The Travelers Companies, Inc. (TRV) 10-Q 19 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 16, 2017
Document and Entity Information
Registrant name	Travelers Companies, Inc.
Central index key	86,312
Document type	10-Q
Document period end date	Sep. 30, 2017
Amendment flag	false
Current fiscal year end date	--12-31
Filer category	Large Accelerated Filer
Common stock shares outstanding		273,695,876
Document fiscal year focus	2,017
Document fiscal period focus	Q3

Consolidated Statement of Incom

Consolidated Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues
Premiums		$ 6,523	$ 6,209	$ 19,057	$ 18,257
Net investment income		588	582	1,796	1,675
Fee income		113	116	342	352
Net realized investment gains	[1]	61	23	146	33
Other revenues		40	31	110	115
Total revenues		7,325	6,961	21,451	20,432
Claims and expenses
Claims and claim adjustment expenses		4,806	3,856	13,125	11,330
Amortization of deferred acquisition costs		1,059	1,012	3,094	2,972
General and administrative expenses		1,045	1,057	3,086	3,106
Interest expense		95	89	276	273
Total claims and expenses		7,005	6,014	19,581	17,681
Income before income taxes		320	947	1,870	2,751
Income tax expense		27	231	365	680
Net income		$ 293	$ 716	$ 1,505	$ 2,071
Net income per share
Basic (in dollars per share)		$ 1.06	$ 2.48	$ 5.39	$ 7.09
Diluted (in dollars per share)		$ 1.05	$ 2.45	$ 5.34	$ 7
Weighted average number of common shares outstanding
Basic (in shares)		274.1	286	277.1	290
Diluted (in shares)		276.6	289.8	279.6	293.6
Cash dividends declared per common share (in dollars per share)		$ 0.72	$ 0.67	$ 2.11	$ 1.95
[1]	Total other-than-temporary impairment (OTTI) losses were $(5) million and $(4) million for the three months ended September 30, 2017 and 2016, respectively, and $(11) million and $(36) million for the nine months ended September 30, 2017 and 2016, respectively. Of total OTTI, credit losses of $(5) million and $(4) million for the three months ended September 30, 2017 and 2016, respectively, and $(12) million and $(26) million for the nine months ended September 30, 2017 and 2016, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months ended September 30, 2017 and 2016, and $1 million and $(10) million for the nine months ended September 30, 2017 and 2016, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Consolidated Statement of Inco3

Consolidated Statement of Income Parentheticals (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Consolidated Statement of Income (Unaudited)
Total other-than-temporary impairment losses	$ (5)	$ (4)	$ (11)	$ (36)
Other-than-temporary impairment, credit losses recognized in net realized investment gains	(5)	(4)	(12)	(26)
Unrealized gains (losses) from other changes in total other-than-temporary impairments recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	$ 0	$ 0	$ 1	$ (10)

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Consolidated Statement of Comprehensive Income (Unaudited)
Net income	$ 293	$ 716	$ 1,505	$ 2,071
Other comprehensive income (loss):
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	(42)	(455)	429	1,138
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	2	6	4	23
Net changes in benefit plan assets and obligations	(9)	16	25	50
Net changes in unrealized foreign currency translation	113	(31)	202	37
Other comprehensive income (loss) before income taxes	64	(464)	660	1,248
Income tax expense (benefit)	5	(159)	190	431
Other comprehensive income (loss), net of taxes	59	(305)	470	817
Comprehensive income	$ 352	$ 411	$ 1,975	$ 2,888

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited at September 30, 2017) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Assets
Fixed maturities, available for sale, at fair value (amortized cost $60,727 and $59,650)	$ 62,157	$ 60,515
Equity securities, available for sale, at fair value (cost $509 and $504)	601	732
Real estate investments	923	928
Short-term securities	5,859	4,865
Other investments	3,552	3,448
Total investments	73,092	70,488
Cash	379	307	$ 269	$ 380
Investment income accrued	568	630
Premiums receivable	7,267	6,722
Reinsurance recoverables	8,345	8,287
Ceded unearned premiums	688	589
Deferred acquisition costs	2,077	1,923
Deferred taxes	243	465
Contractholder receivables	4,757	4,609
Goodwill	3,946	3,580
Other intangible assets	345	268
Other assets	2,604	2,377
Total assets	104,311	100,245
Liabilities
Claims and claim adjustment expense reserves	49,750	47,949
Unearned premium reserves	13,247	12,329
Contractholder payables	4,757	4,609
Payables for reinsurance premiums	423	273
Debt	6,921	6,437
Other liabilities	5,475	5,427
Total liabilities	80,573	77,024
Shareholders' equity
Common stock (1,750.0 shares authorized; 273.8 and 279.6 shares issued and 273.7 and 279.6 shares outstanding)	22,836	22,614
Retained earnings	33,110	32,196
Accumulated other comprehensive loss	(285)	(755)
Treasury stock, at cost (498.3 and 489.5 shares)	(31,923)	(30,834)
Total shareholders' equity	23,738	23,221	$ 24,439
Total liabilities and shareholders' equity	$ 104,311	$ 100,245

Consolidated Balance Sheet Pare

Consolidated Balance Sheet Parentheticals (Unaudited at September 30, 2017) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Consolidated Balance Sheet (Unaudited at September 30, 2017)
Fixed maturities, available for sale, amortized cost	$ 60,727	$ 59,650
Equity securities, available for sale, cost	$ 509	$ 504
Common stock, shares authorized (in shares)	1,750	1,750
Common stock, shares issued (in shares)	273.8	279.6
Common stock, shares outstanding (in shares)	273.7	279.6
Treasury stock, at cost (in shares)	498.3	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		123
Compensation amortization under share-based plans and other changes		124
Net income	$ 2,071		2,071
Dividends			(571)
Other			(2)
Other comprehensive income	817			817
Treasury stock acquired - share repurchase authorization					(1,650)
Net shares acquired related to employee share-based compensation plans					(71)
Shareholders' equity, end of period at Sep. 30, 2016	24,439	22,419	31,443	660	(30,083)
Balance, beginning of year (in shares) at Dec. 31, 2015						295.9
Common shares outstanding
Treasury stock acquired - share repurchase authorization (in shares)						(14.7)
Net shares issued under employee share-based compensation plans (in shares)						2.9
Balance, end of period (in shares) at Sep. 30, 2016						284.1
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		118
Compensation amortization under share-based plans and other changes		104
Net income	1,505		1,505
Dividends			(591)
Other comprehensive income	470			470
Treasury stock acquired - share repurchase authorization	(1,028)				(1,028)
Net shares acquired related to employee share-based compensation plans	(61)				(61)
Shareholders' equity, end of period at Sep. 30, 2017	$ 23,738	$ 22,836	$ 33,110	$ (285)	$ (31,923)
Balance, beginning of year (in shares) at Dec. 31, 2016	279.6					279.6
Common shares outstanding
Treasury stock acquired - share repurchase authorization (in shares)	(8.3)					(8.3)
Net shares issued under employee share-based compensation plans (in shares)						2.4
Balance, end of period (in shares) at Sep. 30, 2017	273.7					273.7

