The Travelers Companies, Inc. (TRV) 10-Q 23 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 19, 2019
Document and Entity Information
Document type	10-Q
Document quarterly report	true
Document period end date	Jun. 30, 2019
Document transition report	false
Entity file number	001-10898
Registrant name	Travelers Companies, Inc.
Entity incorporation, state	MN
Entity tax identification number	41-0518860
Entity address, address line one	485 Lexington Avenue
Entity address, city	New York
Entity address, state	NY
Entity address, postal zip code	10017
City area code	917
Local phone number	778-6000
Title of 12(b) security	Common stock, without par value
Trading symbol	TRV
Security exchange name	NYSE
Entity current reporting status	Yes
Entity interactive data current	Yes
Filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Common stock shares outstanding		260,385,722
Central index key	0000086312
Amendment flag	false
Current fiscal year end date	--12-31
Document fiscal year focus	2019
Document fiscal period focus	Q2

Consolidated Statement of Incom

Consolidated Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Premiums		$ 6,988	$ 6,695	$ 13,843	$ 13,232
Net investment income		648	595	1,230	1,198
Fee income		116	112	225	215
Net realized investment gains	[1]	25	36	78	25
Other revenues		57	39	129	93
Total revenues		7,834	7,477	15,505	14,763
Claims and expenses
Claims and claim adjustment expenses		4,821	4,562	9,263	8,858
Amortization of deferred acquisition costs		1,134	1,081	2,251	2,142
General and administrative expenses		1,125	1,113	2,182	2,175
Interest expense		89	90	177	179
Total claims and expenses		7,169	6,846	13,873	13,354
Income before income taxes		665	631	1,632	1,409
Income tax expense		108	107	279	216
Net income		$ 557	$ 524	$ 1,353	$ 1,193
Net income per share
Basic (in dollars per share)		$ 2.11	$ 1.93	$ 5.12	$ 4.39
Diluted (in dollars per share)		$ 2.10	$ 1.92	$ 5.08	$ 4.35
Weighted average number of common shares outstanding
Basic (in shares)		261.3	268.7	262.1	269.8
Diluted (in shares)		263.7	271.1	264.2	272.5
Cash dividends declared per common share (in dollars per share)		$ 0.82	$ 0.77	$ 1.59	$ 1.49
[1]	Total other-than-temporary impairment (OTTI) gains (losses) were $(1) million for each of the three months ended June 30, 2019 and 2018 , and $(2) million and $(1) million for the six months ended June 30, 2019 and June 30, 2018 , respectively. Of total OTTI, credit losses of $(1) million for each of the three months ended June 30, 2019 and 2018 , and $(2) million and $(1) million for the six months ended June 30, 2019 and June 30, 2018 , respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months and six months ended June 30, 2019 and 2018 were recognized in other comprehensive income (loss) as part of changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income.

Consolidated Statement of Inc_2

Consolidated Statement of Income Parentheticals (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Total other-than-temporary impairment gains (losses)	$ (1)	$ (1)	$ (2)	$ (1)
Other-than-temporary impairment, credit losses recognized in net realized investment gains	(1)	(1)	(2)	(1)
Unrealized gains (losses) from other changes in total other-than-temporary impairments recognized in other comprehensive income (loss) as part of changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income	$ 0	$ 0	$ 0	$ 0

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 557	$ 524	$ 1,353	$ 1,193
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investment securities having no credit losses recognized in the consolidated statement of income	1,108	(298)	2,524	(1,501)
Changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income	(4)	(12)	1	(14)
Net changes in benefit plan assets and obligations	14	21	26	43
Net changes in unrealized foreign currency translation	5	(158)	55	(152)
Other comprehensive income (loss) before income taxes	1,123	(447)	2,606	(1,624)
Income tax expense (benefit)	235	(81)	541	(325)
Other comprehensive income (loss), net of taxes	888	(366)	2,065	(1,299)
Comprehensive income (loss)	$ 1,445	$ 158	$ 3,418	$ (106)

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited at June 30, 2019) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Assets
Fixed maturities, available for sale, at fair value (amortized cost $64,784 and $63,601)	$ 67,172	$ 63,464
Equity securities, at fair value (cost $373 and $382)	406	368
Real estate investments	965	904
Short-term securities	3,487	3,985
Other investments	3,466	3,557
Total investments	75,496	72,278
Cash	416	373	$ 415	$ 344
Investment income accrued	615	624
Premiums receivable	8,297	7,506
Reinsurance recoverables	8,234	8,370
Ceded unearned premiums	864	578
Deferred acquisition costs	2,281	2,120
Deferred taxes	0	445
Contractholder receivables	4,776	4,785
Goodwill	3,943	3,937
Other intangible assets	335	345
Other assets	3,315	2,872
Total assets	108,572	104,233
Liabilities
Claims and claim adjustment expense reserves	51,073	50,668
Unearned premium reserves	14,538	13,555
Contractholder payables	4,776	4,785
Payables for reinsurance premiums	591	289
Deferred taxes	87	0
Debt	6,558	6,564
Other liabilities	5,628	5,478
Total liabilities	83,251	81,339
Shareholders’ equity
Common stock (1,750.0 shares authorized; 260.4 and 263.7 shares issued, 260.3 and 263.6 shares outstanding)	23,372	23,144
Retained earnings	36,135	35,204
Accumulated other comprehensive income (loss)	206	(1,859)
Treasury stock, at cost (516.7 and 510.9 shares)	(34,392)	(33,595)
Total shareholders’ equity	25,321	22,894	$ 22,623
Total liabilities and shareholders’ equity	$ 108,572	$ 104,233

Consolidated Balance Sheet Pare

Consolidated Balance Sheet Parentheticals (Unaudited at June 30, 2019) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 64,784	$ 63,601
Equity securities, cost	$ 373	$ 382
Common stock, shares authorized (in shares)	1,750,000,000	1,750,000,000
Common stock, shares issued (in shares)	260,400,000	263,700,000
Common stock, shares outstanding (in shares)	260,300,000	263,600,000
Treasury stock, at cost (in shares)	516,700,000	510,900,000

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common stock [Member]	Retained earnings [Member]	Accumulated other comprehensive income (loss), net of tax [Member]	Treasury stock, at cost [Member]	Common shares outstanding [Member]
Shareholders' Equity [Roll Forward]
Cumulative effect of adoption of updated accounting guidance for equity financial instruments			$ 22	$ (22)
Balance, beginning of year at Dec. 31, 2017		$ 22,886	33,462	(343)	$ (32,274)
Shareholders' Equity [Roll Forward]
Employee share-based compensation		77
Compensation amortization under share-based plans and other changes		77
Reclassification of certain tax effects from adoption of updated accounting guidance			24	(24)
Net income	$ 1,193		1,193
Dividends			(406)
Other			1
Other comprehensive income (loss)	(1,299)			(1,299)
Treasury stock acquired — share repurchase authorization					(700)
Net shares acquired related to employee share-based compensation plans					(51)
Balance, end of period at Jun. 30, 2018	22,623	23,040	34,296	(1,688)	(33,025)
Balance, beginning of year (in shares) at Dec. 31, 2017						271.4
Common shares outstanding
Treasury stock acquired - share repurchase authorization (in shares)						(5.2)
Net shares issued under employee share-based compensation plans (in shares)						1.5
Balance, end of period (in shares) at Jun. 30, 2018						267.7
Balance, beginning of year at Mar. 31, 2018		22,995	33,981	(1,322)	(32,675)
Shareholders' Equity [Roll Forward]
Employee share-based compensation		12
Compensation amortization under share-based plans and other changes		33
Net income	524		524
Dividends			(209)
Other			0
Other comprehensive income (loss)	(366)			(366)
Treasury stock acquired — share repurchase authorization					(350)
Net shares acquired related to employee share-based compensation plans					0
Balance, end of period at Jun. 30, 2018	22,623	23,040	34,296	(1,688)	(33,025)
Balance, beginning of year (in shares) at Mar. 31, 2018						270.2
Common shares outstanding
Treasury stock acquired - share repurchase authorization (in shares)						(2.7)
Net shares issued under employee share-based compensation plans (in shares)						0.2
Balance, end of period (in shares) at Jun. 30, 2018						267.7
Balance, beginning of year at Dec. 31, 2018	22,894	23,144	35,204	(1,859)	(33,595)
Shareholders' Equity [Roll Forward]
Employee share-based compensation		145
Compensation amortization under share-based plans and other changes		83
Net income	1,353		1,353
Dividends			(421)
Other			(1)
Other comprehensive income (loss)	2,065			2,065
Treasury stock acquired — share repurchase authorization	(750)				(750)
Net shares acquired related to employee share-based compensation plans	(47)				(47)
Balance, end of period at Jun. 30, 2019	$ 25,321	23,372	36,135	206	(34,392)
Balance, beginning of year (in shares) at Dec. 31, 2018	263.6					263.6
Common shares outstanding
Treasury stock acquired - share repurchase authorization (in shares)	(5.5)					(5.5)
Net shares issued under employee share-based compensation plans (in shares)						2.2
Balance, end of period (in shares) at Jun. 30, 2019	260.3					260.3
Balance, beginning of year at Mar. 31, 2019		23,243	35,795	(682)	(34,016)
Shareholders' Equity [Roll Forward]
Employee share-based compensation		91
Compensation amortization under share-based plans and other changes		38
Net income	$ 557		557
Dividends			(217)
Other			0
Other comprehensive income (loss)	888			888
Treasury stock acquired — share repurchase authorization	(375)				(375)
Net shares acquired related to employee share-based compensation plans	(0.5)				(1)
Balance, end of period at Jun. 30, 2019	$ 25,321	$ 23,372	$ 36,135	$ 206	$ (34,392)
Balance, beginning of year (in shares) at Mar. 31, 2019						261.9
Common shares outstanding
Treasury stock acquired - share repurchase authorization (in shares)	(2.6)					(2.6)
Net shares issued under employee share-based compensation plans (in shares)						1
Balance, end of period (in shares) at Jun. 30, 2019	260.3					260.3

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net income		$ 1,353	$ 1,193
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment gains	[1]	(78)	(25)
Depreciation and amortization		401	411
Deferred federal income tax expense (benefit)		10	(70)
Amortization of deferred acquisition costs		2,251	2,142
Equity in income from other investments		(132)	(169)
Premiums receivable		(779)	(660)
Reinsurance recoverables		151	29
Deferred acquisition costs		(2,408)	(2,284)
Claims and claim adjustment expense reserves		329	435
Unearned premium reserves		958	879
Other operating activities		(264)	(183)
Net cash provided by operating activities		1,792	1,698
Cash flows from investing activities
Proceeds from maturities of fixed maturities		3,038	3,657
Proceeds from sales of investments:
Fixed maturities		1,495	2,607
Equity securities		71	92
Other investments		240	189
Purchases of investments:
Fixed maturities		(5,708)	(7,952)
Equity securities		(41)	(60)
Real estate investments		(85)	(44)
Other investments		(262)	(275)
Net sales of short-term securities		497	1,202
Securities transactions in course of settlement		223	279
Other investing activities		(169)	(152)
Net cash used in investing activities		(701)	(457)
Cash flows from financing activities
Treasury stock acquired — share repurchase authorization		(750)	(700)
Treasury stock acquired — net employee share-based compensation		(47)	(51)
Dividends paid to shareholders		(419)	(404)
Payment of debt		(500)	(600)
Issuance of debt		492	491
Issuance of common stock — employee share options		174	98
Net cash used in financing activities		(1,050)	(1,166)
Effect of exchange rate changes on cash		2	(4)
Net increase in cash		43	71
Cash at beginning of year		373	344
Cash at end of period		416	415
Supplemental disclosure of cash flow information
Income taxes paid		325	238
Interest paid		$ 171	$ 175
[1]	Total other-than-temporary impairment (OTTI) gains (losses) were $(1) million for each of the three months ended June 30, 2019 and 2018 , and $(2) million and $(1) million for the six months ended June 30, 2019 and June 30, 2018 , respectively. Of total OTTI, credit losses of $(1) million for each of the three months ended June 30, 2019 and 2018 , and $(2) million and $(1) million for the six months ended June 30, 2019 and June 30, 2018 , respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months and six months ended June 30, 2019 and 2018 were recognized in other comprehensive income (loss) as part of changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income.

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Accounting Policies	BASIS OF PRESENTATION AND ACCOUNTING POLICIES Basis of Presentation The interim consolidated financial statements include the accounts of The Travelers Companies, Inc. (together with its subsidiaries, the Company). These financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) and are unaudited. In the opinion of the Company’s management, all adjustments necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. All material intercompany transactions and balances have been eliminated. The accompanying interim consolidated financial statements and related notes should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the Company’s 2018 Annual Report). The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period. Actual results could differ from those estimates. Adoption of Accounting Standards Leases Effective for the quarter ended March 31, 2019, the Company adopted the updated guidance for leases and elected to utilize a cumulative-effect adjustment to the opening balance of retained earnings for the year of adoption. Accordingly, the Company’s reporting for the comparative periods prior to adoption continue to be presented in the financial statements in accordance with previous lease accounting guidance. The Company also elected to apply all practical expedients applicable to the Company in the updated guidance for transition for leases in effect at adoption, including using hindsight to determine the lease term of existing leases, the option to not reassess whether an existing contract is a lease or contains a lease and whether the lease is an operating or finance lease. The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $320 million as part of other assets and a lease liability of $384 million as part of other liabilities in the consolidated balance sheet, as well as de-recognizing the liability for deferred rent that was required under the previous guidance, for its corporate real estate agreements at March 31, 2019. The cumulative effect adjustment to the opening balance of retained earnings was zero . The adoption of the updated guidance did not have a material effect on the Company’s results of operations or liquidity. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Effective for the quarter ended March 31, 2019, the Company adopted the updated guidance regarding Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , and applied the guidance prospectively. The updated guidance requires an entity to determine the stage of a project that the implementation activity relates to and the nature of the associated costs in order to determine whether those costs should be expensed as incurred or capitalized. The updated guidance also requires the entity to amortize the capitalized implementation costs as an expense over the term of the hosting arrangement. The adoption of the updated guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. For additional information regarding accounting standards that the Company adopted during the periods presented, see note 1 of notes to the consolidated financial statements in the Company’s 2018 Annual Report. Accounting Standards Not Yet Adopted For information regarding accounting standards that the Company has not yet adopted, see the “Other Accounting Standards Not Yet Adopted” section of note 1 of notes to the consolidated financial statements in the Company’s 2018 Annual Report. Nature of Operations The Company’s results are reported in the following three business segments — Business Insurance, Bond & Specialty Insurance and Personal Insurance. These segments reflect the manner in which the Company’s businesses are currently managed and represent an aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten. For more information regarding the Company’s nature of operations, see the “Nature of Operations ”

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The following tables summarize the components of the Company’s revenues, income and total assets by reportable business segments: (For the three months ended June 30, in millions) Business Insurance Bond & Specialty Insurance Personal Insurance Total Reportable Segments 2019 Premiums $ 3,783 $ 632 $ 2,573 $ 6,988 Net investment income 481 58 109 648 Fee income 111 — 5 116 Other revenues 30 6 21 57 Total segment revenues (1) $ 4,405 $ 696 $ 2,708 $ 7,809 Segment income (1) $ 351 $ 174 $ 88 $ 613 2018 Premiums $ 3,641 $ 601 $ 2,453 $ 6,695 Net investment income 440 57 98 595 Fee income 107 — 5 112 Other revenues 20 5 14 39 Total segment revenues (1) $ 4,208 $ 663 $ 2,570 $ 7,441 Segment income (loss) (1) $ 385 $ 204 $ (17 ) $ 572 _________________________________________________________ (1) Segment revenues for reportable business segments exclude net realized investment gains (losses). Segment income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses). (For the six months ended June 30, in millions) Business Insurance Bond & Specialty Insurance Personal Insurance Total Reportable Segments 2019 Premiums $ 7,525 $ 1,238 $ 5,080 $ 13,843 Net investment income 908 114 208 1,230 Fee income 215 — 10 225 Other revenues 73 12 43 128 Total segment revenues (1) $ 8,721 $ 1,364 $ 5,341 $ 15,426 Segment income (1) $ 765 $ 312 $ 366 $ 1,443 2018 Premiums $ 7,209 $ 1,183 $ 4,840 $ 13,232 Net investment income 886 115 197 1,198 Fee income 206 — 9 215 Other revenues 51 11 31 93 Total segment revenues (1) $ 8,352 $ 1,309 $ 5,077 $ 14,738 Segment income (1) $ 837 $ 377 $ 112 $ 1,326 (1) Segment revenues for reportable business segments exclude net realized investment gains (losses). Segment income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses). Business Segment Reconciliations Three Months Ended Six Months Ended (in millions) 2019 2018 2019 2018 Revenue reconciliation Earned premiums Business Insurance: Domestic: Workers’ compensation $ 950 $ 973 $ 1,922 $ 1,944 Commercial automobile 647 587 1,275 1,149 Commercial property 473 453 933 891 General liability 585 535 1,152 1,056 Commercial multi-peril 856 822 1,696 1,627 Other 9 6 17 13 Total Domestic 3,520 3,376 6,995 6,680 International 263 265 530 529 Total Business Insurance 3,783 3,641 7,525 7,209 Bond & Specialty Insurance: Domestic: Fidelity and surety 258 253 504 499 General liability 266 248 523 490 Other 53 49 105 96 Total Domestic 577 550 1,132 1,085 International 55 51 106 98 Total Bond & Specialty Insurance 632 601 1,238 1,183 Personal Insurance: Domestic: Automobile 1,321 1,261 2,618 2,486 Homeowners and Other 1,078 1,022 2,117 2,017 Total Domestic 2,399 2,283 4,735 4,503 International 174 170 345 337 Total Personal Insurance 2,573 2,453 5,080 4,840 Total earned premiums 6,988 6,695 13,843 13,232 Net investment income 648 595 1,230 1,198 Fee income 116 112 225 215 Other revenues 57 39 128 93 Total segment revenues 7,809 7,441 15,426 14,738 Other revenues — — 1 — Net realized investment gains 25 36 78 25 Total revenues $ 7,834 $ 7,477 $ 15,505 $ 14,763 Income reconciliation, net of tax Total segment income $ 613 $ 572 $ 1,443 $ 1,326 Interest Expense and Other (1) (76 ) (78 ) (151 ) (154 ) Core income 537 494 1,292 1,172 Net realized investment gains 20 30 61 21 Net income $ 557 $ 524 $ 1,353 $ 1,193 _________________________________________________________ (1) The primary component of Interest Expense and Other was after-tax interest expense of $70 million and $71 million for the three months ended June 30, 2019 and 2018 , respectively, and $140 million and $141 million for the six months ended June 30, 2019 and 2018 , respectively. (in millions) June 30, December 31, Asset reconciliation Business Insurance $ 82,762 $ 78,965 Bond & Specialty Insurance 8,445 8,693 Personal Insurance 16,602 15,943 Total assets by reportable segment 107,809 103,601 Other assets (1) 763 632 Total consolidated assets $ 108,572 $ 104,233 _________________________________________________________ (1) The primary components of other assets at both June 30, 2019 and December 31, 2018 were accrued over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Investments [Abstract]
Investments	INVESTMENTS Fixed Maturities The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows: Amortized Gross Unrealized Fair (at June 30, 2019, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,000 $ 20 $ 2 $ 2,018 Obligations of states, municipalities and political subdivisions: Local general obligation 15,187 692 1 15,878 Revenue 9,701 499 — 10,200 State general obligation 1,273 53 — 1,326 Pre-refunded 2,251 75 — 2,326 Total obligations of states, municipalities and political subdivisions 28,412 1,319 1 29,730 Debt securities issued by foreign governments 1,112 14 1 1,125 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,839 90 4 2,925 All other corporate bonds 30,371 982 32 31,321 Redeemable preferred stock 50 3 — 53 Total $ 64,784 $ 2,428 $ 40 $ 67,172 Amortized Gross Unrealized Fair (at December 31, 2018, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,076 $ 4 $ 16 $ 2,064 Obligations of states, municipalities and political subdivisions: Local general obligation 14,473 219 120 14,572 Revenue 9,755 172 74 9,853 State general obligation 1,329 18 13 1,334 Pre-refunded 2,772 80 — 2,852 Total obligations of states, municipalities and political subdivisions 28,329 489 207 28,611 Debt securities issued by foreign governments 1,255 7 5 1,257 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,557 54 38 2,573 All other corporate bonds 29,307 156 583 28,880 Redeemable preferred stock 77 2 — 79 Total $ 63,601 $ 712 $ 849 $ 63,464 Pre-refunded bonds of $2.33 billion and $2.85 billion at June 30, 2019 and December 31, 2018 , respectively, were bonds for which states or municipalities have established irrevocable trusts, almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities. These trusts were created to fund the payment of principal and interest due under the bonds. Proceeds from sales of fixed maturities classified as available for sale were $1.50 billion and $2.61 billion during the six months ended June 30, 2019 and 2018 , respectively. Gross gains of $35 million and $24 million and gross losses of $4 million and $11 million were realized on those sales during the six months ended June 30, 2019 and 2018 , respectively. Equity Securities The cost and fair value of investments in equity securities were as follows: Fair (at June 30, 2019, in millions) Cost Gross Gains Gross Losses Value Public common stock $ 337 $ 31 $ 5 $ 363 Non-redeemable preferred stock 36 7 — 43 Total $ 373 $ 38 $ 5 $ 406 Fair (at December 31, 2018, in millions) Cost Gross Gains Gross Losses Value Public common stock $ 338 $ 2 $ 24 $ 316 Non-redeemable preferred stock 44 8 — 52 Total $ 382 $ 10 $ 24 $ 368 For the six months ended June 30, 2019 , the Company recognized $45 million of net gains on equity securities still held as of June 30, 2019 . For the six months ended June 30, 2018 , the Company recognized $3 million of net gains on equity securities still held as of June 30, 2018 . Unrealized Investment Losses The following tables summarize, for all investments in an unrealized loss position at June 30, 2019 and December 31, 2018 , the aggregate fair value and gross unrealized loss by length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of notes to the consolidated financial statements in the Company’s 2018 Annual Report. The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of notes to the consolidated financial statements in the Company’s 2018 Annual Report to determine whether such investments are other-than-temporarily impaired. Less than 12 months 12 months or longer Total (at June 30, 2019, in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 15 $ — $ 503 $ 2 $ 518 $ 2 Obligations of states, municipalities and political subdivisions 126 — 232 1 358 1 Debt securities issued by foreign governments 24 — 210 1 234 1 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 88 — 472 4 560 4 All other corporate bonds 277 2 3,014 30 3,291 32 Total fixed maturities $ 530 $ 2 $ 4,431 $ 38 $ 4,961 $ 40 Less than 12 months 12 months or longer Total (at December 31, 2018, in millions) Fair Gross Fair Gross Fair Gross Unrealized Losses Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 484 $ 5 $ 1,011 $ 11 $ 1,495 $ 16 Obligations of states, municipalities and political subdivisions 5,241 82 3,298 125 8,539 207 Debt securities issued by foreign governments 96 — 328 5 424 5 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 593 9 1,070 29 1,663 38 All other corporate bonds 12,622 303 6,872 280 19,494 583 Total fixed maturities $ 19,036 $ 399 $ 12,579 $ 450 $ 31,615 $ 849 At June 30, 2019 , the amount of gross unrealized losses for all fixed maturity investments reported at fair value for which fair value was less than 80% of amortized cost was not significant. Impairment Charges Impairment charges included in net realized investment gains in the consolidated statement of income were $1 million for each of the three months ended June 30, 2019 and 2018 , and $2 million and $1 million for the six months ended June 30, 2019 and 2018, respectively. The cumulative amount of credit losses on fixed maturities held at June 30, 2019 and 2018 that were recognized in the consolidated statement of income from other-than-temporary impairments (OTTI) and for which a portion of the OTTI was recognized in other comprehensive income (loss) in the consolidated balance sheet was $54 million and $67 million , respectively. These credit losses represent less than 1% of the fixed maturity portfolio on a pre-tax basis and less than 1% of shareholders’ equity on an after-tax basis at both dates. There were no significant changes in the credit component of OTTI during the three months and six months ended June 30, 2019 and 2018 compared to what was disclosed in note 3 of notes to the consolidated financial statements in the Company’s 2018 Annual Report.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety. The three levels of the hierarchy are as follows: • Level 1 - Unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access. • Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. • Level 3 - Valuations based on models where significant inputs are not observable. The unobservable inputs reflect the Company’s own assumptions about the inputs that market participants would use. Valuation of Investments Reported at Fair Value in Financial Statements The Company utilized a pricing service to estimate fair value measurements for approximately 99% of its fixed maturities at both June 30, 2019 and December 31, 2018 . While the vast majority of the Company’s fixed maturities are included in Level 2, the Company holds a number of municipal bonds and corporate bonds which are not valued by the pricing service and also estimates the fair value of these bonds using another internal pricing matrix that includes some unobservable inputs that are significant to the valuation. Due to the limited amount of observable market information, the Company includes the fair value estimates for these particular bonds in Level 3. The fair value of the fixed maturities for which the Company used this internal pricing matrix was $78 million and $82 million at June 30, 2019 and December 31, 2018 , respectively. Additionally, the Company holds a small amount of other fixed maturity investments that have characteristics that make them unsuitable for matrix pricing. For these fixed maturities, the Company obtains a quote from a broker (primarily the market maker). The fair value of the fixed maturities for which the Company received a broker quote was $32 million and $104 million at June 30, 2019 and December 31, 2018 , respectively. Due to the disclaimers on the quotes that indicate that the price is indicative only, the Company includes these fair value estimates in Level 3. For more information regarding the valuation of the Company’s fixed maturities, equity securities and other investments, see note 4 of notes to the consolidated financial statements in the Company’s 2018 Annual Report. Other Liabilities The Company has a put/call option that was entered into in connection with a business acquisition that allows the Company to acquire the remaining shares of the acquired company at a future date. The fair value of the put/call at June 30, 2019 and December 31, 2018 was $7 million and $10 million , respectively, and was determined using an internal model and is based on the acquired company's financial performance, adjusted for a risk margin and discounted to present value. The Company includes the fair value estimate of the put/call in Level 3. Fair Value Hierarchy The following tables present the level within the fair value hierarchy at which the Company’s financial assets and financial liabilities are measured on a recurring basis. (at June 30, 2019, in millions) Total Level 1 Level 2 Level 3 Invested assets: Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,018 $ 2,018 $ — $ — Obligations of states, municipalities and political subdivisions 29,730 — 29,718 12 Debt securities issued by foreign governments 1,125 — 1,125 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,925 — 2,925 — All other corporate bonds 31,321 — 31,223 98 Redeemable preferred stock 53 3 50 — Total fixed maturities 67,172 2,021 65,041 110 Equity securities Public common stock 363 363 — — Non-redeemable preferred stock 43 19 24 — Total equity securities 406 382 24 — Other investments 59 16 — 43 Total $ 67,637 $ 2,419 $ 65,065 $ 153 Other liabilities $ 7 $ — $ — $ 7 (at December 31, 2018, in millions) Total Level 1 Level 2 Level 3 Invested assets: Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,064 $ 2,064 $ — $ — Obligations of states, municipalities and political subdivisions 28,611 — 28,599 12 Debt securities issued by foreign governments 1,257 — 1,257 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,573 — 2,554 19 All other corporate bonds 28,880 — 28,725 155 Redeemable preferred stock 79 3 76 — Total fixed maturities 63,464 2,067 61,211 186 Equity securities Public common stock 316 316 — — Non-redeemable preferred stock 52 30 22 — Total equity securities 368 346 22 — Other investments 52 16 — 36 Total $ 63,884 $ 2,429 $ 61,233 $ 222 Other liabilities $ 10 $ — $ — $ 10 There was no significant activity in Level 3 of the hierarchy during the six months ended June 30, 2019 or the year ended December 31, 2018 . Financial Instruments Disclosed, But Not Carried, At Fair Value The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized. (at June 30, 2019, in millions) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Short-term securities $ 3,487 $ 3,487 $ 229 $ 3,209 $ 49 Financial liabilities Debt $ 6,458 $ 7,936 $ — $ 7,936 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ — (at December 31, 2018, in millions) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Short-term securities $ 3,985 $ 3,985 $ 632 $ 3,316 $ 37 Financial liabilities Debt $ 6,464 $ 7,128 $ — $ 7,128 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ — The Company had no material assets or liabilities that were measured at fair value on a non-recurring basis during the six months ended June 30, 2019 or year ended December 31, 2018 .

