The Travelers Companies, Inc. (TRV) 10-Q 21 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 18, 2016
Document and Entity Information
Registrant name	Travelers Companies, Inc.
Central index key	86,312
Document type	10-Q
Document period end date	Jun. 30, 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		288,281,317
Document fiscal year focus	2,016
Document fiscal period focus	Q2

Consolidated Statement of Incom

Consolidated Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Premiums		$ 6,067	$ 5,931	$ 12,048	$ 11,819
Net investment income		549	632	1,093	1,224
Fee income		119	115	236	229
Net realized investment gains	[1]	19	10	10	20
Other revenues		31	22	84	47
Total revenues		6,785	6,710	13,471	13,339
Claims and expenses
Claims and claim adjustment expenses		3,762	3,547	7,474	6,978
Amortization of deferred acquisition costs		989	963	1,960	1,926
General and administrative expenses		1,054	1,032	2,049	2,027
Interest expense		93	92	184	184
Total claims and expenses		5,898	5,634	11,667	11,115
Income before income taxes		887	1,076	1,804	2,224
Income tax expense		223	264	449	579
Net income		$ 664	$ 812	$ 1,355	$ 1,645
Net income per share
Basic		$ 2.27	$ 2.56	$ 4.60	$ 5.14
Diluted		$ 2.24	$ 2.53	$ 4.55	$ 5.08
Weighted average number of common shares outstanding
Basic		290.1	314.8	292.1	317.7
Diluted		293.6	318	295.6	321.2
Cash dividends declared per share		$ 0.67	$ 0.61	$ 1.28	$ 1.16
[1]	Total other-than-temporary impairment (OTTI) losses were $(4) million and $(8) million for the three months ended June 30, 2016 and 2015, respectively, and $(32) million and $(12) million for the six months ended June 30, 2016 and 2015, respectively. Of total OTTI, credit losses of $(4) million and $(6) million for the three months ended June 30, 2016 and 2015, respectively, and $(22) million and $(9) million for the six months ended June 30, 2016 and 2015, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million and $(2) million for the three months ended June 30, 2016 and 2015, respectively, and $(10) million and $(3) million for the six months ended June 30, 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Consolidated Statement of Income (Unaudited)
Total other-than-temporary impairment losses	$ (4)	$ (8)	$ (32)	$ (12)
Other-than-temporary impairment, credit losses recognized in net realized investment gains	(4)	(6)	(22)	(9)
Unrealized gains (losses) from other changes in total other-than-temporary impairments recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	$ 0	$ (2)	$ (10)	$ (3)

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Consolidated Statement of Comprehensive Income (Unaudited)
Net income	$ 664	$ 812	$ 1,355	$ 1,645
Other comprehensive income (loss):
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	879	(1,065)	1,593	(896)
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	12	(5)	17	(10)
Net changes in benefit plan assets and obligations	18	23	34	47
Net changes in unrealized foreign currency translation	(35)	94	68	(180)
Other comprehensive income (loss) before income taxes	874	(953)	1,712	(1,039)
Income tax expense (benefit)	323	(353)	590	(328)
Other comprehensive income (loss), net of taxes	551	(600)	1,122	(711)
Comprehensive income	$ 1,215	$ 212	$ 2,477	$ 934

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited at June 30, 2016) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets
Fixed maturities, available for sale, at fair value (amortized cost $59,975 and $58,878)	$ 63,311	$ 60,658
Equity securities, available for sale, at fair value (cost $525 and $528)	752	705
Real estate investments	929	989
Short-term securities	3,988	4,671
Other investments	3,490	3,447
Total investments	72,470	70,470
Cash	265	380	$ 317	$ 374
Investment income accrued	627	642
Premiums receivable	7,014	6,437
Reinsurance recoverables	8,603	8,910
Ceded unearned premiums	726	656
Deferred acquisition costs	1,954	1,849
Deferred taxes		296
Contractholder receivables	4,541	4,374
Goodwill	3,588	3,573
Other intangible assets	274	279
Other assets	2,384	2,318
Total assets	102,446	100,184
Liabilities
Claims and claim adjustment expense reserves	47,953	48,295
Unearned premium reserves	12,520	11,971
Contractholder payables	4,541	4,374
Payables for reinsurance premiums	401	296
Deferred taxes	370
Debt	6,436	6,344
Other liabilities	5,511	5,306
Total liabilities	77,732	76,586
Shareholders' equity
Common stock (1,750.0 shares authorized; 288.3 and 295.9 shares issued and outstanding)	22,349	22,172
Retained earnings	30,921	29,945
Accumulated other comprehensive income (loss)	965	(157)
Treasury stock, at cost (478.1 and 467.6 shares)	(29,521)	(28,362)
Total shareholders' equity	24,714	23,598	$ 24,121
Total liabilities and shareholders' equity	$ 102,446	$ 100,184

Consolidated Balance Sheet Pare

Consolidated Balance Sheet Parentheticals (Unaudited at June 30, 2016) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Consolidated Balance Sheet (Unaudited at June 30, 2016)
Fixed maturities, available for sale, amortized cost	$ 59,975	$ 58,878
Equity securities, available for sale, cost	$ 525	$ 528
Common stock, shares authorized	1,750	1,750
Common stock, shares issued	288.3	295.9
Common stock, shares outstanding	288.3	295.9
Treasury stock, at cost, shares	478.1	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		87
Compensation amortization under share-based plans and other changes		109
Net income	$ 1,645		1,645
Dividends			(372)
Other comprehensive income (loss)	(711)			(711)
Treasury stock acquired - share repurchase authorization					(1,400)
Net shares acquired related to employee share-based compensation plans					(73)
Shareholders' equity, end of period at Jun. 30, 2015	24,121	22,039	28,524	169	(26,611)
Balance, beginning of year at Dec. 31, 2014						322.2
Common shares outstanding
Treasury stock acquired - share repurchase authorization						(13.5)
Net shares issued under employee share-based compensation plans						2.5
Balance, end of period at Jun. 30, 2015						311.2
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		95
Compensation amortization under share-based plans and other changes		82
Net income	1,355		1,355
Dividends			(378)
Other			(1)
Other comprehensive income (loss)	1,122			1,122
Treasury stock acquired - share repurchase authorization	(1,100)				(1,100)
Net shares acquired related to employee share-based compensation plans	(59)				(59)
Shareholders' equity, end of period at Jun. 30, 2016	$ 24,714	$ 22,349	$ 30,921	$ 965	$ (29,521)
Balance, beginning of year at Dec. 31, 2015	295.9					295.9
Common shares outstanding
Treasury stock acquired - share repurchase authorization	(10)					(10)
Net shares issued under employee share-based compensation plans						2.4
Balance, end of period at Jun. 30, 2016	288.3					288.3

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net income		$ 1,355	$ 1,645
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment gains	[1]	(10)	(20)
Depreciation and amortization		413	429
Deferred federal income tax expense		75	142
Amortization of deferred acquisition costs		1,960	1,926
Equity in income from other investments		(44)	(134)
Premiums receivable		(567)	(486)
Reinsurance recoverables		316	263
Deferred acquisition costs		(2,062)	(1,991)
Claims and claim adjustment expense reserves		(387)	(826)
Unearned premium reserves		531	362
Other operating activities		(287)	(435)
Net cash provided by operating activities		1,293	875
Cash flows from investing activities
Proceeds from maturities of fixed maturities		3,773	5,314
Proceeds from sales of investments:
Fixed maturities		739	1,226
Equity securities		38	28
Real estate investments		69	10
Other investments		343	354
Purchases of investments:
Fixed maturities		(5,705)	(6,239)
Equity securities		(26)	(22)
Real estate investments		(20)	(69)
Other investments		(290)	(275)
Net sales of short-term securities		681	433
Securities transactions in course of settlement		461	183
Other investing activities		(154)	(178)
Net cash provided by (used in) investing activities		(91)	765
Cash flows from financing activities
Treasury stock acquired - share repurchase authorization		(1,100)	(1,400)
Treasury stock acquired - net employee share-based compensation		(59)	(72)
Dividends paid to shareholders		(375)	(369)
Payment of debt		(400)
Issuance of debt		491
Issuance of common stock - employee share options		129	117
Excess tax benefits from share-based payment arrangements			31
Net cash used in financing activities		(1,314)	(1,693)
Effect of exchange rate changes on cash		(3)	(4)
Net decrease in cash		(115)	(57)
Cash at beginning of year		380	374
Cash at end of period		265	317
Supplemental disclosure of cash flow information
Income taxes paid		467	597
Interest paid		$ 180	$ 183
[1]	Total other-than-temporary impairment (OTTI) losses were $(4) million and $(8) million for the three months ended June 30, 2016 and 2015, respectively, and $(32) million and $(12) million for the six months ended June 30, 2016 and 2015, respectively. Of total OTTI, credit losses of $(4) million and $(6) million for the three months ended June 30, 2016 and 2015, respectively, and $(22) million and $(9) million for the six months ended June 30, 2016 and 2015, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million and $(2) million for the three months ended June 30, 2016 and 2015, respectively, and $(10) million and $(3) million for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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. Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued updated guidance for the accounting for credit losses for financial instruments. The updated guidance applies a new credit loss model (current expected credit losses or CECL) for determining credit-related impairments for financial instruments measured at amortized cost (e.g. reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses, and subsequent adjustments to such losses, will be recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected. The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. The updated guidance is effective for reporting periods beginning after December 15, 2019. Early adoption is permitted for reporting periods beginning after December 15, 2018. The Company will not be able to determine the impact that the updated guidance will have on its results of operations, financial position or liquidity until the updated guidance is adopted. 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	6 Months Ended
	Jun. 30, 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 $ 3,631 $ 518 $ 1,918 $ 6,067 Net investment income 420 51 78 549 Fee income 115 — 4 119 Other revenues 8 6 14 28 Total operating revenues (1) $ 4,174 $ 575 $ 2,014 $ 6,763 Operating income (1) $ 393 $ 202 $ 116 $ 711 2015 Premiums $ 3,609 $ 524 $ 1,798 $ 5,931 Net investment income 487 57 88 632 Fee income 111 — 4 115 Other revenues 5 5 12 22 Total operating revenues (1) $ 4,212 $ 586 $ 1,902 $ 6,700 Operating income (1) $ 543 $ 151 $ 174 $ 868 (1) (for the six months Business and Bond & Specialty Personal Total 2016 Premiums $ 7,230 $ 1,026 $ 3,792 $ 12,048 Net investment income 835 103 155 1,093 Fee income 229 — 7 236 Other revenues 41 9 28 78 Total operating revenues (1) $ 8,335 $ 1,138 $ 3,982 $ 13,455 Operating income (1) $ 869 $ 346 $ 255 $ 1,470 2015 Premiums $ 7,229 $ 1,028 $ 3,562 $ 11,819 Net investment income 941 113 170 1,224 Fee income 222 — 7 229 Other revenues 13 10 24 47 Total operating revenues (1) $ 8,405 $ 1,151 $ 3,763 $ 13,319 Operating income (1) $ 1,058 $ 275 $ 426 $ 1,759 (1) Business Segment Reconciliations Three Months Ended Six Months Ended (in millions) 2016 2015 2016 2015 Revenue reconciliation Earned premiums Business and International Insurance: Domestic: Workers’ compensation $ 987 $ 957 $ 1,968 $ 1,919 Commercial automobile 503 477 994 945 Commercial property 442 440 879 880 General liability 485 469 967 937 Commercial multi-peril 786 779 1,568 1,553 Other 9 10 14 20 Total Domestic 3,212 3,132 6,390 6,254 International 419 477 840 975 Total Business and International Insurance 3,631 3,609 7,230 7,229 Bond & Specialty Insurance: Fidelity and surety 239 240 469 465 General liability 235 240 469 476 Other 44 44 88 87 Total Bond & Specialty Insurance 518 524 1,026 1,028 Personal Insurance: Automobile 974 863 1,910 1,699 Homeowners and Other 944 935 1,882 1,863 Total Personal Insurance 1,918 1,798 3,792 3,562 Total earned premiums 6,067 5,931 12,048 11,819 Net investment income 549 632 1,093 1,224 Fee income 119 115 236 229 Other revenues 28 22 78 47 Total operating revenues for reportable segments 6,763 6,700 13,455 13,319 Other revenues 3 — 6 — Net realized investment gains 19 10 10 20 Total consolidated revenues $ 6,785 $ 6,710 $ 13,471 $ 13,339 Income reconciliation, net of tax Total operating income for reportable segments $ 711 $ 868 $ 1,470 $ 1,759 Interest Expense and Other (1) (62 ) (62 ) (123 ) (126 ) Total operating income 649 806 1,347 1,633 Net realized investment gains 15 6 8 12 Total consolidated net income $ 664 $ 812 $ 1,355 $ 1,645 (1) (in millions) June 30, December 31, Asset reconciliation: Business and International Insurance $ 81,214 $ 79,692 Bond & Specialty Insurance 7,745 7,360 Personal Insurance 13,109 12,748 Total assets for reportable segments 102,068 99,800 Other assets (1) 378 384 Total consolidated assets $ 102,446 $ 100,184 (1)

