The Travelers Companies, Inc. (TRV) 10-Q 20 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 17, 2017
Document and Entity Information
Registrant name	Travelers Companies, Inc.
Central index key	86,312
Document type	10-Q
Document period end date	Mar. 31, 2017
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		279,415,829
Document fiscal year focus	2,017
Document fiscal period focus	Q1

Consolidated Statement of Incom

Consolidated Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Revenues
Premiums		$ 6,183	$ 5,981
Net investment income		610	544
Fee income		113	117
Net realized investment gains (losses)	[1]	5	(9)
Other revenues		31	53
Total revenues		6,942	6,686
Claims and expenses
Claims and claim adjustment expenses		4,094	3,712
Amortization of deferred acquisition costs		1,003	971
General and administrative expenses		996	995
Interest expense		89	91
Total claims and expenses		6,182	5,769
Income before income taxes		760	917
Income tax expense		143	226
Net income		$ 617	$ 691
Net income per share
Basic		$ 2.19	$ 2.33
Diluted		$ 2.17	$ 2.30
Weighted average number of common shares outstanding
Basic		279.7	294.2
Diluted		282.4	297.9
Cash dividends declared per share		$ 0.67	$ 0.61
[1]	Total other-than-temporary impairment (OTTI) losses were $(1) million and $(28) million for the three months ended March 31, 2017 and 2016, respectively. Of total OTTI, credit losses of $(2) million and $(18) million for the three months ended March 31, 2017 and 2016, respectively, were recognized in net realized investment gains (losses). In addition, unrealized gains (losses) from other changes in total OTTI of $1 million and $(10) million for the three months ended March 31, 2017 and 2016, respectively, were recognized in other comprehensive income as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Consolidated Statement of Inco3

Consolidated Statement of Income Parentheticals (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Consolidated Statement of Income (Unaudited)
Total other-than-temporary impairment losses	$ (1)	$ (28)
Other-than-temporary impairment, credit losses recognized in net realized investment gains (losses)	(2)	(18)
Unrealized gains (losses) from other changes in total other-than-temporary impairments recognized in other comprehensive income as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	$ 1	$ (10)

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Consolidated Statement of Comprehensive Income (Unaudited)
Net income	$ 617	$ 691
Other comprehensive income:
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	144	714
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income		5
Net changes in benefit plan assets and obligations	17	16
Net changes in unrealized foreign currency translation	41	103
Other comprehensive income before income taxes	202	838
Income tax expense	62	267
Other comprehensive income, net of taxes	140	571
Comprehensive income	$ 757	$ 1,262

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited at March 31, 2017) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets
Fixed maturities, available for sale, at fair value (amortized cost $60,269 and $59,650)	$ 61,268	$ 60,515
Equity securities, available for sale, at fair value (cost $512 and $504)	751	732
Real estate investments	926	928
Short-term securities	4,817	4,865
Other investments	3,495	3,448
Total investments	71,257	70,488
Cash	249	307	$ 361	$ 380
Investment income accrued	575	630
Premiums receivable	7,012	6,722
Reinsurance recoverables	8,199	8,287
Ceded unearned premiums	745	589
Deferred acquisition costs	1,987	1,923
Deferred taxes	261	465
Contractholder receivables	4,668	4,609
Goodwill	3,584	3,580
Other intangible assets	266	268
Other assets	2,443	2,377
Total assets	101,246	100,245
Liabilities
Claims and claim adjustment expense reserves	48,320	47,949
Unearned premium reserves	12,814	12,329
Contractholder payables	4,668	4,609
Payables for reinsurance premiums	429	273
Debt	6,438	6,437
Other liabilities	4,965	5,427
Total liabilities	77,634	77,024
Shareholders' equity
Common stock (1,750.0 shares authorized; 279.4 and 279.6 shares issued and outstanding)	22,724	22,614
Retained earnings	32,623	32,196
Accumulated other comprehensive loss	(615)	(755)
Treasury stock, at cost (491.9 and 489.5 shares)	(31,120)	(30,834)
Total shareholders' equity	23,612	23,221	$ 24,166
Total liabilities and shareholders' equity	$ 101,246	$ 100,245

Consolidated Balance Sheet Pare

Consolidated Balance Sheet Parentheticals (Unaudited at March 31, 2017) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Consolidated Balance Sheet (Unaudited at March 31, 2017)
Fixed maturities, available for sale, amortized cost	$ 60,269	$ 59,650
Equity securities, available for sale, cost	$ 512	$ 504
Common stock, shares authorized	1,750	1,750
Common stock, shares issued	279.4	279.6
Common stock, shares outstanding	279.4	279.6
Treasury stock, at cost, shares	491.9	489.5

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, 2015		$ 22,172	$ 29,945	$ (157)	$ (28,362)
Shareholders' Equity [Rollforward]
Employee share-based compensation		47
Compensation amortization under share-based plans and other changes		50
Net income	$ 691		691
Dividends			(181)
Other			(1)
Other comprehensive income	571			571
Treasury stock acquired - share repurchase authorization					(550)
Net shares acquired related to employee share-based compensation plans					(59)
Shareholders' equity, end of period at Mar. 31, 2016	24,166	22,269	30,454	414	(28,971)
Balance, beginning of year at Dec. 31, 2015						295.9
Common shares outstanding
Treasury stock acquired - share repurchase authorization						(5.1)
Net shares issued under employee share-based compensation plans						1.6
Balance, end of period at Mar. 31, 2016						292.4
Shareholders' equity, beginning of year at Dec. 31, 2016	23,221	22,614	32,196	(755)	(30,834)
Shareholders' Equity [Rollforward]
Employee share-based compensation		68
Compensation amortization under share-based plans and other changes		42
Net income	617		617
Dividends			(190)
Other comprehensive income	140			140
Treasury stock acquired - share repurchase authorization	(225)				(225)
Net shares acquired related to employee share-based compensation plans	(61)				(61)
Shareholders' equity, end of period at Mar. 31, 2017	$ 23,612	$ 22,724	$ 32,623	$ (615)	$ (31,120)
Balance, beginning of year at Dec. 31, 2016	279.6					279.6
Common shares outstanding
Treasury stock acquired - share repurchase authorization	(1.9)					(1.9)
Net shares issued under employee share-based compensation plans						1.7
Balance, end of period at Mar. 31, 2017	279.4					279.4

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income		$ 617	$ 691
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses	[1]	(5)	9
Depreciation and amortization		211	213
Deferred federal income tax expense		151	105
Amortization of deferred acquisition costs		1,003	971
Equity in income from other investments		(109)	(17)
Premiums receivable		(286)	(393)
Reinsurance recoverables		94	126
Deferred acquisition costs		(1,065)	(1,014)
Claims and claim adjustment expense reserves		334	226
Unearned premium reserves		475	328
Other operating activities		(645)	(395)
Net cash provided by operating activities		775	850
Cash flows from investing activities
Proceeds from maturities of fixed maturities		2,218	1,748
Proceeds from sales of investments:
Fixed maturities		188	421
Equity securities		21	14
Real estate investments		11	69
Other investments		195	186
Purchases of investments:
Fixed maturities		(3,056)	(2,700)
Equity securities		(22)	(12)
Real estate investments		(16)	(7)
Other investments		(124)	(162)
Net sales of short-term securities		49	85
Securities transactions in course of settlement		157	291
Other investing activities		(63)	(79)
Net cash used in investing activities		(442)	(146)
Cash flows from financing activities
Treasury stock acquired - share repurchase authorization		(225)	(550)
Treasury stock acquired - net employee share-based compensation		(61)	(59)
Dividends paid to shareholders		(190)	(180)
Issuance of common stock - employee share options		83	64
Net cash used in financing activities		(393)	(725)
Effect of exchange rate changes on cash		2	2
Net decrease in cash		(58)	(19)
Cash at beginning of year		307	380
Cash at end of period		249	361
Supplemental disclosure of cash flow information
Income taxes paid		2	63
Interest paid		$ 43	$ 42
[1]	Total other-than-temporary impairment (OTTI) losses were $(1) million and $(28) million for the three months ended March 31, 2017 and 2016, respectively. Of total OTTI, credit losses of $(2) million and $(18) million for the three months ended March 31, 2017 and 2016, respectively, were recognized in net realized investment gains (losses). In addition, unrealized gains (losses) from other changes in total OTTI of $1 million and $(10) million for the three months ended March 31, 2017 and 2016, respectively, were recognized in other comprehensive income as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Mar. 31, 2017
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, 2016 (the Company’s 2016 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. On March 13, 2017, the Company announced an agreement to acquire Simply Business from Aquiline Capital Partners LLC for total consideration of approximately $490 million, which includes the repayment of debt and other obligations at the completion of the transaction. Simply Business is a leading digital provider of insurance policies to small businesses in the United Kingdom, offering products online on behalf of a broad panel of carriers. The Company expects to fund the transaction, subject to market conditions, through a combination of debt financing and internal resources. The transaction is expected to close in the third quarter of 2017, subject to regulatory approvals and other customary closing conditions. Adoption of Accounting Standards Investments — Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting In March 2016, the Financial Accounting Standards Board (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 was effective for reporting periods beginning after December 15, 2016, and was applied prospectively. 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: 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 was effective for reporting periods beginning after December 15, 2016. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. Compensation — Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued updated guidance to improve the presentation of net periodic pension cost and net periodic post retirement cost (net benefit costs). Net benefit costs comprise several components that reflect different aspects of an employer’s financial arrangements as well as the cost of benefits provided to employees. The update requires that the employer service cost component be reported in the same lines as other employee compensation cost and that the other components (non-service costs) be presented separately from the service cost and outside of a subtotal of income from operations if one is presented. The update also allows only the service cost component to be eligible for capitalization in assets when applicable. The updated guidance is effective for reporting periods beginning after December 15, 2017. The update is to be applied retrospectively with respect to the presentation of service cost and non-service cost and prospectively with respect to applying the service cost only eligible for capitalization in assets guidance. Early adoption is permitted as of the first interim period of an annual period if an entity issues interim financial statements. The Company adopted the updated guidance effective January 1, 2017. See note 11 which has been expanded to disclose the amount of service cost and non-service cost components of net periodic benefit cost and the line items in the consolidated statement of income in which such amounts are reported. The updated guidance with respect to only service costs being eligible for capitalization in assets was not applicable. For information regarding accounting standards that the Company adopted during the years presented, see the “Adoption of Accounting Standards ” Accounting Standards Not Yet Adopted For information regarding accounting standards that the Company has not yet adopted, see the “Other Accounting Standards Not Yet Adopted ” Nature of Operations For the periods presented in these financial statements, the Company was organized into three reportable business segments: Business and International Insurance; Bond & Specialty Insurance; and Personal Insurance. These segments reflected the manner in which the Company’s businesses were managed and represented an aggregation of products and services based on type of customer, how the business was marketed and the manner in which risks were underwritten. For more information regarding the Company’s business segment structure in effect for the periods presented in these financial statements, see the “ Effective April 1, 2017, the Company’s results will be reported in the following three business segments — Business Insurance, Bond & Specialty Insurance and Personal Insurance, reflecting a change in the manner in which the Company’s businesses will be managed. While the segmentation of the Company’s domestic businesses will be unchanged, the Company’s international businesses, which were previously reported in total within the Business and International Insurance segment, will now be disaggregated among these three newly aligned business segments. The newly aligned segments will be presented in the Company’s financial statements beginning with the period ending June 30, 2017, and prior periods presented therein will be reclassified to conform to the new presentation.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Information disclosure
Segment Information disclosure [Text Block]	2. SEGMENT INFORMATION The following tables summarize the components of the Company’s revenues, income and total assets by reportable business segments. (for the three months Business and Bond & Specialty Personal Total 2017 Premiums $ 3,620 $ 514 $ 2,049 $ 6,183 Net investment income 470 52 88 610 Fee income 109 — 4 113 Other revenues 10 5 15 30 Total segment revenues (1) $ 4,209 $ 571 $ 2,156 $ 6,936 Segment income (1) $ 468 $ 129 $ 79 $ 676 2016 Premiums $ 3,599 $ 508 $ 1,874 $ 5,981 Net investment income 415 52 77 544 Fee income 114 — 3 117 Other revenues 33 3 14 50 Total segment revenues (1) $ 4,161 $ 563 $ 1,968 $ 6,692 Segment income (1) $ 476 $ 144 $ 139 $ 759 (1) Business Segment Reconciliations Three Months Ended (in millions) 2017 2016 Revenue reconciliation Earned premiums Business and International Insurance: Domestic: Workers’ compensation $ 976 $ 981 Commercial automobile 506 491 Commercial property 435 437 General liability 491 482 Commercial multi-peril 774 782 Other 7 5 Total Domestic 3,189 3,178 International 431 421 Total Business and International Insurance 3,620 3,599 Bond & Specialty Insurance: Fidelity and surety 234 230 General liability 235 234 Other 45 44 Total Bond & Specialty Insurance 514 508 Personal Insurance: Automobile 1,094 936 Homeowners and Other 955 938 Total Personal Insurance 2,049 1,874 Total earned premiums 6,183 5,981 Net investment income 610 544 Fee income 113 117 Other revenues 30 50 Total segment revenues 6,936 6,692 Other revenues 1 3 Net realized investment gains (losses) 5 (9 ) Total revenues $ 6,942 $ 6,686 Income reconciliation, net of tax Total segment income $ 676 $ 759 Interest Expense and Other (1) (62 ) (61 ) Core income 614 698 Net realized investment gains (losses) 3 (7 ) Net income $ 617 $ 691 (1) (in millions) March 31, December 31, Asset reconciliation: Business and International Insurance $ 80,397 $ 79,468 Bond & Specialty Insurance 7,358 7,296 Personal Insurance 13,146 13,118 Total segment assets 100,901 99,882 Other assets (1) 345 363 Total consolidated assets $ 101,246 $ 100,245 (1)