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill The following table presents the carrying amount of the Company’s goodwill by segment. Each reportable segment includes goodwill associated with the Company’s international business which is subject to the impact of changes in foreign currency exchange rates. (in millions) June 30, December 31, Business Insurance $ 2,584 $ 2,585 Bond & Specialty Insurance 550 550 Personal Insurance 783 776 Other 26 26 Total $ 3,943 $ 3,937 Other Intangible Assets The following tables present a summary of the Company’s other intangible assets by major asset class. (at June 30, 2019, in millions) Gross Carrying Amount Accumulated Amortization Net Subject to amortization Customer-related $ 96 $ 16 $ 80 Contract-based (1) 205 176 29 Total subject to amortization 301 192 109 Not subject to amortization 226 — 226 Total $ 527 $ 192 $ 335 (at December 31, 2018, in millions) Gross Carrying Amount Accumulated Amortization Net Subject to amortization Customer-related $ 98 $ 12 $ 86 Contract-based (1) 208 175 33 Total subject to amortization 306 187 119 Not subject to amortization 226 — 226 Total $ 532 $ 187 $ 345 _________________________________________________________ (1) Contract-based intangible assets subject to amortization are comprised of fair value adjustments on claims and claim adjustment expense reserves, reinsurance recoverables and other contract-related intangible assets. Fair value adjustments recorded in connection with insurance acquisitions were based on management’s estimate of nominal claims and claim adjustment expense reserves and reinsurance recoverables. The method used calculated a risk adjustment to a risk-free discounted reserve that would, if reserves ran off as expected, produce results that yielded the assumed cost-of-capital on the capital supporting the loss reserves. The fair value adjustments are reported as other intangible assets on the consolidated balance sheet, and the amounts measured in accordance with the acquirer’s accounting policies for insurance contracts have been reported as part of the claims and claim adjustment expense reserves and reinsurance recoverables. The intangible assets are being recognized into income over the expected payment pattern. Because the time value of money and the risk adjustment (cost of capital) components of the intangible assets run off at different rates, the amount recognized in income may be a net benefit in some periods and a net expense in other periods. Amortization expense of intangible assets was $4 million for both the three months ended June 30, 2019 and 2018 , and $8 million for both the six months ended June 30, 2019 and 2018. Amortization expense for all intangible assets subject to amortization is estimated to be $7 million for the remainder of 2019 , $14 million in 2020 , $13 million in 2021 , $13 million in 2022 and $12 million in 2023 . Amortization expense for intangible assets arising from insurance contracts acquired in a business combination is estimated to be $3 million for the remainder of 2019, $5 million in 2020, $4 million in 2021, $3 million in 2022 and $3 million in 2023.

Insurance Claim Reserves

Insurance Claim Reserves	6 Months Ended
	Jun. 30, 2019
Insurance Loss Reserves [Abstract]
Insurance Claim Reserves	INSURANCE CLAIM RESERVES Claims and claim adjustment expense reserves were as follows: (in millions) June 30, December 31, Property-casualty $ 51,059 $ 50,653 Accident and health 14 15 Total $ 51,073 $ 50,668 The following table presents a reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses: Six Months Ended (in millions) 2019 2018 Claims and claim adjustment expense reserves at beginning of year $ 50,653 $ 49,633 Less reinsurance recoverables on unpaid losses 8,182 8,123 Net reserves at beginning of year 42,471 41,510 Estimated claims and claim adjustment expenses for claims arising in the current year 9,329 9,084 Estimated decrease in claims and claim adjustment expenses for claims arising in prior years (118 ) (268 ) Total increases 9,211 8,816 Claims and claim adjustment expense payments for claims arising in: Current year 2,810 2,851 Prior years 5,897 5,454 Total payments 8,707 8,305 Unrealized foreign exchange (gain) loss 62 (102 ) Net reserves at end of period 43,037 41,919 Plus reinsurance recoverables on unpaid losses 8,022 8,026 Claims and claim adjustment expense reserves at end of period $ 51,059 $ 49,945 Gross claims and claim adjustment expense reserves at June 30, 2019 increased by $406 million from December 31, 2018 , primarily reflecting the impact of higher volumes of insured exposures and loss cost trends for the current accident year, partially offset by net favorable prior year reserve development. Reinsurance recoverables on unpaid losses at June 30, 2019 decreased by $160 million from December 31, 2018 , primarily reflecting the impact of cash collections in the first six months of 2019. The Company continues to evaluate the estimated realizable value of its subrogation claims related to the 2017 and 2018 California wildfires and the impact of recent developments, including the recent re-organization proposals by various stakeholders in the Pacific Gas & Electric Company (PG&E) bankruptcy. Due to the risks and uncertainties associated with the PG&E bankruptcy and other factors, the Company has not recognized a subrogation benefit related to these claims. Prior Year Reserve Development The following disclosures regarding reserve development are on a “net of reinsurance” basis. For the six months ended June 30, 2019 and 2018 , estimated claims and claim adjustment expenses incurred included $118 million and $268 million , respectively, of net favorable development for claims arising in prior years, including $174 million and $336 million , respectively, of net favorable prior year reserve development and $25 million of accretion of discount in each period that impacted the Company's results of operations. Business Insurance. Net favorable prior year reserve development in the second quarter of 2019 totaled $71 million , primarily driven by better than expected loss experience in the segment's domestic operations in (i) the workers’ compensation product line for multiple accident years, partially offset by higher than expected loss experience in the segment's domestic operations in (ii) the general liability product line for primary and excess coverages for multiple accident years, including a $60 million increase to environmental reserves for accident years 2009 and prior and (iii) the commercial automobile product line for recent accident years, as well as (iv) higher than expected loss experience in the segment's international operations. Net favorable prior year reserve development in the second quarter of 2018 totaled $84 million , primarily driven by better than expected loss experience in the segment's domestic operations in the workers’ compensation product line for multiple accident years, partially offset by higher than expected loss experience in the segment's domestic operations in the general liability product line, including a $55 million increase to environmental reserves, for accident years 2008 and prior. Net favorable prior year reserve development in the first six months of 2019 totaled $50 million , primarily driven by better than expected loss experience in the segment's domestic operations in (i) the workers’ compensation product line for multiple accident years and (ii) the commercial property product line for recent accident years, partially offset by higher than expected loss experience in the segment's domestic operations in (iii) the general liability product line for primary and excess coverages for multiple accident years, including the impact of (a) the enactment of legislation by a number of states, which extended the statute of limitations for childhood sexual molestation claims and (b) a $60 million increase to environmental reserves, both of which impacted accident years 2009 and prior, (iv) the commercial automobile product line for recent accident years and (v) the commercial multi-peril product line for recent accident years. Net favorable prior year reserve development in the first six months of 2018 totaled $150 million , primarily driven by better than expected loss experience in the segment's domestic operations in (i) the workers' compensation product line for multiple accident years and (ii) the commercial property product line for recent accident years, partially offset by higher than expected loss experience in the segment's domestic operations in (iii) the general liability product line, including a $55 million increase to environmental reserves, for accident years 2008 and prior and (iv) the commercial automobile product line for recent accident years. Bond & Specialty Insurance. Net favorable prior year reserve development in the second quarter and first six months of 2019 totaled $39 million and $42 million , respectively, and net favorable prior year reserve development in the second quarter and first six months of 2018 totaled $89 million and $124 million , respectively. Net favorable prior year reserve development in all periods was primarily driven by better than expected loss experience in the segment's domestic operations in the general liability product line for multiple accident years. Personal Insurance. Net favorable prior year reserve development in each of the second quarters of 2019 and 2018 totaled $13 million . Net favorable prior year reserve development in the first six months of 2019 totaled $82 million , primarily driven by better than expected loss experience in the segment's domestic operations in both the automobile and homeowners and other product lines for recent accident years. Net favorable prior year reserve development in the first six months of 2018 totaled $62 million

Other Comprehensive Income and

Other Comprehensive Income and Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2019
Other Comprehensive Income and Accumulated Other Comprehensive Income disclosure
Other Comprehensive Income and Accumulated Other Comprehensive Income	OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME The following tables present the changes in the Company’s accumulated other comprehensive income (loss) (AOCI) for the three months and six months ended June 30, 2019 . Changes in Net Unrealized Gains (Losses) on Investment Securities (in millions) Having No Credit Losses Recognized in the Consolidated Statement of Income Having Credit Losses Recognized in the Consolidated Statement of Income Net Benefit Plan Assets and Obligations Recognized in Shareholders’ Equity Net Unrealized Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) Balance, March 31, 2019 810 197 (863 ) (826 ) (682 ) Other comprehensive income (loss) (OCI) before reclassifications, net of tax 884 (3 ) — 6 887 Amounts reclassified from AOCI, net of tax (10 ) — 11 — 1 Net OCI, current period 874 (3 ) 11 6 888 Balance, June 30, 2019 $ 1,684 $ 194 $ (852 ) $ (820 ) $ 206 Changes in Net Unrealized Gains (Losses) on Investment Securities (in millions) Having No Credit Losses Recognized in the Consolidated Statement of Income Having Credit Losses Recognized in the Consolidated Statement of Income Net Benefit Plan Assets and Obligations Recognized in Shareholders’ Equity Net Unrealized Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2018 $ (306 ) $ 193 $ (873 ) $ (873 ) $ (1,859 ) Other comprehensive income (OCI) before reclassifications, net of tax 2,013 1 — 53 2,067 Amounts reclassified from AOCI, net of tax (23 ) — 21 — (2 ) Net OCI, current period 1,990 $ 1 $ 21 $ 53 $ 2,065 Balance, June 30, 2019 $ 1,684 $ 194 $ (852 ) $ (820 ) $ 206 The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit). Three Months Ended Six Months Ended (in millions) 2019 2018 2019 2018 Changes in net unrealized gains (losses) on investment securities: Having no credit losses recognized in the consolidated statement of income $ 1,108 $ (298 ) $ 2,524 $ (1,501 ) Income tax expense (benefit) 234 (63 ) 534 (316 ) Net of taxes 874 (235 ) 1,990 (1,185 ) Having credit losses recognized in the consolidated statement of income (4 ) (12 ) 1 (14 ) Income tax expense (benefit) (1 ) (2 ) — (3 ) Net of taxes (3 ) (10 ) 1 (11 ) Net changes in benefit plan assets and obligations 14 21 26 43 Income tax expense 3 4 5 9 Net of taxes 11 17 21 34 Net changes in unrealized foreign currency translation 5 (158 ) 55 (152 ) Income tax expense (benefit) (1 ) (20 ) 2 (15 ) Net of taxes 6 (138 ) 53 (137 ) Total other comprehensive income (loss) 1,123 (447 ) 2,606 (1,624 ) Total income tax expense (benefit) 235 (81 ) 541 (325 ) Total other comprehensive income (loss), net of taxes $ 888 $ (366 ) $ 2,065 $ (1,299 ) The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income. Three Months Ended Six Months Ended (in millions) 2019 2018 2019 2018 Reclassification adjustments related to unrealized gains (losses) on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (13 ) $ (12 ) $ (29 ) $ (12 ) Income tax expense (2) (3 ) (3 ) (6 ) (3 ) Net of taxes (10 ) (9 ) (23 ) (9 ) Having credit losses recognized in the consolidated statement of income (1) — — — — Income tax benefit (2) — — — — Net of taxes — — — — Reclassification adjustment related to benefit plan assets and obligations: Claims and claim adjustment expenses (3) 6 8 11 17 General and administrative expenses (3) 7 13 15 26 Total 13 21 26 43 Income tax benefit (2) 2 4 5 9 Net of taxes 11 17 21 34 Reclassification adjustment related to foreign currency translation (1) — — — — Income tax benefit (2) — — — — Net of taxes — — — — Total reclassifications — 9 (3 ) 31 Total income tax (expense) benefit (1 ) 1 (1 ) 6 Total reclassifications, net of taxes $ 1 $ 8 $ (2 ) $ 25 _________________________________________________________ (1) (Increases) decreases net realized investment gains on the consolidated statement of income. (2) (Increases) decreases income tax expense on the consolidated statement of income. (3) Increases (decreases) expenses on the consolidated statement of income.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	DEBT Debt Issuance . On March 4, 2019, the Company issued $500 million aggregate principal amount of 4.10% senior notes that will mature on March 4, 2049. The net proceeds of the issuance, after the deduction of the underwriting discount and expenses payable by the Company, totaled approximately $492 million . Interest on the senior notes is payable semi-annually in arrears on March 4 and September 4. Prior to September 4, 2048, the senior notes may be redeemed, in whole or in part, at the Company’s option, at any time or from time to time, at a redemption price equal to the greater of (a) 100% of the principal amount of any senior notes to be redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest to but excluding September 4, 2048 on any senior notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury rate (as defined in the senior notes), plus 20 basis points. On or after September 4, 2048, the senior notes may be redeemed, in whole or in part, at the Company’s option, at any time or from time to time, at a redemption price equal to 100% of the principal amount of any senior notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Debt Repayment. On June 2, 2019, the Company's $500 million , 5.90% senior notes matured and were fully paid. Commercial Paper. The Company had $100 million of commercial paper outstanding at both June 30, 2019 and December 31, 2018 .

Common Share Repurchases

Common Share Repurchases	6 Months Ended
	Jun. 30, 2019
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]
Common Share Repurchases	COMMON SHARE REPURCHASES During the three months and six months ended June 30, 2019 , the Company repurchased 2.6 million and 5.5 million shares, respectively, under its share repurchase authorization, for a total cost of $375 million and $750 million , respectively. The average cost per share repurchased was $145.87 and $137.15 , respectively. In addition, the Company acquired 3,460 shares and 0.3 million shares for a total cost of $0.5 million and $47 million during the three months and six months ended June 30, 2019 , respectively, that were not part of the publicly announced share repurchase authorization. These shares consisted of shares retained to cover payroll withholding taxes in connection with the vesting of restricted stock unit awards and performance share awards, and shares used by employees to cover the price of certain stock options that were exercised. At June 30, 2019 , the Company had $2.54 billion of capacity remaining under its share repurchase authorization.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share Reconciliation [Abstract]
Earnings per Share	EARNINGS PER SHARE The following is a reconciliation of the net income and share data used in the basic and diluted earnings per share computations for the periods presented: Three Months Ended Six Months Ended (in millions, except per share amounts) 2019 2018 2019 2018 Basic and Diluted Net income, as reported $ 557 $ 524 $ 1,353 $ 1,193 Participating share-based awards — allocated income (4 ) (4 ) (10 ) (9 ) Net income available to common shareholders — basic and diluted $ 553 $ 520 $ 1,343 $ 1,184 Common Shares Basic Weighted average shares outstanding 261.3 268.7 262.1 269.8 Diluted Weighted average shares outstanding 261.3 268.7 262.1 269.8 Weighted average effects of dilutive securities — stock options and performance shares 2.4 2.4 2.1 2.7 Total 263.7 271.1 264.2 272.5 Net Income per Common Share Basic $ 2.11 $ 1.93 $ 5.12 $ 4.39 Diluted $ 2.10 $ 1.92 $ 5.08 $ 4.35

Share-Based Incentive Compensat

Share-Based Incentive Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Incentive Compensation	SHARE-BASED INCENTIVE COMPENSATION The following information relates to fully vested stock option awards at June 30, 2019 : Stock Options Number Weighted Average Exercise Price Weighted Average Contractual Life Remaining Aggregate Intrinsic Value ($ in millions) Vested at end of period (1) 6,120,874 $ 105.70 5.8 years $ 268 Exercisable at end of period 4,202,289 $ 95.63 4.5 years $ 226 _________________________________________________________ (1) Represents awards for which the requisite service has been rendered, including those that are retirement eligible. The total compensation cost for all share-based incentive compensation awards recognized in earnings was $35 million and $33 million for the three months ended June 30, 2019 and 2018 , respectively, and $80 million and $77 million for the six months ended June 30, 2019 and 2018, respectively. The related tax benefits recognized in the consolidated statement of income were $6 million for each of the three months ended June 30, 2019 and 2018 , and $14 million for each of the six months ended June 30, 2019 and 2018. The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards at June 30, 2019 was $202 million , which is expected to be recognized over a weighted-average period of 2.0 years .