Investments

Investments	6 Months Ended
	Jun. 30, 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 June 30, 2016, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,038 $ 36 $ 1 $ 2,073 Obligations of states, municipalities and political subdivisions: Local general obligation 13,816 954 1 14,769 Revenue 10,270 787 — 11,057 State general obligation 1,958 124 — 2,082 Pre-refunded 5,490 234 — 5,724 Total obligations of states, municipalities and political subdivisions 31,534 2,099 1 33,632 Debt securities issued by foreign governments 1,745 56 — 1,801 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,702 132 1 1,833 All other corporate bonds 22,858 1,062 52 23,868 Redeemable preferred stock 98 6 — 104 Total $ 59,975 $ 3,391 $ 55 $ 63,311 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 $5.72 billion and $6.06 billion at June 30, 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 $739 million and $1.23 billion during the six months ended June 30, 2016 and 2015, respectively. Gross gains of $46 million and $40 million and gross losses of $8 million and $3 million were realized on those sales during the six months ended June 30, 2016 and 2015, respectively. Equity Securities The cost and fair value of investments in equity securities were as follows: Gross Unrealized Fair (at June 30, 2016, in millions) Cost Gains Losses Value Public common stock $ 386 $ 214 $ 3 $ 597 Non-redeemable preferred stock 139 23 7 155 Total $ 525 $ 237 $ 10 $ 752 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 $38 million and $28 million during the six months ended June 30, 2016 and 2015, respectively. Gross gains of $8 million and $5 million and gross losses of $2 million and $3 million were realized on those sales during the six months ended June 30, 2016 and 2015, respectively. Unrealized Investment Losses The following tables summarize, for all investments in an unrealized loss position at June 30, 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 June 30, 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 $ 37 $ — $ 10 $ 1 $ 47 $ 1 Obligations of states, municipalities and political subdivisions 639 1 14 — 653 1 Debt securities issued by foreign governments 3 — — — 3 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 42 — 37 1 79 1 All other corporate bonds 779 12 720 40 1,499 52 Redeemable preferred stock 7 — — — 7 — Total fixed maturities 1,507 13 781 42 2,288 55 Equity securities Public common stock 24 2 34 1 58 3 Non-redeemable preferred stock 30 1 58 6 88 7 Total equity securities 54 3 92 7 146 10 Total $ 1,561 $ 16 $ 873 $ 49 $ 2,434 $ 65 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 June 30, 2016 totaled $11 million, Impairment Charges Impairment charges included in net realized investment gains in the consolidated statement of income were $4 million and $6 million for the three months ended June 30, 2016 and 2015, respectively, and $22 million and $9 million for the six months ended June 30, 2016 and 2015, respectively. For fixed maturities held at June 30, 2016 and 2015, the cumulative amount of credit losses recognized in the consolidated statement of income from other-than-temporary impairments (OTTI) was $88 million at both dates, 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 six months ended June 30, 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 June 30, 2016 and December 31, 2015, the Company had $400 million notional value of open U.S. Treasury futures contracts. Net realized investment gains and losses related to U.S. Treasury futures contracts in the three months and six months ended June 30, 2016 and 2015 were not significant.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 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 $96 million and $101 million at June 30, 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 $87 million and $117 million at June 30, 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 June 30, 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 June 30, 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 $ 2,073 $ 2,073 $ — $ — Obligations of states, municipalities and political subdivisions 33,632 11 33,608 13 Debt securities issued by foreign governments 1,801 — 1,801 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,833 — 1,833 — All other corporate bonds 23,868 3 23,702 163 Redeemable preferred stock 104 3 94 7 Total fixed maturities 63,311 2,090 61,038 183 Equity securities Public common stock 597 597 — — Non-redeemable preferred stock 155 66 89 — Total equity securities 752 663 89 — Other investments 61 17 — 44 Total $ 64,124 $ 2,770 $ 61,127 $ 227 (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 six months ended June 30, 2016 and 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 six months ended June 30, 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 June 30, 2016, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 3,988 $ 3,988 $ 792 $ 3,151 $ 45 Financial liabilities: Debt $ 6,336 $ 7,743 $ — $ 7,743 $ — 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 99% of short-term securities at both June 30, 2016 and December 31, 2015. 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 June 30, 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 six months ended June 30, 2016 or twelve months ended December 31, 2015.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015: (in millions) June 30, 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 June 30, 2016 and December 31, 2015: (at June 30, 2016, in millions) Gross Accumulated Net Subject to amortization (1) $ 210 $ 153 $ 57 Not subject to amortization 217 — 217 Total $ 427 $ 153 $ 274 (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 $2 million and $9 million for the three months ended June 30, 2016 and 2015, respectively, and $5 million and $20 million for the six months ended June 30, 2016 and 2015, respectively. Intangible asset amortization expense is estimated to be $5 million for the remainder of 2016, $9 million in 2017, $8 million in 2018, $7 million in 2019 and $5 million in 2020.

Other Comprehensive Income and

Other Comprehensive Income and Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 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 ACCUMULATED OTHER COMPREHENSIVE INCOME The following table presents the changes in the Company’s accumulated other comprehensive income (AOCI) for the six months ended June 30, 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 (OCI) before reclassifications 1,064 3 3 47 1,117 Amounts reclassified from AOCI (23 ) 8 20 — 5 Net OCI, current period 1,041 11 23 47 1,122 Balance, June 30, 2016 $ 2,141 $ 200 $ (690 ) $ (686 ) $ 965 The following table presents the pretax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit) for the three months and six months ended June 30, 2016 and 2015. Three Months Ended Six Months Ended ( in millions) 2016 2015 2016 2015 Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income $ 879 $ (1,065 ) $ 1,593 $ (896 ) Income tax expense (benefit) 305 (368 ) 552 (312 ) Net of taxes 574 (697 ) 1,041 (584 ) Having credit losses recognized in the consolidated statement of income 12 (5 ) 17 (10 ) Income tax expense (benefit) 4 (2 ) 6 (4 ) Net of taxes 8 (3 ) 11 (6 ) Net changes in benefit plan assets and obligations 18 23 34 47 Income tax expense 6 8 11 16 Net of taxes 12 15 23 31 Net changes in unrealized foreign currency translation (35 ) 94 68 (180 ) Income tax expense (benefit) 8 9 21 (28 ) Net of taxes (43 ) 85 47 (152 ) Total other comprehensive income (loss) 874 (953 ) 1,712 (1,039 ) Total income tax expense (benefit) 323 (353 ) 590 (328 ) Total other comprehensive income (loss), net of taxes $ 551 $ (600 ) $ 1,122 $ (711 ) 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 the three months and six months ended June 30, 2016 and 2015. Three Months Ended Six Months Ended (in millions) 2016 2015 2016 2015 Reclassification adjustments related to unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (24 ) $ (17 ) $ (35 ) $ (35 ) Income tax expense (2) (8 ) (6 ) (12 ) (12 ) Net of taxes (16 ) (11 ) (23 ) (23 ) Having credit losses recognized in the consolidated statement of income (1) 1 2 12 2 Income tax benefit (2) — — 4 — Net of taxes 1 2 8 2 Reclassification adjustment related to benefit plan assets and obligations (3) 15 24 31 47 Income tax benefit (2) 6 9 11 17 Net of taxes 9 15 20 30 Reclassification adjustment related to foreign currency translation (1) — — — — Income tax benefit (2) — — — — Net of taxes — — — — Total reclassifications (8 ) 9 8 14 Total income tax (expense) benefit (2 ) 3 3 5 Total reclassifications, net of taxes $ (6 ) $ 6 $ 5 $ 9 (1) (2) (3)

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt disclosure
Debt disclosure [Text Block]	7. DEBT Debt Issuance Debt Payment.

Common Share Repurchases

Common Share Repurchases	6 Months Ended
	Jun. 30, 2016
Common Share Repurchases disclosure
Common Share Repurchases disclosure [Text Block]	8. COMMON SHARE REPURCHASES During the three months and six months ended June 30, 2016, the Company repurchased 4.9 million and 10.0 million shares, respectively, under its share repurchase authorization, for a total cost of $550 million and $1.10 billion, respectively. The average cost per share repurchased was $112.12 and $110.26, respectively. At June 30, 2016, the Company had $2.23 billion of capacity remaining under its share repurchase authorization. In addition,

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2016
Earnings per Share disclosure
Earnings per Share disclosure [Text Block]	9. EARNINGS PER SHARE The following is a reconciliation of the net income and share data used in the basic and diluted earnings per share computations for the periods presented: Three Months Ended Six Months Ended (in millions, except per share amounts) 2016 2015 2016 2015 Basic and Diluted Net income, as reported $ 664 $ 812 $ 1,355 $ 1,645 Participating share-based awards — allocated income (5 ) (6 ) (10 ) (12 ) Net income available to common shareholders — basic and diluted $ 659 $ 806 $ 1,345 $ 1,633 Common Shares Basic Weighted average shares outstanding 290.1 314.8 292.1 317.7 Diluted Weighted average shares outstanding 290.1 314.8 292.1 317.7 Weighted average effects of dilutive securities — stock options and performance shares 3.5 3.2 3.5 3.5 Total 293.6 318.0 295.6 321.2 Net Income per Common Share Basic $ 2.27 $ 2.56 $ 4.60 $ 5.14 Diluted $ 2.24 $ 2.53 $ 4.55 $ 5.08

Share-Based Incentive Compensat

Share-Based Incentive Compensation	6 Months Ended
	Jun. 30, 2016
Share-Based Incentive Compensation disclosure
Share-Based Incentive Compensation disclosure [Text Block]	10. SHARE-BASED INCENTIVE COMPENSATION The following information relates to fully vested stock option awards at June 30, 2016: Stock Options Number Weighted Weighted Aggregate Vested at end of period (1) 8,006,375 $ 78.85 6.5 years $ 322 Exercisable at end of period 4,406,788 $ 62.60 4.8 years $ 249 (1) The total compensation cost for all share-based incentive compensation awards recognized in earnings was $32 million and $31 million for the three months ended June 30, 2016 and 2015, respectively, and $82 million and $78 million for the six months ended June 30, 2016 and 2015, respectively. The related tax benefits recognized in the consolidated statement of income were $11 million and $10 million for the three months ended June 30, 2016 and 2015, respectively, and $28 million and $26 million for the six months ended June 30, 2016 and 2015, respectively. The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards at June 30, 2016 was $184 million, which is expected to be recognized over a weighted-average period of 2.0 years.

