The Travelers Companies, Inc. (TRV) 10-Q 21 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 18, 2016
Document and Entity Information
Registrant name	Travelers Companies, Inc.
Central index key	86,312
Document type	10-Q
Document period end date	Mar. 31, 2016
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		292,394,631
Document fiscal year focus	2,016
Document fiscal period focus	Q1

Consolidated Statement of Incom

Consolidated Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenues
Premiums		$ 5,981	$ 5,888
Net investment income		544	592
Fee income		117	114
Net realized investment gains (losses)	[1]	(9)	10
Other revenues		53	25
Total revenues		6,686	6,629
Claims and expenses
Claims and claim adjustment expenses		3,712	3,431
Amortization of deferred acquisition costs		971	963
General and administrative expenses		995	995
Interest expense		91	92
Total claims and expenses		5,769	5,481
Income before income taxes		917	1,148
Income tax expense		226	315
Net income		$ 691	$ 833
Net income per share
Basic		$ 2.33	$ 2.58
Diluted		$ 2.30	$ 2.55
Weighted average number of common shares outstanding
Basic		294.2	320.8
Diluted		297.9	324.5
Cash dividends declared per share		$ 0.61	$ 0.55
[1]	Total other-than-temporary impairment (OTTI) losses were $(28) million and $(4) million for the three months ended March 31, 2016 and 2015, respectively. Of total OTTI, credit losses of $(18) million and $(3) million for the three months ended March 31, 2016 and 2015, respectively, were recognized in net realized investment gains (losses). In addition, unrealized losses from other changes in total OTTI of $(10) million and $(1) million for the three months ended March 31, 2016 and 2015, 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
	Mar. 31, 2016	Mar. 31, 2015
Consolidated Statement of Income (Unaudited)
Total other-than-temporary impairment losses	$ (28)	$ (4)
Other-than-temporary impairment, credit losses recognized in net realized investment gains (losses)	(18)	(3)
Unrealized 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	$ (10)	$ (1)

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Consolidated Statement of Comprehensive Income (Unaudited)
Net income	$ 691	$ 833
Other comprehensive income (loss):
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	714	169
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	5	(5)
Net changes in benefit plan assets and obligations	16	24
Net changes in unrealized foreign currency translation	103	(274)
Other comprehensive income (loss) before income taxes	838	(86)
Income tax expense	267	25
Other comprehensive income (loss), net of taxes	571	(111)
Comprehensive income	$ 1,262	$ 722

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited at March 31, 2016) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets
Fixed maturities, available for sale, at fair value (amortized cost $59,490 and $58,878)	$ 61,985	$ 60,658
Equity securities, available for sale, at fair value (cost $528 and $528)	710	705
Real estate investments	927	989
Short-term securities	4,587	4,671
Other investments	3,469	3,447
Total investments	71,678	70,470
Cash	361	380	$ 308	$ 374
Investment income accrued	599	642
Premiums receivable	6,845	6,437
Reinsurance recoverables	8,803	8,910
Ceded unearned premiums	805	656
Deferred acquisition costs	1,899	1,849
Deferred taxes		296
Contractholder receivables	4,419	4,374
Goodwill	3,588	3,573
Other intangible assets	275	279
Other assets	2,408	2,318
Total assets	101,680	100,184
Liabilities
Claims and claim adjustment expense reserves	48,640	48,295
Unearned premium reserves	12,331	11,971
Contractholder payables	4,419	4,374
Payables for reinsurance premiums	438	296
Deferred taxes	82
Debt	6,344	6,344
Other liabilities	5,260	5,306
Total liabilities	77,514	76,586
Shareholders' equity
Common stock (1,750.0 shares authorized; 292.4 and 295.9 shares issued and outstanding)	22,269	22,172
Retained earnings	30,454	29,945
Accumulated other comprehensive income (loss)	414	(157)
Treasury stock, at cost (473.2 and 467.6 shares)	(28,971)	(28,362)
Total shareholders' equity	24,166	23,598	$ 24,847
Total liabilities and shareholders' equity	$ 101,680	$ 100,184

Consolidated Balance Sheet Pare

Consolidated Balance Sheet Parentheticals (Unaudited at March 31, 2016) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Consolidated Balance Sheet (Unaudited at March 31, 2016)
Fixed maturities, available for sale, amortized cost	$ 59,490	$ 58,878
Equity securities, available for sale, cost	$ 528	$ 528
Common stock, shares authorized	1,750	1,750
Common stock, shares issued	292.4	295.9
Common stock, shares outstanding	292.4	295.9
Treasury stock, at cost, shares	473.2	467.6

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common stock [Member]	Retained earnings [Member]	Accumulated other comprehensive income (loss), net of tax [Member]	Treasury stock, at cost [Member]	Common shares outstanding [Member]
Shareholders' equity, beginning of year at Dec. 31, 2014		$ 21,843	$ 27,251	$ 880	$ (25,138)
Shareholders' Equity [Rollforward]
Employee share-based compensation		66
Compensation amortization under share-based plans and other changes		73
Net income	$ 833		833
Dividends			(178)
Other comprehensive income (loss)	(111)			(111)
Treasury stock acquired - share repurchase authorization					(600)
Net shares acquired related to employee share-based compensation plans					(72)
Shareholders' equity, end of period at Mar. 31, 2015	24,847	21,982	27,906	769	(25,810)
Balance, beginning of year at Dec. 31, 2014						322.2
Common shares outstanding
Treasury stock acquired - share repurchase authorization						(5.6)
Net shares issued under employee share-based compensation plans						2.1
Balance, end of period at Mar. 31, 2015						318.7
Shareholders' equity, beginning of year at Dec. 31, 2015	23,598	22,172	29,945	(157)	(28,362)
Shareholders' Equity [Rollforward]
Employee share-based compensation		47
Compensation amortization under share-based plans and other changes		50
Net income	691		691
Dividends			(181)
Other			(1)
Other comprehensive income (loss)	571			571
Treasury stock acquired - share repurchase authorization	(550)				(550)
Net shares acquired related to employee share-based compensation plans	(59)				(59)
Shareholders' equity, end of period at Mar. 31, 2016	$ 24,166	$ 22,269	$ 30,454	$ 414	$ (28,971)
Balance, beginning of year at Dec. 31, 2015	295.9					295.9
Common shares outstanding
Treasury stock acquired - share repurchase authorization	(5.1)					(5.1)
Net shares issued under employee share-based compensation plans						1.6
Balance, end of period at Mar. 31, 2016	292.4					292.4

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income		$ 691	$ 833
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses	[1]	9	(10)
Depreciation and amortization		213	225
Deferred federal income tax expense		105	133
Amortization of deferred acquisition costs		971	963
Equity in income from other investments		(17)	(43)
Premiums receivable		(393)	(258)
Reinsurance recoverables		126	69
Deferred acquisition costs		(1,014)	(987)
Claims and claim adjustment expense reserves		226	(561)
Unearned premium reserves		328	185
Other operating activities		(395)	(350)
Net cash provided by operating activities		850	199
Cash flows from investing activities
Proceeds from maturities of fixed maturities		1,748	2,830
Proceeds from sales of investments:
Fixed maturities		421	906
Equity securities		14	11
Real estate investments		69	7
Other investments		186	146
Purchases of investments:
Fixed maturities		(2,700)	(3,325)
Equity securities		(12)	(8)
Real estate investments		(7)	(6)
Other investments		(162)	(168)
Net sales (purchases) of short-term securities		85	(134)
Securities transactions in course of settlement		291	305
Other investing activities		(79)	(90)
Net cash provided by (used in) investing activities		(146)	474
Cash flows from financing activities
Treasury stock acquired - share repurchase authorization		(550)	(600)
Treasury stock acquired - net employee share-based compensation		(59)	(71)
Dividends paid to shareholders		(180)	(177)
Issuance of common stock - employee share options		64	90
Excess tax benefits from share-based payment arrangements			27
Net cash used in financing activities		(725)	(731)
Effect of exchange rate changes on cash		2	(8)
Net decrease in cash		(19)	(66)
Cash at beginning of year		380	374
Cash at end of period		361	308
Supplemental disclosure of cash flow information
Income taxes paid		63	126
Interest paid		$ 42	$ 34
[1]	Total other-than-temporary impairment (OTTI) losses were $(28) million and $(4) million for the three months ended March 31, 2016 and 2015, respectively. Of total OTTI, credit losses of $(18) million and $(3) million for the three months ended March 31, 2016 and 2015, respectively, were recognized in net realized investment gains (losses). In addition, unrealized losses from other changes in total OTTI of $(10) million and $(1) million for the three months ended March 31, 2016 and 2015, 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	3 Months Ended
	Mar. 31, 2016
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, 2015 (the Company’s 2015 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 Compensation — Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In June 2014, the Financial Accounting Standards Board (FASB) issued updated guidance to resolve diversity in practice concerning employee share-based payments that contain performance targets that could be achieved after the requisite service period. The updated guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. As such, the performance target that affects vesting should not be reflected in estimating the fair value of the award at the grant date. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The updated guidance was effective for reporting periods beginning after December 15, 2015. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. Derivatives and Hedging: Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity In November 2014, the FASB issued updated guidance to clarify when the separation of certain embedded derivative features in a hybrid financial instrument that is issued in the form of a share is required. That is, an entity will continue to evaluate whether the economic characteristics and risks of the embedded derivative feature are clearly and closely related to those of the host contract. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument. The updated guidance was effective for reporting periods beginning after December 15, 2015. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. Consolidation: 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 was effective for reporting periods beginning after December 15, 2015. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. Interest — Imputation of Interest: 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 reported as interest expense. The recognition and measurement guidance for debt issuance costs are not affected by the updated guidance. The updated guidance was effective for reporting periods beginning after December 15, 2015. The updated guidance is consistent with the Company’s accounting policy and its adoption did not have any effect on the Company’s results of operations, financial position or liquidity. Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued updated guidance regarding business combinations that requires an acquirer to recognize post-close measurement adjustments for provisional amounts in the period the adjustment amounts are determined rather than retrospectively. The acquirer is also required to recognize, in the same period’s financial statements, th Compensation — In March 2016, the FASB issued updated guidance to simplify several aspects of accounting for share-based payment transactions as follows: Accounting for Income Taxes Under current accounting guidance, if the deduction for a share-based payment award for tax purposes exceeds, or is less than, the compensation cost recognized for financial reporting purposes, the resulting excess tax benefit, or tax deficiency, is reported as part of additional paid-in capital. Under the updated guidance, these excess tax benefits, or tax deficiencies, are reported as part of income tax expense or benefit in the income statement. The updated guidance also removes the requirement to delay recognition of any excess tax benefit when there are no current taxes payable to which the benefit would be applied. The tax-related cash flows resulting from share-based payments are to be included with other income tax cash flows as an operating activity rather than being reported separately as a financing activity. Forfeitures The updated guidance permits an entity to make an accounting policy election to either account for forfeitures when they occur or continue to apply the current method of accruing the compensation cost based on the number of awards that are expected to vest. Minimum Statutory Tax Withholding Requirements The updated guidance changes the threshold amount an entity can withhold for taxes when settling an equity award and still qualify for equity classification. A company can withhold up to the maximum statutory tax rates in the employees’ applicable jurisdiction rather than withholding up to the employers’ minimum statutory withholding requirement. The update also clarifies that all cash payments made to taxing authorities on behalf of employees for withheld shares are to be presented in financing activities on the statement of cash flows. Transition The updated guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted in any interim period; if early adoption is elected, the entity must adopt all of the amendments in the same reporting period and reflect any adjustments as of the beginning of the fiscal year. The Company adopted the updated guidance effective January 1, 2016. With respect to the forfeiture accounting policy election, the Company elected to retain its policy of accruing the compensation cost based on the number of awards that are expected to vest. The adoption did not result in any cumulative effect adjustments or restatement and did not have a material effect on the Company’s results of operations, financial position or liquidity. Accounting Standards Not Yet Adopted Leases In February 2016, the FASB issued updated guidance to require lessees to recognize a right-to-use asset and a lease liability for leases with terms of more than 12 months. The updated guidance retains the two classifications of a lease as either an operating or finance lease (previously referred to as a capital lease). Both lease classifications require the lessee to record the right-to-use asset and the lease liability based upon the present value of cash flows. Finance leases will reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-to-use asset. Operating leases will recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The accounting by lessors is not significantly changed by the updated guidance. The updated guidance requires expanded qualitative and quantitative disclosures, including additional information about the amounts recorded in the financial statements. The updated guidance is effective for reporting periods beginning after December 15, 2018, and will require that the earliest comparative period presented include the measurement and recognition of existing leases with an adjustment to equity as if the updated guidance had always been applied. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company’s results of operations, financial position or liquidity. Investments — Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting In March 2016, the FASB issued updated guidance that eliminates the requirement to retroactively apply the equity method of accounting when an investment that was previously accounted for using another method of accounting becomes qualified to apply the equity method due to an increase in the level of ownership interest or degree of influence. If the investment was previously accounted for as an available-for-sale security, any related unrealized gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for the equity method is recognized through earnings. The updated guidance is effective for reporting periods beginning after December 15, 2016, and is to be applied prospectively. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company’s results of operations, financial position or liquidity. Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments In March 2016, the FASB issued updated guidance clarifying that when a call (put) option in a debt instrument can accelerate the repayment of principal on the debt instrument, a reporting entity does not need to assess whether the contingent event that triggers the ability to exercise the call (put) option is related to interest rates or credit risk in determining whether the option should be accounted for separately. The updated guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company’s results of operations, financial position or liquidity. Additional Accounting Standards Not Yet Adopted For information regarding additional accounting standards that the Company has not yet adopted, see the “Other Accounting Standards Not Yet Adopted ” 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	3 Months Ended
	Mar. 31, 2016
Segment Information disclosure
Segment Information disclosure [Text Block]	2. SEGMENT INFORMATION The following tables summarize the components of the Company’s operating revenues, operating income and total assets by reportable business segments: (for the three months Business and Bond & Specialty Personal Total 2016 Premiums $ 3,599 $ 508 $ 1,874 $ 5,981 Net investment income 415 52 77 544 Fee income 114 — 3 117 Other revenues 33 3 14 50 Total operating revenues (1) $ 4,161 $ 563 $ 1,968 $ 6,692 Operating income (1) $ 476 $ 144 $ 139 $ 759 2015 Premiums $ 3,620 $ 504 $ 1,764 $ 5,888 Net investment income 454 56 82 592 Fee income 111 — 3 114 Other revenues 8 5 12 25 Total operating revenues (1) $ 4,193 $ 565 $ 1,861 $ 6,619 Operating income (1) $ 515 $ 124 $ 252 $ 891 (1) Business Segment Reconciliations Three Months Ended (in millions) 2016 2015 Revenue reconciliation Earned premiums Business and International Insurance: Domestic: Workers’ compensation $ 981 $ 962 Commercial automobile 491 468 Commercial property 437 440 General liability 482 468 Commercial multi-peril 782 774 Other 5 10 Total Domestic 3,178 3,122 International 421 498 Total Business and International Insurance 3,599 3,620 Bond & Specialty Insurance: Fidelity and surety 230 225 General liability 234 236 Other 44 43 Total Bond & Specialty Insurance 508 504 Personal Insurance: Automobile 936 836 Homeowners and Other 938 928 Total Personal Insurance 1,874 1,764 Total earned premiums 5,981 5,888 Net investment income 544 592 Fee income 117 114 Other revenues 50 25 Total operating revenues for reportable segments 6,692 6,619 Other revenues 3 — Net realized investment gains (losses) (9 ) 10 Total consolidated revenues $ 6,686 $ 6,629 Income reconciliation, net of tax Total operating income for reportable segments $ 759 $ 891 Interest Expense and Other (1) (61 ) (64 ) Total operating income 698 827 Net realized investment gains (losses) (7 ) 6 Total consolidated net income $ 691 $ 833 (1) (in millions) March 31, December 31, Asset reconciliation: Business and International Insurance $ 80,961 $ 79,692 Bond & Specialty Insurance 7,537 7,360 Personal Insurance 12,905 12,748 Total assets for reportable segments 101,403 99,800 Other assets (1) 277 384 Total consolidated assets $ 101,680 $ 100,184 (1)