Pension Plans, Retirement Benef

Pension Plans, Retirement Benefits and Savings Plans	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Pension Plans, Retirement Benefits and Savings Plans	PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS The following table summarizes the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the three months ended June 30, 2019 and 2018 . Pension Plans Postretirement Benefit Plans (for the three months ended June 30, in millions) 2019 2018 2019 2018 Net Periodic Benefit Cost: Service cost $ 29 $ 33 $ — $ — Non-service cost: Interest cost on benefit obligation $ 35 $ 32 $ 2 $ 2 Expected return on plan assets (68 ) (66 ) — — Amortization of unrecognized: Prior service benefit (1 ) (1 ) (1 ) (1 ) Net actuarial loss 14 23 — — Total non-service cost (benefit) (20 ) (12 ) 1 1 Net periodic benefit cost $ 9 $ 21 $ 1 $ 1 The following table indicates the line items in which the respective service costs and non-service cost (benefit) are presented in the consolidated statement of income for the three months ended June 30, 2019 and 2018 . Pension Plans Postretirement Benefit Plans (for the three months ended June 30, in millions) 2019 2018 2019 2018 Service Cost: Claims and claim adjustment expenses $ 12 $ 14 $ — $ — General and administrative expenses 17 19 — — Total service cost 29 33 — — Non-Service Cost (Benefit): Claims and claim adjustment expenses (8 ) (5 ) 1 1 General and administrative expenses (12 ) (7 ) — — Total non-service cost (benefit) (20 ) (12 ) 1 1 Net periodic benefit cost $ 9 $ 21 $ 1 $ 1 The following table summarizes the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the six months ended June 30, 2019 and 2018. Pension Plans Postretirement Benefit Plans (for the six months ended June 30, in millions) 2019 2018 2019 2018 Net Periodic Benefit Cost: Service cost $ 59 $ 66 $ — $ — Non-service cost: Interest cost on benefit obligation 70 63 4 4 Expected return on plan assets (137 ) (132 ) — — Amortization of unrecognized: Prior service benefit (1 ) (1 ) (2 ) (2 ) Net actuarial loss 28 46 — — Total non-service cost (benefit) (40 ) (24 ) 2 2 Net periodic benefit cost $ 19 $ 42 $ 2 $ 2 The following table indicates the line items in which the respective service costs and non-service cost (benefit) are presented in the consolidated statement of income for the six months ended June 30, 2019 and 2018. Pension Plans Postretirement Benefit Plans (for the six months ended June 30, in millions) 2019 2018 2019 2018 Service Cost: Claims and claim adjustment expenses $ 24 $ 27 $ — $ — General and administrative expenses 35 39 — — Total service cost 59 66 — — Non-Service Cost (Benefit): Claims and claim adjustment expenses (16 ) (10 ) 1 1 General and administrative expenses (24 ) (14 ) 1 1 Total non-service cost (benefit) (40 ) (24 ) 2 2 Net periodic benefit cost $ 19 $ 42 $ 2 $ 2

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	LEASES The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. See note 1 - Adoption of Accounting Standards - Leases for additional information regarding the accounting for leases. Most leases include an option to extend or renew the lease term. The exercise of the renewal option is at the Company's discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercising those options. The Company, in determining the present value of lease payments, utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with the term of the underlying lease. Lease expense is included in general and administrative expenses in the consolidated statement of income. Additional information regarding the Company’s real estate operating leases is as follows: (in millions) Three Months Ended Six Months Ended Lease cost Operating leases $ 23 $ 45 Short-term leases (1) 3 7 Lease expense 26 52 Less: sublease income (2) — — Net lease cost $ 26 $ 52 Other information on operating leases Cash payments included in the measurement of lease liabilities reported in operating cash flows $ 26 $ 50 Right-of-use assets obtained in exchange for new lease liabilities $ 28 $ 36 Weighted average discount rate 3.05 % 3.05 % Weighted average remaining lease term in years 5.2 years 5.2 years _________________________________________________________ (1) Leases with an initial term of twelve months or less are not recorded on the balance sheet. (2) Sublease income consists of rent from third parties of office space and is recognized as part of other revenues in the consolidated statement of income. The following table presents the contractual maturities of the Company's lease liabilities: (in millions) Real Estate Lease Liability Remainder of 2019 $ 51 2020 103 2021 89 2022 67 2023 47 Thereafter 80 Total undiscounted lease payments 437 Less: present value adjustment 42 Operating lease liability $ 395

Contingencies, Commitments and

Contingencies, Commitments and Guarantees	6 Months Ended
	Jun. 30, 2019
Contingencies, Commitments and Guarantees [Abstract]
Contingencies, Commitments and Guarantees	CONTINGENCIES, COMMITMENTS AND GUARANTEES Contingencies The major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company or any of its subsidiaries is a party or to which any of the Company’s properties is subject are described below. Asbestos and Environmental Claims and Litigation In the ordinary course of its insurance business, the Company has received and continues to receive claims for insurance arising under policies issued by the Company asserting alleged injuries and damages from asbestos- and environmental-related exposures that are the subject of related coverage litigation. The Company is defending asbestos- and environmental-related litigation vigorously and believes that it has meritorious defenses; however, the outcomes of these disputes are uncertain. In this regard, the Company employs dedicated specialists and comprehensive resolution strategies to manage asbestos and environmental loss exposure, including settling litigation under appropriate circumstances. Currently, it is not possible to predict legal outcomes and their impact on future loss development for claims and litigation relating to asbestos and environmental claims. Any such development could be affected by future court decisions and interpretations, as well as future changes, if any, in applicable legislation. Because of these uncertainties, additional liabilities may arise for amounts in excess of the Company’s current insurance reserves. In addition, the Company’s estimate of ultimate claims and claim adjustment expenses may change. These additional liabilities or changes in estimates, or a range of either, cannot now be reasonably estimated and could result in income statement charges that could be material to the Company’s results of operations in future periods. Other Proceedings Not Arising Under Insurance Contracts or Reinsurance Agreements The Company is involved in other lawsuits, including lawsuits alleging extra-contractual damages relating to insurance contracts or reinsurance agreements, that do not arise under insurance contracts or reinsurance agreements. The legal costs associated with such lawsuits are expensed in the period in which the costs are incurred. Based upon currently available information, the Company does not believe it is reasonably possible that any such lawsuit or related lawsuits would be material to the Company’s results of operations or would have a material adverse effect on the Company’s financial position or liquidity. Other Commitments and Guarantees Commitments Investment Commitments — The Company has unfunded commitments to private equity limited partnerships and real estate partnerships in which it invests. These commitments totaled $1.57 billion and $1.60 billion at June 30, 2019 and December 31, 2018 , respectively. Guarantees The maximum amount of the Company’s contingent obligation for indemnifications related to the sale of businesses that are quantifiable was $352 million at June 30, 2019 . The maximum amount of the Company’s obligation for guarantees of certain investments and third-party loans related to certain investments that are quantifiable was $0 at June 30, 2019 . The maximum amount of the Company’s obligation related to the guarantee of certain insurance policy obligations of a former insurance subsidiary was $480 million at June 30, 2019 , all of which is indemnified by a third party. For more information regarding Company guarantees, see note 16 of notes to the consolidated financial statements in the Company’s 2018 Annual Report.

Consolidating Financial Stateme

Consolidating Financial Statements (Unaudited)	6 Months Ended
	Jun. 30, 2019
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited)	CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES The following consolidating financial statements of the Company have been prepared pursuant to Rule 3-10 of Regulation S-X. These consolidating financial statements have been prepared from the Company’s financial information on the same basis of accounting as the consolidated financial statements. The Travelers Companies, Inc. (excluding its subsidiaries, TRV) has fully and unconditionally guaranteed certain debt obligations of Travelers Property Casualty Corp. (TPC) and Travelers Insurance Group Holdings, Inc. (TIGHI), which totaled $700 million at June 30, 2019 . Prior to the merger of TPC and The St. Paul Companies, Inc. in 2004, TPC fully and unconditionally guaranteed the payment of all principal, premiums, if any, and interest on certain debt obligations of its wholly-owned subsidiary, TIGHI. Concurrent with the merger, TRV fully and unconditionally assumed such guarantee obligations of TPC. TPC is deemed to have no assets or operations independent of TIGHI. Consolidating financial information for TIGHI has not been presented herein because such financial information would be substantially the same as the financial information provided for TPC. CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended June 30, 2019 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Revenues Premiums $ 4,786 $ 2,202 $ — $ — $ 6,988 Net investment income 455 181 12 — 648 Fee income 116 — — — 116 Net realized investment gains (1) 14 6 5 — 25 Other revenues 31 26 — — 57 Total revenues 5,402 2,415 17 — 7,834 Claims and expenses Claims and claim adjustment expenses 3,248 1,573 — — 4,821 Amortization of deferred acquisition costs 740 394 — — 1,134 General and administrative expenses 768 352 5 — 1,125 Interest expense 12 — 77 — 89 Total claims and expenses 4,768 2,319 82 — 7,169 Income (loss) before income taxes 634 96 (65 ) — 665 Income tax expense (benefit) 122 12 (26 ) — 108 Net income of subsidiaries — — 596 (596 ) — Net income $ 512 $ 84 $ 557 $ (596 ) $ 557 ____________________________________________________ (1) Total other-than-temporary impairments (OTTI) for the three months ended June 30, 2019 , and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (OCI) were as follows: (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Total OTTI losses $ — $ (1 ) $ — $ — $ (1 ) OTTI losses recognized in net realized investment gains $ — $ (1 ) $ — $ — $ (1 ) OTTI losses recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended June 30, 2018 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Revenues Premiums $ 4,577 $ 2,118 $ — $ — $ 6,695 Net investment income 412 175 8 — 595 Fee income 112 — — — 112 Net realized investment gains (1) 18 16 2 — 36 Other revenues 13 27 — (1 ) 39 Total revenues 5,132 2,336 10 (1 ) 7,477 Claims and expenses Claims and claim adjustment expenses 3,064 1,498 — — 4,562 Amortization of deferred acquisition costs 727 354 — — 1,081 General and administrative expenses 766 343 5 (1 ) 1,113 Interest expense 13 — 77 — 90 Total claims and expenses 4,570 2,195 82 (1 ) 6,846 Income (loss) before income taxes 562 141 (72 ) — 631 Income tax expense (benefit) 104 21 (18 ) — 107 Net income of subsidiaries — — 578 (578 ) — Net income $ 458 $ 120 $ 524 $ (578 ) $ 524 _________________________________________________________ (1) Total other-than-temporary impairments (OTTI) for the three months ended June 30, 2018 , and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (loss) (OCI) were as follows: (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Total OTTI losses $ (1 ) $ — $ — $ — $ (1 ) OTTI losses recognized in net realized investment gains $ (1 ) $ — $ — $ — $ (1 ) OTTI losses recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the six months ended June 30, 2019 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Revenues Premiums $ 9,475 $ 4,368 $ — $ — $ 13,843 Net investment income 871 336 23 — 1,230 Fee income 225 — — — 225 Net realized investment gains (1) 36 21 21 — 78 Other revenues 69 60 — — 129 Total revenues 10,676 4,785 44 — 15,505 Claims and expenses Claims and claim adjustment expenses 6,272 2,991 — — 9,263 Amortization of deferred acquisition costs 1,485 766 — — 2,251 General and administrative expenses 1,490 682 10 — 2,182 Interest expense 24 — 153 — 177 Total claims and expenses 9,271 4,439 163 — 13,873 Income (loss) before income taxes 1,405 346 (119 ) — 1,632 Income tax expense (benefit) 268 54 (43 ) — 279 Net income of subsidiaries — — 1,429 (1,429 ) — Net income $ 1,137 $ 292 $ 1,353 $ (1,429 ) $ 1,353 _________________________________________________________ (1) Total other-than-temporary impairment (OTTI) for the six months ended June 30, 2019 , and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (OCI) were as follows: (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Total OTTI losses $ (1 ) $ (1 ) $ — $ — $ (2 ) OTTI losses recognized in net realized investment gains $ (1 ) $ (1 ) $ — $ — $ (2 ) OTTI losses recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the six months ended June 30, 2018 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Revenues Premiums $ 9,045 $ 4,187 $ — $ — $ 13,232 Net investment income 824 360 14 — 1,198 Fee income 215 — — — 215 Net realized investment gains (1) 20 4 1 — 25 Other revenues 40 55 — (2 ) 93 Total revenues 10,144 4,606 15 (2 ) 14,763 Claims and expenses Claims and claim adjustment expenses 5,974 2,884 — — 8,858 Amortization of deferred acquisition costs 1,432 710 — — 2,142 General and administrative expenses 1,495 671 11 (2 ) 2,175 Interest expense 24 — 155 — 179 Total claims and expenses 8,925 4,265 166 (2 ) 13,354 Income (loss) before income taxes 1,219 341 (151 ) — 1,409 Income tax expense (benefit) 210 53 (47 ) — 216 Net income of subsidiaries — — 1,297 (1,297 ) — Net income $ 1,009 $ 288 $ 1,193 $ (1,297 ) $ 1,193 _________________________________________________________ (1) Total other-than-temporary impairment (OTTI) for the six months ended June 30, 2018 , and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (loss) (OCI) were as follows: (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Total OTTI losses $ (1 ) $ — $ — $ — $ (1 ) OTTI losses recognized in net realized investment gains $ (1 ) $ — $ — $ — $ (1 ) OTTI losses recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended June 30, 2019 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Net income $ 512 $ 84 $ 557 $ (596 ) $ 557 Other comprehensive income: Changes in net unrealized gains (losses) on investment securities: Having no credit losses recognized in the consolidated statement of income 786 321 1 — 1,108 Having credit losses recognized in the consolidated statement of income (3 ) (1 ) — — (4 ) Net changes in benefit plan assets and obligations — — 14 — 14 Net changes in unrealized foreign currency translation 23 (18 ) — — 5 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 806 302 15 — 1,123 Income tax expense 167 67 1 — 235 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 639 235 14 — 888 Other comprehensive income of subsidiaries — — 874 (874 ) — Other comprehensive income 639 235 888 (874 ) 888 Comprehensive income $ 1,151 $ 319 $ 1,445 $ (1,470 ) $ 1,445 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited) For the three months ended June 30, 2018 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Net income $ 458 $ 120 $ 524 $ (578 ) $ 524 Other comprehensive income (loss): Changes in net unrealized gains (losses) on investment securities: Having no credit losses recognized in the consolidated statement of income (209 ) (89 ) — — (298 ) Having credit losses recognized in the consolidated statement of income (10 ) (2 ) — — (12 ) Net changes in benefit plan assets and obligations — — 21 — 21 Net changes in unrealized foreign currency translation (77 ) (81 ) — — (158 ) Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (296 ) (172 ) 21 — (447 ) Income tax benefit (58 ) (21 ) (2 ) — (81 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (238 ) (151 ) 23 — (366 ) Other comprehensive loss of subsidiaries — — (389 ) 389 — Other comprehensive loss (238 ) (151 ) (366 ) 389 (366 ) Comprehensive income (loss) $ 220 $ (31 ) $ 158 $ (189 ) $ 158 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the six months ended June 30, 2019 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Net income $ 1,137 $ 292 $ 1,353 $ (1,429 ) $ 1,353 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 1,765 756 3 — 2,524 Having credit losses recognized in the consolidated statement of income 1 — — — 1 Net changes in benefit plan assets and obligations — — 26 — 26 Net changes in unrealized foreign currency translation 42 13 — — 55 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 1,808 769 29 — 2,606 Income tax expense 375 160 6 — 541 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 1,433 609 23 — 2,065 Other comprehensive income of subsidiaries — — 2,042 (2,042 ) — Other comprehensive income 1,433 609 2,065 (2,042 ) 2,065 Comprehensive income $ 2,570 $ 901 $ 3,418 $ (3,471 ) $ 3,418 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited) For the six months ended June 30, 2018 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Net income $ 1,009 $ 288 $ 1,193 $ (1,297 ) $ 1,193 Other comprehensive income (loss): Changes in net unrealized gains (losses) on investment securities: Having no credit losses recognized in the consolidated statement of income (1,047 ) (453 ) (1 ) — (1,501 ) Having credit losses recognized in the consolidated statement of income (11 ) (3 ) — — (14 ) Net changes in benefit plan assets and obligations — — 43 — 43 Net changes in unrealized foreign currency translation (102 ) (50 ) — — (152 ) Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (1,160 ) (506 ) 42 — (1,624 ) Income tax expense (benefit) (233 ) (98 ) 6 — (325 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (927 ) (408 ) 36 — (1,299 ) Other comprehensive loss of subsidiaries — — (1,335 ) 1,335 — Other comprehensive loss (927 ) (408 ) (1,299 ) 1,335 (1,299 ) Comprehensive income (loss) $ 82 $ (120 ) $ (106 ) $ 38 $ (106 ) CONSOLIDATING BALANCE SHEET (Unaudited) At June 30, 2019 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $64,784) $ 46,480 $ 20,604 $ 88 $ — $ 67,172 Equity securities, at fair value (cost $373) 105 106 195 — 406 Real estate investments 2 963 — — 965 Short-term securities 1,439 633 1,415 — 3,487 Other investments 2,688 777 1 — 3,466 Total investments 50,714 23,083 1,699 — 75,496 Cash 198 218 — — 416 Investment income accrued 430 183 2 — 615 Premiums receivable 5,587 2,710 — — 8,297 Reinsurance recoverables 6,472 1,762 — — 8,234 Ceded unearned premiums 742 122 — — 864 Deferred acquisition costs 2,087 194 — — 2,281 Contractholder receivables 4,766 10 — — 4,776 Goodwill 2,582 1,370 — (9 ) 3,943 Other intangible assets 220 115 — — 335 Investment in subsidiaries — — 29,342 (29,342 ) — Other assets 2,472 158 685 — 3,315 Total assets $ 76,270 $ 29,925 $ 31,728 $ (29,351 ) $ 108,572 Liabilities Claims and claim adjustment expense reserves $ 35,055 $ 16,018 $ — $ — $ 51,073 Unearned premium reserves 10,116 4,422 — — 14,538 Contractholder payables 4,766 10 — — 4,776 Payables for reinsurance premiums 340 251 — — 591 Deferred taxes 234 (179 ) 32 — 87 Debt 693 — 5,865 — 6,558 Other liabilities 4,224 902 502 — 5,628 Total liabilities 55,428 21,424 6,399 — 83,251 Shareholders’ equity Common stock (1,750.0 shares authorized; 260.4 shares issued and 260.3 shares outstanding) — 484 23,372 (484 ) 23,372 Additional paid-in capital 11,634 7,046 — (18,680 ) — Retained earnings 8,336 808 36,143 (9,152 ) 36,135 Accumulated other comprehensive income 872 163 206 (1,035 ) 206 Treasury stock, at cost (516.7 shares) — — (34,392 ) — (34,392 ) Total shareholders’ equity 20,842 8,501 25,329 (29,351 ) 25,321 Total liabilities and shareholders’ equity $ 76,270 $ 29,925 $ 31,728 $ (29,351 ) $ 108,572 CONSOLIDATING BALANCE SHEET (Unaudited) At December 31, 2018 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $63,601) $ 43,683 $ 19,697 $ 84 $ — $ 63,464 Equity securities, available for sale, at fair value (cost $382) 105 92 171 — 368 Real estate investments 2 902 — — 904 Short-term securities 1,855 759 1,371 — 3,985 Other investments 2,746 810 1 — 3,557 Total investments 48,391 22,260 1,627 — 72,278 Cash 181 192 — — 373 Investment income accrued 434 187 3 — 624 Premiums receivable 5,089 2,417 — — 7,506 Reinsurance recoverables 5,904 2,466 — — 8,370 Ceded unearned premiums 522 56 — — 578 Deferred acquisition costs 1,930 190 — — 2,120 Deferred taxes 167 302 (24 ) — 445 Contractholder receivables 3,867 918 — — 4,785 Goodwill 2,578 1,368 — (9 ) 3,937 Other intangible assets 224 121 — — 345 Investment in subsidiaries — — 26,993 (26,993 ) — Other assets 2,220 15 669 (32 ) 2,872 Total assets $ 71,507 $ 30,492 $ 29,268 $ (27,034 ) $ 104,233 Liabilities Claims and claim adjustment expense reserves $ 34,093 $ 16,575 $ — $ — $ 50,668 Unearned premium reserves 9,414 4,141 — — 13,555 Contractholder payables 3,867 918 — — 4,785 Payables for reinsurance premiums 169 120 — — 289 Debt 693 32 5,871 (32 ) 6,564 Other liabilities 4,133 849 496 — 5,478 Total liabilities 52,369 22,635 6,367 (32 ) 81,339 Shareholders’ equity Common stock (1,750.0 shares authorized; 263.7 shares issued and 263.6 shares outstanding) — 401 23,144 (401 ) 23,144 Additional paid-in capital 11,634 7,023 — (18,657 ) — Retained earnings 8,065 879 35,211 (8,951 ) 35,204 Accumulated other comprehensive loss (561 ) (446 ) (1,859 ) 1,007 (1,859 ) Treasury stock, at cost (510.9 shares) — — (33,595 ) — (33,595 ) Total shareholders’ equity 19,138 7,857 22,901 (27,002 ) 22,894 Total liabilities and shareholders’ equity $ 71,507 $ 30,492 $ 29,268 $ (27,034 ) $ 104,233 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the six months ended June 30, 2019 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Cash flows from operating activities Net income $ 1,137 $ 292 $ 1,353 $ (1,429 ) $ 1,353 Net adjustments to reconcile net income to net cash provided by operating activities 314 213 (256 ) 168 439 Net cash provided by operating activities 1,451 505 1,097 (1,261 ) 1,792 Cash flows from investing activities Proceeds from maturities of fixed maturities 2,106 924 8 — 3,038 Proceeds from sales of investments: Fixed maturities 968 526 1 — 1,495 Equity securities 33 38 — — 71 Other investments 201 39 — — 240 Purchases of investments: Fixed maturities (4,049 ) (1,650 ) (9 ) — (5,708 ) Equity securities (1 ) (37 ) (3 ) — (41 ) Real estate investments — (85 ) — — (85 ) Other investments (234 ) (28 ) — — (262 ) Net sales (purchases) of short-term securities 416 125 (44 ) — 497 Securities transactions in course of settlement 157 66 — — 223 Other (166 ) (3 ) — — (169 ) Net cash used in investing activities (569 ) (85 ) (47 ) — (701 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (750 ) — (750 ) Treasury stock acquired — net employee share-based compensation — — (47 ) — (47 ) Dividends paid to shareholders — — (419 ) — (419 ) Payment of debt — (32 ) (500 ) 32 (500 ) Issuance of debt — — 492 — 492 Issuance of common stock — employee share options — — 174 — 174 Dividends paid to parent company (866 ) (363 ) — 1,229 — Net cash used in financing activities (866 ) (395 ) (1,050 ) 1,261 (1,050 ) Effect of exchange rate changes on cash 1 1 — — 2 Net increase in cash 17 26 — — 43 Cash at beginning of year 181 192 — — 373 Cash at end of period $ 198 $ 218 $ — $ — $ 416 Supplemental disclosure of cash flow information Income taxes paid (received) $ 244 $ 91 $ (10 ) $ — $ 325 Interest paid $ 24 $ — $ 147 $ — $ 171 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the six months ended June 30, 2018 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Cash flows from operating activities Net income $ 1,009 $ 288 $ 1,193 $ (1,297 ) $ 1,193 Net adjustments to reconcile net income to net cash provided by operating activities 323 11 146 25 505 Net cash provided by operating activities 1,332 299 1,339 (1,272 ) 1,698 Cash flows from investing activities Proceeds from maturities of fixed maturities 2,730 914 13 — 3,657 Proceeds from sales of investments: Fixed maturities 1,847 759 1 — 2,607 Equity securities 33 59 — — 92 Other investments 133 56 — — 189 Purchases of investments: Fixed maturities (5,762 ) (2,173 ) (17 ) — (7,952 ) Equity securities (2 ) (56 ) (2 ) — (60 ) Real estate investments — (44 ) — — (44 ) Other investments (232 ) (43 ) — — (275 ) Net sales (purchases) of short-term securities 986 383 (167 ) — 1,202 Securities transactions in course of settlement 268 12 (1 ) — 279 Other (148 ) (4 ) — — (152 ) Net cash used in investing activities (147 ) (137 ) (173 ) — (457 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (700 ) — (700 ) Treasury stock acquired — net employee share-based compensation — — (51 ) — (51 ) Dividends paid to shareholders — — (404 ) — (404 ) Payment of debt — — (600 ) — (600 ) Issuance of debt — 7 491 (7 ) 491 Issuance of common stock — employee share options — — 98 — 98 Dividends paid to parent company (1,109 ) (170 ) — 1,279 — Net cash used in financing activities (1,109 ) (163 ) (1,166 ) 1,272 (1,166 ) Effect of exchange rate changes on cash (2 ) (2 ) — — (4 ) Net increase (decrease) in cash 74 (3 ) — — 71 Cash at beginning of year 157 187 — — 344 Cash at end of period $ 231 $ 184 $ — $ — $ 415 Supplemental disclosure of cash flow information Income taxes paid (received) $ 193 $ 171 $ (126 ) $ — $ 238 Interest paid $ 24 $ — $ 151 $ — $ 175