Investments

Investments	3 Months Ended
	Mar. 31, 2017
Investments disclosure
Investments disclsoure [Text Block]	3. INVESTMENTS Fixed Maturities The amortized cost and fair value of investments in fixed maturities classified as available for sale were as follows: Amortized Gross Unrealized Fair (at March 31, 2017, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,043 $ 10 $ 4 $ 2,049 Obligations of states, municipalities and political subdivisions: Local general obligation 14,082 303 159 14,226 Revenue 11,349 238 134 11,453 State general obligation 1,653 36 20 1,669 Pre-refunded 4,428 184 — 4,612 Total obligations of states, municipalities and political subdivisions 31,512 761 313 31,960 Debt securities issued by foreign governments 1,559 33 2 1,590 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,690 97 7 1,780 All other corporate bonds 23,378 528 111 23,795 Redeemable preferred stock 87 7 — 94 Total $ 60,269 $ 1,436 $ 437 $ 61,268 Amortized Gross Unrealized Fair (at December 31, 2016, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,031 $ 9 $ 5 $ 2,035 Obligations of states, municipalities and political subdivisions: Local general obligation 13,955 271 182 14,044 Revenue 10,910 215 147 10,978 State general obligation 1,717 36 22 1,731 Pre-refunded 4,968 190 1 5,157 Total obligations of states, municipalities and political subdivisions 31,550 712 352 31,910 Debt securities issued by foreign governments 1,631 34 3 1,662 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,614 100 6 1,708 All other corporate bonds 22,737 508 138 23,107 Redeemable preferred stock 87 6 — 93 Total $ 59,650 $ 1,369 $ 504 $ 60,515 Pre-refunded bonds of $4.61 billion and $5.16 billion at March 31, 2017 and December 31, 2016, respectively, were bonds for which states or municipalities have established irrevocable trusts, almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities. These trusts were created to fund the payment of principal and interest due under the bonds. Proceeds from sales of fixed maturities classified as available for sale were $188 million and $421 million during the three months ended March 31, 2017 and 2016, respectively. Gross gains of $7 million and $23 million and gross losses of $2 million and $7 million were realized on those sales during the three months ended March 31, 2017 and 2016, respectively. Equity Securities The cost and fair value of investments in equity securities were as follows: Gross Unrealized Fair (at March 31, 2017, in millions) Cost Gains Losses Value Public common stock $ 398 $ 223 $ 2 $ 619 Non-redeemable preferred stock 114 23 5 132 Total $ 512 $ 246 $ 7 $ 751 Gross Unrealized Fair (at December 31, 2016, in millions) Cost Gains Losses Value Public common stock $ 390 $ 216 $ 3 $ 603 Non-redeemable preferred stock 114 20 5 129 Total $ 504 $ 236 $ 8 $ 732 Proceeds from sales of equity securities classified as available for sale were $21 million and $14 million during the three months ended March 31, 2017 and 2016, respectively. Gross gains of $6 million and $3 million and gross losses of less than $1 million and $2 million were realized on those sales during the three months ended March 31, 2017 and 2016, respectively. Unrealized Investment Losses The following tables summarize, for all investments in an unrealized loss position at March 31, 2017 and December 31, 2016, 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 2016 Annual Report. Less than 12 months 12 months or longer Total (at March 31, 2017, 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 $ 1,275 $ 4 $ — $ — $ 1,275 $ 4 Obligations of states, municipalities and political subdivisions 9,185 313 44 — 9,229 313 Debt securities issued by foreign governments 243 2 — — 243 2 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 529 6 40 1 569 7 All other corporate bonds 5,718 96 343 15 6,061 111 Total fixed maturities 16,950 421 427 16 17,377 437 Equity securities Public common stock 35 — 16 2 51 2 Non-redeemable preferred stock — — 60 5 60 5 Total equity securities 35 — 76 7 111 7 Total $ 16,985 $ 421 $ 503 $ 23 $ 17,488 $ 444 Less than 12 months 12 months or Total (at December 31, 2016, in millions) Fair Gross Fair Gross Fair Gross Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 1,124 $ 5 $ — $ — $ 1,124 $ 5 Obligations of states, municipalities and political subdivisions 9,781 352 12 — 9,793 352 Debt securities issued by foreign governments 360 3 — — 360 3 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 528 5 43 1 571 6 All other corporate bonds 6,470 115 437 23 6,907 138 Total fixed maturities 18,263 480 492 24 18,755 504 Equity securities Public common stock 45 2 10 1 55 3 Non-redeemable preferred stock 2 — 59 5 61 5 Total equity securities 47 2 69 6 116 8 Total $ 18,310 $ 482 $ 561 $ 30 $ 18,871 $ 512 Unrealized losses for all fixed maturities and equity securities reported at fair value for which fair value is less than 80% of amortized cost at March 31, 2017 totaled $1 million, Impairment Charges Impairment charges included in net realized investment gains (losses) in the consolidated statement of income were $2 million and $18 million for the three months ended March 31, 2017 and 2016, respectively. The cumulative amount of credit losses on fixed maturities held at March 31, 2017 and 2016, that were recognized in the consolidated statement of income from other-than-temporary impairments (OTTI) and for which a portion of the OTTI was recognized in other comprehensive income (loss) in the consolidated balance sheet was $83 million and $92 million, respectively. These credit losses represent less than 1% of the fixed maturity portfolio on a pre-tax basis and less than 1% of shareholders’ equity on an after-tax basis at both dates. There were no significant changes in the credit component of OTTI during the three months ended March 31, 2017 and 2016 from that disclosed in note 3 of notes to the consolidated financial statements in the Company’s 2016 Annual Report. Derivative Financial Instruments From time to time, the Company enters into U.S. Treasury note futures contracts to modify the effective duration of specific assets within the investment portfolio. U.S. Treasury futures contracts require a daily mark-to-market and settlement with the broker. At both March 31, 2017 and December 31, 2016, the Company had $400 million notional value of open U.S. Treasury futures contracts. Net realized investment losses related to U.S. Treasury futures contracts were $3 million and $19 million in the three months ended March 31, 2017 and 2016, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements disclosure
Fair Value Measurements disclosure [Text Block]	4. FAIR VALUE MEASUREMENTS The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety. The three levels of the hierarchy are as follows: · - · - · - Valuation of Investments Reported at Fair Value in Financial Statements The Company utilized a pricing service to estimate fair value measurements for approximately 98% of its fixed maturities at both March 31, 2017 and December 31, 2016. 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 $179 million and $99 million at March 31, 2017 and December 31, 2016, 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 $83 million and $85 million at March 31, 2017 and December 31, 2016, 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. An investment transferred between levels during a period is transferred at its fair value as of the beginning of that period. (at March 31, 2017, 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 $ 2,049 $ 2,049 $ — $ — Obligations of states, municipalities and political subdivisions 31,960 — 31,956 4 Debt securities issued by foreign governments 1,590 — 1,590 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,780 — 1,692 88 All other corporate bonds 23,795 5 23,620 170 Redeemable preferred stock 94 3 91 — Total fixed maturities 61,268 2,057 58,949 262 Equity securities Public common stock 619 619 — — Non-redeemable preferred stock 132 67 65 — Total equity securities 751 686 65 — Other investments 53 17 — 36 Total $ 62,072 $ 2,760 $ 59,014 $ 298 (at December 31, 2016, in millions) Total Level 1 Level 2 Level 3 Invested assets: Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,035 $ 2,035 $ — $ — Obligations of states, municipalities and political subdivisions 31,910 — 31,898 12 Debt securities issued by foreign governments 1,662 — 1,662 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,708 — 1,704 4 All other corporate bonds 23,107 — 22,939 168 Redeemable preferred stock 93 3 90 — Total fixed maturities 60,515 2,038 58,293 184 Equity securities Public common stock 603 603 — — Non-redeemable preferred stock 129 51 78 — Total equity securities 732 654 78 — Other investments 53 17 — 36 Total $ 61,300 $ 2,709 $ 58,371 $ 220 During the three months ended March 31, 2017 and the year ended December 31, 2016, the Company’s transfers between Level 1 and Level 2 were not significant. There was no significant activity in Level 3 of the hierarchy during the three months ended March 31, 2017 or the year ended December 31, 2016. Financial Instruments Disclosed, But Not Carried, At Fair Value The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and (at March 31, 2017, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 4,817 $ 4,817 $ 991 $ 3,791 $ 35 Financial liabilities: Debt $ 6,338 $ 7,306 $ — $ 7,306 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ — (at December 31, 2016, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 4,865 $ 4,865 $ 1,223 $ 3,607 $ 35 Financial liabilities: Debt $ 6,337 $ 7,262 $ — $ 7,262 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ — The Company utilized a pricing service to estimate fair value for approximately 98% of short-term securities at both March 31, 2017 and December 31, 2016. 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 2016 Annual Report. The Company utilized a pricing service to estimate fair value for 100% of its debt, including commercial paper, at March 31, 2017 and December 31, 2016. The Company had no material assets or liabilities that were measured at fair value on a non-recurring basis during the three months ended March 31, 2017 or year ended December 31, 2016.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2017
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: (in millions) March 31, December 31, Business and International Insurance (1) $ 2,449 $ 2,446 Bond & Specialty Insurance 497 496 Personal Insurance 612 612 Other 26 26 Total $ 3,584 $ 3,580 (1) Other Intangible Assets The following tables present a summary of the Company’s other intangible assets by major asset class: (at March 31, 2017, in millions) Gross Accumulated Net Subject to amortization (1) $ 210 $ 161 $ 49 Not subject to amortization 217 — 217 Total $ 427 $ 161 $ 266 (at December 31, 2016, in millions) Gross Accumulated Net Subject to amortization (1) $ 210 $ 159 $ 51 Not subject to amortization 217 — 217 Total $ 427 $ 159 $ 268 (1) Amortization expense of intangible assets was $3 million for each of the three months ended March 31, 2017 and 2016. Intangible asset amortization expense is estimated to be $7 million for the remainder of 2017, $8 million in 2018, $6 million in 2019, $5 million in 2020 and $5 million in 2021.

Insurance Claim Reserves

Insurance Claim Reserves	3 Months Ended
	Mar. 31, 2017
Insurance Claim Reserves disclosure
Insurance Claim Reserves disclosure [Text Block]	6. INSURANCE CLAIM RESERVES Claims and claim adjustment expense reserves were as follows: (in millions) March 31, December 31, Property-casualty $ 48,301 $ 47,929 Accident and health 19 20 Total $ 48,320 $ 47,949 The following table presents a reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses for the three months ended March 31, 2017 and 2016: (for the three months ended March 31, in millions) 2017 2016 Claims and claim adjustment expense reserves at beginning of year $ 47,929 $ 48,272 Less reinsurance recoverables on unpaid losses 7,981 8,449 Net reserves at beginning of year 39,948 39,823 Estimated claims and claim adjustment expenses for claims arising in the current year 4,126 3,843 Estimated decrease in claims and claim adjustment expenses for claims arising in prior years (50 ) (149 ) Total increases 4,076 3,694 Claims and claim adjustment expense payments for claims arising in: Current year 887 789 Prior years 2,812 2,563 Total payments 3,699 3,352 Unrealized foreign exchange loss 34 102 Net reserves at end of period 40,359 40,267 Plus reinsurance recoverables on unpaid losses 7,942 8,351 Claims and claim adjustment expense reserves at end of period $ 48,301 $ 48,618 Gross claims and claim adjustment expense reserves at March 31, 2017 increased by $372 million from December 31, 2016, Reinsurance recoverables on unpaid losses at March 31, 2017 decreased by $39 million from December 31, 2016, primarily reflecting the impact of cash collections in the first three months of 2017. Prior Year Reserve Development The following disclosures regarding reserve development are on a “net of reinsurance” basis. For the three months ended March 31, 2017 and 2016, estimated claims and claim adjustment expenses incurred included $50 million and $149 million, respectively, of net favorable development for claims arising in prior years, including $81 million and $180 million, respectively, of net favorable prior year reserve development impacting the Company’s results of operations and $13 million of accretion of discount in each period. Business and International Insurance. Bond & Specialty Insurance. Personal Insurance.

Other Comprehensive Income and

Other Comprehensive Income and Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2017
Other Comprehensive Income and Accumulated Other Comprehensive Income disclosure
Other Comprehensive Income and Accumulated Other Comprehensive Income disclosure [Text Block]	7. 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 three months ended March 31, 2017. Changes in Net Unrealized Gains on Net Benefit Plan (in millions) Having No Credit Having Credit Losses Assets and Net Unrealized Total Accumulated Balance, December 31, 2016 $ 528 $ 202 $ (703 ) $ (782 ) $ (755 ) Other comprehensive income (OCI) before reclassifications 100 — — 35 135 Amounts reclassified from AOCI (7 ) — 12 — 5 Net OCI, current period 93 — 12 35 140 Balance, March 31, 2017 $ 621 $ 202 $ (691 ) $ (747 ) $ (615 ) The following table presents the pre-tax components of the Company’s other comprehensive income and the related income tax expense for the three months ended March 31, 2017 and 2016. (for the three months ended March 31, in millions) 2017 2016 Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income $ 144 $ 714 Income tax expense 51 247 Net of taxes 93 467 Having credit losses recognized in the consolidated statement of income — 5 Income tax expense — 2 Net of taxes — 3 Net changes in benefit plan assets and obligations 17 16 Income tax expense 5 5 Net of taxes 12 11 Net changes in unrealized foreign currency translation 41 103 Income tax expense 6 13 Net of taxes 35 90 Total other comprehensive income 202 838 Total income tax expense 62 267 Total other comprehensive income, net of taxes $ 140 $ 571 The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income for (for the three months ended March 31, in millions) 2017 2016 Reclassification adjustments related to unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (10 ) $ (11 ) Income tax expense (2) (3 ) (4 ) Net of taxes (7 ) (7 ) Having credit losses recognized in the consolidated statement of income (1) — 11 Income tax benefit (2) — 4 Net of taxes — 7 Reclassification adjustment related to benefit plan assets and obligations: Claims and claim adjustment expenses (3) 7 6 General and administrative expenses (3) 10 10 Total 17 16 Income tax benefit (2) 5 5 Net of taxes 12 11 Reclassification adjustment related to foreign currency translation (1) — — Income tax benefit (2) — — Net of taxes — — Total reclassifications 7 16 Total income tax benefit 2 5 Total reclassifications, net of taxes $ 5 $ 11 (1) (2) (3)

Common Share Repurchases

Common Share Repurchases	3 Months Ended
	Mar. 31, 2017
Common Share Repurchases disclosure
Common Share Repurchases disclosure [Text Block]	8. COMMON SHARE REPURCHASES During the three months ended March 31, 2017, the Company repurchased 1.9 million shares under its share repurchase authorization for a total cost of $225 million. The average cost per share repurchased was $120.86. On April 20, 2017, the Board of Directors approved a share repurchase authorization that added an additional $5.0 billion of repurchase capacity to the $709 million of capacity remaining at March 31, 2017. In addition,

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2017
Earnings per Share disclosure
Earnings per Share disclosure [Text Block]	9. EARNINGS PER SHARE The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the periods presented: Three Months Ended (in millions, except per share amounts) 2017 2016 Basic and Diluted Net income, as reported $ 617 $ 691 Participating share-based awards — allocated income (4 ) (5 ) Net income available to common shareholders — basic and diluted $ 613 $ 686 Common Shares Basic Weighted average shares outstanding 279.7 294.2 Diluted Weighted average shares outstanding 279.7 294.2 Weighted average effects of dilutive securities — stock options and performance shares 2.7 3.7 Total 282.4 297.9 Net Income per Common Share Basic $ 2.19 $ 2.33 Diluted $ 2.17 $ 2.30

Share-Based Incentive Compensat

Share-Based Incentive Compensation	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017: Stock Options Number Weighted Weighted Aggregate Vested at end of period (1) 6,328,223 $ 86.11 6.5 years $ 218 Exercisable at end of period 3,631,047 $ 68.37 4.8 years $ 189 (1) The total compensation cost for all share-based incentive compensation awards recognized in earnings was $42 million and $50 million for the three months ended March 31, 2017 and 2016, respectively. The related tax benefits recognized in earnings were $14 million and $17 million for the three months ended March 31, 2017 and 2016, respectively. The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards at March 31, 2017 was $214 million, which is expected to be recognized over a weighted-average period of 2.2 years.