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net income		$ 1,505	$ 2,071
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment gains	[1]	(146)	(33)
Depreciation and amortization		611	624
Deferred federal income tax expense		88	29
Amortization of deferred acquisition costs		3,094	2,972
Equity in income from other investments		(300)	(114)
Premiums receivable		(517)	(340)
Reinsurance recoverables		(19)	248
Deferred acquisition costs		(3,237)	(3,096)
Claims and claim adjustment expense reserves		1,561	(139)
Unearned premium reserves		852	725
Other operating activities		(268)	116
Net cash provided by operating activities		3,224	3,063
Cash flows from investing activities
Proceeds from maturities of fixed maturities		6,581	6,648
Proceeds from sales of investments:
Fixed maturities		860	865
Equity securities		340	71
Real estate investments		23	69
Other investments		603	569
Purchases of investments:
Fixed maturities		(8,403)	(9,004)
Equity securities		(193)	(36)
Real estate investments		(40)	(30)
Other investments		(392)	(422)
Net purchases of short-term securities		(990)	(135)
Securities transactions in course of settlement		122	511
Acquisition, net of cash acquired		(439)
Other investing activities		(187)	(240)
Net cash used in investing activities		(2,115)	(1,134)
Cash flows from financing activities
Treasury stock acquired - share repurchase authorization		(1,028)	(1,650)
Treasury stock acquired - net employee share-based compensation		(61)	(71)
Dividends paid to shareholders		(589)	(569)
Payment of debt		(207)	(400)
Issuance of debt		689	491
Issuance of common stock - employee share options		148	164
Net cash used in financing activities		(1,048)	(2,035)
Effect of exchange rate changes on cash		11	(5)
Net increase (decrease) in cash		72	(111)
Cash at beginning of year		307	380
Cash at end of period		379	269
Supplemental disclosure of cash flow information
Income taxes paid		467	648
Interest paid		$ 217	$ 223
[1]	Total other-than-temporary impairment (OTTI) losses were $(5) million and $(4) million for the three months ended September 30, 2017 and 2016, respectively, and $(11) million and $(36) million for the nine months ended September 30, 2017 and 2016, respectively. Of total OTTI, credit losses of $(5) million and $(4) million for the three months ended September 30, 2017 and 2016, respectively, and $(12) million and $(26) million for the nine months ended September 30, 2017 and 2016, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months ended September 30, 2017 and 2016, and $1 million and $(10) million for the nine months ended September 30, 2017 and 2016, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	9 Months Ended
	Sep. 30, 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) as updated by the Company’s Current Report on Form 8-K filed on June 20, 2017. The Form 8-K was filed to reclassify certain of the Company’s historical segment information to conform the presentation of such segment information to the manner in which the Company’s businesses have been managed beginning April 1, 2017 (as described in more detail below) and reflect the revised names and descriptions of certain businesses comprising these segments and other related changes. 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 August 4, 2017, the Company completed its previously announced acquisition of all issued and outstanding shares of Simply Business Holdings LTD (Simply Business), a leading provider of small business insurance policies in the United Kingdom, for a purchase price of approximately $464 million, which included the repayment of debt and other obligations of Simply Business. In addition, the Company issued 95,953 shares of restricted common stock valued at approximately $12 million to certain employees of Simply Business who were equity holders of Simply Business. Subject to the satisfaction of certain conditions, 50% of the restricted stock will vest two years from the issuance date and the remainder will vest three years from the issuance date. The Company used a portion of the net proceeds from the issuance of senior notes in May 2017 (described in more detail in note 8) and internal resources to fund this transaction. 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 12 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 ” Compensation — Stock Compensation: Scope of Modification Accounting In May 2017, the FASB issued updated guidance related to a change to the terms or conditions (modification) of a share-based payment award. The updated guidance provides that an entity should account for the effects of a modification unless the fair value and vesting conditions of the modified award and the classification of the modified award (equity or liability instrument) are the same as the original award immediately before the modification. The updated guidance is effective for the quarter ending March 31, 2018. The update is to be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted in any interim periods for which financial statements have not yet been made available for issuance. The Company adopted the updated guidance effective April 1, 2017. The adoption did not have an effect on the Company’s results of operations, financial position or liquidity. 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 Effective April 1, 2017, and as reported in the Company’s Form 10-Q for the quarter ended June 30, 2017, the Company’s results are 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 were being managed as of that date, as well as the aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten. While the segmentation of the Company’s domestic businesses was unchanged, the Company’s international businesses, which were previously managed and reported in total within the Business and International Insurance segment, were disaggregated by product type among the three newly aligned reportable business segments. All prior periods presented have been reclassified to conform to this presentation. In connection with these changes, the Company revised the names and descriptions of certain businesses comprising the Company’s segments and has reflected other related changes. The reportable business segments are as follows: Business Insurance Business Insurance offers a broad array of property and casualty insurance and insurance related services to its customers, primarily in the United States, as well as in Canada, the United Kingdom, the Republic of Ireland, Brazil and throughout other parts of the world as a corporate member of Lloyd’s. Business Insurance is comprised of Select Accounts, Middle Market, National Accounts, National Property and Other, and International. Business Insurance also includes Simply Business, as well as Business Insurance Other, which comprises the Special Liability Group (which manages the Company’s asbestos and environmental liabilities) and the assumed reinsurance and certain other runoff operations. Bond & Specialty Insurance Bond & Specialty Insurance provides surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers in the United States and certain specialty insurance products in Canada, the United Kingdom, the Republic of Ireland and Brazil, utilizing various degrees of financially-based underwriting approaches. Personal Insurance Personal Insurance writes a broad range of property and casualty insurance covering individuals’ personal risks, primarily in the United States, as well as in Canada. The primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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 Bond & Specialty Personal Total 2017 Premiums $ 3,576 $ 591 $ 2,356 $ 6,523 Net investment income 437 57 94 588 Fee income 108 — 5 113 Other revenues 19 5 14 38 Total segment revenues (1) $ 4,140 $ 653 $ 2,469 $ 7,262 Segment income (1) $ 105 $ 136 $ 77 $ 318 2016 Premiums $ 3,497 $ 573 $ 2,139 $ 6,209 Net investment income 431 59 92 582 Fee income 111 — 5 116 Other revenues 7 5 16 28 Total segment revenues (1) $ 4,046 $ 637 $ 2,252 $ 6,935 Segment income (1) $ 433 $ 165 $ 163 $ 761 (1) (for the nine months Business Bond & Specialty Personal Total 2017 Premiums $ 10,509 $ 1,721 $ 6,827 $ 19,057 Net investment income 1,337 174 285 1,796 Fee income 329 — 13 342 Other revenues 43 16 45 104 Total segment revenues (1) $ 12,218 $ 1,911 $ 7,170 $ 21,299 Segment income (1) $ 976 $ 444 $ 178 $ 1,598 2016 Premiums $ 10,350 $ 1,684 $ 6,223 $ 18,257 Net investment income 1,234 177 264 1,675 Fee income 340 — 12 352 Other revenues 45 14 47 106 Total segment revenues (1) $ 11,969 $ 1,875 $ 6,546 $ 20,390 Segment income (1) $ 1,281 $ 540 $ 410 $ 2,231 (1) Business Segment Reconciliations Three Months Ended Nine Months Ended (in millions) 2017 2016 2017 2016 Revenue reconciliation Earned premiums Business Insurance: Domestic: Workers’ compensation $ 998 $ 1,003 $ 2,973 $ 2,971 Commercial automobile 544 503 1,571 1,497 Commercial property 448 441 1,326 1,320 General liability 523 504 1,512 1,471 Commercial multi-peril 806 788 2,377 2,356 Other 7 9 21 23 Total Domestic 3,326 3,248 9,780 9,638 International 250 249 729 712 Total Business Insurance 3,576 3,497 10,509 10,350 Bond & Specialty Insurance: Domestic: Fidelity and surety 249 245 728 714 General liability 243 239 717 708 Other 48 45 139 133 Total Domestic 540 529 1,584 1,555 International 51 44 137 129 Total Bond & Specialty Insurance 591 573 1,721 1,684 Personal Insurance: Domestic: Automobile 1,192 1,026 3,431 2,936 Homeowners and Other 999 962 2,931 2,844 Total Domestic 2,191 1,988 6,362 5,780 International 165 151 465 443 Total Personal Insurance 2,356 2,139 6,827 6,223 Total earned premiums 6,523 6,209 19,057 18,257 Net investment income 588 582 1,796 1,675 Fee income 113 116 342 352 Other revenues 38 28 104 106 Total segment revenues 7,262 6,935 21,299 20,390 Other revenues 2 3 6 9 Net realized investment gains 61 23 146 33 Total revenues $ 7,325 $ 6,961 $ 21,451 $ 20,432 Income reconciliation, net of tax Total segment income $ 318 $ 761 $ 1,598 $ 2,231 Interest Expense and Other (1) (65 ) (60 ) (188 ) (183 ) Core income 253 701 1,410 2,048 Net realized investment gains 40 15 95 23 Net income $ 293 $ 716 $ 1,505 $ 2,071 (1) (in millions) September 30, December 31, Asset reconciliation Business Insurance $ 78,985 $ 75,730 Bond & Specialty Insurance 9,005 8,726 Personal Insurance 15,962 15,426 Total segment assets 103,952 99,882 Other assets (1) 359 363 Total consolidated assets $ 104,311 $ 100,245 (1)

Investments

Investments	9 Months Ended
	Sep. 30, 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 September 30, 2017, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,064 $ 9 $ 5 $ 2,068 Obligations of states, municipalities and political subdivisions: Local general obligation 13,798 410 67 14,141 Revenue 11,341 324 51 11,614 State general obligation 1,555 45 9 1,591 Pre-refunded 3,666 163 — 3,829 Total obligations of states, municipalities and political subdivisions 30,360 942 127 31,175 Debt securities issued by foreign governments 1,559 17 11 1,565 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,082 97 6 2,173 All other corporate bonds 24,572 587 79 25,080 Redeemable preferred stock 90 6 — 96 Total $ 60,727 $ 1,658 $ 228 $ 62,157 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 $3.83 billion and $5.16 billion at September 30, 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 $860 million and $865 million during the nine months ended September 30, 2017 and 2016, respectively. Gross gains of $28 million and $60 million and gross losses of $6 million and $10 million were realized on those sales during the nine months ended September 30, 2017 and 2016, respectively. Equity Securities The cost and fair value of investments in equity securities were as follows: Gross Unrealized Fair (at September 30, 2017, in millions) Cost Gains Losses Value Public common stock $ 392 $ 80 $ 2 $ 470 Non-redeemable preferred stock 117 20 6 131 Total $ 509 $ 100 $ 8 $ 601 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 $340 million and $71 million during the nine months ended September 30, 2017 and 2016, respectively. Gross gains of $146 million and $12 million and gross losses of $1 million and $3 million were realized on those sales during the nine months ended September 30, 2017 and 2016, respectively. Unrealized Investment Losses The following tables summarize, for all investments in an unrealized loss position at September 30, 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 as updated by the Company’s Current Report on Form 8-K filed on June 20, 2017. Less than 12 months 12 months or longer Total (at September 30, 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 $ 1,348 $ 4 $ 72 $ 1 $ 1,420 $ 5 Obligations of states, municipalities and political subdivisions 4,131 58 1,598 69 5,729 127 Debt securities issued by foreign governments 538 11 — — 538 11 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 729 5 81 1 810 6 All other corporate bonds 4,896 57 679 22 5,575 79 Total fixed maturities 11,642 135 2,430 93 14,072 228 Equity securities Public common stock 39 1 6 1 45 2 Non-redeemable preferred stock — — 60 6 60 6 Total equity securities 39 1 66 7 105 8 Total $ 11,681 $ 136 $ 2,496 $ 100 $ 14,177 $ 236 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 September 30, 2017 totaled $1 million, Impairment Charges Impairment charges included in net realized investment gains in the consolidated statement of income were $5 million and $4 million for the three months ended September 30, 2017 and 2016, respectively, and $12 million and $26 million for the nine months ended September 30, 2017 and 2016, respectively. The cumulative amount of credit losses on fixed maturities held at September 30, 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 $82 million and $86 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 nine months ended September 30, 2017 and 2016 from that disclosed in note 3 of notes to the consolidated financial statements in the Company’s 2016 Annual Report as updated by the Company’s Current Report on Form 8-K filed on June 20, 2017. 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 September 30, 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 for the three months and nine months ended September 30, 2017 and 2016 were not significant.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 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 $123 million and $99 million at September 30, 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 $75 million and $85 million at September 30, 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 September 30, 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 $ 2,068 $ 2,068 $ — $ — Obligations of states, municipalities and political subdivisions 31,175 18 31,153 4 Debt securities issued by foreign governments 1,565 — 1,565 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,173 — 2,143 30 All other corporate bonds 25,080 2 24,914 164 Redeemable preferred stock 96 3 93 — Total fixed maturities 62,157 2,091 59,868 198 Equity securities Public common stock 470 470 — — Non-redeemable preferred stock 131 68 63 — Total equity securities 601 538 63 — Other investments 56 18 — 38 Total $ 62,814 $ 2,647 $ 59,931 $ 236 (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 nine months ended September 30, 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 nine months ended September 30, 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 September 30, 2017, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 5,859 $ 5,859 $ 1,830 $ 3,995 $ 34 Financial liabilities: Debt $ 6,921 $ 8,042 $ — $ 8,042 $ — (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 September 30, 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 as updated by the Company’s Current Report on Form 8-K filed on June 20, 2017. The Company utilized a pricing service to estimate fair value for 100% of its debt at September 30, 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 nine months ended September 30, 2017 or year ended December 31, 2016.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 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. Each reportable segment includes goodwill associated with the Company’s international business which is subject to the impact of changes in foreign currency exchange rates. (in millions) September 30, December 31, Business Insurance (1) $ 2,579 $ 2,227 Bond & Specialty Insurance 550 549 Personal Insurance 791 778 Other 26 26 Total $ 3,946 $ 3,580 (1) Other Intangible Assets The following tables present a summary of the Company’s other intangible assets by major asset class. (at September 30, 2017, in millions) Gross Accumulated Net Subject to amortization (1) $ 285 $ 167 $ 118 Not subject to amortization 227 — 227 Total $ 512 $ 167 $ 345 (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 $4 million and $3 million for the three months ended September 30, 2017 and 2016, respectively, and $9 million and $8 million for the nine months ended September 30, 2017 and 2016, respectively. Intangible asset amortization expense is estimated to be $4 million for the remainder of 2017, $15 million in 2018, $14 million in 2019, $13 million in 2020 and $12 million in 2021.