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation [Policy Text Block]	Basis of Presentation The interim consolidated financial statements include the accounts of The Travelers Companies, Inc. (together with its subsidiaries, the Company). These financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) and are unaudited. In the opinion of the Company’s management, all adjustments necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. All material intercompany transactions and balances have been eliminated. The accompanying interim consolidated financial statements and related notes should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the Company’s 2018 Annual Report). The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period. Actual results could differ from those estimates.
Adoption of Accounting Standards [Policy Text Block]	Adoption of Accounting Standards Leases Effective for the quarter ended March 31, 2019, the Company adopted the updated guidance for leases and elected to utilize a cumulative-effect adjustment to the opening balance of retained earnings for the year of adoption. Accordingly, the Company’s reporting for the comparative periods prior to adoption continue to be presented in the financial statements in accordance with previous lease accounting guidance. The Company also elected to apply all practical expedients applicable to the Company in the updated guidance for transition for leases in effect at adoption, including using hindsight to determine the lease term of existing leases, the option to not reassess whether an existing contract is a lease or contains a lease and whether the lease is an operating or finance lease. The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $320 million as part of other assets and a lease liability of $384 million as part of other liabilities in the consolidated balance sheet, as well as de-recognizing the liability for deferred rent that was required under the previous guidance, for its corporate real estate agreements at March 31, 2019. The cumulative effect adjustment to the opening balance of retained earnings was zero . The adoption of the updated guidance did not have a material effect on the Company’s results of operations or liquidity. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Effective for the quarter ended March 31, 2019, the Company adopted the updated guidance regarding Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , and applied the guidance prospectively. The updated guidance requires an entity to determine the stage of a project that the implementation activity relates to and the nature of the associated costs in order to determine whether those costs should be expensed as incurred or capitalized. The updated guidance also requires the entity to amortize the capitalized implementation costs as an expense over the term of the hosting arrangement. The adoption of the updated guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. For additional information regarding accounting standards that the Company adopted during the periods presented, see note 1 of notes to the consolidated financial statements in the Company’s 2018 Annual Report.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Company's revenues and income by segment [Table Text Block]	(For the three months ended June 30, in millions) Business Insurance Bond & Specialty Insurance Personal Insurance Total Reportable Segments 2019 Premiums $ 3,783 $ 632 $ 2,573 $ 6,988 Net investment income 481 58 109 648 Fee income 111 — 5 116 Other revenues 30 6 21 57 Total segment revenues (1) $ 4,405 $ 696 $ 2,708 $ 7,809 Segment income (1) $ 351 $ 174 $ 88 $ 613 2018 Premiums $ 3,641 $ 601 $ 2,453 $ 6,695 Net investment income 440 57 98 595 Fee income 107 — 5 112 Other revenues 20 5 14 39 Total segment revenues (1) $ 4,208 $ 663 $ 2,570 $ 7,441 Segment income (loss) (1) $ 385 $ 204 $ (17 ) $ 572 _________________________________________________________ (1) Segment revenues for reportable business segments exclude net realized investment gains (losses). Segment income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses). (For the six months ended June 30, in millions) Business Insurance Bond & Specialty Insurance Personal Insurance Total Reportable Segments 2019 Premiums $ 7,525 $ 1,238 $ 5,080 $ 13,843 Net investment income 908 114 208 1,230 Fee income 215 — 10 225 Other revenues 73 12 43 128 Total segment revenues (1) $ 8,721 $ 1,364 $ 5,341 $ 15,426 Segment income (1) $ 765 $ 312 $ 366 $ 1,443 2018 Premiums $ 7,209 $ 1,183 $ 4,840 $ 13,232 Net investment income 886 115 197 1,198 Fee income 206 — 9 215 Other revenues 51 11 31 93 Total segment revenues (1) $ 8,352 $ 1,309 $ 5,077 $ 14,738 Segment income (1) $ 837 $ 377 $ 112 $ 1,326 (1) Segment revenues for reportable business segments exclude net realized investment gains (losses). Segment income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses).
Business segment reconciliations of revenue and income, net of tax [Table Text Block]	Three Months Ended Six Months Ended (in millions) 2019 2018 2019 2018 Revenue reconciliation Earned premiums Business Insurance: Domestic: Workers’ compensation $ 950 $ 973 $ 1,922 $ 1,944 Commercial automobile 647 587 1,275 1,149 Commercial property 473 453 933 891 General liability 585 535 1,152 1,056 Commercial multi-peril 856 822 1,696 1,627 Other 9 6 17 13 Total Domestic 3,520 3,376 6,995 6,680 International 263 265 530 529 Total Business Insurance 3,783 3,641 7,525 7,209 Bond & Specialty Insurance: Domestic: Fidelity and surety 258 253 504 499 General liability 266 248 523 490 Other 53 49 105 96 Total Domestic 577 550 1,132 1,085 International 55 51 106 98 Total Bond & Specialty Insurance 632 601 1,238 1,183 Personal Insurance: Domestic: Automobile 1,321 1,261 2,618 2,486 Homeowners and Other 1,078 1,022 2,117 2,017 Total Domestic 2,399 2,283 4,735 4,503 International 174 170 345 337 Total Personal Insurance 2,573 2,453 5,080 4,840 Total earned premiums 6,988 6,695 13,843 13,232 Net investment income 648 595 1,230 1,198 Fee income 116 112 225 215 Other revenues 57 39 128 93 Total segment revenues 7,809 7,441 15,426 14,738 Other revenues — — 1 — Net realized investment gains 25 36 78 25 Total revenues $ 7,834 $ 7,477 $ 15,505 $ 14,763 Income reconciliation, net of tax Total segment income $ 613 $ 572 $ 1,443 $ 1,326 Interest Expense and Other (1) (76 ) (78 ) (151 ) (154 ) Core income 537 494 1,292 1,172 Net realized investment gains 20 30 61 21 Net income $ 557 $ 524 $ 1,353 $ 1,193 _________________________________________________________ (1) The primary component of Interest Expense and Other was after-tax interest expense of $70 million and $71 million for the three months ended June 30, 2019 and 2018 , respectively, and $140 million and $141 million for the six months ended June 30, 2019 and 2018 , respectively.
Asset reconciliation [Table Text Block]	(in millions) June 30, December 31, Asset reconciliation Business Insurance $ 82,762 $ 78,965 Bond & Specialty Insurance 8,445 8,693 Personal Insurance 16,602 15,943 Total assets by reportable segment 107,809 103,601 Other assets (1) 763 632 Total consolidated assets $ 108,572 $ 104,233 _________________________________________________________ (1) The primary components of other assets at both June 30, 2019 and December 31, 2018 were accrued over-funded benefit plan assets related to the Company’s qualified domestic pension plan and other intangible assets.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Investments [Abstract]
Amortized cost and fair value of investments in fixed maturities [Table Text Block]	The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows: Amortized Gross Unrealized Fair (at June 30, 2019, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,000 $ 20 $ 2 $ 2,018 Obligations of states, municipalities and political subdivisions: Local general obligation 15,187 692 1 15,878 Revenue 9,701 499 — 10,200 State general obligation 1,273 53 — 1,326 Pre-refunded 2,251 75 — 2,326 Total obligations of states, municipalities and political subdivisions 28,412 1,319 1 29,730 Debt securities issued by foreign governments 1,112 14 1 1,125 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,839 90 4 2,925 All other corporate bonds 30,371 982 32 31,321 Redeemable preferred stock 50 3 — 53 Total $ 64,784 $ 2,428 $ 40 $ 67,172 Amortized Gross Unrealized Fair (at December 31, 2018, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,076 $ 4 $ 16 $ 2,064 Obligations of states, municipalities and political subdivisions: Local general obligation 14,473 219 120 14,572 Revenue 9,755 172 74 9,853 State general obligation 1,329 18 13 1,334 Pre-refunded 2,772 80 — 2,852 Total obligations of states, municipalities and political subdivisions 28,329 489 207 28,611 Debt securities issued by foreign governments 1,255 7 5 1,257 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,557 54 38 2,573 All other corporate bonds 29,307 156 583 28,880 Redeemable preferred stock 77 2 — 79 Total $ 63,601 $ 712 $ 849 $ 63,464
Cost and fair value of investments in equity securities [Table Text Block]	The cost and fair value of investments in equity securities were as follows: Fair (at June 30, 2019, in millions) Cost Gross Gains Gross Losses Value Public common stock $ 337 $ 31 $ 5 $ 363 Non-redeemable preferred stock 36 7 — 43 Total $ 373 $ 38 $ 5 $ 406 Fair (at December 31, 2018, in millions) Cost Gross Gains Gross Losses Value Public common stock $ 338 $ 2 $ 24 $ 316 Non-redeemable preferred stock 44 8 — 52 Total $ 382 $ 10 $ 24 $ 368
Unrealized investment losses [Table Text Block]	The following tables summarize, for all investments in an unrealized loss position at June 30, 2019 and December 31, 2018 , the aggregate fair value and gross unrealized loss by length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of notes to the consolidated financial statements in the Company’s 2018 Annual Report. The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of notes to the consolidated financial statements in the Company’s 2018 Annual Report to determine whether such investments are other-than-temporarily impaired. Less than 12 months 12 months or longer Total (at June 30, 2019, in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 15 $ — $ 503 $ 2 $ 518 $ 2 Obligations of states, municipalities and political subdivisions 126 — 232 1 358 1 Debt securities issued by foreign governments 24 — 210 1 234 1 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 88 — 472 4 560 4 All other corporate bonds 277 2 3,014 30 3,291 32 Total fixed maturities $ 530 $ 2 $ 4,431 $ 38 $ 4,961 $ 40 Less than 12 months 12 months or longer Total (at December 31, 2018, in millions) Fair Gross Fair Gross Fair Gross Unrealized Losses Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 484 $ 5 $ 1,011 $ 11 $ 1,495 $ 16 Obligations of states, municipalities and political subdivisions 5,241 82 3,298 125 8,539 207 Debt securities issued by foreign governments 96 — 328 5 424 5 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 593 9 1,070 29 1,663 38 All other corporate bonds 12,622 303 6,872 280 19,494 583 Total fixed maturities $ 19,036 $ 399 $ 12,579 $ 450 $ 31,615 $ 849

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities reported at fair value are measured on a recurring basis [Table Text Block]	The following tables present the level within the fair value hierarchy at which the Company’s financial assets and financial liabilities are measured on a recurring basis. (at June 30, 2019, in millions) Total Level 1 Level 2 Level 3 Invested assets: Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,018 $ 2,018 $ — $ — Obligations of states, municipalities and political subdivisions 29,730 — 29,718 12 Debt securities issued by foreign governments 1,125 — 1,125 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,925 — 2,925 — All other corporate bonds 31,321 — 31,223 98 Redeemable preferred stock 53 3 50 — Total fixed maturities 67,172 2,021 65,041 110 Equity securities Public common stock 363 363 — — Non-redeemable preferred stock 43 19 24 — Total equity securities 406 382 24 — Other investments 59 16 — 43 Total $ 67,637 $ 2,419 $ 65,065 $ 153 Other liabilities $ 7 $ — $ — $ 7 (at December 31, 2018, in millions) Total Level 1 Level 2 Level 3 Invested assets: Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,064 $ 2,064 $ — $ — Obligations of states, municipalities and political subdivisions 28,611 — 28,599 12 Debt securities issued by foreign governments 1,257 — 1,257 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,573 — 2,554 19 All other corporate bonds 28,880 — 28,725 155 Redeemable preferred stock 79 3 76 — Total fixed maturities 63,464 2,067 61,211 186 Equity securities Public common stock 316 316 — — Non-redeemable preferred stock 52 30 22 — Total equity securities 368 346 22 — Other investments 52 16 — 36 Total $ 63,884 $ 2,429 $ 61,233 $ 222 Other liabilities $ 10 $ — $ — $ 10
Carrying value and fair value of financial instruments disclosed, but not carried, at fair value and the level within the fair value hierarchy at which such financial instruments are categorized [Table Text Block]	The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized. (at June 30, 2019, in millions) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Short-term securities $ 3,487 $ 3,487 $ 229 $ 3,209 $ 49 Financial liabilities Debt $ 6,458 $ 7,936 $ — $ 7,936 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ — (at December 31, 2018, in millions) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets Short-term securities $ 3,985 $ 3,985 $ 632 $ 3,316 $ 37 Financial liabilities Debt $ 6,464 $ 7,128 $ — $ 7,128 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ —

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill by segment [Table Text Block]	The following table presents the carrying amount of the Company’s goodwill by segment. Each reportable segment includes goodwill associated with the Company’s international business which is subject to the impact of changes in foreign currency exchange rates. (in millions) June 30, December 31, Business Insurance $ 2,584 $ 2,585 Bond & Specialty Insurance 550 550 Personal Insurance 783 776 Other 26 26 Total $ 3,943 $ 3,937
Other intangible assets subject to amortization [Table Text Block]	The following tables present a summary of the Company’s other intangible assets by major asset class. (at June 30, 2019, in millions) Gross Carrying Amount Accumulated Amortization Net Subject to amortization Customer-related $ 96 $ 16 $ 80 Contract-based (1) 205 176 29 Total subject to amortization 301 192 109 Not subject to amortization 226 — 226 Total $ 527 $ 192 $ 335 (at December 31, 2018, in millions) Gross Carrying Amount Accumulated Amortization Net Subject to amortization Customer-related $ 98 $ 12 $ 86 Contract-based (1) 208 175 33 Total subject to amortization 306 187 119 Not subject to amortization 226 — 226 Total $ 532 $ 187 $ 345 _________________________________________________________ (1) Contract-based intangible assets subject to amortization are comprised of fair value adjustments on claims and claim adjustment expense reserves, reinsurance recoverables and other contract-related intangible assets. Fair value adjustments recorded in connection with insurance acquisitions were based on management’s estimate of nominal claims and claim adjustment expense reserves and reinsurance recoverables. The method used calculated a risk adjustment to a risk-free discounted reserve that would, if reserves ran off as expected, produce results that yielded the assumed cost-of-capital on the capital supporting the loss reserves. The fair value adjustments are reported as other intangible assets on the consolidated balance sheet, and the amounts measured in accordance with the acquirer’s accounting policies for insurance contracts have been reported as part of the claims and claim adjustment expense reserves and reinsurance recoverables. The intangible assets are being recognized into income over the expected payment pattern. Because the time value of money and the risk adjustment (cost of capital) components of the intangible assets run off at different rates, the amount recognized in income may be a net benefit in some periods and a net expense in other periods.
Other intangible assets not subject to amortization [Table Text Block]	The following tables present a summary of the Company’s other intangible assets by major asset class. (at June 30, 2019, in millions) Gross Carrying Amount Accumulated Amortization Net Subject to amortization Customer-related $ 96 $ 16 $ 80 Contract-based (1) 205 176 29 Total subject to amortization 301 192 109 Not subject to amortization 226 — 226 Total $ 527 $ 192 $ 335 (at December 31, 2018, in millions) Gross Carrying Amount Accumulated Amortization Net Subject to amortization Customer-related $ 98 $ 12 $ 86 Contract-based (1) 208 175 33 Total subject to amortization 306 187 119 Not subject to amortization 226 — 226 Total $ 532 $ 187 $ 345 _________________________________________________________ (1) Contract-based intangible assets subject to amortization are comprised of fair value adjustments on claims and claim adjustment expense reserves, reinsurance recoverables and other contract-related intangible assets. Fair value adjustments recorded in connection with insurance acquisitions were based on management’s estimate of nominal claims and claim adjustment expense reserves and reinsurance recoverables. The method used calculated a risk adjustment to a risk-free discounted reserve that would, if reserves ran off as expected, produce results that yielded the assumed cost-of-capital on the capital supporting the loss reserves. The fair value adjustments are reported as other intangible assets on the consolidated balance sheet, and the amounts measured in accordance with the acquirer’s accounting policies for insurance contracts have been reported as part of the claims and claim adjustment expense reserves and reinsurance recoverables. The intangible assets are being recognized into income over the expected payment pattern. Because the time value of money and the risk adjustment (cost of capital) components of the intangible assets run off at different rates, the amount recognized in income may be a net benefit in some periods and a net expense in other periods.

