The Travelers Companies, Inc. (TRV) 10-Q 21 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 17, 2015
Document and Entity Information
Registrant name	Travelers Companies, Inc.
Central index key	86,312
Document type	10-Q
Document period end date	Jun. 30, 2015
Amendment flag	false
Current fiscal year end date	--12-31
Well-known seasoned issuer	Yes
Voluntary filers	No
Current reporting status	Yes
Filer category	Large Accelerated Filer
Common stock shares outstanding		311,205,624
Document fiscal year focus	2,015
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, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Premiums		$ 5,931	$ 5,928	$ 11,819	$ 11,751
Net investment income		632	695	1,224	1,431
Fee income		111	112	222	219
Net realized investment gains	[1]	10	16	20	17
Other revenues		22	34	47	75
Total revenues		6,706	6,785	13,332	13,493
Claims and expenses
Claims and claim adjustment expenses		3,547	3,826	6,978	7,141
Amortization of deferred acquisition costs		963	965	1,926	1,915
General and administrative expenses		1,028	1,001	2,020	1,882
Interest expense		92	92	184	184
Total claims and expenses		5,630	5,884	11,108	11,122
Income before income taxes		1,076	901	2,224	2,371
Income tax expense		264	218	579	636
Net income		$ 812	$ 683	$ 1,645	$ 1,735
Net income per share
Basic		$ 2.56	$ 1.98	$ 5.14	$ 4.97
Diluted		$ 2.53	$ 1.95	$ 5.08	$ 4.91
Weighted average number of common shares outstanding
Basic		314.8	343	317.7	346.9
Diluted		318	346.7	321.2	350.5
Cash dividends declared per common share		$ 0.61	$ 0.55	$ 1.16	$ 1.05
[1]	Total other-than-temporary impairment (OTTI) losses were $(8) million and $(1) million for the three months ended June 30, 2015 and 2014, respectively, and $(12) million and $(8) million for the six months ended June 30, 2015 and 2014, respectively. Of total OTTI, credit losses of $(6) million and $(1) million for the three months ended June 30, 2015 and 2014, respectively, and $(9) million and $(10) million for the six months ended June 30, 2015 and 2014, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $(2) million and $0 million for the three months ended June 30, 2015 and 2014, respectively, and $(3) million and $2 million for the six months ended June 30, 2015 and 2014, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Consolidated Statement of Inco3

Consolidated Statement of Income Parentheticals (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statement of Income (Unaudited)
Total other-than-temporary impairment losses	$ (8)	$ (1)	$ (12)	$ (8)
Other-than-temporary impairment, credit losses recognized in net realized investment gains	(6)	(1)	(9)	(10)
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 on investment securities having credit losses recognized in the consolidated statement of income	$ (2)	$ 0	$ (3)	$ 2

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statement of Comprehensive Income (Unaudited)
Net income	$ 812	$ 683	$ 1,645	$ 1,735
Other comprehensive income (loss):
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	(1,065)	518	(896)	1,055
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	(5)	1	(10)	3
Net changes in benefit plan assets and obligations	23	15	47	30
Net changes in unrealized foreign currency translation	94	97	(180)	54
Other comprehensive income (loss) before income taxes	(953)	631	(1,039)	1,142
Income tax expense (benefit)	(353)	196	(328)	390
Other comprehensive income (loss), net of taxes	(600)	435	(711)	752
Comprehensive income	$ 212	$ 1,118	$ 934	$ 2,487

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited at June 30, 2015) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets
Fixed maturities, available for sale, at fair value (amortized cost $60,103 and $60,801)	$ 61,933	$ 63,474
Equity securities, available for sale, at fair value (cost $573 and $579)	828	899
Real estate investments	980	938
Short-term securities	3,924	4,364
Other investments	3,565	3,586
Total investments	71,230	73,261
Cash	317	374	$ 311	$ 294
Investment income accrued	655	685
Premiums receivable	6,764	6,298
Reinsurance recoverables	8,965	9,260
Ceded unearned premiums	782	678
Deferred acquisition costs	1,891	1,835
Deferred taxes	216	33
Contractholder receivables	4,473	4,362
Goodwill	3,594	3,611
Other intangible assets	284	304
Other assets	2,493	2,377
Total assets	101,664	103,078
Liabilities
Claims and claim adjustment expense reserves	48,833	49,850
Unearned premium reserves	12,153	11,839
Contractholder payables	4,473	4,362
Payables for reinsurance premiums	428	336
Debt	6,350	6,349
Other liabilities	5,306	5,506
Total liabilities	77,543	78,242
Shareholders' equity
Common stock (1,750.0 shares authorized; 311.2 and 322.2 shares issued and outstanding)	22,039	21,843	21,694	21,500
Retained earnings	28,524	27,251	25,662	24,291
Accumulated other comprehensive income	169	880	1,562	810
Treasury stock, at cost (451.5 and 437.3 shares)	(26,611)	(25,138)	(23,386)	$ (21,805)
Total shareholders' equity	24,121	24,836	$ 25,532
Total liabilities and shareholders' equity	$ 101,664	$ 103,078

Consolidated Balance Sheet Pare

Consolidated Balance Sheet Parentheticals (Unaudited at June 30, 2015) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Consolidated Balance Sheet (Unaudited at June 30, 2015)
Fixed maturities, available for sale, amortized cost	$ 60,103	$ 60,801
Equity securities, available for sale, cost	$ 573	$ 579
Common stock, shares authorized	1,750	1,750
Common stock, shares issued	311.2	322.2
Common stock, shares outstanding	311.2	322.2	339	353.5
Treasury stock, at cost, shares	451.5	437.3

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total
Balance, beginning of year at Dec. 31, 2013	$ 21,500
Common stock
Employee share-based compensation	94
Compensation amortization under share-based plans and other changes	100
Balance, end of period at Jun. 30, 2014	21,694
Balance, beginning of year at Dec. 31, 2013	24,291
Retained earnings
Net income	1,735
Dividends	(367)
Other	3
Balance, end of period at Jun. 30, 2014	25,662
Balance, beginning of year at Dec. 31, 2013	810
Accumulated other comprehensive income, net of tax
Other comprehensive income (loss)	752
Balance, end of period at Jun. 30, 2014	1,562
Balance, beginning of year at Dec. 31, 2013	(21,805)
Treasury stock (at cost)
Treasury stock acquired - share repurchase authorization	(1,525)
Net shares acquired related to employee share-based compensation plans	(56)
Balance, end of period at Jun. 30, 2014	$ (23,386)
Balance, beginning of year at Dec. 31, 2013	353.5
Common shares outstanding
Treasury stock acquired - share repurchase authorization	(17.3)
Net shares issued under employee share-based compensation plans	2.8
Balance, end of period at Jun. 30, 2014	339
Treasury stock (at cost)
Total shareholders' equity	$ 25,532
Total shareholders' equity	24,836
Balance, beginning of year at Dec. 31, 2014	21,843
Common stock
Employee share-based compensation	87
Compensation amortization under share-based plans and other changes	109
Balance, end of period at Jun. 30, 2015	22,039
Balance, beginning of year at Dec. 31, 2014	27,251
Retained earnings
Net income	1,645
Dividends	(372)
Balance, end of period at Jun. 30, 2015	28,524
Balance, beginning of year at Dec. 31, 2014	880
Accumulated other comprehensive income, net of tax
Other comprehensive income (loss)	(711)
Balance, end of period at Jun. 30, 2015	169
Balance, beginning of year at Dec. 31, 2014	(25,138)
Treasury stock (at cost)
Treasury stock acquired - share repurchase authorization	(1,400)
Net shares acquired related to employee share-based compensation plans	(73)
Balance, end of period at Jun. 30, 2015	$ (26,611)
Balance, beginning of year at Dec. 31, 2014	322.2
Common shares outstanding
Treasury stock acquired - share repurchase authorization	(13.5)
Net shares issued under employee share-based compensation plans	2.5
Balance, end of period at Jun. 30, 2015	311.2
Treasury stock (at cost)
Total shareholders' equity	$ 24,121

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net income		$ 1,645	$ 1,735
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment gains	[1]	(20)	(17)
Depreciation and amortization		429	442
Deferred federal income tax expense		142	131
Amortization of deferred acquisition costs		1,926	1,915
Equity in income from other investments		(134)	(257)
Premiums receivable		(486)	(463)
Reinsurance recoverables		263	206
Deferred acquisition costs		(1,991)	(1,989)
Claims and claim adjustment expense reserves		(826)	(60)
Unearned premium reserves		362	235
Other operating activities		(435)	(550)
Net cash provided by operating activities		875	1,328
Cash flows from investing activities
Proceeds from maturities of fixed maturities		5,314	4,915
Proceeds from sales of investments:
Fixed maturities		1,226	785
Equity securities		28	95
Real estate investments		10	5
Other investments		354	338
Purchases of investments:
Fixed maturities		(6,239)	(5,449)
Equity securities		(22)	(40)
Real estate investments		(69)	(36)
Other investments		(275)	(226)
Net sales of short-term securities		433	60
Securities transactions in course of settlement		183	204
Acquisition, net of cash acquired			(12)
Other investing activities		(178)	(152)
Net cash provided by investing activities		765	487
Cash flows from financing activities
Treasury stock acquired - share repurchase authorization		(1,400)	(1,525)
Treasury stock acquired - net employee share-based compensation		(72)	(55)
Dividends paid to shareholders		(369)	(365)
Issuance of common stock - employee share options		117	122
Excess tax benefits from share-based payment arrangements		31	24
Net cash used in financing activities		(1,693)	(1,799)
Effect of exchange rate changes on cash		(4)	1
Net increase (decrease) in cash		(57)	17
Cash at beginning of year		374	294
Cash at end of period		317	311
Supplemental disclosure of cash flow information
Income taxes paid		597	727
Interest paid		$ 183	$ 183
[1]	Total other-than-temporary impairment (OTTI) losses were $(8) million and $(1) million for the three months ended June 30, 2015 and 2014, respectively, and $(12) million and $(8) million for the six months ended June 30, 2015 and 2014, respectively. Of total OTTI, credit losses of $(6) million and $(1) million for the three months ended June 30, 2015 and 2014, respectively, and $(9) million and $(10) million for the six months ended June 30, 2015 and 2014, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $(2) million and $0 million for the three months ended June 30, 2015 and 2014, respectively, and $(3) million and $2 million for the six months ended June 30, 2015 and 2014, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains 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, 2015
Basis of Presentation and Accounting Policies disclosure
Basis of Presentation and Accounting Policies disclosure [Text Block]	1. 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, 2014 (the Company’s 2014 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 Updates Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the Financial Accounting Standards Board (FASB) issued revised guidance to reduce diversity in practice for reporting discontinued operations. Under the previous guidance, any component of an entity that was a reportable segment, an operating segment, a reporting unit, a subsidiary or an asset group was eligible for discontinued operations presentation. The revised guidance only allows disposals of components of an entity that represent a strategic shift (e.g., disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity) and that have a major effect on a reporting entity’s operations and financial results to be reported as discontinued operations. The revised guidance also requires expanded disclosure in the financial statements for discontinued operations as well as for disposals of significant components of an entity that do not qualify for discontinued operations presentation. The updated guidance was effective for the quarter ending March 31, 2015. The adoption of this guidance did not have any effect on the Company’s results of operations, financial position or liquidity. Accounting Standards Not Yet Adopted Amendments to the Consolidation Analysis In February 2015, the FASB issued updated guidance that makes targeted amendments to the current consolidation accounting guidance. The update is in response to accounting complexity concerns, particularly from the asset management industry. The guidance simplifies consolidation accounting by reducing the number of approaches to consolidation, provides a scope exception to registered money market funds and similar unregistered money market funds and ends the indefinite deferral granted to investment companies from applying the variable interest entity guidance. The updated guidance is effective for annual and interim periods beginning after December 15, 2015. The adoption of this guidance is not expected to have a material effect on the Company’s results of operations, financial position or liquidity. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued updated guidance to clarify the required presentation of debt issuance costs. The amended guidance requires that debt issuance costs be presented in the balance sheet as a direct reduction from the carrying amount of the recognized debt liability, consistent with the treatment of debt discounts. Amortization of debt issuance costs is to be The updated guidance is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance will not have any effect on the Company’s results of operations, financial position or liquidity. Additional Accounting Standards Not Yet Adopted Revenue from Contracts with Customers In July 2015, the FASB deferred the effective date of the updated guidance on revenue recognition by one year to the quarter ending March 31, 2018. The adoption of this guidance is not expected to have a material effect on the Company’s result of operations, financial position or liquidity. For additional information regarding Revenue from Contracts with Customers ” Nature of Operations The Company is organized into three reportable business segments: Business and International 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 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 “

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Information disclosure
Segment Information disclosure [Text Block]	2. SEGMENT INFORMATION The following tables summarize the components of the Company’s revenues, operating income and total assets by reportable business segments: (for the three months Business and Bond & Specialty Personal Total 2015 Premiums $ 3,609 $ 524 $ 1,798 $ 5,931 Net investment income 487 57 88 632 Fee income 111 — — 111 Other revenues 5 5 12 22 Total operating revenues (1) $ 4,212 $ 586 $ 1,898 $ 6,696 Operating income (1) $ 543 $ 151 $ 174 $ 868 2014 Premiums $ 3,631 $ 524 $ 1,773 $ 5,928 Net investment income 539 62 94 695 Fee income 112 — — 112 Other revenues 10 6 17 33 Total operating revenues (1) $ 4,292 $ 592 $ 1,884 $ 6,768 Operating income (1) $ 471 $ 192 $ 75 $ 738 (1) Operating revenues for reportable business segments exclude net realized investment gains (losses). Operating income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses). (for the six months Business and Bond & Specialty Personal Total 2015 Premiums $ 7,229 $ 1,028 $ 3,562 $ 11,819 Net investment income 941 113 170 1,224 Fee income 222 — — 222 Other revenues 13 10 24 47 Total operating revenues (1) $ 8,405 $ 1,151 $ 3,756 $ 13,312 Operating income (1) $ 1,058 $ 275 $ 426 $ 1,759 2014 Premiums $ 7,189 $ 1,027 $ 3,535 $ 11,751 Net investment income 1,109 128 194 1,431 Fee income 219 — — 219 Other revenues 22 10 43 75 Total operating revenues (1) $ 8,539 $ 1,165 $ 3,772 $ 13,476 Operating income (1) $ 1,165 $ 346 $ 343 $ 1,854 (1) Operating revenues for reportable business segments exclude net realized investment gains (losses). Operating 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) 2015 2014 2015 2014 Revenue reconciliation Earned premiums Business and International Insurance: Domestic: Workers’ compensation $ 957 $ 923 $ 1,919 $ 1,831 Commercial automobile 477 473 946 941 Commercial property 442 440 883 868 General liability 473 457 945 904 Commercial multi-peril 779 763 1,554 1,518 Other 10 11 20 21 Total Domestic 3,138 3,067 6,267 6,083 International 471 564 962 1,106 Total Business and International Insurance 3,609 3,631 7,229 7,189 Bond & Specialty Insurance: Fidelity and surety 240 238 465 460 General liability 240 241 476 478 Other 44 45 87 89 Total Bond & Specialty Insurance 524 524 1,028 1,027 Personal Insurance: Automobile 863 821 1,699 1,636 Homeowners and other 935 952 1,863 1,899 Total Personal Insurance 1,798 1,773 3,562 3,535 Total earned premiums 5,931 5,928 11,819 11,751 Net investment income 632 695 1,224 1,431 Fee income 111 112 222 219 Other revenues 22 33 47 75 Total operating revenues for reportable segments 6,696 6,768 13,312 13,476 Other revenues — 1 — — Net realized investment gains 10 16 20 17 Total consolidated revenues $ 6,706 $ 6,785 $ 13,332 $ 13,493 Income reconciliation, net of tax Total operating income for reportable segments $ 868 $ 738 $ 1,759 $ 1,854 Interest Expense and Other (1) (62 ) (65 ) (126 ) (129 ) Total operating income 806 673 1,633 1,725 Net realized investment gains 6 10 12 10 Total consolidated net income $ 812 $ 683 $ 1,645 $ 1,735 (1) (in millions) June 30, December 31, Asset reconciliation: Business and International Insurance $ 80,839 $ 82,309 Bond & Specialty Insurance 7,585 7,525 Personal Insurance 12,692 12,798 Total assets for reportable segments 101,116 102,632 Other assets (1) 548 446 Total consolidated assets $ 101,664 $ 103,078 (1)