Pension Plans, Retirement Benef

Pension Plans, Retirement Benefits and Savings Plans	6 Months Ended
	Jun. 30, 2016
Pension Plans, Retirement Benefits and Savings Plans disclosure
Pension Plans, Retirement Benefits and Savings Plans disclosure [Text Block]	11. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS The following tables summarize the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income. Pension Plans Postretirement Benefit Plans (for the three months ended June 30, in millions) 2016 2015 2016 2015 Net Periodic Benefit Cost: Service cost $ 30 $ 32 $ — $ — Interest cost on benefit obligation 31 36 2 2 Expected return on plan assets (58 ) (57 ) — — Settlement 1 — — — Amortization of unrecognized: Prior service benefit — — (1 ) — Net actuarial loss 16 24 — — Net periodic benefit cost $ 20 $ 35 $ 1 $ 2 Pension Plans Postretirement Benefit Plans (for the six months ended June 30, in millions) 2016 2015 2016 2015 Net Periodic Benefit Cost: Service cost $ 59 $ 65 $ — $ — Interest cost on benefit obligation 61 72 4 5 Expected return on plan assets (115 ) (115 ) — — Settlement 1 — — — Amortization of unrecognized: Prior service benefit — — (2 ) (1 ) Net actuarial loss 33 48 — — Net periodic benefit cost $ 39 $ 70 $ 2 $ 4 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 by $2 million and $7 million, respectively, for the three months ended June 30, 2016, and by $3 million and $15 million, respectively, for the six months ended June 30, 2016. The weighted average discount rates that are being used to measure service and interest costs 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	6 Months Ended
	Jun. 30, 2016
Contingencies, Commitments and Guarantees disclosure
Contingencies, Commitments and Guarantees disclosure [Text Block]	12. 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 June 30, 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 June 30, 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 June 30, 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)	6 Months Ended
	Jun. 30, 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]	13. 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 June 30, 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 June 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,161 $ 1,906 $ — $ — $ 6,067 Net investment income 377 168 4 — 549 Fee income 119 — — — 119 Net realized investment gains (losses) (1) (1 ) 20 — — 19 Other revenues 33 1 — (3 ) 31 Total revenues 4,689 2,095 4 (3 ) 6,785 Claims and expenses Claims and claim adjustment expenses 2,575 1,187 — — 3,762 Amortization of deferred acquisition costs 666 323 — — 989 General and administrative expenses 743 313 1 (3 ) 1,054 Interest expense 12 — 81 — 93 Total claims and expenses 3,996 1,823 82 (3 ) 5,898 Income (loss) before income taxes 693 272 (78 ) — 887 Income tax expense (benefit) 191 69 (37 ) — 223 Net income of subsidiaries — — 705 (705 ) — Net income $ 502 $ 203 $ 664 $ (705 ) $ 664 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (3 ) $ (1 ) $ — $ — $ (4 ) OTTI losses recognized in net realized investment gains (losses) $ (3 ) $ (1 ) $ — $ — $ (4 ) OTTI gains (losses) recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended June 30, 2015 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,044 $ 1,887 $ — $ — $ 5,931 Net investment income 424 206 2 — 632 Fee income 115 — — — 115 Net realized investment gains (losses) (1) 17 (7 ) — — 10 Other revenues 19 3 — — 22 Total revenues 4,619 2,089 2 — 6,710 Claims and expenses Claims and claim adjustment expenses 2,409 1,138 — — 3,547 Amortization of deferred acquisition costs 651 312 — — 963 General and administrative expenses 721 308 3 — 1,032 Interest expense 12 — 80 — 92 Total claims and expenses 3,793 1,758 83 — 5,634 Income (loss) before income taxes 826 331 (81 ) — 1,076 Income tax expense (benefit) 198 86 (20 ) — 264 Net income of subsidiaries — — 873 (873 ) — Net income $ 628 $ 245 $ 812 $ (873 ) $ 812 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (7 ) $ (1 ) $ — $ — $ (8 ) OTTI losses recognized in net realized investment gains (losses) $ (5 ) $ (1 ) $ — $ — $ (6 ) OTTI losses recognized in OCI $ (2 ) $ — $ — $ — $ (2 ) CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the six months ended June 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 8,246 $ 3,802 $ — $ — $ 12,048 Net investment income 753 334 6 — 1,093 Fee income 236 — — — 236 Net realized investment gains (losses) (1) (17 ) 27 — — 10 Other revenues 81 17 — (14 ) 84 Total revenues 9,299 4,180 6 (14 ) 13,471 Claims and expenses Claims and claim adjustment expenses 5,095 2,379 — — 7,474 Amortization of deferred acquisition costs 1,316 644 — — 1,960 General and administrative expenses 1,447 611 5 (14 ) 2,049 Interest expense 24 — 160 — 184 Total claims and expenses 7,882 3,634 165 (14 ) 11,667 Income (loss) before income taxes 1,417 546 (159 ) — 1,804 Income tax expense (benefit) 390 138 (79 ) — 449 Net income of subsidiaries — — 1,435 (1,435 ) — Net income $ 1,027 $ 408 $ 1,355 $ (1,435 ) $ 1,355 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (17 ) $ (15 ) $ — $ — $ (32 ) OTTI losses recognized in net realized investment gains (losses) $ (12 ) $ (10 ) $ — $ — $ (22 ) OTTI losses recognized in OCI $ (5 ) $ (5 ) $ — $ — $ (10 ) CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the six months ended June 30, 2015 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 8,040 $ 3,779 $ — $ — $ 11,819 Net investment income 835 386 3 — 1,224 Fee income 229 — — — 229 Net realized investment gains (1) 19 — 1 — 20 Other revenues 40 7 — — 47 Total revenues 9,163 4,172 4 — 13,339 Claims and expenses Claims and claim adjustment expenses 4,718 2,260 — — 6,978 Amortization of deferred acquisition costs 1,293 633 — — 1,926 General and administrative expenses 1,419 600 8 — 2,027 Interest expense 24 — 160 — 184 Total claims and expenses 7,454 3,493 168 — 11,115 Income (loss) before income taxes 1,709 679 (164 ) — 2,224 Income tax expense (benefit) 449 179 (49 ) — 579 Net income of subsidiaries — — 1,760 (1,760 ) — Net income $ 1,260 $ 500 $ 1,645 $ (1,760 ) $ 1,645 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (8 ) $ (4 ) $ — $ — $ (12 ) OTTI losses recognized in net realized investment gains $ (6 ) $ (3 ) $ — $ — $ (9 ) OTTI losses recognized in OCI $ (2 ) $ (1 ) $ — $ — $ (3 ) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended June 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 502 $ 203 $ 664 $ (705 ) $ 664 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 570 306 3 — 879 Having credit losses recognized in the consolidated statement of income 6 6 — — 12 Net changes in benefit plan assets and obligations 18 19 (19 ) — 18 Net changes in unrealized foreign currency translation 25 (60 ) — — (35 ) Other comprehensive income (loss) before income taxes and other comprehensive income of subsidiaries 619 271 (16 ) — 874 Income tax expense (benefit) 216 113 (6 ) — 323 Other comprehensive income (loss), net of taxes, before other comprehensive income of subsidiaries 403 158 (10 ) — 551 Other comprehensive income of subsidiaries — — 561 (561 ) — Other comprehensive income 403 158 551 (561 ) 551 Comprehensive income $ 905 $ 361 $ 1,215 $ (1,266 ) $ 1,215 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended June 30, 2015 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 628 $ 245 $ 812 $ (873 ) $ 812 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (719 ) (345 ) (1 ) — (1,065 ) Having credit losses recognized in the consolidated statement of income (5 ) — — — (5 ) Net changes in benefit plan assets and obligations 1 — 22 — 23 Net changes in unrealized foreign currency translation 34 60 — — 94 Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (689 ) (285 ) 21 — (953 ) Income tax expense (benefit) (246 ) (115 ) 8 — (353 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (443 ) (170 ) 13 — (600 ) Other comprehensive loss of subsidiaries — — (613 ) 613 — Other comprehensive loss (443 ) (170 ) (600 ) 613 (600 ) Comprehensive income $ 185 $ 75 $ 212 $ (260 ) $ 212 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the six months ended June 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 1,027 $ 408 $ 1,355 $ (1,435 ) $ 1,355 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 1,055 534 4 — 1,593 Having credit losses recognized in the consolidated statement of income 8 9 — — 17 Net changes in benefit plan assets and obligations 18 20 (4 ) — 34 Net changes in unrealized foreign currency translation 119 (51 ) — — 68 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 1,200 512 — — 1,712 Income tax expense 397 192 1 — 590 Other comprehensive income (loss), net of taxes, before other comprehensive income of subsidiaries 803 320 (1 ) — 1,122 Other comprehensive income of subsidiaries — — 1,123 (1,123 ) — Other comprehensive income 803 320 1,122 (1,123 ) 1,122 Comprehensive income $ 1,830 $ 728 $ 2,477 $ (2,558 ) $ 2,477 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the six months ended June 30, 2015 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 1,260 $ 500 $ 1,645 $ (1,760 ) $ 1,645 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (585 ) (312 ) 1 — (896 ) Having credit losses recognized in the consolidated statement of income (9 ) (1 ) — — (10 ) Net changes in benefit plan assets and obligations 1 1 45 — 47 Net changes in unrealized foreign currency translation (145 ) (35 ) — — (180 ) Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (738 ) (347 ) 46 — (1,039 ) Income tax expense (benefit) (232 ) (112 ) 16 — (328 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (506 ) (235 ) 30 — (711 ) Other comprehensive loss of subsidiaries — — (741 ) 741 — Other comprehensive loss (506 ) (235 ) (711 ) 741 (711 ) Comprehensive income $ 754 $ 265 $ 934 $ (1,019 ) $ 934 CONSOLIDATING BALANCE SHEET (Unaudited) At June 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $59,975) $ 43,859 $ 19,403 $ 49 $ — $ 63,311 Equity securities, available for sale, at fair value (cost $525) 194 412 146 — 752 Real estate investments 55 874 — — 929 Short-term securities 1,754 537 1,697 — 3,988 Other investments 2,594 895 1 — 3,490 Total investments 48,456 22,121 1,893 — 72,470 Cash 121 141 3 — 265 Investment income accrued 441 182 4 — 627 Premiums receivable 4,722 2,292 — — 7,014 Reinsurance recoverables 5,928 2,675 — — 8,603 Ceded unearned premiums 649 77 — — 726 Deferred acquisition costs 1,753 201 — — 1,954 Contractholder receivables 3,570 971 — — 4,541 Goodwill 2,584 1,004 — — 3,588 Other intangible assets 203 71 — — 274 Investment in subsidiaries — — 28,755 (28,755 ) — Other assets 2,106 (52 ) 330 — 2,384 Total assets $ 70,533 $ 29,683 $ 30,985 $ (28,755 ) $ 102,446 Liabilities Claims and claim adjustment expense reserves $ 32,096 $ 15,857 $ — $ — $ 47,953 Unearned premium reserves 8,708 3,812 — — 12,520 Contractholder payables 3,570 971 — — 4,541 Payables for reinsurance premiums 227 174 — — 401 Deferred taxes 330 118 (78 ) — 370 Debt 693 — 5,743 — 6,436 Other liabilities 4,188 707 616 — 5,511 Total liabilities 49,812 21,639 6,281 — 77,732 Shareholders’ equity Common stock (1,750.0 shares authorized; 288.3 shares issued and outstanding) — 390 22,349 (390 ) 22,349 Additional paid-in capital 11,634 6,499 — (18,133 ) — Retained earnings 7,890 744 30,911 (8,624 ) 30,921 Accumulated other comprehensive income 1,197 411 965 (1,608 ) 965 Treasury stock, at cost (478.1 shares) — — (29,521 ) — (29,521 ) Total shareholders’ equity 20,721 8,044 24,704 (28,755 ) 24,714 Total liabilities and shareholders’ equity $ 70,533 $ 29,683 $ 30,985 $ (28,755 ) $ 102,446 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 six months ended June 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 1,027 $ 408 $ 1,355 $ (1,435 ) $ 1,355 Net adjustments to reconcile net income to net cash provided by (used in) operating activities (17 ) (222 ) 116 61 (62 ) Net cash provided by operating activities 1,010 186 1,471 (1,374 ) 1,293 Cash flows from investing activities Proceeds from maturities of fixed maturities 2,728 1,040 5 — 3,773 Proceeds from sales of investments: Fixed maturities 385 352 2 — 739 Equity securities 10 28 — — 38 Real estate investments — 69 — — 69 Other investments 233 110 — — 343 Purchases of investments: Fixed maturities (3,588 ) (2,108 ) (9 ) — (5,705 ) Equity securities (5 ) (19 ) (2 ) — (26 ) Real estate investments — (20 ) — — (20 ) Other investments (221 ) (69 ) — — (290 ) Net (purchases) sales of short-term securities 193 639 (151 ) — 681 Securities transactions in course of settlement 325 137 (1 ) — 461 Other (151 ) (3 ) — — (154 ) Net cash provided by (used in) investing activities (91 ) 156 (156 ) — (91 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (1,100 ) — (1,100 ) Treasury stock acquired — net employee share-based compensation — — (59 ) — (59 ) Dividends paid to shareholders — — (375 ) — (375 ) Payment of debt — — (400 ) — (400 ) Issuance of debt — — 491 — 491 Issuance of common stock — employee share options — — 129 — 129 Dividends paid to parent company (1,025 ) (349 ) — 1,374 — Net cash used in financing activities (1,025 ) (349 ) (1,314 ) 1,374 (1,314 ) Effect of exchange rate changes on cash 2 (5 ) — — (3 ) Net increase (decrease) in cash (104 ) (12 ) 1 — (115 ) Cash at beginning of year 225 153 2 — 380 Cash at end of period $ 121 $ 141 $ 3 $ — $ 265 Supplemental disclosure of cash flow information Income taxes paid (received) $ 398 $ 142 $ (73 ) $ — $ 467 Interest paid $ 24 $ — $ 156 $ — $ 180 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the six months ended June 30, 2015 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 1,260 $ 500 $ 1,645 $ (1,760 ) $ 1,645 Net adjustments to reconcile net income to net cash provided by (used in) operating activities (410 ) (520 ) 182 (22 ) (770 ) Net cash provided by (used in) operating activities 850 (20 ) 1,827 (1,782 ) 875 Cash flows from investing activities Proceeds from maturities of fixed maturities 3,604 1,707 3 — 5,314 Proceeds from sales of investments: Fixed maturities 710 516 — — 1,226 Equity securities 11 17 — — 28 Real estate investments — 10 — — 10 Other investments 244 110 — — 354 Purchases of investments: Fixed maturities (4,352 ) (1,869 ) (18 ) — (6,239 ) Equity securities (2 ) (19 ) (1 ) — (22 ) Real estate investments — (69 ) — — (69 ) Other investments (222 ) (53 ) — — (275 ) Net (purchases) sales of short-term securities 327 224 (118 ) — 433 Securities transactions in course of settlement 190 (7 ) — — 183 Other (175 ) (3 ) — — (178 ) Net cash provided by (used in) investing activities 335 564 (134 ) — 765 Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (1,400 ) — (1,400 ) Treasury stock acquired — net employee share-based compensation — — (72 ) — (72 ) Dividends paid to shareholders — — (369 ) — (369 ) Issuance of common stock — employee share options — — 117 — 117 Excess tax benefits from share-based payment arrangements — — 31 — 31 Dividends paid to parent company (1,222 ) (560 ) — 1,782 — Net cash used in financing activities (1,222 ) (560 ) (1,693 ) 1,782 (1,693 ) Effect of exchange rate changes on cash — (4 ) — — (4 ) Net decrease in cash (37 ) (20 ) — — (57 ) Cash at beginning of year 221 151 2 — 374 Cash at end of period $ 184 $ 131 $ 2 $ — $ 317 Supplemental disclosure of cash flow information Income taxes paid (received) $ 534 $ 197 $ (134 ) $ — $ 597 Interest paid $ 24 $ — $ 159 $ — $ 183

Basis of Presentation and Acc22

Basis of Presentation and Accounting Policies (policies)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 $ 3,631 $ 518 $ 1,918 $ 6,067 Net investment income 420 51 78 549 Fee income 115 — 4 119 Other revenues 8 6 14 28 Total operating revenues (1) $ 4,174 $ 575 $ 2,014 $ 6,763 Operating income (1) $ 393 $ 202 $ 116 $ 711 2015 Premiums $ 3,609 $ 524 $ 1,798 $ 5,931 Net investment income 487 57 88 632 Fee income 111 — 4 115 Other revenues 5 5 12 22 Total operating revenues (1) $ 4,212 $ 586 $ 1,902 $ 6,700 Operating income (1) $ 543 $ 151 $ 174 $ 868 (1) (for the six months Business and Bond & Specialty Personal Total 2016 Premiums $ 7,230 $ 1,026 $ 3,792 $ 12,048 Net investment income 835 103 155 1,093 Fee income 229 — 7 236 Other revenues 41 9 28 78 Total operating revenues (1) $ 8,335 $ 1,138 $ 3,982 $ 13,455 Operating income (1) $ 869 $ 346 $ 255 $ 1,470 2015 Premiums $ 7,229 $ 1,028 $ 3,562 $ 11,819 Net investment income 941 113 170 1,224 Fee income 222 — 7 229 Other revenues 13 10 24 47 Total operating revenues (1) $ 8,405 $ 1,151 $ 3,763 $ 13,319 Operating income (1) $ 1,058 $ 275 $ 426 $ 1,759 (1)
Business segment reconciliations of revenue and income, net of tax [Table Text Block]	Three Months Ended Six Months Ended (in millions) 2016 2015 2016 2015 Revenue reconciliation Earned premiums Business and International Insurance: Domestic: Workers’ compensation $ 987 $ 957 $ 1,968 $ 1,919 Commercial automobile 503 477 994 945 Commercial property 442 440 879 880 General liability 485 469 967 937 Commercial multi-peril 786 779 1,568 1,553 Other 9 10 14 20 Total Domestic 3,212 3,132 6,390 6,254 International 419 477 840 975 Total Business and International Insurance 3,631 3,609 7,230 7,229 Bond & Specialty Insurance: Fidelity and surety 239 240 469 465 General liability 235 240 469 476 Other 44 44 88 87 Total Bond & Specialty Insurance 518 524 1,026 1,028 Personal Insurance: Automobile 974 863 1,910 1,699 Homeowners and Other 944 935 1,882 1,863 Total Personal Insurance 1,918 1,798 3,792 3,562 Total earned premiums 6,067 5,931 12,048 11,819 Net investment income 549 632 1,093 1,224 Fee income 119 115 236 229 Other revenues 28 22 78 47 Total operating revenues for reportable segments 6,763 6,700 13,455 13,319 Other revenues 3 — 6 — Net realized investment gains 19 10 10 20 Total consolidated revenues $ 6,785 $ 6,710 $ 13,471 $ 13,339 Income reconciliation, net of tax Total operating income for reportable segments $ 711 $ 868 $ 1,470 $ 1,759 Interest Expense and Other (1) (62 ) (62 ) (123 ) (126 ) Total operating income 649 806 1,347 1,633 Net realized investment gains 15 6 8 12 Total consolidated net income $ 664 $ 812 $ 1,355 $ 1,645 (1)
Asset reconciliation [Table Text Block]	(in millions) June 30, December 31, Asset reconciliation: Business and International Insurance $ 81,214 $ 79,692 Bond & Specialty Insurance 7,745 7,360 Personal Insurance 13,109 12,748 Total assets for reportable segments 102,068 99,800 Other assets (1) 378 384 Total consolidated assets $ 102,446 $ 100,184 (1)

