired | Acquisition | 3 | |||||||||||||
Consolidated Container [Member] | Plastic Packaging Manufacturers Business Acquisition [Member] | Customer Relationships [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated intangible assets recognized | $ 15 | $ 15 | ||||||||||||
Loews Hotels And Co [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Payments for acquisition | $ 84 | |||||||||||||
Number of hotel properties acquired | Hotel | 1 | |||||||||||||
Proceeds from sale of hotels | $ 40 | $ 31 | ||||||||||||
Number of hotel properties sold | Hotel | 1 | 2 |
Acquisition of Consolidated Con
Acquisition of Consolidated Container Company - Summary of Preliminary Allocation of Purchase Price to Tangible and Identifiable Intangible Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | May 22, 2017 | Dec. 31, 2016 |
Business Acquisition, Contingent Consideration [Line Items] | ||||
Goodwill | $ 665 | $ 659 | $ 346 | |
CCC Acquisition Holdings, Inc. [Member] | ||||
Business Acquisition, Contingent Consideration [Line Items] | ||||
Cash | $ 5 | |||
Property, plant and equipment | 389 | |||
Goodwill | 310 | |||
Other assets: | ||||
Inventory | 57 | |||
Other | 127 | |||
Deferred income taxes | (27) | |||
Other liabilities: | ||||
Accounts payable | (52) | |||
Pension liability | (27) | |||
Other | (61) | |||
Total | 1,223 | |||
CCC Acquisition Holdings, Inc. [Member] | Customer Relationships [Member] | ||||
Other assets: | ||||
Intangibles | 459 | |||
CCC Acquisition Holdings, Inc. [Member] | Trade Name [Member] | ||||
Other assets: | ||||
Intangibles | $ 43 |
Investments - Net Investment In
Investments - Net Investment Income and Investment Gains (Losses) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Investment Income [Line Items] | |||
Total investment income | $ 1,878 | $ 2,241 | $ 2,194 |
Investment expenses | (61) | (59) | (59) |
Investment gains (losses) | (57) | 122 | 50 |
Net investment income | 1,817 | 2,182 | 2,135 |
Fixed Maturity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 1,795 | 1,812 | 1,819 |
Investment gains (losses) | 4 | 122 | 54 |
Limited Partnership Investments [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 22 | 277 | 199 |
Equity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 18 | 12 | 10 |
Investment gains (losses) | (74) | (5) | |
Short Term and Other [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 43 | 18 | 9 |
Investment gains (losses) | 4 | 4 | 3 |
Derivative Instruments [Member] | |||
Net Investment Income [Line Items] | |||
Investment gains (losses) | 9 | (4) | (2) |
Income (Loss) from Trading Portfolio [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | (54) | 87 | 112 |
Other [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | $ 54 | $ 35 | $ 45 |
Investments - Net Investment _2
Investments - Net Investment Income and Investment Gains (Losses) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Investment Income [Line Items] | |||
Net unrealized gains (losses) on trading securities | $ (121) | $ 39 | $ 44 |
Fixed Maturity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Gross realized gains on available-for-sale securities | 168 | 187 | 209 |
Gross realized losses on available-for-sale securities | 164 | $ 65 | $ 160 |
Fixed Maturity Securities [Member] | Nonredeemable Preferred Stock [Member] | |||
Net Investment Income [Line Items] | |||
Net realized gains (losses) on trading securities | $ (73) |
Investments - Additional Inform
Investments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Investment | Dec. 31, 2017USD ($)Investment | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | |||
Value of non-income producing fixed maturity securities held | $ 0 | $ 2,000,000 | |
Number of Investments not exceeds 10% of shareholders equity | Investment | 0 | 0 | |
Additional other than temporary impairment losses | $ 0 | ||
Carrying value of limited partnerships | 2,400,000,000 | $ 3,300,000,000 | |
Net undistributed earnings of limited partnerships | $ 208,000,000 | $ 903,000,000 | |
Percentage of carrying value reported on a current basis | 67.60% | ||
Percentage of carrying value reported on one month lag | 11.40% | ||
Percentage of limited partnerships comprising of the carrying value that employ hedge fund strategies | 71.30% | 78.80% | |
Percentage of limited partnerships comprising of the carrying value that invested in private debt and equity | 24.30% | 18.10% | |
Percentage of limited partnerships employing hedge fund strategies focused on equity investments | 55.90% | ||
Percentage of limited partnerships employing hedge fund strategies with a multi-strategy approach | 26.40% | ||
Percentage of limited partnerships employing hedge fund strategies focused on distressed investments | 14.40% | ||
Percentage of limited partnerships employing hedge fund strategies focused on fixed income investments | 3.30% | ||
Ownership percentage of aggregate partnership equity | 2.60% | 2.90% | |
Changes in ownership percentage of aggregate partnership equity | 3.30% | 3.00% | 4.00% |
Withdrawal provisions limited partnership investments, description | The Company's limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year and in some cases do not permit withdrawals until the termination of the partnership. Typically, withdrawals require advance written notice of up to 90 days. | ||
Future capital call commitments | $ 574,000,000 | ||
Commitments to purchase various privately placed debt securities, including bank loans | 230,000,000 | ||
Commitments to sell various privately placed debt securities, including bank loans | 78,000,000 | ||
Securities deposited | 2,500,000,000 | $ 2,600,000,000 | |
Cash and securities with carrying values deposited as collateral for letters of credit | 1,000,000,000 | 1,100,000,000 | |
Ten Largest Limited Partnership Holdings [Member] | |||
Schedule of Investments [Line Items] | |||
Carrying value of limited partnerships | $ 1,100,000,000 | $ 1,500,000,000 |
Investments - Schedule of Net C
Investments - Schedule of Net Change in Unrealized Gains (Losses) Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Securities, Available-for-sale [Line Items] | |||
Total net change in unrealized gains (losses) on investments | $ (1,811) | $ 758 | $ 224 |
Fixed Maturity Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Total net change in unrealized gains (losses) on investments | $ (1,811) | 728 | 225 |
Equity Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Total net change in unrealized gains (losses) on investments | 32 | (2) | |
Other [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Total net change in unrealized gains (losses) on investments | $ (2) | $ 1 |
Investments - Components of OTT
Investments - Components of OTTI Losses Recognized in Earnings by Asset Type (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | $ 21 | $ 14 | $ 81 |
Corporate Bonds and Other [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 12 | 12 | 59 |
Total Asset-Backed [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 9 | 1 | 13 |
Total Fixed Maturities Available-for-Sale [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | $ 21 | 13 | 72 |
Equity Securities Available-for-Sale [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | $ 1 | $ 9 |
Investments - Amortized Cost an
Investments - Amortized Cost and Fair Values of Fixed Maturity and Equity Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | $ 38,234 | $ 40,038 |
Gross Unrealized Gains | 1,986 | 3,491 |
Gross Unrealized Losses | 521 | 172 |
Estimated Fair Value | 39,699 | 43,357 |
Unrealized OTTI Losses (Gains) | (20) | (38) |
Corporate Bonds and Other [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 18,764 | 17,210 |
Gross Unrealized Gains | 791 | 1,625 |
Gross Unrealized Losses | 395 | 28 |
Estimated Fair Value | 19,160 | 18,807 |
States, Municipalities and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 9,681 | 12,478 |
Gross Unrealized Gains | 1,076 | 1,551 |
Gross Unrealized Losses | 9 | 2 |
Estimated Fair Value | 10,748 | 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 | 4,815 | 5,043 |
Gross Unrealized Gains | 68 | 109 |
Gross Unrealized Losses | 57 | 32 |
Estimated Fair Value | 4,826 | 5,120 |
Unrealized OTTI Losses (Gains) | (20) | (27) |
Commercial Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 2,200 | 1,840 |
Gross Unrealized Gains | 28 | 46 |
Gross Unrealized Losses | 32 | 14 |
Estimated Fair Value | 2,196 | 1,872 |
Other Asset-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 1,975 | 1,083 |
Gross Unrealized Gains | 11 | 16 |
Gross Unrealized Losses | 24 | 5 |
Estimated Fair Value | 1,962 | 1,094 |
Total Asset-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 8,990 | 7,966 |
Gross Unrealized Gains | 107 | 171 |
Gross Unrealized Losses | 113 | 51 |
Estimated Fair Value | 8,984 | 8,086 |
Unrealized OTTI Losses (Gains) | (20) | (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 | 156 | 111 |
Gross Unrealized Gains | 3 | 2 |
Gross Unrealized Losses | 4 | |
Estimated Fair Value | 159 | 109 |
Foreign Government [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 480 | 437 |
Gross Unrealized Gains | 5 | 9 |
Gross Unrealized Losses | 4 | 2 |
Estimated Fair Value | 481 | 444 |
Redeemable Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 10 | 10 |
Gross Unrealized Gains | 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 | 38,081 | 38,212 |
Gross Unrealized Gains | 1,982 | 3,359 |
Gross Unrealized Losses | 521 | 87 |
Estimated Fair Value | 39,542 | 41,484 |
Unrealized OTTI Losses (Gains) | (20) | (38) |
Fixed Maturities Trading [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 153 | 649 |
Gross Unrealized Gains | 4 | 2 |
Gross Unrealized Losses | 2 | |
Estimated Fair Value | $ 157 | 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 - Securities Availa
Investments - Securities Available-for-Sale in Gross Unrealized Loss Position (Detail) - USD ($) $ in Millions | Dec. 31, 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 | $ 8,543 | 1,354 |
Gross Unrealized Losses, Less than 12 Months | 340 | 21 |
Estimated Fair Value, 12 Months or Longer | 825 | 168 |
Gross Unrealized Losses, 12 Months or Longer | 55 | 7 |
Total Estimated Fair Value | 9,368 | 1,522 |
Total Gross Unrealized Losses | 395 | 28 |
States, Municipalities and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 517 | 72 |
Gross Unrealized Losses, Less than 12 Months | 8 | 1 |
Estimated Fair Value, 12 Months or Longer | 5 | 85 |
Gross Unrealized Losses, 12 Months or Longer | 1 | 1 |
Total Estimated Fair Value | 522 | 157 |
Total Gross Unrealized Losses | 9 | 2 |
Residential Mortgage-Backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 1,932 | 1,228 |
Gross Unrealized Losses, Less than 12 Months | 23 | 5 |
Estimated Fair Value, 12 Months or Longer | 1,119 | 947 |
Gross Unrealized Losses, 12 Months or Longer | 34 | 27 |
Total Estimated Fair Value | 3,051 | 2,175 |
Total Gross Unrealized Losses | 57 | 32 |
Commercial Mortgage-Backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 728 | 403 |
Gross Unrealized Losses, Less than 12 Months | 10 | 4 |
Estimated Fair Value, 12 Months or Longer | 397 | 212 |
Gross Unrealized Losses, 12 Months or Longer | 22 | 10 |
Total Estimated Fair Value | 1,125 | 615 |
Total Gross Unrealized Losses | 32 | 14 |
Other Asset-Backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 834 | 248 |
Gross Unrealized Losses, Less than 12 Months | 21 | 3 |
Estimated Fair Value, 12 Months or Longer | 125 | 18 |
Gross Unrealized Losses, 12 Months or Longer | 3 | 2 |
Total Estimated Fair Value | 959 | 266 |
Total Gross Unrealized Losses | 24 | 5 |
Total Asset-Backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 3,494 | 1,879 |
Gross Unrealized Losses, Less than 12 Months | 54 | 12 |
Estimated Fair Value, 12 Months or Longer | 1,641 | 1,177 |
Gross Unrealized Losses, 12 Months or Longer | 59 | 39 |
Total Estimated Fair Value | 5,135 | 3,056 |
Total Gross Unrealized Losses | 113 | 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 | 21 | 49 |
Gross Unrealized Losses, Less than 12 Months | 2 | |
Estimated Fair Value, 12 Months or Longer | 19 | 21 |
Gross Unrealized Losses, 12 Months or Longer | 2 | |
Total Estimated Fair Value | 40 | 70 |
Total Gross Unrealized Losses | 4 | |
Foreign Government [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 114 | 166 |
Gross Unrealized Losses, Less than 12 Months | 2 | 2 |
Estimated Fair Value, 12 Months or Longer | 124 | 4 |
Gross Unrealized Losses, 12 Months or Longer | 2 | |
Total Estimated Fair Value | 238 | 170 |
Total Gross Unrealized Losses | 4 | 2 |
Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 12,689 | 3,520 |
Gross Unrealized Losses, Less than 12 Months | 404 | 38 |
Estimated Fair Value, 12 Months or Longer | 2,614 | 1,455 |
Gross Unrealized Losses, 12 Months or Longer | 117 | 49 |
Total Estimated Fair Value | 15,303 | 4,975 |
Total Gross Unrealized Losses | $ 521 | 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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Beginning balance of credit losses on fixed maturity securities | $ 27 | $ 36 | $ 53 |
Reductions for securities sold during the period | (9) | (9) | (16) |
Reductions for securities the Company intends to sell or more likely than not will be required to sell | (1) | ||
Ending balance of credit losses on fixed maturity securities | $ 18 | $ 27 | $ 36 |
Investments - Available-for-Sal
Investments - Available-for-Sale Fixed Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Cost or Amortized Cost, Due in one year or less | $ 1,350 | $ 1,135 |
Cost or Amortized Cost, Due after one year through five years | 7,979 | 8,165 |
Cost or Amortized Cost, Due after five years through ten years | 16,859 | 16,060 |
Cost or Amortized Cost, Due after ten years | 11,893 | 12,852 |
Cost or Amortized Cost, Total | 38,081 | 38,212 |
Estimated Fair Value, Due in one year or less | 1,359 | 1,157 |
Estimated Fair Value, Due after one year through five years | 8,139 | 8,501 |
Estimated Fair Value, Due after five years through ten years | 16,870 | 16,718 |
Estimated Fair Value, Due after ten years | 13,174 | 15,108 |
Estimated Fair Value, Total | $ 39,542 | $ 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 ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Embedded Derivative on Funds Withheld Liability [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | $ 172,000,000 | $ 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 | 11,000,000 | 4,000,000 |
Without Hedge Designation [Member] | Equity Markets, Options - Purchased [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 213,000,000 | 224,000,000 |
Estimated Fair Value, Asset | 18,000,000 | 12,000,000 |
Without Hedge Designation [Member] | Equity Markets, Options - Written [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 239,000,000 | 290,000,000 |
Estimated Fair Value, (Liability) | (17,000,000) | (7,000,000) |
Without Hedge Designation [Member] | Equity Futures [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 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 | $ 32,000,000 | $ 44,000,000 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 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 | $ (23) | $ (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 | 19,810 | 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 | 10,748 | 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 | 8,984 | 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 | 39,542 | 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 | 157 | 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 | 39,699 | 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 | 1,293 | 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 | 11 | 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 | 3,758 | 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 | (23) | (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 | 196 | 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 | 196 | 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 | 196 | 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 | 704 | 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 | 2,647 | 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 | 19,392 | 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 | 10,748 | 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 | 8,787 | 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 | 38,927 | 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 | 151 | 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 | 39,078 | 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 | 570 | 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 | 11 | 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 | 1,111 | 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 | 222 | 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 | |