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments disclosure
Investments disclosure [Text Block]	3. 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, 2015, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,025 $ 28 $ 7 $ 2,046 Obligations of states, municipalities and political subdivisions: Pre-refunded 6,966 306 1 7,271 All other 24,704 888 153 25,439 Total obligations of states, municipalities and political subdivisions 31,670 1,194 154 32,710 Debt securities issued by foreign governments 2,049 52 1 2,100 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,905 147 6 2,046 All other corporate bonds 22,341 714 147 22,908 Redeemable preferred stock 113 10 — 123 Total $ 60,103 $ 2,145 $ 315 $ 61,933 Amortized Gross Unrealized Fair (at December 31, 2014, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,022 $ 36 $ 5 $ 2,053 Obligations of states, municipalities and political subdivisions: Pre-refunded 7,229 332 — 7,561 All other 24,666 1,356 10 26,012 Total obligations of states, municipalities and political subdivisions 31,895 1,688 10 33,573 Debt securities issued by foreign governments 2,320 48 — 2,368 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,052 165 4 2,213 All other corporate bonds 22,390 844 99 23,135 Redeemable preferred stock 122 10 — 132 Total $ 60,801 $ 2,791 $ 118 $ 63,474 Pre-refunded bonds of $7.27 billion and $7.56 billion at June 30, 2015 and December 31, 2014, respectively, were bonds for which states or municipalities have established irrevocable trusts, almost exclusively comprised of U.S. Treasury securities, which were created to satisfy their responsibility for payments of principal and interest. Proceeds from sales of fixed maturities classified as available for sale were $1.23 billion and $785 million during the six months ended June 30, 2015 and 2014, respectively. Gross gains of $40 million and $23 million and gross losses of $3 million and $4 million were realized on those sales during the six months ended June 30, 2015 and 2014, respectively. Equity Securities The cost and fair value of investments in equity securities were as follows: Gross Unrealized Fair (at June 30, 2015, in millions) Cost Gains Losses Value Public common stock $ 410 $ 235 $ 6 $ 639 Non-redeemable preferred stock 163 29 3 189 Total $ 573 $ 264 $ 9 $ 828 Gross Unrealized Fair (at December 31, 2014, in millions) Cost Gains Losses Value Public common stock $ 400 $ 295 $ 4 $ 691 Non-redeemable preferred stock 179 31 2 208 Total $ 579 $ 326 $ 6 $ 899 Proceeds from sales of equity securities were $28 million and $95 million during the six months ended June 30, 2015 and 2014, respectively. Gross gains of $5 million and $19 million and gross losses of $3 million and $3 million were realized on those sales during the six months ended June 30, 2015 and 2014, respectively. Unrealized Investment Losses The following tables summarize, for all investments in an unrealized loss position at June 30, 2015 and December 31, 2014, 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 2014 Annual Report. Less than 12 months 12 months or longer Total (at June 30, 2015, in millions) Fair Gross Fair Gross Fair Gross Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 507 $ 7 $ 24 $ — $ 531 $ 7 Obligations of states, municipalities and political subdivisions 7,737 147 135 7 7,872 154 Debt securities issued by foreign governments 154 1 — — 154 1 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 274 2 126 4 400 6 All other corporate bonds 5,509 114 570 33 6,079 147 Redeemable preferred stock 2 — — — 2 — Total fixed maturities 14,183 271 855 44 15,038 315 Equity securities Public common stock 51 6 29 — 80 6 Non-redeemable preferred stock 55 1 50 2 105 3 Total equity securities 106 7 79 2 185 9 Total $ 14,289 $ 278 $ 934 $ 46 $ 15,223 $ 324 Less than 12 months 12 months or longer Total (at December 31, 2014, in millions) Fair Gross Fair Gross Fair Gross Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 180 $ 2 $ 125 $ 3 $ 305 $ 5 Obligations of states, municipalities and political subdivisions 173 1 797 9 970 10 Debt securities issued by foreign governments 50 — 24 — 74 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 68 — 192 4 260 4 All other corporate bonds 2,148 38 2,355 61 4,503 99 Total fixed maturities 2,619 41 3,493 77 6,112 118 Equity securities Public common stock 81 4 1 — 82 4 Non-redeemable preferred stock 44 1 42 1 86 2 Total equity securities 125 5 43 1 168 6 Total $ 2,744 $ 46 $ 3,536 $ 78 $ 6,280 $ 124 Unrealized losses for all fixed maturities and equity securities reported at fair value for which fair value is less than 80% of amortized cost at June 30, 2015 totaled $9 million, Impairment Charges Impairment charges included in net realized investment gains in the consolidated statement of income were $6 million and $1 million for the three months ended June 30, 2015 and 2014, respectively, and $9 million and $10 million for the six months ended June 30, 2015 and 2014, respectively. The 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 for fixed maturities held at June 30, 2015 and 2014 totaled $88 million and $109 million, respectively, representing less than 1% of the fixed maturity portfolio on a pretax 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, 2015 and 2014 from that disclosed in note 3 of notes to the consolidated financial statements in the Company’s 2014 Annual Report. Derivative Financial Instruments From time to time, the Company enters into U.S. Treasury note futures contracts to modify the effective duration of specific assets within the investment portfolio. U.S. Treasury futures contracts require a daily mark-to-market and settlement with the broker. At June 30, 2015 and December 31, 2014, the Company had $450 million and $350 million notional value of open U.S. Treasury futures contracts, respectively. Net realized investment gains in the three months ended June 30, 2015 and 2014 and the six months ended June 30, 2015 and 2014 related to U.S. Treasury futures contracts were not significant.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements disclosure
Fair Value Measurements disclosure [Text Block]	4. 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: · - · - · - Valuation of Investments Reported at Fair Value in Financial Statements The Company utilized a pricing service to estimate fair value measurements for approximately 98% of its fixed maturities at both June 30, 2015 and December 31, 2014. 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 estimates the fair value of these bonds using an internal pricing matrix with 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 an internal pricing matrix was $103 million and $92 million at June 30, 2015 and December 31, 2014, 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 $111 million and $140 million at June 30, 2015 and December 31, 2014, 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 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, 2015 and December 31, 2014. An investment transferred between levels during a period is transferred at its fair value as of the beginning of that period. (at June 30, 2015, 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 $ 2,046 $ 2,043 $ 3 $ — Obligations of states, municipalities and political subdivisions 32,710 7 32,689 14 Debt securities issued by foreign governments 2,100 — 2,100 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,046 — 2,010 36 All other corporate bonds 22,908 — 22,751 157 Redeemable preferred stock 123 3 113 7 Total fixed maturities 61,933 2,053 59,666 214 Equity securities Public common stock 639 637 — 2 Non-redeemable preferred stock 189 71 118 — Total equity securities 828 708 118 2 Other investments 58 18 — 40 Total $ 62,819 $ 2,779 $ 59,784 $ 256 During the six months ended June 30, 2015, the Company’s transfers between Level 1 and Level 2 were not significant. (at December 31, 2014, 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 $ 2,053 $ 2,049 $ 4 $ — Obligations of states, municipalities and political subdivisions 33,573 — 33,560 13 Debt securities issued by foreign governments 2,368 — 2,368 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,213 — 2,203 10 All other corporate bonds 23,135 — 22,934 201 Redeemable preferred stock 132 2 122 8 Total fixed maturities 63,474 2,051 61,191 232 Equity securities Public common stock 691 691 — — Non-redeemable preferred stock 208 82 126 — Total equity securities 899 773 126 — Other investments 55 19 — 36 Total $ 64,428 $ 2,843 $ 61,317 $ 268 During the year ended December 31, 2014, the Company’s transfers between Level 1 and Level 2 were not significant. There was no significant activity in Level 3 of the hierarchy during the six months ended June 30, 2015 or the year ended December 31, 2014. Financial Instruments Disclosed, But Not Carried, At Fair Value The Company uses various financial instruments in the normal course of its business. 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 at June 30, 2015 and December 31, 2014, and (at June 30, 2015, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 3,924 $ 3,924 $ 1,387 $ 2,497 $ 40 Financial liabilities: Debt $ 6,250 $ 7,237 $ — $ 7,237 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ — (at December 31, 2014, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 4,364 $ 4,364 $ 1,283 $ 3,042 $ 39 Financial liabilities: Debt $ 6,249 $ 7,522 $ — $ 7,522 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ — The Company utilized a pricing service to estimate fair value for approximately 98% of short-term securities at both June 30, 2015 and December 31, 2014. For a description of the process and inputs used by the pricing service to estimate fair value, see the “Fixed Maturities” section in note 4 of notes to the consolidated financial statements in the Company’s 2014 Annual Report. The Company utilized a pricing service to estimate fair value for 100% of its debt, including commercial paper, at June 30, 2015 and December 31, 2014. 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, 2015 or twelve months ended December 31, 2014.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2015
Goodwill and Other Intangible Assets disclosure
Goodwill and Other Intangible Assets disclosure [Text Block]	5. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table presents the carrying amount of the Company’s goodwill by segment at June 30, 2015 and December 31, 2014: (in millions) June 30, December 31, Business and International Insurance (1) $ 2,459 $ 2,476 Bond & Specialty Insurance 495 495 Personal Insurance 613 613 Other 27 27 Total $ 3,594 $ 3,611 (1) Other Intangible Assets The following tables present a summary of the Company’s other intangible assets by major asset class at June 30, 2015 and December 31, 2014: (at June 30, 2015, in millions) Gross Accumulated Net Intangibles subject to amortization Customer-related (1) $ 5 $ 4 $ 1 Fair value adjustment on claims and claim adjustment expense reserves, reinsurance recoverables and other contract-related intangibles (2) 208 142 66 Total intangible assets subject to amortization 213 146 67 Intangible assets not subject to amortization 217 — 217 Total other intangible assets $ 430 $ 146 $ 284 (at December 31, 2014, in millions) Gross Accumulated Net Intangibles subject to amortization Customer-related $ 460 $ 446 $ 14 Fair value adjustment on claims and claim adjustment expense reserves, reinsurance recoverables and other contract-related intangibles (2) 209 136 73 Total intangible assets subject to amortization 669 582 87 Intangible assets not subject to amortization 217 — 217 Total other intangible assets $ 886 $ 582 $ 304 (1) (2) The following presents a summary of the Company’s amortization expense for other intangible assets by major asset class: Three Months Ended Six Months Ended (in millions) 2015 2014 2015 2014 Customer-related $ 6 $ 7 $ 14 $ 15 Fair value adjustment on claims and claim adjustment expense reserves, reinsurance recoverables and other contract-related intangibles 3 4 6 8 Total amortization expense $ 9 $ 11 $ 20 $ 23 Intangible asset amortization expense is estimated to be $7 million for the remainder of 2015, $10 million in 2016, $9 million in 2017, $7 million in 2018 and $6 million in 2019.

Other Comprehensive Income and

Other Comprehensive Income and Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Other Comprehensive Income and Accumulated Other Comprehensive Income disclosure
Other Comprehensive Income and Accumulated Other Comprehensive Income disclosure [Text Block]	6. OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME The following table presents the changes in the Company’s accumulated other comprehensive income (AOCI) for the six months ended June 30, 2015. (in millions) Changes in Net Changes in Net Net Benefit Plan Net Unrealized Total Accumulated Balance, December 31, 2014 $ 1,768 $ 198 $ (755 ) $ (331 ) $ 880 Other comprehensive income (loss) (OCI) before reclassifications (561 ) (8 ) 1 (152 ) (720 ) Amounts reclassified from AOCI (23 ) 2 30 — 9 Net OCI, current period (584 ) (6 ) 31 (152 ) (711 ) Balance, June 30, 2015 $ 1,184 $ 192 $ (724 ) $ (483 ) $ 169 The following tables present the pretax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit) for the three months and six months ended June 30, 2015 and 2014. (for the three months ended June 30, in millions) 2015 2014 Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income $ (1,065 ) $ 518 Income tax expense (benefit) (368 ) 180 Net of taxes (697 ) 338 Having credit losses recognized in the consolidated statement of income (5 ) 1 Income tax expense (benefit) (2 ) — Net of taxes (3 ) 1 Net changes in benefit plan assets and obligations 23 15 Income tax expense 8 5 Net of taxes 15 10 Net changes in unrealized foreign currency translation 94 97 Income tax expense 9 11 Net of taxes 85 86 Total other comprehensive income (loss) (953 ) 631 Total income tax expense (benefit) (353 ) 196 Total other comprehensive income (loss), net of taxes $ (600 ) $ 435 (for the six months ended June 30, in millions) 2015 2014 Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income $ (896 ) $ 1,055 Income tax expense (benefit) (312 ) 366 Net of taxes (584 ) 689 Having credit losses recognized in the consolidated statement of income (10 ) 3 Income tax expense (benefit) (4 ) 1 Net of taxes (6 ) 2 Net changes in benefit plan assets and obligations 47 30 Income tax expense 16 12 Net of taxes 31 18 Net changes in unrealized foreign currency translation (180 ) 54 Income tax expense (benefit) (28 ) 11 Net of taxes (152 ) 43 Total other comprehensive income (loss) (1,039 ) 1,142 Total income tax expense (benefit) (328 ) 390 Total other comprehensive income (loss), net of taxes $ (711 ) $ 752 The following tables present the pretax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income for the three months and six months ended June 30, 2015 and 2014. (for the three months ended June 30, in millions) 2015 2014 Reclassification adjustments related to unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (17 ) $ (24 ) Income tax expense (2) (6 ) (8 ) Net of taxes (11 ) (16 ) Having credit losses recognized in the consolidated statement of income (1) 2 1 Income tax benefit (2) — 1 Net of taxes 2 — Reclassification adjustment related to benefit plan assets and obligations (3) 24 15 Income tax benefit (2) 9 5 Net of taxes 15 10 Reclassification adjustment related to foreign currency translation (1) — — Income tax benefit (2) — — Net of taxes — — Total reclassifications 9 (8 ) Total income tax (expense) benefit 3 (2 ) Total reclassifications, net of taxes $ 6 $ (6 ) (1) (2) (3) (for the six months ended June 30, in millions) 2015 2014 Reclassification adjustments related to unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (35 ) $ (29 ) Income tax expense (2) (12 ) (10 ) Net of taxes (23 ) (19 ) Having credit losses recognized in the consolidated statement of income (1) 2 4 Income tax benefit (2) — 2 Net of taxes 2 2 Reclassification adjustment related to benefit plan assets and obligations (3) 47 30 Income tax benefit (2) 17 12 Net of taxes 30 18 Reclassification adjustment related to foreign currency translation (1) — — Income tax benefit (2) — — Net of taxes — — Total reclassifications 14 5 Total income tax benefit 5 4 Total reclassifications, net of taxes $ 9 $ 1 (1) (2) (3)

Common Share Repurchases

Common Share Repurchases	6 Months Ended
	Jun. 30, 2015
Common Share Repurchases disclosure
Common Share Repurchases disclosure [Text Block]	7. COMMON SHARE REPURCHASES During the three months and six months ended June 30, 2015, the Company repurchased 7.9 million and 13.5 million shares, respectively, under its share repurchase authorization, for a total cost of $800 million and $1.40 billion, respectively. The average cost per share repurchased was $101.62 and $103.85, respectively. On April 21, 2015, the Company’s board of directors approved a share repurchase authorization that added an additional $5.0 billion of repurchase capacity. At June 30, 2015, the Company had $5.08 billion of capacity remaining under its share repurchase authorization. In addition,

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2015
Earnings per Share disclosure
Earnings per Share disclosure [Text Block]	8. 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) 2015 2014 2015 2014 Basic and Diluted Net income, as reported $ 812 $ 683 $ 1,645 $ 1,735 Participating share-based awards — allocated income (6 ) (5 ) (12 ) (12 ) Net income available to common shareholders — basic and diluted $ 806 $ 678 $ 1,633 $ 1,723 Common Shares Basic Weighted average shares outstanding 314.8 343.0 317.7 346.9 Diluted Weighted average shares outstanding 314.8 343.0 317.7 346.9 Weighted average effects of dilutive securities — stock options and performance shares 3.2 3.7 3.5 3.6 Total 318.0 346.7 321.2 350.5 Net Income per Common Share Basic $ 2.56 $ 1.98 $ 5.14 $ 4.97 Diluted $ 2.53 $ 1.95 $ 5.08 $ 4.91

Share-Based Incentive Compensat

Share-Based Incentive Compensation	6 Months Ended
	Jun. 30, 2015
Share-Based Incentive Compensation disclosure
Share-Based Incentive Compensation disclosure [Text Block]	9. SHARE-BASED INCENTIVE COMPENSATION The following information relates to fully vested stock option awards at June 30, 2015: Stock Options Number Weighted Weighted Aggregate Vested at end of period (1) 7,882,636 $ 66.99 6.3 years $ 244 Exercisable at end of period 4,899,904 $ 53.29 4.9 years $ 213 (1) The total compensation cost for all share-based incentive compensation awards recognized in earnings was $31 million for each of the three months ended June 30, 2015 and 2014, and $78 million and $75 million for the six months ended June 30, 2015 and 2014, respectively. The related tax benefits recognized in the consolidated statement of income were $10 million and $11 million for the three months ended June 30, 2015 and 2014, respectively, and $26 million for each of the six months ended June 30, 2015 and 2014. The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards at June 30, 2015 was $181 million, which is expected to be recognized over a weighted-average period of 2.0 years. The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards at December 31, 2014 was $123 million, which was expected to be recognized over a weighted-average period of 1.7 years.