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments disclosure
Investments disclsoure [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 March 31, 2016, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,128 $ 27 $ 1 $ 2,154 Obligations of states, municipalities and political subdivisions: Local general obligation 13,242 690 1 13,931 Revenue 9,914 563 3 10,474 State general obligation 1,944 102 — 2,046 Pre-refunded 5,640 231 — 5,871 Total obligations of states, municipalities and political subdivisions 30,740 1,586 4 32,322 Debt securities issued by foreign governments 1,794 52 — 1,846 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,799 131 1 1,929 All other corporate bonds 22,921 834 135 23,620 Redeemable preferred stock 108 6 — 114 Total $ 59,490 $ 2,636 $ 141 $ 61,985 Amortized Gross Unrealized Fair (at December 31, 2015, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,202 $ 8 $ 16 $ 2,194 Obligations of states, municipalities and political subdivisions: Local general obligation 12,744 577 3 13,318 Revenue 9,492 472 4 9,960 State general obligation 1,978 97 2 2,073 Pre-refunded 5,813 247 — 6,060 Total obligations of states, municipalities and political subdivisions 30,027 1,393 9 31,411 Debt securities issued by foreign governments 1,829 45 1 1,873 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,863 124 6 1,981 All other corporate bonds 22,854 523 288 23,089 Redeemable preferred stock 103 7 — 110 Total $ 58,878 $ 2,100 $ 320 $ 60,658 Pre-refunded bonds of $5.87 billion and $6.06 billion at March 31, 2016 and December 31, 2015, 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 $421 million and $906 million during the three months ended March 31, 2016 and 2015, respectively. Gross gains of $23 million and $19 million and gross losses of $7 million and $1 million were realized on those sales during the three months ended March 31, 2016 and 2015, respectively. Equity Securities The cost and fair value of investments in equity securities were as follows: Gross Unrealized Fair (at March 31, 2016, in millions) Cost Gains Losses Value Public common stock $ 383 $ 174 $ 8 $ 549 Non-redeemable preferred stock 145 24 8 161 Total $ 528 $ 198 $ 16 $ 710 Gross Unrealized Fair (at December 31, 2015, in millions) Cost Gains Losses Value Public common stock $ 386 $ 164 $ 7 $ 543 Non-redeemable preferred stock 142 26 6 162 Total $ 528 $ 190 $ 13 $ 705 Proceeds from sales of equity securities classified as available for sale were $14 million and $11 million during the three months ended March 31, 2016 and 2015, respectively. Gross gains of $3 million and $2 million and gross losses of $2 million and $0 million were realized on those sales during the three months ended March 31, 2016 and 2015, respectively. Unrealized Investment Losses The following tables summarize, for all investments in an unrealized loss position at March 31, 2016 and December 31, 2015, 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 2015 Annual Report. Less than 12 months 12 months or longer Total (at March 31, 2016, 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 $ 171 $ — $ 10 $ 1 $ 181 $ 1 Obligations of states, municipalities and political subdivisions 681 3 141 1 822 4 Debt securities issued by foreign governments 25 — — — 25 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 98 — 73 1 171 1 All other corporate bonds 2,010 70 941 65 2,951 135 Redeemable preferred stock 22 — — — 22 — Total fixed maturities 3,007 73 1,165 68 4,172 141 Equity securities Public common stock 54 8 34 — 88 8 Non-redeemable preferred stock 29 1 59 7 88 8 Total equity securities 83 9 93 7 176 16 Total $ 3,090 $ 82 $ 1,258 $ 75 $ 4,348 $ 157 Less than 12 months 12 months or longer Total (at December 31, 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 $ 1,820 $ 15 $ 28 $ 1 $ 1,848 $ 16 Obligations of states, municipalities and political subdivisions 928 7 142 2 1,070 9 Debt securities issued by foreign governments 172 1 — — 172 1 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 473 4 57 2 530 6 All other corporate bonds 7,725 197 710 91 8,435 288 Redeemable preferred stock 8 — — — 8 — Total fixed maturities 11,126 224 937 96 12,063 320 Equity securities Public common stock 48 6 33 1 81 7 Non-redeemable preferred stock 47 3 38 3 85 6 Total equity securities 95 9 71 4 166 13 Total $ 11,221 $ 233 $ 1,008 $ 100 $ 12,229 $ 333 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 March 31, 2016 totaled $50 million, Impairment Charges Impairment charges included in net realized investment gains (losses) in the consolidated statement of income were $18 million and $3 million for the three months ended March 31, 2016 and 2015, respectively. For fixed maturities held at March 31, 2016 and 2015, the cumulative amount of credit losses recognized in the consolidated statement of income from other-than-temporary impairments (OTTI) was $92 million and $94 million, respectively, on investments for which a portion of the OTTI was recognized in other comprehensive income (loss). These credit losses represent less than 1% of the fixed maturity portfolio on a pre-tax basis and less than 1% of shareholders’ equity on an after-tax basis at both dates. There were no significant changes in the credit component of OTTI during the three months ended March 31, 2016 and 2015 from that disclosed in note 3 of notes to the consolidated financial statements in the Company’s 2015 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 both March 31, 2016 and December 31, 2015, the Company had $400 million notional value of open U.S. Treasury futures contracts. Net realized investment gains (losses) in the three months ended March 31, 2016 and 2015 included net losses of $19 million and $10 million, respectively, related to U.S. Treasury futures contracts.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015. 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 $116 million and $101 million at March 31, 2016 and December 31, 2015, 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 $93 million and $117 million at March 31, 2016 and December 31, 2015, 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 March 31, 2016 and December 31, 2015. An investment transferred between levels during a period is transferred at its fair value as of the beginning of that period. (at March 31, 2016, 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 $ 2,154 $ 2,154 $ — $ — Obligations of states, municipalities and political subdivisions 32,322 — 32,309 13 Debt securities issued by foreign governments 1,846 — 1,846 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,929 — 1,927 2 All other corporate bonds 23,620 — 23,433 187 Redeemable preferred stock 114 3 104 7 Total fixed maturities 61,985 2,157 59,619 209 Equity securities Public common stock 549 549 — — Non-redeemable preferred stock 161 64 97 — Total equity securities 710 613 97 — Other investments 55 16 — 39 Total $ 62,750 $ 2,786 $ 59,716 $ 248 During the quarter ended March 31, 2016, the Company’s transfers between Level 1 and Level 2 were not significant. (at December 31, 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 $ 2,194 $ 2,194 $ — $ — Obligations of states, municipalities and political subdivisions 31,411 — 31,398 13 Debt securities issued by foreign governments 1,873 — 1,873 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,981 — 1,957 24 All other corporate bonds 23,089 — 22,915 174 Redeemable preferred stock 110 3 100 7 Total fixed maturities 60,658 2,197 58,243 218 Equity securities Public common stock 543 543 — — Non-redeemable preferred stock 162 55 107 — Total equity securities 705 598 107 — Other investments 56 18 — 38 Total $ 61,419 $ 2,813 $ 58,350 $ 256 During the year ended December 31, 2015, 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 three months ended March 31, 2016 or the year ended December 31, 2015. Financial Instruments Disclosed, But Not Carried, At Fair Value The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and (at March 31, 2016, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 4,587 $ 4,587 $ 1,174 $ 3,378 $ 35 Financial liabilities: Debt $ 6,244 $ 7,419 $ — $ 7,419 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ — (at December 31, 2015, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 4,671 $ 4,671 $ 1,685 $ 2,958 $ 28 Financial liabilities: Debt $ 6,244 $ 7,180 $ — $ 7,180 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ — The Company utilized a pricing service to estimate fair value for approximately 98% and 99% of short-term securities at March 31, 2016 and December 31, 2015, respectively. 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 2015 Annual Report. The Company utilized a pricing service to estimate fair value for 100% of its debt, including commercial paper, at March 31, 2016 and December 31, 2015. The Company had no material assets or liabilities that were measured at fair value on a non-recurring basis during the three months ended March 31, 2016 or year ended December 31, 2015.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015: (in millions) March 31, December 31, Business and International Insurance (1) $ 2,454 $ 2,439 Bond & Specialty Insurance 496 496 Personal Insurance 612 612 Other 26 26 Total $ 3,588 $ 3,573 (1) Other Intangible Assets The following tables present a summary of the Company’s other intangible assets by major asset class at March 31, 2016 and December 31, 2015: (at March 31, 2016, in millions) Gross Accumulated Net Subject to amortization (1) $ 209 $ 151 $ 58 Not subject to amortization 217 — 217 Total $ 426 $ 151 $ 275 (at December 31, 2015, in millions) Gross Accumulated Net Subject to amortization (1) $ 210 $ 148 $ 62 Not subject to amortization 217 — 217 Total $ 427 $ 148 $ 279 (1) Amortization expense of intangible assets was $3 million and $11 million for the three months ended March 31, 2016 and 2015, respectively. Intangible asset amortization expense is estimated to be $8 million for the remainder of 2016, $9 million in 2017, $8 million in 2018, $6 million in 2019 and $5 million in 2020.

Other Comprehensive Income and

Other Comprehensive Income and Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2016
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 ACCCUMULATED OTHER COMPREHENSIVE INCOME The following table presents the changes in the Company’s accumulated other comprehensive income (AOCI) for the three months ended March 31, 2016. (in millions) Changes in Net Changes in Net Net Benefit Plan Net Unrealized Total Accumulated Balance, December 31, 2015 $ 1,100 $ 189 $ (713 ) $ (733 ) $ (157 ) Other comprehensive income (loss) (OCI) before reclassifications 474 (4 ) — 90 560 Amounts reclassified from AOCI (7 ) 7 11 — 11 Net OCI, current period 467 3 11 90 571 Balance, March 31, 2016 $ 1,567 $ 192 $ (702 ) $ (643 ) $ 414 The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit) for the three months ended March 31, 2016 and 2015. (for the three months ended March 31, in millions) 2016 2015 Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income $ 714 $ 169 Income tax expense 247 56 Net of taxes 467 113 Having credit losses recognized in the consolidated statement of income 5 (5 ) Income tax expense (benefit) 2 (2 ) Net of taxes 3 (3 ) Net changes in benefit plan assets and obligations 16 24 Income tax expense 5 8 Net of taxes 11 16 Net changes in unrealized foreign currency translation 103 (274 ) Income tax expense (benefit) 13 (37 ) Net of taxes 90 (237 ) Total other comprehensive income (loss) 838 (86 ) Total income tax expense 267 25 Total other comprehensive income (loss), net of taxes $ 571 $ (111 ) The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income for (for the three months ended March 31, in millions) 2016 2015 Reclassification adjustments related to unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (11 ) $ (18 ) Income tax expense (2) (4 ) (6 ) Net of taxes (7 ) (12 ) Having credit losses recognized in the consolidated statement of income (1) 11 — Income tax benefit (2) 4 — Net of taxes 7 — Reclassification adjustment related to benefit plan assets and obligations (3) 16 23 Income tax benefit (2) 5 8 Net of taxes 11 15 Reclassification adjustment related to foreign currency translation (1) — — Income tax benefit (2) — — Net of taxes — — Total reclassifications 16 5 Total income tax benefit 5 2 Total reclassifications, net of taxes $ 11 $ 3 (1) (2) (3)

Common Share Repurchases

Common Share Repurchases	3 Months Ended
	Mar. 31, 2016
Common Share Repurchases disclosure
Common Share Repurchases disclosure [Text Block]	7. COMMON SHARE REPURCHASES During the three months ended March 31, 2016, the Company repurchased 5.1 million shares under its share repurchase authorization for a total cost of $550 million. The average cost per share repurchased was $108.46. At March 31, 2016, the Company had $2.78 billion of capacity remaining under its share repurchase authorization. In addition,