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 | 197 | 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 | 419 | 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 | 6 | 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 | 425 | 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 | $ 19 | $ 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 | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Corporate Bonds and Other [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 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 | (4) | 3 |
Purchases | 117 | 18 |
Sales | (5) | (5) |
Settlements | (9) | (54) |
Transfers into Level 3 | 35 | 16 |
Transfers out of Level 3 | (9) | (10) |
Ending balance | 222 | 98 |
Unrealized Gains (Losses) Recognized in other Comprehensive Income (Loss) on Level 3 Assets and Liabilities | (5) | |
States, Municipalities and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 1 | 1 |
Settlements | (1) | |
Ending balance | 1 | |
Total Asset-Backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 335 | 199 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | 5 | 2 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (8) | 3 |
Purchases | 162 | 107 |
Sales | (72) | |
Settlements | (64) | (43) |
Transfers into Level 3 | 42 | 153 |
Transfers out of Level 3 | (203) | (86) |
Ending balance | 197 | 335 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | (2) | |
Unrealized Gains (Losses) Recognized in other Comprehensive Income (Loss) on Level 3 Assets and Liabilities | (4) | |
Total Fixed Maturities Available-for-Sale [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 434 | 330 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | 4 | 2 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (12) | 6 |
Purchases | 279 | 125 |
Sales | (77) | (5) |
Settlements | (74) | (97) |
Transfers into Level 3 | 77 | 169 |
Transfers out of Level 3 | (212) | (96) |
Ending balance | 419 | 434 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | (2) | |
Unrealized Gains (Losses) Recognized in other Comprehensive Income (Loss) on Level 3 Assets and Liabilities | (9) | |
Fixed Maturities Trading [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 4 | 6 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | 3 | (2) |
Sales | (1) | |
Ending balance | 6 | 4 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | 2 | (2) |
Fixed Maturity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 438 | 336 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | 7 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (12) | 6 |
Purchases | 279 | 125 |
Sales | (78) | (5) |
Settlements | (74) | (97) |
Transfers into Level 3 | 77 | 169 |
Transfers out of Level 3 | (212) | (96) |
Ending balance | 425 | 438 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | (2) | |
Unrealized Gains (Losses) Recognized in other Comprehensive Income (Loss) on Level 3 Assets and Liabilities | (9) | |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 22 | 20 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | (2) | (1) |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 3 | |
Purchases | 3 | |
Sales | (1) | (3) |
Ending balance | 19 | 22 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | (2) | |
Equity Securities Available-for-Sale [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 20 | 19 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 3 | |
Purchases | 1 | |
Sales | (3) | |
Ending balance | 20 | |
Equity Securities Trading [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 2 | 1 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | (1) | |
Purchases | 2 | |
Ending balance | 2 | |
Life Settlement Contracts [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 58 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income (Loss) | 6 | |
Sales | (59) | |
Settlements | (5) | |
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 | |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | $ 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 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated fair value | $ 39,542 | $ 41,484 |
Level 3 [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated fair value | $ 228 | $ 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 | Dec. 31, 2018 | Dec. 31, 2017 |
Estimate Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | $ 827 | $ 844 |
Short term debt | 14 | 278 |
Long term debt | 10,764 | 11,491 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 839 | 839 |
Short term debt | 15 | 278 |
Long term debt | 11,345 | 11,236 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short term debt | 14 | 156 |
Long term debt | 10,111 | 10,966 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 827 | 844 |
Short term debt | 122 | |
Long term debt | $ 653 | $ 525 |
Receivables - Receivables (Deta
Receivables - Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Reinsurance (Note 16) | $ 4,455 | $ 4,290 |
Insurance | 2,365 | 2,336 |
Receivable from brokers | 296 | 69 |
Accrued investment income | 394 | 413 |
Federal income taxes | 52 | 52 |
Other, primarily customer accounts | 477 | 533 |
Total | 8,039 | 7,693 |
Less: allowance for doubtful accounts on reinsurance receivables | 29 | 29 |
allowance for other doubtful accounts | 50 | 51 |
Receivables | $ 7,960 | $ 7,613 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Construction in process | $ 317 | $ 458 |
Property, plant and equipment | 15,511 | 15,427 |
Pipeline Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 8,238 | 7,857 |
Offshore Drilling Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 5,144 | 5,226 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 1,812 | $ 1,886 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Components of Property, Plant and Equipment (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Pipeline Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ 2,761 | $ 2,453 |
Offshore Drilling Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | 3,067 | 2,797 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ 1,056 | $ 1,009 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)Rig | Dec. 31, 2017USD ($)Rig | Dec. 31, 2016USD ($)Rig | |
Property, Plant and Equipment [Line Items] | |||
Capitalized interest related to the construction and upgrade of qualifying assets | $ 27 | $ 37 | $ 51 |
Asset impairment loss, before tax and noncontrolling interests | 44 | 106 | 697 |
Diamond Offshore [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Asset impairment loss, before tax and noncontrolling interests | 27 | 100 | 672 |
Asset impairment loss, net of tax and noncontrolling interests | $ 12 | $ 32 | $ 263 |
Diamond Offshore [Member] | Drilling Rigs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number rigs evaluated for impairment | Rig | 1 | 10 | 15 |
Number of rigs impaired | Rig | 0 | 3 | 8 |
Number of drilling rigs | Rig | 12 | ||
Number of rigs fair value using income approach | Rig | 2 | ||
Number of rigs previously impaired | Rig | 1 | ||
Boardwalk Pipeline [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceed from sale of plant and equipment | $ 64 | ||
Gain (loss) on sale of plant and equipment | (47) | ||
Gain (loss) on sale of plant and equipment,net of tax and noncontrolling interests | (15) | ||
Consolidated Container [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance of other property, plant and equipment | $ 366 |
Property, Plant and Equipment_4
Property, Plant and Equipment - Depreciation Expense and Capital Expenditures (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 880 | $ 854 | $ 841 |
Capital Expend. | 995 | 990 | 1,572 |
CNA Financial [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 76 | 80 | 67 |
Capital Expend. | 99 | 101 | 128 |
Diamond Offshore [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 332 | 349 | 384 |
Capital Expend. | 222 | 113 | 629 |
Boardwalk Pipeline [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 346 | 325 | 321 |
Capital Expend. | 487 | 689 | 648 |
Loews Hotels And Co [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 67 | 63 | 63 |
Capital Expend. | 139 | 57 | 164 |
Corporate [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 59 | 37 | 6 |
Capital Expend. | $ 48 | $ 30 | $ 3 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Changes in Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Goodwill, beginning balance | $ 659 | $ 346 |
Acquisition | 8 | 310 |
Other adjustments | (2) | 3 |
Goodwill, ending balance | 665 | 659 |
Corporate [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 310 | |
Acquisition | 8 | 310 |
Goodwill, ending balance | 318 | 310 |
CNA Financial [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 112 | 109 |
Other adjustments | (2) | 3 |
Goodwill, ending balance | 110 | 112 |
Boardwalk Pipeline [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 237 | 237 |
Goodwill, ending balance | $ 237 | $ 237 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Other Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross carrying amount | $ 604 | $ 592 |
Finite-lived intangible assets, Accumulated amortization | 67 | 35 |
Indefinite-lived intangible assets, Gross carrying amount | 74 | 81 |
Indefinite-lived intangible assets, Accumulated amortization | 0 | 0 |
Total other intangible assets, Gross carrying amount | 678 | 673 |
Total other intangible assets, Accumulated amortization | 67 | 35 |
Customer Relationships [Member] | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross carrying amount | 532 | 518 |
Finite-lived intangible assets, Accumulated amortization | 47 | 22 |
Other [Member] | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross carrying amount | 72 | 74 |
Finite-lived intangible assets, Accumulated amortization | $ 20 | $ 13 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 32 | $ 20 | $ 3 |
Estimated amortization expense in 2019 | 34 | ||
Estimated amortization expense in 2020 | 33 | ||
Estimated amortization expense in 2021 | 32 | ||
Estimated amortization expense in 2022 | 31 | ||
Estimated amortization expense in 2023 | $ 31 |
Claim and Claim Adjustment Ex_3
Claim and Claim Adjustment Expense Reserves - Reconciliation of Net Liability for Unpaid Claim and Claim Adjustment Expenses to Amount Presented in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total reinsurance receivables | $ 4,019 | $ 3,934 | ||
Total gross liability for unpaid claims and claims adjustment expenses | 21,984 | 22,004 | ||
Property and Casualty Operations [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total reinsurance receivables | 1,605 | |||
Other Insurance Operations [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total reinsurance receivables | 2,414 | |||
CNA Financial [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net claim and claim adjustment expenses | 17,965 | 18,070 | $ 18,249 | $ 18,576 |
CNA Financial [Member] | Property and Casualty Operations [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net claim and claim adjustment expenses | 14,353 | $ 14,575 | ||
CNA Financial [Member] | Other Insurance Operations [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net claim and claim adjustment expenses | $ 3,612 |
Claim and Claim Adjustment Ex_4
Claim and Claim Adjustment Expense Reserves - Reconciliation of Claim and Claim Adjustment Expense Reserves (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net incurred claim and claim adjustment expenses: | |||
Provision for insured events of current year | $ 5,358 | $ 5,201 | $ 5,025 |
Decrease in provision for insured events of prior years | (179) | (381) | (342) |
CNA Financial [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Gross reserves, beginning of year | 22,004 | 22,343 | 22,663 |
Ceded reserves, beginning of year | 3,934 | 4,094 | 4,087 |
Net reserves, beginning of year | 18,070 | 18,249 | 18,576 |
Net incurred claim and claim adjustment expenses: | |||
Provision for insured events of current year | 5,358 | 5,201 | 5,025 |
Decrease in provision for insured events of prior years | (179) | (381) | (342) |
Amortization of discount | 176 | 179 | 175 |
Total net incurred | 5,355 | 4,999 | 4,858 |
Net payments attributable to: | |||
Current year events | (1,046) | (975) | (967) |
Prior year events | (4,285) | (4,366) | (4,167) |
Total net payments | (5,331) | (5,341) | (5,134) |
Foreign currency translation adjustment and other | (129) | 163 | (51) |
Net reserves, end of year | 17,965 | 18,070 | 18,249 |
Ceded reserves, end of year | 4,019 | 3,934 | 4,094 |
Gross reserves, end of year | $ 21,984 | $ 22,004 | $ 22,343 |
Claim and Claim Adjustment Ex_5
Claim and Claim Adjustment Expense Reserves - Schedule of Gross and Net Carried Claim and Claim Adjustment Expense Reserves (Detail) - CNA Financial [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | $ 11,395 | $ 11,670 | ||
Gross IBNR Reserves | 10,589 | 10,334 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 21,984 | 22,004 | $ 22,343 | $ 22,663 |
Net Case Reserves | 9,523 | 9,645 | ||
Net IBNR Reserves | 8,442 | 8,425 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 17,965 | 18,070 | $ 18,249 | $ 18,576 |
Property and Casualty Operations [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 6,671 | 6,913 | ||
Gross IBNR Reserves | 9,287 | 9,156 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 15,958 | 16,069 | ||
Net Case Reserves | 6,063 | 6,343 | ||
Net IBNR Reserves | 8,290 | 8,232 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 14,353 | 14,575 | ||
Other Insurance Operations [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 4,724 | 4,757 | ||
Gross IBNR Reserves | 1,302 | 1,178 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 6,026 | 5,935 | ||
Net Case Reserves | 3,460 | 3,302 | ||
Net IBNR Reserves | 152 | 193 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | $ 3,612 | $ 3,495 |
Claim and Claim Adjustment Ex_6
Claim and Claim Adjustment Expense Reserves - Net Prior Year Development in CNA's Property and Casualty Operations (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Medical professional liability | $ 47 | $ 30 | $ 9 |
Other professional liability and management liability | (127) | (126) | (140) |
Surety | (70) | (84) | (63) |
Commercial auto | 1 | (35) | (47) |
General liability | 32 | (24) | (65) |
Workers' compensation | (32) | (63) | 145 |
Other | (32) | (6) | (127) |
Total pretax (favorable) unfavorable development | $ (181) | $ (308) | $ (288) |
Claim and Claim Adjustment Ex_7
Claim and Claim Adjustment Expense Reserves - Additional Information (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2010 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Net unfavorable prior year development recognized before consideration of LPT | $ 178 | $ 60 | $ 200 | |
Fair value of the collateral trust account | 2,700 | 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 | 3,100 | 2,900 | ||
Remaining unrecognized retroactive reinsurance benefit | 374 | 326 | ||
Other Insurance Operations [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Favorable net prior year development | $ 19 | $ 72 | $ 46 |
Claim and Claim Adjustment Ex_8
Claim and Claim Adjustment Expense Reserves - Schedule of Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development for Segment (Detail) - CNA Financial [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | $ 17,965 | $ 18,070 | $ 18,249 | $ 18,576 |
Property and Casualty Operations [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 14,353 | $ 14,575 | ||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 1,457 | |||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 2,849 | |||
Property and Casualty Operations [Member] | Surety [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 379 | |||
Property and Casualty Operations [Member] | Commercial Auto [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 412 | |||
Property and Casualty Operations [Member] | General Liability [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 3,195 | |||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 3,968 | |||
Property and Casualty Operations [Member] | Other [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | $ 2,093 |
Claim and Claim Adjustment Ex_9
Claim and Claim Adjustment Expense Reserves - Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses (Medical Professional Liability) (Detail) - Property and Casualty Operations [Member] - Medical Professional Liability [Member] - CNA Financial [Member] $ in Millions | Dec. 31, 2018USD ($)Claim | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 4,498 | |||||||||
IBNR | 824 | |||||||||