Pension Plans, Retirement Benef

Pension Plans, Retirement Benefits and Savings Plans	6 Months Ended
	Jun. 30, 2015
Pension Plans, Retirement Benefits and Savings Plans disclosure
Pension Plans, Retirement Benefits and Savings Plans disclosure [Text Block]	10. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS The following tables summarize the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income. Pension Plans Postretirement Benefit Plans (for the three months ended June 30, in millions) 2015 2014 2015 2014 Net Periodic Benefit Cost: Service cost $ 32 $ 28 $ — $ — Interest cost on benefit obligation 36 37 2 3 Expected return on plan assets (57 ) (55 ) — — Amortization of unrecognized: Prior service benefit — — — — Net actuarial (gain) loss 24 16 — (1 ) Net periodic benefit cost $ 35 $ 26 $ 2 $ 2 Pension Plans Postretirement Benefit Plans (for the six months ended June 30, in millions) 2015 2014 2015 2014 Net Periodic Benefit Cost: Service cost $ 65 $ 55 $ — $ — Interest cost on benefit obligation 72 75 5 5 Expected return on plan assets (115 ) (109 ) — — Amortization of unrecognized: Prior service benefit — — (1 ) (1 ) Net actuarial (gain) loss 48 32 — (1 ) Net periodic benefit cost $ 70 $ 53 $ 4 $ 3

Contingencies, Commitments and

Contingencies, Commitments and Guarantees	6 Months Ended
	Jun. 30, 2015
Contingencies, Commitments and Guarantees disclosure
Contingencies, Commitments and Guarantees disclosure [Text Block]	11. 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 aggressive 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 the future development of claims and litigation relating to asbestos and environmental claims. Any such development will be affected by future court decisions and interpretations, as well as changes in applicable legislation. Because of these uncertainties, additional liabilities may arise for amounts in excess of the Company’s current reserves. In addition, the Company’s estimate of ultimate claims and claim adjustment expenses may change. These additional liabilities or increases 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. Settlement of Asbestos Direct Action Litigation In January 2015, pursuant to an order issued by the federal bankruptcy court, the Company made a payment in the amount of $579 million for the settlement of litigation that had commenced in 2001 related to the handling and settlement of asbestos claims. The payment was fully accrued in the Company’s financial statements at December 31, 2014 and was comprised of the $502 million settlement amounts, plus pre- and post-judgment interest totaling $77 million. For further information related to this litigation, see “Settlement of Asbestos Direct Action Litigation” in note 16 of notes to the consolidated financial statements in the Company’s 2014 Annual Report. 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. Gain Contingency On August 17, 2010, in a reinsurance dispute in New York state court captioned United States Fidelity & Guaranty Company v. American Re-Insurance Company, et al. Contingencies, Other Commitments and Guarantees Commitments Investment Commitments Guarantees The maximum amount of the Company’s contingent obligation for indemnifications related to the sale of businesses that are quantifiable was $455 million at June 30, 2015, of which $2 million was recognized on the balance sheet at that date. 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 $150 million at June 30, 2015, approximately $75 million of which is indemnified by a third party. 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, 2015, 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 2014 Annual Report.

Consolidating Financial Stateme

Consolidating Financial Statements (Unaudited)	6 Months Ended
	Jun. 30, 2015
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure [Text Block]	12. 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. has fully and unconditionally guaranteed certain debt obligations of Travelers Property Casualty Corp. (TPC), which totaled $700 million at June 30, 2015. 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, Travelers Insurance Group Holdings, Inc. (TIGHI). Concurrent with the merger, The Travelers Companies, Inc. 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, 2015 (in millions) TPC Other Travelers (2) Eliminations Consolidated Revenues Premiums $ 4,044 $ 1,887 $ — $ — $ 5,931 Net investment income 424 206 2 — 632 Fee income 111 — — — 111 Net realized investment gains (losses) (1) 17 (7 ) — — 10 Other revenues 19 3 — — 22 Total revenues 4,615 2,089 2 — 6,706 Claims and expenses Claims and claim adjustment expenses 2,409 1,138 — — 3,547 Amortization of deferred acquisition costs 651 312 — — 963 General and administrative expenses 717 308 3 — 1,028 Interest expense 12 — 80 — 92 Total claims and expenses 3,789 1,758 83 — 5,630 Income (loss) before income taxes 826 331 (81 ) — 1,076 Income tax expense (benefit) 198 86 (20 ) — 264 Net income of subsidiaries — — 873 (873 ) — Net income $ 628 $ 245 $ 812 $ (873 ) $ 812 (1) (in millions) TPC Other Travelers (2) Eliminations Consolidated Total OTTI gains (losses) $ (7 ) $ (1 ) $ — $ — $ (8 ) OTTI losses recognized in net realized investment gains $ (5 ) $ (1 ) $ — $ — $ (6 ) OTTI gains (losses) recognized in OCI $ (2 ) $ — $ — $ — $ (2 ) (2) CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended June 30, 2014 (in millions) TPC Other Travelers (2) Eliminations Consolidated Revenues Premiums $ 4,020 $ 1,908 $ — $ — $ 5,928 Net investment income 472 221 2 — 695 Fee income 111 1 — — 112 Net realized investment gains (1) 5 11 — — 16 Other revenues 32 2 — — 34 Total revenues 4,640 2,143 2 — 6,785 Claims and expenses Claims and claim adjustment expenses 2,569 1,257 — — 3,826 Amortization of deferred acquisition costs 650 315 — — 965 General and administrative expenses 697 300 4 — 1,001 Interest expense 12 — 80 — 92 Total claims and expenses 3,928 1,872 84 — 5,884 Income (loss) before income taxes 712 271 (82 ) — 901 Income tax expense (benefit) 186 60 (28 ) — 218 Net income of subsidiaries — — 737 (737 ) — Net income $ 526 $ 211 $ 683 $ (737 ) $ 683 (1) (in millions) TPC Other Travelers (2) Eliminations Consolidated Total OTTI gains (losses) $ (1 ) $ — $ — $ — $ (1 ) OTTI losses recognized in net realized investment gains $ (1 ) $ — $ — $ — $ (1 ) OTTI gains (losses) recognized in OCI $ — $ — $ — $ — $ — (2) CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the six months ended June 30, 2015 (in millions) TPC Other Travelers (2) Eliminations Consolidated Revenues Premiums $ 8,040 $ 3,779 $ — $ — $ 11,819 Net investment income 835 386 3 — 1,224 Fee income 222 — — — 222 Net realized investment gains (1) 19 — 1 — 20 Other revenues 40 7 — — 47 Total revenues 9,156 4,172 4 — 13,332 Claims and expenses Claims and claim adjustment expenses 4,718 2,260 — — 6,978 Amortization of deferred acquisition costs 1,293 633 — — 1,926 General and administrative expenses 1,412 600 8 — 2,020 Interest expense 24 — 160 — 184 Total claims and expenses 7,447 3,493 168 — 11,108 Income (loss) before income taxes 1,709 679 (164 ) — 2,224 Income tax expense (benefit) 449 179 (49 ) — 579 Net income of subsidiaries — — 1,760 (1,760 ) — Net income $ 1,260 $ 500 $ 1,645 $ (1,760 ) $ 1,645 (1) (in millions) TPC Other Travelers (2) Eliminations Consolidated Total OTTI gains (losses) $ (8 ) $ (4 ) $ — $ — $ (12 ) OTTI losses recognized in net realized investment gains $ (6 ) $ (3 ) $ — $ — $ (9 ) OTTI gains (losses) recognized in OCI $ (2 ) $ (1 ) $ — $ — $ (3 ) (2) CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the six months ended June 30, 2014 (in millions) TPC Other Travelers (2) Eliminations Consolidated Revenues Premiums $ 7,964 $ 3,787 $ — $ — $ 11,751 Net investment income 972 456 3 — 1,431 Fee income 218 1 — — 219 Net realized investment gains (1) 6 9 2 — 17 Other revenues 65 10 — — 75 Total revenues 9,225 4,263 5 — 13,493 Claims and expenses Claims and claim adjustment expenses 4,790 2,351 — — 7,141 Amortization of deferred acquisition costs 1,285 630 — — 1,915 General and administrative expenses 1,310 565 7 — 1,882 Interest expense 24 — 160 — 184 Total claims and expenses 7,409 3,546 167 — 11,122 Income (loss) before income taxes 1,816 717 (162 ) — 2,371 Income tax expense (benefit) 507 185 (56 ) — 636 Net income of subsidiaries — — 1,841 (1,841 ) — Net income $ 1,309 $ 532 $ 1,735 $ (1,841 ) $ 1,735 (1) (in millions) TPC Other Travelers (2) Eliminations Consolidated Total OTTI gains (losses) $ (3 ) $ (5 ) $ — $ — $ (8 ) OTTI losses recognized in net realized investment gains $ (5 ) $ (5 ) $ — $ — $ (10 ) OTTI gains (losses) recognized in OCI $ 2 $ — $ — $ — $ 2 (2) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended June 30, 2015 (in millions) TPC Other Travelers (1) Eliminations Consolidated Net income $ 628 $ 245 $ 812 $ (873 ) $ 812 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (719 ) (345 ) (1 ) — (1,065 ) Having credit losses recognized in the consolidated statement of income (5 ) — — — (5 ) Net changes in benefit plan assets and obligations 1 — 22 — 23 Net changes in unrealized foreign currency translation 34 60 — — 94 Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (689 ) (285 ) 21 — (953 ) Income tax expense (benefit) (246 ) (115 ) 8 — (353 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (443 ) (170 ) 13 — (600 ) Other comprehensive loss of subsidiaries — — (613 ) 613 — Other comprehensive loss (443 ) (170 ) (600 ) 613 (600 ) Comprehensive income $ 185 $ 75 $ 212 $ (260 ) $ 212 (1) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended June 30, 2014 (in millions) TPC Other Travelers (1) Eliminations Consolidated Net income $ 526 $ 211 $ 683 $ (737 ) $ 683 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 359 155 4 — 518 Having credit losses recognized in the consolidated statement of income 2 (1 ) — — 1 Net changes in benefit plan assets and obligations — — 15 — 15 Net changes in unrealized foreign currency translation 51 46 — — 97 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 412 200 19 — 631 Income tax expense 129 61 6 — 196 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 283 139 13 — 435 Other comprehensive income of subsidiaries — — 422 (422 ) — Other comprehensive income 283 139 435 (422 ) 435 Comprehensive income $ 809 $ 350 $ 1,118 $ (1,159 ) $ 1,118 (1) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the six months ended June 30, 2015 (in millions) TPC Other Travelers (1) Eliminations Consolidated Net income $ 1,260 $ 500 $ 1,645 $ (1,760 ) $ 1,645 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (585 ) (312 ) 1 — (896 ) Having credit losses recognized in the consolidated statement of income (9 ) (1 ) — — (10 ) Net changes in benefit plan assets and obligations 1 1 45 — 47 Net changes in unrealized foreign currency translation (145 ) (35 ) — — (180 ) Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (738 ) (347 ) 46 — (1,039 ) Income tax expense (benefit) (232 ) (112 ) 16 — (328 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (506 ) (235 ) 30 — (711 ) Other comprehensive loss of subsidiaries — — (741 ) 741 — Other comprehensive loss (506 ) (235 ) (711 ) 741 (711 ) Comprehensive income $ 754 $ 265 $ 934 $ (1,019 ) $ 934 (1) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the six months ended June 30, 2014 (in millions) TPC Other Travelers (1) Eliminations Consolidated Net income $ 1,309 $ 532 $ 1,735 $ (1,841 ) $ 1,735 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 750 301 4 — 1,055 Having credit losses recognized in the consolidated statement of income 9 (6 ) — — 3 Net changes in benefit plan assets and obligations — — 30 — 30 Net changes in unrealized foreign currency translation 26 28 — — 54 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 785 323 34 — 1,142 Income tax expense 272 106 12 — 390 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 513 217 22 — 752 Other comprehensive income of subsidiaries — — 730 (730 ) — Other comprehensive income 513 217 752 (730 ) 752 Comprehensive income $ 1,822 $ 749 $ 2,487 $ (2,571 ) $ 2,487 (1) CONSOLIDATING BALANCE SHEET (Unaudited) At June 30, 2015 (in millions) TPC Other Travelers (1) Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $60,103) $ 42,549 $ 19,340 $ 44 $ — $ 61,933 Equity securities, available for sale, at fair value (cost $573) 224 460 144 — 828 Real estate investments 56 924 — — 980 Short-term securities 1,798 478 1,648 — 3,924 Other investments 2,628 936 1 — 3,565 Total investments 47,255 22,138 1,837 — 71,230 Cash 184 131 2 — 317 Investment income accrued 451 201 3 — 655 Premiums receivable 4,504 2,260 — — 6,764 Reinsurance recoverables 5,721 3,244 — — 8,965 Ceded unearned premiums 690 92 — — 782 Deferred acquisition costs 1,672 219 — — 1,891 Deferred taxes 117 55 44 — 216 Contractholder receivables 3,417 1,056 — — 4,473 Goodwill 2,589 1,005 — — 3,594 Other intangible assets 202 82 — — 284 Investment in subsidiaries — — 28,057 (28,057 ) — Other assets 2,170 (32 ) 355 — 2,493 Total assets $ 68,972 $ 30,451 $ 30,298 $ (28,057 ) $ 101,664 Liabilities Claims and claim adjustment expense reserves $ 32,161 $ 16,672 $ — $ — $ 48,833 Unearned premium reserves 8,414 3,739 — — 12,153 Contractholder payables 3,417 1,056 — — 4,473 Payables for reinsurance premiums 243 185 — — 428 Debt 692 — 5,658 — 6,350 Other liabilities 4,145 630 531 — 5,306 Total liabilities 49,072 22,282 6,189 — 77,543 Shareholders’ equity Common stock (1,750.0 shares authorized; 311.2 shares issued and outstanding) — 390 22,039 (390 ) 22,039 Additional paid-in capital 11,634 6,502 — (18,136 ) — Retained earnings 7,711 1,012 28,512 (8,711 ) 28,524 Accumulated other comprehensive income 555 265 169 (820 ) 169 Treasury stock, at cost (451.5 shares) — — (26,611 ) — (26,611 ) Total shareholders’ equity 19,900 8,169 24,109 (28,057 ) 24,121 Total liabilities and shareholders’ equity $ 68,972 $ 30,451 $ 30,298 $ (28,057 ) $ 101,664 (1) CONSOLIDATING BALANCE SHEET (Unaudited) At December 31, 2014 (in millions) TPC Other Travelers (1) Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $60,801) $ 43,401 $ 20,043 $ 30 $ — $ 63,474 Equity securities, available for sale, at fair value (cost $579) 236 522 141 — 899 Real estate investments 56 882 — — 938 Short-term securities 2,128 706 1,530 — 4,364 Other investments 2,630 955 1 — 3,586 Total investments 48,451 23,108 1,702 — 73,261 Cash 221 151 2 — 374 Investment income accrued 468 215 2 — 685 Premiums receivable 4,241 2,057 — — 6,298 Reinsurance recoverables 6,156 3,104 — — 9,260 Ceded unearned premiums 608 70 — — 678 Deferred acquisition costs 1,622 213 — — 1,835 Deferred taxes 23 (40 ) 50 — 33 Contractholder receivables 3,306 1,056 — — 4,362 Goodwill 2,602 1,009 — — 3,611 Other intangible assets 216 88 — — 304 Investment in subsidiaries — — 28,821 (28,821 ) — Other assets 1,931 429 17 — 2,377 Total assets $ 69,845 $ 31,460 $ 30,594 $ (28,821 ) $ 103,078 Liabilities Claims and claim adjustment expense reserves $ 32,999 $ 16,851 $ — $ — $ 49,850 Unearned premium reserves 8,201 3,638 — — 11,839 Contractholder payables 3,306 1,056 — — 4,362 Payables for reinsurance premiums 194 142 — — 336 Debt 692 — 5,657 — 6,349 Other liabilities 4,084 1,308 114 — 5,506 Total liabilities 49,476 22,995 5,771 — 78,242 Shareholders’ equity Common stock (1,750.0 shares authorized; 322.2 shares issued and outstanding) — 390 21,843 (390 ) 21,843 Additional paid-in capital 11,634 6,502 — (18,136 ) — Retained earnings 7,673 1,073 27,238 (8,733 ) 27,251 Accumulated other comprehensive income 1,062 500 880 (1,562 ) 880 Treasury stock, at cost (437.3 shares) — — (25,138 ) — (25,138 ) Total shareholders’ equity 20,369 8,465 24,823 (28,821 ) 24,836 Total liabilities and shareholders’ equity $ 69,845 $ 31,460 $ 30,594 $ (28,821 ) $ 103,078 (1) CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the six months ended June 30, 2015 (in millions) TPC Other Travelers (1) Eliminations Consolidated Cash flows from operating activities Net income $ 1,260 $ 500 $ 1,645 $ (1,760 ) $ 1,645 Net adjustments to reconcile net income to net cash provided by (used in) operating activities (410 ) (520 ) 182 (22 ) (770 ) Net cash provided by (used in) operating activities 850 (20 ) 1,827 (1,782 ) 875 Cash flows from investing activities Proceeds from maturities of fixed maturities 3,604 1,707 3 — 5,314 Proceeds from sales of investments: Fixed maturities 710 516 — — 1,226 Equity securities 11 17 — — 28 Real estate investments — 10 — — 10 Other investments 244 110 — — 354 Purchases of investments: Fixed maturities (4,352 ) (1,869 ) (18 ) — (6,239 ) Equity securities (2 ) (19 ) (1 ) — (22 ) Real estate investments — (69 ) — — (69 ) Other investments (222 ) (53 ) — — (275 ) Net (purchases) sales of short-term securities 327 224 (118 ) — 433 Securities transactions in course of settlement 190 (7 ) — — 183 Other (175 ) (3 ) — — (178 ) Net cash provided by (used in) investing activities 335 564 (134 ) — 765 Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (1,400 ) — (1,400 ) Treasury stock acquired — net employee share-based compensation — — (72 ) — (72 ) Dividends paid to shareholders — — (369 ) — (369 ) Issuance of common stock — employee share options — — 117 — 117 Excess tax benefits from share-based payment arrangements — — 31 — 31 Dividends paid to parent company (1,222 ) (560 ) — 1,782 — Net cash used in financing activities (1,222 ) (560 ) (1,693 ) 1,782 (1,693 ) Effect of exchange rate changes on cash — (4 ) — — (4 ) Net decrease in cash (37 ) (20 ) — — (57 ) Cash at beginning of year 221 151 2 — 374 Cash at end of period $ 184 $ 131 $ 2 $ — $ 317 Supplemental disclosure of cash flow information Income taxes paid (received) $ 534 $ 197 $ (134 ) $ — $ 597 Interest paid $ 24 $ — $ 159 $ — $ 183 (1) CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the six months ended June 30, 2014 (in millions) TPC Other Travelers (1) Eliminations Consolidated Cash flows from operating activities Net income $ 1,309 $ 532 $ 1,735 $ (1,841 ) $ 1,735 Net adjustments to reconcile net income to net cash provided by operating activities (154 ) (317 ) 305 (241 ) (407 ) Net cash provided by operating activities 1,155 215 2,040 (2,082 ) 1,328 Cash flows from investing activities Proceeds from maturities of fixed maturities 3,005 1,909 1 — 4,915 Proceeds from sales of investments: Fixed maturities 415 369 1 — 785 Equity securities 57 34 4 — 95 Real estate investments — 5 — — 5 Other investments 196 142 — — 338 Purchases of investments: Fixed maturities (3,399 ) (2,046 ) (4 ) — (5,449 ) Equity securities (3 ) (32 ) (5 ) — (40 ) Real estate investments (21 ) (15 ) — — (36 ) Other investments (154 ) (72 ) — — (226 ) Net sales (purchases) of short-term securities 347 (47 ) (240 ) — 60 Securities transactions in course of settlement 113 91 — — 204 Acquisition, net of cash acquired (9 ) (3 ) — — (12 ) Other (147 ) (5 ) — — (152 ) Net cash provided by (used in) investing activities 400 330 (243 ) — 487 Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (1,525 ) — (1,525 ) Treasury stock acquired — net employee share-based compensation — — (55 ) — (55 ) Dividends paid to shareholders — — (365 ) — (365 ) Issuance of common stock — employee share options — — 122 — 122 Excess tax benefits from share-based payment arrangements — — 24 — 24 Dividends paid to parent company (1,525 ) (557 ) — 2,082 — Net cash used in financing activities (1,525 ) (557 ) (1,799 ) 2,082 (1,799 ) Effect of exchange rate changes on cash — 1 — — 1 Net increase (decrease) in cash 30 (11 ) (2 ) — 17 Cash at beginning of year 137 154 3 — 294 Cash at end of period $ 167 $ 143 $ 1 $ — $ 311 Supplemental disclosure of cash flow information Income taxes paid (received) $ 570 $ 205 $ (48 ) $ — $ 727 Interest paid $ 24 $ — $ 159 $ — $ 183 (1)