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2016
Earnings per Share disclosure
Earnings per Share disclosure [Text Block]	8. EARNINGS PER SHARE The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the periods presented: Three Months Ended (in millions, except per share amounts) 2016 2015 Basic and Diluted Net income, as reported $ 691 $ 833 Participating share-based awards — allocated income (5 ) (6 ) Net income available to common shareholders — basic and diluted $ 686 $ 827 Common Shares Basic Weighted average shares outstanding 294.2 320.8 Diluted Weighted average shares outstanding 294.2 320.8 Weighted average effects of dilutive securities — stock options and performance shares 3.7 3.7 Total 297.9 324.5 Net Income per Common Share Basic $ 2.33 $ 2.58 Diluted $ 2.30 $ 2.55

Share-Based Incentive Compensat

Share-Based Incentive Compensation	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: Stock Options Number Weighted Weighted Aggregate Vested at end of period (1) 8,773,891 $ 77.11 6.6 Years $ 347 Exercisable at end of period 5,158,324 $ 61.95 4.9 Years $ 282 (1) The total compensation cost for all share-based incentive compensation awards recognized in earnings was $50 million and $47 million for the three months ended March 31, 2016 and 2015, respectively. The related tax benefits recognized in earnings were $17 million and $16 million for the three months ended March 31, 2016 and 2015, respectively. The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards at March 31, 2016 was $215 million, which is expected to be recognized over a weighted-average period of 2.2 years. The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards at December 31, 2015 was $124 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	3 Months Ended
	Mar. 31, 2016
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 table summarizes the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income. (for the three months ended March 31, in millions) Pension Plans Postretirement Benefit Plans 2016 2015 2016 2015 Net Periodic Benefit Cost: Service cost $ 29 $ 33 $ — $ — Interest cost on benefit obligation 30 36 2 3 Expected return on plan assets (57 ) (58 ) — — Amortization of unrecognized: Prior service benefit — — (1 ) (1 ) Net actuarial loss 17 24 — — Net periodic benefit cost $ 19 $ 35 $ 1 $ 2 In first quarter 2016, the Company began to use a full yield curve approach in the estimation of the service and interest cost components of net periodic benefit costs for its qualified and nonqualified domestic pension plans and its domestic postretirement benefit plans. The full yield curve approach applies the specific spot rates along the yield curve that the Company used to determine its projected benefit obligation at the beginning of the year to the projected cash flows related to service and interest costs. Previously, the Company estimated these service and interest cost components by applying a single weighted-average discount rate derived from this yield curve. This change was made to provide a better estimate of the service and interest cost components of net periodic benefit costs, consistent with the methodology used to estimate the projected benefit obligation for each of the benefit plans. This change did not affect the measurement of the Company’s total benefit obligations, as the change in service cost and interest cost is completely offset in the actuarial (gain) loss reported for the period. The change reduced the service and interest cost components of net periodic benefit costs for the first quarter 2016 by $1 million and $8 million, respectively. The weighted average discount rates that are being used to measure service and interest cost during 2016 are 4.77% and 3.64%, respectively, for the domestic qualified pension plan, 4.53% and 3.47%, respectively, for the domestic nonqualified pension plan and 0.00% and 3.53%, respectively, for the domestic postretirement benefit plan. The discount rate associated with the service cost component of the domestic postretirement benefit plan is zero as it is a closed plan and all participants are fully vested. Under the Company’s prior estimation approach, the weighted average discount rate for both the service and interest cost components would have been 4.50% for the domestic qualified pension plan, 4.37% for the domestic nonqualified pension plan and 4.35% for the domestic postretirement benefit plan. The Company accounted for this change as a change in estimate, and accordingly, is recognizing the effect prospectively beginning in 2016.

Contingencies, Commitments and

Contingencies, Commitments and Guarantees	3 Months Ended
	Mar. 31, 2016
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. 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 $391 million at March 31, 2016, 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 March 31, 2016, 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 March 31, 2016, 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 2015 Annual Report.

Consolidating Financial Stateme

Consolidating Financial Statements (Unaudited)	3 Months Ended
	Mar. 31, 2016
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. (excluding its subsidiaries, TRV) has fully and unconditionally guaranteed certain debt obligations of Travelers Property Casualty Corp. (TPC), which totaled $700 million at March 31, 2016. 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, TRV fully and unconditionally assumed such guarantee obligations of TPC. TPC is deemed to have no assets or operations independent of TIGHI. Consolidating financial information for TIGHI has not been presented herein because such financial information would be substantially the same as the financial information provided for TPC. CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,085 $ 1,896 $ — $ — $ 5,981 Net investment income 376 166 2 — 544 Fee income 117 — — — 117 Net realized investment gains (losses) (1) (16 ) 7 — — (9 ) Other revenues 48 16 — (11 ) 53 Total revenues 4,610 2,085 2 (11 ) 6,686 Claims and expenses Claims and claim adjustment expenses 2,520 1,192 — — 3,712 Amortization of deferred acquisition costs 650 321 — — 971 General and administrative expenses 704 298 4 (11 ) 995 Interest expense 12 — 79 — 91 Total claims and expenses 3,886 1,811 83 (11 ) 5,769 Income (loss) before income taxes 724 274 (81 ) — 917 Income tax expense (benefit) 199 69 (42 ) — 226 Net income of subsidiaries — — 730 (730 ) — Net income $ 525 $ 205 $ 691 $ (730 ) $ 691 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (14 ) $ (14 ) $ — $ — $ (28 ) OTTI losses recognized in net realized investment gains (losses) $ (9 ) $ (9 ) $ — $ — $ (18 ) OTTI losses recognized in OCI $ (5 ) $ (5 ) $ — $ — $ (10 ) CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended March 31, 2015 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 3,996 $ 1,892 $ — $ — $ 5,888 Net investment income 411 180 1 — 592 Fee income 114 — — — 114 Net realized investment gains (1) 2 7 1 — 10 Other revenues 21 4 — — 25 Total revenues 4,544 2,083 2 — 6,629 Claims and expenses Claims and claim adjustment expenses 2,309 1,122 — — 3,431 Amortization of deferred acquisition costs 642 321 — — 963 General and administrative expenses 698 292 5 — 995 Interest expense 12 — 80 — 92 Total claims and expenses 3,661 1,735 85 — 5,481 Income (loss) before income taxes 883 348 (83 ) — 1,148 Income tax expense (benefit) 251 93 (29 ) — 315 Net income of subsidiaries — — 887 (887 ) — Net income $ 632 $ 255 $ 833 $ (887 ) $ 833 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (1 ) $ (3 ) $ — $ — $ (4 ) OTTI losses recognized in net realized investment gains $ (1 ) $ (2 ) $ — $ — $ (3 ) OTTI losses recognized in OCI $ — $ (1 ) $ — $ — $ (1 ) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 525 $ 205 $ 691 $ (730 ) $ 691 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 485 228 1 — 714 Having credit losses recognized in the consolidated statement of income 2 3 — — 5 Net changes in benefit plan assets and obligations — 1 15 — 16 Net changes in unrealized foreign currency translation 94 9 — — 103 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 581 241 16 — 838 Income tax expense 181 79 7 — 267 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 400 162 9 — 571 Other comprehensive income of subsidiaries — — 562 (562 ) — Other comprehensive income 400 162 571 (562 ) 571 Comprehensive income $ 925 $ 367 $ 1,262 $ (1,292 ) $ 1,262 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended March 31, 2015 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 632 $ 255 $ 833 $ (887 ) $ 833 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 134 33 2 — 169 Having credit losses recognized in the consolidated statement of income (4 ) (1 ) — — (5 ) Net changes in benefit plan assets and obligations — 1 23 — 24 Net changes in unrealized foreign currency translation (179 ) (95 ) — — (274 ) Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (49 ) (62 ) 25 — (86 ) Income tax expense 14 3 8 — 25 Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (63 ) (65 ) 17 — (111 ) Other comprehensive loss of subsidiaries — — (128 ) 128 — Other comprehensive loss (63 ) (65 ) (111 ) 128 (111 ) Comprehensive income $ 569 $ 190 $ 722 $ (759 ) $ 722 CONSOLIDATING BALANCE SHEET (Unaudited) At March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $59,490) $ 42,898 $ 19,039 $ 48 $ — $ 61,985 Equity securities, available for sale, at fair value (cost $528) 193 374 143 — 710 Real estate investments 55 872 — — 927 Short-term securities 2,100 861 1,626 — 4,587 Other investments 2,563 905 1 — 3,469 Total investments 47,809 22,051 1,818 — 71,678 Cash 211 148 2 — 361 Investment income accrued 420 176 3 — 599 Premiums receivable 4,599 2,246 — — 6,845 Reinsurance recoverables 5,937 2,866 — — 8,803 Ceded unearned premiums 737 68 — — 805 Deferred acquisition costs 1,702 197 — — 1,899 Contractholder receivables 3,432 987 — — 4,419 Goodwill 2,584 1,004 — — 3,588 Other intangible assets 202 73 — — 275 Investment in subsidiaries — — 28,081 (28,081 ) — Other assets 2,070 322 16 — 2,408 Total assets $ 69,703 $ 30,138 $ 29,920 $ (28,081 ) $ 101,680 Liabilities Claims and claim adjustment expense reserves $ 32,378 $ 16,262 $ — $ — $ 48,640 Unearned premium reserves 8,603 3,728 — — 12,331 Contractholder payables 3,432 987 — — 4,419 Payables for reinsurance premiums 267 171 — — 438 Deferred taxes 108 4 (30 ) — 82 Debt 692 — 5,652 — 6,344 Other liabilities 3,949 1,169 142 — 5,260 Total liabilities 49,429 22,321 5,764 — 77,514 Shareholders’ equity Common stock (1,750.0 shares authorized; 292.4 shares issued and outstanding) — 390 22,269 (390 ) 22,269 Additional paid-in capital 11,634 6,499 — (18,133 ) — Retained earnings 7,848 673 30,444 (8,511 ) 30,454 Accumulated other comprehensive income 792 255 414 (1,047 ) 414 Treasury stock, at cost (473.2 shares) — — (28,971 ) — (28,971 ) Total shareholders’ equity 20,274 7,817 24,156 (28,081 ) 24,166 Total liabilities and shareholders’ equity $ 69,703 $ 30,138 $ 29,920 $ (28,081 ) $ 101,680 CONSOLIDATING BALANCE SHEET (Unaudited) At December 31, 2015 (in millions) TPC Other TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $58,878) $ 42,289 $ 18,323 $ 46 $ — $ 60,658 Equity securities, available for sale, at fair value (cost $528) 189 375 141 — 705 Real estate investments 56 933 — — 989 Short-term securities 1,947 1,178 1,546 — 4,671 Other investments 2,516 930 1 — 3,447 Total investments 46,997 21,739 1,734 — 70,470 Cash 225 153 2 — 380 Investment income accrued 453 185 4 — 642 Premiums receivable 4,336 2,101 — — 6,437 Reinsurance recoverables 5,849 3,061 — — 8,910 Ceded unearned premiums 610 46 — — 656 Deferred acquisition costs 1,660 189 — — 1,849 Deferred taxes 178 83 35 — 296 Contractholder receivables 3,387 987 — — 4,374 Goodwill 2,573 1,000 — — 3,573 Other intangible assets 203 76 — — 279 Investment in subsidiaries — — 27,573 (27,573 ) — Other assets 1,958 344 16 — 2,318 Total assets $ 68,429 $ 29,964 $ 29,364 $ (27,573 ) $ 100,184 Liabilities Claims and claim adjustment expense reserves $ 31,965 $ 16,330 $ — $ — $ 48,295 Unearned premium reserves 8,335 3,636 — — 11,971 Contractholder payables 3,387 987 — — 4,374 Payables for reinsurance premiums 175 121 — — 296 Debt 693 — 5,651 — 6,344 Other liabilities 3,958 1,221 127 — 5,306 Total liabilities 48,513 22,295 5,778 — 76,586 Shareholders’ equity Common stock (1,750.0 shares authorized; 295.9 shares issued and outstanding) — 390 22,172 (390 ) 22,172 Additional paid-in capital 11,634 6,499 — (18,133 ) — Retained earnings 7,888 688 29,933 (8,564 ) 29,945 Accumulated other comprehensive income (loss) 394 92 (157 ) (486 ) (157 ) Treasury stock, at cost (467.6 shares) — — (28,362 ) — (28,362 ) Total shareholders’ equity 19,916 7,669 23,586 (27,573 ) 23,598 Total liabilities and shareholders’ equity $ 68,429 $ 29,964 $ 29,364 $ (27,573 ) $ 100,184 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the three months ended March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 525 $ 205 $ 691 $ (730 ) $ 691 Net adjustments to reconcile net income to net cash provided by (used in) operating activities 151 (55 ) 115 (52 ) 159 Net cash provided by (used in) operating activities 676 150 806 (782 ) 850 Cash flows from investing activities Proceeds from maturities of fixed maturities 1,239 507 2 — 1,748 Proceeds from sales of investments: Fixed maturities 237 183 1 — 421 Equity securities 4 10 — — 14 Real estate investments — 69 — — 69 Other investments 122 64 — — 186 Purchases of investments: Fixed maturities (1,534 ) (1,162 ) (4 ) — (2,700 ) Equity securities (1 ) (10 ) (1 ) — (12 ) Real estate investments — (7 ) — — (7 ) Other investments (123 ) (39 ) — — (162 ) Net sales (purchases) of short-term securities (152 ) 317 (80 ) — 85 Securities transactions in course of settlement 159 131 1 — 291 Other (78 ) (1 ) — — (79 ) Net cash provided by (used in) investing activities (127 ) 62 (81 ) — (146 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (550 ) — (550 ) Treasury stock acquired — net employee share-based compensation — — (59 ) — (59 ) Dividends paid to shareholders — — (180 ) — (180 ) Issuance of common stock — employee share options — — 64 — 64 Dividends paid to parent company (565 ) (217 ) — 782 — Net cash used in financing activities (565 ) (217 ) (725 ) 782 (725 ) Effect of exchange rate changes on cash 2 — — — 2 Net decrease in cash (14 ) (5 ) — — (19 ) Cash at beginning of year 225 153 2 — 380 Cash at end of period $ 211 $ 148 $ 2 $ — $ 361 Supplemental disclosure of cash flow information Income taxes paid (received) $ 51 $ 17 $ (5 ) $ — $ 63 Interest paid $ 16 $ — $ 26 $ — $ 42 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the three months ended March 31, 2015 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 632 $ 255 $ 833 $ (887 ) $ 833 Net adjustments to reconcile net income to net cash provided by (used in) operating activities (405 ) (350 ) 16 105 (634 ) Net cash provided by (used in) operating activities 227 (95 ) 849 (782 ) 199 Cash flows from investing activities Proceeds from maturities of fixed maturities 1,851 979 — — 2,830 Proceeds from sales of investments: Fixed maturities 555 351 — 906 Equity securities 6 5 — — 11 Real estate investments — 7 — — 7 Other investments 98 48 — — 146 Purchases of investments: Fixed maturities (2,133 ) (1,192 ) — — (3,325 ) Equity securities (1 ) (6 ) (1 ) — (8 ) Real estate investments — (6 ) — — (6 ) Other investments (139 ) (29 ) — — (168 ) Net sales (purchases) of short-term securities (23 ) 6 (117 ) — (134 ) Securities transactions in course of settlement 175 130 — — 305 Other (89 ) (1 ) — — (90 ) Net cash provided by (used in) investing activities 300 292 (118 ) — 474 Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (600 ) — (600 ) Treasury stock acquired — net employee share-based compensation — — (71 ) — (71 ) Dividends paid to shareholders — — (177 ) — (177 ) Issuance of common stock — employee share options — — 90 — 90 Excess tax benefits from share-based payment arrangements — — 27 — 27 Dividends paid to parent company (552 ) (230 ) — 782 — Net cash used in financing activities (552 ) (230 ) (731 ) 782 (731 ) Effect of exchange rate changes on cash (1 ) (7 ) — — (8 ) Net decrease in cash (26 ) (40 ) — — (66 ) Cash at beginning of year 221 151 2 — 374 Cash at end of period $ 195 $ 111 $ 2 $ — $ 308 Supplemental disclosure of cash flow information Income taxes paid (received) $ 138 $ 52 $ (64 ) $ — $ 126 Interest paid $ 16 $ — $ 18 $ — $ 34