2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 310 | $ 302 | $ 309 | $ 336 | $ 346 | $ 366 | $ 392 | $ 392 | $ 390 | $ 389 |
Cumulative number of claims | Claim | 14,716 | |||||||||
2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 356 | 360 | 365 | 395 | 415 | 426 | 423 | 412 | $ 402 | |
Cumulative number of claims | Claim | 14,615 | |||||||||
2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 437 | 437 | 434 | 439 | 468 | 443 | 437 | $ 429 | ||
IBNR | $ 8 | |||||||||
Cumulative number of claims | Claim | 16,505 | |||||||||
2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 493 | 484 | 493 | 498 | 508 | 469 | $ 464 | |||
IBNR | $ 10 | |||||||||
Cumulative number of claims | Claim | 17,691 | |||||||||
2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 535 | 525 | 513 | 500 | 479 | $ 462 | ||||
IBNR | $ 28 | |||||||||
Cumulative number of claims | Claim | 19,442 | |||||||||
2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 535 | 530 | 537 | 489 | $ 450 | |||||
IBNR | $ 30 | |||||||||
Cumulative number of claims | Claim | 19,602 | |||||||||
2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 494 | 510 | 499 | $ 433 | ||||||
IBNR | $ 78 | |||||||||
Cumulative number of claims | Claim | 17,835 | |||||||||
2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 485 | 487 | $ 427 | |||||||
IBNR | $ 120 | |||||||||
Cumulative number of claims | Claim | 15,427 | |||||||||
2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 449 | $ 412 | ||||||||
IBNR | $ 217 | |||||||||
Cumulative number of claims | Claim | 13,777 | |||||||||
2018 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 404 | |||||||||
IBNR | $ 333 | |||||||||
Cumulative number of claims | Claim | 11,205 |
Claim and Claim Adjustment E_10
Claim and Claim Adjustment Expense Reserves - Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses (Medical Professional Liability) (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 | $ 4,285 | $ 4,366 | $ 4,167 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 17,965 | 18,070 | 18,249 | $ 18,576 | ||||||
Property and Casualty Operations [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 14,353 | 14,575 | ||||||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 3,082 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 1,416 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 | 18 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 23 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 1,457 | |||||||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 300 | 291 | 288 | 280 | $ 269 | $ 247 | $ 211 | $ 143 | $ 63 | $ 9 |
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 350 | 346 | 337 | 326 | 306 | 257 | 173 | 86 | $ 10 | |
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 409 | 398 | 375 | 347 | 295 | 208 | 109 | $ 17 | ||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 457 | 427 | 388 | 323 | 221 | 117 | $ 14 | |||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 462 | 414 | 355 | 255 | 119 | $ 17 | ||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 417 | 359 | 258 | 136 | $ 23 | |||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 313 | 230 | 101 | $ 22 | ||||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 246 | 121 | $ 18 | |||||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 107 | $ 19 | ||||||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2018 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 21 |
Claim and Claim Adjustment E_11
Claim and Claim Adjustment Expense Reserves - Schedule of Net Strengthening or Releasing of Prior Accident Year Reserves (Medical Professional Liability) (Detail) - Property and Casualty Operations [Member] - Medical Professional Liability [Member] - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ 47 | $ 30 | $ 9 | ||||||
2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 8 | (7) | (27) | $ (10) | $ (20) | $ (26) | $ 2 | $ 1 | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | (79) | ||||||||
2010 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (4) | (5) | (30) | (20) | (11) | 3 | $ 11 | $ 10 | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | (46) | ||||||||
2011 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 3 | (5) | (29) | 25 | 6 | $ 8 | |||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 8 | ||||||||
2012 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 9 | (9) | (5) | (10) | 39 | $ 5 | |||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 29 | ||||||||
2013 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 10 | 12 | 13 | 21 | $ 17 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 73 | ||||||||
2014 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 5 | (7) | 48 | $ 39 | |||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 85 | ||||||||
2015 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (16) | 11 | 66 | ||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 61 | ||||||||
2016 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (2) | 60 | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 58 | ||||||||
2017 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 37 | ||||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 37 | ||||||||
Total net development for the accident years presented above [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 47 | 58 | 60 | ||||||
Total net development for the accident years prior to 2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 1 | (21) | $ (51) | ||||||
Unallocated Claim Adjustment Expense Development [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (1) | $ (7) |
Claim and Claim Adjustment E_12
Claim and Claim Adjustment Expense Reserves - Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses (Other Professional Liability and Management Liability) (Detail) - Property and Casualty Operations [Member] - Other Professional Liability and Management Liability [Member] - CNA Financial [Member] $ in Millions | Dec. 31, 2018USD ($)Claim | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 8,559 | |||||||||
IBNR | 1,948 | |||||||||
2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 892 | $ 904 | $ 906 | $ 897 | $ 903 | $ 893 | $ 903 | $ 908 | $ 875 | $ 831 |
IBNR | $ 18 | |||||||||
Cumulative number of claims | Claim | 17,374 | |||||||||
2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 821 | 827 | 824 | 837 | 847 | 848 | 848 | 828 | $ 828 | |
IBNR | $ 19 | |||||||||
Cumulative number of claims | Claim | 17,888 | |||||||||
2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 888 | 899 | 911 | 944 | 949 | 934 | 908 | $ 880 | ||
IBNR | $ 39 | |||||||||
Cumulative number of claims | Claim | 18,728 | |||||||||
2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 833 | 846 | 840 | 878 | 887 | 909 | $ 923 | |||
IBNR | $ 41 | |||||||||
Cumulative number of claims | Claim | 18,491 | |||||||||
2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 863 | 866 | 885 | 926 | 894 | $ 884 | ||||
IBNR | $ 65 | |||||||||
Cumulative number of claims | Claim | 17,918 | |||||||||
2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 835 | 831 | 885 | 898 | $ 878 | |||||
IBNR | $ 88 | |||||||||
Cumulative number of claims | Claim | 17,515 | |||||||||
2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 832 | 877 | 892 | $ 888 | ||||||
IBNR | $ 194 | |||||||||
Cumulative number of claims | Claim | 17,333 | |||||||||
2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 900 | 900 | $ 901 | |||||||
IBNR | $ 279 | |||||||||
Cumulative number of claims | Claim | 17,787 | |||||||||
2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 845 | $ 847 | ||||||||
IBNR | $ 479 | |||||||||
Cumulative number of claims | Claim | 17,780 | |||||||||
2018 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 850 | |||||||||
IBNR | $ 726 | |||||||||
Cumulative number of claims | Claim | 16,564 |
Claim and Claim Adjustment E_13
Claim and Claim Adjustment Expense Reserves - Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses (Other Professional Liability and Management Liability) (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 | $ 4,285 | $ 4,366 | $ 4,167 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 17,965 | 18,070 | 18,249 | $ 18,576 | ||||||
Property and Casualty Operations [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 14,353 | 14,575 | ||||||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 5,864 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 2,695 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 | 90 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 64 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 2,849 | |||||||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 844 | 825 | 801 | 772 | $ 722 | $ 641 | $ 553 | $ 361 | $ 195 | $ 37 |
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 784 | 752 | 721 | 670 | 630 | 541 | 405 | 204 | $ 31 | |
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 796 | 781 | 726 | 683 | 605 | 503 | 314 | $ 71 | ||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 755 | 711 | 651 | 573 | 400 | 248 | $ 56 | |||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 754 | 702 | 618 | 447 | 249 | $ 54 | ||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 647 | 515 | 392 | 223 | $ 51 | |||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 542 | 404 | 234 | $ 60 | ||||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 466 | 248 | $ 64 | |||||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 222 | $ 57 | ||||||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2018 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 54 |
Claim and Claim Adjustment E_14
Claim and Claim Adjustment Expense Reserves - Schedule of Net Strengthening or Releasing of Prior Accident Year Reserves (Other Professional Liability and Management Liability) (Detail) - Property and Casualty Operations [Member] - CNA Financial [Member] - Other Professional Liability and Management Liability [Member] - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (127) | $ (126) | $ (140) | ||||||
2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (12) | (2) | 9 | $ (6) | $ 10 | $ (10) | $ (5) | $ 33 | $ 44 |
Net Strengthening or (Releases) of Prior Accident Year Reserves | 61 | ||||||||
2010 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (6) | 3 | (13) | (10) | (1) | 20 | |||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (7) | ||||||||
2011 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (11) | (12) | (33) | (5) | 15 | 26 | $ 28 | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 8 | ||||||||
2012 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (13) | 6 | (38) | (9) | (22) | $ (14) | |||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (90) | ||||||||
2013 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (3) | (19) | (41) | 32 | $ 10 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (21) | ||||||||
2014 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 4 | (54) | (13) | $ 20 | |||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (43) | ||||||||
2015 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (45) | (15) | 4 | ||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (56) | ||||||||
2016 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (1) | ||||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (1) | ||||||||
2017 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (2) | ||||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (2) | ||||||||
Total net development for the accident years presented above [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (88) | (94) | (125) | ||||||
Total net development for the accident years prior to 2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (32) | (25) | $ (15) | ||||||
Unallocated Claim Adjustment Expense Development [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (7) | $ (7) |
Claim and Claim Adjustment E_15
Claim and Claim Adjustment Expense Reserves - Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses (Surety) (Detail) - Property and Casualty Operations [Member] - Surety [Member] - CNA Financial [Member] $ in Millions | Dec. 31, 2018USD ($)Claim | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 778 | |||||||||
IBNR | 305 | |||||||||
2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 52 | $ 53 | $ 53 | $ 52 | $ 59 | $ 68 | $ 85 | $ 103 | $ 114 | $ 114 |
IBNR | $ 1 | |||||||||
Cumulative number of claims | Claim | 6,688 | |||||||||
2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 61 | 59 | 63 | 66 | 76 | 84 | 111 | 112 | $ 112 | |
IBNR | $ 1 | |||||||||
Cumulative number of claims | Claim | 5,971 | |||||||||
2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 62 | 66 | 70 | 75 | 87 | 116 | 121 | $ 120 | ||
IBNR | $ 1 | |||||||||
Cumulative number of claims | Claim | 5,808 | |||||||||
2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 39 | 45 | 52 | 70 | 98 | 122 | $ 120 | |||
IBNR | $ 2 | |||||||||
Cumulative number of claims | Claim | 5,559 | |||||||||
2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 87 | 91 | 106 | 115 | 121 | $ 120 | ||||
IBNR | $ 6 | |||||||||
Cumulative number of claims | Claim | 5,039 | |||||||||
2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 60 | 69 | 94 | 124 | $ 123 | |||||
IBNR | $ 19 | |||||||||
Cumulative number of claims | Claim | 5,036 | |||||||||
2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 79 | 104 | 131 | $ 131 | ||||||
IBNR | $ 36 | |||||||||
Cumulative number of claims | Claim | 4,887 | |||||||||
2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 109 | 124 | $ 124 | |||||||
IBNR | $ 60 | |||||||||
Cumulative number of claims | Claim | 5,185 | |||||||||
2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 115 | $ 120 | ||||||||
IBNR | $ 78 | |||||||||
Cumulative number of claims | Claim | 4,936 | |||||||||
2018 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 114 | |||||||||
IBNR | $ 101 | |||||||||
Cumulative number of claims | Claim | 3,105 |
Claim and Claim Adjustment E_16
Claim and Claim Adjustment Expense Reserves - Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses (Surety) (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 | $ 4,285 | $ 4,366 | $ 4,167 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 17,965 | 18,070 | 18,249 | $ 18,576 | ||||||
Property and Casualty Operations [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 14,353 | 14,575 | ||||||||
Property and Casualty Operations [Member] | Surety [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 436 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 342 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 | 7 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 30 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 379 | |||||||||
Property and Casualty Operations [Member] | Surety [Member] | 2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 47 | 47 | 47 | 46 | $ 45 | $ 43 | $ 41 | $ 34 | $ 24 | $ 13 |
Property and Casualty Operations [Member] | Surety [Member] | 2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 52 | 52 | 55 | 58 | 57 | 55 | 50 | 34 | $ 13 | |
Property and Casualty Operations [Member] | Surety [Member] | 2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 57 | 56 | 60 | 60 | 58 | 55 | 42 | $ 19 | ||
Property and Casualty Operations [Member] | Surety [Member] | 2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 37 | 36 | 35 | 35 | 34 | 32 | $ 5 | |||
Property and Casualty Operations [Member] | Surety [Member] | 2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 78 | 78 | 78 | 69 | 40 | $ 16 | ||||
Property and Casualty Operations [Member] | Surety [Member] | 2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 38 | 36 | 38 | 30 | $ 7 | |||||
Property and Casualty Operations [Member] | Surety [Member] | 2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 40 | 38 | 26 | $ 7 | ||||||
Property and Casualty Operations [Member] | Surety [Member] | 2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 45 | 37 | $ 5 | |||||||
Property and Casualty Operations [Member] | Surety [Member] | 2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 37 | $ 23 | ||||||||
Property and Casualty Operations [Member] | Surety [Member] | 2018 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 5 |
Claim and Claim Adjustment E_17
Claim and Claim Adjustment Expense Reserves - Schedule of Net Strengthening or Releasing of Prior Accident Year Reserves (Surety) (Detail) - Property and Casualty Operations [Member] - Surety [Member] - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (70) | $ (84) | $ (63) | |||||
2009 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (1) | 1 | $ (7) | $ (9) | $ (17) | $ (18) | $ (11) | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | (62) | |||||||