Insurance Claim Reserves (Table

Insurance Claim Reserves (Tables)	6 Months Ended
	Jun. 30, 2019
Insurance Loss Reserves [Abstract]
Claims and claim adjustment expense reserves [Table Text Block]	Claims and claim adjustment expense reserves were as follows: (in millions) June 30, December 31, Property-casualty $ 51,059 $ 50,653 Accident and health 14 15 Total $ 51,073 $ 50,668
Reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses [Table Text Block]	The following table presents a reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses: Six Months Ended (in millions) 2019 2018 Claims and claim adjustment expense reserves at beginning of year $ 50,653 $ 49,633 Less reinsurance recoverables on unpaid losses 8,182 8,123 Net reserves at beginning of year 42,471 41,510 Estimated claims and claim adjustment expenses for claims arising in the current year 9,329 9,084 Estimated decrease in claims and claim adjustment expenses for claims arising in prior years (118 ) (268 ) Total increases 9,211 8,816 Claims and claim adjustment expense payments for claims arising in: Current year 2,810 2,851 Prior years 5,897 5,454 Total payments 8,707 8,305 Unrealized foreign exchange (gain) loss 62 (102 ) Net reserves at end of period 43,037 41,919 Plus reinsurance recoverables on unpaid losses 8,022 8,026 Claims and claim adjustment expense reserves at end of period $ 51,059 $ 49,945

Other Comprehensive Income an_2

Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2019
Other Comprehensive Income and Accumulated Other Comprehensive Income disclosure
Changes in accumulated other comprehensive income (loss) (AOCI) [Table Text Block]	The following tables present the changes in the Company’s accumulated other comprehensive income (loss) (AOCI) for the three months and six months ended June 30, 2019 . Changes in Net Unrealized Gains (Losses) on Investment Securities (in millions) Having No Credit Losses Recognized in the Consolidated Statement of Income Having Credit Losses Recognized in the Consolidated Statement of Income Net Benefit Plan Assets and Obligations Recognized in Shareholders’ Equity Net Unrealized Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) Balance, March 31, 2019 810 197 (863 ) (826 ) (682 ) Other comprehensive income (loss) (OCI) before reclassifications, net of tax 884 (3 ) — 6 887 Amounts reclassified from AOCI, net of tax (10 ) — 11 — 1 Net OCI, current period 874 (3 ) 11 6 888 Balance, June 30, 2019 $ 1,684 $ 194 $ (852 ) $ (820 ) $ 206 Changes in Net Unrealized Gains (Losses) on Investment Securities (in millions) Having No Credit Losses Recognized in the Consolidated Statement of Income Having Credit Losses Recognized in the Consolidated Statement of Income Net Benefit Plan Assets and Obligations Recognized in Shareholders’ Equity Net Unrealized Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2018 $ (306 ) $ 193 $ (873 ) $ (873 ) $ (1,859 ) Other comprehensive income (OCI) before reclassifications, net of tax 2,013 1 — 53 2,067 Amounts reclassified from AOCI, net of tax (23 ) — 21 — (2 ) Net OCI, current period 1,990 $ 1 $ 21 $ 53 $ 2,065 Balance, June 30, 2019 $ 1,684 $ 194 $ (852 ) $ (820 ) $ 206
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit) for each component [Table Text Block]	The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit). Three Months Ended Six Months Ended (in millions) 2019 2018 2019 2018 Changes in net unrealized gains (losses) on investment securities: Having no credit losses recognized in the consolidated statement of income $ 1,108 $ (298 ) $ 2,524 $ (1,501 ) Income tax expense (benefit) 234 (63 ) 534 (316 ) Net of taxes 874 (235 ) 1,990 (1,185 ) Having credit losses recognized in the consolidated statement of income (4 ) (12 ) 1 (14 ) Income tax expense (benefit) (1 ) (2 ) — (3 ) Net of taxes (3 ) (10 ) 1 (11 ) Net changes in benefit plan assets and obligations 14 21 26 43 Income tax expense 3 4 5 9 Net of taxes 11 17 21 34 Net changes in unrealized foreign currency translation 5 (158 ) 55 (152 ) Income tax expense (benefit) (1 ) (20 ) 2 (15 ) Net of taxes 6 (138 ) 53 (137 ) Total other comprehensive income (loss) 1,123 (447 ) 2,606 (1,624 ) Total income tax expense (benefit) 235 (81 ) 541 (325 ) Total other comprehensive income (loss), net of taxes $ 888 $ (366 ) $ 2,065 $ (1,299 )
Pre-tax and related income tax (expense) benefit components of the amounts reclassified from accumulated other comprehensive income to the consolidated statement of income [Table Text Block]	The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income. Three Months Ended Six Months Ended (in millions) 2019 2018 2019 2018 Reclassification adjustments related to unrealized gains (losses) on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (13 ) $ (12 ) $ (29 ) $ (12 ) Income tax expense (2) (3 ) (3 ) (6 ) (3 ) Net of taxes (10 ) (9 ) (23 ) (9 ) Having credit losses recognized in the consolidated statement of income (1) — — — — Income tax benefit (2) — — — — Net of taxes — — — — Reclassification adjustment related to benefit plan assets and obligations: Claims and claim adjustment expenses (3) 6 8 11 17 General and administrative expenses (3) 7 13 15 26 Total 13 21 26 43 Income tax benefit (2) 2 4 5 9 Net of taxes 11 17 21 34 Reclassification adjustment related to foreign currency translation (1) — — — — Income tax benefit (2) — — — — Net of taxes — — — — Total reclassifications — 9 (3 ) 31 Total income tax (expense) benefit (1 ) 1 (1 ) 6 Total reclassifications, net of taxes $ 1 $ 8 $ (2 ) $ 25 _________________________________________________________ (1) (Increases) decreases net realized investment gains on the consolidated statement of income. (2) (Increases) decreases income tax expense on the consolidated statement of income. (3) Increases (decreases) expenses on the consolidated statement of income.

Earnings per Share (Table)

Earnings per Share (Table)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share Reconciliation [Abstract]
Earnings per share reconciliation [Table Text Block]	The following is a reconciliation of the net income and share data used in the basic and diluted earnings per share computations for the periods presented: Three Months Ended Six Months Ended (in millions, except per share amounts) 2019 2018 2019 2018 Basic and Diluted Net income, as reported $ 557 $ 524 $ 1,353 $ 1,193 Participating share-based awards — allocated income (4 ) (4 ) (10 ) (9 ) Net income available to common shareholders — basic and diluted $ 553 $ 520 $ 1,343 $ 1,184 Common Shares Basic Weighted average shares outstanding 261.3 268.7 262.1 269.8 Diluted Weighted average shares outstanding 261.3 268.7 262.1 269.8 Weighted average effects of dilutive securities — stock options and performance shares 2.4 2.4 2.1 2.7 Total 263.7 271.1 264.2 272.5 Net Income per Common Share Basic $ 2.11 $ 1.93 $ 5.12 $ 4.39 Diluted $ 2.10 $ 1.92 $ 5.08 $ 4.35

Share-Based Incentive Compens_2

Share-Based Incentive Compensation (Table)	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Information for fully vested stock option awards [Table Text Block]	The following information relates to fully vested stock option awards at June 30, 2019 : Stock Options Number Weighted Average Exercise Price Weighted Average Contractual Life Remaining Aggregate Intrinsic Value ($ in millions) Vested at end of period (1) 6,120,874 $ 105.70 5.8 years $ 268 Exercisable at end of period 4,202,289 $ 95.63 4.5 years $ 226 _________________________________________________________ (1) Represents awards for which the requisite service has been rendered, including those that are retirement eligible.

Pension Plans, Retirement Ben_2

Pension Plans, Retirement Benefits and Savings Plans (Tables)	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Summary of the components of net periodic benefit cost for the Company's pension and postretirement benefit plans recognized in the consolidated statement of income [Table Text Block]	The following table summarizes the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the three months ended June 30, 2019 and 2018 . Pension Plans Postretirement Benefit Plans (for the three months ended June 30, in millions) 2019 2018 2019 2018 Net Periodic Benefit Cost: Service cost $ 29 $ 33 $ — $ — Non-service cost: Interest cost on benefit obligation $ 35 $ 32 $ 2 $ 2 Expected return on plan assets (68 ) (66 ) — — Amortization of unrecognized: Prior service benefit (1 ) (1 ) (1 ) (1 ) Net actuarial loss 14 23 — — Total non-service cost (benefit) (20 ) (12 ) 1 1 Net periodic benefit cost $ 9 $ 21 $ 1 $ 1 The following table summarizes the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the six months ended June 30, 2019 and 2018. Pension Plans Postretirement Benefit Plans (for the six months ended June 30, in millions) 2019 2018 2019 2018 Net Periodic Benefit Cost: Service cost $ 59 $ 66 $ — $ — Non-service cost: Interest cost on benefit obligation 70 63 4 4 Expected return on plan assets (137 ) (132 ) — — Amortization of unrecognized: Prior service benefit (1 ) (1 ) (2 ) (2 ) Net actuarial loss 28 46 — — Total non-service cost (benefit) (40 ) (24 ) 2 2 Net periodic benefit cost $ 19 $ 42 $ 2 $ 2
Consolidated statement of income line items impacted by service costs and non-service benefit costs [Table Text Block]	The following table indicates the line items in which the respective service costs and non-service cost (benefit) are presented in the consolidated statement of income for the six months ended June 30, 2019 and 2018. Pension Plans Postretirement Benefit Plans (for the six months ended June 30, in millions) 2019 2018 2019 2018 Service Cost: Claims and claim adjustment expenses $ 24 $ 27 $ — $ — General and administrative expenses 35 39 — — Total service cost 59 66 — — Non-Service Cost (Benefit): Claims and claim adjustment expenses (16 ) (10 ) 1 1 General and administrative expenses (24 ) (14 ) 1 1 Total non-service cost (benefit) (40 ) (24 ) 2 2 Net periodic benefit cost $ 19 $ 42 $ 2 $ 2 The following table indicates the line items in which the respective service costs and non-service cost (benefit) are presented in the consolidated statement of income for the three months ended June 30, 2019 and 2018 . Pension Plans Postretirement Benefit Plans (for the three months ended June 30, in millions) 2019 2018 2019 2018 Service Cost: Claims and claim adjustment expenses $ 12 $ 14 $ — $ — General and administrative expenses 17 19 — — Total service cost 29 33 — — Non-Service Cost (Benefit): Claims and claim adjustment expenses (8 ) (5 ) 1 1 General and administrative expenses (12 ) (7 ) — — Total non-service cost (benefit) (20 ) (12 ) 1 1 Net periodic benefit cost $ 9 $ 21 $ 1 $ 1

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Additional information regarding real estate operating leases	Lease expense is included in general and administrative expenses in the consolidated statement of income. Additional information regarding the Company’s real estate operating leases is as follows: (in millions) Three Months Ended Six Months Ended Lease cost Operating leases $ 23 $ 45 Short-term leases (1) 3 7 Lease expense 26 52 Less: sublease income (2) — — Net lease cost $ 26 $ 52 Other information on operating leases Cash payments included in the measurement of lease liabilities reported in operating cash flows $ 26 $ 50 Right-of-use assets obtained in exchange for new lease liabilities $ 28 $ 36 Weighted average discount rate 3.05 % 3.05 % Weighted average remaining lease term in years 5.2 years 5.2 years _________________________________________________________ (1) Leases with an initial term of twelve months or less are not recorded on the balance sheet. (2) Sublease income consists of rent from third parties of office space and is recognized as part of other revenues in the consolidated statement of income.
Contractual maturities of lease liabilities	The following table presents the contractual maturities of the Company's lease liabilities: (in millions) Real Estate Lease Liability Remainder of 2019 $ 51 2020 103 2021 89 2022 67 2023 47 Thereafter 80 Total undiscounted lease payments 437 Less: present value adjustment 42 Operating lease liability $ 395

Consolidating Financial State_2

Consolidating Financial Statements (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2019
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure
Consolidating Statement of Income (Unaudited) [Table Text Block]	CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended June 30, 2019 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Revenues Premiums $ 4,786 $ 2,202 $ — $ — $ 6,988 Net investment income 455 181 12 — 648 Fee income 116 — — — 116 Net realized investment gains (1) 14 6 5 — 25 Other revenues 31 26 — — 57 Total revenues 5,402 2,415 17 — 7,834 Claims and expenses Claims and claim adjustment expenses 3,248 1,573 — — 4,821 Amortization of deferred acquisition costs 740 394 — — 1,134 General and administrative expenses 768 352 5 — 1,125 Interest expense 12 — 77 — 89 Total claims and expenses 4,768 2,319 82 — 7,169 Income (loss) before income taxes 634 96 (65 ) — 665 Income tax expense (benefit) 122 12 (26 ) — 108 Net income of subsidiaries — — 596 (596 ) — Net income $ 512 $ 84 $ 557 $ (596 ) $ 557 ____________________________________________________ (1) Total other-than-temporary impairments (OTTI) for the three months ended June 30, 2019 , and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (OCI) were as follows: (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Total OTTI losses $ — $ (1 ) $ — $ — $ (1 ) OTTI losses recognized in net realized investment gains $ — $ (1 ) $ — $ — $ (1 ) OTTI losses recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended June 30, 2018 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Revenues Premiums $ 4,577 $ 2,118 $ — $ — $ 6,695 Net investment income 412 175 8 — 595 Fee income 112 — — — 112 Net realized investment gains (1) 18 16 2 — 36 Other revenues 13 27 — (1 ) 39 Total revenues 5,132 2,336 10 (1 ) 7,477 Claims and expenses Claims and claim adjustment expenses 3,064 1,498 — — 4,562 Amortization of deferred acquisition costs 727 354 — — 1,081 General and administrative expenses 766 343 5 (1 ) 1,113 Interest expense 13 — 77 — 90 Total claims and expenses 4,570 2,195 82 (1 ) 6,846 Income (loss) before income taxes 562 141 (72 ) — 631 Income tax expense (benefit) 104 21 (18 ) — 107 Net income of subsidiaries — — 578 (578 ) — Net income $ 458 $ 120 $ 524 $ (578 ) $ 524 _________________________________________________________ (1) Total other-than-temporary impairments (OTTI) for the three months ended June 30, 2018 , and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (loss) (OCI) were as follows: (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Total OTTI losses $ (1 ) $ — $ — $ — $ (1 ) OTTI losses recognized in net realized investment gains $ (1 ) $ — $ — $ — $ (1 ) OTTI losses recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the six months ended June 30, 2019 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Revenues Premiums $ 9,475 $ 4,368 $ — $ — $ 13,843 Net investment income 871 336 23 — 1,230 Fee income 225 — — — 225 Net realized investment gains (1) 36 21 21 — 78 Other revenues 69 60 — — 129 Total revenues 10,676 4,785 44 — 15,505 Claims and expenses Claims and claim adjustment expenses 6,272 2,991 — — 9,263 Amortization of deferred acquisition costs 1,485 766 — — 2,251 General and administrative expenses 1,490 682 10 — 2,182 Interest expense 24 — 153 — 177 Total claims and expenses 9,271 4,439 163 — 13,873 Income (loss) before income taxes 1,405 346 (119 ) — 1,632 Income tax expense (benefit) 268 54 (43 ) — 279 Net income of subsidiaries — — 1,429 (1,429 ) — Net income $ 1,137 $ 292 $ 1,353 $ (1,429 ) $ 1,353 _________________________________________________________ (1) Total other-than-temporary impairment (OTTI) for the six months ended June 30, 2019 , and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (OCI) were as follows: (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Total OTTI losses $ (1 ) $ (1 ) $ — $ — $ (2 ) OTTI losses recognized in net realized investment gains $ (1 ) $ (1 ) $ — $ — $ (2 ) OTTI losses recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the six months ended June 30, 2018 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Revenues Premiums $ 9,045 $ 4,187 $ — $ — $ 13,232 Net investment income 824 360 14 — 1,198 Fee income 215 — — — 215 Net realized investment gains (1) 20 4 1 — 25 Other revenues 40 55 — (2 ) 93 Total revenues 10,144 4,606 15 (2 ) 14,763 Claims and expenses Claims and claim adjustment expenses 5,974 2,884 — — 8,858 Amortization of deferred acquisition costs 1,432 710 — — 2,142 General and administrative expenses 1,495 671 11 (2 ) 2,175 Interest expense 24 — 155 — 179 Total claims and expenses 8,925 4,265 166 (2 ) 13,354 Income (loss) before income taxes 1,219 341 (151 ) — 1,409 Income tax expense (benefit) 210 53 (47 ) — 216 Net income of subsidiaries — — 1,297 (1,297 ) — Net income $ 1,009 $ 288 $ 1,193 $ (1,297 ) $ 1,193 _________________________________________________________ (1) Total other-than-temporary impairment (OTTI) for the six months ended June 30, 2018 , and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (loss) (OCI) were as follows: (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Total OTTI losses $ (1 ) $ — $ — $ — $ (1 ) OTTI losses recognized in net realized investment gains $ (1 ) $ — $ — $ — $ (1 ) OTTI losses recognized in OCI $ — $ — $ — $ — $ —
Consolidating Statement of Comprehensive Income (Loss) (Unaudited) [Table Text Block]	CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended June 30, 2019 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Net income $ 512 $ 84 $ 557 $ (596 ) $ 557 Other comprehensive income: Changes in net unrealized gains (losses) on investment securities: Having no credit losses recognized in the consolidated statement of income 786 321 1 — 1,108 Having credit losses recognized in the consolidated statement of income (3 ) (1 ) — — (4 ) Net changes in benefit plan assets and obligations — — 14 — 14 Net changes in unrealized foreign currency translation 23 (18 ) — — 5 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 806 302 15 — 1,123 Income tax expense 167 67 1 — 235 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 639 235 14 — 888 Other comprehensive income of subsidiaries — — 874 (874 ) — Other comprehensive income 639 235 888 (874 ) 888 Comprehensive income $ 1,151 $ 319 $ 1,445 $ (1,470 ) $ 1,445 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited) For the three months ended June 30, 2018 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Net income $ 458 $ 120 $ 524 $ (578 ) $ 524 Other comprehensive income (loss): Changes in net unrealized gains (losses) on investment securities: Having no credit losses recognized in the consolidated statement of income (209 ) (89 ) — — (298 ) Having credit losses recognized in the consolidated statement of income (10 ) (2 ) — — (12 ) Net changes in benefit plan assets and obligations — — 21 — 21 Net changes in unrealized foreign currency translation (77 ) (81 ) — — (158 ) Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (296 ) (172 ) 21 — (447 ) Income tax benefit (58 ) (21 ) (2 ) — (81 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (238 ) (151 ) 23 — (366 ) Other comprehensive loss of subsidiaries — — (389 ) 389 — Other comprehensive loss (238 ) (151 ) (366 ) 389 (366 ) Comprehensive income (loss) $ 220 $ (31 ) $ 158 $ (189 ) $ 158 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the six months ended June 30, 2019 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Net income $ 1,137 $ 292 $ 1,353 $ (1,429 ) $ 1,353 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 1,765 756 3 — 2,524 Having credit losses recognized in the consolidated statement of income 1 — — — 1 Net changes in benefit plan assets and obligations — — 26 — 26 Net changes in unrealized foreign currency translation 42 13 — — 55 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 1,808 769 29 — 2,606 Income tax expense 375 160 6 — 541 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 1,433 609 23 — 2,065 Other comprehensive income of subsidiaries — — 2,042 (2,042 ) — Other comprehensive income 1,433 609 2,065 (2,042 ) 2,065 Comprehensive income $ 2,570 $ 901 $ 3,418 $ (3,471 ) $ 3,418 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited) For the six months ended June 30, 2018 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Net income $ 1,009 $ 288 $ 1,193 $ (1,297 ) $ 1,193 Other comprehensive income (loss): Changes in net unrealized gains (losses) on investment securities: Having no credit losses recognized in the consolidated statement of income (1,047 ) (453 ) (1 ) — (1,501 ) Having credit losses recognized in the consolidated statement of income (11 ) (3 ) — — (14 ) Net changes in benefit plan assets and obligations — — 43 — 43 Net changes in unrealized foreign currency translation (102 ) (50 ) — — (152 ) Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (1,160 ) (506 ) 42 — (1,624 ) Income tax expense (benefit) (233 ) (98 ) 6 — (325 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (927 ) (408 ) 36 — (1,299 ) Other comprehensive loss of subsidiaries — — (1,335 ) 1,335 — Other comprehensive loss (927 ) (408 ) (1,299 ) 1,335 (1,299 ) Comprehensive income (loss) $ 82 $ (120 ) $ (106 ) $ 38 $ (106 )
Consolidating Balance Sheet (Unaudited) [Table Text Block]	CONSOLIDATING BALANCE SHEET (Unaudited) At June 30, 2019 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $64,784) $ 46,480 $ 20,604 $ 88 $ — $ 67,172 Equity securities, at fair value (cost $373) 105 106 195 — 406 Real estate investments 2 963 — — 965 Short-term securities 1,439 633 1,415 — 3,487 Other investments 2,688 777 1 — 3,466 Total investments 50,714 23,083 1,699 — 75,496 Cash 198 218 — — 416 Investment income accrued 430 183 2 — 615 Premiums receivable 5,587 2,710 — — 8,297 Reinsurance recoverables 6,472 1,762 — — 8,234 Ceded unearned premiums 742 122 — — 864 Deferred acquisition costs 2,087 194 — — 2,281 Contractholder receivables 4,766 10 — — 4,776 Goodwill 2,582 1,370 — (9 ) 3,943 Other intangible assets 220 115 — — 335 Investment in subsidiaries — — 29,342 (29,342 ) — Other assets 2,472 158 685 — 3,315 Total assets $ 76,270 $ 29,925 $ 31,728 $ (29,351 ) $ 108,572 Liabilities Claims and claim adjustment expense reserves $ 35,055 $ 16,018 $ — $ — $ 51,073 Unearned premium reserves 10,116 4,422 — — 14,538 Contractholder payables 4,766 10 — — 4,776 Payables for reinsurance premiums 340 251 — — 591 Deferred taxes 234 (179 ) 32 — 87 Debt 693 — 5,865 — 6,558 Other liabilities 4,224 902 502 — 5,628 Total liabilities 55,428 21,424 6,399 — 83,251 Shareholders’ equity Common stock (1,750.0 shares authorized; 260.4 shares issued and 260.3 shares outstanding) — 484 23,372 (484 ) 23,372 Additional paid-in capital 11,634 7,046 — (18,680 ) — Retained earnings 8,336 808 36,143 (9,152 ) 36,135 Accumulated other comprehensive income 872 163 206 (1,035 ) 206 Treasury stock, at cost (516.7 shares) — — (34,392 ) — (34,392 ) Total shareholders’ equity 20,842 8,501 25,329 (29,351 ) 25,321 Total liabilities and shareholders’ equity $ 76,270 $ 29,925 $ 31,728 $ (29,351 ) $ 108,572 CONSOLIDATING BALANCE SHEET (Unaudited) At December 31, 2018 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $63,601) $ 43,683 $ 19,697 $ 84 $ — $ 63,464 Equity securities, available for sale, at fair value (cost $382) 105 92 171 — 368 Real estate investments 2 902 — — 904 Short-term securities 1,855 759 1,371 — 3,985 Other investments 2,746 810 1 — 3,557 Total investments 48,391 22,260 1,627 — 72,278 Cash 181 192 — — 373 Investment income accrued 434 187 3 — 624 Premiums receivable 5,089 2,417 — — 7,506 Reinsurance recoverables 5,904 2,466 — — 8,370 Ceded unearned premiums 522 56 — — 578 Deferred acquisition costs 1,930 190 — — 2,120 Deferred taxes 167 302 (24 ) — 445 Contractholder receivables 3,867 918 — — 4,785 Goodwill 2,578 1,368 — (9 ) 3,937 Other intangible assets 224 121 — — 345 Investment in subsidiaries — — 26,993 (26,993 ) — Other assets 2,220 15 669 (32 ) 2,872 Total assets $ 71,507 $ 30,492 $ 29,268 $ (27,034 ) $ 104,233 Liabilities Claims and claim adjustment expense reserves $ 34,093 $ 16,575 $ — $ — $ 50,668 Unearned premium reserves 9,414 4,141 — — 13,555 Contractholder payables 3,867 918 — — 4,785 Payables for reinsurance premiums 169 120 — — 289 Debt 693 32 5,871 (32 ) 6,564 Other liabilities 4,133 849 496 — 5,478 Total liabilities 52,369 22,635 6,367 (32 ) 81,339 Shareholders’ equity Common stock (1,750.0 shares authorized; 263.7 shares issued and 263.6 shares outstanding) — 401 23,144 (401 ) 23,144 Additional paid-in capital 11,634 7,023 — (18,657 ) — Retained earnings 8,065 879 35,211 (8,951 ) 35,204 Accumulated other comprehensive loss (561 ) (446 ) (1,859 ) 1,007 (1,859 ) Treasury stock, at cost (510.9 shares) — — (33,595 ) — (33,595 ) Total shareholders’ equity 19,138 7,857 22,901 (27,002 ) 22,894 Total liabilities and shareholders’ equity $ 71,507 $ 30,492 $ 29,268 $ (27,034 ) $ 104,233
Consolidating Statement of Cash Flows (Unaudited) [Table Text Block]	CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the six months ended June 30, 2019 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Cash flows from operating activities Net income $ 1,137 $ 292 $ 1,353 $ (1,429 ) $ 1,353 Net adjustments to reconcile net income to net cash provided by operating activities 314 213 (256 ) 168 439 Net cash provided by operating activities 1,451 505 1,097 (1,261 ) 1,792 Cash flows from investing activities Proceeds from maturities of fixed maturities 2,106 924 8 — 3,038 Proceeds from sales of investments: Fixed maturities 968 526 1 — 1,495 Equity securities 33 38 — — 71 Other investments 201 39 — — 240 Purchases of investments: Fixed maturities (4,049 ) (1,650 ) (9 ) — (5,708 ) Equity securities (1 ) (37 ) (3 ) — (41 ) Real estate investments — (85 ) — — (85 ) Other investments (234 ) (28 ) — — (262 ) Net sales (purchases) of short-term securities 416 125 (44 ) — 497 Securities transactions in course of settlement 157 66 — — 223 Other (166 ) (3 ) — — (169 ) Net cash used in investing activities (569 ) (85 ) (47 ) — (701 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (750 ) — (750 ) Treasury stock acquired — net employee share-based compensation — — (47 ) — (47 ) Dividends paid to shareholders — — (419 ) — (419 ) Payment of debt — (32 ) (500 ) 32 (500 ) Issuance of debt — — 492 — 492 Issuance of common stock — employee share options — — 174 — 174 Dividends paid to parent company (866 ) (363 ) — 1,229 — Net cash used in financing activities (866 ) (395 ) (1,050 ) 1,261 (1,050 ) Effect of exchange rate changes on cash 1 1 — — 2 Net increase in cash 17 26 — — 43 Cash at beginning of year 181 192 — — 373 Cash at end of period $ 198 $ 218 $ — $ — $ 416 Supplemental disclosure of cash flow information Income taxes paid (received) $ 244 $ 91 $ (10 ) $ — $ 325 Interest paid $ 24 $ — $ 147 $ — $ 171 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the six months ended June 30, 2018 (in millions) TPC Other Subsidiaries TRV Eliminations Consolidated Cash flows from operating activities Net income $ 1,009 $ 288 $ 1,193 $ (1,297 ) $ 1,193 Net adjustments to reconcile net income to net cash provided by operating activities 323 11 146 25 505 Net cash provided by operating activities 1,332 299 1,339 (1,272 ) 1,698 Cash flows from investing activities Proceeds from maturities of fixed maturities 2,730 914 13 — 3,657 Proceeds from sales of investments: Fixed maturities 1,847 759 1 — 2,607 Equity securities 33 59 — — 92 Other investments 133 56 — — 189 Purchases of investments: Fixed maturities (5,762 ) (2,173 ) (17 ) — (7,952 ) Equity securities (2 ) (56 ) (2 ) — (60 ) Real estate investments — (44 ) — — (44 ) Other investments (232 ) (43 ) — — (275 ) Net sales (purchases) of short-term securities 986 383 (167 ) — 1,202 Securities transactions in course of settlement 268 12 (1 ) — 279 Other (148 ) (4 ) — — (152 ) Net cash used in investing activities (147 ) (137 ) (173 ) — (457 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (700 ) — (700 ) Treasury stock acquired — net employee share-based compensation — — (51 ) — (51 ) Dividends paid to shareholders — — (404 ) — (404 ) Payment of debt — — (600 ) — (600 ) Issuance of debt — 7 491 (7 ) 491 Issuance of common stock — employee share options — — 98 — 98 Dividends paid to parent company (1,109 ) (170 ) — 1,279 — Net cash used in financing activities (1,109 ) (163 ) (1,166 ) 1,272 (1,166 ) Effect of exchange rate changes on cash (2 ) (2 ) — — (4 ) Net increase (decrease) in cash 74 (3 ) — — 71 Cash at beginning of year 157 187 — — 344 Cash at end of period $ 231 $ 184 $ — $ — $ 415 Supplemental disclosure of cash flow information Income taxes paid (received) $ 193 $ 171 $ (126 ) $ — $ 238 Interest paid $ 24 $ — $ 151 $ — $ 175