Basis of Presentation and Acc21

Basis of Presentation and Accounting Policies (policies)	6 Months Ended
	Jun. 30, 2015
Basis of Presentation and Accounting Policies disclosure
Accounting Policies, 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, 2014 (the Company’s 2014 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.
Accounting Policies, Adoption of Accounting Standards Updates [Policy Text Block]	Adoption of Accounting Standards Updates Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the Financial Accounting Standards Board (FASB) issued revised guidance to reduce diversity in practice for reporting discontinued operations. Under the previous guidance, any component of an entity that was a reportable segment, an operating segment, a reporting unit, a subsidiary or an asset group was eligible for discontinued operations presentation. The revised guidance only allows disposals of components of an entity that represent a strategic shift (e.g., disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity) and that have a major effect on a reporting entity’s operations and financial results to be reported as discontinued operations. The revised guidance also requires expanded disclosure in the financial statements for discontinued operations as well as for disposals of significant components of an entity that do not qualify for discontinued operations presentation. The updated guidance was effective for the quarter ending March 31, 2015. The adoption of this guidance did not have any effect on the Company’s results of operations, financial position or liquidity.

Segment Information (tables)

Segment Information (tables)	6 Months Ended
	Jun. 30, 2015
Segment Information disclosure
Company's revenues and operating income by segment [Table Text Block]	(for the three months Business and Bond & Specialty Personal Total 2015 Premiums $ 3,609 $ 524 $ 1,798 $ 5,931 Net investment income 487 57 88 632 Fee income 111 — — 111 Other revenues 5 5 12 22 Total operating revenues (1) $ 4,212 $ 586 $ 1,898 $ 6,696 Operating income (1) $ 543 $ 151 $ 174 $ 868 2014 Premiums $ 3,631 $ 524 $ 1,773 $ 5,928 Net investment income 539 62 94 695 Fee income 112 — — 112 Other revenues 10 6 17 33 Total operating revenues (1) $ 4,292 $ 592 $ 1,884 $ 6,768 Operating income (1) $ 471 $ 192 $ 75 $ 738 (1) Operating revenues for reportable business segments exclude net realized investment gains (losses). Operating income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains (losses). (for the six months Business and Bond & Specialty Personal Total 2015 Premiums $ 7,229 $ 1,028 $ 3,562 $ 11,819 Net investment income 941 113 170 1,224 Fee income 222 — — 222 Other revenues 13 10 24 47 Total operating revenues (1) $ 8,405 $ 1,151 $ 3,756 $ 13,312 Operating income (1) $ 1,058 $ 275 $ 426 $ 1,759 2014 Premiums $ 7,189 $ 1,027 $ 3,535 $ 11,751 Net investment income 1,109 128 194 1,431 Fee income 219 — — 219 Other revenues 22 10 43 75 Total operating revenues (1) $ 8,539 $ 1,165 $ 3,772 $ 13,476 Operating income (1) $ 1,165 $ 346 $ 343 $ 1,854 (1) Operating revenues for reportable business segments exclude net realized investment gains (losses). Operating 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) 2015 2014 2015 2014 Revenue reconciliation Earned premiums Business and International Insurance: Domestic: Workers’ compensation $ 957 $ 923 $ 1,919 $ 1,831 Commercial automobile 477 473 946 941 Commercial property 442 440 883 868 General liability 473 457 945 904 Commercial multi-peril 779 763 1,554 1,518 Other 10 11 20 21 Total Domestic 3,138 3,067 6,267 6,083 International 471 564 962 1,106 Total Business and International Insurance 3,609 3,631 7,229 7,189 Bond & Specialty Insurance: Fidelity and surety 240 238 465 460 General liability 240 241 476 478 Other 44 45 87 89 Total Bond & Specialty Insurance 524 524 1,028 1,027 Personal Insurance: Automobile 863 821 1,699 1,636 Homeowners and other 935 952 1,863 1,899 Total Personal Insurance 1,798 1,773 3,562 3,535 Total earned premiums 5,931 5,928 11,819 11,751 Net investment income 632 695 1,224 1,431 Fee income 111 112 222 219 Other revenues 22 33 47 75 Total operating revenues for reportable segments 6,696 6,768 13,312 13,476 Other revenues — 1 — — Net realized investment gains 10 16 20 17 Total consolidated revenues $ 6,706 $ 6,785 $ 13,332 $ 13,493 Income reconciliation, net of tax Total operating income for reportable segments $ 868 $ 738 $ 1,759 $ 1,854 Interest Expense and Other (1) (62 ) (65 ) (126 ) (129 ) Total operating income 806 673 1,633 1,725 Net realized investment gains 6 10 12 10 Total consolidated net income $ 812 $ 683 $ 1,645 $ 1,735 (1)
Asset reconciliation [Table Text Block]	(in millions) June 30, December 31, Asset reconciliation: Business and International Insurance $ 80,839 $ 82,309 Bond & Specialty Insurance 7,585 7,525 Personal Insurance 12,692 12,798 Total assets for reportable segments 101,116 102,632 Other assets (1) 548 446 Total consolidated assets $ 101,664 $ 103,078 (1)

Investments (tables)

Investments (tables)	6 Months Ended
	Jun. 30, 2015
Investments disclosure
Amortized cost and fair value of investments in fixed maturities [Table Text Block]	Amortized Gross Unrealized Fair (at June 30, 2015, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,025 $ 28 $ 7 $ 2,046 Obligations of states, municipalities and political subdivisions: Pre-refunded 6,966 306 1 7,271 All other 24,704 888 153 25,439 Total obligations of states, municipalities and political subdivisions 31,670 1,194 154 32,710 Debt securities issued by foreign governments 2,049 52 1 2,100 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,905 147 6 2,046 All other corporate bonds 22,341 714 147 22,908 Redeemable preferred stock 113 10 — 123 Total $ 60,103 $ 2,145 $ 315 $ 61,933 Amortized Gross Unrealized Fair (at December 31, 2014, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,022 $ 36 $ 5 $ 2,053 Obligations of states, municipalities and political subdivisions: Pre-refunded 7,229 332 — 7,561 All other 24,666 1,356 10 26,012 Total obligations of states, municipalities and political subdivisions 31,895 1,688 10 33,573 Debt securities issued by foreign governments 2,320 48 — 2,368 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,052 165 4 2,213 All other corporate bonds 22,390 844 99 23,135 Redeemable preferred stock 122 10 — 132 Total $ 60,801 $ 2,791 $ 118 $ 63,474
Cost and fair value of investments in equity securities [Table Text Block]	Gross Unrealized Fair (at June 30, 2015, in millions) Cost Gains Losses Value Public common stock $ 410 $ 235 $ 6 $ 639 Non-redeemable preferred stock 163 29 3 189 Total $ 573 $ 264 $ 9 $ 828 Gross Unrealized Fair (at December 31, 2014, in millions) Cost Gains Losses Value Public common stock $ 400 $ 295 $ 4 $ 691 Non-redeemable preferred stock 179 31 2 208 Total $ 579 $ 326 $ 6 $ 899
Unrealized investment losses [Table Text Block]	Less than 12 months 12 months or longer Total (at June 30, 2015, in millions) Fair Gross Fair Gross Fair Gross Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 507 $ 7 $ 24 $ — $ 531 $ 7 Obligations of states, municipalities and political subdivisions 7,737 147 135 7 7,872 154 Debt securities issued by foreign governments 154 1 — — 154 1 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 274 2 126 4 400 6 All other corporate bonds 5,509 114 570 33 6,079 147 Redeemable preferred stock 2 — — — 2 — Total fixed maturities 14,183 271 855 44 15,038 315 Equity securities Public common stock 51 6 29 — 80 6 Non-redeemable preferred stock 55 1 50 2 105 3 Total equity securities 106 7 79 2 185 9 Total $ 14,289 $ 278 $ 934 $ 46 $ 15,223 $ 324 Less than 12 months 12 months or longer Total (at December 31, 2014, in millions) Fair Gross Fair Gross Fair Gross Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 180 $ 2 $ 125 $ 3 $ 305 $ 5 Obligations of states, municipalities and political subdivisions 173 1 797 9 970 10 Debt securities issued by foreign governments 50 — 24 — 74 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 68 — 192 4 260 4 All other corporate bonds 2,148 38 2,355 61 4,503 99 Total fixed maturities 2,619 41 3,493 77 6,112 118 Equity securities Public common stock 81 4 1 — 82 4 Non-redeemable preferred stock 44 1 42 1 86 2 Total equity securities 125 5 43 1 168 6 Total $ 2,744 $ 46 $ 3,536 $ 78 $ 6,280 $ 124

Fair Value Measurements (tables

Fair Value Measurements (tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements disclosure
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities reported at fair value are measured [Table Text Block]	(at June 30, 2015, 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 $ 2,046 $ 2,043 $ 3 $ — Obligations of states, municipalities and political subdivisions 32,710 7 32,689 14 Debt securities issued by foreign governments 2,100 — 2,100 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,046 — 2,010 36 All other corporate bonds 22,908 — 22,751 157 Redeemable preferred stock 123 3 113 7 Total fixed maturities 61,933 2,053 59,666 214 Equity securities Public common stock 639 637 — 2 Non-redeemable preferred stock 189 71 118 — Total equity securities 828 708 118 2 Other investments 58 18 — 40 Total $ 62,819 $ 2,779 $ 59,784 $ 256 (at December 31, 2014, 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 $ 2,053 $ 2,049 $ 4 $ — Obligations of states, municipalities and political subdivisions 33,573 — 33,560 13 Debt securities issued by foreign governments 2,368 — 2,368 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,213 — 2,203 10 All other corporate bonds 23,135 — 22,934 201 Redeemable preferred stock 132 2 122 8 Total fixed maturities 63,474 2,051 61,191 232 Equity securities Public common stock 691 691 — — Non-redeemable preferred stock 208 82 126 — Total equity securities 899 773 126 — Other investments 55 19 — 36 Total $ 64,428 $ 2,843 $ 61,317 $ 268
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]	(at June 30, 2015, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 3,924 $ 3,924 $ 1,387 $ 2,497 $ 40 Financial liabilities: Debt $ 6,250 $ 7,237 $ — $ 7,237 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ — (at December 31, 2014, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 4,364 $ 4,364 $ 1,283 $ 3,042 $ 39 Financial liabilities: Debt $ 6,249 $ 7,522 $ — $ 7,522 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ —

Goodwill and Other Intangible25

Goodwill and Other Intangible Assets (tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Other Intangible Assets disclosure
Goodwill by segment [Table Text Block]	(in millions) June 30, December 31, Business and International Insurance (1) $ 2,459 $ 2,476 Bond & Specialty Insurance 495 495 Personal Insurance 613 613 Other 27 27 Total $ 3,594 $ 3,611 (1)
Other intangible assets by major asset class [Table Text Block]	(at June 30, 2015, in millions) Gross Accumulated Net Intangibles subject to amortization Customer-related (1) $ 5 $ 4 $ 1 Fair value adjustment on claims and claim adjustment expense reserves, reinsurance recoverables and other contract-related intangibles (2) 208 142 66 Total intangible assets subject to amortization 213 146 67 Intangible assets not subject to amortization 217 — 217 Total other intangible assets $ 430 $ 146 $ 284 (at December 31, 2014, in millions) Gross Accumulated Net Intangibles subject to amortization Customer-related $ 460 $ 446 $ 14 Fair value adjustment on claims and claim adjustment expense reserves, reinsurance recoverables and other contract-related intangibles (2) 209 136 73 Total intangible assets subject to amortization 669 582 87 Intangible assets not subject to amortization 217 — 217 Total other intangible assets $ 886 $ 582 $ 304 (1) (2)
Amortization expense for other intangible assets by major asset class [Table Text Block]	Three Months Ended Six Months Ended (in millions) 2015 2014 2015 2014 Customer-related $ 6 $ 7 $ 14 $ 15 Fair value adjustment on claims and claim adjustment expense reserves, reinsurance recoverables and other contract-related intangibles 3 4 6 8 Total amortization expense $ 9 $ 11 $ 20 $ 23

Other Comprehensive Income an26

Other Comprehensive Income and Accumulated Other Comprehensive Income (tables)	6 Months Ended
	Jun. 30, 2015
Other Comprehensive Income and Accumulated Other Comprehensive Income disclosure
Changes in accumulated other comprehensive income (AOCI) [Table Text Block]	(in millions) Changes in Net Changes in Net Net Benefit Plan Net Unrealized Total Accumulated Balance, December 31, 2014 $ 1,768 $ 198 $ (755 ) $ (331 ) $ 880 Other comprehensive income (loss) (OCI) before reclassifications (561 ) (8 ) 1 (152 ) (720 ) Amounts reclassified from AOCI (23 ) 2 30 — 9 Net OCI, current period (584 ) (6 ) 31 (152 ) (711 ) Balance, June 30, 2015 $ 1,184 $ 192 $ (724 ) $ (483 ) $ 169
Pretax components of other comprehensive income (loss) and the related income tax expense (benefit) for each component [Table Text Block]	(for the three months ended June 30, in millions) 2015 2014 Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income $ (1,065 ) $ 518 Income tax expense (benefit) (368 ) 180 Net of taxes (697 ) 338 Having credit losses recognized in the consolidated statement of income (5 ) 1 Income tax expense (benefit) (2 ) — Net of taxes (3 ) 1 Net changes in benefit plan assets and obligations 23 15 Income tax expense 8 5 Net of taxes 15 10 Net changes in unrealized foreign currency translation 94 97 Income tax expense 9 11 Net of taxes 85 86 Total other comprehensive income (loss) (953 ) 631 Total income tax expense (benefit) (353 ) 196 Total other comprehensive income (loss), net of taxes $ (600 ) $ 435 (for the six months ended June 30, in millions) 2015 2014 Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income $ (896 ) $ 1,055 Income tax expense (benefit) (312 ) 366 Net of taxes (584 ) 689 Having credit losses recognized in the consolidated statement of income (10 ) 3 Income tax expense (benefit) (4 ) 1 Net of taxes (6 ) 2 Net changes in benefit plan assets and obligations 47 30 Income tax expense 16 12 Net of taxes 31 18 Net changes in unrealized foreign currency translation (180 ) 54 Income tax expense (benefit) (28 ) 11 Net of taxes (152 ) 43 Total other comprehensive income (loss) (1,039 ) 1,142 Total income tax expense (benefit) (328 ) 390 Total other comprehensive income (loss), net of taxes $ (711 ) $ 752
Pretax components of the amounts reclassified from accumulated other comprehensive income and the related income tax (expense) benefit for each component [Table Text Block]	(for the three months ended June 30, in millions) 2015 2014 Reclassification adjustments related to unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (17 ) $ (24 ) Income tax expense (2) (6 ) (8 ) Net of taxes (11 ) (16 ) Having credit losses recognized in the consolidated statement of income (1) 2 1 Income tax benefit (2) — 1 Net of taxes 2 — Reclassification adjustment related to benefit plan assets and obligations (3) 24 15 Income tax benefit (2) 9 5 Net of taxes 15 10 Reclassification adjustment related to foreign currency translation (1) — — Income tax benefit (2) — — Net of taxes — — Total reclassifications 9 (8 ) Total income tax (expense) benefit 3 (2 ) Total reclassifications, net of taxes $ 6 $ (6 ) (1) (2) (3) (for the six months ended June 30, in millions) 2015 2014 Reclassification adjustments related to unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (35 ) $ (29 ) Income tax expense (2) (12 ) (10 ) Net of taxes (23 ) (19 ) Having credit losses recognized in the consolidated statement of income (1) 2 4 Income tax benefit (2) — 2 Net of taxes 2 2 Reclassification adjustment related to benefit plan assets and obligations (3) 47 30 Income tax benefit (2) 17 12 Net of taxes 30 18 Reclassification adjustment related to foreign currency translation (1) — — Income tax benefit (2) — — Net of taxes — — Total reclassifications 14 5 Total income tax benefit 5 4 Total reclassifications, net of taxes $ 9 $ 1 (1) (2) (3)