2010 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 2 | (4) | (3) | (10) | (8) | (27) | (1) | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | (51) | |||||||
2011 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (4) | (4) | (5) | (12) | (29) | (5) | $ 1 | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | (58) | |||||||
2012 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (6) | (7) | (18) | (28) | (24) | $ 2 | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (81) | |||||||
2013 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (4) | (15) | (9) | (6) | $ 1 | |||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (33) | |||||||
2014 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (9) | (25) | (30) | $ 1 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (63) | |||||||
2015 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (25) | (27) | ||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (52) | |||||||
2016 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (15) | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (15) | |||||||
2017 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (5) | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (5) | |||||||
Total net development for the accident years presented above [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (67) | (82) | (64) | |||||
Total net development for the accident years prior to 2009 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (3) | 1 | $ 1 | |||||
Unallocated Claim Adjustment Expense Development [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (3) |
Claim and Claim Adjustment E_18
Claim and Claim Adjustment Expense Reserves - Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses (Commercial Auto) (Detail) - Property and Casualty Operations [Member] - Commercial Auto [Member] - CNA Financial [Member] $ in Millions | Dec. 31, 2018USD ($)Claim | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 2,411 | |||||||||
IBNR | 239 | |||||||||
2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 277 | $ 276 | $ 276 | $ 278 | $ 281 | $ 285 | $ 282 | $ 280 | $ 276 | $ 291 |
Cumulative number of claims | Claim | 48,499 | |||||||||
2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 288 | 288 | 289 | 293 | 298 | 291 | 287 | 283 | $ 267 | |
IBNR | $ 1 | |||||||||
Cumulative number of claims | Claim | 48,030 | |||||||||
2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 294 | 294 | 294 | 300 | 302 | 288 | 281 | $ 268 | ||
IBNR | $ 4 | |||||||||
Cumulative number of claims | Claim | 47,905 | |||||||||
2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 299 | 299 | 307 | 303 | 299 | 289 | $ 275 | |||
IBNR | $ 6 | |||||||||
Cumulative number of claims | Claim | 46,288 | |||||||||
2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 245 | 245 | 249 | 265 | 265 | $ 246 | ||||
IBNR | $ 7 | |||||||||
Cumulative number of claims | Claim | 39,429 | |||||||||
2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 205 | 205 | 212 | 223 | $ 234 | |||||
IBNR | $ 9 | |||||||||
Cumulative number of claims | Claim | 33,609 | |||||||||
2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 190 | 190 | 199 | $ 201 | ||||||
IBNR | $ 22 | |||||||||
Cumulative number of claims | Claim | 30,388 | |||||||||
2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 186 | 186 | $ 198 | |||||||
IBNR | $ 27 | |||||||||
Cumulative number of claims | Claim | 30,342 | |||||||||
2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 198 | $ 199 | ||||||||
IBNR | $ 45 | |||||||||
Cumulative number of claims | Claim | 30,580 | |||||||||
2018 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 229 | |||||||||
IBNR | $ 118 | |||||||||
Cumulative number of claims | Claim | 28,602 |
Claim and Claim Adjustment E_19
Claim and Claim Adjustment Expense Reserves - Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses (Commercial Auto) (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 | $ 4,285 | $ 4,366 | $ 4,167 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 17,965 | 18,070 | 18,249 | $ 18,576 | ||||||
Property and Casualty Operations [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 14,353 | 14,575 | ||||||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 2,016 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 395 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 | 6 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 11 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 412 | |||||||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 277 | 275 | 274 | 274 | $ 272 | $ 261 | $ 233 | $ 191 | $ 130 | $ 73 |
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 287 | 287 | 286 | 281 | 271 | 246 | 203 | 141 | $ 74 | |
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 289 | 287 | 284 | 274 | 248 | 199 | 145 | $ 79 | ||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 290 | 285 | 282 | 259 | 220 | 160 | $ 78 | |||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 234 | 225 | 200 | 168 | 135 | $ 74 | ||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 187 | 166 | 137 | 102 | $ 64 | |||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 153 | 130 | 96 | $ 52 | ||||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 126 | 93 | $ 52 | |||||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 107 | $ 58 | ||||||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2018 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 66 |
Claim and Claim Adjustment E_20
Claim and Claim Adjustment Expense Reserves - Schedule of Net Strengthening or Releasing of Prior Accident Year Reserves (Commercial Auto) (Detail) - Property and Casualty Operations [Member] - Commercial Auto [Member] - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ 1 | $ (35) | $ (47) | ||||||
2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 1 | (2) | $ (3) | $ (4) | $ 3 | $ 2 | $ 4 | $ (15) | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | (14) | ||||||||
2010 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (1) | (4) | (5) | 7 | 4 | 4 | $ 16 | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 21 | ||||||||
2011 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (6) | (2) | 14 | 7 | $ 13 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 26 | ||||||||
2012 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (8) | 4 | 4 | 10 | $ 14 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 24 | ||||||||
2013 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (4) | (16) | $ 19 | ||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (1) | ||||||||
2014 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (7) | (11) | $ (11) | ||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (29) | ||||||||
2015 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (9) | (2) | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (11) | ||||||||
2016 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (12) | ||||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (12) | ||||||||
2017 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (1) | ||||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (1) | ||||||||
Total net development for the accident years presented above [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (41) | (37) | |||||||
Total net development for the accident years prior to 2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 4 | $ (10) | |||||||
Unallocated Claim Adjustment Expense Development [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ 1 | $ 2 |
Claim and Claim Adjustment E_21
Claim and Claim Adjustment Expense Reserves - Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses (General Liability) (Detail) - Property and Casualty Operations [Member] - General Liability [Member] - CNA Financial [Member] $ in Millions | Dec. 31, 2018USD ($)Claim | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 6,549 | |||||||||
IBNR | 1,586 | |||||||||
2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 755 | $ 755 | $ 754 | $ 755 | $ 756 | $ 752 | $ 755 | $ 733 | $ 716 | $ 662 |
IBNR | $ 16 | |||||||||
Cumulative number of claims | Claim | 44,934 | |||||||||
2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 691 | 691 | 697 | 726 | 750 | 709 | 658 | 664 | $ 646 | |
IBNR | $ 24 | |||||||||
Cumulative number of claims | Claim | 44,144 | |||||||||
2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 669 | 670 | 681 | 676 | 677 | 631 | 589 | $ 591 | ||
IBNR | $ 26 | |||||||||
Cumulative number of claims | Claim | 39,283 | |||||||||
2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 635 | 635 | 619 | 636 | 639 | 611 | $ 587 | |||
IBNR | $ 46 | |||||||||
Cumulative number of claims | Claim | 35,083 | |||||||||
2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 623 | 613 | 655 | 650 | 655 | $ 650 | ||||
IBNR | $ 51 | |||||||||
Cumulative number of claims | Claim | 33,420 | |||||||||
2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 635 | 631 | 654 | 658 | $ 653 | |||||
IBNR | $ 71 | |||||||||
Cumulative number of claims | Claim | 27,736 | |||||||||
2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 589 | 574 | 576 | $ 581 | ||||||
IBNR | $ 122 | |||||||||
Cumulative number of claims | Claim | 23,471 | |||||||||
2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 667 | 659 | $ 623 | |||||||
IBNR | $ 265 | |||||||||
Cumulative number of claims | Claim | 23,078 | |||||||||
2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 632 | $ 632 | ||||||||
IBNR | $ 412 | |||||||||
Cumulative number of claims | Claim | 19,716 | |||||||||
2018 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 653 | |||||||||
IBNR | $ 553 | |||||||||
Cumulative number of claims | Claim | 13,336 |
Claim and Claim Adjustment E_22
Claim and Claim Adjustment Expense Reserves - Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses (General Liability) (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 | $ 4,285 | $ 4,366 | $ 4,167 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 17,965 | 18,070 | 18,249 | $ 18,576 | ||||||
Property and Casualty Operations [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 14,353 | 14,575 | ||||||||
Property and Casualty Operations [Member] | General Liability [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 4,342 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 2,207 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 | 927 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 61 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 3,195 | |||||||||
Property and Casualty Operations [Member] | General Liability [Member] | 2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 727 | 721 | 701 | 663 | $ 625 | $ 576 | $ 468 | $ 305 | $ 124 | $ 33 |
Property and Casualty Operations [Member] | General Liability [Member] | 2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 656 | 652 | 642 | 611 | 561 | 429 | 280 | 145 | $ 27 | |
Property and Casualty Operations [Member] | General Liability [Member] | 2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 622 | 602 | 568 | 517 | 411 | 273 | 148 | $ 28 | ||
Property and Casualty Operations [Member] | General Liability [Member] | 2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 559 | 510 | 454 | 374 | 247 | 132 | $ 28 | |||
Property and Casualty Operations [Member] | General Liability [Member] | 2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 510 | 450 | 352 | 240 | 128 | $ 31 | ||||
Property and Casualty Operations [Member] | General Liability [Member] | 2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 481 | 376 | 247 | 119 | $ 31 | |||||
Property and Casualty Operations [Member] | General Liability [Member] | 2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 357 | 230 | 110 | $ 19 | ||||||
Property and Casualty Operations [Member] | General Liability [Member] | 2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 279 | 163 | $ 32 | |||||||
Property and Casualty Operations [Member] | General Liability [Member] | 2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 118 | $ 23 | ||||||||
Property and Casualty Operations [Member] | General Liability [Member] | 2018 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 33 |
Claim and Claim Adjustment E_23
Claim and Claim Adjustment Expense Reserves - Schedule of Net Strengthening or Releasing of Prior Accident Year Reserves (General Liability) (Detail) - Property and Casualty Operations [Member] - General Liability [Member] - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ 32 | $ (24) | $ (65) | ||||||
2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 1 | (1) | $ (1) | $ 4 | $ (3) | $ 22 | $ 17 | $ 54 | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | 93 | ||||||||
2010 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (6) | (29) | (24) | 41 | 51 | (6) | $ 18 | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 45 | ||||||||
2011 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (1) | (11) | 5 | (1) | 46 | 42 | $ (2) | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 78 | ||||||||
2012 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 16 | (17) | (3) | 28 | $ 24 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 48 | ||||||||
2013 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 10 | (42) | 5 | (5) | $ 5 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (27) | ||||||||
2014 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 4 | (23) | (4) | $ 5 | |||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (18) | ||||||||
2015 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 15 | (2) | (5) | ||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 8 | ||||||||
2016 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 8 | 36 | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 44 | ||||||||
Total net development for the accident years presented above [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 36 | (31) | (46) | ||||||
Total net development for the accident years prior to 2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (1) | $ (19) | |||||||
Unallocated Claim Adjustment Expense Development [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (4) | $ 8 |
Claim and Claim Adjustment E_24
Claim and Claim Adjustment Expense Reserves - Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses (Workers' Compensation) (Detail) - Property and Casualty Operations [Member] - Workers' Compensation [Member] - CNA Financial [Member] $ in Millions | Dec. 31, 2018USD ($)Claim | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 5,445 | |||||||||
IBNR | 1,130 | |||||||||
2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 650 | $ 649 | $ 638 | $ 631 | $ 626 | $ 616 | $ 611 | $ 609 | $ 599 | $ 592 |
IBNR | $ 46 | |||||||||
Cumulative number of claims | Claim | 51,822 | |||||||||
2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 732 | 733 | 730 | 710 | 698 | 676 | 654 | 632 | $ 583 | |
IBNR | $ 44 | |||||||||
Cumulative number of claims | Claim | 49,106 | |||||||||
2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 674 | 676 | 676 | 651 | 659 | 647 | 641 | $ 607 | ||
IBNR | $ 27 | |||||||||
Cumulative number of claims | Claim | 45,637 | |||||||||
2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 671 | 673 | 678 | 669 | 659 | 627 | $ 601 | |||
IBNR | $ 59 | |||||||||
Cumulative number of claims | Claim | 42,477 | |||||||||
2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 582 | 593 | 618 | 592 | 572 | $ 537 | ||||
IBNR | $ 86 | |||||||||
Cumulative number of claims | Claim | 38,665 | |||||||||
2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 450 | 452 | 479 | 480 | $ 467 | |||||
IBNR | $ 104 | |||||||||
Cumulative number of claims | Claim | 33,465 | |||||||||
2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 408 | 406 | 431 | $ 422 | ||||||
IBNR | $ 146 | |||||||||
Cumulative number of claims | Claim | 31,828 | |||||||||
2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 396 | 405 | $ 426 | |||||||
IBNR | $ 171 | |||||||||
Cumulative number of claims | Claim | 31,905 | |||||||||
2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 432 | $ 440 | ||||||||
IBNR | $ 171 | |||||||||
Cumulative number of claims | Claim | 32,811 | |||||||||
2018 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 450 | |||||||||
IBNR | $ 276 | |||||||||
Cumulative number of claims | Claim | 30,399 |
Claim and Claim Adjustment E_25
Claim and Claim Adjustment Expense Reserves - Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses (Workers' Compensation) (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 | $ 4,285 | $ 4,366 | $ 4,167 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 17,965 | 18,070 | 18,249 | $ 18,576 | ||||||
Property and Casualty Operations [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 14,353 | 14,575 | ||||||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 3,578 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 1,867 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2009 | 2,131 | |||||||||