Pension Plans, Retirement Benef

Pension Plans, Retirement Benefits and Savings Plans	3 Months Ended
	Mar. 31, 2017
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 table summarizes the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income. Pension Plans Postretirement Benefit Plans (for the three months ended March 31, in millions) 2017 2016 2017 2016 Net Periodic Benefit Cost: Service cost $ 30 $ 29 $ — $ — Non-service cost: Interest cost on benefit obligation 31 30 2 2 Expected return on plan assets (60 ) (57 ) — — Amortization of unrecognized: Prior service benefit — — (1 ) (1 ) Net actuarial loss 18 17 — — Total non-service cost (11 ) (10 ) 1 1 Net periodic benefit cost $ 19 $ 19 $ 1 $ 1 The following table indicates the line items in which the respective service costs and non-service benefit costs are presented in the consolidated statement of income. Pension Plans Postretirement Benefit Plans (for the three months ended March 31, in millions) 2017 2016 2017 2016 Service Cost: Claims and claim adjustment expenses $ 12 $ 12 $ — $ — General and administrative expenses 18 17 — — Total service cost 30 29 — — Non-Service Cost: Claims and claim adjustment expenses (4 ) (4 ) — — General and administrative expenses (7 ) (6 ) 1 1 Total non-service cost (11 ) (10 ) 1 1 Net periodic benefit cost $ 19 $ 19 $ 1 $ 1

Contingencies, Commitments and

Contingencies, Commitments and Guarantees	3 Months Ended
	Mar. 31, 2017
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 insurance 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. On November 7, 2016, the Company agreed to a settlement with one of the three defendants then remaining in this dispute. The Company received payment under the settlement in the fourth quarter of 2016 and, as a result, recognized a $126 million pre-tax ($82 million after-tax) gain in the fourth quarter, which was included in “other revenues” in the consolidated statement of income for the year ended December 31, 2016. The reinsurance recoverable balance related to this case was reduced from approximately $238 million to approximately $31 million in the Company’s consolidated balance sheet. On December 22, 2016, the Appellate Court, First Department affirmed the denial of the reinsurers’ motion to change venue and a trial is set to proceed on May 1, 2017 with regard to the remaining two defendants — both of which are subsidiaries of the same company. At March 31, 2017, the claim related to the remaining defendants totaled $71 million, comprising the $31 million of reinsurance recoverable plus interest amounting to $40 million as of that date. Interest will continue to accrue at an annual rate of 9% until the amounts owed by the remaining defendants are paid, though the reinsurers still party to the case contested that interest is owed in a brief filed on June 6, 2016. The interest that would be owed as part of any judgment ultimately entered in favor of the Company related to the remaining defendants is treated for accounting purposes as a gain contingency in accordance with FASB Topic 450, 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 $358 million at March 31, 2017, of which $2 million was recognized on the balance sheet at that date. The maximum amount of the Company’s obligation for guarantees of certain investments and third-party loans related to certain investments that are quantifiable was $150 million at March 31, 2017, approximately $75 million of which is indemnified by a third party. The maximum amount of the Company’s obligation related to the guarantee of certain insurance policy obligations of a former insurance subsidiary was $480 million at March 31, 2017, 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 2016 Annual Report.

Consolidating Financial Stateme

Consolidating Financial Statements (Unaudited)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017. Prior to the merger of TPC and The St. Paul Companies, Inc. in 2004, TPC fully and unconditionally guaranteed the payment of all principal, premiums, if any, and interest on certain debt obligations of its wholly-owned subsidiary, Travelers Insurance Group Holdings, Inc. (TIGHI). Concurrent with the merger, TRV fully and unconditionally assumed such guarantee obligations of TPC. TPC is deemed to have no assets or operations independent of TIGHI. Consolidating financial information for TIGHI has not been presented herein because such financial information would be substantially the same as the financial information provided for TPC. CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended March 31, 2017 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,228 $ 1,955 $ — $ — $ 6,183 Net investment income 412 194 4 — 610 Fee income 113 — — — 113 Net realized investment gains (losses) (1) (4 ) 9 — — 5 Other revenues 24 9 — (2 ) 31 Total revenues 4,773 2,167 4 (2 ) 6,942 Claims and expenses Claims and claim adjustment expenses 2,752 1,342 — — 4,094 Amortization of deferred acquisition costs 668 335 — — 1,003 General and administrative expenses 703 292 3 (2 ) 996 Interest expense 12 — 77 — 89 Total claims and expenses 4,135 1,969 80 (2 ) 6,182 Income (loss) before income taxes 638 198 (76 ) — 760 Income tax expense (benefit) 130 54 (41 ) — 143 Net income of subsidiaries — — 652 (652 ) — Net income $ 508 $ 144 $ 617 $ (652 ) $ 617 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ — $ (1 ) $ — $ — $ (1 ) OTTI losses recognized in net realized investment gains (losses) $ (1 ) $ (1 ) $ — $ — $ (2 ) OTTI gains recognized in OCI $ 1 $ — $ — $ — $ 1 CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,085 $ 1,896 $ — $ — $ 5,981 Net investment income 376 166 2 — 544 Fee income 117 — — — 117 Net realized investment gains (losses) (1) (16 ) 7 — — (9 ) Other revenues 48 16 — (11 ) 53 Total revenues 4,610 2,085 2 (11 ) 6,686 Claims and expenses Claims and claim adjustment expenses 2,520 1,192 — — 3,712 Amortization of deferred acquisition costs 650 321 — — 971 General and administrative expenses 704 298 4 (11 ) 995 Interest expense 12 — 79 — 91 Total claims and expenses 3,886 1,811 83 (11 ) 5,769 Income (loss) before income taxes 724 274 (81 ) — 917 Income tax expense (benefit) 199 69 (42 ) — 226 Net income of subsidiaries — — 730 (730 ) — Net income $ 525 $ 205 $ 691 $ (730 ) $ 691 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (14 ) $ (14 ) $ — $ — $ (28 ) OTTI losses recognized in net realized investment gains (losses) $ (9 ) $ (9 ) $ — $ — $ (18 ) OTTI losses recognized in OCI $ (5 ) $ (5 ) $ — $ — $ (10 ) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended March 31, 2017 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 508 $ 144 $ 617 $ (652 ) $ 617 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 93 44 7 — 144 Having credit losses recognized in the consolidated statement of income 1 (1 ) — — — Net changes in benefit plan assets and obligations — — 17 — 17 Net changes in unrealized foreign currency translation 25 16 — — 41 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 119 59 24 — 202 Income tax expense 37 16 9 — 62 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 82 43 15 — 140 Other comprehensive income of subsidiaries — — 125 (125 ) — Other comprehensive income 82 43 140 (125 ) 140 Comprehensive income $ 590 $ 187 $ 757 $ (777 ) $ 757 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 525 $ 205 $ 691 $ (730 ) $ 691 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 485 228 1 — 714 Having credit losses recognized in the consolidated statement of income 2 3 — — 5 Net changes in benefit plan assets and obligations — 1 15 — 16 Net changes in unrealized foreign currency translation 94 9 — — 103 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 581 241 16 — 838 Income tax expense 181 79 7 — 267 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 400 162 9 — 571 Other comprehensive income of subsidiaries — — 562 (562 ) — Other comprehensive income 400 162 571 (562 ) 571 Comprehensive income $ 925 $ 367 $ 1,262 $ (1,292 ) $ 1,262 CONSOLIDATING BALANCE SHEET (Unaudited) At March 31, 2017 (in millions) TPC Other TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $60,269) $ 42,549 $ 18,669 $ 50 $ — $ 61,268 Equity securities, available for sale, at fair value (cost $512) 173 416 162 — 751 Real estate investments 55 871 — — 926 Short-term securities 2,202 559 2,056 — 4,817 Other investments 2,605 889 1 — 3,495 Total investments 47,584 21,404 2,269 — 71,257 Cash 91 156 2 — 249 Investment income accrued 402 169 4 — 575 Premiums receivable 4,730 2,282 — — 7,012 Reinsurance recoverables 5,628 2,571 — — 8,199 Ceded unearned premiums 668 77 — — 745 Deferred acquisition costs 1,794 193 — — 1,987 Deferred taxes 38 201 22 — 261 Contractholder receivables 3,715 953 — — 4,668 Goodwill 2,582 1,002 — — 3,584 Other intangible assets 202 64 — — 266 Investment in subsidiaries — — 27,118 (27,118 ) — Other assets 2,094 311 38 — 2,443 Total assets $ 69,528 $ 29,383 $ 29,453 $ (27,118 ) $ 101,246 Liabilities Claims and claim adjustment expense reserves $ 32,421 $ 15,899 $ — $ — $ 48,320 Unearned premium reserves 8,918 3,896 — — 12,814 Contractholder payables 3,715 953 — — 4,668 Payables for reinsurance premiums 259 170 — — 429 Debt 693 — 5,745 — 6,438 Other liabilities 3,870 989 106 — 4,965 Total liabilities 49,876 21,907 5,851 — 77,634 Shareholders’ equity Common stock (1,750.0 shares authorized; 279.4 shares issued and outstanding) — 390 22,724 (390 ) 22,724 Additional paid-in capital 11,634 6,499 — (18,133 ) — Retained earnings 7,908 678 32,613 (8,576 ) 32,623 Accumulated other comprehensive income (loss) 110 (91 ) (615 ) (19 ) (615 ) Treasury stock, at cost (491.9 shares) — — (31,120 ) — (31,120 ) Total shareholders’ equity 19,652 7,476 23,602 (27,118 ) 23,612 Total liabilities and shareholders’ equity $ 69,528 $ 29,383 $ 29,453 $ (27,118 ) $ 101,246 CONSOLIDATING BALANCE SHEET (Unaudited) At December 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $59,650) $ 42,014 $ 18,452 $ 49 $ — $ 60,515 Equity securities, available for sale, at fair value (cost $504) 169 408 155 — 732 Real estate investments 56 872 — — 928 Short-term securities 2,447 791 1,627 — 4,865 Other investments 2,569 878 1 — 3,448 Total investments 47,255 21,401 1,832 — 70,488 Cash 141 164 2 — 307 Investment income accrued 441 183 6 — 630 Premiums receivable 4,545 2,177 — — 6,722 Reinsurance recoverables 5,664 2,623 — — 8,287 Ceded unearned premiums 536 53 — — 589 Deferred acquisition costs 1,741 182 — — 1,923 Deferred taxes 216 224 25 — 465 Contractholder receivables 3,656 953 — — 4,609 Goodwill 2,578 1,002 — — 3,580 Other intangible assets 202 66 — — 268 Investment in subsidiaries — — 27,137 (27,137 ) — Other assets 1,973 370 34 — 2,377 Total assets $ 68,948 $ 29,398 $ 29,036 $ (27,137 ) $ 100,245 Liabilities Claims and claim adjustment expense reserves $ 32,168 $ 15,781 $ — $ — $ 47,949 Unearned premium reserves 8,575 3,754 — — 12,329 Contractholder payables 3,656 953 — — 4,609 Payables for reinsurance premiums 156 117 — — 273 Debt 693 — 5,744 — 6,437 Other liabilities 4,106 1,239 82 — 5,427 Total liabilities 49,354 21,844 5,826 — 77,024 Shareholders’ equity Common stock (1,750.0 shares authorized; 279.6 shares issued and outstanding) — 390 22,614 (390 ) 22,614 Additional paid-in capital 11,634 6,499 — (18,133 ) — Retained earnings 7,933 797 32,185 (8,719 ) 32,196 Accumulated other comprehensive income (loss) 27 (132 ) (755 ) 105 (755 ) Treasury stock, at cost (489.5 shares) — — (30,834 ) — (30,834 ) Total shareholders’ equity 19,594 7,554 23,210 (27,137 ) 23,221 Total liabilities and shareholders’ equity $ 68,948 $ 29,398 $ 29,036 $ (27,137 ) $ 100,245 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the three months ended March 31, 2017 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 508 $ 144 $ 617 $ (652 ) $ 617 Net adjustments to reconcile net income to net cash provided by (used in) operating activities 112 (16 ) 205 (143 ) 158 Net cash provided by operating activities 620 128 822 (795 ) 775 Cash flows from investing activities Proceeds from maturities of fixed maturities 1,638 580 — — 2,218 Proceeds from sales of investments: Fixed maturities 88 100 — — 188 Equity securities 2 19 — — 21 Real estate investments — 11 — — 11 Other investments 144 51 — — 195 Purchases of investments: Fixed maturities (2,191 ) (864 ) (1 ) — (3,056 ) Equity securities (1 ) (20 ) (1 ) — (22 ) Real estate investments — (16 ) — — (16 ) Other investments (96 ) (28 ) — — (124 ) Net sales (purchases) of short-term securities 245 233 (429 ) — 49 Securities transactions in course of settlement 102 53 2 — 157 Other (70 ) 7 — — (63 ) Net cash provided by (used in) investing activities (139 ) 126 (429 ) — (442 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (225 ) — (225 ) Treasury stock acquired — net employee share-based compensation — — (61 ) — (61 ) Dividends paid to shareholders — — (190 ) — (190 ) Issuance of common stock — employee share options — — 83 — 83 Dividends paid to parent company (532 ) (263 ) — 795 — Net cash used in financing activities (532 ) (263 ) (393 ) 795 (393 ) Effect of exchange rate changes on cash 1 1 — — 2 Net decrease in cash (50 ) (8 ) — — (58 ) Cash at beginning of year 141 164 2 — 307 Cash at end of period $ 91 $ 156 $ 2 $ — $ 249 Supplemental disclosure of cash flow information Income taxes paid $ 1 $ 1 $ — $ — $ 2 Interest paid $ 16 $ — $ 27 $ — $ 43 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the three months ended March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 525 $ 205 $ 691 $ (730 ) $ 691 Net adjustments to reconcile net income to net cash provided by (used in) operating activities 151 (55 ) 115 (52 ) 159 Net cash provided by operating activities 676 150 806 (782 ) 850 Cash flows from investing activities Proceeds from maturities of fixed maturities 1,239 507 2 — 1,748 Proceeds from sales of investments: Fixed maturities 237 183 1 — 421 Equity securities 4 10 — — 14 Real estate investments — 69 — — 69 Other investments 122 64 — — 186 Purchases of investments: Fixed maturities (1,534 ) (1,162 ) (4 ) — (2,700 ) Equity securities (1 ) (10 ) (1 ) — (12 ) Real estate investments — (7 ) — — (7 ) Other investments (123 ) (39 ) — — (162 ) Net sales (purchases) of short-term securities (152 ) 317 (80 ) — 85 Securities transactions in course of settlement 159 131 1 — 291 Other (78 ) (1 ) — — (79 ) Net cash provided by (used in) investing activities (127 ) 62 (81 ) — (146 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (550 ) — (550 ) Treasury stock acquired — net employee share-based compensation — — (59 ) — (59 ) Dividends paid to shareholders — — (180 ) — (180 ) Issuance of common stock — employee share options — — 64 — 64 Dividends paid to parent company (565 ) (217 ) — 782 — Net cash used in financing activities (565 ) (217 ) (725 ) 782 (725 ) Effect of exchange rate changes on cash 2 — — — 2 Net decrease in cash (14 ) (5 ) — — (19 ) Cash at beginning of year 225 153 2 — 380 Cash at end of period $ 211 $ 148 $ 2 $ — $ 361 Supplemental disclosure of cash flow information Income taxes paid (received) $ 51 $ 17 $ (5 ) $ — $ 63 Interest paid $ 16 $ — $ 26 $ — $ 42