Basis of Presentation and Acc21

Basis of Presentation and Accounting Policies (policies)	3 Months Ended
	Mar. 31, 2016
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, 2015 (the Company’s 2015 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 [Policy Text Block]	Adoption of Accounting Standards Compensation — Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In June 2014, the Financial Accounting Standards Board (FASB) issued updated guidance to resolve diversity in practice concerning employee share-based payments that contain performance targets that could be achieved after the requisite service period. The updated guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. As such, the performance target that affects vesting should not be reflected in estimating the fair value of the award at the grant date. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The updated guidance was effective for reporting periods beginning after December 15, 2015. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. Derivatives and Hedging: Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity In November 2014, the FASB issued updated guidance to clarify when the separation of certain embedded derivative features in a hybrid financial instrument that is issued in the form of a share is required. That is, an entity will continue to evaluate whether the economic characteristics and risks of the embedded derivative feature are clearly and closely related to those of the host contract. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument. The updated guidance was effective for reporting periods beginning after December 15, 2015. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. Consolidation: 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 was effective for reporting periods beginning after December 15, 2015. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. Interest — Imputation of Interest: 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 reported as interest expense. The recognition and measurement guidance for debt issuance costs are not affected by the updated guidance. The updated guidance was effective for reporting periods beginning after December 15, 2015. The updated guidance is consistent with the Company’s accounting policy and its adoption did not have any effect on the Company’s results of operations, financial position or liquidity. Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued updated guidance regarding business combinations that requires an acquirer to recognize post-close measurement adjustments for provisional amounts in the period the adjustment amounts are determined rather than retrospectively. The acquirer is also required to recognize, in the same period’s financial statements, th Compensation — In March 2016, the FASB issued updated guidance to simplify several aspects of accounting for share-based payment transactions as follows: Accounting for Income Taxes Under current accounting guidance, if the deduction for a share-based payment award for tax purposes exceeds, or is less than, the compensation cost recognized for financial reporting purposes, the resulting excess tax benefit, or tax deficiency, is reported as part of additional paid-in capital. Under the updated guidance, these excess tax benefits, or tax deficiencies, are reported as part of income tax expense or benefit in the income statement. The updated guidance also removes the requirement to delay recognition of any excess tax benefit when there are no current taxes payable to which the benefit would be applied. The tax-related cash flows resulting from share-based payments are to be included with other income tax cash flows as an operating activity rather than being reported separately as a financing activity. Forfeitures The updated guidance permits an entity to make an accounting policy election to either account for forfeitures when they occur or continue to apply the current method of accruing the compensation cost based on the number of awards that are expected to vest. Minimum Statutory Tax Withholding Requirements The updated guidance changes the threshold amount an entity can withhold for taxes when settling an equity award and still qualify for equity classification. A company can withhold up to the maximum statutory tax rates in the employees’ applicable jurisdiction rather than withholding up to the employers’ minimum statutory withholding requirement. The update also clarifies that all cash payments made to taxing authorities on behalf of employees for withheld shares are to be presented in financing activities on the statement of cash flows. Transition The updated guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted in any interim period; if early adoption is elected, the entity must adopt all of the amendments in the same reporting period and reflect any adjustments as of the beginning of the fiscal year. The Company adopted the updated guidance effective January 1, 2016. With respect to the forfeiture accounting policy election, the Company elected to retain its policy of accruing the compensation cost based on the number of awards that are expected to vest. The adoption did not result in any cumulative effect adjustments or restatement and did not have a material effect on the Company’s results of operations, financial position or liquidity.

Segment Information (tables)

Segment Information (tables)	3 Months Ended
	Mar. 31, 2016
Segment Information disclosure
Company's operating revenues and operating income by segment [Table Text Block]	(for the three months Business and Bond & Specialty Personal Total 2016 Premiums $ 3,599 $ 508 $ 1,874 $ 5,981 Net investment income 415 52 77 544 Fee income 114 — 3 117 Other revenues 33 3 14 50 Total operating revenues (1) $ 4,161 $ 563 $ 1,968 $ 6,692 Operating income (1) $ 476 $ 144 $ 139 $ 759 2015 Premiums $ 3,620 $ 504 $ 1,764 $ 5,888 Net investment income 454 56 82 592 Fee income 111 — 3 114 Other revenues 8 5 12 25 Total operating revenues (1) $ 4,193 $ 565 $ 1,861 $ 6,619 Operating income (1) $ 515 $ 124 $ 252 $ 891 (1)
Business segment reconciliations of revenue and income, net of tax [Table Text Block]	Three Months Ended (in millions) 2016 2015 Revenue reconciliation Earned premiums Business and International Insurance: Domestic: Workers’ compensation $ 981 $ 962 Commercial automobile 491 468 Commercial property 437 440 General liability 482 468 Commercial multi-peril 782 774 Other 5 10 Total Domestic 3,178 3,122 International 421 498 Total Business and International Insurance 3,599 3,620 Bond & Specialty Insurance: Fidelity and surety 230 225 General liability 234 236 Other 44 43 Total Bond & Specialty Insurance 508 504 Personal Insurance: Automobile 936 836 Homeowners and Other 938 928 Total Personal Insurance 1,874 1,764 Total earned premiums 5,981 5,888 Net investment income 544 592 Fee income 117 114 Other revenues 50 25 Total operating revenues for reportable segments 6,692 6,619 Other revenues 3 — Net realized investment gains (losses) (9 ) 10 Total consolidated revenues $ 6,686 $ 6,629 Income reconciliation, net of tax Total operating income for reportable segments $ 759 $ 891 Interest Expense and Other (1) (61 ) (64 ) Total operating income 698 827 Net realized investment gains (losses) (7 ) 6 Total consolidated net income $ 691 $ 833 (1)
Asset reconciliation [Table Text Block]	(in millions) March 31, December 31, Asset reconciliation: Business and International Insurance $ 80,961 $ 79,692 Bond & Specialty Insurance 7,537 7,360 Personal Insurance 12,905 12,748 Total assets for reportable segments 101,403 99,800 Other assets (1) 277 384 Total consolidated assets $ 101,680 $ 100,184 (1)

Investments (tables)

Investments (tables)	3 Months Ended
	Mar. 31, 2016
Investments disclosure
Amortized cost and fair value of investments in fixed maturities [Table Text Block]	Amortized Gross Unrealized Fair (at March 31, 2016, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,128 $ 27 $ 1 $ 2,154 Obligations of states, municipalities and political subdivisions: Local general obligation 13,242 690 1 13,931 Revenue 9,914 563 3 10,474 State general obligation 1,944 102 — 2,046 Pre-refunded 5,640 231 — 5,871 Total obligations of states, municipalities and political subdivisions 30,740 1,586 4 32,322 Debt securities issued by foreign governments 1,794 52 — 1,846 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,799 131 1 1,929 All other corporate bonds 22,921 834 135 23,620 Redeemable preferred stock 108 6 — 114 Total $ 59,490 $ 2,636 $ 141 $ 61,985 Amortized Gross Unrealized Fair (at December 31, 2015, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,202 $ 8 $ 16 $ 2,194 Obligations of states, municipalities and political subdivisions: Local general obligation 12,744 577 3 13,318 Revenue 9,492 472 4 9,960 State general obligation 1,978 97 2 2,073 Pre-refunded 5,813 247 — 6,060 Total obligations of states, municipalities and political subdivisions 30,027 1,393 9 31,411 Debt securities issued by foreign governments 1,829 45 1 1,873 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,863 124 6 1,981 All other corporate bonds 22,854 523 288 23,089 Redeemable preferred stock 103 7 — 110 Total $ 58,878 $ 2,100 $ 320 $ 60,658
Cost and fair value of investments in equity securities [Table Text Block]	Gross Unrealized Fair (at March 31, 2016, in millions) Cost Gains Losses Value Public common stock $ 383 $ 174 $ 8 $ 549 Non-redeemable preferred stock 145 24 8 161 Total $ 528 $ 198 $ 16 $ 710 Gross Unrealized Fair (at December 31, 2015, in millions) Cost Gains Losses Value Public common stock $ 386 $ 164 $ 7 $ 543 Non-redeemable preferred stock 142 26 6 162 Total $ 528 $ 190 $ 13 $ 705
Unrealized investment losses [Table Text Block]	Less than 12 months 12 months or longer Total (at March 31, 2016, 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 $ 171 $ — $ 10 $ 1 $ 181 $ 1 Obligations of states, municipalities and political subdivisions 681 3 141 1 822 4 Debt securities issued by foreign governments 25 — — — 25 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 98 — 73 1 171 1 All other corporate bonds 2,010 70 941 65 2,951 135 Redeemable preferred stock 22 — — — 22 — Total fixed maturities 3,007 73 1,165 68 4,172 141 Equity securities Public common stock 54 8 34 — 88 8 Non-redeemable preferred stock 29 1 59 7 88 8 Total equity securities 83 9 93 7 176 16 Total $ 3,090 $ 82 $ 1,258 $ 75 $ 4,348 $ 157 Less than 12 months 12 months or longer Total (at December 31, 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 $ 1,820 $ 15 $ 28 $ 1 $ 1,848 $ 16 Obligations of states, municipalities and political subdivisions 928 7 142 2 1,070 9 Debt securities issued by foreign governments 172 1 — — 172 1 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 473 4 57 2 530 6 All other corporate bonds 7,725 197 710 91 8,435 288 Redeemable preferred stock 8 — — — 8 — Total fixed maturities 11,126 224 937 96 12,063 320 Equity securities Public common stock 48 6 33 1 81 7 Non-redeemable preferred stock 47 3 38 3 85 6 Total equity securities 95 9 71 4 166 13 Total $ 11,221 $ 233 $ 1,008 $ 100 $ 12,229 $ 333

Fair Value Measurements (tables

Fair Value Measurements (tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, 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 $ 2,154 $ 2,154 $ — $ — Obligations of states, municipalities and political subdivisions 32,322 — 32,309 13 Debt securities issued by foreign governments 1,846 — 1,846 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,929 — 1,927 2 All other corporate bonds 23,620 — 23,433 187 Redeemable preferred stock 114 3 104 7 Total fixed maturities 61,985 2,157 59,619 209 Equity securities Public common stock 549 549 — — Non-redeemable preferred stock 161 64 97 — Total equity securities 710 613 97 — Other investments 55 16 — 39 Total $ 62,750 $ 2,786 $ 59,716 $ 248 (at December 31, 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 $ 2,194 $ 2,194 $ — $ — Obligations of states, municipalities and political subdivisions 31,411 — 31,398 13 Debt securities issued by foreign governments 1,873 — 1,873 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,981 — 1,957 24 All other corporate bonds 23,089 — 22,915 174 Redeemable preferred stock 110 3 100 7 Total fixed maturities 60,658 2,197 58,243 218 Equity securities Public common stock 543 543 — — Non-redeemable preferred stock 162 55 107 — Total equity securities 705 598 107 — Other investments 56 18 — 38 Total $ 61,419 $ 2,813 $ 58,350 $ 256
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 March 31, 2016, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 4,587 $ 4,587 $ 1,174 $ 3,378 $ 35 Financial liabilities: Debt $ 6,244 $ 7,419 $ — $ 7,419 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ — (at December 31, 2015, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 4,671 $ 4,671 $ 1,685 $ 2,958 $ 28 Financial liabilities: Debt $ 6,244 $ 7,180 $ — $ 7,180 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ —

Goodwill and Other Intangible25

Goodwill and Other Intangible Assets (tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Other Intangible Assets disclosure
Goodwill by segment [Table Text Block]	(in millions) March 31, December 31, Business and International Insurance (1) $ 2,454 $ 2,439 Bond & Specialty Insurance 496 496 Personal Insurance 612 612 Other 26 26 Total $ 3,588 $ 3,573 (1)
Other intangible assets [Table Text Block]	(at March 31, 2016, in millions) Gross Accumulated Net Subject to amortization (1) $ 209 $ 151 $ 58 Not subject to amortization 217 — 217 Total $ 426 $ 151 $ 275 (at December 31, 2015, in millions) Gross Accumulated Net Subject to amortization (1) $ 210 $ 148 $ 62 Not subject to amortization 217 — 217 Total $ 427 $ 148 $ 279 (1)