Earnings per Share (table)

Earnings per Share (table)	6 Months Ended
	Jun. 30, 2015
Earnings per Share disclosure
Earnings per share reconciliation [Table Text Block]	Three Months Ended Six Months Ended (in millions, except per share amounts) 2015 2014 2015 2014 Basic and Diluted Net income, as reported $ 812 $ 683 $ 1,645 $ 1,735 Participating share-based awards — allocated income (6 ) (5 ) (12 ) (12 ) Net income available to common shareholders — basic and diluted $ 806 $ 678 $ 1,633 $ 1,723 Common Shares Basic Weighted average shares outstanding 314.8 343.0 317.7 346.9 Diluted Weighted average shares outstanding 314.8 343.0 317.7 346.9 Weighted average effects of dilutive securities — stock options and performance shares 3.2 3.7 3.5 3.6 Total 318.0 346.7 321.2 350.5 Net Income per Common Share Basic $ 2.56 $ 1.98 $ 5.14 $ 4.97 Diluted $ 2.53 $ 1.95 $ 5.08 $ 4.91

Share-Based Incentive Compens28

Share-Based Incentive Compensation (table)	6 Months Ended
	Jun. 30, 2015
Share-Based Incentive Compensation disclosure
Information for fully vested stock option awards [Table Text Block]	Stock Options Number Weighted Weighted Aggregate Vested at end of period (1) 7,882,636 $ 66.99 6.3 years $ 244 Exercisable at end of period 4,899,904 $ 53.29 4.9 years $ 213 (1)

Pension Plans, Retirement Ben29

Pension Plans, Retirement Benefits and Savings Plans (table)	6 Months Ended
	Jun. 30, 2015
Pension Plans, Retirement Benefits and Savings Plans disclosure
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]	Pension Plans Postretirement Benefit Plans (for the three months ended June 30, in millions) 2015 2014 2015 2014 Net Periodic Benefit Cost: Service cost $ 32 $ 28 $ — $ — Interest cost on benefit obligation 36 37 2 3 Expected return on plan assets (57 ) (55 ) — — Amortization of unrecognized: Prior service benefit — — — — Net actuarial (gain) loss 24 16 — (1 ) Net periodic benefit cost $ 35 $ 26 $ 2 $ 2 Pension Plans Postretirement Benefit Plans (for the six months ended June 30, in millions) 2015 2014 2015 2014 Net Periodic Benefit Cost: Service cost $ 65 $ 55 $ — $ — Interest cost on benefit obligation 72 75 5 5 Expected return on plan assets (115 ) (109 ) — — Amortization of unrecognized: Prior service benefit — — (1 ) (1 ) Net actuarial (gain) loss 48 32 — (1 ) Net periodic benefit cost $ 70 $ 53 $ 4 $ 3

Consolidating Financial State30

Consolidating Financial Statements (Unaudited) (tables)	6 Months Ended
	Jun. 30, 2015
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, 2015 (in millions) TPC Other Travelers (2) Eliminations Consolidated Revenues Premiums $ 4,044 $ 1,887 $ — $ — $ 5,931 Net investment income 424 206 2 — 632 Fee income 111 — — — 111 Net realized investment gains (losses) (1) 17 (7 ) — — 10 Other revenues 19 3 — — 22 Total revenues 4,615 2,089 2 — 6,706 Claims and expenses Claims and claim adjustment expenses 2,409 1,138 — — 3,547 Amortization of deferred acquisition costs 651 312 — — 963 General and administrative expenses 717 308 3 — 1,028 Interest expense 12 — 80 — 92 Total claims and expenses 3,789 1,758 83 — 5,630 Income (loss) before income taxes 826 331 (81 ) — 1,076 Income tax expense (benefit) 198 86 (20 ) — 264 Net income of subsidiaries — — 873 (873 ) — Net income $ 628 $ 245 $ 812 $ (873 ) $ 812 (1) (in millions) TPC Other Travelers (2) Eliminations Consolidated Total OTTI gains (losses) $ (7 ) $ (1 ) $ — $ — $ (8 ) OTTI losses recognized in net realized investment gains $ (5 ) $ (1 ) $ — $ — $ (6 ) OTTI gains (losses) recognized in OCI $ (2 ) $ — $ — $ — $ (2 ) (2) CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended June 30, 2014 (in millions) TPC Other Travelers (2) Eliminations Consolidated Revenues Premiums $ 4,020 $ 1,908 $ — $ — $ 5,928 Net investment income 472 221 2 — 695 Fee income 111 1 — — 112 Net realized investment gains (1) 5 11 — — 16 Other revenues 32 2 — — 34 Total revenues 4,640 2,143 2 — 6,785 Claims and expenses Claims and claim adjustment expenses 2,569 1,257 — — 3,826 Amortization of deferred acquisition costs 650 315 — — 965 General and administrative expenses 697 300 4 — 1,001 Interest expense 12 — 80 — 92 Total claims and expenses 3,928 1,872 84 — 5,884 Income (loss) before income taxes 712 271 (82 ) — 901 Income tax expense (benefit) 186 60 (28 ) — 218 Net income of subsidiaries — — 737 (737 ) — Net income $ 526 $ 211 $ 683 $ (737 ) $ 683 (1) (in millions) TPC Other Travelers (2) Eliminations Consolidated Total OTTI gains (losses) $ (1 ) $ — $ — $ — $ (1 ) OTTI losses recognized in net realized investment gains $ (1 ) $ — $ — $ — $ (1 ) OTTI gains (losses) recognized in OCI $ — $ — $ — $ — $ — (2) CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the six months ended June 30, 2015 (in millions) TPC Other Travelers (2) Eliminations Consolidated Revenues Premiums $ 8,040 $ 3,779 $ — $ — $ 11,819 Net investment income 835 386 3 — 1,224 Fee income 222 — — — 222 Net realized investment gains (1) 19 — 1 — 20 Other revenues 40 7 — — 47 Total revenues 9,156 4,172 4 — 13,332 Claims and expenses Claims and claim adjustment expenses 4,718 2,260 — — 6,978 Amortization of deferred acquisition costs 1,293 633 — — 1,926 General and administrative expenses 1,412 600 8 — 2,020 Interest expense 24 — 160 — 184 Total claims and expenses 7,447 3,493 168 — 11,108 Income (loss) before income taxes 1,709 679 (164 ) — 2,224 Income tax expense (benefit) 449 179 (49 ) — 579 Net income of subsidiaries — — 1,760 (1,760 ) — Net income $ 1,260 $ 500 $ 1,645 $ (1,760 ) $ 1,645 (1) (in millions) TPC Other Travelers (2) Eliminations Consolidated Total OTTI gains (losses) $ (8 ) $ (4 ) $ — $ — $ (12 ) OTTI losses recognized in net realized investment gains $ (6 ) $ (3 ) $ — $ — $ (9 ) OTTI gains (losses) recognized in OCI $ (2 ) $ (1 ) $ — $ — $ (3 ) (2) CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the six months ended June 30, 2014 (in millions) TPC Other Travelers (2) Eliminations Consolidated Revenues Premiums $ 7,964 $ 3,787 $ — $ — $ 11,751 Net investment income 972 456 3 — 1,431 Fee income 218 1 — — 219 Net realized investment gains (1) 6 9 2 — 17 Other revenues 65 10 — — 75 Total revenues 9,225 4,263 5 — 13,493 Claims and expenses Claims and claim adjustment expenses 4,790 2,351 — — 7,141 Amortization of deferred acquisition costs 1,285 630 — — 1,915 General and administrative expenses 1,310 565 7 — 1,882 Interest expense 24 — 160 — 184 Total claims and expenses 7,409 3,546 167 — 11,122 Income (loss) before income taxes 1,816 717 (162 ) — 2,371 Income tax expense (benefit) 507 185 (56 ) — 636 Net income of subsidiaries — — 1,841 (1,841 ) — Net income $ 1,309 $ 532 $ 1,735 $ (1,841 ) $ 1,735 (1) (in millions) TPC Other Travelers (2) Eliminations Consolidated Total OTTI gains (losses) $ (3 ) $ (5 ) $ — $ — $ (8 ) OTTI losses recognized in net realized investment gains $ (5 ) $ (5 ) $ — $ — $ (10 ) OTTI gains (losses) recognized in OCI $ 2 $ — $ — $ — $ 2 (2)
Consolidating Statement of Comprehensive Income (Unaudited) [Table Text Block]	CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended June 30, 2015 (in millions) TPC Other Travelers (1) Eliminations Consolidated Net income $ 628 $ 245 $ 812 $ (873 ) $ 812 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (719 ) (345 ) (1 ) — (1,065 ) Having credit losses recognized in the consolidated statement of income (5 ) — — — (5 ) Net changes in benefit plan assets and obligations 1 — 22 — 23 Net changes in unrealized foreign currency translation 34 60 — — 94 Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (689 ) (285 ) 21 — (953 ) Income tax expense (benefit) (246 ) (115 ) 8 — (353 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (443 ) (170 ) 13 — (600 ) Other comprehensive loss of subsidiaries — — (613 ) 613 — Other comprehensive loss (443 ) (170 ) (600 ) 613 (600 ) Comprehensive income $ 185 $ 75 $ 212 $ (260 ) $ 212 (1) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended June 30, 2014 (in millions) TPC Other Travelers (1) Eliminations Consolidated Net income $ 526 $ 211 $ 683 $ (737 ) $ 683 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 359 155 4 — 518 Having credit losses recognized in the consolidated statement of income 2 (1 ) — — 1 Net changes in benefit plan assets and obligations — — 15 — 15 Net changes in unrealized foreign currency translation 51 46 — — 97 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 412 200 19 — 631 Income tax expense 129 61 6 — 196 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 283 139 13 — 435 Other comprehensive income of subsidiaries — — 422 (422 ) — Other comprehensive income 283 139 435 (422 ) 435 Comprehensive income $ 809 $ 350 $ 1,118 $ (1,159 ) $ 1,118 (1) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the six months ended June 30, 2015 (in millions) TPC Other Travelers (1) Eliminations Consolidated Net income $ 1,260 $ 500 $ 1,645 $ (1,760 ) $ 1,645 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (585 ) (312 ) 1 — (896 ) Having credit losses recognized in the consolidated statement of income (9 ) (1 ) — — (10 ) Net changes in benefit plan assets and obligations 1 1 45 — 47 Net changes in unrealized foreign currency translation (145 ) (35 ) — — (180 ) Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (738 ) (347 ) 46 — (1,039 ) Income tax expense (benefit) (232 ) (112 ) 16 — (328 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (506 ) (235 ) 30 — (711 ) Other comprehensive loss of subsidiaries — — (741 ) 741 — Other comprehensive loss (506 ) (235 ) (711 ) 741 (711 ) Comprehensive income $ 754 $ 265 $ 934 $ (1,019 ) $ 934 (1) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the six months ended June 30, 2014 (in millions) TPC Other Travelers (1) Eliminations Consolidated Net income $ 1,309 $ 532 $ 1,735 $ (1,841 ) $ 1,735 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 750 301 4 — 1,055 Having credit losses recognized in the consolidated statement of income 9 (6 ) — — 3 Net changes in benefit plan assets and obligations — — 30 — 30 Net changes in unrealized foreign currency translation 26 28 — — 54 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 785 323 34 — 1,142 Income tax expense 272 106 12 — 390 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 513 217 22 — 752 Other comprehensive income of subsidiaries — — 730 (730 ) — Other comprehensive income 513 217 752 (730 ) 752 Comprehensive income $ 1,822 $ 749 $ 2,487 $ (2,571 ) $ 2,487 (1)
Consolidating Balance Sheet (Unaudited) [Table Text Block]	CONSOLIDATING BALANCE SHEET (Unaudited) At June 30, 2015 (in millions) TPC Other Travelers (1) Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $60,103) $ 42,549 $ 19,340 $ 44 $ — $ 61,933 Equity securities, available for sale, at fair value (cost $573) 224 460 144 — 828 Real estate investments 56 924 — — 980 Short-term securities 1,798 478 1,648 — 3,924 Other investments 2,628 936 1 — 3,565 Total investments 47,255 22,138 1,837 — 71,230 Cash 184 131 2 — 317 Investment income accrued 451 201 3 — 655 Premiums receivable 4,504 2,260 — — 6,764 Reinsurance recoverables 5,721 3,244 — — 8,965 Ceded unearned premiums 690 92 — — 782 Deferred acquisition costs 1,672 219 — — 1,891 Deferred taxes 117 55 44 — 216 Contractholder receivables 3,417 1,056 — — 4,473 Goodwill 2,589 1,005 — — 3,594 Other intangible assets 202 82 — — 284 Investment in subsidiaries — — 28,057 (28,057 ) — Other assets 2,170 (32 ) 355 — 2,493 Total assets $ 68,972 $ 30,451 $ 30,298 $ (28,057 ) $ 101,664 Liabilities Claims and claim adjustment expense reserves $ 32,161 $ 16,672 $ — $ — $ 48,833 Unearned premium reserves 8,414 3,739 — — 12,153 Contractholder payables 3,417 1,056 — — 4,473 Payables for reinsurance premiums 243 185 — — 428 Debt 692 — 5,658 — 6,350 Other liabilities 4,145 630 531 — 5,306 Total liabilities 49,072 22,282 6,189 — 77,543 Shareholders’ equity Common stock (1,750.0 shares authorized; 311.2 shares issued and outstanding) — 390 22,039 (390 ) 22,039 Additional paid-in capital 11,634 6,502 — (18,136 ) — Retained earnings 7,711 1,012 28,512 (8,711 ) 28,524 Accumulated other comprehensive income 555 265 169 (820 ) 169 Treasury stock, at cost (451.5 shares) — — (26,611 ) — (26,611 ) Total shareholders’ equity 19,900 8,169 24,109 (28,057 ) 24,121 Total liabilities and shareholders’ equity $ 68,972 $ 30,451 $ 30,298 $ (28,057 ) $ 101,664 (1) CONSOLIDATING BALANCE SHEET (Unaudited) At December 31, 2014 (in millions) TPC Other Travelers (1) Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $60,801) $ 43,401 $ 20,043 $ 30 $ — $ 63,474 Equity securities, available for sale, at fair value (cost $579) 236 522 141 — 899 Real estate investments 56 882 — — 938 Short-term securities 2,128 706 1,530 — 4,364 Other investments 2,630 955 1 — 3,586 Total investments 48,451 23,108 1,702 — 73,261 Cash 221 151 2 — 374 Investment income accrued 468 215 2 — 685 Premiums receivable 4,241 2,057 — — 6,298 Reinsurance recoverables 6,156 3,104 — — 9,260 Ceded unearned premiums 608 70 — — 678 Deferred acquisition costs 1,622 213 — — 1,835 Deferred taxes 23 (40 ) 50 — 33 Contractholder receivables 3,306 1,056 — — 4,362 Goodwill 2,602 1,009 — — 3,611 Other intangible assets 216 88 — — 304 Investment in subsidiaries — — 28,821 (28,821 ) — Other assets 1,931 429 17 — 2,377 Total assets $ 69,845 $ 31,460 $ 30,594 $ (28,821 ) $ 103,078 Liabilities Claims and claim adjustment expense reserves $ 32,999 $ 16,851 $ — $ — $ 49,850 Unearned premium reserves 8,201 3,638 — — 11,839 Contractholder payables 3,306 1,056 — — 4,362 Payables for reinsurance premiums 194 142 — — 336 Debt 692 — 5,657 — 6,349 Other liabilities 4,084 1,308 114 — 5,506 Total liabilities 49,476 22,995 5,771 — 78,242 Shareholders’ equity Common stock (1,750.0 shares authorized; 322.2 shares issued and outstanding) — 390 21,843 (390 ) 21,843 Additional paid-in capital 11,634 6,502 — (18,136 ) — Retained earnings 7,673 1,073 27,238 (8,733 ) 27,251 Accumulated other comprehensive income 1,062 500 880 (1,562 ) 880 Treasury stock, at cost (437.3 shares) — — (25,138 ) — (25,138 ) Total shareholders’ equity 20,369 8,465 24,823 (28,821 ) 24,836 Total liabilities and shareholders’ equity $ 69,845 $ 31,460 $ 30,594 $ (28,821 ) $ 103,078 (1)
Consolidating Statement of Cash Flows (Unaudited) [Table Text Block]	CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the six months ended June 30, 2015 (in millions) TPC Other Travelers (1) Eliminations Consolidated Cash flows from operating activities Net income $ 1,260 $ 500 $ 1,645 $ (1,760 ) $ 1,645 Net adjustments to reconcile net income to net cash provided by (used in) operating activities (410 ) (520 ) 182 (22 ) (770 ) Net cash provided by (used in) operating activities 850 (20 ) 1,827 (1,782 ) 875 Cash flows from investing activities Proceeds from maturities of fixed maturities 3,604 1,707 3 — 5,314 Proceeds from sales of investments: Fixed maturities 710 516 — — 1,226 Equity securities 11 17 — — 28 Real estate investments — 10 — — 10 Other investments 244 110 — — 354 Purchases of investments: Fixed maturities (4,352 ) (1,869 ) (18 ) — (6,239 ) Equity securities (2 ) (19 ) (1 ) — (22 ) Real estate investments — (69 ) — — (69 ) Other investments (222 ) (53 ) — — (275 ) Net (purchases) sales of short-term securities 327 224 (118 ) — 433 Securities transactions in course of settlement 190 (7 ) — — 183 Other (175 ) (3 ) — — (178 ) Net cash provided by (used in) investing activities 335 564 (134 ) — 765 Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (1,400 ) — (1,400 ) Treasury stock acquired — net employee share-based compensation — — (72 ) — (72 ) Dividends paid to shareholders — — (369 ) — (369 ) Issuance of common stock — employee share options — — 117 — 117 Excess tax benefits from share-based payment arrangements — — 31 — 31 Dividends paid to parent company (1,222 ) (560 ) — 1,782 — Net cash used in financing activities (1,222 ) (560 ) (1,693 ) 1,782 (1,693 ) Effect of exchange rate changes on cash — (4 ) — — (4 ) Net decrease in cash (37 ) (20 ) — — (57 ) Cash at beginning of year 221 151 2 — 374 Cash at end of period $ 184 $ 131 $ 2 $ — $ 317 Supplemental disclosure of cash flow information Income taxes paid (received) $ 534 $ 197 $ (134 ) $ — $ 597 Interest paid $ 24 $ — $ 159 $ — $ 183 (1) CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the six months ended June 30, 2014 (in millions) TPC Other Travelers (1) Eliminations Consolidated Cash flows from operating activities Net income $ 1,309 $ 532 $ 1,735 $ (1,841 ) $ 1,735 Net adjustments to reconcile net income to net cash provided by operating activities (154 ) (317 ) 305 (241 ) (407 ) Net cash provided by operating activities 1,155 215 2,040 (2,082 ) 1,328 Cash flows from investing activities Proceeds from maturities of fixed maturities 3,005 1,909 1 — 4,915 Proceeds from sales of investments: Fixed maturities 415 369 1 — 785 Equity securities 57 34 4 — 95 Real estate investments — 5 — — 5 Other investments 196 142 — — 338 Purchases of investments: Fixed maturities (3,399 ) (2,046 ) (4 ) — (5,449 ) Equity securities (3 ) (32 ) (5 ) — (40 ) Real estate investments (21 ) (15 ) — — (36 ) Other investments (154 ) (72 ) — — (226 ) Net sales (purchases) of short-term securities 347 (47 ) (240 ) — 60 Securities transactions in course of settlement 113 91 — — 204 Acquisition, net of cash acquired (9 ) (3 ) — — (12 ) Other (147 ) (5 ) — — (152 ) Net cash provided by (used in) investing activities 400 330 (243 ) — 487 Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (1,525 ) — (1,525 ) Treasury stock acquired — net employee share-based compensation — — (55 ) — (55 ) Dividends paid to shareholders — — (365 ) — (365 ) Issuance of common stock — employee share options — — 122 — 122 Excess tax benefits from share-based payment arrangements — — 24 — 24 Dividends paid to parent company (1,525 ) (557 ) — 2,082 — Net cash used in financing activities (1,525 ) (557 ) (1,799 ) 2,082 (1,799 ) Effect of exchange rate changes on cash — 1 — — 1 Net increase (decrease) in cash 30 (11 ) (2 ) — 17 Cash at beginning of year 137 154 3 — 294 Cash at end of period $ 167 $ 143 $ 1 $ — $ 311 Supplemental disclosure of cash flow information Income taxes paid (received) $ 570 $ 205 $ (48 ) $ — $ 727 Interest paid $ 24 $ — $ 159 $ — $ 183 (1)