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2017
New Accounting Pronouncements
Operating lease liability	$ 395,000,000
Retained earnings [Member]
New Accounting Pronouncements
Cumulative effect adjustment				$ 22,000,000
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements
Right-of-use asset		$ 320,000,000
Operating lease liability		$ 384,000,000
Accounting Standards Update 2016-02 [Member] | Retained earnings [Member]
New Accounting Pronouncements
Cumulative effect adjustment			$ 0

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policies (Details) - Reportable Segments	6 Months Ended
	Jun. 30, 2019segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable business segments	3

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment reporting information
Premiums		$ 6,988	$ 6,695	$ 13,843	$ 13,232
Net investment income		648	595	1,230	1,198
Fee income		116	112	225	215
Other revenues		57	39	129	93
Net realized investment gains	[1]	25	36	78	25
Total revenues		7,834	7,477	15,505	14,763
Core income (loss)		537	494	1,292	1,172
Net realized investment gains, net of tax		20	30	61	21
Net income		557	524	1,353	1,193
Reportable Segments [Member]
Segment reporting information
Premiums		6,988	6,695	13,843	13,232
Net investment income		648	595	1,230	1,198
Fee income		116	112	225	215
Other revenues		57	39	128	93
Total segment revenues		7,809	7,441	15,426	14,738
Core income (loss)		613	572	1,443	1,326
Reportable Segments [Member] | Business Insurance [Member]
Segment reporting information
Premiums		3,783	3,641	7,525	7,209
Net investment income		481	440	908	886
Fee income		111	107	215	206
Other revenues		30	20	73	51
Total segment revenues		4,405	4,208	8,721	8,352
Core income (loss)		351	385	765	837
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member]
Segment reporting information
Premiums		3,520	3,376	6,995	6,680
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Workers' compensation [Member]
Segment reporting information
Premiums		950	973	1,922	1,944
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Automobile [Member]
Segment reporting information
Premiums		647	587	1,275	1,149
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Commercial property [Member]
Segment reporting information
Premiums		473	453	933	891
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | General liability [Member]
Segment reporting information
Premiums		585	535	1,152	1,056
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Commercial multi-peril [Member]
Segment reporting information
Premiums		856	822	1,696	1,627
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Other [Member]
Segment reporting information
Premiums		9	6	17	13
Reportable Segments [Member] | Business Insurance [Member] | International [Member]
Segment reporting information
Premiums		263	265	530	529
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Segment reporting information
Premiums		632	601	1,238	1,183
Net investment income		58	57	114	115
Fee income		0	0	0	0
Other revenues		6	5	12	11
Total segment revenues		696	663	1,364	1,309
Core income (loss)		174	204	312	377
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member]
Segment reporting information
Premiums		577	550	1,132	1,085
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member] | General liability [Member]
Segment reporting information
Premiums		266	248	523	490
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member] | Fidelity and surety [Member]
Segment reporting information
Premiums		258	253	504	499
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member] | Other [Member]
Segment reporting information
Premiums		53	49	105	96
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | International [Member]
Segment reporting information
Premiums		55	51	106	98
Reportable Segments [Member] | Personal Insurance [Member]
Segment reporting information
Premiums		2,573	2,453	5,080	4,840
Net investment income		109	98	208	197
Fee income		5	5	10	9
Other revenues		21	14	43	31
Total segment revenues		2,708	2,570	5,341	5,077
Core income (loss)		88	(17)	366	112
Reportable Segments [Member] | Personal Insurance [Member] | Domestic [Member]
Segment reporting information
Premiums		2,399	2,283	4,735	4,503
Reportable Segments [Member] | Personal Insurance [Member] | Domestic [Member] | Automobile [Member]
Segment reporting information
Premiums		1,321	1,261	2,618	2,486
Reportable Segments [Member] | Personal Insurance [Member] | Domestic [Member] | Homeowners and Other [Member]
Segment reporting information
Premiums		1,078	1,022	2,117	2,017
Reportable Segments [Member] | Personal Insurance [Member] | International [Member]
Segment reporting information
Premiums		174	170	345	337
Other [Member]
Segment reporting information
Other revenues		0	0	1	0
Core income (loss)		(76)	(78)	(151)	(154)
After-tax interest expense		$ 70	$ 71	$ 140	$ 141
[1]	Total other-than-temporary impairment (OTTI) gains (losses) were $(1) million for each of the three months ended June 30, 2019 and 2018 , and $(2) million and $(1) million for the six months ended June 30, 2019 and June 30, 2018 , respectively. Of total OTTI, credit losses of $(1) million for each of the three months ended June 30, 2019 and 2018 , and $(2) million and $(1) million for the six months ended June 30, 2019 and June 30, 2018 , respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months and six months ended June 30, 2019 and 2018 were recognized in other comprehensive income (loss) as part of changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income.

Segment Information (Details) -

Segment Information (Details) - Assets by Segment - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets by segment
Total assets	$ 108,572	$ 104,233
Reportable Segments [Member]
Assets by segment
Total assets	107,809	103,601
Reportable Segments [Member] | Business Insurance [Member]
Assets by segment
Total assets	82,762	78,965
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Assets by segment
Total assets	8,445	8,693
Reportable Segments [Member] | Personal Insurance [Member]
Assets by segment
Total assets	16,602	15,943
Other assets [Member]
Assets by segment
Total assets	$ 763	$ 632

Investments (Details) - Investm

Investments (Details) - Investment Information, Debt Securities - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Investment disclosure details
Fixed maturities, amortized cost	$ 64,784		$ 63,601
Gross unrealized gains	2,428		712
Gross unrealized losses	40		849
Fixed maturities, at fair value	67,172		63,464
Proceeds from sales of fixed maturities classified as available for sale	1,495	$ 2,607
Gross realized gains	35	24
Gross realized losses	4	$ 11
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]
Investment disclosure details
Fixed maturities, amortized cost	2,000		2,076
Gross unrealized gains	20		4
Gross unrealized losses	2		16
Fixed maturities, at fair value	2,018		2,064
Obligations of states, municipalities and political subdivisions [Member]
Investment disclosure details
Fixed maturities, amortized cost	28,412		28,329
Gross unrealized gains	1,319		489
Gross unrealized losses	1		207
Fixed maturities, at fair value	29,730		28,611
Obligations of states, municipalities and political subdivisions, local general obligation [Member]
Investment disclosure details
Fixed maturities, amortized cost	15,187		14,473
Gross unrealized gains	692		219
Gross unrealized losses	1		120
Fixed maturities, at fair value	15,878		14,572
Obligations of states, municipalities and political subdivisions, revenue [Member]
Investment disclosure details
Fixed maturities, amortized cost	9,701		9,755
Gross unrealized gains	499		172
Gross unrealized losses	0		74
Fixed maturities, at fair value	10,200		9,853
Obligations of states, municipalities and political subdivisions, state general obligation [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,273		1,329
Gross unrealized gains	53		18
Gross unrealized losses	0		13
Fixed maturities, at fair value	1,326		1,334
Obligations of states, municipalities and political subdivisions, pre-refunded [Member]
Investment disclosure details
Fixed maturities, amortized cost	2,251		2,772
Gross unrealized gains	75		80
Gross unrealized losses	0		0
Fixed maturities, at fair value	2,326		2,852
Debt securities issued by foreign governments [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,112		1,255
Gross unrealized gains	14		7
Gross unrealized losses	1		5
Fixed maturities, at fair value	1,125		1,257
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]
Investment disclosure details
Fixed maturities, amortized cost	2,839		2,557
Gross unrealized gains	90		54
Gross unrealized losses	4		38
Fixed maturities, at fair value	2,925		2,573
All other corporate bonds [Member]
Investment disclosure details
Fixed maturities, amortized cost	30,371		29,307
Gross unrealized gains	982		156
Gross unrealized losses	32		583
Fixed maturities, at fair value	31,321		28,880
Redeemable preferred stock [Member]
Investment disclosure details
Fixed maturities, amortized cost	50		77
Gross unrealized gains	3		2
Gross unrealized losses	0		0
Fixed maturities, at fair value	$ 53		$ 79

Investments (Details) - Inves_2

Investments (Details) - Investment Information, Equity Securities - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Investment disclosure details
Equity securities, cost	$ 373		$ 382
Gross gains	38		10
Gross losses	5		24
Equity securities, at fair value	406		368
Net recognized gains on equity securities still held	45	$ 3
Public common stock [Member]
Investment disclosure details
Equity securities, cost	337		338
Gross gains	31		2
Gross losses	5		24
Equity securities, at fair value	363		316
Non-redeemable preferred stock [Member]
Investment disclosure details
Equity securities, cost	36		44
Gross gains	7		8
Gross losses	0		0
Equity securities, at fair value	$ 43		$ 52

Investments (Details) - Inves_3

Investments (Details) - Investment Information, Losses - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Investment disclosure details
Continuous unrealized loss position, less than 12 months, fair value	$ 530		$ 530		$ 19,036
Continuous unrealized loss position, less than 12 months, gross unrealized losses	2		2		399
Continuous unrealized loss position, 12 months or longer, fair value	4,431		4,431		12,579
Continuous unrealized loss position, 12 months or longer, gross unrealized losses	38		38		450
Continuous unrealized loss position, total, fair value	4,961		4,961		31,615
Continuous unrealized loss position, total, gross unrealized losses	40		40		849
Impairment charges	1	$ 1	2	$ 1
Cumulative OTTI credit losses recognized for securities held	$ 54	$ 67	$ 54	$ 67
Cumulative credit component of other-than-temporary impairments (OTTI) on fixed maturities recognized in the consolidated statement of income for which a portion of the OTTI was recognized in other comprehensive income (loss) for fixed maturities held, as a percentage of the fixed maturity portfolio on a pre-tax basis (less than)	1.00%	1.00%	1.00%	1.00%
Cumulative credit component of other-than-temporary impairments (OTTI) on fixed maturities recognized in the consolidated statement of income for which a portion of the OTTI was recognized in other comprehensive income (loss) for fixed maturities held, as a percentage of shareholders' equity on an after-tax basis (less than)	1.00%	1.00%	1.00%	1.00%
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]
Investment disclosure details
Continuous unrealized loss position, less than 12 months, fair value	$ 15		$ 15		484
Continuous unrealized loss position, less than 12 months, gross unrealized losses	0		0		5
Continuous unrealized loss position, 12 months or longer, fair value	503		503		1,011
Continuous unrealized loss position, 12 months or longer, gross unrealized losses	2		2		11
Continuous unrealized loss position, total, fair value	518		518		1,495
Continuous unrealized loss position, total, gross unrealized losses	2		2		16
Obligations of states, municipalities and political subdivisions [Member]
Investment disclosure details
Continuous unrealized loss position, less than 12 months, fair value	126		126		5,241
Continuous unrealized loss position, less than 12 months, gross unrealized losses	0		0		82
Continuous unrealized loss position, 12 months or longer, fair value	232		232		3,298
Continuous unrealized loss position, 12 months or longer, gross unrealized losses	1		1		125
Continuous unrealized loss position, total, fair value	358		358		8,539
Continuous unrealized loss position, total, gross unrealized losses	1		1		207
Debt securities issued by foreign governments [Member]
Investment disclosure details
Continuous unrealized loss position, less than 12 months, fair value	24		24		96
Continuous unrealized loss position, less than 12 months, gross unrealized losses	0		0		0
Continuous unrealized loss position, 12 months or longer, fair value	210		210		328
Continuous unrealized loss position, 12 months or longer, gross unrealized losses	1		1		5
Continuous unrealized loss position, total, fair value	234		234		424
Continuous unrealized loss position, total, gross unrealized losses	1		1		5
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]
Investment disclosure details
Continuous unrealized loss position, less than 12 months, fair value	88		88		593
Continuous unrealized loss position, less than 12 months, gross unrealized losses	0		0		9
Continuous unrealized loss position, 12 months or longer, fair value	472		472		1,070
Continuous unrealized loss position, 12 months or longer, gross unrealized losses	4		4		29
Continuous unrealized loss position, total, fair value	560		560		1,663
Continuous unrealized loss position, total, gross unrealized losses	4		4		38
All other corporate bonds [Member]
Investment disclosure details
Continuous unrealized loss position, less than 12 months, fair value	277		277		12,622
Continuous unrealized loss position, less than 12 months, gross unrealized losses	2		2		303
Continuous unrealized loss position, 12 months or longer, fair value	3,014		3,014		6,872
Continuous unrealized loss position, 12 months or longer, gross unrealized losses	30		30		280
Continuous unrealized loss position, total, fair value	3,291		3,291		19,494
Continuous unrealized loss position, total, gross unrealized losses	$ 32		$ 32		$ 583

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Percent of fixed maturities for which a pricing service estimates fair value	99.00%	99.00%
Fair value of the fixed maturities for which the Company used an internal pricing matrix	$ 78	$ 82
Fair value of the fixed maturities for which the Company received a broker quote	32	104
Estimated fair value of put/call option	$ 7	$ 10

Fair Value Measurements (Deta_2

Fair Value Measurements (Details) - Fair Value Hierarchy - Recurring basis [Member] - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	$ 67,637	$ 63,884
Other liabilities measured on a recurring basis	7	10
Fixed maturities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	67,172	63,464
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	2,018	2,064
Obligations of states, municipalities and political subdivisions [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	29,730	28,611
Debt securities issued by foreign governments [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	1,125	1,257
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	2,925	2,573
All other corporate bonds [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	31,321	28,880
Redeemable preferred stock [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	53	79
Equity securities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	406	368
Public common stock [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	363	316
Non-redeemable preferred stock [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	43	52
Other Investments [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	59	52
Level 1 [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	2,419	2,429
Other liabilities measured on a recurring basis	0	0
Level 1 [Member] | Fixed maturities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	2,021	2,067
Level 1 [Member] | U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	2,018	2,064
Level 1 [Member] | Obligations of states, municipalities and political subdivisions [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 1 [Member] | Debt securities issued by foreign governments [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 1 [Member] | Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 1 [Member] | All other corporate bonds [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 1 [Member] | Redeemable preferred stock [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	3	3
Level 1 [Member] | Equity securities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	382	346
Level 1 [Member] | Public common stock [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	363	316
Level 1 [Member] | Non-redeemable preferred stock [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	19	30
Level 1 [Member] | Other Investments [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	16	16
Level 2 [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	65,065	61,233
Other liabilities measured on a recurring basis	0	0
Level 2 [Member] | Fixed maturities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	65,041	61,211
Level 2 [Member] | U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 2 [Member] | Obligations of states, municipalities and political subdivisions [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	29,718	28,599
Level 2 [Member] | Debt securities issued by foreign governments [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	1,125	1,257
Level 2 [Member] | Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	2,925	2,554
Level 2 [Member] | All other corporate bonds [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	31,223	28,725
Level 2 [Member] | Redeemable preferred stock [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	50	76
Level 2 [Member] | Equity securities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	24	22
Level 2 [Member] | Public common stock [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 2 [Member] | Non-redeemable preferred stock [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	24	22
Level 2 [Member] | Other Investments [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 3 [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	153	222
Other liabilities measured on a recurring basis	7	10
Level 3 [Member] | Fixed maturities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	110	186
Level 3 [Member] | U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 3 [Member] | Obligations of states, municipalities and political subdivisions [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	12	12
Level 3 [Member] | Debt securities issued by foreign governments [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 3 [Member] | Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	19
Level 3 [Member] | All other corporate bonds [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	98	155
Level 3 [Member] | Redeemable preferred stock [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 3 [Member] | Equity securities [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 3 [Member] | Public common stock [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 3 [Member] | Non-redeemable preferred stock [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	0	0
Level 3 [Member] | Other Investments [Member]
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities are measured
Total invested assets measured on a recurring basis	$ 43	$ 36