Other Comprehensive Income an26

Other Comprehensive Income and Accumulated Other Comprehensive Income (tables)	3 Months Ended
	Mar. 31, 2016
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, 2015 $ 1,100 $ 189 $ (713 ) $ (733 ) $ (157 ) Other comprehensive income (loss) (OCI) before reclassifications 474 (4 ) — 90 560 Amounts reclassified from AOCI (7 ) 7 11 — 11 Net OCI, current period 467 3 11 90 571 Balance, March 31, 2016 $ 1,567 $ 192 $ (702 ) $ (643 ) $ 414
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 March 31, in millions) 2016 2015 Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income $ 714 $ 169 Income tax expense 247 56 Net of taxes 467 113 Having credit losses recognized in the consolidated statement of income 5 (5 ) Income tax expense (benefit) 2 (2 ) Net of taxes 3 (3 ) Net changes in benefit plan assets and obligations 16 24 Income tax expense 5 8 Net of taxes 11 16 Net changes in unrealized foreign currency translation 103 (274 ) Income tax expense (benefit) 13 (37 ) Net of taxes 90 (237 ) Total other comprehensive income (loss) 838 (86 ) Total income tax expense 267 25 Total other comprehensive income (loss), net of taxes $ 571 $ (111 )
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 March 31, in millions) 2016 2015 Reclassification adjustments related to unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (11 ) $ (18 ) Income tax expense (2) (4 ) (6 ) Net of taxes (7 ) (12 ) Having credit losses recognized in the consolidated statement of income (1) 11 — Income tax benefit (2) 4 — Net of taxes 7 — Reclassification adjustment related to benefit plan assets and obligations (3) 16 23 Income tax benefit (2) 5 8 Net of taxes 11 15 Reclassification adjustment related to foreign currency translation (1) — — Income tax benefit (2) — — Net of taxes — — Total reclassifications 16 5 Total income tax benefit 5 2 Total reclassifications, net of taxes $ 11 $ 3 (1) (2) (3)

Earnings per Share (table)

Earnings per Share (table)	3 Months Ended
	Mar. 31, 2016
Earnings per Share disclosure
Earnings per share reconciliation [Table Text Block]	Three Months Ended (in millions, except per share amounts) 2016 2015 Basic and Diluted Net income, as reported $ 691 $ 833 Participating share-based awards — allocated income (5 ) (6 ) Net income available to common shareholders — basic and diluted $ 686 $ 827 Common Shares Basic Weighted average shares outstanding 294.2 320.8 Diluted Weighted average shares outstanding 294.2 320.8 Weighted average effects of dilutive securities — stock options and performance shares 3.7 3.7 Total 297.9 324.5 Net Income per Common Share Basic $ 2.33 $ 2.58 Diluted $ 2.30 $ 2.55

Share-Based Incentive Compens28

Share-Based Incentive Compensation (table)	3 Months Ended
	Mar. 31, 2016
Share-Based Incentive Compensation disclosure
Information for fully vested stock option awards [Table Text Block]	The following information relates to fully vested stock option awards at March 31, 2016: Stock Options Number Weighted Weighted Aggregate Vested at end of period (1) 8,773,891 $ 77.11 6.6 Years $ 347 Exercisable at end of period 5,158,324 $ 61.95 4.9 Years $ 282 (1)

Pension Plans, Retirement Ben29

Pension Plans, Retirement Benefits and Savings Plans (table)	3 Months Ended
	Mar. 31, 2016
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]	(for the three months ended March 31, in millions) Pension Plans Postretirement Benefit Plans 2016 2015 2016 2015 Net Periodic Benefit Cost: Service cost $ 29 $ 33 $ — $ — Interest cost on benefit obligation 30 36 2 3 Expected return on plan assets (57 ) (58 ) — — Amortization of unrecognized: Prior service benefit — — (1 ) (1 ) Net actuarial loss 17 24 — — Net periodic benefit cost $ 19 $ 35 $ 1 $ 2

Consolidating Financial State30

Consolidating Financial Statements (Unaudited) (tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,085 $ 1,896 $ — $ — $ 5,981 Net investment income 376 166 2 — 544 Fee income 117 — — — 117 Net realized investment gains (losses) (1) (16 ) 7 — — (9 ) Other revenues 48 16 — (11 ) 53 Total revenues 4,610 2,085 2 (11 ) 6,686 Claims and expenses Claims and claim adjustment expenses 2,520 1,192 — — 3,712 Amortization of deferred acquisition costs 650 321 — — 971 General and administrative expenses 704 298 4 (11 ) 995 Interest expense 12 — 79 — 91 Total claims and expenses 3,886 1,811 83 (11 ) 5,769 Income (loss) before income taxes 724 274 (81 ) — 917 Income tax expense (benefit) 199 69 (42 ) — 226 Net income of subsidiaries — — 730 (730 ) — Net income $ 525 $ 205 $ 691 $ (730 ) $ 691 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (14 ) $ (14 ) $ — $ — $ (28 ) OTTI losses recognized in net realized investment gains (losses) $ (9 ) $ (9 ) $ — $ — $ (18 ) OTTI losses recognized in OCI $ (5 ) $ (5 ) $ — $ — $ (10 ) CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended March 31, 2015 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 3,996 $ 1,892 $ — $ — $ 5,888 Net investment income 411 180 1 — 592 Fee income 114 — — — 114 Net realized investment gains (1) 2 7 1 — 10 Other revenues 21 4 — — 25 Total revenues 4,544 2,083 2 — 6,629 Claims and expenses Claims and claim adjustment expenses 2,309 1,122 — — 3,431 Amortization of deferred acquisition costs 642 321 — — 963 General and administrative expenses 698 292 5 — 995 Interest expense 12 — 80 — 92 Total claims and expenses 3,661 1,735 85 — 5,481 Income (loss) before income taxes 883 348 (83 ) — 1,148 Income tax expense (benefit) 251 93 (29 ) — 315 Net income of subsidiaries — — 887 (887 ) — Net income $ 632 $ 255 $ 833 $ (887 ) $ 833 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (1 ) $ (3 ) $ — $ — $ (4 ) OTTI losses recognized in net realized investment gains $ (1 ) $ (2 ) $ — $ — $ (3 ) OTTI losses recognized in OCI $ — $ (1 ) $ — $ — $ (1 )
Consolidating Statement of Comprehensive Income (Unaudited) [Table Text Block]	CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 525 $ 205 $ 691 $ (730 ) $ 691 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 485 228 1 — 714 Having credit losses recognized in the consolidated statement of income 2 3 — — 5 Net changes in benefit plan assets and obligations — 1 15 — 16 Net changes in unrealized foreign currency translation 94 9 — — 103 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 581 241 16 — 838 Income tax expense 181 79 7 — 267 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 400 162 9 — 571 Other comprehensive income of subsidiaries — — 562 (562 ) — Other comprehensive income 400 162 571 (562 ) 571 Comprehensive income $ 925 $ 367 $ 1,262 $ (1,292 ) $ 1,262 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended March 31, 2015 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 632 $ 255 $ 833 $ (887 ) $ 833 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 134 33 2 — 169 Having credit losses recognized in the consolidated statement of income (4 ) (1 ) — — (5 ) Net changes in benefit plan assets and obligations — 1 23 — 24 Net changes in unrealized foreign currency translation (179 ) (95 ) — — (274 ) Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (49 ) (62 ) 25 — (86 ) Income tax expense 14 3 8 — 25 Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (63 ) (65 ) 17 — (111 ) Other comprehensive loss of subsidiaries — — (128 ) 128 — Other comprehensive loss (63 ) (65 ) (111 ) 128 (111 ) Comprehensive income $ 569 $ 190 $ 722 $ (759 ) $ 722
Consolidating Balance Sheet (Unaudited) [Table Text Block]	CONSOLIDATING BALANCE SHEET (Unaudited) At March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $59,490) $ 42,898 $ 19,039 $ 48 $ — $ 61,985 Equity securities, available for sale, at fair value (cost $528) 193 374 143 — 710 Real estate investments 55 872 — — 927 Short-term securities 2,100 861 1,626 — 4,587 Other investments 2,563 905 1 — 3,469 Total investments 47,809 22,051 1,818 — 71,678 Cash 211 148 2 — 361 Investment income accrued 420 176 3 — 599 Premiums receivable 4,599 2,246 — — 6,845 Reinsurance recoverables 5,937 2,866 — — 8,803 Ceded unearned premiums 737 68 — — 805 Deferred acquisition costs 1,702 197 — — 1,899 Contractholder receivables 3,432 987 — — 4,419 Goodwill 2,584 1,004 — — 3,588 Other intangible assets 202 73 — — 275 Investment in subsidiaries — — 28,081 (28,081 ) — Other assets 2,070 322 16 — 2,408 Total assets $ 69,703 $ 30,138 $ 29,920 $ (28,081 ) $ 101,680 Liabilities Claims and claim adjustment expense reserves $ 32,378 $ 16,262 $ — $ — $ 48,640 Unearned premium reserves 8,603 3,728 — — 12,331 Contractholder payables 3,432 987 — — 4,419 Payables for reinsurance premiums 267 171 — — 438 Deferred taxes 108 4 (30 ) — 82 Debt 692 — 5,652 — 6,344 Other liabilities 3,949 1,169 142 — 5,260 Total liabilities 49,429 22,321 5,764 — 77,514 Shareholders’ equity Common stock (1,750.0 shares authorized; 292.4 shares issued and outstanding) — 390 22,269 (390 ) 22,269 Additional paid-in capital 11,634 6,499 — (18,133 ) — Retained earnings 7,848 673 30,444 (8,511 ) 30,454 Accumulated other comprehensive income 792 255 414 (1,047 ) 414 Treasury stock, at cost (473.2 shares) — — (28,971 ) — (28,971 ) Total shareholders’ equity 20,274 7,817 24,156 (28,081 ) 24,166 Total liabilities and shareholders’ equity $ 69,703 $ 30,138 $ 29,920 $ (28,081 ) $ 101,680 CONSOLIDATING BALANCE SHEET (Unaudited) At December 31, 2015 (in millions) TPC Other TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $58,878) $ 42,289 $ 18,323 $ 46 $ — $ 60,658 Equity securities, available for sale, at fair value (cost $528) 189 375 141 — 705 Real estate investments 56 933 — — 989 Short-term securities 1,947 1,178 1,546 — 4,671 Other investments 2,516 930 1 — 3,447 Total investments 46,997 21,739 1,734 — 70,470 Cash 225 153 2 — 380 Investment income accrued 453 185 4 — 642 Premiums receivable 4,336 2,101 — — 6,437 Reinsurance recoverables 5,849 3,061 — — 8,910 Ceded unearned premiums 610 46 — — 656 Deferred acquisition costs 1,660 189 — — 1,849 Deferred taxes 178 83 35 — 296 Contractholder receivables 3,387 987 — — 4,374 Goodwill 2,573 1,000 — — 3,573 Other intangible assets 203 76 — — 279 Investment in subsidiaries — — 27,573 (27,573 ) — Other assets 1,958 344 16 — 2,318 Total assets $ 68,429 $ 29,964 $ 29,364 $ (27,573 ) $ 100,184 Liabilities Claims and claim adjustment expense reserves $ 31,965 $ 16,330 $ — $ — $ 48,295 Unearned premium reserves 8,335 3,636 — — 11,971 Contractholder payables 3,387 987 — — 4,374 Payables for reinsurance premiums 175 121 — — 296 Debt 693 — 5,651 — 6,344 Other liabilities 3,958 1,221 127 — 5,306 Total liabilities 48,513 22,295 5,778 — 76,586 Shareholders’ equity Common stock (1,750.0 shares authorized; 295.9 shares issued and outstanding) — 390 22,172 (390 ) 22,172 Additional paid-in capital 11,634 6,499 — (18,133 ) — Retained earnings 7,888 688 29,933 (8,564 ) 29,945 Accumulated other comprehensive income (loss) 394 92 (157 ) (486 ) (157 ) Treasury stock, at cost (467.6 shares) — — (28,362 ) — (28,362 ) Total shareholders’ equity 19,916 7,669 23,586 (27,573 ) 23,598 Total liabilities and shareholders’ equity $ 68,429 $ 29,964 $ 29,364 $ (27,573 ) $ 100,184
Consolidating Statement of Cash Flows (Unaudited) [Table Text Block]	CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the three months ended March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 525 $ 205 $ 691 $ (730 ) $ 691 Net adjustments to reconcile net income to net cash provided by (used in) operating activities 151 (55 ) 115 (52 ) 159 Net cash provided by (used in) operating activities 676 150 806 (782 ) 850 Cash flows from investing activities Proceeds from maturities of fixed maturities 1,239 507 2 — 1,748 Proceeds from sales of investments: Fixed maturities 237 183 1 — 421 Equity securities 4 10 — — 14 Real estate investments — 69 — — 69 Other investments 122 64 — — 186 Purchases of investments: Fixed maturities (1,534 ) (1,162 ) (4 ) — (2,700 ) Equity securities (1 ) (10 ) (1 ) — (12 ) Real estate investments — (7 ) — — (7 ) Other investments (123 ) (39 ) — — (162 ) Net sales (purchases) of short-term securities (152 ) 317 (80 ) — 85 Securities transactions in course of settlement 159 131 1 — 291 Other (78 ) (1 ) — — (79 ) Net cash provided by (used in) investing activities (127 ) 62 (81 ) — (146 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (550 ) — (550 ) Treasury stock acquired — net employee share-based compensation — — (59 ) — (59 ) Dividends paid to shareholders — — (180 ) — (180 ) Issuance of common stock — employee share options — — 64 — 64 Dividends paid to parent company (565 ) (217 ) — 782 — Net cash used in financing activities (565 ) (217 ) (725 ) 782 (725 ) Effect of exchange rate changes on cash 2 — — — 2 Net decrease in cash (14 ) (5 ) — — (19 ) Cash at beginning of year 225 153 2 — 380 Cash at end of period $ 211 $ 148 $ 2 $ — $ 361 Supplemental disclosure of cash flow information Income taxes paid (received) $ 51 $ 17 $ (5 ) $ — $ 63 Interest paid $ 16 $ — $ 26 $ — $ 42 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the three months ended March 31, 2015 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 632 $ 255 $ 833 $ (887 ) $ 833 Net adjustments to reconcile net income to net cash provided by (used in) operating activities (405 ) (350 ) 16 105 (634 ) Net cash provided by (used in) operating activities 227 (95 ) 849 (782 ) 199 Cash flows from investing activities Proceeds from maturities of fixed maturities 1,851 979 — — 2,830 Proceeds from sales of investments: Fixed maturities 555 351 — 906 Equity securities 6 5 — — 11 Real estate investments — 7 — — 7 Other investments 98 48 — — 146 Purchases of investments: Fixed maturities (2,133 ) (1,192 ) — — (3,325 ) Equity securities (1 ) (6 ) (1 ) — (8 ) Real estate investments — (6 ) — — (6 ) Other investments (139 ) (29 ) — — (168 ) Net sales (purchases) of short-term securities (23 ) 6 (117 ) — (134 ) Securities transactions in course of settlement 175 130 — — 305 Other (89 ) (1 ) — — (90 ) Net cash provided by (used in) investing activities 300 292 (118 ) — 474 Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (600 ) — (600 ) Treasury stock acquired — net employee share-based compensation — — (71 ) — (71 ) Dividends paid to shareholders — — (177 ) — (177 ) Issuance of common stock — employee share options — — 90 — 90 Excess tax benefits from share-based payment arrangements — — 27 — 27 Dividends paid to parent company (552 ) (230 ) — 782 — Net cash used in financing activities (552 ) (230 ) (731 ) 782 (731 ) Effect of exchange rate changes on cash (1 ) (7 ) — — (8 ) Net decrease in cash (26 ) (40 ) — — (66 ) Cash at beginning of year 221 151 2 — 374 Cash at end of period $ 195 $ 111 $ 2 $ — $ 308 Supplemental disclosure of cash flow information Income taxes paid (received) $ 138 $ 52 $ (64 ) $ — $ 126 Interest paid $ 16 $ — $ 18 $ — $ 34