Insurance Claim Reserves

Insurance Claim Reserves	9 Months Ended
	Sep. 30, 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) September 30, December 31, Property-casualty $ 49,733 $ 47,929 Accident and health 17 20 Total $ 49,750 $ 47,949 The following table presents a reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses for the nine months ended September 30, 2017 and 2016: (for the nine months ended September 30, 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 13,261 11,708 Estimated decrease in claims and claim adjustment expenses for claims arising in prior years (197 ) (430 ) Total increases 13,064 11,278 Claims and claim adjustment expense payments for claims arising in: Current year 4,799 4,334 Prior years 6,831 6,778 Total payments 11,630 11,112 Unrealized foreign exchange loss 215 12 Net reserves at end of period 41,597 40,001 Plus reinsurance recoverables on unpaid losses 8,136 8,146 Claims and claim adjustment expense reserves at end of period $ 49,733 $ 48,147 Gross claims and claim adjustment expense reserves at September 30, 2017 increased by $1.80 billion from December 31, 2016, Reinsurance recoverables on unpaid losses at September 30, 2017 increased by $155 million from December 31, 2016, primarily reflecting the impacts of catastrophe losses and the asbestos reserve increase in the third quarter of 2017, partially offset by cash collections in the first nine months of 2017, including the settlement of certain disputes as discussed in more detail in note 13. Prior Year Reserve Development The following disclosures regarding reserve development are on a “net of reinsurance” basis. For the nine months ended September 30, 2017 and 2016, estimated claims and claim adjustment expenses incurred included $197 million and $430 million, respectively, of net favorable development for claims arising in prior years, including $299 million and $507 million, respectively, of net favorable prior year reserve development impacting the Company’s results of operations and $38 million of accretion of discount in each period. Business Insurance. Net favorable prior year reserve development in the first nine months of 2017 totaled $195 million, primarily driven by net favorable prior year reserve development in the segment’s domestic operations due to better than expected loss experience in (i) the workers’ compensation product line for multiple accident years, (ii) the general liability product line (excluding an increase to asbestos and environmental reserves) for both primary and excess coverages for multiple accident years and (iii) the commercial multi-peril product line for liability coverages for multiple accident years, partially offset by (iv) a $225 million increase to asbestos reserves, (v) a $65 million increase to environmental reserves and (vi) the impact of higher than expected loss experience in the commercial automobile product line for accident years 2013 through 2016. The net favorable prior year reserve development in the segment’s domestic operations was partially offset by net unfavorable prior year reserve development in the segment’s international operations in Europe due to the U.K. Ministry of Justice’s “Ogden” discount rate adjustment applied to lump sum bodily injury payouts. Net favorable prior year reserve development in the first nine months of 2016 totaled $203 million, primarily driven by net favorable prior year reserve development in the segment’s domestic operations due to better than expected loss experience in (i) the workers’ compensation product line for accident years 2006 and prior as well as accident year 2015, (ii) the general liability product line (excluding an increase to asbestos and environmental reserves) for both primary and excess coverages for multiple accident years and (iii) the commercial automobile product line for accident years 2011 and prior, partially offset by (iv) a $225 million increase to asbestos reserves and (v) an $82 million increase to environmental reserves, as well as net favorable prior year reserve development in the segment’s international operations in Bond & Specialty Insurance. Personal Insurance. Subsequent Event The Company expects to incur significant catastrophe losses in the fourth quarter of 2017 resulting from wildfires that began in early October in California. The fires are ongoing and efforts to contain the fires are continuing; the Company does not currently have an estimate of its ultimate losses related to the fires.

Other Comprehensive Income and

Other Comprehensive Income and Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2017. Changes in Net Unrealized Gains on Net Benefit Plan (in millions, net of taxes) 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 377 1 (23 ) 177 532 Amounts reclassified from AOCI (103 ) 1 40 — (62 ) Net OCI, current period 274 2 17 177 470 Balance, September 30, 2017 $ 802 $ 204 $ (686 ) $ (605 ) $ (285 ) The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit). Three Months Ended Nine Months Ended (in millions) 2017 2016 2017 2016 Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income $ (42 ) $ (455 ) $ 429 $ 1,138 Income tax expense (benefit) (12 ) (159 ) 155 393 Net of taxes (30 ) (296 ) 274 745 Having credit losses recognized in the consolidated statement of income 2 6 4 23 Income tax expense 1 2 2 8 Net of taxes 1 4 2 15 Net changes in benefit plan assets and obligations (9 ) 16 25 50 Income tax expense (benefit) (3 ) 6 8 17 Net of taxes (6 ) 10 17 33 Net changes in unrealized foreign currency translation 113 (31 ) 202 37 Income tax expense (benefit) 19 (8 ) 25 13 Net of taxes 94 (23 ) 177 24 Total other comprehensive income (loss) 64 (464 ) 660 1,248 Total income tax expense (benefit) 5 (159 ) 190 431 Total other comprehensive income (loss), net of taxes $ 59 $ (305 ) $ 470 $ 817 The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income. Three Months Ended Nine Months Ended (in millions) 2017 2016 2017 2016 Reclassification adjustments related to unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (64 ) $ (19 ) $ (158 ) $ (54 ) Income tax expense (2) (22 ) (7 ) (55 ) (19 ) Net of taxes (42 ) (12 ) (103 ) (35 ) Having credit losses recognized in the consolidated statement of income (1) 1 — 1 12 Income tax benefit (2) — — — 4 Net of taxes 1 — 1 8 Reclassification adjustment related to benefit plan assets and obligations: Claims and claim adjustment expenses (3) 11 6 25 18 General and administrative expenses (3) 16 9 37 28 Total 27 15 62 46 Income tax benefit (2) 10 5 22 16 Net of taxes 17 10 40 30 Reclassification adjustment related to foreign currency translation (1) — — — — Income tax benefit (2) — — — — Net of taxes — — — — Total reclassifications (36 ) (4 ) (95 ) 4 Total income tax (expense) benefit (12 ) (2 ) (33 ) 1 Total reclassifications, net of taxes $ (24 ) $ (2 ) $ (62 ) $ 3 (1) (2) (3)

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt disclosure
Debt disclosure [Text Block]	8. DEBT Debt Issuance Debt Redemption. Commercial Paper.

Common Share Repurchases

Common Share Repurchases	9 Months Ended
	Sep. 30, 2017
Common Share Repurchases disclosure
Common Share Repurchases disclosure [Text Block]	9. COMMON SHARE REPURCHASES During the three months and nine months ended September 30, 2017, the Company repurchased 2.6 million and 8.3 million shares, respectively, under its share repurchase authorization, for a total cost of $328 million and $1.03 billion, respectively. The average cost per share repurchased was $128.11 and $124.12, respectively. In addition,

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2017
Earnings per Share disclosure
Earnings per Share disclosure [Text Block]	10. EARNINGS PER SHARE The following is a reconciliation of the net income and share data used in the basic and diluted earnings per share computations for the periods presented: Three Months Ended Nine Months Ended (in millions, except per share amounts) 2017 2016 2017 2016 Basic and Diluted Net income, as reported $ 293 $ 716 $ 1,505 $ 2,071 Participating share-based awards — allocated income (2 ) (6 ) (11 ) (16 ) Net income available to common shareholders — basic and diluted $ 291 $ 710 $ 1,494 $ 2,055 Common Shares Basic Weighted average shares outstanding 274.1 286.0 277.1 290.0 Diluted Weighted average shares outstanding 274.1 286.0 277.1 290.0 Weighted average effects of dilutive securities — stock options and performance shares 2.5 3.8 2.5 3.6 Total 276.6 289.8 279.6 293.6 Net Income per Common Share Basic $ 1.06 $ 2.48 $ 5.39 $ 7.09 Diluted $ 1.05 $ 2.45 $ 5.34 $ 7.00

Share-Based Incentive Compensat

Share-Based Incentive Compensation	9 Months Ended
	Sep. 30, 2017
Share-Based Incentive Compensation disclosure
Share-Based Incentive Compensation disclosure [Text Block]	11. SHARE-BASED INCENTIVE COMPENSATION The following information relates to fully vested stock option awards at September 30, 2017: Stock Options Number Weighted Weighted Aggregate Vested at end of period (1) 5,714,377 $ 88.66 6.2 years $ 194 Exercisable at end of period 3,060,575 $ 70.15 4.3 years $ 160 (1) The total compensation cost for all share-based incentive compensation awards recognized in earnings was $31 million and $42 million for the three months ended September 30, 2017 and 2016, respectively, and $104 million and $124 million for the nine months ended September 30, 2017 and 2016, respectively. The related tax benefits recognized in the consolidated statement of income were $10 million and $14 million for the three months ended September 30, 2017 and 2016, respectively, and $34 million and $42 million for the nine months ended September 30, 2017 and 2016, respectively. The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards at September 30, 2017 was $172 million, which is expected to be recognized over a weighted-average period of 1.9 years.

Pension Plans, Retirement Benef

Pension Plans, Retirement Benefits and Savings Plans	9 Months Ended
	Sep. 30, 2017
Pension Plans, Retirement Benefits and Savings Plans disclosure
Pension Plans, Retirement Benefits and Savings Plans disclosure [Text Block]	12. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS The following table summarizes the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the three months ended September 30, 2017 and 2016. (for the three months ended Pension Plans Postretirement Benefit Plans September 30, in millions) 2017 2016 2017 2016 Net Periodic Benefit Cost: Service cost $ 30 $ 29 $ — $ — Non-service cost: Interest cost on benefit obligation 35 30 2 2 Expected return on plan assets (60 ) (57 ) — — Settlement — — — — Amortization of unrecognized: Prior service benefit (1 ) — (1 ) (1 ) Net actuarial loss 29 17 — — Total non-service cost (benefit) 3 (10 ) 1 1 Net periodic benefit cost $ 33 $ 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 for the three months ended September 30, 2017 and 2016. (for the three months ended Pension Plans Postretirement Benefit Plans September 30, in millions) 2017 2016 2017 2016 Service Cost: Claims and claim adjustment expenses $ 13 $ 12 $ — $ — General and administrative expenses 17 17 — — Total service cost 30 29 — — Non-Service Cost: Claims and claim adjustment expenses 1 (4 ) 1 — General and administrative expenses 2 (6 ) — 1 Total non-service cost (benefit) 3 (10 ) 1 1 Net periodic benefit cost $ 33 $ 19 $ 1 $ 1 The following table summarizes the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the nine months ended September 30, 2017 and 2016. (for the nine months ended Pension Plans Postretirement Benefit Plans September 30, in millions) 2017 2016 2017 2016 Net Periodic Benefit Cost: Service cost $ 90 $ 88 $ — $ — Non-service cost: Interest cost on benefit obligation 96 91 5 6 Expected return on plan assets (180 ) (172 ) — — Settlement — 1 — — Amortization of unrecognized: Prior service benefit (1 ) — (3 ) (3 ) Net actuarial loss 66 50 — — Total non-service cost (benefit) (19 ) (30 ) 2 3 Net periodic benefit cost $ 71 $ 58 $ 2 $ 3 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 for the nine months ended September 30, 2017 and 2016. (for the nine months ended Pension Plans Postretirement Benefit Plans September 30, in millions) 2017 2016 2017 2016 Service Cost: Claims and claim adjustment expenses $ 37 $ 36 $ — $ — General and administrative expenses 53 52 — — Total service cost 90 88 — — Non-Service Cost: Claims and claim adjustment expenses (8 ) (13 ) 1 1 General and administrative expenses (11 ) (17 ) 1 2 Total non-service cost (benefit) (19 ) (30 ) 2 3 Net periodic benefit cost $ 71 $ 58 $ 2 $ 3

Contingencies, Commitments and

Contingencies, Commitments and Guarantees	9 Months Ended
	Sep. 30, 2017
Contingencies, Commitments and Guarantees disclosure
Contingencies, Commitments and Guarantees disclosure [Text Block]	13. 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. In connection with that settlement, 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. 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. The interest was treated for accounting purposes as a gain contingency in accordance with FASB Topic 450, Contingencies On May 1, 2017, the Company agreed to a settlement of this dispute with the two remaining defendants, along with the settlement of several other disputes with these same parties. As a result of the settlement of all of these matters, the Company recorded an immaterial gain in “other revenues” in its consolidated statement of income for the three months ended June 30, 2017, and the reinsurance recoverable of $31 million in the Company’s balance sheet was fully satisfied. 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 September 30, 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 $45 million at September 30, 2017, approximately $23 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 September 30, 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 as updated by the Company’s Form 8-K filed on June 20, 2017.