Other | (32) | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 2 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 3,968 | |||||||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 557 | 549 | 525 | 503 | $ 476 | $ 443 | $ 388 | $ 321 | $ 227 | $ 89 |
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 625 | 615 | 577 | 542 | 510 | 442 | 359 | 251 | $ 97 | |
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 571 | 564 | 522 | 478 | 438 | 358 | 249 | $ 99 | ||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 524 | 509 | 470 | 416 | 342 | 232 | $ 87 | |||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 419 | 417 | 370 | 300 | 213 | $ 80 | ||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 282 | 258 | 215 | 159 | $ 61 | |||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 212 | 180 | 131 | $ 51 | ||||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 169 | 129 | $ 53 | |||||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 151 | $ 63 | ||||||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2018 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 68 |
Claim and Claim Adjustment E_26
Claim and Claim Adjustment Expense Reserves - Schedule of Net Strengthening or Releasing of Prior Accident Year Reserves (Workers' Compensation) (Detail) - Property and Casualty Operations [Member] - Workers' Compensation [Member] - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (32) | $ (63) | $ 145 | ||||||
2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 1 | 11 | 7 | $ 5 | $ 10 | $ 5 | $ 2 | $ 10 | $ 7 |
Net Strengthening or (Releases) of Prior Accident Year Reserves | 58 | ||||||||
2010 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (1) | 3 | 20 | 12 | 22 | 22 | 22 | $ 49 | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | 149 | ||||||||
2011 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (2) | 25 | (8) | 12 | 6 | $ 34 | |||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 67 | ||||||||
2012 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (2) | (5) | 9 | 10 | 32 | $ 26 | |||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 70 | ||||||||
2013 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (11) | (25) | 26 | 20 | $ 35 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 45 | ||||||||
2014 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (2) | (27) | (1) | $ 13 | |||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (17) | ||||||||
2015 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 2 | (25) | 9 | ||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (14) | ||||||||
2016 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (9) | (21) | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (30) | ||||||||
2017 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (8) | ||||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (8) | ||||||||
Total net development for the accident years presented above [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (32) | (89) | 95 | ||||||
Adjustment for Development on a Discounted Basis [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (3) | (3) | |||||||
Total net development for the accident years prior to 2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 7 | 28 | $ 53 | ||||||
Unallocated Claim Adjustment Expense Development [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (7) | $ 1 |
Claim and Claim Adjustment E_27
Claim and Claim Adjustment Expense Reserves - Schedule of Historical Claims Duration (Detail) - CNA Financial [Member] | Dec. 31, 2018 |
Medical Professional Liability [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Claims in Year 1 | 3.80% |
Average Annual Percentage Payout of Claims in Year 2 | 19.70% |
Average Annual Percentage Payout of Claims in Year 3 | 24.30% |
Average Annual Percentage Payout of Claims in Year 4 | 20.10% |
Average Annual Percentage Payout of Claims in Year 5 | 12.10% |
Average Annual Percentage Payout of Claims in Year 6 | 7.20% |
Average Annual Percentage Payout of Claims in Year 7 | 4.50% |
Average Annual Percentage Payout of Claims in Year 8 | 2.50% |
Average Annual Percentage Payout of Claims in Year 9 | 1.00% |
Average Annual Percentage Payout of Claims in Year 10 | 2.90% |
Total | 98.10% |
Other Professional Liability and Management Liability [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Claims in Year 1 | 6.20% |
Average Annual Percentage Payout of Claims in Year 2 | 21.50% |
Average Annual Percentage Payout of Claims in Year 3 | 21.30% |
Average Annual Percentage Payout of Claims in Year 4 | 17.40% |
Average Annual Percentage Payout of Claims in Year 5 | 10.70% |
Average Annual Percentage Payout of Claims in Year 6 | 6.40% |
Average Annual Percentage Payout of Claims in Year 7 | 5.80% |
Average Annual Percentage Payout of Claims in Year 8 | 2.90% |
Average Annual Percentage Payout of Claims in Year 9 | 3.30% |
Average Annual Percentage Payout of Claims in Year 10 | 2.10% |
Total | 97.60% |
Surety [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Claims in Year 1 | 21.60% |
Average Annual Percentage Payout of Claims in Year 2 | 37.90% |
Average Annual Percentage Payout of Claims in Year 3 | 21.00% |
Average Annual Percentage Payout of Claims in Year 4 | 7.90% |
Average Annual Percentage Payout of Claims in Year 5 | 2.10% |
Average Annual Percentage Payout of Claims in Year 6 | 1.60% |
Average Annual Percentage Payout of Claims in Year 7 | (1.70%) |
Average Annual Percentage Payout of Claims in Year 8 | (0.50%) |
Total | 89.90% |
Commercial Auto [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Claims in Year 1 | 28.00% |
Average Annual Percentage Payout of Claims in Year 2 | 23.00% |
Average Annual Percentage Payout of Claims in Year 3 | 18.50% |
Average Annual Percentage Payout of Claims in Year 4 | 14.20% |
Average Annual Percentage Payout of Claims in Year 5 | 9.30% |
Average Annual Percentage Payout of Claims in Year 6 | 3.10% |
Average Annual Percentage Payout of Claims in Year 7 | 1.30% |
Average Annual Percentage Payout of Claims in Year 8 | 0.30% |
Average Annual Percentage Payout of Claims in Year 9 | 0.20% |
Average Annual Percentage Payout of Claims in Year 10 | 0.70% |
Total | 98.60% |
General Liability [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Claims in Year 1 | 4.30% |
Average Annual Percentage Payout of Claims in Year 2 | 15.90% |
Average Annual Percentage Payout of Claims in Year 3 | 19.50% |
Average Annual Percentage Payout of Claims in Year 4 | 20.50% |
Average Annual Percentage Payout of Claims in Year 5 | 15.70% |
Average Annual Percentage Payout of Claims in Year 6 | 8.00% |
Average Annual Percentage Payout of Claims in Year 7 | 5.60% |
Average Annual Percentage Payout of Claims in Year 8 | 3.20% |
Average Annual Percentage Payout of Claims in Year 9 | 1.60% |
Average Annual Percentage Payout of Claims in Year 10 | 0.80% |
Total | 95.10% |
Workers' Compensation [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Claims in Year 1 | 13.70% |
Average Annual Percentage Payout of Claims in Year 2 | 21.10% |
Average Annual Percentage Payout of Claims in Year 3 | 13.90% |
Average Annual Percentage Payout of Claims in Year 4 | 10.60% |
Average Annual Percentage Payout of Claims in Year 5 | 7.50% |
Average Annual Percentage Payout of Claims in Year 6 | 4.40% |
Average Annual Percentage Payout of Claims in Year 7 | 4.40% |
Average Annual Percentage Payout of Claims in Year 8 | 3.20% |
Average Annual Percentage Payout of Claims in Year 9 | 2.50% |
Average Annual Percentage Payout of Claims in Year 10 | 1.20% |
Total | 82.50% |
Claim and Claim Adjustment E_28
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Additional amounts ceded under LPT: | |||
Net A&EP adverse development before consideration of LPT | $ 178 | $ 60 | $ 200 |
Provision for uncollectible third-party reinsurance on A&EP | (16) | ||
Total additional amounts ceded under LPT | 162 | 60 | 200 |
Retroactive reinsurance benefit recognized | (114) | (68) | (107) |
Pretax impact of deferred retroactive reinsurance | $ 48 | $ (8) | $ 93 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Rent expense | $ 120 | $ 113 | $ 97 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments to be Made Under Non-Cancelable Operating Leases Along with Lease and Sublease Minimum Receipts to be Received on Owned and Leased Properties (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Operating leases, Future Minimum Lease Payments, 2019 | $ 75 |
Operating leases, Future Minimum Lease Payments, 2020 | 79 |
Operating leases, Future Minimum Lease Payments, 2021 | 79 |
Operating leases, Future Minimum Lease Payments, 2022 | 68 |
Operating leases, Future Minimum Lease Payments, 2023 | 57 |
Operating leases, Future Minimum Lease Payments, Thereafter | 344 |
Operating leases, Future Minimum Lease Payments, Total | 702 |
Operating leases, Future Minimum Lease Receipts, 2019 | 6 |
Operating leases, Future Minimum Lease Receipts, 2020 | 5 |
Operating leases, Future Minimum Lease Receipts, 2021 | 5 |
Operating leases, Future Minimum Lease Receipts, 2022 | 4 |
Operating leases, Future Minimum Lease Receipts, 2023 | 4 |
Operating leases, Future Minimum Lease Receipts, Thereafter | 14 |
Operating leases, Future Minimum Lease Receipts, Total | $ 38 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | ||||
U.S corporate income tax rate | 21.00% | 35.00% | ||
Non-cash increase in net income | $ 200 | $ 200 | ||
Increase in income tax benefit | 268 | |||
Net deferred tax liabilities partially offset by provisional charge | 78 | 78 | ||
Reduction to net income for uncertain tax positions | $ 6 | |||
Uncertain income tax positions | 116 | |||
Reductions for tax positions related to a prior year | 48 | 1 | $ 20 | |
Additions for tax positions related to the current year | 3 | 51 | 4 | |
Income tax (benefit) expense related to penalties | 1 | (2) | (23) | |
Net operating loss carryforwards | 169 | 251 | 169 | |
Valuation allowance | 169 | 175 | 169 | |
Other deferred tax assets | 211 | 197 | 211 | |
Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | 83 | |||
Net operating loss carryforwards indefinitely | $ 35 | |||
Net operating loss carryforwards expiration year | 2034 and 2038 | |||
Tax credit carryforwards | $ 57 | |||
Tax credit carryforwards expiration year | No later than 2021 | |||
Foreign [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards indefinitely | $ 83 | |||
Net operating loss carryforwards expiration year | 2021 and 2028 | |||
Net operating loss carryforwards in foreign tax jurisdictions | $ 37 | |||
Tax credit carryforwards | $ 43 | |||
Tax credit carryforwards expiration year | 2020 and 2024 to 2027 | |||
CNA Financial [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Equity ownership percentage | 80.00% | |||
Diamond Offshore [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits that would affect effective tax rate upon recognition | $ 102 | $ 82 | $ 102 | $ 36 |
Net operating loss carryforwards | 98 | |||
Valuation allowance | 175 | |||
Foreign tax credits | 45 | |||
Other deferred tax assets | $ 32 |
Income Taxes - Schedule of Curr
Income Taxes - Schedule of Current and Deferred Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income tax expense (benefit): | |||
Federal income tax expense (benefit), Current | $ 6 | $ 157 | $ 71 |
Federal income tax expense (benefit), Deferred | 85 | (63) | 102 |
State and city income tax expense (benefit), Current | 15 | 22 | 13 |
State and city income tax expense (benefit), Deferred | 9 | 17 | 13 |
Foreign income tax expense (benefit) | 13 | 37 | 21 |
Income tax expense (benefit) | $ 128 | $ 170 | $ 220 |
Income Taxes - Components of U.
Income Taxes - Components of U.S. and Foreign Income and Reconciliation between Federal Income Tax Expense at Statutory Rates and Actual Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income before income tax: | |||
Income before income tax, U.S. | $ 775 | $ 1,322 | $ 1,207 |
Income before income tax, Foreign | 59 | 260 | (271) |
Income before income tax | 834 | 1,582 | 936 |
Income tax expense at statutory rate | 175 | 554 | 328 |
Increase (decrease) in income tax expense resulting from: | |||
Effect of the Tax Act | (6) | (190) | |
Exempt investment income | (64) | (134) | (126) |
Foreign related tax differential | 1 | (36) | 40 |
Taxes related to domestic affiliate | (7) | 1 | (14) |
Partnership earnings not subject to taxes | (14) | (51) | (52) |
Valuation allowance | 12 | 7 | 62 |
Unrecognized tax positions, settlements and adjustments relating to prior years | 2 | (8) | (42) |
State taxes | 20 | 23 | 18 |
Other | 9 | 4 | 6 |
Income tax expense (benefit) | $ 128 | $ 170 | $ 220 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Tax Carryforwards and Interest and Penalties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $ 84 | $ 35 | $ 54 |
Additions for tax positions related to the current year | 3 | 51 | 4 |
Additions for tax positions related to a prior year | 20 | 5 | 1 |
Reductions for tax positions related to a prior year | (48) | (1) | (20) |
Lapse of statute of limitations | (1) | (6) | (4) |
Balance at December 31 | $ 58 | $ 84 | $ 35 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Property and casualty claim and claim adjustment expense reserves | $ 108 | $ 74 |
Unearned premium reserves | 108 | 142 |
Receivables | 13 | 13 |
Employee benefits | 222 | 243 |
Deferred retroactive reinsurance benefit | 79 | 68 |
Net operating loss carryforwards | 251 | 169 |
Tax credit carryforwards | 101 | 199 |
Net unrealized losses | 24 | |
Basis differential in investment in subsidiary | 8 | 15 |
Other | 197 | 211 |
Total deferred tax assets | 1,111 | 1,134 |
Valuation allowance | (175) | (169) |
Net deferred tax assets | 936 | 965 |
Deferred tax liabilities: | ||
Deferred acquisition costs | (78) | (77) |
Net unrealized gains | (263) | |
Property, plant and equipment | (840) | (765) |
Basis differential in investment in subsidiary | (586) | (364) |
Other liabilities | (236) | (220) |
Total deferred tax liabilities | (1,740) | (1,689) |
Net deferred tax liabilities | $ (804) | $ (724) |
Income Taxes - Summary of Def_2
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax assets | $ 1,111,000,000 | $ 1,134,000,000 |
Other Assets [Member] | ||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax assets | $ 37 | $ 25 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt, Gross | $ 11,488 | $ 11,653 |
Less unamortized discount and issuance costs | 112 | 120 |
Debt | 11,376 | 11,533 |
Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 1,800 | |
Less unamortized discount and issuance costs | 22 | |
Debt | 1,778 | |
CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 2,694 | |
Less unamortized discount and issuance costs | 13 | |
Capital lease obligation | 1 | 3 |
Debt | 2,681 | |
Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 2,000 | |
Less unamortized discount and issuance costs | 26 | |
Debt | 1,974 | |
Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 3,728 | |
Less unamortized discount and issuance costs | 26 | |
Capital lease obligation | 8 | 9 |
Debt | 3,702 | |
Loews Hotels And Co [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 653 | 648 |
Less unamortized discount and issuance costs | 11 | |
Debt | 642 | |
Consolidated Container [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 613 | |
Less unamortized discount and issuance costs | 14 | |
Capital lease obligation | 7 | 6 |
Debt | 599 | |
Consolidated Container [Member] | Variable Rate Asset Based Lending Facility Due Two Thousand Twenty Two [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 9 | |
2.6% Notes Due 2023 [Member] | Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
3.8% Notes Due 2026 [Member] | Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
6.0% Notes Due 2035 [Member] | Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 300 | 300 |
4.1% Notes Due 2043 [Member] | Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
7.0% Notes Due 2018 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 150 | |
5.9% Notes Due 2020 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
5.8% Notes Due 2021 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 400 | 400 |
7.3% Debentures Due 2023 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 243 | 243 |
4.0% Notes Due 2024 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 550 | 550 |
4.5% Notes Due 2026 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
3.5% Notes Due 2027 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
Variable Rate Note Due 2036 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 30 | |