Investments (tables)

Investments (tables)	6 Months Ended
	Jun. 30, 2016
Investments disclosure
Amortized cost and fair value of investments in fixed maturities [Table Text Block]	Amortized Gross Unrealized Fair (at June 30, 2016, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,038 $ 36 $ 1 $ 2,073 Obligations of states, municipalities and political subdivisions: Local general obligation 13,816 954 1 14,769 Revenue 10,270 787 — 11,057 State general obligation 1,958 124 — 2,082 Pre-refunded 5,490 234 — 5,724 Total obligations of states, municipalities and political subdivisions 31,534 2,099 1 33,632 Debt securities issued by foreign governments 1,745 56 — 1,801 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,702 132 1 1,833 All other corporate bonds 22,858 1,062 52 23,868 Redeemable preferred stock 98 6 — 104 Total $ 59,975 $ 3,391 $ 55 $ 63,311 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 June 30, 2016, in millions) Cost Gains Losses Value Public common stock $ 386 $ 214 $ 3 $ 597 Non-redeemable preferred stock 139 23 7 155 Total $ 525 $ 237 $ 10 $ 752 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 June 30, 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 $ 37 $ — $ 10 $ 1 $ 47 $ 1 Obligations of states, municipalities and political subdivisions 639 1 14 — 653 1 Debt securities issued by foreign governments 3 — — — 3 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 42 — 37 1 79 1 All other corporate bonds 779 12 720 40 1,499 52 Redeemable preferred stock 7 — — — 7 — Total fixed maturities 1,507 13 781 42 2,288 55 Equity securities Public common stock 24 2 34 1 58 3 Non-redeemable preferred stock 30 1 58 6 88 7 Total equity securities 54 3 92 7 146 10 Total $ 1,561 $ 16 $ 873 $ 49 $ 2,434 $ 65 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)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 2,073 $ 2,073 $ — $ — Obligations of states, municipalities and political subdivisions 33,632 11 33,608 13 Debt securities issued by foreign governments 1,801 — 1,801 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,833 — 1,833 — All other corporate bonds 23,868 3 23,702 163 Redeemable preferred stock 104 3 94 7 Total fixed maturities 63,311 2,090 61,038 183 Equity securities Public common stock 597 597 — — Non-redeemable preferred stock 155 66 89 — Total equity securities 752 663 89 — Other investments 61 17 — 44 Total $ 64,124 $ 2,770 $ 61,127 $ 227 (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 June 30, 2016, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 3,988 $ 3,988 $ 792 $ 3,151 $ 45 Financial liabilities: Debt $ 6,336 $ 7,743 $ — $ 7,743 $ — 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 Intangible26

Goodwill and Other Intangible Assets (tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Other Intangible Assets disclosure
Goodwill by segment [Table Text Block]	(in millions) June 30, 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 June 30, 2016, in millions) Gross Accumulated Net Subject to amortization (1) $ 210 $ 153 $ 57 Not subject to amortization 217 — 217 Total $ 427 $ 153 $ 274 (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 an27

Other Comprehensive Income and Accumulated Other Comprehensive Income (tables)	6 Months Ended
	Jun. 30, 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 (OCI) before reclassifications 1,064 3 3 47 1,117 Amounts reclassified from AOCI (23 ) 8 20 — 5 Net OCI, current period 1,041 11 23 47 1,122 Balance, June 30, 2016 $ 2,141 $ 200 $ (690 ) $ (686 ) $ 965
Pretax components of other comprehensive income (loss) and the related income tax expense (benefit) for each component [Table Text Block]	Three Months Ended Six Months Ended ( in millions) 2016 2015 2016 2015 Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income $ 879 $ (1,065 ) $ 1,593 $ (896 ) Income tax expense (benefit) 305 (368 ) 552 (312 ) Net of taxes 574 (697 ) 1,041 (584 ) Having credit losses recognized in the consolidated statement of income 12 (5 ) 17 (10 ) Income tax expense (benefit) 4 (2 ) 6 (4 ) Net of taxes 8 (3 ) 11 (6 ) Net changes in benefit plan assets and obligations 18 23 34 47 Income tax expense 6 8 11 16 Net of taxes 12 15 23 31 Net changes in unrealized foreign currency translation (35 ) 94 68 (180 ) Income tax expense (benefit) 8 9 21 (28 ) Net of taxes (43 ) 85 47 (152 ) Total other comprehensive income (loss) 874 (953 ) 1,712 (1,039 ) Total income tax expense (benefit) 323 (353 ) 590 (328 ) Total other comprehensive income (loss), net of taxes $ 551 $ (600 ) $ 1,122 $ (711 )
Pretax components of the amounts reclassified from accumulated other comprehensive income and the related income tax (expense) benefit for each component [Table Text Block]	Three Months Ended Six Months Ended (in millions) 2016 2015 2016 2015 Reclassification adjustments related to unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (24 ) $ (17 ) $ (35 ) $ (35 ) Income tax expense (2) (8 ) (6 ) (12 ) (12 ) Net of taxes (16 ) (11 ) (23 ) (23 ) Having credit losses recognized in the consolidated statement of income (1) 1 2 12 2 Income tax benefit (2) — — 4 — Net of taxes 1 2 8 2 Reclassification adjustment related to benefit plan assets and obligations (3) 15 24 31 47 Income tax benefit (2) 6 9 11 17 Net of taxes 9 15 20 30 Reclassification adjustment related to foreign currency translation (1) — — — — Income tax benefit (2) — — — — Net of taxes — — — — Total reclassifications (8 ) 9 8 14 Total income tax (expense) benefit (2 ) 3 3 5 Total reclassifications, net of taxes $ (6 ) $ 6 $ 5 $ 9 (1) (2) (3)

Earnings per Share (table)

Earnings per Share (table)	6 Months Ended
	Jun. 30, 2016
Earnings per Share disclosure
Earnings per share reconciliation [Table Text Block]	Three Months Ended Six Months Ended (in millions, except per share amounts) 2016 2015 2016 2015 Basic and Diluted Net income, as reported $ 664 $ 812 $ 1,355 $ 1,645 Participating share-based awards — allocated income (5 ) (6 ) (10 ) (12 ) Net income available to common shareholders — basic and diluted $ 659 $ 806 $ 1,345 $ 1,633 Common Shares Basic Weighted average shares outstanding 290.1 314.8 292.1 317.7 Diluted Weighted average shares outstanding 290.1 314.8 292.1 317.7 Weighted average effects of dilutive securities — stock options and performance shares 3.5 3.2 3.5 3.5 Total 293.6 318.0 295.6 321.2 Net Income per Common Share Basic $ 2.27 $ 2.56 $ 4.60 $ 5.14 Diluted $ 2.24 $ 2.53 $ 4.55 $ 5.08

Share-Based Incentive Compens29

Share-Based Incentive Compensation (table)	6 Months Ended
	Jun. 30, 2016
Share-Based Incentive Compensation disclosure
Information for fully vested stock option awards [Table Text Block]	Stock Options Number Weighted Weighted Aggregate Vested at end of period (1) 8,006,375 $ 78.85 6.5 years $ 322 Exercisable at end of period 4,406,788 $ 62.60 4.8 years $ 249 (1)

Pension Plans, Retirement Ben30

Pension Plans, Retirement Benefits and Savings Plans (table)	6 Months Ended
	Jun. 30, 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]	Pension Plans Postretirement Benefit Plans (for the three months ended June 30, in millions) 2016 2015 2016 2015 Net Periodic Benefit Cost: Service cost $ 30 $ 32 $ — $ — Interest cost on benefit obligation 31 36 2 2 Expected return on plan assets (58 ) (57 ) — — Settlement 1 — — — Amortization of unrecognized: Prior service benefit — — (1 ) — Net actuarial loss 16 24 — — Net periodic benefit cost $ 20 $ 35 $ 1 $ 2 Pension Plans Postretirement Benefit Plans (for the six months ended June 30, in millions) 2016 2015 2016 2015 Net Periodic Benefit Cost: Service cost $ 59 $ 65 $ — $ — Interest cost on benefit obligation 61 72 4 5 Expected return on plan assets (115 ) (115 ) — — Settlement 1 — — — Amortization of unrecognized: Prior service benefit — — (2 ) (1 ) Net actuarial loss 33 48 — — Net periodic benefit cost $ 39 $ 70 $ 2 $ 4