Consolidating Financial Stateme

Consolidating Financial Statements (Unaudited)	9 Months Ended
	Sep. 30, 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]	14. CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES The following consolidating financial statements of the Company have been prepared pursuant to Rule 3-10 of Regulation S-X. These consolidating financial statements have been prepared from the Company’s financial information on the same basis of accounting as the consolidated financial statements. The Travelers Companies, Inc. (excluding its subsidiaries, TRV) has fully and unconditionally guaranteed certain debt obligations of Travelers Property Casualty Corp. (TPC) and Travelers Insurance Group Holdings, Inc. (TIGHI), which totaled $700 million at September 30, 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, 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 September 30, 2017 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,466 $ 2,057 $ — $ — $ 6,523 Net investment income 405 189 7 (13 ) 588 Fee income 113 — — — 113 Net realized investment gains (losses) (1) 6 56 (1 ) — 61 Other revenues 21 21 — (2 ) 40 Total revenues 5,011 2,323 6 (15 ) 7,325 Claims and expenses Claims and claim adjustment expenses 3,191 1,615 — — 4,806 Amortization of deferred acquisition costs 716 343 — — 1,059 General and administrative expenses 723 314 10 (2 ) 1,045 Interest expense 12 — 83 — 95 Total claims and expenses 4,642 2,272 93 (2 ) 7,005 Income (loss) before income taxes 369 51 (87 ) (13 ) 320 Income tax expense (benefit) 74 17 (60 ) (4 ) 27 Net income of subsidiaries — — 329 (329 ) — Net income $ 295 $ 34 $ 302 $ (338 ) $ 293 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (2 ) $ (3 ) $ — $ — $ (5 ) OTTI losses recognized in net realized investment gains (losses) $ (2 ) $ (3 ) $ — $ — $ (5 ) OTTI losses recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended September 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,246 $ 1,963 $ — $ — $ 6,209 Net investment income 389 190 3 — 582 Fee income 116 — — — 116 Net realized investment gains (1) 10 12 — 1 23 Other revenues 24 11 — (4 ) 31 Total revenues 4,785 2,176 3 (3 ) 6,961 Claims and expenses Claims and claim adjustment expenses 2,615 1,241 — — 3,856 Amortization of deferred acquisition costs 683 329 — — 1,012 General and administrative expenses 744 312 4 (3 ) 1,057 Interest expense 11 — 78 — 89 Total claims and expenses 4,053 1,882 82 (3 ) 6,014 Income (loss) before income taxes 732 294 (79 ) — 947 Income tax expense (benefit) 194 81 (44 ) — 231 Net income of subsidiaries — — 751 (751 ) — Net income $ 538 $ 213 $ 716 $ (751 ) $ 716 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (1 ) $ (3 ) $ — $ — $ (4 ) OTTI losses recognized in net realized investment gains $ (1 ) $ (3 ) $ — $ — $ (4 ) OTTI gains (losses) recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the nine months ended September 30, 2017 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 13,039 $ 6,018 $ — $ — $ 19,057 Net investment income 1,218 574 17 (13 ) 1,796 Fee income 342 — — — 342 Net realized investment gains (losses) (1) (2 ) 90 58 — 146 Other revenues 75 42 — (7 ) 110 Total revenues 14,672 6,724 75 (20 ) 21,451 Claims and expenses Claims and claim adjustment expenses 8,794 4,331 — — 13,125 Amortization of deferred acquisition costs 2,077 1,017 — — 3,094 General and administrative expenses 2,163 911 19 (7 ) 3,086 Interest expense 36 — 240 — 276 Total claims and expenses 13,070 6,259 259 (7 ) 19,581 Income (loss) before income taxes 1,602 465 (184 ) (13 ) 1,870 Income tax expense (benefit) 361 125 (117 ) (4 ) 365 Net income of subsidiaries — — 1,581 (1,581 ) — Net income $ 1,241 $ 340 $ 1,514 $ (1,590 ) $ 1,505 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (4 ) $ (7 ) $ — $ — $ (11 ) OTTI losses recognized in net realized investment gains (losses) $ (5 ) $ (7 ) $ — $ — $ (12 ) OTTI gains recognized in OCI $ 1 $ — $ — $ — $ 1 CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the nine months ended September 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 12,492 $ 5,765 $ — $ — $ 18,257 Net investment income 1,142 524 9 — 1,675 Fee income 352 — — — 352 Net realized investment gains (losses) (1) (7 ) 39 — 1 33 Other revenues 105 28 — (18 ) 115 Total revenues 14,084 6,356 9 (17 ) 20,432 Claims and expenses Claims and claim adjustment expenses 7,710 3,620 — — 11,330 Amortization of deferred acquisition costs 1,999 973 — — 2,972 General and administrative expenses 2,191 923 9 (17 ) 3,106 Interest expense 35 — 238 — 273 Total claims and expenses 11,935 5,516 247 (17 ) 17,681 Income (loss) before income taxes 2,149 840 (238 ) — 2,751 Income tax expense (benefit) 584 219 (123 ) — 680 Net income of subsidiaries — — 2,186 (2,186 ) — Net income $ 1,565 $ 621 $ 2,071 $ (2,186 ) $ 2,071 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (18 ) $ (18 ) $ — $ — $ (36 ) OTTI losses recognized in net realized investment gains (losses) $ (13 ) $ (13 ) $ — $ — $ (26 ) OTTI losses recognized in OCI $ (5 ) $ (5 ) $ — $ — $ (10 ) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended September 30, 2017 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 295 $ 34 $ 302 $ (338 ) $ 293 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income — (47 ) 5 — (42 ) Having credit losses recognized in the consolidated statement of income 1 1 — — 2 Net changes in benefit plan assets and obligations — (1 ) (8 ) — (9 ) Net changes in unrealized foreign currency translation 61 52 — — 113 Other comprehensive income (loss) before income taxes and other comprehensive income of subsidiaries 62 5 (3 ) — 64 Income tax expense (benefit) 12 (11 ) 4 — 5 Other comprehensive income (loss), net of taxes, before other comprehensive income of subsidiaries 50 16 (7 ) — 59 Other comprehensive income of subsidiaries — — 66 (66 ) — Other comprehensive income 50 16 59 (66 ) 59 Comprehensive income $ 345 $ 50 $ 361 $ (404 ) $ 352 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended September 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 538 $ 213 $ 716 $ (751 ) $ 716 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (323 ) (137 ) 5 — (455 ) Having credit losses recognized in the consolidated statement of income 4 2 — — 6 Net changes in benefit plan assets and obligations 1 — 15 — 16 Net changes in unrealized foreign currency translation (13 ) (18 ) — — (31 ) Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (331 ) (153 ) 20 — (464 ) Income tax expense (benefit) (120 ) (48 ) 9 — (159 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (211 ) (105 ) 11 — (305 ) Other comprehensive loss of subsidiaries — — (316 ) 316 — Other comprehensive loss (211 ) (105 ) (305 ) 316 (305 ) Comprehensive income $ 327 $ 108 $ 411 $ (435 ) $ 411 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the nine months ended September 30, 2017 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 1,241 $ 340 $ 1,514 $ (1,590 ) $ 1,505 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 389 82 (42 ) — 429 Having credit losses recognized in the consolidated statement of income 3 1 — — 4 Net changes in benefit plan assets and obligations — (2 ) 27 — 25 Net changes in unrealized foreign currency translation 100 102 — — 202 Other comprehensive income (loss) before income taxes and other comprehensive income of subsidiaries 492 183 (15 ) — 660 Income tax expense 151 38 1 — 190 Other comprehensive income (loss), net of taxes, before other comprehensive income of subsidiaries 341 145 (16 ) — 470 Other comprehensive income of subsidiaries — — 486 (486 ) — Other comprehensive income 341 145 470 (486 ) 470 Comprehensive income $ 1,582 $ 485 $ 1,984 $ (2,076 ) $ 1,975 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the nine months ended September 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 1,565 $ 621 $ 2,071 $ (2,186 ) $ 2,071 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 732 397 9 — 1,138 Having credit losses recognized in the consolidated statement of income 12 11 — — 23 Net changes in benefit plan assets and obligations 19 20 11 — 50 Net changes in unrealized foreign currency translation 106 (69 ) — — 37 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 869 359 20 — 1,248 Income tax expense 277 144 10 — 431 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 592 215 10 — 817 Other comprehensive income of subsidiaries — — 807 (807 ) — Other comprehensive income 592 215 817 (807 ) 817 Comprehensive income $ 2,157 $ 836 $ 2,888 $ (2,993 ) $ 2,888 CONSOLIDATING BALANCE SHEET (Unaudited) At September 30, 2017 (in millions) TPC Other TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $60,727) $ 42,889 $ 19,218 $ 50 $ — $ 62,157 Equity securities, available for sale, at fair value (cost $509) 173 255 173 — 601 Real estate investments 55 868 — — 923 Short-term securities 2,936 1,024 1,899 — 5,859 Other investments 2,666 885 1 — 3,552 Total investments 48,719 22,250 2,123 — 73,092 Cash 165 214 — — 379 Investment income accrued 392 170 6 — 568 Premiums receivable 4,938 2,329 — — 7,267 Reinsurance recoverables 5,791 2,554 — — 8,345 Ceded unearned premiums 612 76 — — 688 Deferred acquisition costs 1,880 197 — — 2,077 Deferred taxes (76 ) 224 95 — 243 Contractholder receivables 3,813 944 — — 4,757 Goodwill 2,593 1,362 — (9 ) 3,946 Other intangible assets 202 143 — — 345 Investment in subsidiaries — — 28,036 (28,036 ) — Other assets 2,247 91 266 — 2,604 Total assets $ 71,276 $ 30,554 $ 30,526 $ (28,045 ) $ 104,311 Liabilities Claims and claim adjustment expense reserves $ 33,358 $ 16,392 $ — $ — $ 49,750 Unearned premium reserves 9,225 4,022 — — 13,247 Contractholder payables 3,813 944 — — 4,757 Payables for reinsurance premiums 249 174 — — 423 Debt 693 — 6,228 — 6,921 Other liabilities 3,946 967 562 — 5,475 Total liabilities 51,284 22,499 6,790 — 80,573 Shareholders’ equity Common stock (1,750.0 shares authorized; 273.8 shares issued and 273.7 shares outstanding) — 390 22,836 (390 ) 22,836 Additional paid-in capital 11,634 6,970 — (18,604 ) — Retained earnings 7,989 683 33,108 (8,670 ) 33,110 Accumulated other comprehensive income (loss) 369 12 (285 ) (381 ) (285 ) Treasury stock, at cost (498.3 shares) — — (31,923 ) — (31,923 ) Total shareholders’ equity 19,992 8,055 23,736 (28,045 ) 23,738 Total liabilities and shareholders’ equity $ 71,276 $ 30,554 $ 30,526 $ (28,045 ) $ 104,311 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 nine months ended September 30, 2017 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 1,241 $ 340 $ 1,514 $ (1,590 ) $ 1,505 Net adjustments to reconcile net income to net cash provided by operating activities 975 508 285 (49 ) 1,719 Net cash provided by operating activities 2,216 848 1,799 (1,639 ) 3,224 Cash flows from investing activities Proceeds from maturities of fixed maturities 4,961 1,618 2 — 6,581 Proceeds from sales of investments: Fixed maturities 463 397 — — 860 Equity securities 18 202 120 — 340 Real estate investments — 23 — — 23 Other investments 426 190 — (13 ) 603 Purchases of investments: Fixed maturities (5,906 ) (2,493 ) (4 ) — (8,403 ) Equity securities (5 ) (65 ) (123 ) — (193 ) Real estate investments — (40 ) — — (40 ) Other investments (305 ) (87 ) — — (392 ) Net purchases of short-term securities (488 ) (230 ) (272 ) — (990 ) Securities transactions in course of settlement 18 103 1 — 122 Acquisition, net of cash acquired — 25 (477 ) 13 (439 ) Other (192 ) 5 — — (187 ) Net cash used in investing activities (1,010 ) (352 ) (753 ) — (2,115 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (1,028 ) — (1,028 ) Treasury stock acquired — net employee share-based compensation — — (61 ) — (61 ) Dividends paid to shareholders — — (589 ) — (589 ) Payment of debt — — (207 ) — (207 ) Issuance of debt — — 689 — 689 Issuance of common stock — employee share options — — 148 — 148 Dividends paid to parent company (1,185 ) (454 ) — 1,639 — Net cash used in financing activities (1,185 ) (454 ) (1,048 ) 1,639 (1,048 ) Effect of exchange rate changes on cash 3 8 — — 11 Net increase (decrease) in cash 24 50 (2 ) — 72 Cash at beginning of year 141 164 2 — 307 Cash at end of period $ 165 $ 214 $ — $ — $ 379 Supplemental disclosure of cash flow information Income taxes paid (received) $ 493 $ 174 $ (200 ) $ — $ 467 Interest paid $ 40 $ — $ 177 $ — $ 217 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the nine months ended September 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 1,565 $ 621 $ 2,071 $ (2,186 ) $ 2,071 Net adjustments to reconcile net income to net cash provided by operating activities 643 92 127 130 992 Net cash provided by operating activities 2,208 713 2,198 (2,056 ) 3,063 Cash flows from investing activities Proceeds from maturities of fixed maturities 4,854 1,788 6 — 6,648 Proceeds from sales of investments: Fixed maturities 458 405 2 — 865 Equity securities 39 32 — — 71 Real estate investments — 69 — — 69 Other investments 399 170 — — 569 Purchases of investments: Fixed maturities (6,016 ) (2,978 ) (10 ) — (9,004 ) Equity securities (5 ) (29 ) (2 ) — (36 ) Real estate investments (1 ) (29 ) — — (30 ) Other investments (328 ) (94 ) — — (422 ) Net (purchases) sales of short-term securities (339 ) 366 (162 ) — (135 ) Securities transactions in course of settlement 422 86 3 — 511 Other (236 ) (4 ) — — (240 ) Net cash used in investing activities (753 ) (218 ) (163 ) — (1,134 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (1,650 ) — (1,650 ) Treasury stock acquired — net employee share-based compensation — — (71 ) — (71 ) Dividends paid to shareholders — — (569 ) — (569 ) Payment of debt — — (400 ) — (400 ) Issuance of debt — — 491 — 491 Issuance of common stock — employee share options — — 164 — 164 Dividends paid to parent company (1,550 ) (506 ) — 2,056 — Net cash used in financing activities (1,550 ) (506 ) (2,035 ) 2,056 (2,035 ) Effect of exchange rate changes on cash 1 (6 ) — — (5 ) Net decrease in cash (94 ) (17 ) — — (111 ) Cash at beginning of year 225 153 2 — 380 Cash at end of period $ 131 $ 136 $ 2 $ — $ 269 Supplemental disclosure of cash flow information Income taxes paid (received) $ 536 $ 206 $ (94 ) $ — $ 648 Interest paid $ 40 $ — $ 183 $ — $ 223