Basis of Presentation and Acc22

Basis of Presentation and Accounting Policies (policies)	3 Months Ended
	Mar. 31, 2017
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, 2016 (the Company’s 2016 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 Investments — Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting In March 2016, the Financial Accounting Standards Board (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 was effective for reporting periods beginning after December 15, 2016, and was applied prospectively. 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: 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 was effective for reporting periods beginning after December 15, 2016. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. Compensation — Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued updated guidance to improve the presentation of net periodic pension cost and net periodic post retirement cost (net benefit costs). Net benefit costs comprise several components that reflect different aspects of an employer’s financial arrangements as well as the cost of benefits provided to employees. The update requires that the employer service cost component be reported in the same lines as other employee compensation cost and that the other components (non-service costs) be presented separately from the service cost and outside of a subtotal of income from operations if one is presented. The update also allows only the service cost component to be eligible for capitalization in assets when applicable. The updated guidance is effective for reporting periods beginning after December 15, 2017. The update is to be applied retrospectively with respect to the presentation of service cost and non-service cost and prospectively with respect to applying the service cost only eligible for capitalization in assets guidance. Early adoption is permitted as of the first interim period of an annual period if an entity issues interim financial statements. The Company adopted the updated guidance effective January 1, 2017. See note 11 which has been expanded to disclose the amount of service cost and non-service cost components of net periodic benefit cost and the line items in the consolidated statement of income in which such amounts are reported. The updated guidance with respect to only service costs being eligible for capitalization in assets was not applicable. For information regarding accounting standards that the Company adopted during the years presented, see the “Adoption of Accounting Standards ”

Segment Information (tables)

Segment Information (tables)	3 Months Ended
	Mar. 31, 2017
Segment Information disclosure
Company's revenues and income by segment [Table Text Block]	(for the three months Business and Bond & Specialty Personal Total 2017 Premiums $ 3,620 $ 514 $ 2,049 $ 6,183 Net investment income 470 52 88 610 Fee income 109 — 4 113 Other revenues 10 5 15 30 Total segment revenues (1) $ 4,209 $ 571 $ 2,156 $ 6,936 Segment income (1) $ 468 $ 129 $ 79 $ 676 2016 Premiums $ 3,599 $ 508 $ 1,874 $ 5,981 Net investment income 415 52 77 544 Fee income 114 — 3 117 Other revenues 33 3 14 50 Total segment revenues (1) $ 4,161 $ 563 $ 1,968 $ 6,692 Segment income (1) $ 476 $ 144 $ 139 $ 759 (1)
Business segment reconciliations of revenue and income, net of tax [Table Text Block]	Three Months Ended (in millions) 2017 2016 Revenue reconciliation Earned premiums Business and International Insurance: Domestic: Workers’ compensation $ 976 $ 981 Commercial automobile 506 491 Commercial property 435 437 General liability 491 482 Commercial multi-peril 774 782 Other 7 5 Total Domestic 3,189 3,178 International 431 421 Total Business and International Insurance 3,620 3,599 Bond & Specialty Insurance: Fidelity and surety 234 230 General liability 235 234 Other 45 44 Total Bond & Specialty Insurance 514 508 Personal Insurance: Automobile 1,094 936 Homeowners and Other 955 938 Total Personal Insurance 2,049 1,874 Total earned premiums 6,183 5,981 Net investment income 610 544 Fee income 113 117 Other revenues 30 50 Total segment revenues 6,936 6,692 Other revenues 1 3 Net realized investment gains (losses) 5 (9 ) Total revenues $ 6,942 $ 6,686 Income reconciliation, net of tax Total segment income $ 676 $ 759 Interest Expense and Other (1) (62 ) (61 ) Core income 614 698 Net realized investment gains (losses) 3 (7 ) Net income $ 617 $ 691 (1)
Asset reconciliation [Table Text Block]	(in millions) March 31, December 31, Asset reconciliation: Business and International Insurance $ 80,397 $ 79,468 Bond & Specialty Insurance 7,358 7,296 Personal Insurance 13,146 13,118 Total segment assets 100,901 99,882 Other assets (1) 345 363 Total consolidated assets $ 101,246 $ 100,245 (1)

Investments (tables)

Investments (tables)	3 Months Ended
	Mar. 31, 2017
Investments disclosure
Amortized cost and fair value of investments in fixed maturities [Table Text Block]	Amortized Gross Unrealized Fair (at March 31, 2017, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,043 $ 10 $ 4 $ 2,049 Obligations of states, municipalities and political subdivisions: Local general obligation 14,082 303 159 14,226 Revenue 11,349 238 134 11,453 State general obligation 1,653 36 20 1,669 Pre-refunded 4,428 184 — 4,612 Total obligations of states, municipalities and political subdivisions 31,512 761 313 31,960 Debt securities issued by foreign governments 1,559 33 2 1,590 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,690 97 7 1,780 All other corporate bonds 23,378 528 111 23,795 Redeemable preferred stock 87 7 — 94 Total $ 60,269 $ 1,436 $ 437 $ 61,268 Amortized Gross Unrealized Fair (at December 31, 2016, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,031 $ 9 $ 5 $ 2,035 Obligations of states, municipalities and political subdivisions: Local general obligation 13,955 271 182 14,044 Revenue 10,910 215 147 10,978 State general obligation 1,717 36 22 1,731 Pre-refunded 4,968 190 1 5,157 Total obligations of states, municipalities and political subdivisions 31,550 712 352 31,910 Debt securities issued by foreign governments 1,631 34 3 1,662 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,614 100 6 1,708 All other corporate bonds 22,737 508 138 23,107 Redeemable preferred stock 87 6 — 93 Total $ 59,650 $ 1,369 $ 504 $ 60,515
Cost and fair value of investments in equity securities [Table Text Block]	Gross Unrealized Fair (at March 31, 2017, in millions) Cost Gains Losses Value Public common stock $ 398 $ 223 $ 2 $ 619 Non-redeemable preferred stock 114 23 5 132 Total $ 512 $ 246 $ 7 $ 751 Gross Unrealized Fair (at December 31, 2016, in millions) Cost Gains Losses Value Public common stock $ 390 $ 216 $ 3 $ 603 Non-redeemable preferred stock 114 20 5 129 Total $ 504 $ 236 $ 8 $ 732
Unrealized investment losses [Table Text Block]	Less than 12 months 12 months or longer Total (at March 31, 2017, 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 $ 1,275 $ 4 $ — $ — $ 1,275 $ 4 Obligations of states, municipalities and political subdivisions 9,185 313 44 — 9,229 313 Debt securities issued by foreign governments 243 2 — — 243 2 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 529 6 40 1 569 7 All other corporate bonds 5,718 96 343 15 6,061 111 Total fixed maturities 16,950 421 427 16 17,377 437 Equity securities Public common stock 35 — 16 2 51 2 Non-redeemable preferred stock — — 60 5 60 5 Total equity securities 35 — 76 7 111 7 Total $ 16,985 $ 421 $ 503 $ 23 $ 17,488 $ 444 Less than 12 months 12 months or Total (at December 31, 2016, in millions) Fair Gross Fair Gross Fair Gross Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 1,124 $ 5 $ — $ — $ 1,124 $ 5 Obligations of states, municipalities and political subdivisions 9,781 352 12 — 9,793 352 Debt securities issued by foreign governments 360 3 — — 360 3 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 528 5 43 1 571 6 All other corporate bonds 6,470 115 437 23 6,907 138 Total fixed maturities 18,263 480 492 24 18,755 504 Equity securities Public common stock 45 2 10 1 55 3 Non-redeemable preferred stock 2 — 59 5 61 5 Total equity securities 47 2 69 6 116 8 Total $ 18,310 $ 482 $ 561 $ 30 $ 18,871 $ 512

Fair Value Measurements (tables

Fair Value Measurements (tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements disclosure
Level within the fair value hierarchy at which the Company's financial assets and financial liabilities reported at fair value are measured [Table Text Block]	(at March 31, 2017, 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 $ 2,049 $ 2,049 $ — $ — Obligations of states, municipalities and political subdivisions 31,960 — 31,956 4 Debt securities issued by foreign governments 1,590 — 1,590 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,780 — 1,692 88 All other corporate bonds 23,795 5 23,620 170 Redeemable preferred stock 94 3 91 — Total fixed maturities 61,268 2,057 58,949 262 Equity securities Public common stock 619 619 — — Non-redeemable preferred stock 132 67 65 — Total equity securities 751 686 65 — Other investments 53 17 — 36 Total $ 62,072 $ 2,760 $ 59,014 $ 298 (at December 31, 2016, in millions) Total Level 1 Level 2 Level 3 Invested assets: Fixed maturities U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,035 $ 2,035 $ — $ — Obligations of states, municipalities and political subdivisions 31,910 — 31,898 12 Debt securities issued by foreign governments 1,662 — 1,662 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 1,708 — 1,704 4 All other corporate bonds 23,107 — 22,939 168 Redeemable preferred stock 93 3 90 — Total fixed maturities 60,515 2,038 58,293 184 Equity securities Public common stock 603 603 — — Non-redeemable preferred stock 129 51 78 — Total equity securities 732 654 78 — Other investments 53 17 — 36 Total $ 61,300 $ 2,709 $ 58,371 $ 220
Carrying value and fair value of financial instruments disclosed, but not carried, at fair value and the level within the fair value hierarchy at which such financial instruments are categorized [Table Text Block]	(at March 31, 2017, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 4,817 $ 4,817 $ 991 $ 3,791 $ 35 Financial liabilities: Debt $ 6,338 $ 7,306 $ — $ 7,306 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ — (at December 31, 2016, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 4,865 $ 4,865 $ 1,223 $ 3,607 $ 35 Financial liabilities: Debt $ 6,337 $ 7,262 $ — $ 7,262 $ — Commercial paper $ 100 $ 100 $ — $ 100 $ —

Goodwill and Other Intangible26

Goodwill and Other Intangible Assets (tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Other Intangible Assets disclosure
Goodwill by segment [Table Text Block]	(in millions) March 31, December 31, Business and International Insurance (1) $ 2,449 $ 2,446 Bond & Specialty Insurance 497 496 Personal Insurance 612 612 Other 26 26 Total $ 3,584 $ 3,580 (1)
Other intangible assets subject to amortization [Table Text Block]	(at March 31, 2017, in millions) Gross Accumulated Net Subject to amortization (1) $ 210 $ 161 $ 49 Not subject to amortization 217 — 217 Total $ 427 $ 161 $ 266 (at December 31, 2016, in millions) Gross Accumulated Net Subject to amortization (1) $ 210 $ 159 $ 51 Not subject to amortization 217 — 217 Total $ 427 $ 159 $ 268 (1)
Other intangible assets not subject to amortization [Table Text Block]	(at March 31, 2017, in millions) Gross Accumulated Net Subject to amortization (1) $ 210 $ 161 $ 49 Not subject to amortization 217 — 217 Total $ 427 $ 161 $ 266 (at December 31, 2016, in millions) Gross Accumulated Net Subject to amortization (1) $ 210 $ 159 $ 51 Not subject to amortization 217 — 217 Total $ 427 $ 159 $ 268 (1)

Insurance Claim Reserves (table

Insurance Claim Reserves (tables)	3 Months Ended
	Mar. 31, 2017
Insurance Claim Reserves disclosure
Claims and claim adjustment expense reserves [Table Text Block]	(in millions) March 31, December 31, Property-casualty $ 48,301 $ 47,929 Accident and health 19 20 Total $ 48,320 $ 47,949
Reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses [Table Text Block]	(for the three months ended March 31, in millions) 2017 2016 Claims and claim adjustment expense reserves at beginning of year $ 47,929 $ 48,272 Less reinsurance recoverables on unpaid losses 7,981 8,449 Net reserves at beginning of year 39,948 39,823 Estimated claims and claim adjustment expenses for claims arising in the current year 4,126 3,843 Estimated decrease in claims and claim adjustment expenses for claims arising in prior years (50 ) (149 ) Total increases 4,076 3,694 Claims and claim adjustment expense payments for claims arising in: Current year 887 789 Prior years 2,812 2,563 Total payments 3,699 3,352 Unrealized foreign exchange loss 34 102 Net reserves at end of period 40,359 40,267 Plus reinsurance recoverables on unpaid losses 7,942 8,351 Claims and claim adjustment expense reserves at end of period $ 48,301 $ 48,618