Basis of Presentation and Acc31

Basis of Presentation and Accounting Policies (details)	3 Months Ended
	Mar. 31, 2016item
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
		Mar. 31, 2016	Mar. 31, 2015
Segment reporting information
Premiums		$ 5,981	$ 5,888
Net investment income		544	592
Fee income		117	114
Other revenues		53	25
Operating income (loss)		698	827
Net realized investment gains (losses)	[1]	(9)	10
Total revenues		6,686	6,629
Net realized investment gains (losses), net of tax		(7)	6
Net income		691	833
Reportable Segments [Member]
Segment reporting information
Premiums		5,981	5,888
Net investment income		544	592
Fee income		117	114
Other revenues		50	25
Total operating revenues		6,692	6,619
Operating income (loss)		759	891
Reportable Segments [Member] | Business and International Insurance [Member]
Segment reporting information
Premiums		3,599	3,620
Net investment income		415	454
Fee income		114	111
Other revenues		33	8
Total operating revenues		4,161	4,193
Operating income (loss)		476	515
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member]
Segment reporting information
Premiums		3,178	3,122
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Workers' compensation [Member]
Segment reporting information
Premiums		981	962
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Automobile [Member]
Segment reporting information
Premiums		491	468
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Commercial Property [Member]
Segment reporting information
Premiums		437	440
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | General Liability [Member]
Segment reporting information
Premiums		482	468
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Commercial multi-peril [Member]
Segment reporting information
Premiums		782	774
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Other [Member]
Segment reporting information
Premiums		5	10
Reportable Segments [Member] | Business and International Insurance [Member] | International [Member]
Segment reporting information
Premiums		421	498
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Segment reporting information
Premiums		508	504
Net investment income		52	56
Other revenues		3	5
Total operating revenues		563	565
Operating income (loss)		144	124
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | General Liability [Member]
Segment reporting information
Premiums		234	236
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Fidelity and surety [Member]
Segment reporting information
Premiums		230	225
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Other [Member]
Segment reporting information
Premiums		44	43
Reportable Segments [Member] | Personal Insurance [Member]
Segment reporting information
Premiums		1,874	1,764
Net investment income		77	82
Fee income		3	3
Other revenues		14	12
Total operating revenues		1,968	1,861
Operating income (loss)		139	252
Reportable Segments [Member] | Personal Insurance [Member] | Automobile [Member]
Segment reporting information
Premiums		936	836
Reportable Segments [Member] | Personal Insurance [Member] | Homeowners and other [Member]
Segment reporting information
Premiums		938	928
Other [Member]
Segment reporting information
Other revenues		3
Operating income (loss)		(61)	(64)
After-tax interest expense		$ 59	$ 60
[1]	Total other-than-temporary impairment (OTTI) losses were $(28) million and $(4) million for the three months ended March 31, 2016 and 2015, respectively. Of total OTTI, credit losses of $(18) million and $(3) million for the three months ended March 31, 2016 and 2015, respectively, were recognized in net realized investment gains (losses). In addition, unrealized losses from other changes in total OTTI of $(10) million and $(1) million for the three months ended March 31, 2016 and 2015, 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	Mar. 31, 2016	Dec. 31, 2015
Assets by segment
Total assets	$ 101,680	$ 100,184
Reportable Segments [Member]
Assets by segment
Total assets	101,403	99,800
Reportable Segments [Member] | Business and International Insurance [Member]
Assets by segment
Total assets	80,961	79,692
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Assets by segment
Total assets	7,537	7,360
Reportable Segments [Member] | Personal Insurance [Member]
Assets by segment
Total assets	12,905	12,748
Other assets [Member]
Assets by segment
Total assets	$ 277	$ 384

Investments (details)

Investments (details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investments disclosure
Proceeds from sales of fixed maturities classified as available for sale	$ 421	$ 906
Proceeds from sales of equity securities classified as available for sale	$ 14	$ 11

Investments (details) - Investm

Investments (details) - Investment Information - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Investment disclosure details
Fixed maturities, amortized cost	$ 59,490		$ 58,878
Gross unrealized gains	2,636		2,100
Gross unrealized losses	141		320
Fixed maturities, at fair value	61,985		60,658
Equity securities, cost	528		528
Gross unrealized gains	198		190
Gross unrealized losses	16		13
Equity securities, at fair value	710		705
Continuous unrealized loss position less than 12 months, fair value	3,090		11,221
Continuous unrealized loss position less than 12 months, gross unrealized losses	82		233
Continuous unrealized loss position 12 months or longer, fair value	1,258		1,008
Continuous unrealized loss position 12 months or longer, gross unrealized losses	75		100
Continuous unrealized loss position, total, fair value	4,348		12,229
Continuous unrealized loss position, total, gross unrealized losses	157		333
Unrealized losses for available-for-sale securities for which fair value is less than 80% of amortized cost, total	50
Impairment charges	$ 18	$ 3
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%
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%
Fixed maturities [Member]
Investment disclosure details
Gross realized gains	$ 23	19
Gross realized losses	7	1
Continuous unrealized loss position less than 12 months, fair value	3,007		11,126
Continuous unrealized loss position less than 12 months, gross unrealized losses	73		224
Continuous unrealized loss position 12 months or longer, fair value	1,165		937
Continuous unrealized loss position 12 months or longer, gross unrealized losses	68		96
Continuous unrealized loss position, total, fair value	4,172		12,063
Continuous unrealized loss position, total, gross unrealized losses	141		320
Cumulative OTTI credit losses recognized for securities held	$ 92	$ 94
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%
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%
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]
Investment disclosure details
Fixed maturities, amortized cost	$ 2,128		2,202
Gross unrealized gains	27		8
Gross unrealized losses	1		16
Fixed maturities, at fair value	2,154		2,194
Continuous unrealized loss position less than 12 months, fair value	171		1,820
Continuous unrealized loss position less than 12 months, gross unrealized losses			15
Continuous unrealized loss position 12 months or longer, fair value	10		28
Continuous unrealized loss position 12 months or longer, gross unrealized losses	1		1
Continuous unrealized loss position, total, fair value	181		1,848
Continuous unrealized loss position, total, gross unrealized losses	1		16
Obligations of states, municipalities and political subdivisions [Member]
Investment disclosure details
Fixed maturities, amortized cost	30,740		30,027
Gross unrealized gains	1,586		1,393
Gross unrealized losses	4		9
Fixed maturities, at fair value	32,322		31,411
Continuous unrealized loss position less than 12 months, fair value	681		928
Continuous unrealized loss position less than 12 months, gross unrealized losses	3		7
Continuous unrealized loss position 12 months or longer, fair value	141		142
Continuous unrealized loss position 12 months or longer, gross unrealized losses	1		2
Continuous unrealized loss position, total, fair value	822		1,070
Continuous unrealized loss position, total, gross unrealized losses	4		9
Obligations of states, municipalities and political subdivisions, local general obligation [Member]
Investment disclosure details
Fixed maturities, amortized cost	13,242		12,744
Gross unrealized gains	690		577
Gross unrealized losses	1		3
Fixed maturities, at fair value	13,931		13,318
Obligations of states, municipalities and political subdivisions, revenue [Member]
Investment disclosure details
Fixed maturities, amortized cost	9,914		9,492
Gross unrealized gains	563		472
Gross unrealized losses	3		4
Fixed maturities, at fair value	10,474		9,960
Obligations of states, municipalities and political subdivisions, state general obligation [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,944		1,978
Gross unrealized gains	102		97
Gross unrealized losses			2
Fixed maturities, at fair value	2,046		2,073
Obligations of states, municipalities and political subdivisions, pre-refunded [Member]
Investment disclosure details
Fixed maturities, amortized cost	5,640		5,813
Gross unrealized gains	231		247
Fixed maturities, at fair value	5,871		6,060
Debt securities issued by foreign governments [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,794		1,829
Gross unrealized gains	52		45
Gross unrealized losses			1
Fixed maturities, at fair value	1,846		1,873
Continuous unrealized loss position less than 12 months, fair value	25		172
Continuous unrealized loss position less than 12 months, gross unrealized losses			1
Continuous unrealized loss position, total, fair value	25		172
Continuous unrealized loss position, total, gross unrealized losses			1
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,799		1,863
Gross unrealized gains	131		124
Gross unrealized losses	1		6
Fixed maturities, at fair value	1,929		1,981
Continuous unrealized loss position less than 12 months, fair value	98		473
Continuous unrealized loss position less than 12 months, gross unrealized losses			4
Continuous unrealized loss position 12 months or longer, fair value	73		57
Continuous unrealized loss position 12 months or longer, gross unrealized losses	1		2
Continuous unrealized loss position, total, fair value	171		530
Continuous unrealized loss position, total, gross unrealized losses	1		6
All other corporate bonds [Member]
Investment disclosure details
Fixed maturities, amortized cost	22,921		22,854
Gross unrealized gains	834		523
Gross unrealized losses	135		288
Fixed maturities, at fair value	23,620		23,089
Continuous unrealized loss position less than 12 months, fair value	2,010		7,725
Continuous unrealized loss position less than 12 months, gross unrealized losses	70		197
Continuous unrealized loss position 12 months or longer, fair value	941		710
Continuous unrealized loss position 12 months or longer, gross unrealized losses	65		91
Continuous unrealized loss position, total, fair value	2,951		8,435
Continuous unrealized loss position, total, gross unrealized losses	135		288
Redeemable preferred stock [Member]
Investment disclosure details
Fixed maturities, amortized cost	108		103
Gross unrealized gains	6		7
Fixed maturities, at fair value	114		110
Continuous unrealized loss position less than 12 months, fair value	22		8
Continuous unrealized loss position, total, fair value	22		8
Equity securities [Member]
Investment disclosure details
Gross realized gains	3	$ 2
Gross realized losses	2	$ 0
Continuous unrealized loss position less than 12 months, fair value	83		95
Continuous unrealized loss position less than 12 months, gross unrealized losses	9		9
Continuous unrealized loss position 12 months or longer, fair value	93		71
Continuous unrealized loss position 12 months or longer, gross unrealized losses	7		4
Continuous unrealized loss position, total, fair value	176		166
Continuous unrealized loss position, total, gross unrealized losses	16		13
Public common stock [Member]
Investment disclosure details
Equity securities, cost	383		386
Gross unrealized gains	174		164
Gross unrealized losses	8		7
Equity securities, at fair value	549		543
Continuous unrealized loss position less than 12 months, fair value	54		48
Continuous unrealized loss position less than 12 months, gross unrealized losses	8		6
Continuous unrealized loss position 12 months or longer, fair value	34		33
Continuous unrealized loss position 12 months or longer, gross unrealized losses			1
Continuous unrealized loss position, total, fair value	88		81
Continuous unrealized loss position, total, gross unrealized losses	8		7
Non-redeemable preferred stock [Member]
Investment disclosure details
Equity securities, cost	145		142
Gross unrealized gains	24		26
Gross unrealized losses	8		6
Equity securities, at fair value	161		162
Continuous unrealized loss position less than 12 months, fair value	29		47
Continuous unrealized loss position less than 12 months, gross unrealized losses	1		3
Continuous unrealized loss position 12 months or longer, fair value	59		38
Continuous unrealized loss position 12 months or longer, gross unrealized losses	7		3
Continuous unrealized loss position, total, fair value	88		85
Continuous unrealized loss position, total, gross unrealized losses	$ 8		$ 6

Investments (details) - Derivat

Investments (details) - Derivatives - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivatives
Net realized investment gains (losses)	[1]	$ (9)	$ 10
Futures [Member] | U.S. Treasury notes contracts [Member]
Derivatives
Notional value of open contracts		400		$ 400
Net realized investment gains (losses)		$ (19)	$ (10)
[1]	Total other-than-temporary impairment (OTTI) losses were $(28) million and $(4) million for the three months ended March 31, 2016 and 2015, respectively. Of total OTTI, credit losses of $(18) million and $(3) million for the three months ended March 31, 2016 and 2015, respectively, were recognized in net realized investment gains (losses). In addition, unrealized losses from other changes in total OTTI of $(10) million and $(1) million for the three months ended March 31, 2016 and 2015, 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.