Basis of Presentation and Acc23

Basis of Presentation and Accounting Policies (policies)	9 Months Ended
	Sep. 30, 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) as updated by the Company’s Current Report on Form 8-K filed on June 20, 2017. The Form 8-K was filed to reclassify certain of the Company’s historical segment information to conform the presentation of such segment information to the manner in which the Company’s businesses have been managed beginning April 1, 2017 (as described in more detail below) and reflect the revised names and descriptions of certain businesses comprising these segments and other related changes. 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 August 4, 2017, the Company completed its previously announced acquisition of all issued and outstanding shares of Simply Business Holdings LTD (Simply Business), a leading provider of small business insurance policies in the United Kingdom, for a purchase price of approximately $464 million, which included the repayment of debt and other obligations of Simply Business. In addition, the Company issued 95,953 shares of restricted common stock valued at approximately $12 million to certain employees of Simply Business who were equity holders of Simply Business. Subject to the satisfaction of certain conditions, 50% of the restricted stock will vest two years from the issuance date and the remainder will vest three years from the issuance date. The Company used a portion of the net proceeds from the issuance of senior notes in May 2017 (described in more detail in note 8) and internal resources to fund this transaction.
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 12 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 ” Compensation — Stock Compensation: Scope of Modification Accounting In May 2017, the FASB issued updated guidance related to a change to the terms or conditions (modification) of a share-based payment award. The updated guidance provides that an entity should account for the effects of a modification unless the fair value and vesting conditions of the modified award and the classification of the modified award (equity or liability instrument) are the same as the original award immediately before the modification. The updated guidance is effective for the quarter ending March 31, 2018. The update is to be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted in any interim periods for which financial statements have not yet been made available for issuance. The Company adopted the updated guidance effective April 1, 2017. The adoption did not have an effect on the Company’s results of operations, financial position or liquidity.

Segment Information (tables)

Segment Information (tables)	9 Months Ended
	Sep. 30, 2017
Segment Information disclosure
Company's revenues and income by segment [Table Text Block]	(for the three months Business Bond & Specialty Personal Total 2017 Premiums $ 3,576 $ 591 $ 2,356 $ 6,523 Net investment income 437 57 94 588 Fee income 108 — 5 113 Other revenues 19 5 14 38 Total segment revenues (1) $ 4,140 $ 653 $ 2,469 $ 7,262 Segment income (1) $ 105 $ 136 $ 77 $ 318 2016 Premiums $ 3,497 $ 573 $ 2,139 $ 6,209 Net investment income 431 59 92 582 Fee income 111 — 5 116 Other revenues 7 5 16 28 Total segment revenues (1) $ 4,046 $ 637 $ 2,252 $ 6,935 Segment income (1) $ 433 $ 165 $ 163 $ 761 (1) (for the nine months Business Bond & Specialty Personal Total 2017 Premiums $ 10,509 $ 1,721 $ 6,827 $ 19,057 Net investment income 1,337 174 285 1,796 Fee income 329 — 13 342 Other revenues 43 16 45 104 Total segment revenues (1) $ 12,218 $ 1,911 $ 7,170 $ 21,299 Segment income (1) $ 976 $ 444 $ 178 $ 1,598 2016 Premiums $ 10,350 $ 1,684 $ 6,223 $ 18,257 Net investment income 1,234 177 264 1,675 Fee income 340 — 12 352 Other revenues 45 14 47 106 Total segment revenues (1) $ 11,969 $ 1,875 $ 6,546 $ 20,390 Segment income (1) $ 1,281 $ 540 $ 410 $ 2,231 (1)
Business segment reconciliations of revenue and income, net of tax [Table Text Block]	Three Months Ended Nine Months Ended (in millions) 2017 2016 2017 2016 Revenue reconciliation Earned premiums Business Insurance: Domestic: Workers’ compensation $ 998 $ 1,003 $ 2,973 $ 2,971 Commercial automobile 544 503 1,571 1,497 Commercial property 448 441 1,326 1,320 General liability 523 504 1,512 1,471 Commercial multi-peril 806 788 2,377 2,356 Other 7 9 21 23 Total Domestic 3,326 3,248 9,780 9,638 International 250 249 729 712 Total Business Insurance 3,576 3,497 10,509 10,350 Bond & Specialty Insurance: Domestic: Fidelity and surety 249 245 728 714 General liability 243 239 717 708 Other 48 45 139 133 Total Domestic 540 529 1,584 1,555 International 51 44 137 129 Total Bond & Specialty Insurance 591 573 1,721 1,684 Personal Insurance: Domestic: Automobile 1,192 1,026 3,431 2,936 Homeowners and Other 999 962 2,931 2,844 Total Domestic 2,191 1,988 6,362 5,780 International 165 151 465 443 Total Personal Insurance 2,356 2,139 6,827 6,223 Total earned premiums 6,523 6,209 19,057 18,257 Net investment income 588 582 1,796 1,675 Fee income 113 116 342 352 Other revenues 38 28 104 106 Total segment revenues 7,262 6,935 21,299 20,390 Other revenues 2 3 6 9 Net realized investment gains 61 23 146 33 Total revenues $ 7,325 $ 6,961 $ 21,451 $ 20,432 Income reconciliation, net of tax Total segment income $ 318 $ 761 $ 1,598 $ 2,231 Interest Expense and Other (1) (65 ) (60 ) (188 ) (183 ) Core income 253 701 1,410 2,048 Net realized investment gains 40 15 95 23 Net income $ 293 $ 716 $ 1,505 $ 2,071 (1)
Asset reconciliation [Table Text Block]	(in millions) September 30, December 31, Asset reconciliation Business Insurance $ 78,985 $ 75,730 Bond & Specialty Insurance 9,005 8,726 Personal Insurance 15,962 15,426 Total segment assets 103,952 99,882 Other assets (1) 359 363 Total consolidated assets $ 104,311 $ 100,245 (1)

Investments (tables)

Investments (tables)	9 Months Ended
	Sep. 30, 2017
Investments disclosure
Amortized cost and fair value of investments in fixed maturities [Table Text Block]	Amortized Gross Unrealized Fair (at September 30, 2017, in millions) Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. government and government agencies and authorities $ 2,064 $ 9 $ 5 $ 2,068 Obligations of states, municipalities and political subdivisions: Local general obligation 13,798 410 67 14,141 Revenue 11,341 324 51 11,614 State general obligation 1,555 45 9 1,591 Pre-refunded 3,666 163 — 3,829 Total obligations of states, municipalities and political subdivisions 30,360 942 127 31,175 Debt securities issued by foreign governments 1,559 17 11 1,565 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,082 97 6 2,173 All other corporate bonds 24,572 587 79 25,080 Redeemable preferred stock 90 6 — 96 Total $ 60,727 $ 1,658 $ 228 $ 62,157 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 September 30, 2017, in millions) Cost Gains Losses Value Public common stock $ 392 $ 80 $ 2 $ 470 Non-redeemable preferred stock 117 20 6 131 Total $ 509 $ 100 $ 8 $ 601 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 September 30, 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 $ 1,348 $ 4 $ 72 $ 1 $ 1,420 $ 5 Obligations of states, municipalities and political subdivisions 4,131 58 1,598 69 5,729 127 Debt securities issued by foreign governments 538 11 — — 538 11 Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 729 5 81 1 810 6 All other corporate bonds 4,896 57 679 22 5,575 79 Total fixed maturities 11,642 135 2,430 93 14,072 228 Equity securities Public common stock 39 1 6 1 45 2 Non-redeemable preferred stock — — 60 6 60 6 Total equity securities 39 1 66 7 105 8 Total $ 11,681 $ 136 $ 2,496 $ 100 $ 14,177 $ 236 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)	9 Months Ended
	Sep. 30, 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 on a recurring basis [Table Text Block]	(at September 30, 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 $ 2,068 $ 2,068 $ — $ — Obligations of states, municipalities and political subdivisions 31,175 18 31,153 4 Debt securities issued by foreign governments 1,565 — 1,565 — Mortgage-backed securities, collateralized mortgage obligations and pass-through securities 2,173 — 2,143 30 All other corporate bonds 25,080 2 24,914 164 Redeemable preferred stock 96 3 93 — Total fixed maturities 62,157 2,091 59,868 198 Equity securities Public common stock 470 470 — — Non-redeemable preferred stock 131 68 63 — Total equity securities 601 538 63 — Other investments 56 18 — 38 Total $ 62,814 $ 2,647 $ 59,931 $ 236 (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 September 30, 2017, in millions) Carrying Fair Level 1 Level 2 Level 3 Financial assets: Short-term securities $ 5,859 $ 5,859 $ 1,830 $ 3,995 $ 34 Financial liabilities: Debt $ 6,921 $ 8,042 $ — $ 8,042 $ — (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 Intangible27