Basis of Presentation and Acc31

Basis of Presentation and Accounting Policies (details)	6 Months Ended
	Jun. 30, 2015item
Basis of Presentation and Accounting Policies disclosure
Number of reportable business segments	3

Segment Information (details)

Segment Information (details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment reporting information
Premiums		$ 5,931	$ 5,928	$ 11,819	$ 11,751
Net investment income		632	695	1,224	1,431
Fee income		111	112	222	219
Other revenues		22	34	47	75
Operating income (loss)		806	673	1,633	1,725
Net realized investment gains	[1]	10	16	20	17
Total revenues		6,706	6,785	13,332	13,493
Net realized investment gains, net of tax		6	10	12	10
Net income		812	683	1,645	1,735
Reportable Segments [Member]
Segment reporting information
Premiums		5,931	5,928	11,819	11,751
Net investment income		632	695	1,224	1,431
Fee income		111	112	222	219
Other revenues		22	33	47	75
Total operating revenues		6,696	6,768	13,312	13,476
Operating income (loss)		868	738	1,759	1,854
Reportable Segments [Member] | Business and International Insurance [Member]
Segment reporting information
Premiums		3,609	3,631	7,229	7,189
Net investment income		487	539	941	1,109
Fee income		111	112	222	219
Other revenues		5	10	13	22
Total operating revenues		4,212	4,292	8,405	8,539
Operating income (loss)		543	471	1,058	1,165
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member]
Segment reporting information
Premiums		3,138	3,067	6,267	6,083
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Workers' compensation [Member]
Segment reporting information
Premiums		957	923	1,919	1,831
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Automobile [Member]
Segment reporting information
Premiums		477	473	946	941
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Commercial Property [Member]
Segment reporting information
Premiums		442	440	883	868
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | General Liability [Member]
Segment reporting information
Premiums		473	457	945	904
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Commercial multi-peril [Member]
Segment reporting information
Premiums		779	763	1,554	1,518
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Other [Member]
Segment reporting information
Premiums		10	11	20	21
Reportable Segments [Member] | Business and International Insurance [Member] | International [Member]
Segment reporting information
Premiums		471	564	962	1,106
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Segment reporting information
Premiums		524	524	1,028	1,027
Net investment income		57	62	113	128
Other revenues		5	6	10	10
Total operating revenues		586	592	1,151	1,165
Operating income (loss)		151	192	275	346
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | General Liability [Member]
Segment reporting information
Premiums		240	241	476	478
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Fidelity and surety [Member]
Segment reporting information
Premiums		240	238	465	460
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Other [Member]
Segment reporting information
Premiums		44	45	87	89
Reportable Segments [Member] | Personal Insurance [Member]
Segment reporting information
Premiums		1,798	1,773	3,562	3,535
Net investment income		88	94	170	194
Other revenues		12	17	24	43
Total operating revenues		1,898	1,884	3,756	3,772
Operating income (loss)		174	75	426	343
Reportable Segments [Member] | Personal Insurance [Member] | Automobile [Member]
Segment reporting information
Premiums		863	821	1,699	1,636
Reportable Segments [Member] | Personal Insurance [Member] | Homeowners and other [Member]
Segment reporting information
Premiums		935	952	1,863	1,899
Interest Expense & Other [Member]
Segment reporting information
Other revenues			1
Operating income (loss)		(62)	(65)	(126)	(129)
After-tax interest expense		$ 60	$ 60	$ 120	$ 120
[1]	Total other-than-temporary impairment (OTTI) losses were $(8) million and $(1) million for the three months ended June 30, 2015 and 2014, respectively, and $(12) million and $(8) million for the six months ended June 30, 2015 and 2014, respectively. Of total OTTI, credit losses of $(6) million and $(1) million for the three months ended June 30, 2015 and 2014, respectively, and $(9) million and $(10) million for the six months ended June 30, 2015 and 2014, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $(2) million and $0 million for the three months ended June 30, 2015 and 2014, respectively, and $(3) million and $2 million for the six months ended June 30, 2015 and 2014, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains 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, 2015	Dec. 31, 2014
Assets by segment
Total assets	$ 101,664	$ 103,078
Reportable Segments [Member]
Assets by segment
Total assets	101,116	102,632
Reportable Segments [Member] | Business and International Insurance [Member]
Assets by segment
Total assets	80,839	82,309
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Assets by segment
Total assets	7,585	7,525
Reportable Segments [Member] | Personal Insurance [Member]
Assets by segment
Total assets	12,692	12,798
Other assets [Member]
Assets by segment
Total assets	$ 548	$ 446

Investments (details)

Investments (details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Investments disclosure
Proceeds from sales of fixed maturities classified as available for sale	$ 1,226	$ 785
Proceeds from sales of equity securities	$ 28	$ 95

Investments (details) - Investm

Investments (details) - Investment Information - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Investment disclosure details
Fixed maturities, amortized cost	$ 60,103		$ 60,103		$ 60,801
Fixed maturities, at fair value	61,933		61,933		63,474
Equity securities, cost	573		573		579
Equity securities, at fair value	828		828		899
Continuous unrealized loss position less than 12 months, fair value	14,289		14,289		2,744
Continuous unrealized loss position less than 12 months, gross unrealized losses	278		278		46
Continuous unrealized loss position 12 months or longer, fair value	934		934		3,536
Continuous unrealized loss position 12 months or longer, gross unrealized losses	46		46		78
Continuous unrealized loss position, total, fair value	15,223		15,223		6,280
Continuous unrealized loss position, total, gross unrealized losses	324		324		124
Available-for-sale securities for which fair value is less than 80% of amortized cost, total	9		9
Impairment charges included in net realized investment gains in the consolidated statement of income	$ 6	$ 1	$ 9	$ 10
Maxiumum [Member]
Investment disclosure details
Unrealized investment losses for securities for which fair value is less than 80% of amortized cost, as a percentage of the combined fixed maturity and equity security portfolios on a pretax basis	1.00%		1.00%
Unrealized investment losses for securities for which fair value is less than 80% of amortized cost, as a percentage of shareholders' equity on an after-tax basis	1.00%		1.00%
Fixed maturities [Member]
Investment disclosure details
Fixed maturities, amortized cost	$ 60,103		$ 60,103		60,801
Gross unrealized gains	2,145		2,145		2,791
Gross unrealized losses	315		315		118
Fixed maturities, at fair value	61,933		61,933		63,474
Gross realized gains			40	23
Gross realized losses			3	4
Continuous unrealized loss position less than 12 months, fair value	14,183		14,183		2,619
Continuous unrealized loss position less than 12 months, gross unrealized losses	271		271		41
Continuous unrealized loss position 12 months or longer, fair value	855		855		3,493
Continuous unrealized loss position 12 months or longer, gross unrealized losses	44		44		77
Continuous unrealized loss position, total, fair value	15,038		15,038		6,112
Continuous unrealized loss position, total, gross unrealized losses	315		315		118
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 for fixed maturities held	$ 88	$ 109	$ 88	$ 109
Fixed maturities [Member] | Maxiumum [Member]
Investment disclosure details
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 for fixed maturities held, as a percentage of the fixed maturity portfolio on a pretax basis	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 for fixed maturities held, as a percentage of shareholders' equity on an after-tax basis	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
Fixed maturities, amortized cost	$ 2,025		$ 2,025		2,022
Gross unrealized gains	28		28		36
Gross unrealized losses	7		7		5
Fixed maturities, at fair value	2,046		2,046		2,053
Continuous unrealized loss position less than 12 months, fair value	507		507		180
Continuous unrealized loss position less than 12 months, gross unrealized losses	7		7		2
Continuous unrealized loss position 12 months or longer, fair value	24		24		125
Continuous unrealized loss position 12 months or longer, gross unrealized losses					3
Continuous unrealized loss position, total, fair value	531		531		305
Continuous unrealized loss position, total, gross unrealized losses	7		7		5
Obligations of states, municipalities and political subdivisions [Member]
Investment disclosure details
Fixed maturities, amortized cost	31,670		31,670		31,895
Gross unrealized gains	1,194		1,194		1,688
Gross unrealized losses	154		154		10
Fixed maturities, at fair value	32,710		32,710		33,573
Continuous unrealized loss position less than 12 months, fair value	7,737		7,737		173
Continuous unrealized loss position less than 12 months, gross unrealized losses	147		147		1
Continuous unrealized loss position 12 months or longer, fair value	135		135		797
Continuous unrealized loss position 12 months or longer, gross unrealized losses	7		7		9
Continuous unrealized loss position, total, fair value	7,872		7,872		970
Continuous unrealized loss position, total, gross unrealized losses	154		154		10
Obligations of states, municipalities and political subdivisions, pre-refunded [Member]
Investment disclosure details
Fixed maturities, amortized cost	6,966		6,966		7,229
Gross unrealized gains	306		306		332
Gross unrealized losses	1		1
Fixed maturities, at fair value	7,271		7,271		7,561
Obligations of states, municipalities and political subdivisions, all other (not pre-refunded) [Member]
Investment disclosure details
Fixed maturities, amortized cost	24,704		24,704		24,666
Gross unrealized gains	888		888		1,356
Gross unrealized losses	153		153		10
Fixed maturities, at fair value	25,439		25,439		26,012
Debt securities issued by foreign governments [Member]
Investment disclosure details
Fixed maturities, amortized cost	2,049		2,049		2,320
Gross unrealized gains	52		52		48
Gross unrealized losses	1		1
Fixed maturities, at fair value	2,100		2,100		2,368
Continuous unrealized loss position less than 12 months, fair value	154		154		50
Continuous unrealized loss position less than 12 months, gross unrealized losses	1		1
Continuous unrealized loss position 12 months or longer, fair value					24
Continuous unrealized loss position, total, fair value	154		154		74
Continuous unrealized loss position, total, gross unrealized losses	1		1
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,905		1,905		2,052
Gross unrealized gains	147		147		165
Gross unrealized losses	6		6		4
Fixed maturities, at fair value	2,046		2,046		2,213
Continuous unrealized loss position less than 12 months, fair value	274		274		68
Continuous unrealized loss position less than 12 months, gross unrealized losses	2		2
Continuous unrealized loss position 12 months or longer, fair value	126		126		192
Continuous unrealized loss position 12 months or longer, gross unrealized losses	4		4		4
Continuous unrealized loss position, total, fair value	400		400		260
Continuous unrealized loss position, total, gross unrealized losses	6		6		4
All other corporate bonds [Member]
Investment disclosure details
Fixed maturities, amortized cost	22,341		22,341		22,390
Gross unrealized gains	714		714		844
Gross unrealized losses	147		147		99
Fixed maturities, at fair value	22,908		22,908		23,135
Continuous unrealized loss position less than 12 months, fair value	5,509		5,509		2,148
Continuous unrealized loss position less than 12 months, gross unrealized losses	114		114		38
Continuous unrealized loss position 12 months or longer, fair value	570		570		2,355
Continuous unrealized loss position 12 months or longer, gross unrealized losses	33		33		61
Continuous unrealized loss position, total, fair value	6,079		6,079		4,503
Continuous unrealized loss position, total, gross unrealized losses	147		147		99
Redeemable preferred stock [Member]
Investment disclosure details
Fixed maturities, amortized cost	113		113		122
Gross unrealized gains	10		10		10
Fixed maturities, at fair value	123		123		132
Continuous unrealized loss position less than 12 months, fair value	2		2
Continuous unrealized loss position, total, fair value	2		2
Equity securities [Member]
Investment disclosure details
Equity securities, cost	573		573		579
Gross unrealized gains	264		264		326
Gross unrealized losses	9		9		6
Equity securities, at fair value	828		828		899
Gross realized gains			5	$ 19
Gross realized losses			3	$ 3
Continuous unrealized loss position less than 12 months, fair value	106		106		125
Continuous unrealized loss position less than 12 months, gross unrealized losses	7		7		5
Continuous unrealized loss position 12 months or longer, fair value	79		79		43
Continuous unrealized loss position 12 months or longer, gross unrealized losses	2		2		1
Continuous unrealized loss position, total, fair value	185		185		168
Continuous unrealized loss position, total, gross unrealized losses	9		9		6
Public common stock [Member]
Investment disclosure details
Equity securities, cost	410		410		400
Gross unrealized gains	235		235		295
Gross unrealized losses	6		6		4
Equity securities, at fair value	639		639		691
Continuous unrealized loss position less than 12 months, fair value	51		51		81
Continuous unrealized loss position less than 12 months, gross unrealized losses	6		6		4
Continuous unrealized loss position 12 months or longer, fair value	29		29		1
Continuous unrealized loss position, total, fair value	80		80		82
Continuous unrealized loss position, total, gross unrealized losses	6		6		4
Non-redeemable preferred stock [Member]
Investment disclosure details
Equity securities, cost	163		163		179
Gross unrealized gains	29		29		31
Gross unrealized losses	3		3		2
Equity securities, at fair value	189		189		208
Continuous unrealized loss position less than 12 months, fair value	55		55		44
Continuous unrealized loss position less than 12 months, gross unrealized losses	1		1		1
Continuous unrealized loss position 12 months or longer, fair value	50		50		42
Continuous unrealized loss position 12 months or longer, gross unrealized losses	2		2		1
Continuous unrealized loss position, total, fair value	105		105		86
Continuous unrealized loss position, total, gross unrealized losses	$ 3		$ 3		$ 2