Consolidating Financial State31

Consolidating Financial Statements (Unaudited) (tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,161 $ 1,906 $ — $ — $ 6,067 Net investment income 377 168 4 — 549 Fee income 119 — — — 119 Net realized investment gains (losses) (1) (1 ) 20 — — 19 Other revenues 33 1 — (3 ) 31 Total revenues 4,689 2,095 4 (3 ) 6,785 Claims and expenses Claims and claim adjustment expenses 2,575 1,187 — — 3,762 Amortization of deferred acquisition costs 666 323 — — 989 General and administrative expenses 743 313 1 (3 ) 1,054 Interest expense 12 — 81 — 93 Total claims and expenses 3,996 1,823 82 (3 ) 5,898 Income (loss) before income taxes 693 272 (78 ) — 887 Income tax expense (benefit) 191 69 (37 ) — 223 Net income of subsidiaries — — 705 (705 ) — Net income $ 502 $ 203 $ 664 $ (705 ) $ 664 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (3 ) $ (1 ) $ — $ — $ (4 ) OTTI losses recognized in net realized investment gains (losses) $ (3 ) $ (1 ) $ — $ — $ (4 ) OTTI gains (losses) recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended June 30, 2015 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,044 $ 1,887 $ — $ — $ 5,931 Net investment income 424 206 2 — 632 Fee income 115 — — — 115 Net realized investment gains (losses) (1) 17 (7 ) — — 10 Other revenues 19 3 — — 22 Total revenues 4,619 2,089 2 — 6,710 Claims and expenses Claims and claim adjustment expenses 2,409 1,138 — — 3,547 Amortization of deferred acquisition costs 651 312 — — 963 General and administrative expenses 721 308 3 — 1,032 Interest expense 12 — 80 — 92 Total claims and expenses 3,793 1,758 83 — 5,634 Income (loss) before income taxes 826 331 (81 ) — 1,076 Income tax expense (benefit) 198 86 (20 ) — 264 Net income of subsidiaries — — 873 (873 ) — Net income $ 628 $ 245 $ 812 $ (873 ) $ 812 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (7 ) $ (1 ) $ — $ — $ (8 ) OTTI losses recognized in net realized investment gains (losses) $ (5 ) $ (1 ) $ — $ — $ (6 ) OTTI losses recognized in OCI $ (2 ) $ — $ — $ — $ (2 ) CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the six months ended June 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 8,246 $ 3,802 $ — $ — $ 12,048 Net investment income 753 334 6 — 1,093 Fee income 236 — — — 236 Net realized investment gains (losses) (1) (17 ) 27 — — 10 Other revenues 81 17 — (14 ) 84 Total revenues 9,299 4,180 6 (14 ) 13,471 Claims and expenses Claims and claim adjustment expenses 5,095 2,379 — — 7,474 Amortization of deferred acquisition costs 1,316 644 — — 1,960 General and administrative expenses 1,447 611 5 (14 ) 2,049 Interest expense 24 — 160 — 184 Total claims and expenses 7,882 3,634 165 (14 ) 11,667 Income (loss) before income taxes 1,417 546 (159 ) — 1,804 Income tax expense (benefit) 390 138 (79 ) — 449 Net income of subsidiaries — — 1,435 (1,435 ) — Net income $ 1,027 $ 408 $ 1,355 $ (1,435 ) $ 1,355 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (17 ) $ (15 ) $ — $ — $ (32 ) OTTI losses recognized in net realized investment gains (losses) $ (12 ) $ (10 ) $ — $ — $ (22 ) OTTI losses recognized in OCI $ (5 ) $ (5 ) $ — $ — $ (10 ) CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the six months ended June 30, 2015 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 8,040 $ 3,779 $ — $ — $ 11,819 Net investment income 835 386 3 — 1,224 Fee income 229 — — — 229 Net realized investment gains (1) 19 — 1 — 20 Other revenues 40 7 — — 47 Total revenues 9,163 4,172 4 — 13,339 Claims and expenses Claims and claim adjustment expenses 4,718 2,260 — — 6,978 Amortization of deferred acquisition costs 1,293 633 — — 1,926 General and administrative expenses 1,419 600 8 — 2,027 Interest expense 24 — 160 — 184 Total claims and expenses 7,454 3,493 168 — 11,115 Income (loss) before income taxes 1,709 679 (164 ) — 2,224 Income tax expense (benefit) 449 179 (49 ) — 579 Net income of subsidiaries — — 1,760 (1,760 ) — Net income $ 1,260 $ 500 $ 1,645 $ (1,760 ) $ 1,645 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (8 ) $ (4 ) $ — $ — $ (12 ) OTTI losses recognized in net realized investment gains $ (6 ) $ (3 ) $ — $ — $ (9 ) OTTI losses recognized in OCI $ (2 ) $ (1 ) $ — $ — $ (3 )
Consolidating Statement of Comprehensive Income (Unaudited) [Table Text Block]	CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended June 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 502 $ 203 $ 664 $ (705 ) $ 664 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 570 306 3 — 879 Having credit losses recognized in the consolidated statement of income 6 6 — — 12 Net changes in benefit plan assets and obligations 18 19 (19 ) — 18 Net changes in unrealized foreign currency translation 25 (60 ) — — (35 ) Other comprehensive income (loss) before income taxes and other comprehensive income of subsidiaries 619 271 (16 ) — 874 Income tax expense (benefit) 216 113 (6 ) — 323 Other comprehensive income (loss), net of taxes, before other comprehensive income of subsidiaries 403 158 (10 ) — 551 Other comprehensive income of subsidiaries — — 561 (561 ) — Other comprehensive income 403 158 551 (561 ) 551 Comprehensive income $ 905 $ 361 $ 1,215 $ (1,266 ) $ 1,215 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended June 30, 2015 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 628 $ 245 $ 812 $ (873 ) $ 812 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (719 ) (345 ) (1 ) — (1,065 ) Having credit losses recognized in the consolidated statement of income (5 ) — — — (5 ) Net changes in benefit plan assets and obligations 1 — 22 — 23 Net changes in unrealized foreign currency translation 34 60 — — 94 Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (689 ) (285 ) 21 — (953 ) Income tax expense (benefit) (246 ) (115 ) 8 — (353 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (443 ) (170 ) 13 — (600 ) Other comprehensive loss of subsidiaries — — (613 ) 613 — Other comprehensive loss (443 ) (170 ) (600 ) 613 (600 ) Comprehensive income $ 185 $ 75 $ 212 $ (260 ) $ 212 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the six months ended June 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 1,027 $ 408 $ 1,355 $ (1,435 ) $ 1,355 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 1,055 534 4 — 1,593 Having credit losses recognized in the consolidated statement of income 8 9 — — 17 Net changes in benefit plan assets and obligations 18 20 (4 ) — 34 Net changes in unrealized foreign currency translation 119 (51 ) — — 68 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 1,200 512 — — 1,712 Income tax expense 397 192 1 — 590 Other comprehensive income (loss), net of taxes, before other comprehensive income of subsidiaries 803 320 (1 ) — 1,122 Other comprehensive income of subsidiaries — — 1,123 (1,123 ) — Other comprehensive income 803 320 1,122 (1,123 ) 1,122 Comprehensive income $ 1,830 $ 728 $ 2,477 $ (2,558 ) $ 2,477 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the six months ended June 30, 2015 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 1,260 $ 500 $ 1,645 $ (1,760 ) $ 1,645 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (585 ) (312 ) 1 — (896 ) Having credit losses recognized in the consolidated statement of income (9 ) (1 ) — — (10 ) Net changes in benefit plan assets and obligations 1 1 45 — 47 Net changes in unrealized foreign currency translation (145 ) (35 ) — — (180 ) Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (738 ) (347 ) 46 — (1,039 ) Income tax expense (benefit) (232 ) (112 ) 16 — (328 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (506 ) (235 ) 30 — (711 ) Other comprehensive loss of subsidiaries — — (741 ) 741 — Other comprehensive loss (506 ) (235 ) (711 ) 741 (711 ) Comprehensive income $ 754 $ 265 $ 934 $ (1,019 ) $ 934
Consolidating Balance Sheet (Unaudited) [Table Text Block]	CONSOLIDATING BALANCE SHEET (Unaudited) At June 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $59,975) $ 43,859 $ 19,403 $ 49 $ — $ 63,311 Equity securities, available for sale, at fair value (cost $525) 194 412 146 — 752 Real estate investments 55 874 — — 929 Short-term securities 1,754 537 1,697 — 3,988 Other investments 2,594 895 1 — 3,490 Total investments 48,456 22,121 1,893 — 72,470 Cash 121 141 3 — 265 Investment income accrued 441 182 4 — 627 Premiums receivable 4,722 2,292 — — 7,014 Reinsurance recoverables 5,928 2,675 — — 8,603 Ceded unearned premiums 649 77 — — 726 Deferred acquisition costs 1,753 201 — — 1,954 Contractholder receivables 3,570 971 — — 4,541 Goodwill 2,584 1,004 — — 3,588 Other intangible assets 203 71 — — 274 Investment in subsidiaries — — 28,755 (28,755 ) — Other assets 2,106 (52 ) 330 — 2,384 Total assets $ 70,533 $ 29,683 $ 30,985 $ (28,755 ) $ 102,446 Liabilities Claims and claim adjustment expense reserves $ 32,096 $ 15,857 $ — $ — $ 47,953 Unearned premium reserves 8,708 3,812 — — 12,520 Contractholder payables 3,570 971 — — 4,541 Payables for reinsurance premiums 227 174 — — 401 Deferred taxes 330 118 (78 ) — 370 Debt 693 — 5,743 — 6,436 Other liabilities 4,188 707 616 — 5,511 Total liabilities 49,812 21,639 6,281 — 77,732 Shareholders’ equity Common stock (1,750.0 shares authorized; 288.3 shares issued and outstanding) — 390 22,349 (390 ) 22,349 Additional paid-in capital 11,634 6,499 — (18,133 ) — Retained earnings 7,890 744 30,911 (8,624 ) 30,921 Accumulated other comprehensive income 1,197 411 965 (1,608 ) 965 Treasury stock, at cost (478.1 shares) — — (29,521 ) — (29,521 ) Total shareholders’ equity 20,721 8,044 24,704 (28,755 ) 24,714 Total liabilities and shareholders’ equity $ 70,533 $ 29,683 $ 30,985 $ (28,755 ) $ 102,446 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 six months ended June 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 1,027 $ 408 $ 1,355 $ (1,435 ) $ 1,355 Net adjustments to reconcile net income to net cash provided by (used in) operating activities (17 ) (222 ) 116 61 (62 ) Net cash provided by operating activities 1,010 186 1,471 (1,374 ) 1,293 Cash flows from investing activities Proceeds from maturities of fixed maturities 2,728 1,040 5 — 3,773 Proceeds from sales of investments: Fixed maturities 385 352 2 — 739 Equity securities 10 28 — — 38 Real estate investments — 69 — — 69 Other investments 233 110 — — 343 Purchases of investments: Fixed maturities (3,588 ) (2,108 ) (9 ) — (5,705 ) Equity securities (5 ) (19 ) (2 ) — (26 ) Real estate investments — (20 ) — — (20 ) Other investments (221 ) (69 ) — — (290 ) Net (purchases) sales of short-term securities 193 639 (151 ) — 681 Securities transactions in course of settlement 325 137 (1 ) — 461 Other (151 ) (3 ) — — (154 ) Net cash provided by (used in) investing activities (91 ) 156 (156 ) — (91 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (1,100 ) — (1,100 ) Treasury stock acquired — net employee share-based compensation — — (59 ) — (59 ) Dividends paid to shareholders — — (375 ) — (375 ) Payment of debt — — (400 ) — (400 ) Issuance of debt — — 491 — 491 Issuance of common stock — employee share options — — 129 — 129 Dividends paid to parent company (1,025 ) (349 ) — 1,374 — Net cash used in financing activities (1,025 ) (349 ) (1,314 ) 1,374 (1,314 ) Effect of exchange rate changes on cash 2 (5 ) — — (3 ) Net increase (decrease) in cash (104 ) (12 ) 1 — (115 ) Cash at beginning of year 225 153 2 — 380 Cash at end of period $ 121 $ 141 $ 3 $ — $ 265 Supplemental disclosure of cash flow information Income taxes paid (received) $ 398 $ 142 $ (73 ) $ — $ 467 Interest paid $ 24 $ — $ 156 $ — $ 180 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the six months ended June 30, 2015 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 1,260 $ 500 $ 1,645 $ (1,760 ) $ 1,645 Net adjustments to reconcile net income to net cash provided by (used in) operating activities (410 ) (520 ) 182 (22 ) (770 ) Net cash provided by (used in) operating activities 850 (20 ) 1,827 (1,782 ) 875 Cash flows from investing activities Proceeds from maturities of fixed maturities 3,604 1,707 3 — 5,314 Proceeds from sales of investments: Fixed maturities 710 516 — — 1,226 Equity securities 11 17 — — 28 Real estate investments — 10 — — 10 Other investments 244 110 — — 354 Purchases of investments: Fixed maturities (4,352 ) (1,869 ) (18 ) — (6,239 ) Equity securities (2 ) (19 ) (1 ) — (22 ) Real estate investments — (69 ) — — (69 ) Other investments (222 ) (53 ) — — (275 ) Net (purchases) sales of short-term securities 327 224 (118 ) — 433 Securities transactions in course of settlement 190 (7 ) — — 183 Other (175 ) (3 ) — — (178 ) Net cash provided by (used in) investing activities 335 564 (134 ) — 765 Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (1,400 ) — (1,400 ) Treasury stock acquired — net employee share-based compensation — — (72 ) — (72 ) Dividends paid to shareholders — — (369 ) — (369 ) Issuance of common stock — employee share options — — 117 — 117 Excess tax benefits from share-based payment arrangements — — 31 — 31 Dividends paid to parent company (1,222 ) (560 ) — 1,782 — Net cash used in financing activities (1,222 ) (560 ) (1,693 ) 1,782 (1,693 ) Effect of exchange rate changes on cash — (4 ) — — (4 ) Net decrease in cash (37 ) (20 ) — — (57 ) Cash at beginning of year 221 151 2 — 374 Cash at end of period $ 184 $ 131 $ 2 $ — $ 317 Supplemental disclosure of cash flow information Income taxes paid (received) $ 534 $ 197 $ (134 ) $ — $ 597 Interest paid $ 24 $ — $ 159 $ — $ 183

Basis of Presentation and Acc32

Basis of Presentation and Accounting Policies (details)	6 Months Ended
	Jun. 30, 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		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment reporting information
Premiums		$ 6,067	$ 5,931	$ 12,048	$ 11,819
Net investment income		549	632	1,093	1,224
Fee income		119	115	236	229
Other revenues		31	22	84	47
Operating income (loss)		649	806	1,347	1,633
Net realized investment gains	[1]	19	10	10	20
Total revenues		6,785	6,710	13,471	13,339
Net realized investment gains, net of tax		15	6	8	12
Net income		664	812	1,355	1,645
Reportable Segments [Member]
Segment reporting information
Premiums		6,067	5,931	12,048	11,819
Net investment income		549	632	1,093	1,224
Fee income		119	115	236	229
Other revenues		28	22	78	47
Total operating revenues		6,763	6,700	13,455	13,319
Operating income (loss)		711	868	1,470	1,759
Reportable Segments [Member] | Business and International Insurance [Member]
Segment reporting information
Premiums		3,631	3,609	7,230	7,229
Net investment income		420	487	835	941
Fee income		115	111	229	222
Other revenues		8	5	41	13
Total operating revenues		4,174	4,212	8,335	8,405
Operating income (loss)		393	543	869	1,058
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member]
Segment reporting information
Premiums		3,212	3,132	6,390	6,254
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Workers' compensation [Member]
Segment reporting information
Premiums		987	957	1,968	1,919
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Automobile [Member]
Segment reporting information
Premiums		503	477	994	945
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Commercial Property [Member]
Segment reporting information
Premiums		442	440	879	880
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | General Liability [Member]
Segment reporting information
Premiums		485	469	967	937
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Commercial multi-peril [Member]
Segment reporting information
Premiums		786	779	1,568	1,553
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Other [Member]
Segment reporting information
Premiums		9	10	14	20
Reportable Segments [Member] | Business and International Insurance [Member] | International [Member]
Segment reporting information
Premiums		419	477	840	975
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Segment reporting information
Premiums		518	524	1,026	1,028
Net investment income		51	57	103	113
Other revenues		6	5	9	10
Total operating revenues		575	586	1,138	1,151
Operating income (loss)		202	151	346	275
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | General Liability [Member]
Segment reporting information
Premiums		235	240	469	476
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Fidelity and surety [Member]
Segment reporting information
Premiums		239	240	469	465
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Other [Member]
Segment reporting information
Premiums		44	44	88	87
Reportable Segments [Member] | Personal Insurance [Member]
Segment reporting information
Premiums		1,918	1,798	3,792	3,562
Net investment income		78	88	155	170
Fee income		4	4	7	7
Other revenues		14	12	28	24
Total operating revenues		2,014	1,902	3,982	3,763
Operating income (loss)		116	174	255	426
Reportable Segments [Member] | Personal Insurance [Member] | Automobile [Member]
Segment reporting information
Premiums		974	863	1,910	1,699
Reportable Segments [Member] | Personal Insurance [Member] | Homeowners and other [Member]
Segment reporting information
Premiums		944	935	1,882	1,863
Other [Member]
Segment reporting information
Other revenues		3		6
Operating income (loss)		(62)	(62)	(123)	(126)
After-tax interest expense		$ 60	$ 60	$ 120	$ 120
[1]	Total other-than-temporary impairment (OTTI) losses were $(4) million and $(8) million for the three months ended June 30, 2016 and 2015, respectively, and $(32) million and $(12) million for the six months ended June 30, 2016 and 2015, respectively. Of total OTTI, credit losses of $(4) million and $(6) million for the three months ended June 30, 2016 and 2015, respectively, and $(22) million and $(9) million for the six months ended June 30, 2016 and 2015, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million and $(2) million for the three months ended June 30, 2016 and 2015, respectively, and $(10) million and $(3) million for the six months ended June 30, 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	Jun. 30, 2016	Dec. 31, 2015
Assets by segment
Total assets	$ 102,446	$ 100,184
Reportable Segments [Member]
Assets by segment
Total assets	102,068	99,800
Reportable Segments [Member] | Business and International Insurance [Member]
Assets by segment
Total assets	81,214	79,692
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Assets by segment
Total assets	7,745	7,360
Reportable Segments [Member] | Personal Insurance [Member]
Assets by segment
Total assets	13,109	12,748
Other assets [Member]
Assets by segment
Total assets	$ 378	$ 384