Other Comprehensive Income an28

Other Comprehensive Income and Accumulated Other Comprehensive Income (tables)	3 Months Ended
	Mar. 31, 2017
Other Comprehensive Income and Accumulated Other Comprehensive Income disclosure
Changes in accumulated other comprehensive income (AOCI) [Table Text Block]	Changes in Net Unrealized Gains on Net Benefit Plan (in millions) Having No Credit Having Credit Losses Assets and Net Unrealized Total Accumulated Balance, December 31, 2016 $ 528 $ 202 $ (703 ) $ (782 ) $ (755 ) Other comprehensive income (OCI) before reclassifications 100 — — 35 135 Amounts reclassified from AOCI (7 ) — 12 — 5 Net OCI, current period 93 — 12 35 140 Balance, March 31, 2017 $ 621 $ 202 $ (691 ) $ (747 ) $ (615 )
Pre-tax components of other comprehensive income and the related income tax expense for each component [Table Text Block]	(for the three months ended March 31, in millions) 2017 2016 Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income $ 144 $ 714 Income tax expense 51 247 Net of taxes 93 467 Having credit losses recognized in the consolidated statement of income — 5 Income tax expense — 2 Net of taxes — 3 Net changes in benefit plan assets and obligations 17 16 Income tax expense 5 5 Net of taxes 12 11 Net changes in unrealized foreign currency translation 41 103 Income tax expense 6 13 Net of taxes 35 90 Total other comprehensive income 202 838 Total income tax expense 62 267 Total other comprehensive income, net of taxes $ 140 $ 571
Pre-tax components of the amounts reclassified from accumulated other comprehensive income and the related income tax (expense) benefit for each component [Table Text Block]	(for the three months ended March 31, in millions) 2017 2016 Reclassification adjustments related to unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (10 ) $ (11 ) Income tax expense (2) (3 ) (4 ) Net of taxes (7 ) (7 ) Having credit losses recognized in the consolidated statement of income (1) — 11 Income tax benefit (2) — 4 Net of taxes — 7 Reclassification adjustment related to benefit plan assets and obligations: Claims and claim adjustment expenses (3) 7 6 General and administrative expenses (3) 10 10 Total 17 16 Income tax benefit (2) 5 5 Net of taxes 12 11 Reclassification adjustment related to foreign currency translation (1) — — Income tax benefit (2) — — Net of taxes — — Total reclassifications 7 16 Total income tax benefit 2 5 Total reclassifications, net of taxes $ 5 $ 11 (1) (2) (3)

Earnings per Share (table)

Earnings per Share (table)	3 Months Ended
	Mar. 31, 2017
Earnings per Share disclosure
Earnings per share reconciliation [Table Text Block]	Three Months Ended (in millions, except per share amounts) 2017 2016 Basic and Diluted Net income, as reported $ 617 $ 691 Participating share-based awards — allocated income (4 ) (5 ) Net income available to common shareholders — basic and diluted $ 613 $ 686 Common Shares Basic Weighted average shares outstanding 279.7 294.2 Diluted Weighted average shares outstanding 279.7 294.2 Weighted average effects of dilutive securities — stock options and performance shares 2.7 3.7 Total 282.4 297.9 Net Income per Common Share Basic $ 2.19 $ 2.33 Diluted $ 2.17 $ 2.30

Share-Based Incentive Compens30

Share-Based Incentive Compensation (table)	3 Months Ended
	Mar. 31, 2017
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) 6,328,223 $ 86.11 6.5 years $ 218 Exercisable at end of period 3,631,047 $ 68.37 4.8 years $ 189 (1)

Pension Plans, Retirement Ben31

Pension Plans, Retirement Benefits and Savings Plans (tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, in millions) 2017 2016 2017 2016 Net Periodic Benefit Cost: Service cost $ 30 $ 29 $ — $ — Non-service cost: Interest cost on benefit obligation 31 30 2 2 Expected return on plan assets (60 ) (57 ) — — Amortization of unrecognized: Prior service benefit — — (1 ) (1 ) Net actuarial loss 18 17 — — Total non-service cost (11 ) (10 ) 1 1 Net periodic benefit cost $ 19 $ 19 $ 1 $ 1
Consolidated statement of income line items impacted by service costs and non-service benefit costs [Table Text Block]	Pension Plans Postretirement Benefit Plans (for the three months ended March 31, in millions) 2017 2016 2017 2016 Service Cost: Claims and claim adjustment expenses $ 12 $ 12 $ — $ — General and administrative expenses 18 17 — — Total service cost 30 29 — — Non-Service Cost: Claims and claim adjustment expenses (4 ) (4 ) — — General and administrative expenses (7 ) (6 ) 1 1 Total non-service cost (11 ) (10 ) 1 1 Net periodic benefit cost $ 19 $ 19 $ 1 $ 1

Consolidating Financial State32

Consolidating Financial Statements (Unaudited) (tables)	3 Months Ended
	Mar. 31, 2017
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure
Consolidating Statement of Income (Unaudited) [Table Text Block]	CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended March 31, 2017 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,228 $ 1,955 $ — $ — $ 6,183 Net investment income 412 194 4 — 610 Fee income 113 — — — 113 Net realized investment gains (losses) (1) (4 ) 9 — — 5 Other revenues 24 9 — (2 ) 31 Total revenues 4,773 2,167 4 (2 ) 6,942 Claims and expenses Claims and claim adjustment expenses 2,752 1,342 — — 4,094 Amortization of deferred acquisition costs 668 335 — — 1,003 General and administrative expenses 703 292 3 (2 ) 996 Interest expense 12 — 77 — 89 Total claims and expenses 4,135 1,969 80 (2 ) 6,182 Income (loss) before income taxes 638 198 (76 ) — 760 Income tax expense (benefit) 130 54 (41 ) — 143 Net income of subsidiaries — — 652 (652 ) — Net income $ 508 $ 144 $ 617 $ (652 ) $ 617 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ — $ (1 ) $ — $ — $ (1 ) OTTI losses recognized in net realized investment gains (losses) $ (1 ) $ (1 ) $ — $ — $ (2 ) OTTI gains recognized in OCI $ 1 $ — $ — $ — $ 1 CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,085 $ 1,896 $ — $ — $ 5,981 Net investment income 376 166 2 — 544 Fee income 117 — — — 117 Net realized investment gains (losses) (1) (16 ) 7 — — (9 ) Other revenues 48 16 — (11 ) 53 Total revenues 4,610 2,085 2 (11 ) 6,686 Claims and expenses Claims and claim adjustment expenses 2,520 1,192 — — 3,712 Amortization of deferred acquisition costs 650 321 — — 971 General and administrative expenses 704 298 4 (11 ) 995 Interest expense 12 — 79 — 91 Total claims and expenses 3,886 1,811 83 (11 ) 5,769 Income (loss) before income taxes 724 274 (81 ) — 917 Income tax expense (benefit) 199 69 (42 ) — 226 Net income of subsidiaries — — 730 (730 ) — Net income $ 525 $ 205 $ 691 $ (730 ) $ 691 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (14 ) $ (14 ) $ — $ — $ (28 ) OTTI losses recognized in net realized investment gains (losses) $ (9 ) $ (9 ) $ — $ — $ (18 ) OTTI losses recognized in OCI $ (5 ) $ (5 ) $ — $ — $ (10 )
Consolidating Statement of Comprehensive Income (Unaudited) [Table Text Block]	CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended March 31, 2017 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 508 $ 144 $ 617 $ (652 ) $ 617 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 93 44 7 — 144 Having credit losses recognized in the consolidated statement of income 1 (1 ) — — — Net changes in benefit plan assets and obligations — — 17 — 17 Net changes in unrealized foreign currency translation 25 16 — — 41 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 119 59 24 — 202 Income tax expense 37 16 9 — 62 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 82 43 15 — 140 Other comprehensive income of subsidiaries — — 125 (125 ) — Other comprehensive income 82 43 140 (125 ) 140 Comprehensive income $ 590 $ 187 $ 757 $ (777 ) $ 757 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 525 $ 205 $ 691 $ (730 ) $ 691 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 485 228 1 — 714 Having credit losses recognized in the consolidated statement of income 2 3 — — 5 Net changes in benefit plan assets and obligations — 1 15 — 16 Net changes in unrealized foreign currency translation 94 9 — — 103 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 581 241 16 — 838 Income tax expense 181 79 7 — 267 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 400 162 9 — 571 Other comprehensive income of subsidiaries — — 562 (562 ) — Other comprehensive income 400 162 571 (562 ) 571 Comprehensive income $ 925 $ 367 $ 1,262 $ (1,292 ) $ 1,262
Consolidating Balance Sheet (Unaudited) [Table Text Block]	CONSOLIDATING BALANCE SHEET (Unaudited) At March 31, 2017 (in millions) TPC Other TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $60,269) $ 42,549 $ 18,669 $ 50 $ — $ 61,268 Equity securities, available for sale, at fair value (cost $512) 173 416 162 — 751 Real estate investments 55 871 — — 926 Short-term securities 2,202 559 2,056 — 4,817 Other investments 2,605 889 1 — 3,495 Total investments 47,584 21,404 2,269 — 71,257 Cash 91 156 2 — 249 Investment income accrued 402 169 4 — 575 Premiums receivable 4,730 2,282 — — 7,012 Reinsurance recoverables 5,628 2,571 — — 8,199 Ceded unearned premiums 668 77 — — 745 Deferred acquisition costs 1,794 193 — — 1,987 Deferred taxes 38 201 22 — 261 Contractholder receivables 3,715 953 — — 4,668 Goodwill 2,582 1,002 — — 3,584 Other intangible assets 202 64 — — 266 Investment in subsidiaries — — 27,118 (27,118 ) — Other assets 2,094 311 38 — 2,443 Total assets $ 69,528 $ 29,383 $ 29,453 $ (27,118 ) $ 101,246 Liabilities Claims and claim adjustment expense reserves $ 32,421 $ 15,899 $ — $ — $ 48,320 Unearned premium reserves 8,918 3,896 — — 12,814 Contractholder payables 3,715 953 — — 4,668 Payables for reinsurance premiums 259 170 — — 429 Debt 693 — 5,745 — 6,438 Other liabilities 3,870 989 106 — 4,965 Total liabilities 49,876 21,907 5,851 — 77,634 Shareholders’ equity Common stock (1,750.0 shares authorized; 279.4 shares issued and outstanding) — 390 22,724 (390 ) 22,724 Additional paid-in capital 11,634 6,499 — (18,133 ) — Retained earnings 7,908 678 32,613 (8,576 ) 32,623 Accumulated other comprehensive income (loss) 110 (91 ) (615 ) (19 ) (615 ) Treasury stock, at cost (491.9 shares) — — (31,120 ) — (31,120 ) Total shareholders’ equity 19,652 7,476 23,602 (27,118 ) 23,612 Total liabilities and shareholders’ equity $ 69,528 $ 29,383 $ 29,453 $ (27,118 ) $ 101,246 CONSOLIDATING BALANCE SHEET (Unaudited) At December 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $59,650) $ 42,014 $ 18,452 $ 49 $ — $ 60,515 Equity securities, available for sale, at fair value (cost $504) 169 408 155 — 732 Real estate investments 56 872 — — 928 Short-term securities 2,447 791 1,627 — 4,865 Other investments 2,569 878 1 — 3,448 Total investments 47,255 21,401 1,832 — 70,488 Cash 141 164 2 — 307 Investment income accrued 441 183 6 — 630 Premiums receivable 4,545 2,177 — — 6,722 Reinsurance recoverables 5,664 2,623 — — 8,287 Ceded unearned premiums 536 53 — — 589 Deferred acquisition costs 1,741 182 — — 1,923 Deferred taxes 216 224 25 — 465 Contractholder receivables 3,656 953 — — 4,609 Goodwill 2,578 1,002 — — 3,580 Other intangible assets 202 66 — — 268 Investment in subsidiaries — — 27,137 (27,137 ) — Other assets 1,973 370 34 — 2,377 Total assets $ 68,948 $ 29,398 $ 29,036 $ (27,137 ) $ 100,245 Liabilities Claims and claim adjustment expense reserves $ 32,168 $ 15,781 $ — $ — $ 47,949 Unearned premium reserves 8,575 3,754 — — 12,329 Contractholder payables 3,656 953 — — 4,609 Payables for reinsurance premiums 156 117 — — 273 Debt 693 — 5,744 — 6,437 Other liabilities 4,106 1,239 82 — 5,427 Total liabilities 49,354 21,844 5,826 — 77,024 Shareholders’ equity Common stock (1,750.0 shares authorized; 279.6 shares issued and outstanding) — 390 22,614 (390 ) 22,614 Additional paid-in capital 11,634 6,499 — (18,133 ) — Retained earnings 7,933 797 32,185 (8,719 ) 32,196 Accumulated other comprehensive income (loss) 27 (132 ) (755 ) 105 (755 ) Treasury stock, at cost (489.5 shares) — — (30,834 ) — (30,834 ) Total shareholders’ equity 19,594 7,554 23,210 (27,137 ) 23,221 Total liabilities and shareholders’ equity $ 68,948 $ 29,398 $ 29,036 $ (27,137 ) $ 100,245
Consolidating Statement of Cash Flows (Unaudited) [Table Text Block]	CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the three months ended March 31, 2017 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 508 $ 144 $ 617 $ (652 ) $ 617 Net adjustments to reconcile net income to net cash provided by (used in) operating activities 112 (16 ) 205 (143 ) 158 Net cash provided by operating activities 620 128 822 (795 ) 775 Cash flows from investing activities Proceeds from maturities of fixed maturities 1,638 580 — — 2,218 Proceeds from sales of investments: Fixed maturities 88 100 — — 188 Equity securities 2 19 — — 21 Real estate investments — 11 — — 11 Other investments 144 51 — — 195 Purchases of investments: Fixed maturities (2,191 ) (864 ) (1 ) — (3,056 ) Equity securities (1 ) (20 ) (1 ) — (22 ) Real estate investments — (16 ) — — (16 ) Other investments (96 ) (28 ) — — (124 ) Net sales (purchases) of short-term securities 245 233 (429 ) — 49 Securities transactions in course of settlement 102 53 2 — 157 Other (70 ) 7 — — (63 ) Net cash provided by (used in) investing activities (139 ) 126 (429 ) — (442 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (225 ) — (225 ) Treasury stock acquired — net employee share-based compensation — — (61 ) — (61 ) Dividends paid to shareholders — — (190 ) — (190 ) Issuance of common stock — employee share options — — 83 — 83 Dividends paid to parent company (532 ) (263 ) — 795 — Net cash used in financing activities (532 ) (263 ) (393 ) 795 (393 ) Effect of exchange rate changes on cash 1 1 — — 2 Net decrease in cash (50 ) (8 ) — — (58 ) Cash at beginning of year 141 164 2 — 307 Cash at end of period $ 91 $ 156 $ 2 $ — $ 249 Supplemental disclosure of cash flow information Income taxes paid $ 1 $ 1 $ — $ — $ 2 Interest paid $ 16 $ — $ 27 $ — $ 43 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the three months ended March 31, 2016 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 525 $ 205 $ 691 $ (730 ) $ 691 Net adjustments to reconcile net income to net cash provided by (used in) operating activities 151 (55 ) 115 (52 ) 159 Net cash provided by operating activities 676 150 806 (782 ) 850 Cash flows from investing activities Proceeds from maturities of fixed maturities 1,239 507 2 — 1,748 Proceeds from sales of investments: Fixed maturities 237 183 1 — 421 Equity securities 4 10 — — 14 Real estate investments — 69 — — 69 Other investments 122 64 — — 186 Purchases of investments: Fixed maturities (1,534 ) (1,162 ) (4 ) — (2,700 ) Equity securities (1 ) (10 ) (1 ) — (12 ) Real estate investments — (7 ) — — (7 ) Other investments (123 ) (39 ) — — (162 ) Net sales (purchases) of short-term securities (152 ) 317 (80 ) — 85 Securities transactions in course of settlement 159 131 1 — 291 Other (78 ) (1 ) — — (79 ) Net cash provided by (used in) investing activities (127 ) 62 (81 ) — (146 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (550 ) — (550 ) Treasury stock acquired — net employee share-based compensation — — (59 ) — (59 ) Dividends paid to shareholders — — (180 ) — (180 ) Issuance of common stock — employee share options — — 64 — 64 Dividends paid to parent company (565 ) (217 ) — 782 — Net cash used in financing activities (565 ) (217 ) (725 ) 782 (725 ) Effect of exchange rate changes on cash 2 — — — 2 Net decrease in cash (14 ) (5 ) — — (19 ) Cash at beginning of year 225 153 2 — 380 Cash at end of period $ 211 $ 148 $ 2 $ — $ 361 Supplemental disclosure of cash flow information Income taxes paid (received) $ 51 $ 17 $ (5 ) $ — $ 63 Interest paid $ 16 $ — $ 26 $ — $ 42