Investments (details) - Derivat

Investments (details) - Derivatives - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Futures [Member] | U.S. Treasury notes contracts [Member]
Derivatives
Notional value of open contracts	$ 450	$ 350

Fair Value Measurements (detail

Fair Value Measurements (details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurements disclosure
Percent of fixed maturities for which a pricing service estimates fair value	98.00%	98.00%
Fair value of the fixed maturities for which the Company used an internal pricing matrix	$ 103	$ 92
Fair value of the fixed maturities for which the Company received a broker quote	$ 111	$ 140
Percent of short-term securities for which a pricing service estimates fair value	98.00%	98.00%
Percent of debt, including commercial paper, for which a pricing service estimates fair value	100.00%	100.00%

Fair Value Measurements (deta38

Fair Value Measurements (details) - Fair Value Hierarchy - Recurring basis [Member] - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	$ 62,819	$ 64,428
Level 1 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	2,779	2,843
Level 2 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	59,784	61,317
Level 3 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	256	268
Fixed maturities [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	61,933	63,474
Fixed maturities [Member] | Level 1 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	2,053	2,051
Fixed maturities [Member] | Level 2 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	59,666	61,191
Fixed maturities [Member] | Level 3 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	214	232
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 are measured
Total invested assets measured on a recurring basis	2,046	2,053
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member] | Level 1 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	2,043	2,049
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member] | Level 2 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	3	4
Obligations of states, municipalities and political subdivisions [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	32,710	33,573
Obligations of states, municipalities and political subdivisions [Member] | Level 1 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	7
Obligations of states, municipalities and political subdivisions [Member] | Level 2 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	32,689	33,560
Obligations of states, municipalities and political subdivisions [Member] | Level 3 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	14	13
Debt securities issued by foreign governments [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	2,100	2,368
Debt securities issued by foreign governments [Member] | Level 2 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	2,100	2,368
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	2,046	2,213
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member] | Level 2 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	2,010	2,203
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member] | Level 3 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	36	10
All other corporate bonds [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	22,908	23,135
All other corporate bonds [Member] | Level 2 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	22,751	22,934
All other corporate bonds [Member] | Level 3 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	157	201
Redeemable preferred stock [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	123	132
Redeemable preferred stock [Member] | Level 1 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	3	2
Redeemable preferred stock [Member] | Level 2 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	113	122
Redeemable preferred stock [Member] | Level 3 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	7	8
Equity securities [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	828	899
Equity securities [Member] | Level 1 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	708	773
Equity securities [Member] | Level 2 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	118	126
Equity securities [Member] | Level 3 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	2
Public common stock [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	639	691
Public common stock [Member] | Level 1 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	637	691
Public common stock [Member] | Level 3 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	2
Non-redeemable preferred stock [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	189	208
Non-redeemable preferred stock [Member] | Level 1 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	71	82
Non-redeemable preferred stock [Member] | Level 2 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	118	126
Other investments [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	58	55
Other investments [Member] | Level 1 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	18	19
Other investments [Member] | Level 3 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	$ 40	$ 36

Fair Value Measurements Footnot

Fair Value Measurements Footnote (details) - Financial Instruments - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Financial Instruments
Short-term securities	$ 3,924	$ 4,364
Fair Value [Member]
Financial Instruments
Short-term securities	3,924	4,364
Debt	7,237	7,522
Commercial paper amount	100	100
Fair Value [Member] | Level 1 [Member]
Financial Instruments
Short-term securities	1,387	1,283
Fair Value [Member] | Level 2 [Member]
Financial Instruments
Short-term securities	2,497	3,042
Debt	7,237	7,522
Commercial paper amount	100	100
Fair Value [Member] | Level 3 [Member]
Financial Instruments
Short-term securities	40	39
Carrying Value [Member]
Financial Instruments
Short-term securities	3,924	4,364
Debt	6,250	6,249
Commercial paper amount	$ 100	$ 100

Goodwill (details)

Goodwill (details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Goodwill by segment
Goodwill	$ 3,594	$ 3,611
Reportable Segments [Member] | Business and International Insurance [Member]
Goodwill by segment
Goodwill	2,459	2,476
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Goodwill by segment
Goodwill	495	495
Reportable Segments [Member] | Personal Insurance [Member]
Goodwill by segment
Goodwill	613	613
Other [Member]
Goodwill by segment
Goodwill	$ 27	$ 27

Goodwill (details) - Other Inta

Goodwill (details) - Other Intangible Assets - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Other intangible assets by major asset class
Intangible assets subject to amortization, gross carrying amount	$ 213		$ 213		$ 669
Intangible assets subject to amortization, accumulated amortization	146		146		582
Intangible assets subject to amortization, net	67		67		87
Amortization expense for other intangible assets	9	$ 11	20	$ 23
Estimated intangible asset amortization expense, remainder of 2015	7		7
Estimated intangible asset amortization expense, 2016	10		10
Estimated intangible asset amortization expense, 2017	9		9
Estimated intangible asset amortization expense, 2018	7		7
Estimated intangible asset amortization expense, 2019	6		6
Customer-related [Member]
Other intangible assets by major asset class
Intangible assets subject to amortization, gross carrying amount	5		5		460
Intangible assets subject to amortization, accumulated amortization	4		4		446
Intangible assets subject to amortization, net	1		1		14
Amortization expense for other intangible assets	6	7	14	15
Fair value adjustment on claims and claim adjustment expense reserves, reinsurance recoverables and other contract-related intangibles [Member]
Other intangible assets by major asset class
Intangible assets subject to amortization, gross carrying amount	208		208		209
Intangible assets subject to amortization, accumulated amortization	142		142		136
Intangible assets subject to amortization, net	66		66		$ 73
Amortization expense for other intangible assets	$ 3	$ 4	$ 6	$ 8

Goodwill (details) - Total Inta

Goodwill (details) - Total Intangibles - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Goodwill and Other Intangible Assets disclosure
Intangible assets not subject to amortization	$ 217	$ 217
Total other intangible assets, gross carrying amount	430	886
Total other intangible assets, accumulated amortization	146	582
Total other intangible assets, net	$ 284	$ 304

Other Comprehensive Income an43

Other Comprehensive Income and Accumulated Other Comprehensive Income (details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated other comprehensive income [Roll Forward]
Balance, beginning of year			$ 880	$ 810
Other comprehensive income (loss) before reclassifications			(720)
Amounts reclassified from accumulated other comprehensive income			9
Other comprehensive income (loss), net of taxes	$ (600)	$ 435	(711)	752
Balance, end of period	169	1,562	169	1,562
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	(1,065)	518	(896)	1,055
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	(5)	1	(10)	3
Net changes in benefit plan assets and obligations	23	15	47	30
Net changes in unrealized foreign currency translation	94	97	(180)	54
Other comprehensive income (loss) before income taxes	(953)	631	(1,039)	1,142
Income tax expense (benefit), other comprehensive income (loss)	(353)	196	(328)	390
Changes in Net Unrealized Gains 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			1,768
Other comprehensive income (loss) before reclassifications			(561)
Amounts reclassified from accumulated other comprehensive income			(23)
Other comprehensive income (loss), net of taxes	(697)	338	(584)	689
Balance, end of period	1,184		1,184
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	(1,065)	518	(896)	1,055
Income tax expense (benefit), other comprehensive income (loss)	(368)	180	(312)	366
Changes in Net Unrealized Gains on Investment Securities Having Credit Losses Recognized in the Consolidated Statement of Income [Member]
Accumulated other comprehensive income [Roll Forward]
Balance, beginning of year			198
Other comprehensive income (loss) before reclassifications			(8)
Amounts reclassified from accumulated other comprehensive income			2
Other comprehensive income (loss), net of taxes	(3)	1	(6)	2
Balance, end of period	192		192
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	(5)	1	(10)	3
Income tax expense (benefit), other comprehensive income (loss)	(2)		(4)	1
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member]
Accumulated other comprehensive income [Roll Forward]
Balance, beginning of year			(755)
Other comprehensive income (loss) before reclassifications			1
Amounts reclassified from accumulated other comprehensive income			30
Other comprehensive income (loss), net of taxes	15	10	31	18
Balance, end of period	(724)		(724)
Net changes in benefit plan assets and obligations	23	15	47	30
Income tax expense (benefit), other comprehensive income (loss)	8	5	16	12
Net Unrealized Foreign Currency Translation [Member]
Accumulated other comprehensive income [Roll Forward]
Balance, beginning of year			(331)
Other comprehensive income (loss) before reclassifications			(152)
Other comprehensive income (loss), net of taxes	85	86	(152)	43
Balance, end of period	(483)		(483)
Net changes in unrealized foreign currency translation	94	97	(180)	54
Income tax expense (benefit), other comprehensive income (loss)	$ 9	$ 11	$ (28)	$ 11

Other Comprehensive Income an44

Other Comprehensive Income and Accumulated Other Comprehensive Income (details) - Reclassifications - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting realized gains on the income statement	[1]	$ (10)	$ (16)	$ (20)	$ (17)
Reclassification adjustment impacting general and administrative expense on the income statement		1,028	1,001	2,020	1,882
Total reclassifications		(1,076)	(901)	(2,224)	(2,371)
Income tax (expense) benefit		(264)	(218)	(579)	(636)
Amounts reclassified from accumulated other comprehensive income, net of taxes		(812)	(683)	(1,645)	(1,735)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Total reclassifications		9	(8)	14	5
Income tax (expense) benefit		3	(2)	5	4
Amounts reclassified from accumulated other comprehensive income, net of taxes		6	(6)	9	1
Changes in Net Unrealized Gains 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 realized gains on the income statement		(17)	(24)	(35)	(29)
Income tax (expense) benefit		(6)	(8)	(12)	(10)
Amounts reclassified from accumulated other comprehensive income, net of taxes		(11)	(16)	(23)	(19)
Changes in Net Unrealized Gains 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 realized gains on the income statement		2	1	2	4
Income tax (expense) benefit			1		2
Amounts reclassified from accumulated other comprehensive income, net of taxes		2		2	2
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 general and administrative expense on the income statement		24	15	47	30
Income tax (expense) benefit		9	5	17	12
Amounts reclassified from accumulated other comprehensive income, net of taxes		$ 15	$ 10	$ 30	$ 18
[1]	Total other-than-temporary impairment (OTTI) losses were $(8) million and $(1) million for the three months ended June 30, 2015 and 2014, respectively, and $(12) million and $(8) million for the six months ended June 30, 2015 and 2014, respectively. Of total OTTI, credit losses of $(6) million and $(1) million for the three months ended June 30, 2015 and 2014, respectively, and $(9) million and $(10) million for the six months ended June 30, 2015 and 2014, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $(2) million and $0 million for the three months ended June 30, 2015 and 2014, respectively, and $(3) million and $2 million for the six months ended June 30, 2015 and 2014, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Common Share Repurchases (detai

Common Share Repurchases (details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Apr. 21, 2015
Repurchase activity
Shares acquired to cover tax withholding costs and exercise costs		$ 73	$ 56
Board of Directors Approved Repurchase Authorization [Member]
Repurchase activity
Number of shares repurchased (in shares)	7,900,000	13,500,000
Cost of shares repurchased	$ 800	$ 1,400
Average cost per share	$ 101.62	$ 103.85
Remaining capacity under share repurchase authorization	$ 5,080	$ 5,080
Additional share repurchase authorization				$ 5,000
Net shares acquired related to employee share-based compensation plans [Member]
Repurchase activity
Number of shares repurchased (in shares)	4,448	700,000
Shares acquired to cover tax withholding costs and exercise costs	$ 0.5	$ 73

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, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings per Share disclosure
Net income	$ 812	$ 683	$ 1,645	$ 1,735
Participating share-based awards - allocated income	(6)	(5)	(12)	(12)
Net income available to common shareholders -- basic	806	678	1,633	1,723
Net income available to common shareholders -- diluted	$ 806	$ 678	$ 1,633	$ 1,723
Weighted average shares outstanding, basic	314.8	343	317.7	346.9
Weighted average effects of dilutive securities, stock options and performance shares (in shares)	3.2	3.7	3.5	3.6
Weighted average shares outstanding, diluted	318	346.7	321.2	350.5
Net income per common share, basic	$ 2.56	$ 1.98	$ 5.14	$ 4.97
Net income per common share, diluted	$ 2.53	$ 1.95	$ 5.08	$ 4.91

Share-Based Incentive Compens47

Share-Based Incentive Compensation (details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Share-Based Incentive Compensation disclosure
Stock options vested at end of period, number (in shares)	7,882,636		7,882,636
Stock options vested at end of period, weighted average exercise price (per share)	$ 66.99		$ 66.99
Stock options vested at end of period, weighted average contractual life remaining			6 years 3 months 18 days
Stock options vested at end of period, aggregate intrinsic value	$ 244		$ 244
Stock options exercisable at end of period, number (in shares)	4,899,904		4,899,904
Stock options exercisable at end of period, weighted average exercise price (per share)	$ 53.29		$ 53.29
Stock options exercisable at end of period, weighted average contractual life remaining			4 years 10 months 24 days
Stock options exercisable at end of period, aggregate intrinsic value	$ 213		$ 213
Total compensation cost recognized in earnings for all share-based incentive compensation awards	31	$ 31	78	$ 75
Tax benefit recognized in earnings related to compensation costs	10	$ 11	26	$ 26
Total unrecognized compensation cost related to all nonvested share-based incentive compensation awards	$ 181		$ 181		$ 123
Weighted-average period of recognition for unrecognized compensation cost (in years)			2 years		1 year 8 months 12 days

Pension Plans, Retirement Ben48

Pension Plans, Retirement Benefits and Savings Plans (details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension Plans [Member]
Defined benefit plan disclosure
Service cost	$ 32	$ 28	$ 65	$ 55
Interest cost on benefit obligation	36	37	72	75
Expected return on plan assets	(57)	(55)	(115)	(109)
Net periodic benefit cost, amortization of unrecognized net actuarial (gain) loss	24	16	48	32
Net periodic benefit cost	35	26	70	53
Postretirement Benefit Plans [Member]
Defined benefit plan disclosure
Interest cost on benefit obligation	2	3	5	5
Net periodic benefit cost, amortization of unrecognized prior service benefit			(1)	(1)
Net periodic benefit cost, amortization of unrecognized net actuarial (gain) loss		(1)		(1)
Net periodic benefit cost	$ 2	$ 2	$ 4	$ 3

Contingencies, Commitments an49

Contingencies, Commitments and Guarantees (details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Contingencies and Commitments disclosure
Unfunded commitments to private equity limited partnerships and real estate partnerships	$ 1,650	$ 1,630

Contingencies, Commitments an50

Contingencies, Commitments and Guarantees (details) - Loss Contingencies - Asbestos Direct Action Litigation [Member] $ in Millions	1 Months Ended
	Jan. 31, 2015USD ($)
Loss Contingencies
Settlement amount	$ 502
Total settlement amount	579
Interest related to settlement award	$ 77

Contingencies, Commitments an51

Contingencies, Commitments and Guarantees (details) - Gain Contingencies - United States Fidelity & Guaranty Company v. American Re-Insurance Company, et al. [Member] $ in Millions	58 Months Ended
	Jun. 30, 2015USD ($)item	Aug. 17, 2010item
Gain Contingencies
Number of other reinsurers beside American Re against which judgment was entered in a reinsurance dispute | item		3
Total settlement amount	$ 498
Settlement amount	238
Interest related to settlement award	$ 260
Annual interest rate accruing on judgment not yet paid	9.00%
Number of discrete issues modified in part by the summary judgment in reinsurance dispute | item	2

Contingencies, Commitments an52

Contingencies, Commitments and Guarantees (details) - Guarantees $ in Millions	Jun. 30, 2015USD ($)
Indemnifications related to the sale of businesses [Member]
Guarantor obligations
Maximum amount of contingent obligation	$ 455
Amount recognized on balance sheet for contingent obligation	2
Guarantees of certain investments and third-party loans [Member]
Guarantor obligations
Maximum amount of contingent obligation	150
Amount indemnified by a third party	75
Guarantees of certain insurance policy obligations [Member]
Guarantor obligations
Maximum amount of contingent obligation	480
Amount indemnified by a third party	$ 480

Consolidating Financial State53

Consolidating Financial Statements (Unaudited) (details) $ in Millions	Jun. 30, 2015USD ($)
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure
Amount of certain debt obligations of TPC that are unconditionally guaranteed by The Travelers Companies, Inc.	$ 700