Fair Value Measurements (Deta_3

Fair Value Measurements (Details) - Financial Instruments - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Financial Instruments
Short-term securities	$ 3,487	$ 3,985
Commercial paper	100	100
Carrying Value [Member]
Financial Instruments
Short-term securities	3,487	3,985
Debt	6,458	6,464
Commercial paper	100	100
Fair Value [Member]
Financial Instruments
Short-term securities	3,487	3,985
Debt	7,936	7,128
Commercial paper	100	100
Fair Value [Member] | Level 1 [Member]
Financial Instruments
Short-term securities	229	632
Debt	0	0
Commercial paper	0	0
Fair Value [Member] | Level 2 [Member]
Financial Instruments
Short-term securities	3,209	3,316
Debt	7,936	7,128
Commercial paper	100	100
Fair Value [Member] | Level 3 [Member]
Financial Instruments
Short-term securities	49	37
Debt	0	0
Commercial paper	$ 0	$ 0

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Goodwill by segment
Goodwill	$ 3,943	$ 3,937
Reportable Segments [Member] | Business Insurance [Member]
Goodwill by segment
Goodwill	2,584	2,585
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Goodwill by segment
Goodwill	550	550
Reportable Segments [Member] | Personal Insurance [Member]
Goodwill by segment
Goodwill	783	776
Other [Member]
Goodwill by segment
Goodwill	$ 26	$ 26

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Details) - Other Intangible Assets - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Other intangible assets by major asset class
Intangible assets subject to amortization, gross carrying amount	$ 301		$ 301		$ 306
Intangible assets subject to amortization, accumulated amortization	192		192		187
Intangible assets subject to amortization, net	109		109		119
Intangible assets not subject to amortization	226		226		226
Total other intangible assets, gross carrying amount	527		527		532
Total other intangible assets, net	335		335		345
Amortization expense of intangible assets	4	$ 4	8	$ 8
Estimated intangible asset amortization expense, remainder of 2019	7		7
Estimated intangible asset amortization expense, 2020	14		14
Estimated intangible asset amortization expense, 2021	13		13
Estimated intangible asset amortization expense, 2022	13		13
Estimated intangible asset amortization expense, 2023	12		12
Customer-related [Member]
Other intangible assets by major asset class
Intangible assets subject to amortization, gross carrying amount	96		96		98
Intangible assets subject to amortization, accumulated amortization	16		16		12
Intangible assets subject to amortization, net	80		80		86
Contract-based [Member]
Other intangible assets by major asset class
Intangible assets subject to amortization, gross carrying amount	205		205		208
Intangible assets subject to amortization, accumulated amortization	176		176		175
Intangible assets subject to amortization, net	29		29		$ 33
Insurance Contracts Acquired in Business Combination [Member]
Other intangible assets by major asset class
Estimated intangible asset amortization expense, remainder of 2019	3		3
Estimated intangible asset amortization expense, 2020	5		5
Estimated intangible asset amortization expense, 2021	4		4
Estimated intangible asset amortization expense, 2022	3		3
Estimated intangible asset amortization expense, 2023	$ 3		$ 3

Insurance Claim Reserves (Detai

Insurance Claim Reserves (Details) - Reserve Detail for Claims and Claim Adjustment Expenses - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]
Claims and claim adjustment expense reserves at beginning of year	$ 50,668
Claims and claim adjustment expense reserves at end of period	51,073
Property-casualty [Member]
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]
Claims and claim adjustment expense reserves at beginning of year	50,653	$ 49,633
Reinsurance recoverables on unpaid losses	8,182	8,123
Net reserves at beginning of year	42,471	41,510
Estimated claims and claim adjustment expenses for claims arising in the current year	9,329	9,084
Estimated decrease in claims and claim adjustment expenses for claims arising in prior years	(118)	(268)
Total increases	9,211	8,816
Claims and claim adjustment expense payments for claims arising in current year	2,810	2,851
Claims and claim adjustment expense payments for claims arising in prior years	5,897	5,454
Total payments	8,707	8,305
Unrealized foreign exchange (gain) loss	62	(102)
Net reserves at end of period	43,037	41,919
Reinsurance recoverables on unpaid losses	8,022	8,026
Claims and claim adjustment expense reserves at end of period	51,059	$ 49,945
Amount of increase in gross claims and claim adjustment expense reserves	406
Amount of decrease in reinsurance recoverables on unpaid losses	(160)
Accident and health [Member]
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]
Claims and claim adjustment expense reserves at beginning of year	15
Claims and claim adjustment expense reserves at end of period	$ 14

Insurance Claim Reserves (Det_2

Insurance Claim Reserves (Details) - Prior Year Reserve Development - Property-casualty [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Liability for claims and claim adjustment expense
Net favorable prior year reserve development included in estimated claims and claim adjustment expenses incurred for claims arising in prior years			$ 118	$ 268
Net favorable prior year reserve development impacting the Company's results of operations			174	336
Accretion expense			25	25
Business Insurance [Member]
Liability for claims and claim adjustment expense
Net favorable prior year reserve development impacting the Company's results of operations	$ 71	$ 84	50	150
Business Insurance [Member] | Environmental reserves [Member]
Liability for claims and claim adjustment expense
Increase to environmental reserves	60	55	60	55
Bond & Specialty Insurance [Member]
Liability for claims and claim adjustment expense
Net favorable prior year reserve development impacting the Company's results of operations	39	89	42	124
Personal Insurance [Member]
Liability for claims and claim adjustment expense
Net favorable prior year reserve development impacting the Company's results of operations	$ 13	$ 13	$ 82	$ 62

Other Comprehensive Income an_3

Other Comprehensive Income and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accumulated other comprehensive income [Roll Forward]
Balance, beginning of year			$ 22,894
Other comprehensive income (loss), net of taxes	$ 888	$ (366)	2,065	$ (1,299)
Balance, end of period	25,321	22,623	25,321	22,623
Pre-tax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	1,123	(447)	2,606	(1,624)
Income tax expense (benefit)	235	(81)	541	(325)
Other comprehensive income (loss), net of taxes	888	(366)	2,065	(1,299)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated other comprehensive income [Roll Forward]
Balance, beginning of year	(682)	(1,322)	(1,859)	(343)
Other comprehensive income (loss) before reclassifications	887		2,067
Amounts reclassified from accumulated other comprehensive income	1		(2)
Other comprehensive income (loss), net of taxes	888	(366)	2,065	(1,299)
Balance, end of period	206	(1,688)	206	(1,688)
Pre-tax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	1,123	(447)	2,606	(1,624)
Income tax expense (benefit)	235	(81)	541	(325)
Other comprehensive income (loss), net of taxes	888	(366)	2,065	(1,299)
Changes in Net Unrealized Gains (Losses) on Investment Securities Having No Credit Losses Recognized in the Consolidated Statement of Income [Member]
Accumulated other comprehensive income [Roll Forward]
Balance, beginning of year	810		(306)
Other comprehensive income (loss) before reclassifications	884		2,013
Amounts reclassified from accumulated other comprehensive income	(10)		(23)
Other comprehensive income (loss), net of taxes	874	(235)	1,990	(1,185)
Balance, end of period	1,684		1,684
Pre-tax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	1,108	(298)	2,524	(1,501)
Income tax expense (benefit)	234	(63)	534	(316)
Other comprehensive income (loss), net of taxes	874	(235)	1,990	(1,185)
Changes in Net Unrealized Gains (Losses) on Investment Securities Having Credit Losses Recognized in the Consolidated Statement of Income [Member]
Accumulated other comprehensive income [Roll Forward]
Balance, beginning of year	197		193
Other comprehensive income (loss) before reclassifications	(3)		1
Amounts reclassified from accumulated other comprehensive income	0		0
Other comprehensive income (loss), net of taxes	(3)	(10)	1	(11)
Balance, end of period	194		194
Pre-tax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	(4)	(12)	1	(14)
Income tax expense (benefit)	(1)	(2)	0	(3)
Other comprehensive income (loss), net of taxes	(3)	(10)	1	(11)
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member]
Accumulated other comprehensive income [Roll Forward]
Balance, beginning of year	(863)		(873)
Other comprehensive income (loss) before reclassifications	0		0
Amounts reclassified from accumulated other comprehensive income	11		21
Other comprehensive income (loss), net of taxes	11	17	21	34
Balance, end of period	(852)		(852)
Pre-tax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	14	21	26	43
Income tax expense (benefit)	3	4	5	9
Other comprehensive income (loss), net of taxes	11	17	21	34
Net Unrealized Foreign Currency Translation [Member]
Accumulated other comprehensive income [Roll Forward]
Balance, beginning of year	(826)		(873)
Other comprehensive income (loss) before reclassifications	6		53
Amounts reclassified from accumulated other comprehensive income	0		0
Other comprehensive income (loss), net of taxes	6	(138)	53	(137)
Balance, end of period	(820)		(820)
Pre-tax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	5	(158)	55	(152)
Income tax expense (benefit)	(1)	(20)	2	(15)
Other comprehensive income (loss), net of taxes	$ 6	$ (138)	$ 53	$ (137)

Other Comprehensive Income an_4

Other Comprehensive Income and Accumulated Other Comprehensive Income (Details) - Reclassifications - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting net realized investment gains (losses) on the income statement	[1]	$ (25)	$ (36)	$ (78)	$ (25)
Reclassification adjustment impacting claims and claim adjustment expenses on the income statement		4,821	4,562	9,263	8,858
Reclassification adjustment impacting general and administrative expense on the income statement		1,125	1,113	2,182	2,175
Total reclassifications		(665)	(631)	(1,632)	(1,409)
Income tax (expense) benefit		(108)	(107)	(279)	(216)
Amounts reclassified from accumulated other comprehensive income, net of taxes		(557)	(524)	(1,353)	(1,193)
Accumulated Other Comprehensive Income (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Total reclassifications		0	9	(3)	31
Income tax (expense) benefit		(1)	1	(1)	6
Amounts reclassified from accumulated other comprehensive income, net of taxes		1	8	(2)	25
Changes in Net Unrealized Gains (Losses) on Investment Securities Having No Credit Losses Recognized in the Consolidated Statement of Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting net realized investment gains (losses) on the income statement		(13)	(12)	(29)	(12)
Income tax (expense) benefit		(3)	(3)	(6)	(3)
Amounts reclassified from accumulated other comprehensive income, net of taxes		(10)	(9)	(23)	(9)
Changes in Net Unrealized Gains (Losses) on Investment Securities Having Credit Losses Recognized in the Consolidated Statement of Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting net realized investment gains (losses) on the income statement		0	0	0	0
Income tax (expense) benefit		0	0	0	0
Amounts reclassified from accumulated other comprehensive income, net of taxes		0	0	0	0
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting claims and claim adjustment expenses on the income statement		6	8	11	17
Reclassification adjustment impacting general and administrative expense on the income statement		7	13	15	26
Total reclassifications		13	21	26	43
Income tax (expense) benefit		2	4	5	9
Amounts reclassified from accumulated other comprehensive income, net of taxes		11	17	21	34
Net Unrealized Foreign Currency Translation [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting net realized investment gains (losses) on the income statement		0	0	0	0
Income tax (expense) benefit		0	0	0	0
Amounts reclassified from accumulated other comprehensive income, net of taxes		$ 0	$ 0	$ 0	$ 0
[1]	Total other-than-temporary impairment (OTTI) gains (losses) were $(1) million for each of the three months ended June 30, 2019 and 2018 , and $(2) million and $(1) million for the six months ended June 30, 2019 and June 30, 2018 , respectively. Of total OTTI, credit losses of $(1) million for each of the three months ended June 30, 2019 and 2018 , and $(2) million and $(1) million for the six months ended June 30, 2019 and June 30, 2018 , respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months and six months ended June 30, 2019 and 2018 were recognized in other comprehensive income (loss) as part of changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income.

Debt (Details)

Debt (Details) - USD ($)	Jun. 02, 2019	Mar. 04, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Debt Instrument
Net proceeds of issuance, after the deduction of the underwriting discount and expenses			$ 492,000,000	$ 491,000,000
Debt, principal amount repaid			500,000,000	$ 600,000,000
Commercial paper outstanding			$ 100,000,000		$ 100,000,000
Senior Notes [Member] | 4.10% Senior notes due March 4, 2049 [Member]
Debt Instrument
Debt, principal amount		$ 500,000,000
Interest rate (percent)		4.10%
Net proceeds of issuance, after the deduction of the underwriting discount and expenses		$ 492,000,000
Percentage of principal amount at which redemption price may be set		100.00%
Basis points added to current Treasury rate used in calculation of alternative redemption price		0.20%
Senior Notes [Member] | 5.90% Senior notes due June 2, 2019 [Member]
Debt Instrument
Interest rate (percent)	5.90%
Debt, principal amount repaid	$ 500,000,000

Common Share Repurchases (Detai

Common Share Repurchases (Details) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]
Number of shares repurchased (in shares) | shares	2,600,000	5,500,000
Cost of shares repurchased	$ 375	$ 750
Average cost per share repurchased (in dollars per share) | $ / shares	$ 145.87	$ 137.15
Number of shares acquired to cover tax withholding costs and exercise costs (in shares) | shares	3,460	300,000
Cost of shares acquired to cover tax withholding costs and exercise costs	$ 0.5	$ 47
Remaining capacity under share repurchase authorization	$ 2,540	$ 2,540

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share Reconciliation [Abstract]
Net income	$ 557	$ 524	$ 1,353	$ 1,193
Participating share-based awards — allocated income	(4)	(4)	(10)	(9)
Net income available to common shareholders -- basic	553	520	1,343	1,184
Net income available to common shareholders -- diluted	$ 553	$ 520	$ 1,343	$ 1,184
Weighted average shares outstanding, basic (in shares)	261.3	268.7	262.1	269.8
Weighted average effects of dilutive securities - stock options and performance shares (in shares)	2.4	2.4	2.1	2.7
Weighted average shares outstanding, diluted (in shares)	263.7	271.1	264.2	272.5
Net income per common share, basic (in dollars per share)	$ 2.11	$ 1.93	$ 5.12	$ 4.39
Net income per common share, diluted (in dollars per share)	$ 2.10	$ 1.92	$ 5.08	$ 4.35

Share-Based Incentive Compens_3

Share-Based Incentive Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock options vested at end of period, number (in shares)	6,120,874		6,120,874
Stock options vested at end of period, weighted average exercise price (in dollars per share)	$ 105.70		$ 105.70
Stock options vested at end of period, weighted average contractual life remaining (in years)			5 years 9 months 18 days
Stock options vested at end of period, aggregate intrinsic value	$ 268		$ 268
Stock options exercisable at end of period, number (in shares)	4,202,289		4,202,289
Stock options exercisable at end of period, weighted average exercise price (in dollars per share)	$ 95.63		$ 95.63
Stock options exercisable at end of period, weighted average contractual life remaining (in years)			4 years 6 months
Stock options exercisable at end of period, aggregate intrinsic value	$ 226		$ 226
Total compensation cost recognized in earnings for all share-based incentive compensation awards	35	$ 33	80	$ 77
Tax benefit recognized in earnings related to compensation costs	6	$ 6	14	$ 14
Total unrecognized compensation cost related to all nonvested share-based incentive compensation awards	$ 202		$ 202
Weighted-average period of recognition for unrecognized compensation cost (in years)			2 years

Pension Plans, Retirement Ben_3

Pension Plans, Retirement Benefits and Savings Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Pension Plans [Member]
Defined benefit plan disclosure
Service cost	$ 29	$ 33	$ 59	$ 66
Interest cost on benefit obligation	35	32	70	63
Expected return on plan assets	(68)	(66)	(137)	(132)
Net periodic benefit cost, amortization of unrecognized prior service benefit	(1)	(1)	(1)	(1)
Net periodic benefit cost, amortization of unrecognized net actuarial loss	14	23	28	46
Total non-service cost (benefit)	(20)	(12)	(40)	(24)
Net periodic benefit cost	9	21	19	42
Pension Plans [Member] | Claims and claim adjustment expenses [Member]
Defined benefit plan disclosure
Service cost	12	14	24	27
Total non-service cost (benefit)	(8)	(5)	(16)	(10)
Pension Plans [Member] | General and administrative expenses [Member]
Defined benefit plan disclosure
Service cost	17	19	35	39
Total non-service cost (benefit)	(12)	(7)	(24)	(14)
Postretirement Benefit Plans [Member]
Defined benefit plan disclosure
Service cost	0	0	0	0
Interest cost on benefit obligation	2	2	4	4
Expected return on plan assets	0	0	0	0
Net periodic benefit cost, amortization of unrecognized prior service benefit	(1)	(1)	(2)	(2)
Net periodic benefit cost, amortization of unrecognized net actuarial loss	0	0	0	0
Total non-service cost (benefit)	1	1	2	2
Net periodic benefit cost	1	1	2	2
Postretirement Benefit Plans [Member] | Claims and claim adjustment expenses [Member]
Defined benefit plan disclosure
Service cost	0	0	0	0
Total non-service cost (benefit)	1	1	1	1
Postretirement Benefit Plans [Member] | General and administrative expenses [Member]
Defined benefit plan disclosure
Service cost	0	0	0	0
Total non-service cost (benefit)	$ 0	$ 0	$ 1	$ 1

Leases (Details)

Leases (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Leases [Abstract]
Operating leases	$ 23	$ 45
Short-term leases	3	7
Lease expense	26	52
Less: sublease income	0	0
Net lease cost	26	52
Cash payments included in the measurement of lease liabilities reported in operating cash flows	26	50
Right-of-use assets obtained in exchange for new lease liabilities	$ 28	$ 36
Weighted average discount rate (percent)	3.05%	3.05%
Weighted average remaining lease term (in years)	5 years 2 months 12 days	5 years 2 months 12 days

Leases (Details) - Contractual

Leases (Details) - Contractual Maturities of Lease Liabilities $ in Millions	Jun. 30, 2019USD ($)
Leases [Abstract]
Lease payments due, remainder of 2019	$ 51
Lease payments due, 2020	103
Lease payments due, 2021	89
Lease payments due, 2022	67
Lease payments due, 2023	47
Lease payments due, thereafter	80
Total undiscounted lease payments	437
Less: present value adjustment	42
Operating lease liability	$ 395

Contingencies, Commitments an_2

Contingencies, Commitments and Guarantees (Details) - Commitments - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Contingencies, Commitments and Guarantees [Abstract]
Unfunded commitments to private equity limited partnerships and real estate partnerships	$ 1,570	$ 1,600

Contingencies, Commitments an_3

Contingencies, Commitments and Guarantees (Details) - Guarantees	Jun. 30, 2019USD ($)
Indemnifications related to the sale of businesses [Member]
Guarantor obligations
Maximum amount of contingent obligation	$ 352,000,000
Guarantees of certain investments and third-party loans [Member]
Guarantor obligations
Maximum amount of contingent obligation	0
Guarantees of certain insurance policy obligations [Member]
Guarantor obligations
Maximum amount of contingent obligation	480,000,000
Amount indemnified by a third party	$ 480,000,000

Consolidating Financial State_3

Consolidating Financial Statements (Unaudited) (Details) $ in Millions	Jun. 30, 2019USD ($)
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure
Amount of certain debt obligations of Travelers Property Casualty Corp. (TPC) and Travelers Insurance Group Holdings, Inc. (TIGHI) that are fully and unconditionally guaranteed by The Travelers Companies, Inc.	$ 700