Basis of Presentation and Acc33

Basis of Presentation and Accounting Policies (details) $ in Millions	Mar. 13, 2017USD ($)
Simply Business [Member]
Business Acquisition
Approximate consideration, including the repayment of debt and other obligations at the completion of the transaction, in announced acquisition expected to close in third quarter 2017	$ 490

Basis of Presentation and Acc34

Basis of Presentation and Accounting Policies (details) - Reportable Segments	3 Months Ended
	Mar. 31, 2017item
Basis of Presentation and Accounting Policies disclosure
Number of reportable business segments	3

Segment Information (details)

Segment Information (details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Segment reporting information
Premiums		$ 6,183	$ 5,981
Net investment income		610	544
Fee income		113	117
Other revenues		31	53
Core income (loss)		614	698
Net realized investment gains (losses)	[1]	5	(9)
Total revenues		6,942	6,686
Net realized investment gains (losses), net of tax		3	(7)
Net income		617	691
Reportable Segments [Member]
Segment reporting information
Premiums		6,183	5,981
Net investment income		610	544
Fee income		113	117
Other revenues		30	50
Total segment revenues		6,936	6,692
Core income (loss)		676	759
Reportable Segments [Member] | Business and International Insurance [Member]
Segment reporting information
Premiums		3,620	3,599
Net investment income		470	415
Fee income		109	114
Other revenues		10	33
Total segment revenues		4,209	4,161
Core income (loss)		468	476
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member]
Segment reporting information
Premiums		3,189	3,178
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Workers' compensation [Member]
Segment reporting information
Premiums		976	981
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Automobile [Member]
Segment reporting information
Premiums		506	491
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Commercial property [Member]
Segment reporting information
Premiums		435	437
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | General liability [Member]
Segment reporting information
Premiums		491	482
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Commercial multi-peril [Member]
Segment reporting information
Premiums		774	782
Reportable Segments [Member] | Business and International Insurance [Member] | Domestic [Member] | Other [Member]
Segment reporting information
Premiums		7	5
Reportable Segments [Member] | Business and International Insurance [Member] | International [Member]
Segment reporting information
Premiums		431	421
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Segment reporting information
Premiums		514	508
Net investment income		52	52
Other revenues		5	3
Total segment revenues		571	563
Core income (loss)		129	144
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | General liability [Member]
Segment reporting information
Premiums		235	234
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Fidelity and surety [Member]
Segment reporting information
Premiums		234	230
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Other [Member]
Segment reporting information
Premiums		45	44
Reportable Segments [Member] | Personal Insurance [Member]
Segment reporting information
Premiums		2,049	1,874
Net investment income		88	77
Fee income		4	3
Other revenues		15	14
Total segment revenues		2,156	1,968
Core income (loss)		79	139
Reportable Segments [Member] | Personal Insurance [Member] | Automobile [Member]
Segment reporting information
Premiums		1,094	936
Reportable Segments [Member] | Personal Insurance [Member] | Homeowners and Other [Member]
Segment reporting information
Premiums		955	938
Other [Member]
Segment reporting information
Other revenues		1	3
Core income (loss)		(62)	(61)
After-tax interest expense		$ 58	$ 59
[1]	Total other-than-temporary impairment (OTTI) losses were $(1) million and $(28) million for the three months ended March 31, 2017 and 2016, respectively. Of total OTTI, credit losses of $(2) million and $(18) million for the three months ended March 31, 2017 and 2016, respectively, were recognized in net realized investment gains (losses). In addition, unrealized gains (losses) from other changes in total OTTI of $1 million and $(10) million for the three months ended March 31, 2017 and 2016, respectively, were recognized in other comprehensive income as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Segment Information (details) -

Segment Information (details) - Assets by Segment - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Assets by segment
Total assets	$ 101,246	$ 100,245
Reportable Segments [Member]
Assets by segment
Total assets	100,901	99,882
Reportable Segments [Member] | Business and International Insurance [Member]
Assets by segment
Total assets	80,397	79,468
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Assets by segment
Total assets	7,358	7,296
Reportable Segments [Member] | Personal Insurance [Member]
Assets by segment
Total assets	13,146	13,118
Other assets [Member]
Assets by segment
Total assets	$ 345	$ 363

Investments (details)

Investments (details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Investments disclosure
Proceeds from sales of fixed maturities classified as available for sale	$ 188	$ 421
Proceeds from sales of equity securities classified as available for sale	$ 21	$ 14

Investments (details) - Investm

Investments (details) - Investment Information - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Investment disclosure details
Fixed maturities, amortized cost	$ 60,269		$ 59,650
Gross unrealized gains	1,436		1,369
Gross unrealized losses	437		504
Fixed maturities, at fair value	61,268		60,515
Equity securities, cost	512		504
Gross unrealized gains	246		236
Gross unrealized losses	7		8
Equity securities, at fair value	751		732
Continuous unrealized loss position less than 12 months, fair value	16,985		18,310
Continuous unrealized loss position less than 12 months, gross unrealized losses	421		482
Continuous unrealized loss position 12 months or longer, fair value	503		561
Continuous unrealized loss position 12 months or longer, gross unrealized losses	23		30
Continuous unrealized loss position, total, fair value	17,488		18,871
Continuous unrealized loss position, total, gross unrealized losses	444		512
Unrealized losses for available-for-sale securities for which fair value is less than 80% of amortized cost, total	$ 1
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 pre-tax basis (less than)	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 (less than)	1.00%
Impairment charges	$ 2	$ 18
Fixed maturities [Member]
Investment disclosure details
Gross realized gains	7	23
Gross realized losses	2	7
Continuous unrealized loss position less than 12 months, fair value	16,950		18,263
Continuous unrealized loss position less than 12 months, gross unrealized losses	421		480
Continuous unrealized loss position 12 months or longer, fair value	427		492
Continuous unrealized loss position 12 months or longer, gross unrealized losses	16		24
Continuous unrealized loss position, total, fair value	17,377		18,755
Continuous unrealized loss position, total, gross unrealized losses	437		504
Cumulative OTTI credit losses recognized for securities held	$ 83	$ 92
Cumulative credit component of other-than-temporary impairments (OTTI) on fixed maturities recognized in the consolidated statement of income for which a portion of the OTTI was recognized in other comprehensive income (loss) for fixed maturities held, as a percentage of the fixed maturity portfolio on a pre-tax basis (less than)	1.00%	1.00%
Cumulative credit component of other-than-temporary impairments (OTTI) on fixed maturities recognized in the consolidated statement of income for which a portion of the OTTI was recognized in other comprehensive income (loss) for fixed maturities held, as a percentage of shareholders' equity on an after-tax basis (less than)	1.00%	1.00%
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]
Investment disclosure details
Fixed maturities, amortized cost	$ 2,043		2,031
Gross unrealized gains	10		9
Gross unrealized losses	4		5
Fixed maturities, at fair value	2,049		2,035
Continuous unrealized loss position less than 12 months, fair value	1,275		1,124
Continuous unrealized loss position less than 12 months, gross unrealized losses	4		5
Continuous unrealized loss position, total, fair value	1,275		1,124
Continuous unrealized loss position, total, gross unrealized losses	4		5
Obligations of states, municipalities and political subdivisions [Member]
Investment disclosure details
Fixed maturities, amortized cost	31,512		31,550
Gross unrealized gains	761		712
Gross unrealized losses	313		352
Fixed maturities, at fair value	31,960		31,910
Continuous unrealized loss position less than 12 months, fair value	9,185		9,781
Continuous unrealized loss position less than 12 months, gross unrealized losses	313		352
Continuous unrealized loss position 12 months or longer, fair value	44		12
Continuous unrealized loss position, total, fair value	9,229		9,793
Continuous unrealized loss position, total, gross unrealized losses	313		352
Obligations of states, municipalities and political subdivisions, local general obligation [Member]
Investment disclosure details
Fixed maturities, amortized cost	14,082		13,955
Gross unrealized gains	303		271
Gross unrealized losses	159		182
Fixed maturities, at fair value	14,226		14,044
Obligations of states, municipalities and political subdivisions, revenue [Member]
Investment disclosure details
Fixed maturities, amortized cost	11,349		10,910
Gross unrealized gains	238		215
Gross unrealized losses	134		147
Fixed maturities, at fair value	11,453		10,978
Obligations of states, municipalities and political subdivisions, state general obligation [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,653		1,717
Gross unrealized gains	36		36
Gross unrealized losses	20		22
Fixed maturities, at fair value	1,669		1,731
Obligations of states, municipalities and political subdivisions, pre-refunded [Member]
Investment disclosure details
Fixed maturities, amortized cost	4,428		4,968
Gross unrealized gains	184		190
Gross unrealized losses			1
Fixed maturities, at fair value	4,612		5,157
Debt securities issued by foreign governments [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,559		1,631
Gross unrealized gains	33		34
Gross unrealized losses	2		3
Fixed maturities, at fair value	1,590		1,662
Continuous unrealized loss position less than 12 months, fair value	243		360
Continuous unrealized loss position less than 12 months, gross unrealized losses	2		3
Continuous unrealized loss position, total, fair value	243		360
Continuous unrealized loss position, total, gross unrealized losses	2		3
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,690		1,614
Gross unrealized gains	97		100
Gross unrealized losses	7		6
Fixed maturities, at fair value	1,780		1,708
Continuous unrealized loss position less than 12 months, fair value	529		528
Continuous unrealized loss position less than 12 months, gross unrealized losses	6		5
Continuous unrealized loss position 12 months or longer, fair value	40		43
Continuous unrealized loss position 12 months or longer, gross unrealized losses	1		1
Continuous unrealized loss position, total, fair value	569		571
Continuous unrealized loss position, total, gross unrealized losses	7		6
All other corporate bonds [Member]
Investment disclosure details
Fixed maturities, amortized cost	23,378		22,737
Gross unrealized gains	528		508
Gross unrealized losses	111		138
Fixed maturities, at fair value	23,795		23,107
Continuous unrealized loss position less than 12 months, fair value	5,718		6,470
Continuous unrealized loss position less than 12 months, gross unrealized losses	96		115
Continuous unrealized loss position 12 months or longer, fair value	343		437
Continuous unrealized loss position 12 months or longer, gross unrealized losses	15		23
Continuous unrealized loss position, total, fair value	6,061		6,907
Continuous unrealized loss position, total, gross unrealized losses	111		138
Redeemable preferred stock [Member]
Investment disclosure details
Fixed maturities, amortized cost	87		87
Gross unrealized gains	7		6
Fixed maturities, at fair value	94		93
Equity securities [Member]
Investment disclosure details
Gross realized gains	6	$ 3
Gross realized losses		$ 2
Continuous unrealized loss position less than 12 months, fair value	35		47
Continuous unrealized loss position less than 12 months, gross unrealized losses			2
Continuous unrealized loss position 12 months or longer, fair value	76		69
Continuous unrealized loss position 12 months or longer, gross unrealized losses	7		6
Continuous unrealized loss position, total, fair value	111		116
Continuous unrealized loss position, total, gross unrealized losses	7		8
Equity securities [Member] | Maximum [Member]
Investment disclosure details
Gross realized losses	1
Public common stock [Member]
Investment disclosure details
Equity securities, cost	398		390
Gross unrealized gains	223		216
Gross unrealized losses	2		3
Equity securities, at fair value	619		603
Continuous unrealized loss position less than 12 months, fair value	35		45
Continuous unrealized loss position less than 12 months, gross unrealized losses			2
Continuous unrealized loss position 12 months or longer, fair value	16		10
Continuous unrealized loss position 12 months or longer, gross unrealized losses	2		1
Continuous unrealized loss position, total, fair value	51		55
Continuous unrealized loss position, total, gross unrealized losses	2		3
Non-redeemable preferred stock [Member]
Investment disclosure details
Equity securities, cost	114		114
Gross unrealized gains	23		20
Gross unrealized losses	5		5
Equity securities, at fair value	132		129
Continuous unrealized loss position less than 12 months, fair value			2
Continuous unrealized loss position 12 months or longer, fair value	60		59
Continuous unrealized loss position 12 months or longer, gross unrealized losses	5		5
Continuous unrealized loss position, total, fair value	60		61
Continuous unrealized loss position, total, gross unrealized losses	$ 5		$ 5

Investments (details) - Derivat

Investments (details) - Derivatives - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Derivatives
Net realized investment gains (losses)	[1]	$ 5	$ (9)
Futures [Member] | U.S. Treasury notes contracts [Member]
Derivatives
Notional value of open contracts		400		$ 400
Net realized investment gains (losses)		$ (3)	$ (19)
[1]	Total other-than-temporary impairment (OTTI) losses were $(1) million and $(28) million for the three months ended March 31, 2017 and 2016, respectively. Of total OTTI, credit losses of $(2) million and $(18) million for the three months ended March 31, 2017 and 2016, respectively, were recognized in net realized investment gains (losses). In addition, unrealized gains (losses) from other changes in total OTTI of $1 million and $(10) million for the three months ended March 31, 2017 and 2016, respectively, were recognized in other comprehensive income as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Fair Value Measurements (detail

Fair Value Measurements (details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
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	$ 179	$ 99
Fair value of the fixed maturities for which the Company received a broker quote	$ 83	$ 85
Percent of short-term securities for which a pricing service estimates fair value	98.00%	98.00%
Percent of debt, including commercial paper, for which a pricing service estimates fair value	100.00%	100.00%