Investments (details)

Investments (details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Investments disclosure
Proceeds from sales of fixed maturities classified as available for sale	$ 739	$ 1,226
Proceeds from sales of equity securities classified as available for sale	$ 38	$ 28

Investments (details) - Investm

Investments (details) - Investment Information - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Investment disclosure details
Fixed maturities, amortized cost	$ 59,975		$ 59,975		$ 58,878
Gross unrealized gains	3,391		3,391		2,100
Gross unrealized losses	55		55		320
Fixed maturities, at fair value	63,311		63,311		60,658
Equity securities, cost	525		525		528
Gross unrealized gains	237		237		190
Gross unrealized losses	10		10		13
Equity securities, at fair value	752		752		705
Continuous unrealized loss position less than 12 months, fair value	1,561		1,561		11,221
Continuous unrealized loss position less than 12 months, gross unrealized losses	16		16		233
Continuous unrealized loss position 12 months or longer, fair value	873		873		1,008
Continuous unrealized loss position 12 months or longer, gross unrealized losses	49		49		100
Continuous unrealized loss position, total, fair value	2,434		2,434		12,229
Continuous unrealized loss position, total, gross unrealized losses	65		65		333
Unrealized losses for available-for-sale securities for which fair value is less than 80% of amortized cost, total	11		11
Impairment charges	$ 4	$ 6	$ 22	$ 9
Maxiumum [Member]
Investment disclosure details
Unrealized investment losses for securities for which fair value is less than 80% of amortized cost, as a percentage of the combined fixed maturity and equity security portfolios on a pretax basis	1.00%		1.00%
Unrealized investment losses for securities for which fair value is less than 80% of amortized cost, as a percentage of shareholders' equity on an after-tax basis	1.00%		1.00%
Fixed maturities [Member]
Investment disclosure details
Gross realized gains			$ 46	40
Gross realized losses			8	3
Continuous unrealized loss position less than 12 months, fair value	$ 1,507		1,507		11,126
Continuous unrealized loss position less than 12 months, gross unrealized losses	13		13		224
Continuous unrealized loss position 12 months or longer, fair value	781		781		937
Continuous unrealized loss position 12 months or longer, gross unrealized losses	42		42		96
Continuous unrealized loss position, total, fair value	2,288		2,288		12,063
Continuous unrealized loss position, total, gross unrealized losses	55		55		320
Cumulative OTTI credit losses recognized for securities held	$ 88	$ 88	$ 88	$ 88
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 (loss) for fixed maturities held, as a percentage of the fixed maturity portfolio on a pretax basis	1.00%	1.00%	1.00%	1.00%
Cumulative credit component of other-than-temporary impairments (OTTI) on fixed maturities recognized in the consolidated statement of income for which a portion of the OTTI was recognized in other comprehensive income (loss) for fixed maturities held, as a percentage of shareholders' equity on an after-tax basis	1.00%	1.00%	1.00%	1.00%
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]
Investment disclosure details
Fixed maturities, amortized cost	$ 2,038		$ 2,038		2,202
Gross unrealized gains	36		36		8
Gross unrealized losses	1		1		16
Fixed maturities, at fair value	2,073		2,073		2,194
Continuous unrealized loss position less than 12 months, fair value	37		37		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		10		28
Continuous unrealized loss position 12 months or longer, gross unrealized losses	1		1		1
Continuous unrealized loss position, total, fair value	47		47		1,848
Continuous unrealized loss position, total, gross unrealized losses	1		1		16
Obligations of states, municipalities and political subdivisions [Member]
Investment disclosure details
Fixed maturities, amortized cost	31,534		31,534		30,027
Gross unrealized gains	2,099		2,099		1,393
Gross unrealized losses	1		1		9
Fixed maturities, at fair value	33,632		33,632		31,411
Continuous unrealized loss position less than 12 months, fair value	639		639		928
Continuous unrealized loss position less than 12 months, gross unrealized losses	1		1		7
Continuous unrealized loss position 12 months or longer, fair value	14		14		142
Continuous unrealized loss position 12 months or longer, gross unrealized losses					2
Continuous unrealized loss position, total, fair value	653		653		1,070
Continuous unrealized loss position, total, gross unrealized losses	1		1		9
Obligations of states, municipalities and political subdivisions, local general obligation [Member]
Investment disclosure details
Fixed maturities, amortized cost	13,816		13,816		12,744
Gross unrealized gains	954		954		577
Gross unrealized losses	1		1		3
Fixed maturities, at fair value	14,769		14,769		13,318
Obligations of states, municipalities and political subdivisions, revenue [Member]
Investment disclosure details
Fixed maturities, amortized cost	10,270		10,270		9,492
Gross unrealized gains	787		787		472
Gross unrealized losses					4
Fixed maturities, at fair value	11,057		11,057		9,960
Obligations of states, municipalities and political subdivisions, state general obligation [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,958		1,958		1,978
Gross unrealized gains	124		124		97
Gross unrealized losses					2
Fixed maturities, at fair value	2,082		2,082		2,073
Obligations of states, municipalities and political subdivisions, pre-refunded [Member]
Investment disclosure details
Fixed maturities, amortized cost	5,490		5,490		5,813
Gross unrealized gains	234		234		247
Fixed maturities, at fair value	5,724		5,724		6,060
Debt securities issued by foreign governments [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,745		1,745		1,829
Gross unrealized gains	56		56		45
Gross unrealized losses					1
Fixed maturities, at fair value	1,801		1,801		1,873
Continuous unrealized loss position less than 12 months, fair value	3		3		172
Continuous unrealized loss position less than 12 months, gross unrealized losses					1
Continuous unrealized loss position, total, fair value	3		3		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	1,702		1,702		1,863
Gross unrealized gains	132		132		124
Gross unrealized losses	1		1		6
Fixed maturities, at fair value	1,833		1,833		1,981
Continuous unrealized loss position less than 12 months, fair value	42		42		473
Continuous unrealized loss position less than 12 months, gross unrealized losses					4
Continuous unrealized loss position 12 months or longer, fair value	37		37		57
Continuous unrealized loss position 12 months or longer, gross unrealized losses	1		1		2
Continuous unrealized loss position, total, fair value	79		79		530
Continuous unrealized loss position, total, gross unrealized losses	1		1		6
All other corporate bonds [Member]
Investment disclosure details
Fixed maturities, amortized cost	22,858		22,858		22,854
Gross unrealized gains	1,062		1,062		523
Gross unrealized losses	52		52		288
Fixed maturities, at fair value	23,868		23,868		23,089
Continuous unrealized loss position less than 12 months, fair value	779		779		7,725
Continuous unrealized loss position less than 12 months, gross unrealized losses	12		12		197
Continuous unrealized loss position 12 months or longer, fair value	720		720		710
Continuous unrealized loss position 12 months or longer, gross unrealized losses	40		40		91
Continuous unrealized loss position, total, fair value	1,499		1,499		8,435
Continuous unrealized loss position, total, gross unrealized losses	52		52		288
Redeemable preferred stock [Member]
Investment disclosure details
Fixed maturities, amortized cost	98		98		103
Gross unrealized gains	6		6		7
Fixed maturities, at fair value	104		104		110
Continuous unrealized loss position less than 12 months, fair value	7		7		8
Continuous unrealized loss position, total, fair value	7		7		8
Equity securities [Member]
Investment disclosure details
Gross realized gains			8	$ 5
Gross realized losses			2	$ 3
Continuous unrealized loss position less than 12 months, fair value	54		54		95
Continuous unrealized loss position less than 12 months, gross unrealized losses	3		3		9
Continuous unrealized loss position 12 months or longer, fair value	92		92		71
Continuous unrealized loss position 12 months or longer, gross unrealized losses	7		7		4
Continuous unrealized loss position, total, fair value	146		146		166
Continuous unrealized loss position, total, gross unrealized losses	10		10		13
Public common stock [Member]
Investment disclosure details
Equity securities, cost	386		386		386
Gross unrealized gains	214		214		164
Gross unrealized losses	3		3		7
Equity securities, at fair value	597		597		543
Continuous unrealized loss position less than 12 months, fair value	24		24		48
Continuous unrealized loss position less than 12 months, gross unrealized losses	2		2		6
Continuous unrealized loss position 12 months or longer, fair value	34		34		33
Continuous unrealized loss position 12 months or longer, gross unrealized losses	1		1		1
Continuous unrealized loss position, total, fair value	58		58		81
Continuous unrealized loss position, total, gross unrealized losses	3		3		7
Non-redeemable preferred stock [Member]
Investment disclosure details
Equity securities, cost	139		139		142
Gross unrealized gains	23		23		26
Gross unrealized losses	7		7		6
Equity securities, at fair value	155		155		162
Continuous unrealized loss position less than 12 months, fair value	30		30		47
Continuous unrealized loss position less than 12 months, gross unrealized losses	1		1		3
Continuous unrealized loss position 12 months or longer, fair value	58		58		38
Continuous unrealized loss position 12 months or longer, gross unrealized losses	6		6		3
Continuous unrealized loss position, total, fair value	88		88		85
Continuous unrealized loss position, total, gross unrealized losses	$ 7		$ 7		$ 6

Investments (details) - Derivat

Investments (details) - Derivatives - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Futures [Member] | U.S. Treasury notes contracts [Member]
Derivatives
Notional value of open contracts	$ 400	$ 400

Fair Value Measurements (detail

Fair Value Measurements (details) - USD ($) $ in Millions	Jun. 30, 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	$ 96	$ 101
Fair value of the fixed maturities for which the Company received a broker quote	$ 87	$ 117
Percent of short-term securities for which a pricing service estimates fair value	99.00%	99.00%
Percent of debt, including commercial paper, for which a pricing service estimates fair value	100.00%	100.00%

Fair Value Measurements (deta39

Fair Value Measurements (details) - Fair Value Hierarchy - Recurring basis [Member] - USD ($) $ in Millions	Jun. 30, 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	$ 64,124	$ 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	2,770	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	61,127	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	227	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	63,311	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	2,090	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	61,038	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	183	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	2,073	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	2,073	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	33,632	31,411
Obligations of states, municipalities and political subdivisions [Member] | Level 1 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	11
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	33,608	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	1,801	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	1,801	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	1,833	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	1,833	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		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	23,868	23,089
All other corporate bonds [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
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	23,702	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	163	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	104	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	94	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	752	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	663	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	89	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	597	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	597	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	155	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	66	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	89	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	61	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	17	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	$ 44	$ 38

Fair Value Measurements Footnot

Fair Value Measurements Footnote (details) - Financial Instruments - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Financial Instruments
Short-term securities	$ 3,988	$ 4,671
Fair Value [Member]
Financial Instruments
Short-term securities	3,988	4,671
Debt	7,743	7,180
Commercial paper amount	100	100
Fair Value [Member] | Level 1 [Member]
Financial Instruments
Short-term securities	792	1,685
Fair Value [Member] | Level 2 [Member]
Financial Instruments
Short-term securities	3,151	2,958
Debt	7,743	7,180
Commercial paper amount	100	100
Fair Value [Member] | Level 3 [Member]
Financial Instruments
Short-term securities	45	28
Carrying Value [Member]
Financial Instruments
Short-term securities	3,988	4,671
Debt	6,336	6,244
Commercial paper amount	$ 100	$ 100

Goodwill (details)

Goodwill (details) - USD ($) $ in Millions	Jun. 30, 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Goodwill and Other Intangible Assets disclosure
Intangible assets subject to amortization, gross carrying amount	$ 210		$ 210		$ 210
Intangible assets subject to amortization, accumulated amortization	153		153		148
Intangible assets subject to amortization, net	57		57		62
Intangible assets not subject to amortization	217		217		217
Total other intangible assets, gross carrying amount	427		427		427
Total other intangible assets, net	274		274		$ 279
Amortization expense of intangible assets	2	$ 9	5	$ 20
Estimated intangible asset amortization expense, remainder of 2016	5		5
Estimated intangible asset amortization expense, 2017	9		9
Estimated intangible asset amortization expense, 2018	8		8
Estimated intangible asset amortization expense, 2019	7		7
Estimated intangible asset amortization expense, 2020	$ 5		$ 5