Variable Rate Revolving Credit Facility Due 2022 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 580 | 385 |
5.8% Notes Due 2019 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 350 | 350 |
3.5% Senior Notes Due 2023 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 250 | 250 |
7.9% Notes Due 2025 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
5.7% Notes Due 2039 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
4.9% Notes Due 2043 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 750 | 750 |
3.4% Notes Due 2023 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 300 | 300 |
6.0% Notes Due 2026 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 550 | 550 |
5.2% Notes Due 2018 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 185 | |
4.5% Notes Due 2021 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 440 | 440 |
4.0% Notes Due 2022 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 300 | 300 |
5.0% Notes Due 2024 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 600 | 600 |
4.5% Notes Due 2027 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
7.3% Debentures Due 2027 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 100 | 100 |
Senior Debt Variable Rate Term Loan Due 2024 [Member] | Consolidated Container [Member] | Variable Rate Term Loan Due Two Zero Two Four [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | $ 597 | $ 604 |
Debt - Schedule of Long-Term _2
Debt - Schedule of Long-Term Debt Instruments (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loews Hotels And Co [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 4.40% | |
7.0% Notes Due 2018 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.00% | |
Maturity year | 2,018 | |
Effective interest rate | 7.10% | |
Debt authorized | $ 150,000,000 | |
5.9% Notes Due 2020 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.90% | |
Maturity year | 2,020 | |
Effective interest rate | 6.00% | |
Debt authorized | $ 500,000,000 | |
5.8% Notes Due 2021 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.80% | |
Maturity year | 2,021 | |
Effective interest rate | 5.90% | |
Debt authorized | $ 400,000,000 | |
7.3% Debentures Due 2023 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.30% | |
Maturity year | 2,023 | |
Effective interest rate | 7.30% | |
Debt authorized | $ 250,000,000 | |
4.0% Notes Due 2024 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.00% | |
Maturity year | 2,024 | |
Effective interest rate | 4.40% | |
Debt authorized | $ 550,000,000 | |
4.5% Notes Due 2026 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.50% | |
Maturity year | 2,026 | |
Effective interest rate | 4.50% | |
Debt authorized | $ 500,000,000 | |
3.5% Notes Due 2027 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.50% | |
Maturity year | 2,027 | |
Effective interest rate | 3.60% | |
Debt authorized | $ 500,000,000 | |
Variable Rate Note Due 2036 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,036 | |
Effective interest rate | 4.90% | |
Variable Rate Revolving Credit Facility Due 2022 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,022 | |
Effective interest rate | 3.70% | 2.70% |
5.8% Notes Due 2019 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.80% | |
Maturity year | 2,019 | |
Effective interest rate | 5.90% | |
Debt authorized | $ 350,000,000 | |
3.5% Senior Notes Due 2023 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.50% | |
Maturity year | 2,023 | |
Effective interest rate | 3.60% | |
Debt authorized | $ 250,000,000 | |
7.9% Notes Due 2025 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.90% | |
Maturity year | 2,025 | |
Effective interest rate | 8.00% | |
Debt authorized | $ 500,000,000 | |
5.7% Notes Due 2039 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.70% | |
Maturity year | 2,039 | |
Effective interest rate | 5.80% | |
Debt authorized | $ 500,000,000 | |
4.9% Notes Due 2043 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.90% | |
Maturity year | 2,043 | |
Effective interest rate | 5.00% | |
Debt authorized | $ 750,000,000 | |
3.4% Notes Due 2023 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.40% | |
Maturity year | 2,023 | |
Effective interest rate | 3.50% | |
Debt authorized | $ 300,000,000 | |
6.0% Notes Due 2026 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.00% | |
Maturity year | 2,026 | |
Effective interest rate | 6.20% | |
Debt authorized | $ 550,000,000 | |
5.2% Notes Due 2018 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.20% | |
Maturity year | 2,018 | |
Effective interest rate | 5.40% | |
Debt authorized | $ 185,000,000 | |
4.5% Notes Due 2021 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.50% | |
Maturity year | 2,021 | |
Effective interest rate | 5.00% | |
Debt authorized | $ 440,000,000 | |
4.0% Notes Due 2022 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.00% | |
Maturity year | 2,022 | |
Effective interest rate | 4.40% | |
Debt authorized | $ 300,000,000 | |
5.0% Notes Due 2024 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.00% | |
Maturity year | 2,024 | |
Effective interest rate | 5.20% | |
Debt authorized | $ 600,000,000 | |
4.5% Notes Due 2027 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.50% | |
Maturity year | 2,027 | |
Effective interest rate | 4.60% | |
Debt authorized | $ 500,000,000 | |
7.3% Debentures Due 2027 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.30% | |
Maturity year | 2,027 | |
Effective interest rate | 8.10% | |
Debt authorized | $ 100,000,000 | |
Variable Rate Asset Based Lending Facility Due Two Thousand Twenty Two [Member] | Consolidated Container [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,022 | |
Effective interest rate | 5.50% | |
Variable Rate Term Loan Due Two Zero Two Four [Member] | Senior Debt Variable Rate Term Loan Due 2024 [Member] | Consolidated Container [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,024 | |
Effective interest rate | 5.00% | 5.50% |
Loews Corporation [Member] | 2.6% Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.60% | |
Maturity year | 2,023 | |
Effective interest rate | 2.80% | |
Debt authorized | $ 500,000,000 | |
Loews Corporation [Member] | 3.8% Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.80% | |
Maturity year | 2,026 | |
Effective interest rate | 3.90% | |
Debt authorized | $ 500,000,000 | |
Loews Corporation [Member] | 6.0% Notes Due 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.00% | |
Maturity year | 2,035 | |
Effective interest rate | 6.20% | |
Debt authorized | $ 300,000,000 | |
Loews Corporation [Member] | 4.1% Notes Due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.10% | |
Maturity year | 2,043 | |
Effective interest rate | 4.30% | |
Debt authorized | $ 500,000,000 |
Debt - Schedule of Debt by Subs
Debt - Schedule of Debt by Subsidiary (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Principal | $ 11,488 | $ 11,653 |
Unamortized Discount and Issuance Costs | 112 | 120 |
Net | 11,376 | 11,533 |
Short Term Debt | 17 | 280 |
Long term debt | 11,359 | 11,253 |
Net | 11,376 | 11,533 |
Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 1,800 | |
Unamortized Discount and Issuance Costs | 22 | |
Net | 1,778 | |
Long term debt | 1,778 | |
Net | 1,778 | |
CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 2,694 | |
Unamortized Discount and Issuance Costs | 13 | |
Net | 2,681 | |
Long term debt | 2,681 | |
Net | 2,681 | |
Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 2,000 | |
Unamortized Discount and Issuance Costs | 26 | |
Net | 1,974 | |
Long term debt | 1,974 | |
Net | 1,974 | |
Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 3,728 | |
Unamortized Discount and Issuance Costs | 26 | |
Net | 3,702 | |
Short Term Debt | 1 | |
Long term debt | 3,701 | |
Net | 3,702 | |
Loews Hotels And Co [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 653 | $ 648 |
Unamortized Discount and Issuance Costs | 11 | |
Net | 642 | |
Long term debt | 642 | |
Net | 642 | |
Consolidated Container [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 613 | |
Unamortized Discount and Issuance Costs | 14 | |
Net | 599 | |
Short Term Debt | 16 | |
Long term debt | 583 | |
Net | $ 599 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Aggregate of long term debt maturing, 2019 | $ 17,000,000 |
Aggregate of long term debt maturing, 2020 | 605,000,000 |
Aggregate of long term debt maturing, 2021 | 846,000,000 |
Aggregate of long term debt maturing, 2022 | 1,300,000,000 |
Aggregate of long term debt maturing, 2023 | 1,300,000,000 |
Aggregate of long term debt maturing, Thereafter | 7,400,000,000 |
Diamond Offshore [Member] | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | 950,000,000 |
CNA Financial [Member] | |
Debt Instrument [Line Items] | |
Acquisition of FHLBC stock | 5,000,000 |
Outstanding borrowings | 0 |
Additional liquidity | $ 111,000,000 |
CNA Financial [Member] | 7.0% Notes Due 2018 [Member] | |
Debt Instrument [Line Items] | |
Percentage of outstanding aggregate principal amount retired | 7.00% |
Debt instrument principal amount | $ 150,000,000 |
CNA Financial [Member] | Variable Rate Note Due 2036 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument principal amount | 30,000,000 |
Senior Unsecured Revolving Credit Facility [Member] | CNA Financial [Member] | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 250,000,000 |
Senior unsecured revolving credit facility, term | 5 years |
Revolving Credit Facility [Member] | Diamond Offshore [Member] | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 325,000,000 |
Revolving credit facility expiration period | 5 years |
Debt maturity date | Oct. 2, 2023 |
Borrowings outstanding amount | $ 0 |
Revolving Credit Facility [Member] | Diamond Offshore [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 40,000,000 |
Revolving credit facility maturity period | 2019-03 |
Revolving Credit Facility [Member] | Diamond Offshore [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 60,000,000 |
Revolving credit facility maturity period | 2019-10 |
Revolving Credit Facility [Member] | Diamond Offshore [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 225,000,000 |
Revolving credit facility maturity period | 2020-10 |
Revolving Credit Facility [Member] | Boardwalk Pipeline [Member] | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 1,500,000,000 |
Debt maturity date | May 26, 2022 |
Borrowings outstanding amount | $ 580,000,000 |
Swing Line Subfacility [Member] | Diamond Offshore [Member] | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | 100,000,000 |
Letter Of Credit Subfacility [Member] | Diamond Offshore [Member] | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 250,000,000 |
Senior Notes Credit Facility [Member] | Boardwalk Pipeline [Member] | |
Debt Instrument [Line Items] | |
Percentage of outstanding aggregate principal amount retired | 5.20% |
Debt instrument principal amount | $ 185,000,000 |
ABL Facility [Member] | Consolidated Container [Member] | Credit Agreement [Member] | |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 125,000,000 |
Debt maturity date | May 23, 2022 |
Borrowings outstanding amount | $ 9,000,000 |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cumulative effect adjustment from changes in accounting standards | $ (91) | ||
Beginning Balance | 24,566 | $ 23,361 | $ 22,810 |
Balance, as adjusted | 24,475 | ||
Other comprehensive income (loss) | (892) | 218 | 153 |
Purchase of Boardwalk Pipeline common units | (1,718) | (9) | |
Ending Balance | 21,386 | 24,566 | 23,361 |
OTTI Gains (Losses) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 22 | 27 | 24 |
Balance, as adjusted | 26 | ||
Other comprehensive income (loss) before reclassifications, after tax | (7) | (3) | 9 |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax | (7) | (2) | (6) |
Other comprehensive income (loss) | (14) | (5) | 3 |
Amounts attributable to noncontrolling interests | 2 | ||
Ending Balance | 14 | 22 | 27 |
Unrealized Gains (Losses) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 673 | 576 | 347 |
Balance, as adjusted | 771 | ||
Other comprehensive income (loss) before reclassifications, after tax | (801) | 190 | 283 |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax | 3 | (82) | (26) |
Other comprehensive income (loss) | (798) | 108 | 257 |
Amounts attributable to noncontrolling interests | 84 | (11) | (28) |
Ending Balance | 57 | 673 | 576 |
Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (2) | (3) | |
Other comprehensive income (loss) before reclassifications, after tax | 4 | 1 | |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax | 2 | 2 | 2 |
Other comprehensive income (loss) | 6 | 3 | 2 |
Amounts attributable to noncontrolling interests | (1) | (1) | |
Purchase of Boardwalk Pipeline common units | (1) | ||
Ending Balance | 5 | (2) | |
Pension Liability [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (633) | (646) | (649) |
Balance, as adjusted | (763) | ||
Other comprehensive income (loss) before reclassifications, after tax | (34) | (18) | (22) |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax | 32 | 30 | 27 |
Other comprehensive income (loss) | (2) | 12 | 5 |
Amounts attributable to noncontrolling interests | 1 | (2) | |
Purchase of Boardwalk Pipeline common units | (28) | ||
Ending Balance | (793) | (633) | (646) |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (88) | (178) | (76) |
Balance, as adjusted | (88) | ||
Other comprehensive income (loss) before reclassifications, after tax | (84) | 100 | (114) |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax | 0 | ||
Other comprehensive income (loss) | (84) | 100 | (114) |
Amounts attributable to noncontrolling interests | 9 | (10) | 12 |
Ending Balance | (163) | (88) | (178) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (26) | (223) | (357) |
Balance, as adjusted | (54) | ||
Other comprehensive income (loss) before reclassifications, after tax | (922) | 270 | 156 |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax | 30 | (52) | (3) |
Other comprehensive income (loss) | (892) | 218 | 153 |
Amounts attributable to noncontrolling interests | 95 | (21) | (19) |
Purchase of Boardwalk Pipeline common units | (29) | ||
Ending Balance | (880) | $ (26) | $ (223) |
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 - Compon_2
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OTTI Gains (Losses) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | $ 2 | $ 1 | $ (4) |
Tax on reclassification from accumulated other comprehensive loss | 2 | 1 | 3 |
Unrealized Gains (Losses) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | 213 | (106) | (133) |
Tax on reclassification from accumulated other comprehensive loss | (2) | 38 | 16 |
Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | (2) | (2) | 0 |
Tax on reclassification from accumulated other comprehensive loss | 0 | 0 | 0 |
Pension Liability [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | 9 | 4 | 9 |
Tax on reclassification from accumulated other comprehensive loss | (6) | (16) | (15) |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Tax on reclassification from accumulated other comprehensive loss | 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 | ||
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 | ||
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 | ||
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 | ||
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 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shareholders Equity [Line Items] | ||||
Common stock dividend declared | $ 0.25 | $ 0.25 | $ 0.25 | |
Common stock dividend paid | $ 0.25 | $ 0.25 | $ 0.25 | |
Treasury stock repurchased, shares | 20.3 | 4.8 | 3.4 | |
Purchase of Loews treasury stock | $ 1,011 | $ 237 | $ 134 | |
Treasury stock retired, shares | 20.6 | |||
Scenario, Forecast [Member] | ||||
Shareholders Equity [Line Items] | ||||
Treasury stock retired, shares | 0.1 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenues (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | $ 3,886 | $ 3,964 | $ 3,558 |
Other revenues | 101 | 89 | 77 |
Operating revenues and other | 3,987 | 4,053 | 3,635 |
CNA Financial [Member] | Non-insurance Warranty [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 1,007 | 390 | 361 |
Diamond Offshore [Member] | Drilling Contracts [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 1,083 | 1,486 | 1,600 |
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 | 1,206 | 1,298 | 1,291 |
Loews Hotels And Co [Member] | Lodging and Related Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 730 | 682 | $ 667 |
Corporate [Member] | Rigid Plastic Packaging and Recycled Resin [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | $ 867 | $ 498 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Receivables from contracts with customers, included within Receivables | $ 434,000,000 | $ 488,000,000 | |