Fair Value Measurements (deta41

Fair Value Measurements (details) - Fair Value Hierarchy - Recurring basis [Member] - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	$ 62,072	$ 61,300
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	2,760	2,709
Level 2 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	59,014	58,371
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	298	220
Fixed maturities [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	61,268	60,515
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	2,057	2,038
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	58,949	58,293
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	262	184
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	2,049	2,035
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	2,049	2,035
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	31,960	31,910
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	31,956	31,898
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	4	12
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	1,590	1,662
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	1,590	1,662
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	1,780	1,708
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	1,692	1,704
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	88	4
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	23,795	23,107
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	5
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	23,620	22,939
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	170	168
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	94	93
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	91	90
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	751	732
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	686	654
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	65	78
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	619	603
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	619	603
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	132	129
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	67	51
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	65	78
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	53	53
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	17
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	$ 36	$ 36

Fair Value Measurements Footnot

Fair Value Measurements Footnote (details) - Financial Instruments - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Financial Instruments
Short-term securities	$ 4,817	$ 4,865
Fair Value [Member]
Financial Instruments
Short-term securities	4,817	4,865
Debt	7,306	7,262
Commercial paper amount	100	100
Fair Value [Member] | Level 1 [Member]
Financial Instruments
Short-term securities	991	1,223
Fair Value [Member] | Level 2 [Member]
Financial Instruments
Short-term securities	3,791	3,607
Debt	7,306	7,262
Commercial paper amount	100	100
Fair Value [Member] | Level 3 [Member]
Financial Instruments
Short-term securities	35	35
Carrying Value [Member]
Financial Instruments
Short-term securities	4,817	4,865
Debt	6,338	6,337
Commercial paper amount	$ 100	$ 100

Goodwill and Other Intangible43

Goodwill and Other Intangible Assets (details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Goodwill by segment
Goodwill	$ 3,584	$ 3,580
Reportable Segments [Member] | Business and International Insurance [Member]
Goodwill by segment
Goodwill	2,449	2,446
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Goodwill by segment
Goodwill	497	496
Reportable Segments [Member] | Personal Insurance [Member]
Goodwill by segment
Goodwill	612	612
Other [Member]
Goodwill by segment
Goodwill	$ 26	$ 26

Goodwill and Other Intangible44

Goodwill and Other Intangible Assets (details) - Other Intangible Assets - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Goodwill and Other Intangible Assets disclosure
Intangible assets subject to amortization, gross carrying amount	$ 210		$ 210
Intangible assets subject to amortization, accumulated amortization	161		159
Intangible assets subject to amortization, net	49		51
Intangible assets not subject to amortization	217		217
Total other intangible assets, gross carrying amount	427		427
Total other intangible assets, net	266		$ 268
Amortization expense of intangible assets	3	$ 3
Estimated intangible asset amortization expense, remainder of 2017	7
Estimated intangible asset amortization expense, 2018	8
Estimated intangible asset amortization expense, 2019	6
Estimated intangible asset amortization expense, 2020	5
Estimated intangible asset amortization expense, 2021	$ 5

Insurance Claim Reserves (detai

Insurance Claim Reserves (details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Insurance Claim Reserves disclosure
Amount of increase in gross claims and claim adjustment expense reserves	$ 372
Amount of decrease in reinsurance recoverables on unpaid losses	39
Accretion of discount	$ 13	$ 13

Insurance Claim Reserves (det46

Insurance Claim Reserves (details) - Reserve Detail for Claims and Claim Adjustment Expenses - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]
Claims and claim adjustment expense reserves at beginning of year	$ 47,949
Claims and claim adjustment expense reserves at end of period	48,320
Property casualty [Member]
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]
Claims and claim adjustment expense reserves at beginning of year	47,929	$ 48,272
Reinsurance recoverables on unpaid losses	7,981	8,449
Net reserves at beginning of year	39,948	39,823
Estimated claims and claim adjustment expenses for claims arising in the current year	4,126	3,843
Estimated decrease in claims and claim adjustment expenses for claims arising in prior years	(50)	(149)
Total increases	4,076	3,694
Claims and claim adjustment expense payments for claims arising in current year	887	789
Claims and claim adjustment expense payments for claims arising in prior years	2,812	2,563
Total payments	3,699	3,352
Unrealized foreign exchange loss	34	102
Net reserves at end of period	40,359	40,267
Reinsurance recoverables on unpaid losses	7,942	8,351
Claims and claim adjustment expense reserves at end of period	48,301	$ 48,618
Accident and health [Member]
Reconciliation of beginning and ending reserve balances for claims and claim adjustment expenses [Roll Forward]
Claims and claim adjustment expense reserves at beginning of year	20
Claims and claim adjustment expense reserves at end of period	$ 19

Insurance Claim Reserves (det47

Insurance Claim Reserves (details) - Prior Year Reserve Development - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Liability for claims and claim adjustment expense
Net favorable prior year reserve development impacting the Company's results of operations	$ 81	$ 180
Business and International Insurance [Member]
Liability for claims and claim adjustment expense
Net favorable prior year reserve development impacting the Company's results of operations	71	93
Bond & Specialty Insurance [Member]
Liability for claims and claim adjustment expense
Net favorable prior year reserve development impacting the Company's results of operations	10	60
Personal Insurance [Member]
Liability for claims and claim adjustment expense
Net favorable prior year reserve development impacting the Company's results of operations	$ 0	$ 27

Other Comprehensive Income an48

Other Comprehensive Income and Accumulated Other Comprehensive Income (details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year	$ 23,221
Other comprehensive income, net of taxes	140	$ 571
Shareholders' equity, end of period	23,612	24,166
Pre-tax components of other comprehensive income and related tax expense
Other comprehensive income before income taxes	202	838
Income tax expense	62	267
Other comprehensive income, net of taxes	140	571
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year	(755)	(157)
Other comprehensive income before reclassifications	135
Amounts reclassified from accumulated other comprehensive income	5
Other comprehensive income, net of taxes	140	571
Shareholders' equity, end of period	(615)	414
Pre-tax components of other comprehensive income and related tax expense
Other comprehensive income before income taxes	202	838
Income tax expense	62	267
Other comprehensive income, net of taxes	140	571
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	528
Other comprehensive income before reclassifications	100
Amounts reclassified from accumulated other comprehensive income	(7)
Other comprehensive income, net of taxes	93	467
Shareholders' equity, end of period	621
Pre-tax components of other comprehensive income and related tax expense
Other comprehensive income before income taxes	144	714
Income tax expense	51	247
Other comprehensive income, net of taxes	93	467
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	202
Other comprehensive income, net of taxes		3
Shareholders' equity, end of period	202
Pre-tax components of other comprehensive income and related tax expense
Other comprehensive income before income taxes		5
Income tax expense		2
Other comprehensive income, net of taxes		3
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member]
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year	(703)
Amounts reclassified from accumulated other comprehensive income	12
Other comprehensive income, net of taxes	12	11
Shareholders' equity, end of period	(691)
Pre-tax components of other comprehensive income and related tax expense
Other comprehensive income before income taxes	17	16
Income tax expense	5	5
Other comprehensive income, net of taxes	12	11
Net Unrealized Foreign Currency Translation [Member]
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year	(782)
Other comprehensive income before reclassifications	35
Other comprehensive income, net of taxes	35	90
Shareholders' equity, end of period	(747)
Pre-tax components of other comprehensive income and related tax expense
Other comprehensive income before income taxes	41	103
Income tax expense	6	13
Other comprehensive income, net of taxes	$ 35	$ 90

Other Comprehensive Income an49

Other Comprehensive Income and Accumulated Other Comprehensive Income (details) - Reclassifications - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting net realized investment gains on the income statement	[1]	$ (5)	$ 9
Reclassification adjustment impacting claims and claim adjustment expenses on the income statement		4,094	3,712
Reclassification adjustment impacting general and administrative expense on the income statement		996	995
Total reclassifications		(760)	(917)
Income tax (expense) benefit		(143)	(226)
Amounts reclassified from accumulated other comprehensive income, net of taxes		(617)	(691)
Accumulated Other Comprehensive Income (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Total reclassifications		7	16
Income tax (expense) benefit		2	5
Amounts reclassified from accumulated other comprehensive income, net of taxes		5	11
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		(10)	(11)
Income tax (expense) benefit		(3)	(4)
Amounts reclassified from accumulated other comprehensive income, net of taxes		(7)	(7)
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			11
Income tax (expense) benefit			4
Amounts reclassified from accumulated other comprehensive income, net of taxes			7
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting claims and claim adjustment expenses on the income statement		7	6
Reclassification adjustment impacting general and administrative expense on the income statement		10	10
Total reclassifications		17	16
Income tax (expense) benefit		5	5
Amounts reclassified from accumulated other comprehensive income, net of taxes		$ 12	$ 11
[1]	Total other-than-temporary impairment (OTTI) losses were $(1) million and $(28) million for the three months ended March 31, 2017 and 2016, respectively. Of total OTTI, credit losses of $(2) million and $(18) million for the three months ended March 31, 2017 and 2016, respectively, were recognized in net realized investment gains (losses). In addition, unrealized gains (losses) from other changes in total OTTI of $1 million and $(10) million for the three months ended March 31, 2017 and 2016, respectively, were recognized in other comprehensive income as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Common Share Repurchases (detai

Common Share Repurchases (details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Common Share Repurchases disclosure
Number of shares repurchased (in shares) | shares	1.9
Cost of shares repurchased	$ 225
Average cost per share repurchased | $ / shares	$ 120.86
Remaining capacity under share repurchase authorization	$ 709
Number of shares acquired to cover tax withholding costs and exercise costs (in shares) | shares	0.5
Cost of shares acquired to cover tax withholding costs and exercise costs	$ 61

Common Share Repurchases (det51

Common Share Repurchases (details) - Subsequent Events $ in Billions	Apr. 20, 2017USD ($)
Subsequent Event [Member]
Class of Treasury Stock
Additional share repurchase authorization	$ 5

Earnings per Share (details)

Earnings per Share (details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings per Share disclosure
Net income	$ 617	$ 691
Participating share-based awards - allocated income	(4)	(5)
Net income available to common shareholders -- basic	613	686
Net income available to common shareholders -- diluted	$ 613	$ 686
Weighted average shares outstanding, basic	279.7	294.2
Weighted average effects of dilutive securities, stock options and performance shares (in shares)	2.7	3.7
Weighted average shares outstanding, diluted	282.4	297.9
Net income per common share, basic	$ 2.19	$ 2.33
Net income per common share, diluted	$ 2.17	$ 2.30

Share-Based Incentive Compens53

Share-Based Incentive Compensation (details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-Based Incentive Compensation disclosure
Stock options vested at end of period, number (in shares)	6,328,223
Stock options vested at end of period, weighted average exercise price (per share)	$ 86.11
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	$ 218
Stock options exercisable at end of period, number (in shares)	3,631,047
Stock options exercisable at end of period, weighted average exercise price (per share)	$ 68.37
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	$ 189
Total compensation cost recognized in earnings for all share-based incentive compensation awards	42	$ 50
Tax benefit recognized in earnings related to compensation costs	14	$ 17
Total unrecognized compensation cost related to all nonvested share-based incentive compensation awards	$ 214
Weighted-average period of recognition for unrecognized compensation cost (in years)	2 years 2 months 12 days

Pension Plans, Retirement Ben54

Pension Plans, Retirement Benefits and Savings Plans (details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pension Plans [Member]
Defined benefit plan disclosure
Service cost	$ 30	$ 29
Interest cost on benefit obligation	31	30
Expected return on plan assets	(60)	(57)
Net periodic benefit cost, amortization of unrecognized net actuarial loss	18	17
Total non-service cost	(11)	(10)
Net periodic benefit cost	19	19
Pension Plans [Member] | Claims and claim adjustment expenses [Member]
Defined benefit plan disclosure
Service cost	12	12
Total non-service cost	(4)	(4)
Pension Plans [Member] | General and administrative expenses [Member]
Defined benefit plan disclosure
Service cost	18	17
Total non-service cost	(7)	(6)
Postretirement Benefit Plans [Member]
Defined benefit plan disclosure
Interest cost on benefit obligation	2	2
Net periodic benefit cost, amortization of unrecognized prior service benefit	(1)	(1)
Total non-service cost	1	1
Net periodic benefit cost	1	1
Postretirement Benefit Plans [Member] | General and administrative expenses [Member]
Defined benefit plan disclosure
Total non-service cost	$ 1	$ 1

Contingencies, Commitments an55

Contingencies, Commitments and Guarantees (details) $ in Millions	3 Months Ended	79 Months Ended
	Dec. 31, 2016USD ($)	Mar. 31, 2017USD ($)item	Nov. 07, 2016USD ($)item	Nov. 06, 2016USD ($)
Gain Contingency
Reinsurance recoverables	$ 8,287	$ 8,199
United States Fidelity & Guaranty Company v. American Re-Insurance Company, et al. [Member]
Gain Contingency
Number of discrete issues for which the Court of Appeals remanded the case for trial | item		2
Number of reinsurer defendants | item		2	3
Number of reinsurers against which judgment was entered in a reinsurance dispute who are subsidiaries of the same company | item		2
Number of reinsurers with whom the Company reached a settlement agreeement | item			1
Payment received from settlement fund (pre-tax)	126
Payment received from settlement fund (after-tax)	$ 82
Reinsurance recoverables		$ 31	$ 31	$ 238
Total settlement amount		71
Settlement amount, reinsurance recoverables		31
Interest related to settlement award		$ 40
Annual interest rate accruing on judgment not yet paid		9.00%

Contingencies, Commitments an56

Contingencies, Commitments and Guarantees (details) - Commitments - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Contingencies and Commitments disclosure
Unfunded commitments to private equity limited partnerships and real estate partnerships	$ 1,600	$ 1,600

Contingencies, Commitments an57

Contingencies, Commitments and Guarantees (details) - Guarantees $ in Millions	Mar. 31, 2017USD ($)
Indemnifications related to the sale of businesses [Member]
Guarantor obligations
Maximum amount of contingent obligation	$ 358
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 State58

Consolidating Financial Statements (Unaudited) (details) $ in Millions	Mar. 31, 2017USD ($)
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 State59