Other Comprehensive Income an43

Other Comprehensive Income and Accumulated Other Comprehensive Income (details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year			$ 23,598
Other comprehensive income (loss), net of taxes	$ 551	$ (600)	1,122	$ (711)
Shareholders' equity, end of period	24,714	24,121	24,714	24,121
Pretax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	874	(953)	1,712	(1,039)
Income tax expense (benefit), other comprehensive income (loss)	323	(353)	590	(328)
Other comprehensive income (loss), net of taxes	551	(600)	1,122	(711)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year			(157)	880
Other comprehensive income before reclassifications			1,117
Amounts reclassified from accumulated other comprehensive income			5
Other comprehensive income (loss), net of taxes	551	(600)	1,122	(711)
Shareholders' equity, end of period	965	169	965	169
Pretax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	874	(953)	1,712	(1,039)
Income tax expense (benefit), other comprehensive income (loss)	323	(353)	590	(328)
Other comprehensive income (loss), net of taxes	551	(600)	1,122	(711)
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 before reclassifications			1,064
Amounts reclassified from accumulated other comprehensive income			(23)
Other comprehensive income (loss), net of taxes	574	(697)	1,041	(584)
Shareholders' equity, end of period	2,141		2,141
Pretax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	879	(1,065)	1,593	(896)
Income tax expense (benefit), other comprehensive income (loss)	305	(368)	552	(312)
Other comprehensive income (loss), net of taxes	574	(697)	1,041	(584)
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 before reclassifications			3
Amounts reclassified from accumulated other comprehensive income			8
Other comprehensive income (loss), net of taxes	8	(3)	11	(6)
Shareholders' equity, end of period	200		200
Pretax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	12	(5)	17	(10)
Income tax expense (benefit), other comprehensive income (loss)	4	(2)	6	(4)
Other comprehensive income (loss), net of taxes	8	(3)	11	(6)
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member]
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year			(713)
Other comprehensive income before reclassifications			3
Amounts reclassified from accumulated other comprehensive income			20
Other comprehensive income (loss), net of taxes	12	15	23	31
Shareholders' equity, end of period	(690)		(690)
Pretax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	18	23	34	47
Income tax expense (benefit), other comprehensive income (loss)	6	8	11	16
Other comprehensive income (loss), net of taxes	12	15	23	31
Net Unrealized Foreign Currency Translation [Member]
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year			(733)
Other comprehensive income before reclassifications			47
Other comprehensive income (loss), net of taxes	(43)	85	47	(152)
Shareholders' equity, end of period	(686)		(686)
Pretax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	(35)	94	68	(180)
Income tax expense (benefit), other comprehensive income (loss)	8	9	21	(28)
Other comprehensive income (loss), net of taxes	$ (43)	$ 85	$ 47	$ (152)

Other Comprehensive Income an44

Other Comprehensive Income and Accumulated Other Comprehensive Income (details) - Reclassifications - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting net realized investment gains on the income statement	[1]	$ (19)	$ (10)	$ (10)	$ (20)
Reclassification adjustment impacting general and administrative expense on the income statement		1,054	1,032	2,049	2,027
Total reclassifications		(887)	(1,076)	(1,804)	(2,224)
Income tax (expense) benefit		(223)	(264)	(449)	(579)
Amounts reclassified from accumulated other comprehensive income, net of taxes		(664)	(812)	(1,355)	(1,645)
Accumulated Other Comprehensive Income (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Total reclassifications		(8)	9	8	14
Income tax (expense) benefit		(2)	3	3	5
Amounts reclassified from accumulated other comprehensive income, net of taxes		(6)	6	5	9
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 on the income statement		(24)	(17)	(35)	(35)
Income tax (expense) benefit		(8)	(6)	(12)	(12)
Amounts reclassified from accumulated other comprehensive income, net of taxes		(16)	(11)	(23)	(23)
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 on the income statement		1	2	12	2
Income tax (expense) benefit				4
Amounts reclassified from accumulated other comprehensive income, net of taxes		1	2	8	2
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting general and administrative expense on the income statement		15	24	31	47
Income tax (expense) benefit		6	9	11	17
Amounts reclassified from accumulated other comprehensive income, net of taxes		$ 9	$ 15	$ 20	$ 30
[1]	Total other-than-temporary impairment (OTTI) losses were $(4) million and $(8) million for the three months ended June 30, 2016 and 2015, respectively, and $(32) million and $(12) million for the six months ended June 30, 2016 and 2015, respectively. Of total OTTI, credit losses of $(4) million and $(6) million for the three months ended June 30, 2016 and 2015, respectively, and $(22) million and $(9) million for the six months ended June 30, 2016 and 2015, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million and $(2) million for the three months ended June 30, 2016 and 2015, respectively, and $(10) million and $(3) million for the six months ended June 30, 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.

Debt (details)

Debt (details) - USD ($) $ in Millions	May 11, 2016	Jun. 30, 2016
Debt Instrument
Net proceeds of issuance, after the deduction of underwriting and other expenses		$ 491
Senior notes [Member]
Debt Instrument
Debt, principal amount	$ 500
Interest rate (percent)	3.75%
Net proceeds of issuance, after the deduction of underwriting and other expenses	$ 491
Percentage of principal amount at which redemption price may be set	100.00%
Basis points added to current treasury rate used in calculation of alternative redemption price	0.20%

Debt (details) - Payment

Debt (details) - Payment - USD ($) $ in Millions	Jun. 20, 2016	Jun. 30, 2016
Debt Instrument
Debt, principal amount repaid		$ 400
6.25% Senior notes due June 20, 2016 [Member]
Debt Instrument
Debt, principal amount repaid	$ 400
Interest rate (percent)	6.25%

Common Share Repurchases (detai

Common Share Repurchases (details) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares
Common Share Repurchases disclosure
Number of shares repurchased (in shares) | shares	4,900,000	10,000,000
Cost of shares repurchased	$ 550	$ 1,100
Average cost per share repurchased | $ / shares	$ 112.12	$ 110.26
Remaining capacity under share repurchase authorization	$ 2,230	$ 2,230
Number of shares acquired to cover tax withholding costs and exercise costs (in shares) | shares	5,146	500,000
Cost of shares acquired to cover tax withholding costs and exercise costs	$ 0.6	$ 59

Earnings per Share (details)

Earnings per Share (details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings per Share disclosure
Net income	$ 664	$ 812	$ 1,355	$ 1,645
Participating share-based awards - allocated income	(5)	(6)	(10)	(12)
Net income available to common shareholders -- basic	659	806	1,345	1,633
Net income available to common shareholders -- diluted	$ 659	$ 806	$ 1,345	$ 1,633
Weighted average shares outstanding, basic	290.1	314.8	292.1	317.7
Weighted average effects of dilutive securities, stock options and performance shares (in shares)	3.5	3.2	3.5	3.5
Weighted average shares outstanding, diluted	293.6	318	295.6	321.2
Net income per common share, basic	$ 2.27	$ 2.56	$ 4.60	$ 5.14
Net income per common share, diluted	$ 2.24	$ 2.53	$ 4.55	$ 5.08

Share-Based Incentive Compens49

Share-Based Incentive Compensation (details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-Based Incentive Compensation disclosure
Stock options vested at end of period, number (in shares)	8,006,375		8,006,375
Stock options vested at end of period, weighted average exercise price (per share)	$ 78.85		$ 78.85
Stock options vested at end of period, weighted average contractual life remaining			6 years 6 months
Stock options vested at end of period, aggregate intrinsic value	$ 322		$ 322
Stock options exercisable at end of period, number (in shares)	4,406,788		4,406,788
Stock options exercisable at end of period, weighted average exercise price (per share)	$ 62.60		$ 62.60
Stock options exercisable at end of period, weighted average contractual life remaining			4 years 9 months 18 days
Stock options exercisable at end of period, aggregate intrinsic value	$ 249		$ 249
Total compensation cost recognized in earnings for all share-based incentive compensation awards	32	$ 31	82	$ 78
Tax benefit recognized in earnings related to compensation costs	11	$ 10	28	$ 26
Total unrecognized compensation cost related to all nonvested share-based incentive compensation awards	$ 184		$ 184
Weighted-average period of recognition for unrecognized compensation cost (in years)			2 years

Pension Plans, Retirement Ben50

Pension Plans, Retirement Benefits and Savings Plans (details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Pension Plans [Member]
Defined benefit plan disclosure
Service cost	$ 30	$ 32	$ 59	$ 65
Interest cost on benefit obligation	31	36	61	72
Expected return on plan assets	(58)	(57)	(115)	(115)
Net periodic benefit cost, settlement	1		1
Net periodic benefit cost, amortization of unrecognized net actuarial loss	16	24	33	48
Net periodic benefit cost	20	35	39	70
Postretirement Benefit Plans [Member]
Defined benefit plan disclosure
Interest cost on benefit obligation	2	2	4	5
Net periodic benefit cost, amortization of unrecognized prior service benefit	(1)		(2)	(1)
Net periodic benefit cost	$ 1	$ 2	$ 2	$ 4

Pension Plans, Retirement Ben51

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	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)
Impact of Change in Estimation Approach [Member]
Change in Accounting Estimate
Reduction to service cost	$ 2	$ 3
Reduction to interest cost	$ 7	$ 15
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%	4.77%
Weighted average discount rate used to measure interest cost (percent)	3.64%	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%	4.53%
Weighted average discount rate used to measure interest cost (percent)	3.47%	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%	0.00%
Weighted average discount rate used to measure interest cost (percent)	3.53%	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%	4.50%
Weighted average discount rate used to measure interest cost (percent)	4.50%	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%	4.37%
Weighted average discount rate used to measure interest cost (percent)	4.37%	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%	4.35%
Weighted average discount rate used to measure interest cost (percent)	4.35%	4.35%

Contingencies, Commitments an52

Contingencies, Commitments and Guarantees (details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Contingencies and Commitments disclosure
Unfunded commitments to private equity limited partnerships and real estate partnerships	$ 1,690	$ 1,710

Contingencies, Commitments an53

Contingencies, Commitments and Guarantees (details) - Gain Contingencies - United States Fidelity & Guaranty Company v. American Re-Insurance Company, et al. [Member] $ in Millions	70 Months Ended
	Jun. 30, 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 reinsurers against which judgment was entered in a reinsurance dispute who are subsidiaries of the same company | item		2
Number of discrete issues for which the Court of Appeals remanded the case for trial | item	2
Total settlement amount | $	$ 519
Settlement amount, reinsurance recoverables | $	238
Interest related to settlement award | $	$ 281
Annual interest rate accruing on judgment not yet paid	9.00%

Contingencies, Commitments an54

Contingencies, Commitments and Guarantees (details) - Guarantees $ in Millions	Jun. 30, 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 State55

Consolidating Financial Statements (Unaudited) (details) $ in Millions	Jun. 30, 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 State56

Consolidating Financial Statements (details) - Consolidating Statement of Income (Unaudited) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Consolidating Statement of Income
Premiums		$ 6,067	$ 5,931	$ 12,048	$ 11,819
Net investment income		549	632	1,093	1,224
Fee income		119	115	236	229
Net realized investment gains (losses)	[1]	19	10	10	20
Other revenues		31	22	84	47
Total revenues		6,785	6,710	13,471	13,339
Claims and claim adjustment expenses		3,762	3,547	7,474	6,978
Amortization of deferred acquisition costs		989	963	1,960	1,926
General and administrative expenses		1,054	1,032	2,049	2,027
Interest expense		93	92	184	184
Total claims and expenses		5,898	5,634	11,667	11,115
Income before income taxes		887	1,076	1,804	2,224
Income tax expense (benefit)		223	264	449	579
Net income		664	812	1,355	1,645
Total other-than-temporary impairment losses		(4)	(8)	(32)	(12)
Other-than-temporary impairment losses recognized in net realized investment gains (losses)		(4)	(6)	(22)	(9)
Other-than-temporary impairment gains (losses) recognized in other comprehensive income		0	(2)	(10)	(3)
TPC [Member]
Consolidating Statement of Income
Premiums		4,161	4,044	8,246	8,040
Net investment income		377	424	753	835
Fee income		119	115	236	229
Net realized investment gains (losses)		(1)	17	(17)	19
Other revenues		33	19	81	40
Total revenues		4,689	4,619	9,299	9,163
Claims and claim adjustment expenses		2,575	2,409	5,095	4,718
Amortization of deferred acquisition costs		666	651	1,316	1,293
General and administrative expenses		743	721	1,447	1,419
Interest expense		12	12	24	24
Total claims and expenses		3,996	3,793	7,882	7,454
Income before income taxes		693	826	1,417	1,709
Income tax expense (benefit)		191	198	390	449
Net income		502	628	1,027	1,260
Total other-than-temporary impairment losses		(3)	(7)	(17)	(8)
Other-than-temporary impairment losses recognized in net realized investment gains (losses)		(3)	(5)	(12)	(6)
Other-than-temporary impairment gains (losses) recognized in other comprehensive income			(2)	(5)	(2)
Other Subsidiaries [Member]
Consolidating Statement of Income
Premiums		1,906	1,887	3,802	3,779
Net investment income		168	206	334	386
Net realized investment gains (losses)		20	(7)	27
Other revenues		1	3	17	7
Total revenues		2,095	2,089	4,180	4,172
Claims and claim adjustment expenses		1,187	1,138	2,379	2,260
Amortization of deferred acquisition costs		323	312	644	633
General and administrative expenses		313	308	611	600
Total claims and expenses		1,823	1,758	3,634	3,493
Income before income taxes		272	331	546	679
Income tax expense (benefit)		69	86	138	179
Net income		203	245	408	500
Total other-than-temporary impairment losses		(1)	(1)	(15)	(4)
Other-than-temporary impairment losses recognized in net realized investment gains (losses)		(1)	(1)	(10)	(3)
Other-than-temporary impairment gains (losses) recognized in other comprehensive income				(5)	(1)
TRV [Member]
Consolidating Statement of Income
Net investment income		4	2	6	3
Net realized investment gains (losses)					1
Total revenues		4	2	6	4
General and administrative expenses		1	3	5	8
Interest expense		81	80	160	160
Total claims and expenses		82	83	165	168
Income before income taxes		(78)	(81)	(159)	(164)
Income tax expense (benefit)		(37)	(20)	(79)	(49)
Net income of subsidiaries		705	873	1,435	1,760
Net income		664	812	1,355	1,645
Eliminations [Member]
Consolidating Statement of Income
Other revenues		(3)		(14)
Total revenues		(3)		(14)
General and administrative expenses		(3)		(14)
Total claims and expenses		(3)		(14)
Net income of subsidiaries		(705)	(873)	(1,435)	(1,760)
Net income		$ (705)	$ (873)	$ (1,435)	$ (1,760)
[1]	Total other-than-temporary impairment (OTTI) losses were $(4) million and $(8) million for the three months ended June 30, 2016 and 2015, respectively, and $(32) million and $(12) million for the six months ended June 30, 2016 and 2015, respectively. Of total OTTI, credit losses of $(4) million and $(6) million for the three months ended June 30, 2016 and 2015, respectively, and $(22) million and $(9) million for the six months ended June 30, 2016 and 2015, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million and $(2) million for the three months ended June 30, 2016 and 2015, respectively, and $(10) million and $(3) million for the six months ended June 30, 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 State57