Deferred revenue, included within Other liabilities | 3,402,000,000 | $ 3,000,000,000 | $ 972,000,000 |
Revenue recognized | 886,000,000 | ||
Contract cost | 2,513,000,000 | $ 212,000,000 | |
Amortization expense, contract cost | 744,000,000 | ||
Adjustments to deferred costs charges, non-insurance warranty contract | 0 | ||
Performance obligations | 12,400,000,000 | ||
2019 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Performance obligations | 2,100,000,000 | ||
2020 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Performance obligations | $ 1,700,000,000 |
Statutory Accounting Practice_2
Statutory Accounting Practices - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statutory Accounting Practices [Line Items] | ||
Increase in statutory capital and surplus | $ 88 | $ 63 |
Combined Continental Casualty Companies [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Increase in statutory capital and surplus | 10,411 | $ 10,726 |
Dividends payable without prior supervisory approval | 1,400 | |
Dividends paid | $ 1,000 | |
Statutory capital and surplus percentage | 266.00% | 264.00% |
Statutory Accounting Practice_3
Statutory Accounting Practices - Combined Statutory Capital and Surplus and Net Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statutory Accounting Practices [Line Items] | |||
Statutory Capital and Surplus | $ 88 | $ 63 | |
Combined Continental Casualty Companies [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Capital and Surplus | 10,411 | 10,726 | |
Statutory Net Income | $ 1,405 | $ 1,029 | $ 1,033 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Eligible age for several postretirement benefit plans | 55 years | ||
Eligible age for Medicare benefits | 65 years | ||
Accumulated benefit obligation for all defined benefit pension plans | $ 2,900 | $ 3,200 | |
Actuarial (gain) loss | (212) | $ 100 | |
Future capital calls from various third party limited partnership investments | $ 99 | ||
Percentage of limited partnerships comprising of the carrying value that employ hedge fund strategies | 71.30% | 78.80% | |
Amount contributed to the savings plans | $ 100 | $ 105 | $ 107 |
Stock-based Compensation, vesting period | 4 years | ||
Stock-based Compensation, expiration period | 10 years | ||
Recognized compensation expense | $ 35 | 33 | $ 32 |
Time-based Restricted Stock Units (RSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Terms of Award | Right to receive one share of the Company's common stock for each vested RSU. | ||
Forfeited during the year | 33,923 | ||
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Terms of Award | Receive one share of the Company's common stock for each vested PSU | ||
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Grants In Period | 235,231 | ||
Weighted average grant date fair value | $ 47.71 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
SARs outstanding | 3,470,953 | ||
Weighted average grant date fair value | $ 39.90 | ||
2016 Loews Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Stock-based Compensation, number of shares authorized | 6,000,000 | ||
Stock-based Compensation, maximum number of shares to be granted to each individual | 500,000 | ||
Maximum [Member] | 2016 Loews Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Stock-based Compensation, number of shares to be forfeited under prior plan | 3,000,000 | ||
Second Anniversary [Member] | Time-based Restricted Stock Units (RSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
vesting percentage | 50.00% | ||
Second Anniversary [Member] | Performance-based Restricted Stock Units (PSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
vesting percentage | 50.00% | ||
Third Anniversary [Member] | Time-based Restricted Stock Units (RSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
vesting percentage | 50.00% | ||
Third Anniversary [Member] | Performance-based Restricted Stock Units (PSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
vesting percentage | 50.00% | ||
Defined Benefit Plan, Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation of plan assets invested in equity securities and limited partnerships, Maximum | 40.00% | ||
Defined Benefit Plan, Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation of plan assets invested in equity securities and limited partnerships, Maximum | 60.00% | ||
Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of hedge fund strategies | 66.00% | ||
Hedge Funds, Multi-strategy [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of hedge fund strategies | 28.00% | ||
Distressed Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of hedge fund strategies | 6.00% | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | $ (212) | 100 | |
Expected contribution to plan(s), next fiscal year | 14 | ||
Fair value of plan assets | 2,304 | 2,577 | $ 2,423 |
Pension Benefits [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | $ 10 | |
Postretirement Healthcare and Life Insurance Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution to plan(s), next fiscal year | $ 2 | ||
Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of limited partnerships comprising of the carrying value that employ hedge fund strategies | 82.00% | 86.00% | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | $ (6) | $ (1) | |
Fair value of plan assets | 85 | 88 | $ 86 |
Other Postretirement Benefits [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Benefit Plans - Weighted Averag
Benefit Plans - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.10% | 3.50% | 3.90% |
Expected long term rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Interest crediting rate | 3.80% | 3.70% | 3.70% |
Pension Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3.90% | 3.90% | 3.90% |
Pension Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 5.50% | 5.50% | 5.50% |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.10% | 3.40% | 3.70% |
Expected long term rate of return on plan assets | 5.30% | 5.30% | 5.30% |
Benefit Plans - Weighted Aver_2
Benefit Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.60% | 3.80% | 4.00% |
Expected long term rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Interest crediting rate | 3.70% | 3.70% | 3.70% |
Pension Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3.90% | 3.90% | 3.50% |
Pension Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 5.50% | 5.50% | 5.50% |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.40% | 3.70% | 3.70% |
Expected long term rate of return on plan assets | 5.30% | 5.30% | 5.30% |
Benefit Plans - Assumed Health
Benefit Plans - Assumed Health Care Cost Trend Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 4.00% | 4.00% | 4.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.00% | 4.00% | 4.00% |
Year that the rate reaches the ultimate trend rate | 2,019 | 2,018 | 2,017 |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 6.50% | 7.00% | 7.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,022 | 2,022 | 2,021 |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 8 | $ 8 | $ 8 |
Interest cost | 110 | 119 | 128 |
Expected return on plan assets | (179) | (173) | (177) |
Amortization of unrecognized net loss | 42 | 43 | 46 |
Amortization of unrecognized prior service benefit | (1) | ||
Settlement | 9 | 11 | 3 |
Net periodic benefit cost | (10) | 8 | 7 |
Net periodic benefit cost | (10) | 8 | 7 |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1 | 1 | 1 |
Interest cost | 2 | 2 | 3 |
Expected return on plan assets | (5) | (5) | (5) |
Amortization of unrecognized net loss | (1) | ||
Amortization of unrecognized prior service benefit | (2) | (2) | (3) |
Settlement | 0 | 0 | 0 |
Net periodic benefit cost | (5) | (4) | (4) |
Net periodic benefit cost | $ (5) | $ (4) | $ (4) |
Benefit Plans - Reconciliation
Benefit Plans - Reconciliation of Benefit Obligations and Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in benefit obligation: | |||
Actuarial (gain) loss | $ (212) | $ 100 | |
Pension Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning balance | 3,242 | 3,131 | |
Acquisitions | 103 | ||
Service cost | 8 | 8 | $ 8 |
Interest cost | 110 | 119 | 128 |
Service cost | 8 | 8 | 8 |
Interest cost | 110 | 119 | 128 |
Acquisitions | 103 | ||
Amendments | 0 | 0 | |
Actuarial (gain) loss | (212) | 100 | |
Benefits paid from plan assets | (187) | (192) | |
Settlements | (35) | (37) | |
Foreign exchange | (7) | 10 | |
Benefit obligation, ending balance | 2,919 | 3,242 | 3,131 |
Benefit obligation, ending balance | 2,919 | 3,242 | 3,131 |
Settlements | (35) | (37) | |
Foreign exchange | (7) | 10 | |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 2,577 | 2,423 | |
Acquisitions | 75 | ||
Actual return on plan assets | (83) | 247 | |
Company contributions | 39 | 51 | |
Benefits paid from plan assets | (187) | (192) | |
Actual return on plan assets | (83) | 247 | |
Company contributions | 39 | 51 | |
Acquisitions | 75 | ||
Benefits paid from plan assets | (187) | (192) | |
Settlements | (35) | (37) | |
Foreign exchange | (7) | 10 | |
Fair value of plan assets, ending balance | 2,304 | 2,577 | 2,423 |
Funded status | (615) | (665) | |
Fair value of plan assets, ending balance | 2,304 | 2,577 | 2,423 |
Funded status | (615) | (665) | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning balance | 62 | 66 | |
Service cost | 1 | 1 | 1 |
Interest cost | 2 | 2 | 3 |
Plan participants' contributions | 4 | 5 | |
Service cost | 1 | 1 | 1 |
Interest cost | 2 | 2 | 3 |
Amendments | 0 | 0 | |
Actuarial (gain) loss | (6) | (1) | |
Benefits paid from plan assets | (10) | (11) | |
Benefit obligation, ending balance | 53 | 62 | 66 |
Benefit obligation, ending balance | 53 | 62 | 66 |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 88 | 86 | |
Actual return on plan assets | 5 | ||
Company contributions | 3 | 3 | |
Plan participants' contributions | 4 | 5 | |
Benefits paid from plan assets | (10) | (11) | |
Actual return on plan assets | 5 | ||
Company contributions | 3 | 3 | |
Benefits paid from plan assets | (10) | (11) | |
Fair value of plan assets, ending balance | 85 | 88 | 86 |
Funded status | 32 | 26 | |
Fair value of plan assets, ending balance | 85 | 88 | $ 86 |
Funded status | $ 32 | $ 26 |
Benefit Plans - Amounts Recogni
Benefit Plans - Amounts Recognized in the Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Benefits [Member] | ||
Amounts recognized in the Consolidated Balance Sheets consist of: | ||
Other assets | $ 9 | $ 4 |
Other liabilities | (624) | (669) |
Net amount recognized | (615) | (665) |
Other Postretirement Benefits [Member] | ||
Amounts recognized in the Consolidated Balance Sheets consist of: | ||
Other assets | 49 | 47 |
Other liabilities | (17) | (21) |
Net amount recognized | $ 32 | $ 26 |
Benefit Plans - Amounts Recog_2
Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Not Yet Recognized in Net Periodic (Benefit) Cost (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service credit | $ (2) | $ (3) |
Net actuarial loss | 1,065 | 1,069 |
Net amount recognized | 1,063 | 1,066 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service credit | (1) | (3) |
Net actuarial loss | (3) | (3) |
Net amount recognized | $ (4) | $ (6) |
Benefit Plans - Information for
Benefit Plans - Information for Plans With Projected and Accumulated Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 2,825 | $ 3,132 |
Accumulated benefit obligation | 2,813 | 3,117 |
Fair value of plan assets | 2,201 | 2,462 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 18 | $ 21 |
Benefit Plans - Estimated Futur
Benefit Plans - Estimated Future Minimum Benefit Payments (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected future benefit payments 2019 | $ 218 | |
Expected future benefit payments 2020 | 223 | |
Expected future benefit payments 2021 | 210 | |
Expected future benefit payments 2022 | 218 | |
Expected future benefit payments 2023 | 214 | |
Expected future benefit payments 2024 - 2028 | $ 1,026 | |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected future benefit payments 2019 | $ 5 | |
Expected future benefit payments 2020 | 5 | |
Expected future benefit payments 2021 | 5 | |
Expected future benefit payments 2022 | 4 | |
Expected future benefit payments 2023 | 4 | |
Expected future benefit payments 2024 - 2028 | $ 16 |
Benefit Plans - Pension Plan As
Benefit Plans - Pension Plan Assets Measured at Fair Value on Recurring Basis (Detail) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | $ 2,304 | $ 2,577 | $ 2,423 |
Corporate Bonds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 482 | 532 | |
States, Municipalities and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 58 | 62 | |
Total Asset-Backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 165 | 182 | |
Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 705 | 776 | |
Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 516 | 571 | |
Short Term and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 90 | 40 | |
Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 120 | 96 | |
Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 9 | 22 | |
Fair Value of Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 1,440 | 1,505 | |
Limited Partnership Investment [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 864 | 990 | |
Collective Investment Trust Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 82 | ||
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 562 | 587 | |
Level 1 [Member] | Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 406 | 449 | |
Level 1 [Member] | Short Term and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 36 | 29 | |
Level 1 [Member] | Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 120 | 96 | |
Level 1 [Member] | Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 13 | ||
Level 1 [Member] | Fair Value of Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 562 | 587 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 868 | 908 | |
Level 2 [Member] | Corporate Bonds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 472 | 522 | |
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 58 | 62 | |
Level 2 [Member] | Total Asset-Backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 165 | 182 | |
Level 2 [Member] | Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 695 | 766 | |
Level 2 [Member] | Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 110 | 122 | |
Level 2 [Member] | Short Term and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 54 | 11 | |
Level 2 [Member] | Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 9 | 9 | |
Level 2 [Member] | Fair Value of Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 868 | 908 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 10 | 10 | |
Level 3 [Member] | Corporate Bonds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 10 | 10 | |
Level 3 [Member] | Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 10 | 10 | |
Level 3 [Member] | Fair Value of Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | $ 10 | $ 10 |
Benefit Plans - Other Postretir
Benefit Plans - Other Postretirement Benefit Plan Assets Measured at Fair Value on Recurring Basis (Detail) - Other Postretirement Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 85 | $ 88 | $ 86 |
Corporate Bonds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24 | 18 | |
States, Municipalities and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11 | 42 | |
Total Asset-Backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30 | 12 | |
Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 65 | 72 | |
Short Term and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 2 | |
Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16 | 14 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20 | 16 | |
Level 1 [Member] | Short Term and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 2 | |
Level 1 [Member] | Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16 | 14 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 65 | 72 | |
Level 2 [Member] | Corporate Bonds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24 | 18 | |
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11 | 42 | |
Level 2 [Member] | Total Asset-Backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30 | 12 | |
Level 2 [Member] | Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 65 | $ 72 |
Reinsurance - Summary of Amount
Reinsurance - Summary of Amounts Receivable from Reinsurers (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Reinsurance receivables related to insurance reserves: | ||
Ceded claim and claim adjustment expenses | $ 4,019 | $ 3,934 |