Goodwill and Other Intangible Assets (tables)	9 Months Ended
	Sep. 30, 2017
Goodwill and Other Intangible Assets disclosure
Goodwill by segment [Table Text Block]	(in millions) September 30, December 31, Business Insurance (1) $ 2,579 $ 2,227 Bond & Specialty Insurance 550 549 Personal Insurance 791 778 Other 26 26 Total $ 3,946 $ 3,580 (1)
Other intangible assets subject to amortization [Table Text Block]	(at September 30, 2017, in millions) Gross Accumulated Net Subject to amortization (1) $ 285 $ 167 $ 118 Not subject to amortization 227 — 227 Total $ 512 $ 167 $ 345 (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 September 30, 2017, in millions) Gross Accumulated Net Subject to amortization (1) $ 285 $ 167 $ 118 Not subject to amortization 227 — 227 Total $ 512 $ 167 $ 345 (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)	9 Months Ended
	Sep. 30, 2017
Insurance Claim Reserves disclosure
Claims and claim adjustment expense reserves [Table Text Block]	(in millions) September 30, December 31, Property-casualty $ 49,733 $ 47,929 Accident and health 17 20 Total $ 49,750 $ 47,949
Reconciliation of beginning and ending property casualty reserve balances for claims and claim adjustment expenses [Table Text Block]	(for the nine months ended September 30, 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 13,261 11,708 Estimated decrease in claims and claim adjustment expenses for claims arising in prior years (197 ) (430 ) Total increases 13,064 11,278 Claims and claim adjustment expense payments for claims arising in: Current year 4,799 4,334 Prior years 6,831 6,778 Total payments 11,630 11,112 Unrealized foreign exchange loss 215 12 Net reserves at end of period 41,597 40,001 Plus reinsurance recoverables on unpaid losses 8,136 8,146 Claims and claim adjustment expense reserves at end of period $ 49,733 $ 48,147

Other Comprehensive Income an29

Other Comprehensive Income and Accumulated Other Comprehensive Income (tables)	9 Months Ended
	Sep. 30, 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, net of taxes) 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 377 1 (23 ) 177 532 Amounts reclassified from AOCI (103 ) 1 40 — (62 ) Net OCI, current period 274 2 17 177 470 Balance, September 30, 2017 $ 802 $ 204 $ (686 ) $ (605 ) $ (285 )
Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit) for each component [Table Text Block]	Three Months Ended Nine Months Ended (in millions) 2017 2016 2017 2016 Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income $ (42 ) $ (455 ) $ 429 $ 1,138 Income tax expense (benefit) (12 ) (159 ) 155 393 Net of taxes (30 ) (296 ) 274 745 Having credit losses recognized in the consolidated statement of income 2 6 4 23 Income tax expense 1 2 2 8 Net of taxes 1 4 2 15 Net changes in benefit plan assets and obligations (9 ) 16 25 50 Income tax expense (benefit) (3 ) 6 8 17 Net of taxes (6 ) 10 17 33 Net changes in unrealized foreign currency translation 113 (31 ) 202 37 Income tax expense (benefit) 19 (8 ) 25 13 Net of taxes 94 (23 ) 177 24 Total other comprehensive income (loss) 64 (464 ) 660 1,248 Total income tax expense (benefit) 5 (159 ) 190 431 Total other comprehensive income (loss), net of taxes $ 59 $ (305 ) $ 470 $ 817
Pre-tax and related income tax (expense) benefit components of the amounts reclassified from accumulated other comprehensive income to the consolidated statement of income [Table Text Block]	Three Months Ended Nine Months Ended (in millions) 2017 2016 2017 2016 Reclassification adjustments related to unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (1) $ (64 ) $ (19 ) $ (158 ) $ (54 ) Income tax expense (2) (22 ) (7 ) (55 ) (19 ) Net of taxes (42 ) (12 ) (103 ) (35 ) Having credit losses recognized in the consolidated statement of income (1) 1 — 1 12 Income tax benefit (2) — — — 4 Net of taxes 1 — 1 8 Reclassification adjustment related to benefit plan assets and obligations: Claims and claim adjustment expenses (3) 11 6 25 18 General and administrative expenses (3) 16 9 37 28 Total 27 15 62 46 Income tax benefit (2) 10 5 22 16 Net of taxes 17 10 40 30 Reclassification adjustment related to foreign currency translation (1) — — — — Income tax benefit (2) — — — — Net of taxes — — — — Total reclassifications (36 ) (4 ) (95 ) 4 Total income tax (expense) benefit (12 ) (2 ) (33 ) 1 Total reclassifications, net of taxes $ (24 ) $ (2 ) $ (62 ) $ 3 (1) (2) (3)

Earnings per Share (table)

Earnings per Share (table)	9 Months Ended
	Sep. 30, 2017
Earnings per Share disclosure
Earnings per share reconciliation [Table Text Block]	Three Months Ended Nine Months Ended (in millions, except per share amounts) 2017 2016 2017 2016 Basic and Diluted Net income, as reported $ 293 $ 716 $ 1,505 $ 2,071 Participating share-based awards — allocated income (2 ) (6 ) (11 ) (16 ) Net income available to common shareholders — basic and diluted $ 291 $ 710 $ 1,494 $ 2,055 Common Shares Basic Weighted average shares outstanding 274.1 286.0 277.1 290.0 Diluted Weighted average shares outstanding 274.1 286.0 277.1 290.0 Weighted average effects of dilutive securities — stock options and performance shares 2.5 3.8 2.5 3.6 Total 276.6 289.8 279.6 293.6 Net Income per Common Share Basic $ 1.06 $ 2.48 $ 5.39 $ 7.09 Diluted $ 1.05 $ 2.45 $ 5.34 $ 7.00

Share-Based Incentive Compens31

Share-Based Incentive Compensation (table)	9 Months Ended
	Sep. 30, 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) 5,714,377 $ 88.66 6.2 years $ 194 Exercisable at end of period 3,060,575 $ 70.15 4.3 years $ 160 (1)

Pension Plans, Retirement Ben32

Pension Plans, Retirement Benefits and Savings Plans (tables)	9 Months Ended
	Sep. 30, 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]	(for the three months ended Pension Plans Postretirement Benefit Plans September 30, in millions) 2017 2016 2017 2016 Net Periodic Benefit Cost: Service cost $ 30 $ 29 $ — $ — Non-service cost: Interest cost on benefit obligation 35 30 2 2 Expected return on plan assets (60 ) (57 ) — — Settlement — — — — Amortization of unrecognized: Prior service benefit (1 ) — (1 ) (1 ) Net actuarial loss 29 17 — — Total non-service cost (benefit) 3 (10 ) 1 1 Net periodic benefit cost $ 33 $ 19 $ 1 $ 1 (for the nine months ended Pension Plans Postretirement Benefit Plans September 30, in millions) 2017 2016 2017 2016 Net Periodic Benefit Cost: Service cost $ 90 $ 88 $ — $ — Non-service cost: Interest cost on benefit obligation 96 91 5 6 Expected return on plan assets (180 ) (172 ) — — Settlement — 1 — — Amortization of unrecognized: Prior service benefit (1 ) — (3 ) (3 ) Net actuarial loss 66 50 — — Total non-service cost (benefit) (19 ) (30 ) 2 3 Net periodic benefit cost $ 71 $ 58 $ 2 $ 3
Consolidated statement of income line items impacted by service costs and non-service benefit costs [Table Text Block]	(for the three months ended Pension Plans Postretirement Benefit Plans September 30, in millions) 2017 2016 2017 2016 Service Cost: Claims and claim adjustment expenses $ 13 $ 12 $ — $ — General and administrative expenses 17 17 — — Total service cost 30 29 — — Non-Service Cost: Claims and claim adjustment expenses 1 (4 ) 1 — General and administrative expenses 2 (6 ) — 1 Total non-service cost (benefit) 3 (10 ) 1 1 Net periodic benefit cost $ 33 $ 19 $ 1 $ 1 (for the nine months ended Pension Plans Postretirement Benefit Plans September 30, in millions) 2017 2016 2017 2016 Service Cost: Claims and claim adjustment expenses $ 37 $ 36 $ — $ — General and administrative expenses 53 52 — — Total service cost 90 88 — — Non-Service Cost: Claims and claim adjustment expenses (8 ) (13 ) 1 1 General and administrative expenses (11 ) (17 ) 1 2 Total non-service cost (benefit) (19 ) (30 ) 2 3 Net periodic benefit cost $ 71 $ 58 $ 2 $ 3