Consolidating Financial State_4

Consolidating Financial Statements (Details) - Consolidating Statement of Income (Unaudited) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Consolidating Statement of Income
Premiums		$ 6,988	$ 6,695	$ 13,843	$ 13,232
Net investment income		648	595	1,230	1,198
Fee income		116	112	225	215
Net realized investment gains	[1]	25	36	78	25
Other revenues		57	39	129	93
Total revenues		7,834	7,477	15,505	14,763
Claims and claim adjustment expenses		4,821	4,562	9,263	8,858
Amortization of deferred acquisition costs		1,134	1,081	2,251	2,142
General and administrative expenses		1,125	1,113	2,182	2,175
Interest expense		89	90	177	179
Total claims and expenses		7,169	6,846	13,873	13,354
Income before income taxes		665	631	1,632	1,409
Income tax expense (benefit)		108	107	279	216
Net income of subsidiaries		0	0	0	0
Net income		557	524	1,353	1,193
Total other-than-temporary impairment gains (losses)		(1)	(1)	(2)	(1)
Other-than-temporary impairment losses recognized in net realized investment gains		(1)	(1)	(2)	(1)
Other-than-temporary impairment losses recognized in other comprehensive income (loss)		0	0	0	0
Reportable Legal Entities [Member] | TPC [Member]
Consolidating Statement of Income
Premiums		4,786	4,577	9,475	9,045
Net investment income		455	412	871	824
Fee income		116	112	225	215
Net realized investment gains		14	18	36	20
Other revenues		31	13	69	40
Total revenues		5,402	5,132	10,676	10,144
Claims and claim adjustment expenses		3,248	3,064	6,272	5,974
Amortization of deferred acquisition costs		740	727	1,485	1,432
General and administrative expenses		768	766	1,490	1,495
Interest expense		12	13	24	24
Total claims and expenses		4,768	4,570	9,271	8,925
Income before income taxes		634	562	1,405	1,219
Income tax expense (benefit)		122	104	268	210
Net income of subsidiaries		0	0	0	0
Net income		512	458	1,137	1,009
Total other-than-temporary impairment gains (losses)		0	(1)	(1)	(1)
Other-than-temporary impairment losses recognized in net realized investment gains		0	(1)	(1)	(1)
Other-than-temporary impairment losses recognized in other comprehensive income (loss)		0	0	0	0
Reportable Legal Entities [Member] | Other Subsidiaries [Member]
Consolidating Statement of Income
Premiums		2,202	2,118	4,368	4,187
Net investment income		181	175	336	360
Fee income		0	0	0	0
Net realized investment gains		6	16	21	4
Other revenues		26	27	60	55
Total revenues		2,415	2,336	4,785	4,606
Claims and claim adjustment expenses		1,573	1,498	2,991	2,884
Amortization of deferred acquisition costs		394	354	766	710
General and administrative expenses		352	343	682	671
Interest expense		0	0	0	0
Total claims and expenses		2,319	2,195	4,439	4,265
Income before income taxes		96	141	346	341
Income tax expense (benefit)		12	21	54	53
Net income of subsidiaries		0	0	0	0
Net income		84	120	292	288
Total other-than-temporary impairment gains (losses)		(1)	0	(1)	0
Other-than-temporary impairment losses recognized in net realized investment gains		(1)	0	(1)	0
Other-than-temporary impairment losses recognized in other comprehensive income (loss)		0	0	0	0
Reportable Legal Entities [Member] | TRV [Member]
Consolidating Statement of Income
Premiums		0	0	0	0
Net investment income		12	8	23	14
Fee income		0	0	0	0
Net realized investment gains		5	2	21	1
Other revenues		0	0	0	0
Total revenues		17	10	44	15
Claims and claim adjustment expenses		0	0	0	0
Amortization of deferred acquisition costs		0	0	0	0
General and administrative expenses		5	5	10	11
Interest expense		77	77	153	155
Total claims and expenses		82	82	163	166
Income before income taxes		(65)	(72)	(119)	(151)
Income tax expense (benefit)		(26)	(18)	(43)	(47)
Net income of subsidiaries		596	578	1,429	1,297
Net income		557	524	1,353	1,193
Total other-than-temporary impairment gains (losses)		0	0	0	0
Other-than-temporary impairment losses recognized in net realized investment gains		0	0	0	0
Other-than-temporary impairment losses recognized in other comprehensive income (loss)		0	0	0	0
Eliminations [Member]
Consolidating Statement of Income
Premiums		0	0	0	0
Net investment income		0	0	0	0
Fee income		0	0	0	0
Net realized investment gains		0	0	0	0
Other revenues		0	(1)	0	(2)
Total revenues		0	(1)	0	(2)
Claims and claim adjustment expenses		0	0	0	0
Amortization of deferred acquisition costs		0	0	0	0
General and administrative expenses		0	(1)	0	(2)
Interest expense		0	0	0	0
Total claims and expenses		0	(1)	0	(2)
Income before income taxes		0	0	0	0
Income tax expense (benefit)		0	0	0	0
Net income of subsidiaries		(596)	(578)	(1,429)	(1,297)
Net income		(596)	(578)	(1,429)	(1,297)
Total other-than-temporary impairment gains (losses)		0	0	0	0
Other-than-temporary impairment losses recognized in net realized investment gains		0	0	0	0
Other-than-temporary impairment losses recognized in other comprehensive income (loss)		$ 0	$ 0	$ 0	$ 0
[1]	Total other-than-temporary impairment (OTTI) gains (losses) were $(1) million for each of the three months ended June 30, 2019 and 2018 , and $(2) million and $(1) million for the six months ended June 30, 2019 and June 30, 2018 , respectively. Of total OTTI, credit losses of $(1) million for each of the three months ended June 30, 2019 and 2018 , and $(2) million and $(1) million for the six months ended June 30, 2019 and June 30, 2018 , respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months and six months ended June 30, 2019 and 2018 were recognized in other comprehensive income (loss) as part of changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income.

Consolidating Financial State_5

Consolidating Financial Statements (Details) - Consolidating Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Consolidating Statement of Comprehensive Income
Net income	$ 557	$ 524	$ 1,353	$ 1,193
Changes in net unrealized gains (losses) on investment securities having no credit losses recognized in the consolidated statement of income	1,108	(298)	2,524	(1,501)
Changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income	(4)	(12)	1	(14)
Net changes in benefit plan assets and obligations	14	21	26	43
Net changes in unrealized foreign currency translation	5	(158)	55	(152)
Other comprehensive income (loss) before income taxes	1,123	(447)	2,606	(1,624)
Income tax expense (benefit)	235	(81)	541	(325)
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	888	(366)	2,065	(1,299)
Other comprehensive income (loss) of subsidiaries	0	0	0	0
Other comprehensive income (loss), net of taxes	888	(366)	2,065	(1,299)
Comprehensive income (loss)	1,445	158	3,418	(106)
Reportable Legal Entities [Member] | TPC [Member]
Consolidating Statement of Comprehensive Income
Net income	512	458	1,137	1,009
Changes in net unrealized gains (losses) on investment securities having no credit losses recognized in the consolidated statement of income	786	(209)	1,765	(1,047)
Changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income	(3)	(10)	1	(11)
Net changes in benefit plan assets and obligations	0	0	0	0
Net changes in unrealized foreign currency translation	23	(77)	42	(102)
Other comprehensive income (loss) before income taxes	806	(296)	1,808	(1,160)
Income tax expense (benefit)	167	(58)	375	(233)
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	639	(238)	1,433	(927)
Other comprehensive income (loss) of subsidiaries	0	0	0	0
Other comprehensive income (loss), net of taxes	639	(238)	1,433	(927)
Comprehensive income (loss)	1,151	220	2,570	82
Reportable Legal Entities [Member] | Other Subsidiaries [Member]
Consolidating Statement of Comprehensive Income
Net income	84	120	292	288
Changes in net unrealized gains (losses) on investment securities having no credit losses recognized in the consolidated statement of income	321	(89)	756	(453)
Changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income	(1)	(2)	0	(3)
Net changes in benefit plan assets and obligations	0	0	0	0
Net changes in unrealized foreign currency translation	(18)	(81)	13	(50)
Other comprehensive income (loss) before income taxes	302	(172)	769	(506)
Income tax expense (benefit)	67	(21)	160	(98)
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	235	(151)	609	(408)
Other comprehensive income (loss) of subsidiaries	0	0	0	0
Other comprehensive income (loss), net of taxes	235	(151)	609	(408)
Comprehensive income (loss)	319	(31)	901	(120)
Reportable Legal Entities [Member] | TRV [Member]
Consolidating Statement of Comprehensive Income
Net income	557	524	1,353	1,193
Changes in net unrealized gains (losses) on investment securities having no credit losses recognized in the consolidated statement of income	1	0	3	(1)
Changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income	0	0	0	0
Net changes in benefit plan assets and obligations	14	21	26	43
Net changes in unrealized foreign currency translation	0	0	0	0
Other comprehensive income (loss) before income taxes	15	21	29	42
Income tax expense (benefit)	1	(2)	6	6
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	14	23	23	36
Other comprehensive income (loss) of subsidiaries	874	(389)	2,042	(1,335)
Other comprehensive income (loss), net of taxes	888	(366)	2,065	(1,299)
Comprehensive income (loss)	1,445	158	3,418	(106)
Eliminations [Member]
Consolidating Statement of Comprehensive Income
Net income	(596)	(578)	(1,429)	(1,297)
Changes in net unrealized gains (losses) on investment securities having no credit losses recognized in the consolidated statement of income	0	0	0	0
Changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income	0	0	0	0
Net changes in benefit plan assets and obligations	0	0	0	0
Net changes in unrealized foreign currency translation	0	0	0	0
Other comprehensive income (loss) before income taxes	0	0	0	0
Income tax expense (benefit)	0	0	0	0
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	0	0	0	0
Other comprehensive income (loss) of subsidiaries	(874)	389	(2,042)	1,335
Other comprehensive income (loss), net of taxes	(874)	389	(2,042)	1,335
Comprehensive income (loss)	$ (1,470)	$ (189)	$ (3,471)	$ 38

Consolidating Financial State_6

Consolidating Financial Statements (Details) - Consolidating Balance Sheet (Unaudited) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Consolidating Balance Sheet
Fixed maturities, at fair value	$ 67,172	$ 63,464
Equity securities, at fair value	406	368
Real estate investments	965	904
Short-term securities	3,487	3,985
Other investments	3,466	3,557
Total investments	75,496	72,278
Cash	416	373	$ 415	$ 344
Investment income accrued	615	624
Premiums receivable	8,297	7,506
Reinsurance recoverables	8,234	8,370
Ceded unearned premiums	864	578
Deferred acquisition costs	2,281	2,120
Deferred taxes	0	445
Contractholder receivables	4,776	4,785
Goodwill	3,943	3,937
Other intangible assets	335	345
Investment in subsidiaries	0	0
Other assets	3,315	2,872
Total assets	108,572	104,233
Claims and claim adjustment expense reserves	51,073	50,668
Unearned premium reserves	14,538	13,555
Contractholder payables	4,776	4,785
Payables for reinsurance premiums	591	289
Deferred taxes	87	0
Debt	6,558	6,564
Other liabilities	5,628	5,478
Total liabilities	83,251	81,339
Common stock	23,372	23,144
Additional paid-in capital	0	0
Retained earnings	36,135	35,204
Accumulated other comprehensive income (loss)	206	(1,859)
Treasury stock, at cost	(34,392)	(33,595)
Total shareholders’ equity	25,321	22,894	22,623
Total liabilities and shareholders’ equity	108,572	104,233
Fixed maturities, available for sale, amortized cost	64,784	63,601
Equity securities, cost	$ 373	$ 382
Common stock, shares authorized (in shares)	1,750,000,000	1,750,000,000
Common stock, shares issued (in shares)	260,400,000	263,700,000
Common stock, shares outstanding (in shares)	260,300,000	263,600,000
Treasury stock, at cost (in shares)	516,700,000	510,900,000
Reportable Legal Entities [Member] | TPC [Member]
Consolidating Balance Sheet
Fixed maturities, at fair value	$ 46,480	$ 43,683
Equity securities, at fair value	105	105
Real estate investments	2	2
Short-term securities	1,439	1,855
Other investments	2,688	2,746
Total investments	50,714	48,391
Cash	198	181	231	157
Investment income accrued	430	434
Premiums receivable	5,587	5,089
Reinsurance recoverables	6,472	5,904
Ceded unearned premiums	742	522
Deferred acquisition costs	2,087	1,930
Deferred taxes		167
Contractholder receivables	4,766	3,867
Goodwill	2,582	2,578
Other intangible assets	220	224
Investment in subsidiaries	0	0
Other assets	2,472	2,220
Total assets	76,270	71,507
Claims and claim adjustment expense reserves	35,055	34,093
Unearned premium reserves	10,116	9,414
Contractholder payables	4,766	3,867
Payables for reinsurance premiums	340	169
Deferred taxes	234
Debt	693	693
Other liabilities	4,224	4,133
Total liabilities	55,428	52,369
Common stock	0	0
Additional paid-in capital	11,634	11,634
Retained earnings	8,336	8,065
Accumulated other comprehensive income (loss)	872	(561)
Treasury stock, at cost	0	0
Total shareholders’ equity	20,842	19,138
Total liabilities and shareholders’ equity	76,270	71,507
Reportable Legal Entities [Member] | Other Subsidiaries [Member]
Consolidating Balance Sheet
Fixed maturities, at fair value	20,604	19,697
Equity securities, at fair value	106	92
Real estate investments	963	902
Short-term securities	633	759
Other investments	777	810
Total investments	23,083	22,260
Cash	218	192	184	187
Investment income accrued	183	187
Premiums receivable	2,710	2,417
Reinsurance recoverables	1,762	2,466
Ceded unearned premiums	122	56
Deferred acquisition costs	194	190
Deferred taxes		302
Contractholder receivables	10	918
Goodwill	1,370	1,368
Other intangible assets	115	121
Investment in subsidiaries	0	0
Other assets	158	15
Total assets	29,925	30,492
Claims and claim adjustment expense reserves	16,018	16,575
Unearned premium reserves	4,422	4,141
Contractholder payables	10	918
Payables for reinsurance premiums	251	120
Deferred taxes	(179)
Debt	0	32
Other liabilities	902	849
Total liabilities	21,424	22,635
Common stock	484	401
Additional paid-in capital	7,046	7,023
Retained earnings	808	879
Accumulated other comprehensive income (loss)	163	(446)
Treasury stock, at cost	0	0
Total shareholders’ equity	8,501	7,857
Total liabilities and shareholders’ equity	29,925	30,492
Reportable Legal Entities [Member] | TRV [Member]
Consolidating Balance Sheet
Fixed maturities, at fair value	88	84
Equity securities, at fair value	195	171
Real estate investments	0	0
Short-term securities	1,415	1,371
Other investments	1	1
Total investments	1,699	1,627
Cash	0	0	0	0
Investment income accrued	2	3
Premiums receivable	0	0
Reinsurance recoverables	0	0
Ceded unearned premiums	0	0
Deferred acquisition costs	0	0
Deferred taxes		(24)
Contractholder receivables	0	0
Goodwill	0	0
Other intangible assets	0	0
Investment in subsidiaries	29,342	26,993
Other assets	685	669
Total assets	31,728	29,268
Claims and claim adjustment expense reserves	0	0
Unearned premium reserves	0	0
Contractholder payables	0	0
Payables for reinsurance premiums	0	0
Deferred taxes	32
Debt	5,865	5,871
Other liabilities	502	496
Total liabilities	6,399	6,367
Common stock	23,372	23,144
Additional paid-in capital	0	0
Retained earnings	36,143	35,211
Accumulated other comprehensive income (loss)	206	(1,859)
Treasury stock, at cost	(34,392)	(33,595)
Total shareholders’ equity	25,329	22,901
Total liabilities and shareholders’ equity	31,728	29,268
Eliminations [Member]
Consolidating Balance Sheet
Fixed maturities, at fair value	0	0
Equity securities, at fair value	0	0
Real estate investments	0	0
Short-term securities	0	0
Other investments	0	0
Total investments	0	0
Cash	0	0	$ 0	$ 0
Investment income accrued	0	0
Premiums receivable	0	0
Reinsurance recoverables	0	0
Ceded unearned premiums	0	0
Deferred acquisition costs	0	0
Deferred taxes		0
Contractholder receivables	0	0
Goodwill	(9)	(9)
Other intangible assets	0	0
Investment in subsidiaries	(29,342)	(26,993)
Other assets	0	(32)
Total assets	(29,351)	(27,034)
Claims and claim adjustment expense reserves	0	0
Unearned premium reserves	0	0
Contractholder payables	0	0
Payables for reinsurance premiums	0	0
Deferred taxes	0
Debt	0	(32)
Other liabilities	0	0
Total liabilities	0	(32)
Common stock	(484)	(401)
Additional paid-in capital	(18,680)	(18,657)
Retained earnings	(9,152)	(8,951)
Accumulated other comprehensive income (loss)	(1,035)	1,007
Treasury stock, at cost	0	0
Total shareholders’ equity	(29,351)	(27,002)
Total liabilities and shareholders’ equity	$ (29,351)	$ (27,034)

Consolidating Financial State_7

Consolidating Financial Statements (Details) - Consolidating Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Consolidating Statement of Cash Flows
Net income	$ 557	$ 524	$ 1,353	$ 1,193
Net adjustments to reconcile net income to net cash provided by operating activities			439	505
Net cash provided by operating activities			1,792	1,698
Proceeds from maturities of fixed maturities			3,038	3,657
Proceeds from sales of investments:
Fixed maturities			1,495	2,607
Equity securities			71	92
Other investments			240	189
Purchases of investments:
Fixed maturities			(5,708)	(7,952)
Equity securities			(41)	(60)
Real estate investments			(85)	(44)
Other investments			(262)	(275)
Net sales (purchases) of short-term securities			497	1,202
Securities transactions in course of settlement			223	279
Other investing activities			(169)	(152)
Net cash used in investing activities			(701)	(457)
Treasury stock acquired — share repurchase authorization			(750)	(700)
Treasury stock acquired — net employee share-based compensation			(47)	(51)
Dividends paid to shareholders			(419)	(404)
Payment of debt			(500)	(600)
Issuance of debt			492	491
Issuance of common stock — employee share options			174	98
Dividends paid to parent company			0	0
Net cash used in financing activities			(1,050)	(1,166)
Effect of exchange rate changes on cash			2	(4)
Net increase in cash			43	71
Cash at beginning of year			373	344
Cash at end of period	416	415	416	415
Income taxes paid (received)			325	238
Interest paid			171	175
Reportable Legal Entities [Member] | TPC [Member]
Consolidating Statement of Cash Flows
Net income	512	458	1,137	1,009
Net adjustments to reconcile net income to net cash provided by operating activities			314	323
Net cash provided by operating activities			1,451	1,332
Proceeds from maturities of fixed maturities			2,106	2,730
Proceeds from sales of investments:
Fixed maturities			968	1,847
Equity securities			33	33
Other investments			201	133
Purchases of investments:
Fixed maturities			(4,049)	(5,762)
Equity securities			(1)	(2)
Real estate investments			0	0
Other investments			(234)	(232)
Net sales (purchases) of short-term securities			416	986
Securities transactions in course of settlement			157	268
Other investing activities			(166)	(148)
Net cash used in investing activities			(569)	(147)
Treasury stock acquired — share repurchase authorization			0	0
Treasury stock acquired — net employee share-based compensation			0	0
Dividends paid to shareholders			0	0
Payment of debt			0	0
Issuance of debt			0	0
Issuance of common stock — employee share options			0	0
Dividends paid to parent company			(866)	(1,109)
Net cash used in financing activities			(866)	(1,109)
Effect of exchange rate changes on cash			1	(2)
Net increase in cash			17	74
Cash at beginning of year			181	157
Cash at end of period	198	231	198	231
Income taxes paid (received)			244	193
Interest paid			24	24
Reportable Legal Entities [Member] | Other Subsidiaries [Member]
Consolidating Statement of Cash Flows
Net income	84	120	292	288
Net adjustments to reconcile net income to net cash provided by operating activities			213	11
Net cash provided by operating activities			505	299
Proceeds from maturities of fixed maturities			924	914
Proceeds from sales of investments:
Fixed maturities			526	759
Equity securities			38	59
Other investments			39	56
Purchases of investments:
Fixed maturities			(1,650)	(2,173)
Equity securities			(37)	(56)
Real estate investments			(85)	(44)
Other investments			(28)	(43)
Net sales (purchases) of short-term securities			125	383
Securities transactions in course of settlement			66	12
Other investing activities			(3)	(4)
Net cash used in investing activities			(85)	(137)
Treasury stock acquired — share repurchase authorization			0	0
Treasury stock acquired — net employee share-based compensation			0	0
Dividends paid to shareholders			0	0
Payment of debt			(32)	0
Issuance of debt			0	7
Issuance of common stock — employee share options			0	0
Dividends paid to parent company			(363)	(170)
Net cash used in financing activities			(395)	(163)
Effect of exchange rate changes on cash			1	(2)
Net increase in cash			26	(3)
Cash at beginning of year			192	187
Cash at end of period	218	184	218	184
Income taxes paid (received)			91	171
Interest paid			0	0
Reportable Legal Entities [Member] | TRV [Member]
Consolidating Statement of Cash Flows
Net income	557	524	1,353	1,193
Net adjustments to reconcile net income to net cash provided by operating activities			(256)	146
Net cash provided by operating activities			1,097	1,339
Proceeds from maturities of fixed maturities			8	13
Proceeds from sales of investments:
Fixed maturities			1	1
Equity securities			0	0
Other investments			0	0
Purchases of investments:
Fixed maturities			(9)	(17)
Equity securities			(3)	(2)
Real estate investments			0	0
Other investments			0	0
Net sales (purchases) of short-term securities			(44)	(167)
Securities transactions in course of settlement			0	(1)
Other investing activities			0	0
Net cash used in investing activities			(47)	(173)
Treasury stock acquired — share repurchase authorization			(750)	(700)
Treasury stock acquired — net employee share-based compensation			(47)	(51)
Dividends paid to shareholders			(419)	(404)
Payment of debt			(500)	(600)
Issuance of debt			492	491
Issuance of common stock — employee share options			174	98
Dividends paid to parent company			0	0
Net cash used in financing activities			(1,050)	(1,166)
Effect of exchange rate changes on cash			0	0
Net increase in cash			0	0
Cash at beginning of year			0	0
Cash at end of period	0	0	0	0
Income taxes paid (received)			(10)	(126)
Interest paid			147	151
Eliminations [Member]
Consolidating Statement of Cash Flows
Net income	(596)	(578)	(1,429)	(1,297)
Net adjustments to reconcile net income to net cash provided by operating activities			168	25
Net cash provided by operating activities			(1,261)	(1,272)
Proceeds from maturities of fixed maturities			0	0
Proceeds from sales of investments:
Fixed maturities			0	0
Equity securities			0	0
Other investments			0	0
Purchases of investments:
Fixed maturities			0	0
Equity securities			0	0
Real estate investments			0	0
Other investments			0	0
Net sales (purchases) of short-term securities			0	0
Securities transactions in course of settlement			0	0
Other investing activities			0	0
Net cash used in investing activities			0	0
Treasury stock acquired — share repurchase authorization			0	0
Treasury stock acquired — net employee share-based compensation			0	0
Dividends paid to shareholders			0	0
Payment of debt			32	0
Issuance of debt			0	(7)
Issuance of common stock — employee share options			0	0
Dividends paid to parent company			1,229	1,279
Net cash used in financing activities			1,261	1,272
Effect of exchange rate changes on cash			0	0
Net increase in cash			0	0
Cash at beginning of year			0	0
Cash at end of period	$ 0	$ 0	0	0
Income taxes paid (received)			0	0
Interest paid			$ 0	$ 0