Consolidating Financial Statements (details) - Consolidating Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Consolidating Statement of Comprehensive Income
Net income	$ 664	$ 812	$ 1,355	$ 1,645
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	879	(1,065)	1,593	(896)
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	12	(5)	17	(10)
Net changes in benefit plan assets and obligations	18	23	34	47
Net changes in unrealized foreign currency translation	(35)	94	68	(180)
Other comprehensive income (loss) before income taxes	874	(953)	1,712	(1,039)
Income tax expense (benefit)	323	(353)	590	(328)
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	551	(600)	1,122	(711)
Other comprehensive income (loss), net of taxes	551	(600)	1,122	(711)
Comprehensive income	1,215	212	2,477	934
TPC [Member]
Consolidating Statement of Comprehensive Income
Net income	502	628	1,027	1,260
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	570	(719)	1,055	(585)
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	6	(5)	8	(9)
Net changes in benefit plan assets and obligations	18	1	18	1
Net changes in unrealized foreign currency translation	25	34	119	(145)
Other comprehensive income (loss) before income taxes	619	(689)	1,200	(738)
Income tax expense (benefit)	216	(246)	397	(232)
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	403	(443)	803	(506)
Other comprehensive income (loss), net of taxes	403	(443)	803	(506)
Comprehensive income	905	185	1,830	754
Other Subsidiaries [Member]
Consolidating Statement of Comprehensive Income
Net income	203	245	408	500
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	306	(345)	534	(312)
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	6		9	(1)
Net changes in benefit plan assets and obligations	19		20	1
Net changes in unrealized foreign currency translation	(60)	60	(51)	(35)
Other comprehensive income (loss) before income taxes	271	(285)	512	(347)
Income tax expense (benefit)	113	(115)	192	(112)
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	158	(170)	320	(235)
Other comprehensive income (loss), net of taxes	158	(170)	320	(235)
Comprehensive income	361	75	728	265
TRV [Member]
Consolidating Statement of Comprehensive Income
Net income	664	812	1,355	1,645
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	3	(1)	4	1
Net changes in benefit plan assets and obligations	(19)	22	(4)	45
Other comprehensive income (loss) before income taxes	(16)	21		46
Income tax expense (benefit)	(6)	8	1	16
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	(10)	13	(1)	30
Other comprehensive income (loss) of subsidiaries	561	(613)	1,123	(741)
Other comprehensive income (loss), net of taxes	551	(600)	1,122	(711)
Comprehensive income	1,215	212	2,477	934
Eliminations [Member]
Consolidating Statement of Comprehensive Income
Net income	(705)	(873)	(1,435)	(1,760)
Other comprehensive income (loss) of subsidiaries	(561)	613	(1,123)	741
Other comprehensive income (loss), net of taxes	(561)	613	(1,123)	741
Comprehensive income	$ (1,266)	$ (260)	$ (2,558)	$ (1,019)

Consolidating Financial State58

Consolidating Financial Statements (details) - Consolidating Balance Sheet (Unaudited) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	$ 63,311	$ 60,658
Equity securities, available for sale, at fair value	752	705
Real estate investments	929	989
Short-term securities	3,988	4,671
Other investments	3,490	3,447
Total investments	72,470	70,470
Cash	265	380	$ 317	$ 374
Investment income accrued	627	642
Premiums receivable	7,014	6,437
Reinsurance recoverables	8,603	8,910
Ceded unearned premiums	726	656
Deferred acquisition costs	1,954	1,849
Deferred taxes		296
Contractholder receivables	4,541	4,374
Goodwill	3,588	3,573
Other intangible assets	274	279
Other assets	2,384	2,318
Total assets	102,446	100,184
Claims and claim adjustment expense reserves	47,953	48,295
Unearned premium reserves	12,520	11,971
Contractholder payables	4,541	4,374
Payables for reinsurance premiums	401	296
Deferred taxes	370
Debt	6,436	6,344
Other liabilities	5,511	5,306
Total liabilities	77,732	76,586
Common stock	22,349	22,172
Retained earnings	30,921	29,945
Accumulated other comprehensive income (loss)	965	(157)
Treasury stock, at cost	(29,521)	(28,362)
Total shareholders' equity	24,714	23,598	24,121
Total liabilities and shareholders' equity	102,446	100,184
Fixed maturities, available for sale, amortized cost	59,975	58,878
Equity securities, available for sale, cost	$ 525	$ 528
Common stock, shares authorized	1,750	1,750
Common stock, shares issued	288.3	295.9
Common stock, shares outstanding	288.3	295.9
Treasury stock, at cost, shares	478.1	467.6
TPC [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	$ 43,859	$ 42,289
Equity securities, available for sale, at fair value	194	189
Real estate investments	55	56
Short-term securities	1,754	1,947
Other investments	2,594	2,516
Total investments	48,456	46,997
Cash	121	225	184	221
Investment income accrued	441	453
Premiums receivable	4,722	4,336
Reinsurance recoverables	5,928	5,849
Ceded unearned premiums	649	610
Deferred acquisition costs	1,753	1,660
Deferred taxes		178
Contractholder receivables	3,570	3,387
Goodwill	2,584	2,573
Other intangible assets	203	203
Other assets	2,106	1,958
Total assets	70,533	68,429
Claims and claim adjustment expense reserves	32,096	31,965
Unearned premium reserves	8,708	8,335
Contractholder payables	3,570	3,387
Payables for reinsurance premiums	227	175
Deferred taxes	330
Debt	693	693
Other liabilities	4,188	3,958
Total liabilities	49,812	48,513
Additional paid-in capital	11,634	11,634
Retained earnings	7,890	7,888
Accumulated other comprehensive income (loss)	1,197	394
Total shareholders' equity	20,721	19,916
Total liabilities and shareholders' equity	70,533	68,429
Other Subsidiaries [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	19,403	18,323
Equity securities, available for sale, at fair value	412	375
Real estate investments	874	933
Short-term securities	537	1,178
Other investments	895	930
Total investments	22,121	21,739
Cash	141	153	131	151
Investment income accrued	182	185
Premiums receivable	2,292	2,101
Reinsurance recoverables	2,675	3,061
Ceded unearned premiums	77	46
Deferred acquisition costs	201	189
Deferred taxes		83
Contractholder receivables	971	987
Goodwill	1,004	1,000
Other intangible assets	71	76
Other assets	(52)	344
Total assets	29,683	29,964
Claims and claim adjustment expense reserves	15,857	16,330
Unearned premium reserves	3,812	3,636
Contractholder payables	971	987
Payables for reinsurance premiums	174	121
Deferred taxes	118
Other liabilities	707	1,221
Total liabilities	21,639	22,295
Common stock	390	390
Additional paid-in capital	6,499	6,499
Retained earnings	744	688
Accumulated other comprehensive income (loss)	411	92
Total shareholders' equity	8,044	7,669
Total liabilities and shareholders' equity	29,683	29,964
TRV [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	49	46
Equity securities, available for sale, at fair value	146	141
Short-term securities	1,697	1,546
Other investments	1	1
Total investments	1,893	1,734
Cash	3	2	$ 2	$ 2
Investment income accrued	4	4
Deferred taxes		35
Investment in subsidiaries	28,755	27,573
Other assets	330	16
Total assets	30,985	29,364
Deferred taxes	(78)
Debt	5,743	5,651
Other liabilities	616	127
Total liabilities	6,281	5,778
Common stock	22,349	22,172
Retained earnings	30,911	29,933
Accumulated other comprehensive income (loss)	965	(157)
Treasury stock, at cost	(29,521)	(28,362)
Total shareholders' equity	24,704	23,586
Total liabilities and shareholders' equity	30,985	29,364
Eliminations [Member]
Consolidating Balance Sheet
Investment in subsidiaries	(28,755)	(27,573)
Total assets	(28,755)	(27,573)
Common stock	(390)	(390)
Additional paid-in capital	(18,133)	(18,133)
Retained earnings	(8,624)	(8,564)
Accumulated other comprehensive income (loss)	(1,608)	(486)
Total shareholders' equity	(28,755)	(27,573)
Total liabilities and shareholders' equity	$ (28,755)	$ (27,573)

Consolidating Financial State59

Consolidating Financial Statements (details) - Consolidating Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Consolidating Statement of Cash Flows
Net income	$ 664	$ 812	$ 1,355	$ 1,645
Net adjustments to reconcile net income to net cash provided by (used in) operating activities			(62)	(770)
Net cash provided by operating activities			1,293	875
Proceeds from maturities of fixed maturities			3,773	5,314
Proceeds from sales of investments, fixed maturities			739	1,226
Proceeds from sales of investments, equity securities			38	28
Proceeds from sales of investments, real estate investments			69	10
Proceeds from sales of investments, other investments			343	354
Purchases of investments, fixed maturities			(5,705)	(6,239)
Purchases of investments, equity securities			(26)	(22)
Purchases of investments, real estate investments			(20)	(69)
Purchases of investments, other investments			(290)	(275)
Net (purchases) sales of short-term securities			681	433
Securities transactions in course of settlement			461	183
Other investing activities			(154)	(178)
Net cash provided by (used in) investing activities			(91)	765
Treasury stock acquired - share repurchase authorization			(1,100)	(1,400)
Treasury stock acquired - net employee share-based compensation			(59)	(72)
Dividends paid to shareholders			(375)	(369)
Payment of debt			(400)
Issuance of debt			491
Issuance of common stock - employee share options			129	117
Excess tax benefits from share-based payment arrangements				31
Net cash used in financing activities			(1,314)	(1,693)
Effect of exchange rate changes on cash			(3)	(4)
Net decrease in cash			(115)	(57)
Cash at beginning of year			380	374
Cash at end of period	265	317	265	317
Income taxes paid (received)			467	597
Interest paid			180	183
TPC [Member]
Consolidating Statement of Cash Flows
Net income	502	628	1,027	1,260
Net adjustments to reconcile net income to net cash provided by (used in) operating activities			(17)	(410)
Net cash provided by operating activities			1,010	850
Proceeds from maturities of fixed maturities			2,728	3,604
Proceeds from sales of investments, fixed maturities			385	710
Proceeds from sales of investments, equity securities			10	11
Proceeds from sales of investments, other investments			233	244
Purchases of investments, fixed maturities			(3,588)	(4,352)
Purchases of investments, equity securities			(5)	(2)
Purchases of investments, other investments			(221)	(222)
Net (purchases) sales of short-term securities			193	327
Securities transactions in course of settlement			325	190
Other investing activities			(151)	(175)
Net cash provided by (used in) investing activities			(91)	335
Dividends paid to parent company			(1,025)	(1,222)
Net cash used in financing activities			(1,025)	(1,222)
Effect of exchange rate changes on cash			2
Net decrease in cash			(104)	(37)
Cash at beginning of year			225	221
Cash at end of period	121	184	121	184
Income taxes paid (received)			398	534
Interest paid			24	24
Other Subsidiaries [Member]
Consolidating Statement of Cash Flows
Net income	203	245	408	500
Net adjustments to reconcile net income to net cash provided by (used in) operating activities			(222)	(520)
Net cash provided by operating activities			186	(20)
Proceeds from maturities of fixed maturities			1,040	1,707
Proceeds from sales of investments, fixed maturities			352	516
Proceeds from sales of investments, equity securities			28	17
Proceeds from sales of investments, real estate investments			69	10
Proceeds from sales of investments, other investments			110	110
Purchases of investments, fixed maturities			(2,108)	(1,869)
Purchases of investments, equity securities			(19)	(19)
Purchases of investments, real estate investments			(20)	(69)
Purchases of investments, other investments			(69)	(53)
Net (purchases) sales of short-term securities			639	224
Securities transactions in course of settlement			137	(7)
Other investing activities			(3)	(3)
Net cash provided by (used in) investing activities			156	564
Dividends paid to parent company			(349)	(560)
Net cash used in financing activities			(349)	(560)
Effect of exchange rate changes on cash			(5)	(4)
Net decrease in cash			(12)	(20)
Cash at beginning of year			153	151
Cash at end of period	141	131	141	131
Income taxes paid (received)			142	197
TRV [Member]
Consolidating Statement of Cash Flows
Net income	664	812	1,355	1,645
Net adjustments to reconcile net income to net cash provided by (used in) operating activities			116	182
Net cash provided by operating activities			1,471	1,827
Proceeds from maturities of fixed maturities			5	3
Proceeds from sales of investments, fixed maturities			2
Purchases of investments, fixed maturities			(9)	(18)
Purchases of investments, equity securities			(2)	(1)
Net (purchases) sales of short-term securities			(151)	(118)
Securities transactions in course of settlement			(1)
Net cash provided by (used in) investing activities			(156)	(134)
Treasury stock acquired - share repurchase authorization			(1,100)	(1,400)
Treasury stock acquired - net employee share-based compensation			(59)	(72)
Dividends paid to shareholders			(375)	(369)
Payment of debt			(400)
Issuance of debt			491
Issuance of common stock - employee share options			129	117
Excess tax benefits from share-based payment arrangements				31
Net cash used in financing activities			(1,314)	(1,693)
Net decrease in cash			1
Cash at beginning of year			2	2
Cash at end of period	3	2	3	2
Income taxes paid (received)			(73)	(134)
Interest paid			156	159
Eliminations [Member]
Consolidating Statement of Cash Flows
Net income	$ (705)	$ (873)	(1,435)	(1,760)
Net adjustments to reconcile net income to net cash provided by (used in) operating activities			61	(22)
Net cash provided by operating activities			(1,374)	(1,782)
Dividends paid to parent company			1,374	1,782
Net cash used in financing activities			$ 1,374	$ 1,782