Fair Value Measurements (detail

Fair Value Measurements (details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
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	$ 116	$ 101
Fair value of the fixed maturities for which the Company received a broker quote	$ 93	$ 117
Percent of short-term securities for which a pricing service estimates fair value	98.00%	99.00%
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	Mar. 31, 2016	Dec. 31, 2015
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	$ 62,750	$ 61,419
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	2,786	2,813
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	59,716	58,350
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	248	256
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	61,985	60,658
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	2,157	2,197
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	59,619	58,243
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	209	218
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	2,154	2,194
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	2,154	2,194
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	32,322	31,411
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	32,309	31,398
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	13	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	1,846	1,873
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	1,846	1,873
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	1,929	1,981
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	1,927	1,957
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	2	24
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	23,620	23,089
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	23,433	22,915
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	187	174
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	114	110
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	3
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	104	100
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	7
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	710	705
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	613	598
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	97	107
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	549	543
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	549	543
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	161	162
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	64	55
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	97	107
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	55	56
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	16	18
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	$ 39	$ 38

Fair Value Measurements Footnot

Fair Value Measurements Footnote (details) - Financial Instruments - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Financial Instruments
Short-term securities	$ 4,587	$ 4,671
Fair Value [Member]
Financial Instruments
Short-term securities	4,587	4,671
Debt	7,419	7,180
Commercial paper amount	100	100
Fair Value [Member] | Level 1 [Member]
Financial Instruments
Short-term securities	1,174	1,685
Fair Value [Member] | Level 2 [Member]
Financial Instruments
Short-term securities	3,378	2,958
Debt	7,419	7,180
Commercial paper amount	100	100
Fair Value [Member] | Level 3 [Member]
Financial Instruments
Short-term securities	35	28
Carrying Value [Member]
Financial Instruments
Short-term securities	4,587	4,671
Debt	6,244	6,244
Commercial paper amount	$ 100	$ 100

Goodwill (details)

Goodwill (details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Goodwill by segment
Goodwill	$ 3,588	$ 3,573
Reportable Segments [Member] | Business and International Insurance [Member]
Goodwill by segment
Goodwill	2,454	2,439
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Goodwill by segment
Goodwill	496	496
Reportable Segments [Member] | Personal Insurance [Member]
Goodwill by segment
Goodwill	612	612
Other [Member]
Goodwill by segment
Goodwill	$ 26	$ 26

Goodwill (details) - Other Inta

Goodwill (details) - Other Intangible Assets - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Goodwill and Other Intangible Assets disclosure
Intangible assets subject to amortization, gross carrying amount	$ 209		$ 210
Intangible assets subject to amortization, accumulated amortization	151		148
Intangible assets subject to amortization, net	58		62
Intangible assets not subject to amortization	217		217
Total other intangible assets, gross carrying amount	426		427
Total other intangible assets, net	275		$ 279
Amortization expense of intangible assets	3	$ 11
Estimated intangible asset amortization expense, remainder of 2016	8
Estimated intangible asset amortization expense, 2017	9
Estimated intangible asset amortization expense, 2018	8
Estimated intangible asset amortization expense, 2019	6
Estimated intangible asset amortization expense, 2020	$ 5

Other Comprehensive Income an42

Other Comprehensive Income and Accumulated Other Comprehensive Income (details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year	$ 23,598
Other comprehensive income (loss), net of taxes	571	$ (111)
Shareholders' equity, end of period	24,166	24,847
Pretax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	838	(86)
Income tax expense (benefit), other comprehensive income (loss)	267	25
Other comprehensive income (loss), net of taxes	571	(111)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year	(157)	880
Other comprehensive income (loss) before reclassifications	560
Amounts reclassified from accumulated other comprehensive income	11
Other comprehensive income (loss), net of taxes	571	(111)
Shareholders' equity, end of period	414	769
Pretax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	838	(86)
Income tax expense (benefit), other comprehensive income (loss)	267	25
Other comprehensive income (loss), net of taxes	571	(111)
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]
Shareholders' equity, beginning of year	1,100
Other comprehensive income (loss) before reclassifications	474
Amounts reclassified from accumulated other comprehensive income	(7)
Other comprehensive income (loss), net of taxes	467	113
Shareholders' equity, end of period	1,567
Pretax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	714	169
Income tax expense (benefit), other comprehensive income (loss)	247	56
Other comprehensive income (loss), net of taxes	467	113
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]
Shareholders' equity, beginning of year	189
Other comprehensive income (loss) before reclassifications	(4)
Amounts reclassified from accumulated other comprehensive income	7
Other comprehensive income (loss), net of taxes	3	(3)
Shareholders' equity, end of period	192
Pretax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	5	(5)
Income tax expense (benefit), other comprehensive income (loss)	2	(2)
Other comprehensive income (loss), net of taxes	3	(3)
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member]
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year	(713)
Amounts reclassified from accumulated other comprehensive income	11
Other comprehensive income (loss), net of taxes	11	16
Shareholders' equity, end of period	(702)
Pretax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	16	24
Income tax expense (benefit), other comprehensive income (loss)	5	8
Other comprehensive income (loss), net of taxes	11	16
Net Unrealized Foreign Currency Translation [Member]
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year	(733)
Other comprehensive income (loss) before reclassifications	90
Other comprehensive income (loss), net of taxes	90	(237)
Shareholders' equity, end of period	(643)
Pretax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	103	(274)
Income tax expense (benefit), other comprehensive income (loss)	13	(37)
Other comprehensive income (loss), net of taxes	$ 90	$ (237)

Other Comprehensive Income an43

Other Comprehensive Income and Accumulated Other Comprehensive Income (details) - Reclassifications - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting net realized investment gains (losses) on the income statement	[1]	$ 9	$ (10)
Reclassification adjustment impacting general and administrative expense on the income statement		995	995
Total reclassifications		(917)	(1,148)
Income tax (expense) benefit		(226)	(315)
Amounts reclassified from accumulated other comprehensive income, net of taxes		(691)	(833)
Accumulated Other Comprehensive Income (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Total reclassifications		16	5
Income tax (expense) benefit		5	2
Amounts reclassified from accumulated other comprehensive income, net of taxes		11	3
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 net realized investment gains (losses) on the income statement		(11)	(18)
Income tax (expense) benefit		(4)	(6)
Amounts reclassified from accumulated other comprehensive income, net of taxes		(7)	(12)
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 net realized investment gains (losses) on the income statement		11
Income tax (expense) benefit		4
Amounts reclassified from accumulated other comprehensive income, net of taxes		7
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		16	23
Income tax (expense) benefit		5	8
Amounts reclassified from accumulated other comprehensive income, net of taxes		$ 11	$ 15
[1]	Total other-than-temporary impairment (OTTI) losses were $(28) million and $(4) million for the three months ended March 31, 2016 and 2015, respectively. Of total OTTI, credit losses of $(18) million and $(3) million for the three months ended March 31, 2016 and 2015, respectively, were recognized in net realized investment gains (losses). In addition, unrealized losses from other changes in total OTTI of $(10) million and $(1) million for the three months ended March 31, 2016 and 2015, 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) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Common Share Repurchases disclosure
Number of shares repurchased (in shares) | shares	5.1
Cost of shares repurchased	$ 550
Average cost per share repurchased | $ / shares	$ 108.46
Remaining capacity under share repurchase authorization	$ 2,780
Number of shares acquired to cover tax withholding costs and exercise costs (in shares) | shares	0.5
Cost of shares acquired to cover tax withholding costs and exercise costs	$ 59

Earnings per Share (details)

Earnings per Share (details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings per Share disclosure
Net income	$ 691	$ 833
Participating share-based awards - allocated income	(5)	(6)
Net income available to common shareholders -- basic	686	827
Net income available to common shareholders -- diluted	$ 686	$ 827
Weighted average shares outstanding, basic	294.2	320.8
Weighted average effects of dilutive securities, stock options and performance shares (in shares)	3.7	3.7
Weighted average shares outstanding, diluted	297.9	324.5
Net income per common share, basic	$ 2.33	$ 2.58
Net income per common share, diluted	$ 2.30	$ 2.55

Share-Based Incentive Compens46

Share-Based Incentive Compensation (details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share-Based Incentive Compensation disclosure
Stock options vested at end of period, number (in shares)	8,773,891
Stock options vested at end of period, weighted average exercise price (per share)	$ 77.11
Stock options vested at end of period, weighted average contractual life remaining	6 years 7 months 6 days
Stock options vested at end of period, aggregate intrinsic value	$ 347
Stock options exercisable at end of period, number (in shares)	5,158,324
Stock options exercisable at end of period, weighted average exercise price (per share)	$ 61.95
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	$ 282
Total compensation cost recognized in earnings for all share-based incentive compensation awards	50	$ 47
Tax benefit recognized in earnings related to compensation costs	17	$ 16
Total unrecognized compensation cost related to all nonvested share-based incentive compensation awards	$ 215		$ 124
Weighted-average period of recognition for unrecognized compensation cost (in years)	2 years 2 months 12 days		1 year 8 months 12 days

Pension Plans, Retirement Ben47

Pension Plans, Retirement Benefits and Savings Plans (details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Plans [Member]
Defined benefit plan disclosure
Service cost	$ 29	$ 33
Interest cost on benefit obligation	30	36
Expected return on plan assets	(57)	(58)
Net periodic benefit cost, amortization of unrecognized net actuarial loss	17	24
Net periodic benefit cost	19	35
Postretirement Benefit Plans [Member]
Defined benefit plan disclosure
Interest cost on benefit obligation	2	3
Net periodic benefit cost, amortization of unrecognized prior service benefit	(1)	(1)
Net periodic benefit cost	$ 1	$ 2

Pension Plans, Retirement Ben48

Pension Plans, Retirement Benefits and Savings Plans (details) - Additional Pension Disclosures - Change in Assumptions for Pension Plans and Postretirement Benefit Plans [Member] $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Impact of Change in Estimation Approach [Member]
Change in Accounting Estimate
Reduction to service cost	$ 1
Reduction to interest cost	$ 8
Current Estimation Approach [Member] | Qualified Domestic Pension Plan [Member]
Change in Accounting Estimate
Weighted average discount rate used to measure service cost (percent)	4.77%
Weighted average discount rate used to measure interest cost (percent)	3.64%
Current Estimation Approach [Member] | Nonqualified Domestic Pension Plan [Member]
Change in Accounting Estimate
Weighted average discount rate used to measure service cost (percent)	4.53%
Weighted average discount rate used to measure interest cost (percent)	3.47%
Current Estimation Approach [Member] | Domestic Postretirement Benefit Plans [Member]
Change in Accounting Estimate
Weighted average discount rate used to measure service cost (percent)	0.00%
Weighted average discount rate used to measure interest cost (percent)	3.53%
Prior Estimation Approach [Member] | Qualified Domestic Pension Plan [Member]
Change in Accounting Estimate
Weighted average discount rate used to measure service cost (percent)	4.50%
Weighted average discount rate used to measure interest cost (percent)	4.50%
Prior Estimation Approach [Member] | Nonqualified Domestic Pension Plan [Member]
Change in Accounting Estimate
Weighted average discount rate used to measure service cost (percent)	4.37%
Weighted average discount rate used to measure interest cost (percent)	4.37%
Prior Estimation Approach [Member] | Domestic Postretirement Benefit Plans [Member]
Change in Accounting Estimate
Weighted average discount rate used to measure service cost (percent)	4.35%
Weighted average discount rate used to measure interest cost (percent)	4.35%

Contingencies, Commitments an49

Contingencies, Commitments and Guarantees (details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Contingencies and Commitments disclosure
Unfunded commitments to private equity limited partnerships and real estate partnerships	$ 1,720	$ 1,710

Contingencies, Commitments an50

Contingencies, Commitments and Guarantees (details) - Gain Contingencies - United States Fidelity & Guaranty Company v. American Re-Insurance Company, et al. [Member] $ in Millions	67 Months Ended
	Mar. 31, 2016USD ($)item	Aug. 17, 2010item
Gain Contingencies
Number of other reinsurers beside American Re against which judgment was entered in a reinsurance dispute | item		3
Number of discrete issues for which the Court of Appeals remanded the case for trial | item	2
Total settlement amount	$ 514
Settlement amount	238
Interest related to settlement award	$ 276
Annual interest rate accruing on judgment not yet paid	9.00%

Contingencies, Commitments an51

Contingencies, Commitments and Guarantees (details) - Guarantees $ in Millions	Mar. 31, 2016USD ($)
Indemnifications related to the sale of businesses [Member]
Guarantor obligations
Maximum amount of contingent obligation	$ 391
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 State52

Consolidating Financial Statements (Unaudited) (details) $ in Millions	Mar. 31, 2016USD ($)
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 State53