Ceded future policy benefits | 233 | 230 |
Reinsurance receivables related to paid losses | 203 | 126 |
Reinsurance receivables | 4,455 | 4,290 |
Less allowance for doubtful accounts | 29 | 29 |
Reinsurance receivables, net of allowance for doubtful accounts | $ 4,426 | $ 4,261 |
Reinsurance - Additional Inform
Reinsurance - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effects of Reinsurance [Line Items] | |||
Reinsurance collateral | $ 3,200 | $ 2,900 | |
Reinsurance recoveries | 2,800 | 3,100 | $ 3,000 |
Berkshire Hathaway Group [Member] | |||
Effects of Reinsurance [Line Items] | |||
Largest recoverables from a single reinsurer | 2,200 | ||
Gateway Rivers Insurance Company [Member] | |||
Effects of Reinsurance [Line Items] | |||
Largest recoverables from a single reinsurer | 278 | ||
Subsidiaries from Hartford Insurance Group [Member] | |||
Effects of Reinsurance [Line Items] | |||
Largest recoverables from a single reinsurer | 233 | ||
Significant Captive Program [Member] | |||
Effects of Reinsurance [Line Items] | |||
Direct and ceded earned premiums | $ 3,700 | 3,900 | 3,900 |
Percentage reinsured of direct and ceded earned premiums | 100.00% | ||
Reinsurance recoveries | $ 1,900 | $ 2,500 | $ 2,600 |
Reinsurance - Summary of Effect
Reinsurance - Summary of Effects of Reinsurance on Earned Premiums (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Earned premiums, Direct | $ 11,337 | $ 10,936 | $ 10,886 |
Earned premiums, Assumed | 355 | 367 | 308 |
Earned premiums, Ceded | 4,380 | 4,315 | 4,270 |
Earned premiums, Net | $ 7,312 | $ 6,988 | $ 6,924 |
Percentage of amount assumed to net | 4.90% | 5.30% | 4.40% |
Property and Casualty Operations [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Earned premiums, Direct | $ 10,857 | $ 10,447 | $ 10,400 |
Earned premiums, Assumed | 305 | 317 | 258 |
Earned premiums, Ceded | 4,380 | 4,315 | 4,270 |
Earned premiums, Net | $ 6,782 | $ 6,449 | $ 6,388 |
Percentage of amount assumed to net | 4.50% | 4.90% | 4.00% |
Long Term Care [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Earned premiums, Direct | $ 480 | $ 489 | $ 486 |
Earned premiums, Assumed | 50 | 50 | 50 |
Earned premiums, Net | $ 530 | $ 539 | $ 536 |
Percentage of amount assumed to net | 9.40% | 9.30% | 9.30% |
Quarterly Financial Data - Sche
Quarterly Financial Data - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |||||||||||
Total revenues | $ 3,287 | $ 3,608 | $ 3,590 | $ 3,581 | $ 3,555 | $ 3,521 | $ 3,359 | $ 3,300 | $ 14,066 | $ 13,735 | $ 13,105 |
Net income (loss) | $ (165) | $ 278 | $ 230 | $ 293 | $ 481 | $ 157 | $ 231 | $ 295 | $ 636 | $ 1,164 | $ 654 |
Per share-basic | $ 1.43 | $ 0.46 | $ 0.69 | $ 0.88 | $ 1.99 | $ 3.46 | $ 1.93 | ||||
Per share-basic and diluted | $ (0.53) | $ 0.88 | $ 0.72 | $ 0.89 | |||||||
Per share-diluted | $ 1.43 | $ 0.46 | $ 0.69 | $ 0.87 | $ 1.99 | $ 3.45 | $ 1.93 |
Quarterly Financial Data - Sc_2
Quarterly Financial Data - Schedule of Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Line Items] | |||||||||||
Net loss | $ (165) | $ 278 | $ 230 | $ 293 | $ 481 | $ 157 | $ 231 | $ 295 | $ 636 | $ 1,164 | $ 654 |
Net investment losses | $ (57) | 122 | $ 50 | ||||||||
Non-cash increase in net income | $ 200 | $ 200 | |||||||||
CNA Financial [Member] | Catastrophe [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Net loss | (96) | ||||||||||
Loews [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Net investment losses | (57) | ||||||||||
Limited Partnership and Common Stock Investments [Member ] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Net loss | $ (97) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments [Line Items] | |||
Aggregate amount related to indemnification agreements | $ 375 | ||
Aggregate amount related to quantifiable guarantees | 252 | ||
Potential amount of future payments under guarantees | 1,800 | ||
Increase (decrease) in premium development recognized | 6 | $ (36) | $ 16 |
Increase in interest expense | $ 1 | $ 7 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018RigHotelStateSegmentmi | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 5 |
Number of individual operating subsidiaries | Segment | 4 |
Diamond Offshore [Member] | |
Segment Reporting Information [Line Items] | |
Number of offshore rigs owned | Rig | 17 |
Diamond Offshore [Member] | Drillship [Member] | |
Segment Reporting Information [Line Items] | |
Number of offshore rigs owned | Rig | 4 |
Diamond Offshore [Member] | Semisubmersible [Member] | |
Segment Reporting Information [Line Items] | |
Number of offshore rigs owned | Rig | 13 |
Boardwalk Pipeline [Member] | |
Segment Reporting Information [Line Items] | |
Miles of natural gas and NGL pipeline | mi | 14,230 |
Number of states having natural gas storage facilities | State | 4 |
Loews Hotels And Co [Member] | |
Segment Reporting Information [Line Items] | |
Total number of hotels owned and/or operated | Hotel | 24 |
Loews Hotels And Co [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Number of hotels | Hotel | 22 |
Loews Hotels And Co [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Number of hotels | Hotel | 2 |
Segments - Consolidating Statem
Segments - Consolidating Statement of Income and Total Assets by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||||||||||
Insurance premiums | $ 7,312 | $ 6,988 | $ 6,924 | ||||||||
Net investment income | 1,817 | 2,182 | 2,135 | ||||||||
Investment gains | (57) | 122 | 50 | ||||||||
Non-insurance warranty revenue (Notes 1 and 13) | 1,007 | 390 | 361 | ||||||||
Operating revenues and other | 3,987 | 4,053 | 3,635 | ||||||||
Total | $ 3,287 | $ 3,608 | $ 3,590 | $ 3,581 | $ 3,555 | $ 3,521 | $ 3,359 | $ 3,300 | 14,066 | 13,735 | 13,105 |
Expenses: | |||||||||||
Insurance claims and policyholders' benefits | 5,572 | 5,310 | 5,283 | ||||||||
Amortization of deferred acquisition costs | 1,335 | 1,233 | 1,235 | ||||||||
Non-insurance warranty expense (Notes 1 and 13) | 923 | 299 | 271 | ||||||||
Operating expenses and other | 4,828 | 4,665 | 4,844 | ||||||||
Interest | 574 | 646 | 536 | ||||||||
Total | 13,232 | 12,153 | 12,169 | ||||||||
Income (loss) before income tax | 834 | 1,582 | 936 | ||||||||
Income tax (expense) benefit | (128) | (170) | (220) | ||||||||
Net income (loss) | 706 | 1,412 | 716 | ||||||||
Amounts attributable to noncontrolling interests | (70) | (248) | (62) | ||||||||
Net income (loss) attributable to Loews Corporation | (165) | $ 278 | $ 230 | $ 293 | 481 | $ 157 | $ 231 | $ 295 | 636 | 1,164 | 654 |
Total assets | 78,316 | 79,586 | 78,316 | 79,586 | |||||||
CNA Financial [Member] | Operating Segments [Member] | |||||||||||
Revenues: | |||||||||||
Insurance premiums | 7,312 | 6,988 | 6,924 | ||||||||
Net investment income | 1,817 | 2,034 | 1,988 | ||||||||
Investment gains | (57) | 122 | 62 | ||||||||
Non-insurance warranty revenue (Notes 1 and 13) | 1,007 | 390 | 361 | ||||||||
Operating revenues and other | 55 | 49 | 49 | ||||||||
Total | 10,134 | 9,583 | 9,384 | ||||||||
Expenses: | |||||||||||
Insurance claims and policyholders' benefits | 5,572 | 5,310 | 5,283 | ||||||||
Amortization of deferred acquisition costs | 1,335 | 1,233 | 1,235 | ||||||||
Non-insurance warranty expense (Notes 1 and 13) | 923 | 299 | 271 | ||||||||
Operating expenses and other | 1,203 | 1,224 | 1,287 | ||||||||
Interest | 138 | 203 | 167 | ||||||||
Total | 9,171 | 8,269 | 8,243 | ||||||||
Income (loss) before income tax | 963 | 1,314 | 1,141 | ||||||||
Income tax (expense) benefit | (151) | (419) | (279) | ||||||||
Net income (loss) | 812 | 895 | 862 | ||||||||
Amounts attributable to noncontrolling interests | (86) | (94) | (88) | ||||||||
Net income (loss) attributable to Loews Corporation | 726 | 801 | 774 | ||||||||
Total assets | 57,123 | 56,539 | 57,123 | 56,539 | |||||||
Diamond Offshore [Member] | Operating Segments [Member] | |||||||||||
Revenues: | |||||||||||
Net investment income | 8 | 2 | 1 | ||||||||
Investment gains | (12) | ||||||||||
Operating revenues and other | 1,085 | 1,498 | 1,600 | ||||||||
Total | 1,093 | 1,500 | 1,589 | ||||||||
Expenses: | |||||||||||
Operating expenses and other | 1,196 | 1,373 | 1,970 | ||||||||
Interest | 123 | 149 | 90 | ||||||||
Total | 1,319 | 1,522 | 2,060 | ||||||||
Income (loss) before income tax | (226) | (22) | (471) | ||||||||
Income tax (expense) benefit | 30 | 4 | 111 | ||||||||
Net income (loss) | (196) | (18) | (360) | ||||||||
Amounts attributable to noncontrolling interests | 84 | (9) | 174 | ||||||||
Net income (loss) attributable to Loews Corporation | (112) | (27) | (186) | ||||||||
Total assets | 6,036 | 6,251 | 6,036 | 6,251 | |||||||
Boardwalk Pipeline [Member] | Operating Segments [Member] | |||||||||||
Revenues: | |||||||||||
Operating revenues and other | 1,227 | 1,325 | 1,316 | ||||||||
Total | 1,227 | 1,325 | 1,316 | ||||||||
Expenses: | |||||||||||
Operating expenses and other | 820 | 861 | 835 | ||||||||
Interest | 176 | 171 | 183 | ||||||||
Total | 996 | 1,032 | 1,018 | ||||||||
Income (loss) before income tax | 231 | 293 | 298 | ||||||||
Income tax (expense) benefit | (28) | 232 | (61) | ||||||||
Net income (loss) | 203 | 525 | 237 | ||||||||
Amounts attributable to noncontrolling interests | (68) | (145) | (148) | ||||||||
Net income (loss) attributable to Loews Corporation | 135 | 380 | 89 | ||||||||
Total assets | 9,131 | 8,972 | 9,131 | 8,972 | |||||||
Loews Hotels And Co [Member] | Operating Segments [Member] | |||||||||||
Revenues: | |||||||||||
Net investment income | 2 | ||||||||||
Operating revenues and other | 753 | 682 | 667 | ||||||||
Total | 755 | 682 | 667 | ||||||||
Expenses: | |||||||||||
Operating expenses and other | 653 | 589 | 621 | ||||||||
Interest | 29 | 28 | 24 | ||||||||
Total | 682 | 617 | 645 | ||||||||
Income (loss) before income tax | 73 | 65 | 22 | ||||||||
Income tax (expense) benefit | (25) | (1) | (10) | ||||||||
Net income (loss) | 48 | 64 | 12 | ||||||||
Net income (loss) attributable to Loews Corporation | 48 | 64 | 12 | ||||||||
Total assets | 1,812 | 1,558 | 1,812 | 1,558 | |||||||
Corporate [Member] | |||||||||||
Revenues: | |||||||||||
Net investment income | (10) | 146 | 146 | ||||||||
Operating revenues and other | 867 | 499 | 3 | ||||||||
Total | 857 | 645 | 149 | ||||||||
Expenses: | |||||||||||
Operating expenses and other | 956 | 618 | 131 | ||||||||
Interest | 108 | 95 | 72 | ||||||||
Total | 1,064 | 713 | 203 | ||||||||
Income (loss) before income tax | (207) | (68) | (54) | ||||||||
Income tax (expense) benefit | 46 | 14 | 19 | ||||||||
Net income (loss) | (161) | (54) | (35) | ||||||||
Net income (loss) attributable to Loews Corporation | (161) | (54) | $ (35) | ||||||||
Total assets | $ 4,214 | $ 6,266 | $ 4,214 | $ 6,266 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Other assets | $ 2,443 | $ 2,343 |
Total assets | 78,316 | 79,586 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Total liabilities | 56,930 | 55,020 |
Shareholders' equity | 18,518 | 19,204 |
Total liabilities and equity | 78,316 | 79,586 |
Loews Corporation [Member] | ||
ASSETS | ||
Current assets, principally investment in short term instruments | 2,050 | 2,755 |
Investments in securities | 1,112 | 2,144 |
Investments in capital stocks of subsidiaries, at equity | 17,556 | 16,303 |
Other assets | 402 | 506 |
Total assets | 21,120 | 21,708 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Current liabilities | 109 | 182 |
Long term debt | 1,778 | 1,776 |
Deferred income tax and other | 715 | 546 |
Total liabilities | 2,602 | 2,504 |
Shareholders' equity | 18,518 | 19,204 |
Total liabilities and equity | $ 21,120 | $ 21,708 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Statements of Income and Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||||||||||
Equity in income of subsidiaries | $ 73 | $ 81 | $ 41 | ||||||||
Total | $ 3,287 | $ 3,608 | $ 3,590 | $ 3,581 | $ 3,555 | $ 3,521 | $ 3,359 | $ 3,300 | 14,066 | 13,735 | 13,105 |
Expenses: | |||||||||||
Interest | 574 | 646 | 536 | ||||||||
Total | 13,232 | 12,153 | 12,169 | ||||||||
Income before income tax | 834 | 1,582 | 936 | ||||||||
Income tax (expense) benefit | (128) | (170) | (220) | ||||||||
Net income | 706 | 1,412 | 716 | ||||||||
Total comprehensive income (loss) | (161) | 1,361 | 788 | ||||||||
Loews Corporation [Member] | |||||||||||
Revenues: | |||||||||||
Equity in income of subsidiaries | 819 | 1,199 | 655 | ||||||||
Interest and other | (11) | 167 | 165 | ||||||||
Total | 808 | 1,366 | 820 | ||||||||
Expenses: | |||||||||||
Administrative | 127 | 134 | 127 | ||||||||
Interest | 72 | 72 | 72 | ||||||||
Total | 199 | 206 | 199 | ||||||||
Income before income tax | 609 | 1,160 | 621 | ||||||||
Income tax (expense) benefit | 27 | 4 | 33 | ||||||||
Net income | 636 | 1,164 | 654 | ||||||||
Equity in other comprehensive income (loss) of subsidiaries | (797) | 197 | 134 | ||||||||
Total comprehensive income (loss) | $ (161) | $ 1,361 | $ 788 |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Statements of Income and Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loews Corporation [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends paid to the Company by affiliates | $ 878 | $ 804 | $ 780 |
Schedule I - Condensed Financ_5
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities: | |||
Net income | $ 706 | $ 1,412 | $ 716 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Equity method investees | 572 | 25 | 221 |
Provision for deferred income taxes | 86 | (47) | 102 |
Changes in operating assets and liabilities, net: | |||
Receivables | (131) | 93 | 24 |
Trading securities | 1,702 | 108 | (528) |
Net cash flow operating activities | 4,222 | 2,590 | 2,253 |
Investing Activities: | |||
Change in investments, primarily short term | (339) | (167) | 158 |
Acquisition | (37) | (1,218) | (79) |
Other | (229) | (373) | 158 |
Net cash flow investing activities | (1,444) | (2,655) | (2,187) |
Financing Activities: | |||
Dividends paid | (80) | (84) | (84) |
Purchases of treasury shares | (1,026) | (216) | (134) |
Principal payments in debt | (1,043) | (2,411) | (3,418) |
Issuance of debt | 865 | 3,067 | 3,614 |
Other | 74 | (16) | (10) |
Net cash flow financing activities | (2,835) | 201 | (166) |
Net change in cash | (67) | 145 | (113) |
Cash, beginning of year | 472 | 327 | 440 |
Cash, end of year | 405 | 472 | 327 |
Loews Corporation [Member] | |||
Operating Activities: | |||
Net income | 636 | 1,164 | 654 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Equity method investees | 401 | (405) | 115 |
Provision for deferred income taxes | 113 | 77 | 10 |
Changes in operating assets and liabilities, net: | |||
Receivables | 3 | 4 | 2 |
Accounts payable and accrued liabilities | 92 | (20) | 52 |
Trading securities | 1,702 | 100 | (614) |
Other, net | 19 | (41) | (15) |
Net cash flow operating activities | 2,966 | 879 | 204 |
Investing Activities: | |||
Investments in and advances to subsidiaries | (135) | 12 | 50 |
Change in investments, primarily short term | (187) | 30 | (127) |
Purchase of Boardwalk Pipeline common units | (1,504) | ||
Acquisition | (620) | ||
Other | (2) | (1) | (2) |
Net cash flow investing activities | (1,828) | (579) | (79) |
Financing Activities: | |||
Dividends paid | (80) | (84) | (84) |
Purchases of treasury shares | (1,026) | (216) | (134) |
Principal payments in debt | (400) | ||
Issuance of debt | 495 | ||
Other | (3) | (2) | |
Net cash flow financing activities | (1,109) | $ (300) | $ (125) |
Net change in cash | 29 | ||
Cash, end of year | $ 29 |
Schedule V - Supplemental Inf_2
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |||
Deferred acquisition costs | $ 632 | $ 632 | |
Reserves for unpaid claim and claim adjustment expenses | 21,984 | 22,004 | |
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 8.0%) | 1,388 | 1,434 | |
Unearned premiums | 4,183 | 4,029 | |
Net written premiums | 7,345 | 7,069 | $ 6,988 |
Net earned premiums | 7,312 | 6,988 | 6,924 |
Net investment income | 1,751 | 1,992 | 1,952 |
Incurred claim and claim adjustment expenses related to current year | 5,358 | 5,201 | 5,025 |
Incurred claim and claim adjustment expenses related to prior years | (179) | (381) | (342) |
Amortization of deferred acquisition costs | 1,335 | 1,233 | 1,235 |
Paid claim and claim adjustment expenses | $ 5,331 | $ 5,341 | $ 5,134 |
Schedule V - Supplemental Inf_3
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations (Parenthetical) (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Minimum [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Discount deducted from claim and claim adjustment expense reserves interest rates | 3.50% | 3.50% |
Maximum [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Discount deducted from claim and claim adjustment expense reserves interest rates | 8.00% | 8.00% |