Consolidating Financial State33

Consolidating Financial Statements (Unaudited) (tables)	9 Months Ended
	Sep. 30, 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 September 30, 2017 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,466 $ 2,057 $ — $ — $ 6,523 Net investment income 405 189 7 (13 ) 588 Fee income 113 — — — 113 Net realized investment gains (losses) (1) 6 56 (1 ) — 61 Other revenues 21 21 — (2 ) 40 Total revenues 5,011 2,323 6 (15 ) 7,325 Claims and expenses Claims and claim adjustment expenses 3,191 1,615 — — 4,806 Amortization of deferred acquisition costs 716 343 — — 1,059 General and administrative expenses 723 314 10 (2 ) 1,045 Interest expense 12 — 83 — 95 Total claims and expenses 4,642 2,272 93 (2 ) 7,005 Income (loss) before income taxes 369 51 (87 ) (13 ) 320 Income tax expense (benefit) 74 17 (60 ) (4 ) 27 Net income of subsidiaries — — 329 (329 ) — Net income $ 295 $ 34 $ 302 $ (338 ) $ 293 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (2 ) $ (3 ) $ — $ — $ (5 ) OTTI losses recognized in net realized investment gains (losses) $ (2 ) $ (3 ) $ — $ — $ (5 ) OTTI losses recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the three months ended September 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 4,246 $ 1,963 $ — $ — $ 6,209 Net investment income 389 190 3 — 582 Fee income 116 — — — 116 Net realized investment gains (1) 10 12 — 1 23 Other revenues 24 11 — (4 ) 31 Total revenues 4,785 2,176 3 (3 ) 6,961 Claims and expenses Claims and claim adjustment expenses 2,615 1,241 — — 3,856 Amortization of deferred acquisition costs 683 329 — — 1,012 General and administrative expenses 744 312 4 (3 ) 1,057 Interest expense 11 — 78 — 89 Total claims and expenses 4,053 1,882 82 (3 ) 6,014 Income (loss) before income taxes 732 294 (79 ) — 947 Income tax expense (benefit) 194 81 (44 ) — 231 Net income of subsidiaries — — 751 (751 ) — Net income $ 538 $ 213 $ 716 $ (751 ) $ 716 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (1 ) $ (3 ) $ — $ — $ (4 ) OTTI losses recognized in net realized investment gains $ (1 ) $ (3 ) $ — $ — $ (4 ) OTTI gains (losses) recognized in OCI $ — $ — $ — $ — $ — CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the nine months ended September 30, 2017 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 13,039 $ 6,018 $ — $ — $ 19,057 Net investment income 1,218 574 17 (13 ) 1,796 Fee income 342 — — — 342 Net realized investment gains (losses) (1) (2 ) 90 58 — 146 Other revenues 75 42 — (7 ) 110 Total revenues 14,672 6,724 75 (20 ) 21,451 Claims and expenses Claims and claim adjustment expenses 8,794 4,331 — — 13,125 Amortization of deferred acquisition costs 2,077 1,017 — — 3,094 General and administrative expenses 2,163 911 19 (7 ) 3,086 Interest expense 36 — 240 — 276 Total claims and expenses 13,070 6,259 259 (7 ) 19,581 Income (loss) before income taxes 1,602 465 (184 ) (13 ) 1,870 Income tax expense (benefit) 361 125 (117 ) (4 ) 365 Net income of subsidiaries — — 1,581 (1,581 ) — Net income $ 1,241 $ 340 $ 1,514 $ (1,590 ) $ 1,505 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (4 ) $ (7 ) $ — $ — $ (11 ) OTTI losses recognized in net realized investment gains (losses) $ (5 ) $ (7 ) $ — $ — $ (12 ) OTTI gains recognized in OCI $ 1 $ — $ — $ — $ 1 CONSOLIDATING STATEMENT OF INCOME (Unaudited) For the nine months ended September 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Revenues Premiums $ 12,492 $ 5,765 $ — $ — $ 18,257 Net investment income 1,142 524 9 — 1,675 Fee income 352 — — — 352 Net realized investment gains (losses) (1) (7 ) 39 — 1 33 Other revenues 105 28 — (18 ) 115 Total revenues 14,084 6,356 9 (17 ) 20,432 Claims and expenses Claims and claim adjustment expenses 7,710 3,620 — — 11,330 Amortization of deferred acquisition costs 1,999 973 — — 2,972 General and administrative expenses 2,191 923 9 (17 ) 3,106 Interest expense 35 — 238 — 273 Total claims and expenses 11,935 5,516 247 (17 ) 17,681 Income (loss) before income taxes 2,149 840 (238 ) — 2,751 Income tax expense (benefit) 584 219 (123 ) — 680 Net income of subsidiaries — — 2,186 (2,186 ) — Net income $ 1,565 $ 621 $ 2,071 $ (2,186 ) $ 2,071 (1) (in millions) TPC Other TRV Eliminations Consolidated Total OTTI losses $ (18 ) $ (18 ) $ — $ — $ (36 ) OTTI losses recognized in net realized investment gains (losses) $ (13 ) $ (13 ) $ — $ — $ (26 ) 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 September 30, 2017 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 295 $ 34 $ 302 $ (338 ) $ 293 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income — (47 ) 5 — (42 ) Having credit losses recognized in the consolidated statement of income 1 1 — — 2 Net changes in benefit plan assets and obligations — (1 ) (8 ) — (9 ) Net changes in unrealized foreign currency translation 61 52 — — 113 Other comprehensive income (loss) before income taxes and other comprehensive income of subsidiaries 62 5 (3 ) — 64 Income tax expense (benefit) 12 (11 ) 4 — 5 Other comprehensive income (loss), net of taxes, before other comprehensive income of subsidiaries 50 16 (7 ) — 59 Other comprehensive income of subsidiaries — — 66 (66 ) — Other comprehensive income 50 16 59 (66 ) 59 Comprehensive income $ 345 $ 50 $ 361 $ (404 ) $ 352 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the three months ended September 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 538 $ 213 $ 716 $ (751 ) $ 716 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income (323 ) (137 ) 5 — (455 ) Having credit losses recognized in the consolidated statement of income 4 2 — — 6 Net changes in benefit plan assets and obligations 1 — 15 — 16 Net changes in unrealized foreign currency translation (13 ) (18 ) — — (31 ) Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries (331 ) (153 ) 20 — (464 ) Income tax expense (benefit) (120 ) (48 ) 9 — (159 ) Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries (211 ) (105 ) 11 — (305 ) Other comprehensive loss of subsidiaries — — (316 ) 316 — Other comprehensive loss (211 ) (105 ) (305 ) 316 (305 ) Comprehensive income $ 327 $ 108 $ 411 $ (435 ) $ 411 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the nine months ended September 30, 2017 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 1,241 $ 340 $ 1,514 $ (1,590 ) $ 1,505 Other comprehensive income (loss): Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 389 82 (42 ) — 429 Having credit losses recognized in the consolidated statement of income 3 1 — — 4 Net changes in benefit plan assets and obligations — (2 ) 27 — 25 Net changes in unrealized foreign currency translation 100 102 — — 202 Other comprehensive income (loss) before income taxes and other comprehensive income of subsidiaries 492 183 (15 ) — 660 Income tax expense 151 38 1 — 190 Other comprehensive income (loss), net of taxes, before other comprehensive income of subsidiaries 341 145 (16 ) — 470 Other comprehensive income of subsidiaries — — 486 (486 ) — Other comprehensive income 341 145 470 (486 ) 470 Comprehensive income $ 1,582 $ 485 $ 1,984 $ (2,076 ) $ 1,975 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the nine months ended September 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Net income $ 1,565 $ 621 $ 2,071 $ (2,186 ) $ 2,071 Other comprehensive income: Changes in net unrealized gains on investment securities: Having no credit losses recognized in the consolidated statement of income 732 397 9 — 1,138 Having credit losses recognized in the consolidated statement of income 12 11 — — 23 Net changes in benefit plan assets and obligations 19 20 11 — 50 Net changes in unrealized foreign currency translation 106 (69 ) — — 37 Other comprehensive income before income taxes and other comprehensive income of subsidiaries 869 359 20 — 1,248 Income tax expense 277 144 10 — 431 Other comprehensive income, net of taxes, before other comprehensive income of subsidiaries 592 215 10 — 817 Other comprehensive income of subsidiaries — — 807 (807 ) — Other comprehensive income 592 215 817 (807 ) 817 Comprehensive income $ 2,157 $ 836 $ 2,888 $ (2,993 ) $ 2,888
Consolidating Balance Sheet (Unaudited) [Table Text Block]	CONSOLIDATING BALANCE SHEET (Unaudited) At September 30, 2017 (in millions) TPC Other TRV Eliminations Consolidated Assets Fixed maturities, available for sale, at fair value (amortized cost $60,727) $ 42,889 $ 19,218 $ 50 $ — $ 62,157 Equity securities, available for sale, at fair value (cost $509) 173 255 173 — 601 Real estate investments 55 868 — — 923 Short-term securities 2,936 1,024 1,899 — 5,859 Other investments 2,666 885 1 — 3,552 Total investments 48,719 22,250 2,123 — 73,092 Cash 165 214 — — 379 Investment income accrued 392 170 6 — 568 Premiums receivable 4,938 2,329 — — 7,267 Reinsurance recoverables 5,791 2,554 — — 8,345 Ceded unearned premiums 612 76 — — 688 Deferred acquisition costs 1,880 197 — — 2,077 Deferred taxes (76 ) 224 95 — 243 Contractholder receivables 3,813 944 — — 4,757 Goodwill 2,593 1,362 — (9 ) 3,946 Other intangible assets 202 143 — — 345 Investment in subsidiaries — — 28,036 (28,036 ) — Other assets 2,247 91 266 — 2,604 Total assets $ 71,276 $ 30,554 $ 30,526 $ (28,045 ) $ 104,311 Liabilities Claims and claim adjustment expense reserves $ 33,358 $ 16,392 $ — $ — $ 49,750 Unearned premium reserves 9,225 4,022 — — 13,247 Contractholder payables 3,813 944 — — 4,757 Payables for reinsurance premiums 249 174 — — 423 Debt 693 — 6,228 — 6,921 Other liabilities 3,946 967 562 — 5,475 Total liabilities 51,284 22,499 6,790 — 80,573 Shareholders’ equity Common stock (1,750.0 shares authorized; 273.8 shares issued and 273.7 shares outstanding) — 390 22,836 (390 ) 22,836 Additional paid-in capital 11,634 6,970 — (18,604 ) — Retained earnings 7,989 683 33,108 (8,670 ) 33,110 Accumulated other comprehensive income (loss) 369 12 (285 ) (381 ) (285 ) Treasury stock, at cost (498.3 shares) — — (31,923 ) — (31,923 ) Total shareholders’ equity 19,992 8,055 23,736 (28,045 ) 23,738 Total liabilities and shareholders’ equity $ 71,276 $ 30,554 $ 30,526 $ (28,045 ) $ 104,311 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 nine months ended September 30, 2017 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 1,241 $ 340 $ 1,514 $ (1,590 ) $ 1,505 Net adjustments to reconcile net income to net cash provided by operating activities 975 508 285 (49 ) 1,719 Net cash provided by operating activities 2,216 848 1,799 (1,639 ) 3,224 Cash flows from investing activities Proceeds from maturities of fixed maturities 4,961 1,618 2 — 6,581 Proceeds from sales of investments: Fixed maturities 463 397 — — 860 Equity securities 18 202 120 — 340 Real estate investments — 23 — — 23 Other investments 426 190 — (13 ) 603 Purchases of investments: Fixed maturities (5,906 ) (2,493 ) (4 ) — (8,403 ) Equity securities (5 ) (65 ) (123 ) — (193 ) Real estate investments — (40 ) — — (40 ) Other investments (305 ) (87 ) — — (392 ) Net purchases of short-term securities (488 ) (230 ) (272 ) — (990 ) Securities transactions in course of settlement 18 103 1 — 122 Acquisition, net of cash acquired — 25 (477 ) 13 (439 ) Other (192 ) 5 — — (187 ) Net cash used in investing activities (1,010 ) (352 ) (753 ) — (2,115 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (1,028 ) — (1,028 ) Treasury stock acquired — net employee share-based compensation — — (61 ) — (61 ) Dividends paid to shareholders — — (589 ) — (589 ) Payment of debt — — (207 ) — (207 ) Issuance of debt — — 689 — 689 Issuance of common stock — employee share options — — 148 — 148 Dividends paid to parent company (1,185 ) (454 ) — 1,639 — Net cash used in financing activities (1,185 ) (454 ) (1,048 ) 1,639 (1,048 ) Effect of exchange rate changes on cash 3 8 — — 11 Net increase (decrease) in cash 24 50 (2 ) — 72 Cash at beginning of year 141 164 2 — 307 Cash at end of period $ 165 $ 214 $ — $ — $ 379 Supplemental disclosure of cash flow information Income taxes paid (received) $ 493 $ 174 $ (200 ) $ — $ 467 Interest paid $ 40 $ — $ 177 $ — $ 217 CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited) For the nine months ended September 30, 2016 (in millions) TPC Other TRV Eliminations Consolidated Cash flows from operating activities Net income $ 1,565 $ 621 $ 2,071 $ (2,186 ) $ 2,071 Net adjustments to reconcile net income to net cash provided by operating activities 643 92 127 130 992 Net cash provided by operating activities 2,208 713 2,198 (2,056 ) 3,063 Cash flows from investing activities Proceeds from maturities of fixed maturities 4,854 1,788 6 — 6,648 Proceeds from sales of investments: Fixed maturities 458 405 2 — 865 Equity securities 39 32 — — 71 Real estate investments — 69 — — 69 Other investments 399 170 — — 569 Purchases of investments: Fixed maturities (6,016 ) (2,978 ) (10 ) — (9,004 ) Equity securities (5 ) (29 ) (2 ) — (36 ) Real estate investments (1 ) (29 ) — — (30 ) Other investments (328 ) (94 ) — — (422 ) Net (purchases) sales of short-term securities (339 ) 366 (162 ) — (135 ) Securities transactions in course of settlement 422 86 3 — 511 Other (236 ) (4 ) — — (240 ) Net cash used in investing activities (753 ) (218 ) (163 ) — (1,134 ) Cash flows from financing activities Treasury stock acquired — share repurchase authorization — — (1,650 ) — (1,650 ) Treasury stock acquired — net employee share-based compensation — — (71 ) — (71 ) Dividends paid to shareholders — — (569 ) — (569 ) Payment of debt — — (400 ) — (400 ) Issuance of debt — — 491 — 491 Issuance of common stock — employee share options — — 164 — 164 Dividends paid to parent company (1,550 ) (506 ) — 2,056 — Net cash used in financing activities (1,550 ) (506 ) (2,035 ) 2,056 (2,035 ) Effect of exchange rate changes on cash 1 (6 ) — — (5 ) Net decrease in cash (94 ) (17 ) — — (111 ) Cash at beginning of year 225 153 2 — 380 Cash at end of period $ 131 $ 136 $ 2 $ — $ 269 Supplemental disclosure of cash flow information Income taxes paid (received) $ 536 $ 206 $ (94 ) $ — $ 648 Interest paid $ 40 $ — $ 183 $ — $ 223