Consolidating Financial Statements (details) - Consolidating Statement of Income (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Consolidating Statement of Income
Premiums		$ 6,183	$ 5,981
Net investment income		610	544
Fee income		113	117
Net realized investment gains (losses)	[1]	5	(9)
Other revenues		31	53
Total revenues		6,942	6,686
Claims and claim adjustment expenses		4,094	3,712
Amortization of deferred acquisition costs		1,003	971
General and administrative expenses		996	995
Interest expense		89	91
Total claims and expenses		6,182	5,769
Income before income taxes		760	917
Income tax expense (benefit)		143	226
Net income		617	691
Total other-than-temporary impairment losses		(1)	(28)
Other-than-temporary impairment losses recognized in net realized investment gains (losses)		(2)	(18)
Other-than-temporary impairment gains (losses) recognized in other comprehensive income		1	(10)
TPC [Member]
Consolidating Statement of Income
Premiums		4,228	4,085
Net investment income		412	376
Fee income		113	117
Net realized investment gains (losses)		(4)	(16)
Other revenues		24	48
Total revenues		4,773	4,610
Claims and claim adjustment expenses		2,752	2,520
Amortization of deferred acquisition costs		668	650
General and administrative expenses		703	704
Interest expense		12	12
Total claims and expenses		4,135	3,886
Income before income taxes		638	724
Income tax expense (benefit)		130	199
Net income		508	525
Total other-than-temporary impairment losses			(14)
Other-than-temporary impairment losses recognized in net realized investment gains (losses)		(1)	(9)
Other-than-temporary impairment gains (losses) recognized in other comprehensive income		1	(5)
Other Subsidiaries [Member]
Consolidating Statement of Income
Premiums		1,955	1,896
Net investment income		194	166
Net realized investment gains (losses)		9	7
Other revenues		9	16
Total revenues		2,167	2,085
Claims and claim adjustment expenses		1,342	1,192
Amortization of deferred acquisition costs		335	321
General and administrative expenses		292	298
Total claims and expenses		1,969	1,811
Income before income taxes		198	274
Income tax expense (benefit)		54	69
Net income		144	205
Total other-than-temporary impairment losses		(1)	(14)
Other-than-temporary impairment losses recognized in net realized investment gains (losses)		(1)	(9)
Other-than-temporary impairment gains (losses) recognized in other comprehensive income			(5)
TRV [Member]
Consolidating Statement of Income
Net investment income		4	2
Total revenues		4	2
General and administrative expenses		3	4
Interest expense		77	79
Total claims and expenses		80	83
Income before income taxes		(76)	(81)
Income tax expense (benefit)		(41)	(42)
Net income of subsidiaries		652	730
Net income		617	691
Eliminations [Member]
Consolidating Statement of Income
Other revenues		(2)	(11)
Total revenues		(2)	(11)
General and administrative expenses		(2)	(11)
Total claims and expenses		(2)	(11)
Net income of subsidiaries		(652)	(730)
Net income		$ (652)	$ (730)
[1]	Total other-than-temporary impairment (OTTI) losses were $(1) million and $(28) million for the three months ended March 31, 2017 and 2016, respectively. Of total OTTI, credit losses of $(2) million and $(18) million for the three months ended March 31, 2017 and 2016, respectively, were recognized in net realized investment gains (losses). In addition, unrealized gains (losses) from other changes in total OTTI of $1 million and $(10) million for the three months ended March 31, 2017 and 2016, respectively, were recognized in other comprehensive income as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Consolidating Financial State60

Consolidating Financial Statements (details) - Consolidating Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Consolidating Statement of Comprehensive Income
Net income	$ 617	$ 691
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	144	714
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income		5
Net changes in benefit plan assets and obligations	17	16
Net changes in unrealized foreign currency translation	41	103
Other comprehensive income before income taxes	202	838
Income tax expense	62	267
Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries	140	571
Other comprehensive income, net of taxes	140	571
Comprehensive income	757	1,262
TPC [Member]
Consolidating Statement of Comprehensive Income
Net income	508	525
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	93	485
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	1	2
Net changes in unrealized foreign currency translation	25	94
Other comprehensive income before income taxes	119	581
Income tax expense	37	181
Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries	82	400
Other comprehensive income, net of taxes	82	400
Comprehensive income	590	925
Other Subsidiaries [Member]
Consolidating Statement of Comprehensive Income
Net income	144	205
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	44	228
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	(1)	3
Net changes in benefit plan assets and obligations		1
Net changes in unrealized foreign currency translation	16	9
Other comprehensive income before income taxes	59	241
Income tax expense	16	79
Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries	43	162
Other comprehensive income, net of taxes	43	162
Comprehensive income	187	367
TRV [Member]
Consolidating Statement of Comprehensive Income
Net income	617	691
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	7	1
Net changes in benefit plan assets and obligations	17	15
Other comprehensive income before income taxes	24	16
Income tax expense	9	7
Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries	15	9
Other comprehensive income of subsidiaries	125	562
Other comprehensive income, net of taxes	140	571
Comprehensive income	757	1,262
Eliminations [Member]
Consolidating Statement of Comprehensive Income
Net income	(652)	(730)
Other comprehensive income of subsidiaries	(125)	(562)
Other comprehensive income, net of taxes	(125)	(562)
Comprehensive income	$ (777)	$ (1,292)

Consolidating Financial State61

Consolidating Financial Statements (details) - Consolidating Balance Sheet (Unaudited) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	$ 61,268	$ 60,515
Equity securities, available for sale, at fair value	751	732
Real estate investments	926	928
Short-term securities	4,817	4,865
Other investments	3,495	3,448
Total investments	71,257	70,488
Cash	249	307	$ 361	$ 380
Investment income accrued	575	630
Premiums receivable	7,012	6,722
Reinsurance recoverables	8,199	8,287
Ceded unearned premiums	745	589
Deferred acquisition costs	1,987	1,923
Deferred taxes	261	465
Contractholder receivables	4,668	4,609
Goodwill	3,584	3,580
Other intangible assets	266	268
Other assets	2,443	2,377
Total assets	101,246	100,245
Claims and claim adjustment expense reserves	48,320	47,949
Unearned premium reserves	12,814	12,329
Contractholder payables	4,668	4,609
Payables for reinsurance premiums	429	273
Debt	6,438	6,437
Other liabilities	4,965	5,427
Total liabilities	77,634	77,024
Common stock	22,724	22,614
Retained earnings	32,623	32,196
Accumulated other comprehensive income (loss)	(615)	(755)
Treasury stock, at cost	(31,120)	(30,834)
Total shareholders' equity	23,612	23,221	24,166
Total liabilities and shareholders' equity	101,246	100,245
Fixed maturities, available for sale, amortized cost	60,269	59,650
Equity securities, available for sale, cost	$ 512	$ 504
Common stock, shares authorized	1,750	1,750
Common stock, shares issued	279.4	279.6
Common stock, shares outstanding	279.4	279.6
Treasury stock, at cost, shares	491.9	489.5
TPC [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	$ 42,549	$ 42,014
Equity securities, available for sale, at fair value	173	169
Real estate investments	55	56
Short-term securities	2,202	2,447
Other investments	2,605	2,569
Total investments	47,584	47,255
Cash	91	141	211	225
Investment income accrued	402	441
Premiums receivable	4,730	4,545
Reinsurance recoverables	5,628	5,664
Ceded unearned premiums	668	536
Deferred acquisition costs	1,794	1,741
Deferred taxes	38	216
Contractholder receivables	3,715	3,656
Goodwill	2,582	2,578
Other intangible assets	202	202
Other assets	2,094	1,973
Total assets	69,528	68,948
Claims and claim adjustment expense reserves	32,421	32,168
Unearned premium reserves	8,918	8,575
Contractholder payables	3,715	3,656
Payables for reinsurance premiums	259	156
Debt	693	693
Other liabilities	3,870	4,106
Total liabilities	49,876	49,354
Additional paid-in capital	11,634	11,634
Retained earnings	7,908	7,933
Accumulated other comprehensive income (loss)	110	27
Total shareholders' equity	19,652	19,594
Total liabilities and shareholders' equity	69,528	68,948
Other Subsidiaries [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	18,669	18,452
Equity securities, available for sale, at fair value	416	408
Real estate investments	871	872
Short-term securities	559	791
Other investments	889	878
Total investments	21,404	21,401
Cash	156	164	148	153
Investment income accrued	169	183
Premiums receivable	2,282	2,177
Reinsurance recoverables	2,571	2,623
Ceded unearned premiums	77	53
Deferred acquisition costs	193	182
Deferred taxes	201	224
Contractholder receivables	953	953
Goodwill	1,002	1,002
Other intangible assets	64	66
Other assets	311	370
Total assets	29,383	29,398
Claims and claim adjustment expense reserves	15,899	15,781
Unearned premium reserves	3,896	3,754
Contractholder payables	953	953
Payables for reinsurance premiums	170	117
Other liabilities	989	1,239
Total liabilities	21,907	21,844
Common stock	390	390
Additional paid-in capital	6,499	6,499
Retained earnings	678	797
Accumulated other comprehensive income (loss)	(91)	(132)
Total shareholders' equity	7,476	7,554
Total liabilities and shareholders' equity	29,383	29,398
TRV [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	50	49
Equity securities, available for sale, at fair value	162	155
Short-term securities	2,056	1,627
Other investments	1	1
Total investments	2,269	1,832
Cash	2	2	$ 2	$ 2
Investment income accrued	4	6
Deferred taxes	22	25
Investment in subsidiaries	27,118	27,137
Other assets	38	34
Total assets	29,453	29,036
Debt	5,745	5,744
Other liabilities	106	82
Total liabilities	5,851	5,826
Common stock	22,724	22,614
Retained earnings	32,613	32,185
Accumulated other comprehensive income (loss)	(615)	(755)
Treasury stock, at cost	(31,120)	(30,834)
Total shareholders' equity	23,602	23,210
Total liabilities and shareholders' equity	29,453	29,036
Eliminations [Member]
Consolidating Balance Sheet
Investment in subsidiaries	(27,118)	(27,137)
Total assets	(27,118)	(27,137)
Common stock	(390)	(390)
Additional paid-in capital	(18,133)	(18,133)
Retained earnings	(8,576)	(8,719)
Accumulated other comprehensive income (loss)	(19)	105
Total shareholders' equity	(27,118)	(27,137)
Total liabilities and shareholders' equity	$ (27,118)	$ (27,137)

Consolidating Financial State62

Consolidating Financial Statements (details) - Consolidating Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Consolidating Statement of Cash Flows
Net income	$ 617	$ 691
Net adjustments to reconcile net income to net cash provided by (used in) operating activities	158	159
Net cash provided by operating activities	775	850
Proceeds from maturities of fixed maturities	2,218	1,748
Proceeds from sales of investments, fixed maturities	188	421
Proceeds from sales of investments, equity securities	21	14
Proceeds from sales of investments, real estate investments	11	69
Proceeds from sales of investments, other investments	195	186
Purchases of investments, fixed maturities	(3,056)	(2,700)
Purchases of investments, equity securities	(22)	(12)
Purchases of investments, real estate investments	(16)	(7)
Purchases of investments, other investments	(124)	(162)
Net sales (purchases) of short-term securities	49	85
Securities transactions in course of settlement	157	291
Other investing activities	(63)	(79)
Net cash used in investing activities	(442)	(146)
Treasury stock acquired - share repurchase authorization	(225)	(550)
Treasury stock acquired - net employee share-based compensation	(61)	(59)
Dividends paid to shareholders	(190)	(180)
Issuance of common stock - employee share options	83	64
Net cash used in financing activities	(393)	(725)
Effect of exchange rate changes on cash	2	2
Net decrease in cash	(58)	(19)
Cash at beginning of year	307	380
Cash at end of period	249	361
Income taxes paid (received)	2	63
Interest paid	43	42
TPC [Member]
Consolidating Statement of Cash Flows
Net income	508	525
Net adjustments to reconcile net income to net cash provided by (used in) operating activities	112	151
Net cash provided by operating activities	620	676
Proceeds from maturities of fixed maturities	1,638	1,239
Proceeds from sales of investments, fixed maturities	88	237
Proceeds from sales of investments, equity securities	2	4
Proceeds from sales of investments, other investments	144	122
Purchases of investments, fixed maturities	(2,191)	(1,534)
Purchases of investments, equity securities	(1)	(1)
Purchases of investments, other investments	(96)	(123)
Net sales (purchases) of short-term securities	245	(152)
Securities transactions in course of settlement	102	159
Other investing activities	(70)	(78)
Net cash used in investing activities	(139)	(127)
Dividends paid to parent company	(532)	(565)
Net cash used in financing activities	(532)	(565)
Effect of exchange rate changes on cash	1	2
Net decrease in cash	(50)	(14)
Cash at beginning of year	141	225
Cash at end of period	91	211
Income taxes paid (received)	1	51
Interest paid	16	16
Other Subsidiaries [Member]
Consolidating Statement of Cash Flows
Net income	144	205
Net adjustments to reconcile net income to net cash provided by (used in) operating activities	(16)	(55)
Net cash provided by operating activities	128	150
Proceeds from maturities of fixed maturities	580	507
Proceeds from sales of investments, fixed maturities	100	183
Proceeds from sales of investments, equity securities	19	10
Proceeds from sales of investments, real estate investments	11	69
Proceeds from sales of investments, other investments	51	64
Purchases of investments, fixed maturities	(864)	(1,162)
Purchases of investments, equity securities	(20)	(10)
Purchases of investments, real estate investments	(16)	(7)
Purchases of investments, other investments	(28)	(39)
Net sales (purchases) of short-term securities	233	317
Securities transactions in course of settlement	53	131
Other investing activities	7	(1)
Net cash used in investing activities	126	62
Dividends paid to parent company	(263)	(217)
Net cash used in financing activities	(263)	(217)
Effect of exchange rate changes on cash	1
Net decrease in cash	(8)	(5)
Cash at beginning of year	164	153
Cash at end of period	156	148
Income taxes paid (received)	1	17
TRV [Member]
Consolidating Statement of Cash Flows
Net income	617	691
Net adjustments to reconcile net income to net cash provided by (used in) operating activities	205	115
Net cash provided by operating activities	822	806
Proceeds from maturities of fixed maturities		2
Proceeds from sales of investments, fixed maturities		1
Purchases of investments, fixed maturities	(1)	(4)
Purchases of investments, equity securities	(1)	(1)
Net sales (purchases) of short-term securities	(429)	(80)
Securities transactions in course of settlement	2	1
Net cash used in investing activities	(429)	(81)
Treasury stock acquired - share repurchase authorization	(225)	(550)
Treasury stock acquired - net employee share-based compensation	(61)	(59)
Dividends paid to shareholders	(190)	(180)
Issuance of common stock - employee share options	83	64
Net cash used in financing activities	(393)	(725)
Cash at beginning of year	2	2
Cash at end of period	2	2
Income taxes paid (received)		(5)
Interest paid	27	26
Eliminations [Member]
Consolidating Statement of Cash Flows
Net income	(652)	(730)
Net adjustments to reconcile net income to net cash provided by (used in) operating activities	(143)	(52)
Net cash provided by operating activities	(795)	(782)
Dividends paid to parent company	795	782
Net cash used in financing activities	$ 795	$ 782