Consolidating Financial Statements (details) - Consolidating Statement of Income (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Consolidating Statement of Income
Premiums		$ 5,981	$ 5,888
Net investment income		544	592
Fee income		117	114
Net realized investment gains (losses)	[1]	(9)	10
Other revenues		53	25
Total revenues		6,686	6,629
Claims and claim adjustment expenses		3,712	3,431
Amortization of deferred acquisition costs		971	963
General and administrative expenses		995	995
Interest expense		91	92
Total claims and expenses		5,769	5,481
Income before income taxes		917	1,148
Income tax expense (benefit)		226	315
Net income		691	833
Total other-than-temporary impairment losses		(28)	(4)
Other-than-temporary impairment losses recognized in net realized investment gains (losses)		(18)	(3)
Other-than-temporary impairment losses recognized in other comprehensive income		(10)	(1)
TPC [Member]
Consolidating Statement of Income
Premiums		4,085	3,996
Net investment income		376	411
Fee income		117	114
Net realized investment gains (losses)		(16)	2
Other revenues		48	21
Total revenues		4,610	4,544
Claims and claim adjustment expenses		2,520	2,309
Amortization of deferred acquisition costs		650	642
General and administrative expenses		704	698
Interest expense		12	12
Total claims and expenses		3,886	3,661
Income before income taxes		724	883
Income tax expense (benefit)		199	251
Net income		525	632
Total other-than-temporary impairment losses		(14)	(1)
Other-than-temporary impairment losses recognized in net realized investment gains (losses)		(9)	(1)
Other-than-temporary impairment losses recognized in other comprehensive income		(5)
Other Subsidiaries [Member]
Consolidating Statement of Income
Premiums		1,896	1,892
Net investment income		166	180
Net realized investment gains (losses)		7	7
Other revenues		16	4
Total revenues		2,085	2,083
Claims and claim adjustment expenses		1,192	1,122
Amortization of deferred acquisition costs		321	321
General and administrative expenses		298	292
Total claims and expenses		1,811	1,735
Income before income taxes		274	348
Income tax expense (benefit)		69	93
Net income		205	255
Total other-than-temporary impairment losses		(14)	(3)
Other-than-temporary impairment losses recognized in net realized investment gains (losses)		(9)	(2)
Other-than-temporary impairment losses recognized in other comprehensive income		(5)	(1)
Travelers [Member]
Consolidating Statement of Income
Net investment income		2	1
Net realized investment gains (losses)			1
Total revenues		2	2
General and administrative expenses		4	5
Interest expense		79	80
Total claims and expenses		83	85
Income before income taxes		(81)	(83)
Income tax expense (benefit)		(42)	(29)
Net income of subsidiaries		730	887
Net income		691	833
Eliminations [Member]
Consolidating Statement of Income
Other revenues		(11)
Total revenues		(11)
General and administrative expenses		(11)
Total claims and expenses		(11)
Net income of subsidiaries		(730)	(887)
Net income		$ (730)	$ (887)
[1]	Total other-than-temporary impairment (OTTI) losses were $(28) million and $(4) million for the three months ended March 31, 2016 and 2015, respectively. Of total OTTI, credit losses of $(18) million and $(3) million for the three months ended March 31, 2016 and 2015, respectively, were recognized in net realized investment gains (losses). In addition, unrealized losses from other changes in total OTTI of $(10) million and $(1) million for the three months ended March 31, 2016 and 2015, 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 State54

Consolidating Financial Statements (details) - Consolidating Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Consolidating Statement of Comprehensive Income
Net income	$ 691	$ 833
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	714	169
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	5	(5)
Net changes in benefit plan assets and obligations	16	24
Net changes in unrealized foreign currency translation	103	(274)
Other comprehensive income (loss) before income taxes	838	(86)
Income tax expense	267	25
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	571	(111)
Other comprehensive income (loss), net of taxes	571	(111)
Comprehensive income	1,262	722
TPC [Member]
Consolidating Statement of Comprehensive Income
Net income	525	632
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	485	134
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	2	(4)
Net changes in unrealized foreign currency translation	94	(179)
Other comprehensive income (loss) before income taxes	581	(49)
Income tax expense	181	14
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	400	(63)
Other comprehensive income (loss), net of taxes	400	(63)
Comprehensive income	925	569
Other Subsidiaries [Member]
Consolidating Statement of Comprehensive Income
Net income	205	255
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	228	33
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	3	(1)
Net changes in benefit plan assets and obligations	1	1
Net changes in unrealized foreign currency translation	9	(95)
Other comprehensive income (loss) before income taxes	241	(62)
Income tax expense	79	3
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	162	(65)
Other comprehensive income (loss), net of taxes	162	(65)
Comprehensive income	367	190
Travelers [Member]
Consolidating Statement of Comprehensive Income
Net income	691	833
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	1	2
Net changes in benefit plan assets and obligations	15	23
Other comprehensive income (loss) before income taxes	16	25
Income tax expense	7	8
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	9	17
Other comprehensive income (loss) of subsidiaries	562	(128)
Other comprehensive income (loss), net of taxes	571	(111)
Comprehensive income	1,262	722
Eliminations [Member]
Consolidating Statement of Comprehensive Income
Net income	(730)	(887)
Other comprehensive income (loss) of subsidiaries	(562)	128
Other comprehensive income (loss), net of taxes	(562)	128
Comprehensive income	$ (1,292)	$ (759)

Consolidating Financial State55

Consolidating Financial Statements (details) - Consolidating Balance Sheet (Unaudited) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	$ 61,985	$ 60,658
Equity securities, available for sale, at fair value	710	705
Real estate investments	927	989
Short-term securities	4,587	4,671
Other investments	3,469	3,447
Total investments	71,678	70,470
Cash	361	380	$ 308	$ 374
Investment income accrued	599	642
Premiums receivable	6,845	6,437
Reinsurance recoverables	8,803	8,910
Ceded unearned premiums	805	656
Deferred acquisition costs	1,899	1,849
Deferred taxes		296
Contractholder receivables	4,419	4,374
Goodwill	3,588	3,573
Other intangible assets	275	279
Other assets	2,408	2,318
Total assets	101,680	100,184
Claims and claim adjustment expense reserves	48,640	48,295
Unearned premium reserves	12,331	11,971
Contractholder payables	4,419	4,374
Payables for reinsurance premiums	438	296
Deferred taxes	82
Debt	6,344	6,344
Other liabilities	5,260	5,306
Total liabilities	77,514	76,586
Common stock	22,269	22,172
Retained earnings	30,454	29,945
Accumulated other comprehensive income (loss)	414	(157)
Treasury stock, at cost	(28,971)	(28,362)
Total shareholders' equity	24,166	23,598	24,847
Total liabilities and shareholders' equity	101,680	100,184
Fixed maturities, available for sale, amortized cost	59,490	58,878
Equity securities, available for sale, cost	$ 528	$ 528
Common stock, shares authorized	1,750	1,750
Common stock, shares issued	292.4	295.9
Common stock, shares outstanding	292.4	295.9
Treasury stock, at cost, shares	473.2	467.6
TPC [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	$ 42,898	$ 42,289
Equity securities, available for sale, at fair value	193	189
Real estate investments	55	56
Short-term securities	2,100	1,947
Other investments	2,563	2,516
Total investments	47,809	46,997
Cash	211	225	195	221
Investment income accrued	420	453
Premiums receivable	4,599	4,336
Reinsurance recoverables	5,937	5,849
Ceded unearned premiums	737	610
Deferred acquisition costs	1,702	1,660
Deferred taxes		178
Contractholder receivables	3,432	3,387
Goodwill	2,584	2,573
Other intangible assets	202	203
Other assets	2,070	1,958
Total assets	69,703	68,429
Claims and claim adjustment expense reserves	32,378	31,965
Unearned premium reserves	8,603	8,335
Contractholder payables	3,432	3,387
Payables for reinsurance premiums	267	175
Deferred taxes	108
Debt	692	693
Other liabilities	3,949	3,958
Total liabilities	49,429	48,513
Additional paid-in capital	11,634	11,634
Retained earnings	7,848	7,888
Accumulated other comprehensive income (loss)	792	394
Total shareholders' equity	20,274	19,916
Total liabilities and shareholders' equity	69,703	68,429
Other Subsidiaries [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	19,039	18,323
Equity securities, available for sale, at fair value	374	375
Real estate investments	872	933
Short-term securities	861	1,178
Other investments	905	930
Total investments	22,051	21,739
Cash	148	153	111	151
Investment income accrued	176	185
Premiums receivable	2,246	2,101
Reinsurance recoverables	2,866	3,061
Ceded unearned premiums	68	46
Deferred acquisition costs	197	189
Deferred taxes		83
Contractholder receivables	987	987
Goodwill	1,004	1,000
Other intangible assets	73	76
Other assets	322	344
Total assets	30,138	29,964
Claims and claim adjustment expense reserves	16,262	16,330
Unearned premium reserves	3,728	3,636
Contractholder payables	987	987
Payables for reinsurance premiums	171	121
Deferred taxes	4
Other liabilities	1,169	1,221
Total liabilities	22,321	22,295
Common stock	390	390
Additional paid-in capital	6,499	6,499
Retained earnings	673	688
Accumulated other comprehensive income (loss)	255	92
Total shareholders' equity	7,817	7,669
Total liabilities and shareholders' equity	30,138	29,964
Travelers [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	48	46
Equity securities, available for sale, at fair value	143	141
Short-term securities	1,626	1,546
Other investments	1	1
Total investments	1,818	1,734
Cash	2	2	$ 2	$ 2
Investment income accrued	3	4
Deferred taxes		35
Investment in subsidiaries	28,081	27,573
Other assets	16	16
Total assets	29,920	29,364
Deferred taxes	(30)
Debt	5,652	5,651
Other liabilities	142	127
Total liabilities	5,764	5,778
Common stock	22,269	22,172
Retained earnings	30,444	29,933
Accumulated other comprehensive income (loss)	414	(157)
Treasury stock, at cost	(28,971)	(28,362)
Total shareholders' equity	24,156	23,586
Total liabilities and shareholders' equity	29,920	29,364
Eliminations [Member]
Consolidating Balance Sheet
Investment in subsidiaries	(28,081)	(27,573)
Total assets	(28,081)	(27,573)
Common stock	(390)	(390)
Additional paid-in capital	(18,133)	(18,133)
Retained earnings	(8,511)	(8,564)
Accumulated other comprehensive income (loss)	(1,047)	(486)
Total shareholders' equity	(28,081)	(27,573)
Total liabilities and shareholders' equity	$ (28,081)	$ (27,573)

Consolidating Financial State56

Consolidating Financial Statements (details) - Consolidating Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Consolidating Statement of Cash Flows
Net income	$ 691	$ 833
Net adjustments to reconcile net income to net cash provided by (used in) operating activities	159	(634)
Net cash provided by operating activities	850	199
Proceeds from maturities of fixed maturities	1,748	2,830
Proceeds from sales of investments, fixed maturities	421	906
Proceeds from sales of investments, equity securities	14	11
Proceeds from sales of investments, real estate investments	69	7
Proceeds from sales of investments, other investments	186	146
Purchases of investments, fixed maturities	(2,700)	(3,325)
Purchases of investments, equity securities	(12)	(8)
Purchases of investments, real estate investments	(7)	(6)
Purchases of investments, other investments	(162)	(168)
Net sales (purchases) of short-term securities	85	(134)
Securities transactions in course of settlement	291	305
Other investing activities	(79)	(90)
Net cash provided by (used in) investing activities	(146)	474
Treasury stock acquired - share repurchase authorization	(550)	(600)
Treasury stock acquired - net employee share-based compensation	(59)	(71)
Dividends paid to shareholders	(180)	(177)
Issuance of common stock - employee share options	64	90
Excess tax benefits from share-based payment arrangements		27
Net cash used in financing activities	(725)	(731)
Effect of exchange rate changes on cash	2	(8)
Net decrease in cash	(19)	(66)
Cash at beginning of year	380	374
Cash at end of period	361	308
Income taxes paid (received)	63	126
Interest paid	42	34
TPC [Member]
Consolidating Statement of Cash Flows
Net income	525	632
Net adjustments to reconcile net income to net cash provided by (used in) operating activities	151	(405)
Net cash provided by operating activities	676	227
Proceeds from maturities of fixed maturities	1,239	1,851
Proceeds from sales of investments, fixed maturities	237	555
Proceeds from sales of investments, equity securities	4	6
Proceeds from sales of investments, other investments	122	98
Purchases of investments, fixed maturities	(1,534)	(2,133)
Purchases of investments, equity securities	(1)	(1)
Purchases of investments, other investments	(123)	(139)
Net sales (purchases) of short-term securities	(152)	(23)
Securities transactions in course of settlement	159	175
Other investing activities	(78)	(89)
Net cash provided by (used in) investing activities	(127)	300
Dividends paid to parent company	(565)	(552)
Net cash used in financing activities	(565)	(552)
Effect of exchange rate changes on cash	2	(1)
Net decrease in cash	(14)	(26)
Cash at beginning of year	225	221
Cash at end of period	211	195
Income taxes paid (received)	51	138
Interest paid	16	16
Other Subsidiaries [Member]
Consolidating Statement of Cash Flows
Net income	205	255
Net adjustments to reconcile net income to net cash provided by (used in) operating activities	(55)	(350)
Net cash provided by operating activities	150	(95)
Proceeds from maturities of fixed maturities	507	979
Proceeds from sales of investments, fixed maturities	183	351
Proceeds from sales of investments, equity securities	10	5
Proceeds from sales of investments, real estate investments	69	7
Proceeds from sales of investments, other investments	64	48
Purchases of investments, fixed maturities	(1,162)	(1,192)
Purchases of investments, equity securities	(10)	(6)
Purchases of investments, real estate investments	(7)	(6)
Purchases of investments, other investments	(39)	(29)
Net sales (purchases) of short-term securities	317	6
Securities transactions in course of settlement	131	130
Other investing activities	(1)	(1)
Net cash provided by (used in) investing activities	62	292
Dividends paid to parent company	(217)	(230)
Net cash used in financing activities	(217)	(230)
Effect of exchange rate changes on cash		(7)
Net decrease in cash	(5)	(40)
Cash at beginning of year	153	151
Cash at end of period	148	111
Income taxes paid (received)	17	52
Travelers [Member]
Consolidating Statement of Cash Flows
Net income	691	833
Net adjustments to reconcile net income to net cash provided by (used in) operating activities	115	16
Net cash provided by operating activities	806	849
Proceeds from maturities of fixed maturities	2
Proceeds from sales of investments, fixed maturities	1
Purchases of investments, fixed maturities	(4)
Purchases of investments, equity securities	(1)	(1)
Net sales (purchases) of short-term securities	(80)	(117)
Securities transactions in course of settlement	1
Net cash provided by (used in) investing activities	(81)	(118)
Treasury stock acquired - share repurchase authorization	(550)	(600)
Treasury stock acquired - net employee share-based compensation	(59)	(71)
Dividends paid to shareholders	(180)	(177)
Issuance of common stock - employee share options	64	90
Excess tax benefits from share-based payment arrangements		27
Net cash used in financing activities	(725)	(731)
Cash at beginning of year	2	2
Cash at end of period	2	2
Income taxes paid (received)	(5)	(64)
Interest paid	26	18
Eliminations [Member]
Consolidating Statement of Cash Flows
Net income	(730)	(887)
Net adjustments to reconcile net income to net cash provided by (used in) operating activities	(52)	105
Net cash provided by operating activities	(782)	(782)
Dividends paid to parent company	782	782
Net cash used in financing activities	$ 782	$ 782