Consolidating Financial State54

Consolidating Financial Statements (details) - Consolidating Statement of Income (Unaudited) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidating Statement of Income
Premiums		$ 5,931	$ 5,928	$ 11,819	$ 11,751
Net investment income		632	695	1,224	1,431
Fee income		111	112	222	219
Net realized investment gains (losses)	[1]	10	16	20	17
Other revenues		22	34	47	75
Total revenues		6,706	6,785	13,332	13,493
Claims and claim adjustment expenses		3,547	3,826	6,978	7,141
Amortization of deferred acquisition costs		963	965	1,926	1,915
General and administrative expenses		1,028	1,001	2,020	1,882
Interest expense		92	92	184	184
Total claims and expenses		5,630	5,884	11,108	11,122
Income before income taxes		1,076	901	2,224	2,371
Income tax expense (benefit)		264	218	579	636
Net income		812	683	1,645	1,735
Total other-than-temporary impairment losses		(8)	(1)	(12)	(8)
Other-than-temporary impairment losses recognized in net realized investment gains		(6)	(1)	(9)	(10)
Other-than-temporary impairment gains (losses) recognized in OCI		(2)	0	(3)	2
Reportable Legal Entities [Member] | TPC [Member]
Consolidating Statement of Income
Premiums		4,044	4,020	8,040	7,964
Net investment income		424	472	835	972
Fee income		111	111	222	218
Net realized investment gains (losses)		17	5	19	6
Other revenues		19	32	40	65
Total revenues		4,615	4,640	9,156	9,225
Claims and claim adjustment expenses		2,409	2,569	4,718	4,790
Amortization of deferred acquisition costs		651	650	1,293	1,285
General and administrative expenses		717	697	1,412	1,310
Interest expense		12	12	24	24
Total claims and expenses		3,789	3,928	7,447	7,409
Income before income taxes		826	712	1,709	1,816
Income tax expense (benefit)		198	186	449	507
Net income		628	526	1,260	1,309
Total other-than-temporary impairment losses		(7)	(1)	(8)	(3)
Other-than-temporary impairment losses recognized in net realized investment gains		(5)	(1)	(6)	(5)
Other-than-temporary impairment gains (losses) recognized in OCI		(2)		(2)	2
Reportable Legal Entities [Member] | Other Subsidiaries [Member]
Consolidating Statement of Income
Premiums		1,887	1,908	3,779	3,787
Net investment income		206	221	386	456
Fee income			1		1
Net realized investment gains (losses)		(7)	11		9
Other revenues		3	2	7	10
Total revenues		2,089	2,143	4,172	4,263
Claims and claim adjustment expenses		1,138	1,257	2,260	2,351
Amortization of deferred acquisition costs		312	315	633	630
General and administrative expenses		308	300	600	565
Total claims and expenses		1,758	1,872	3,493	3,546
Income before income taxes		331	271	679	717
Income tax expense (benefit)		86	60	179	185
Net income		245	211	500	532
Total other-than-temporary impairment losses		(1)		(4)	(5)
Other-than-temporary impairment losses recognized in net realized investment gains		(1)		(3)	(5)
Other-than-temporary impairment gains (losses) recognized in OCI				(1)
Reportable Legal Entities [Member] | Travelers [Member]
Consolidating Statement of Income
Net investment income		2	2	3	3
Net realized investment gains (losses)				1	2
Total revenues		2	2	4	5
General and administrative expenses		3	4	8	7
Interest expense		80	80	160	160
Total claims and expenses		83	84	168	167
Income before income taxes		(81)	(82)	(164)	(162)
Income tax expense (benefit)		(20)	(28)	(49)	(56)
Net income of subsidiaries		873	737	1,760	1,841
Net income		812	683	1,645	1,735
Eliminations [Member]
Consolidating Statement of Income
Net income of subsidiaries		(873)	(737)	(1,760)	(1,841)
Net income		$ (873)	$ (737)	$ (1,760)	$ (1,841)
[1]	Total other-than-temporary impairment (OTTI) losses were $(8) million and $(1) million for the three months ended June 30, 2015 and 2014, respectively, and $(12) million and $(8) million for the six months ended June 30, 2015 and 2014, respectively. Of total OTTI, credit losses of $(6) million and $(1) million for the three months ended June 30, 2015 and 2014, respectively, and $(9) million and $(10) million for the six months ended June 30, 2015 and 2014, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $(2) million and $0 million for the three months ended June 30, 2015 and 2014, respectively, and $(3) million and $2 million for the six months ended June 30, 2015 and 2014, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Consolidating Financial State55

Consolidating Financial Statements (details) - Consolidating Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidating Statement of Comprehensive Income
Net income	$ 812	$ 683	$ 1,645	$ 1,735
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	(1,065)	518	(896)	1,055
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	(5)	1	(10)	3
Net changes in benefit plan assets and obligations	23	15	47	30
Net changes in unrealized foreign currency translation	94	97	(180)	54
Other comprehensive income (loss) before income taxes	(953)	631	(1,039)	1,142
Income tax expense (benefit)	(353)	196	(328)	390
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	(600)	435	(711)	752
Other comprehensive income (loss), net of taxes	(600)	435	(711)	752
Comprehensive income	212	1,118	934	2,487
Reportable Legal Entities [Member] | TPC [Member]
Consolidating Statement of Comprehensive Income
Net income	628	526	1,260	1,309
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	(719)	359	(585)	750
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	(5)	2	(9)	9
Net changes in benefit plan assets and obligations	1		1
Net changes in unrealized foreign currency translation	34	51	(145)	26
Other comprehensive income (loss) before income taxes	(689)	412	(738)	785
Income tax expense (benefit)	(246)	129	(232)	272
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	(443)	283	(506)	513
Other comprehensive income (loss), net of taxes	(443)	283	(506)	513
Comprehensive income	185	809	754	1,822
Reportable Legal Entities [Member] | Other Subsidiaries [Member]
Consolidating Statement of Comprehensive Income
Net income	245	211	500	532
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	(345)	155	(312)	301
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income		(1)	(1)	(6)
Net changes in benefit plan assets and obligations			1
Net changes in unrealized foreign currency translation	60	46	(35)	28
Other comprehensive income (loss) before income taxes	(285)	200	(347)	323
Income tax expense (benefit)	(115)	61	(112)	106
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	(170)	139	(235)	217
Other comprehensive income (loss), net of taxes	(170)	139	(235)	217
Comprehensive income	75	350	265	749
Reportable Legal Entities [Member] | Travelers [Member]
Consolidating Statement of Comprehensive Income
Net income	812	683	1,645	1,735
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	(1)	4	1	4
Net changes in benefit plan assets and obligations	22	15	45	30
Other comprehensive income (loss) before income taxes	21	19	46	34
Income tax expense (benefit)	8	6	16	12
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	13	13	30	22
Other comprehensive income (loss) of subsidiaries	(613)	422	(741)	730
Other comprehensive income (loss), net of taxes	(600)	435	(711)	752
Comprehensive income	212	1,118	934	2,487
Eliminations [Member]
Consolidating Statement of Comprehensive Income
Net income	(873)	(737)	(1,760)	(1,841)
Other comprehensive income (loss) of subsidiaries	613	(422)	741	(730)
Other comprehensive income (loss), net of taxes	613	(422)	741	(730)
Comprehensive income	$ (260)	$ (1,159)	$ (1,019)	$ (2,571)

Consolidating Financial State56

Consolidating Financial Statements (details) - Consolidating Balance Sheet (Unaudited) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	$ 61,933	$ 63,474
Equity securities, available for sale, at fair value	828	899
Real estate investments	980	938
Short-term securities	3,924	4,364
Other investments	3,565	3,586
Total investments	71,230	73,261
Cash	317	374	$ 311	$ 294
Investment income accrued	655	685
Premiums receivable	6,764	6,298
Reinsurance recoverables	8,965	9,260
Ceded unearned premiums	782	678
Deferred acquisition costs	1,891	1,835
Deferred taxes	216	33
Contractholder receivables	4,473	4,362
Goodwill	3,594	3,611
Other intangible assets	284	304
Other assets	2,493	2,377
Total assets	101,664	103,078
Claims and claim adjustment expense reserves	48,833	49,850
Unearned premium reserves	12,153	11,839
Contractholder payables	4,473	4,362
Payables for reinsurance premiums	428	336
Debt	6,350	6,349
Other liabilities	5,306	5,506
Total liabilities	77,543	78,242
Common stock	22,039	21,843	21,694	21,500
Retained earnings	28,524	27,251	25,662	24,291
Accumulated other comprehensive income	169	880	1,562	810
Treasury stock, at cost	(26,611)	(25,138)	(23,386)	$ (21,805)
Total shareholders' equity	24,121	24,836	$ 25,532
Total liabilities and shareholders' equity	101,664	103,078
Fixed maturities, available for sale, amortized cost	60,103	60,801
Equity securities, available for sale, cost	$ 573	$ 579
Common stock, shares authorized	1,750	1,750
Common stock, shares issued	311.2	322.2
Common stock, shares outstanding	311.2	322.2	339	353.5
Treasury stock, at cost, shares	451.5	437.3
Reportable Legal Entities [Member] | TPC [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	$ 42,549	$ 43,401
Equity securities, available for sale, at fair value	224	236
Real estate investments	56	56
Short-term securities	1,798	2,128
Other investments	2,628	2,630
Total investments	47,255	48,451
Cash	184	221	$ 167	$ 137
Investment income accrued	451	468
Premiums receivable	4,504	4,241
Reinsurance recoverables	5,721	6,156
Ceded unearned premiums	690	608
Deferred acquisition costs	1,672	1,622
Deferred taxes	117	23
Contractholder receivables	3,417	3,306
Goodwill	2,589	2,602
Other intangible assets	202	216
Other assets	2,170	1,931
Total assets	68,972	69,845
Claims and claim adjustment expense reserves	32,161	32,999
Unearned premium reserves	8,414	8,201
Contractholder payables	3,417	3,306
Payables for reinsurance premiums	243	194
Debt	692	692
Other liabilities	4,145	4,084
Total liabilities	49,072	49,476
Additional paid-in capital	11,634	11,634
Retained earnings	7,711	7,673
Accumulated other comprehensive income	555	1,062
Total shareholders' equity	19,900	20,369
Total liabilities and shareholders' equity	68,972	69,845
Reportable Legal Entities [Member] | Other Subsidiaries [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	19,340	20,043
Equity securities, available for sale, at fair value	460	522
Real estate investments	924	882
Short-term securities	478	706
Other investments	936	955
Total investments	22,138	23,108
Cash	131	151	143	154
Investment income accrued	201	215
Premiums receivable	2,260	2,057
Reinsurance recoverables	3,244	3,104
Ceded unearned premiums	92	70
Deferred acquisition costs	219	213
Deferred taxes	55	(40)
Contractholder receivables	1,056	1,056
Goodwill	1,005	1,009
Other intangible assets	82	88
Other assets	(32)	429
Total assets	30,451	31,460
Claims and claim adjustment expense reserves	16,672	16,851
Unearned premium reserves	3,739	3,638
Contractholder payables	1,056	1,056
Payables for reinsurance premiums	185	142
Other liabilities	630	1,308
Total liabilities	22,282	22,995
Common stock	390	390
Additional paid-in capital	6,502	6,502
Retained earnings	1,012	1,073
Accumulated other comprehensive income	265	500
Total shareholders' equity	8,169	8,465
Total liabilities and shareholders' equity	30,451	31,460
Reportable Legal Entities [Member] | Travelers [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	44	30
Equity securities, available for sale, at fair value	144	141
Short-term securities	1,648	1,530
Other investments	1	1
Total investments	1,837	1,702
Cash	2	2	$ 1	$ 3
Investment income accrued	3	2
Deferred taxes	44	50
Investment in subsidiaries	28,057	28,821
Other assets	355	17
Total assets	30,298	30,594
Debt	5,658	5,657
Other liabilities	531	114
Total liabilities	6,189	5,771
Common stock	22,039	21,843
Retained earnings	28,512	27,238
Accumulated other comprehensive income	169	880
Treasury stock, at cost	(26,611)	(25,138)
Total shareholders' equity	24,109	24,823
Total liabilities and shareholders' equity	30,298	30,594
Eliminations [Member]
Consolidating Balance Sheet
Investment in subsidiaries	(28,057)	(28,821)
Total assets	(28,057)	(28,821)
Common stock	(390)	(390)
Additional paid-in capital	(18,136)	(18,136)
Retained earnings	(8,711)	(8,733)
Accumulated other comprehensive income	(820)	(1,562)
Total shareholders' equity	(28,057)	(28,821)
Total liabilities and shareholders' equity	$ (28,057)	$ (28,821)

Consolidating Financial State57

Consolidating Financial Statements (details) - Consolidating Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidating Statement of Cash Flows
Net income	$ 812	$ 683	$ 1,645	$ 1,735
Net adjustments to reconcile net income to net cash provided by (used in) operating activities			(770)	(407)
Net cash provided by operating activities			875	1,328
Proceeds from maturities of fixed maturities			5,314	4,915
Proceeds from sales of investments, fixed maturities			1,226	785
Proceeds from sales of investments, equity securities			28	95
Proceeds from sales of investments, real estate investments			10	5
Proceeds from sales of investments, other investments			354	338
Purchases of investments, fixed maturities			(6,239)	(5,449)
Purchases of investments, equity securities			(22)	(40)
Purchases of investments, real estate investments			(69)	(36)
Purchases of investments, other investments			(275)	(226)
Net (purchases) sales of short-term securities			433	60
Securities transactions in course of settlement			183	204
Acquisition, net of cash acquired				(12)
Other investing activities			(178)	(152)
Net cash provided by investing activities			765	487
Treasury stock acquired - share repurchase authorization			(1,400)	(1,525)
Treasury stock acquired - net employee share-based compensation			(72)	(55)
Dividends paid to shareholders			(369)	(365)
Issuance of common stock - employee share options			117	122
Excess tax benefits from share-based payment arrangements			31	24
Net cash used in financing activities			(1,693)	(1,799)
Effect of exchange rate changes on cash			(4)	1
Net increase (decrease) in cash			(57)	17
Cash at beginning of year			374	294
Cash at end of period	317	311	317	311
Income taxes paid (received)			597	727
Interest paid			183	183
Reportable Legal Entities [Member] | TPC [Member]
Consolidating Statement of Cash Flows
Net income	628	526	1,260	1,309
Net adjustments to reconcile net income to net cash provided by (used in) operating activities			(410)	(154)
Net cash provided by operating activities			850	1,155
Proceeds from maturities of fixed maturities			3,604	3,005
Proceeds from sales of investments, fixed maturities			710	415
Proceeds from sales of investments, equity securities			11	57
Proceeds from sales of investments, other investments			244	196
Purchases of investments, fixed maturities			(4,352)	(3,399)
Purchases of investments, equity securities			(2)	(3)
Purchases of investments, real estate investments				(21)
Purchases of investments, other investments			(222)	(154)
Net (purchases) sales of short-term securities			327	347
Securities transactions in course of settlement			190	113
Acquisition, net of cash acquired				(9)
Other investing activities			(175)	(147)
Net cash provided by investing activities			335	400
Dividends paid to parent company			(1,222)	(1,525)
Net cash used in financing activities			(1,222)	(1,525)
Net increase (decrease) in cash			(37)	30
Cash at beginning of year			221	137
Cash at end of period	184	167	184	167
Income taxes paid (received)			534	570
Interest paid			24	24
Reportable Legal Entities [Member] | Other Subsidiaries [Member]
Consolidating Statement of Cash Flows
Net income	245	211	500	532
Net adjustments to reconcile net income to net cash provided by (used in) operating activities			(520)	(317)
Net cash provided by operating activities			(20)	215
Proceeds from maturities of fixed maturities			1,707	1,909
Proceeds from sales of investments, fixed maturities			516	369
Proceeds from sales of investments, equity securities			17	34
Proceeds from sales of investments, real estate investments			10	5
Proceeds from sales of investments, other investments			110	142
Purchases of investments, fixed maturities			(1,869)	(2,046)
Purchases of investments, equity securities			(19)	(32)
Purchases of investments, real estate investments			(69)	(15)
Purchases of investments, other investments			(53)	(72)
Net (purchases) sales of short-term securities			224	(47)
Securities transactions in course of settlement			(7)	91
Acquisition, net of cash acquired				(3)
Other investing activities			(3)	(5)
Net cash provided by investing activities			564	330
Dividends paid to parent company			(560)	(557)
Net cash used in financing activities			(560)	(557)
Effect of exchange rate changes on cash			(4)	1
Net increase (decrease) in cash			(20)	(11)
Cash at beginning of year			151	154
Cash at end of period	131	143	131	143
Income taxes paid (received)			197	205
Reportable Legal Entities [Member] | Travelers [Member]
Consolidating Statement of Cash Flows
Net income	812	683	1,645	1,735
Net adjustments to reconcile net income to net cash provided by (used in) operating activities			182	305
Net cash provided by operating activities			1,827	2,040
Proceeds from maturities of fixed maturities			3	1
Proceeds from sales of investments, fixed maturities				1
Proceeds from sales of investments, equity securities				4
Purchases of investments, fixed maturities			(18)	(4)
Purchases of investments, equity securities			(1)	(5)
Net (purchases) sales of short-term securities			(118)	(240)
Net cash provided by investing activities			(134)	(243)
Treasury stock acquired - share repurchase authorization			(1,400)	(1,525)
Treasury stock acquired - net employee share-based compensation			(72)	(55)
Dividends paid to shareholders			(369)	(365)
Issuance of common stock - employee share options			117	122
Excess tax benefits from share-based payment arrangements			31	24
Net cash used in financing activities			(1,693)	(1,799)
Net increase (decrease) in cash				(2)
Cash at beginning of year			2	3
Cash at end of period	2	1	2	1
Income taxes paid (received)			(134)	(48)
Interest paid			159	159
Eliminations [Member]
Consolidating Statement of Cash Flows
Net income	$ (873)	$ (737)	(1,760)	(1,841)
Net adjustments to reconcile net income to net cash provided by (used in) operating activities			(22)	(241)
Net cash provided by operating activities			(1,782)	(2,082)
Dividends paid to parent company			1,782	2,082
Net cash used in financing activities			$ 1,782	$ 2,082