Basis of Presentation and Acc34

Basis of Presentation and Accounting Policies (details) - Simply Business [Member] $ in Millions	Aug. 04, 2017USD ($)shares
Business Acquisition
Approximate purchase price including the repayment of debt and other obligations	$ 464
Restricted common stock [Member]
Business Acquisition
Shares issued (in shares) | shares	95,953
Shares issued value	$ 12
Restricted common stock [Member] | Two years from the issuance date [Member]
Business Acquisition
Vesting percentage	50.00%
Vesting period (in years)	2 years
Restricted common stock [Member] | Three years from the issuance date [Member]
Business Acquisition
Vesting percentage	50.00%
Vesting period (in years)	3 years

Basis of Presentation and Acc35

Basis of Presentation and Accounting Policies (details) - Reportable Segments	9 Months Ended
	Sep. 30, 2016item
Basis of Presentation and Accounting Policies disclosure
Number of reportable business segments	3

Segment Information (details)

Segment Information (details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment reporting information
Premiums		$ 6,523	$ 6,209	$ 19,057	$ 18,257
Net investment income		588	582	1,796	1,675
Fee income		113	116	342	352
Other revenues		40	31	110	115
Core income (loss)		253	701	1,410	2,048
Net realized investment gains	[1]	61	23	146	33
Total revenues		7,325	6,961	21,451	20,432
Net realized investment gains, net of tax		40	15	95	23
Net income		293	716	1,505	2,071
Reportable Segments [Member]
Segment reporting information
Premiums		6,523	6,209	19,057	18,257
Net investment income		588	582	1,796	1,675
Fee income		113	116	342	352
Other revenues		38	28	104	106
Total segment revenues		7,262	6,935	21,299	20,390
Core income (loss)		318	761	1,598	2,231
Reportable Segments [Member] | Business Insurance [Member]
Segment reporting information
Premiums		3,576	3,497	10,509	10,350
Net investment income		437	431	1,337	1,234
Fee income		108	111	329	340
Other revenues		19	7	43	45
Total segment revenues		4,140	4,046	12,218	11,969
Core income (loss)		105	433	976	1,281
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member]
Segment reporting information
Premiums		3,326	3,248	9,780	9,638
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Workers' compensation [Member]
Segment reporting information
Premiums		998	1,003	2,973	2,971
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Automobile [Member]
Segment reporting information
Premiums		544	503	1,571	1,497
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Commercial property [Member]
Segment reporting information
Premiums		448	441	1,326	1,320
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | General liability [Member]
Segment reporting information
Premiums		523	504	1,512	1,471
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Commercial multi-peril [Member]
Segment reporting information
Premiums		806	788	2,377	2,356
Reportable Segments [Member] | Business Insurance [Member] | Domestic [Member] | Other [Member]
Segment reporting information
Premiums		7	9	21	23
Reportable Segments [Member] | Business Insurance [Member] | International [Member]
Segment reporting information
Premiums		250	249	729	712
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Segment reporting information
Premiums		591	573	1,721	1,684
Net investment income		57	59	174	177
Other revenues		5	5	16	14
Total segment revenues		653	637	1,911	1,875
Core income (loss)		136	165	444	540
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member]
Segment reporting information
Premiums		540	529	1,584	1,555
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member] | General liability [Member]
Segment reporting information
Premiums		243	239	717	708
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member] | Fidelity and surety [Member]
Segment reporting information
Premiums		249	245	728	714
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | Domestic [Member] | Other [Member]
Segment reporting information
Premiums		48	45	139	133
Reportable Segments [Member] | Bond & Specialty Insurance [Member] | International [Member]
Segment reporting information
Premiums		51	44	137	129
Reportable Segments [Member] | Personal Insurance [Member]
Segment reporting information
Premiums		2,356	2,139	6,827	6,223
Net investment income		94	92	285	264
Fee income		5	5	13	12
Other revenues		14	16	45	47
Total segment revenues		2,469	2,252	7,170	6,546
Core income (loss)		77	163	178	410
Reportable Segments [Member] | Personal Insurance [Member] | Domestic [Member]
Segment reporting information
Premiums		2,191	1,988	6,362	5,780
Reportable Segments [Member] | Personal Insurance [Member] | Domestic [Member] | Automobile [Member]
Segment reporting information
Premiums		1,192	1,026	3,431	2,936
Reportable Segments [Member] | Personal Insurance [Member] | Domestic [Member] | Homeowners and Other [Member]
Segment reporting information
Premiums		999	962	2,931	2,844
Reportable Segments [Member] | Personal Insurance [Member] | International [Member]
Segment reporting information
Premiums		165	151	465	443
Other [Member]
Segment reporting information
Other revenues		2	3	6	9
Core income (loss)		(65)	(60)	(188)	(183)
After-tax interest expense		$ 61	$ 57	$ 179	$ 177
[1]	Total other-than-temporary impairment (OTTI) losses were $(5) million and $(4) million for the three months ended September 30, 2017 and 2016, respectively, and $(11) million and $(36) million for the nine months ended September 30, 2017 and 2016, respectively. Of total OTTI, credit losses of $(5) million and $(4) million for the three months ended September 30, 2017 and 2016, respectively, and $(12) million and $(26) million for the nine months ended September 30, 2017 and 2016, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months ended September 30, 2017 and 2016, and $1 million and $(10) million for the nine months ended September 30, 2017 and 2016, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Segment Information (details) -

Segment Information (details) - Assets by Segment - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Assets by segment
Total assets	$ 104,311	$ 100,245
Reportable Segments [Member]
Assets by segment
Total assets	103,952	99,882
Reportable Segments [Member] | Business Insurance [Member]
Assets by segment
Total assets	78,985	75,730
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Assets by segment
Total assets	9,005	8,726
Reportable Segments [Member] | Personal Insurance [Member]
Assets by segment
Total assets	15,962	15,426
Other assets [Member]
Assets by segment
Total assets	$ 359	$ 363

Investments (details)

Investments (details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Investments disclosure
Proceeds from sales of fixed maturities classified as available for sale	$ 860	$ 865
Proceeds from sales of equity securities classified as available for sale	$ 340	$ 71

Investments (details) - Investm

Investments (details) - Investment Information - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Investment disclosure details
Fixed maturities, amortized cost	$ 60,727		$ 60,727		$ 59,650
Gross unrealized gains	1,658		1,658		1,369
Gross unrealized losses	228		228		504
Fixed maturities, at fair value	62,157		62,157		60,515
Equity securities, cost	509		509		504
Gross unrealized gains	100		100		236
Gross unrealized losses	8		8		8
Equity securities, at fair value	601		601		732
Continuous unrealized loss position less than 12 months, fair value	11,681		11,681		18,310
Continuous unrealized loss position less than 12 months, gross unrealized losses	136		136		482
Continuous unrealized loss position 12 months or longer, fair value	2,496		2,496		561
Continuous unrealized loss position 12 months or longer, gross unrealized losses	100		100		30
Continuous unrealized loss position, total, fair value	14,177		14,177		18,871
Continuous unrealized loss position, total, gross unrealized losses	236		236		512
Unrealized losses for available-for-sale securities for which fair value is less than 80% of amortized cost, total	$ 1		$ 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%		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%		1.00%
Impairment charges	$ 5	$ 4	$ 12	$ 26
Fixed maturities [Member]
Investment disclosure details
Gross realized gains			28	60
Gross realized losses			6	10
Continuous unrealized loss position less than 12 months, fair value	11,642		11,642		18,263
Continuous unrealized loss position less than 12 months, gross unrealized losses	135		135		480
Continuous unrealized loss position 12 months or longer, fair value	2,430		2,430		492
Continuous unrealized loss position 12 months or longer, gross unrealized losses	93		93		24
Continuous unrealized loss position, total, fair value	14,072		14,072		18,755
Continuous unrealized loss position, total, gross unrealized losses	228		228		504
Cumulative OTTI credit losses recognized for securities held	$ 82	$ 86	$ 82	$ 86
Cumulative credit component of other-than-temporary impairments (OTTI) on fixed maturities recognized in the consolidated statement of income for which a portion of the OTTI was recognized in other comprehensive income (loss) for fixed maturities held, as a percentage of the fixed maturity portfolio on a pre-tax basis (less than)	1.00%	1.00%	1.00%	1.00%
Cumulative credit component of other-than-temporary impairments (OTTI) on fixed maturities recognized in the consolidated statement of income for which a portion of the OTTI was recognized in other comprehensive income (loss) for fixed maturities held, as a percentage of shareholders' equity on an after-tax basis (less than)	1.00%	1.00%	1.00%	1.00%
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities [Member]
Investment disclosure details
Fixed maturities, amortized cost	$ 2,064		$ 2,064		2,031
Gross unrealized gains	9		9		9
Gross unrealized losses	5		5		5
Fixed maturities, at fair value	2,068		2,068		2,035
Continuous unrealized loss position less than 12 months, fair value	1,348		1,348		1,124
Continuous unrealized loss position less than 12 months, gross unrealized losses	4		4		5
Continuous unrealized loss position 12 months or longer, fair value	72		72
Continuous unrealized loss position 12 months or longer, gross unrealized losses	1		1
Continuous unrealized loss position, total, fair value	1,420		1,420		1,124
Continuous unrealized loss position, total, gross unrealized losses	5		5		5
Obligations of states, municipalities and political subdivisions [Member]
Investment disclosure details
Fixed maturities, amortized cost	30,360		30,360		31,550
Gross unrealized gains	942		942		712
Gross unrealized losses	127		127		352
Fixed maturities, at fair value	31,175		31,175		31,910
Continuous unrealized loss position less than 12 months, fair value	4,131		4,131		9,781
Continuous unrealized loss position less than 12 months, gross unrealized losses	58		58		352
Continuous unrealized loss position 12 months or longer, fair value	1,598		1,598		12
Continuous unrealized loss position 12 months or longer, gross unrealized losses	69		69
Continuous unrealized loss position, total, fair value	5,729		5,729		9,793
Continuous unrealized loss position, total, gross unrealized losses	127		127		352
Obligations of states, municipalities and political subdivisions, local general obligation [Member]
Investment disclosure details
Fixed maturities, amortized cost	13,798		13,798		13,955
Gross unrealized gains	410		410		271
Gross unrealized losses	67		67		182
Fixed maturities, at fair value	14,141		14,141		14,044
Obligations of states, municipalities and political subdivisions, revenue [Member]
Investment disclosure details
Fixed maturities, amortized cost	11,341		11,341		10,910
Gross unrealized gains	324		324		215
Gross unrealized losses	51		51		147
Fixed maturities, at fair value	11,614		11,614		10,978
Obligations of states, municipalities and political subdivisions, state general obligation [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,555		1,555		1,717
Gross unrealized gains	45		45		36
Gross unrealized losses	9		9		22
Fixed maturities, at fair value	1,591		1,591		1,731
Obligations of states, municipalities and political subdivisions, pre-refunded [Member]
Investment disclosure details
Fixed maturities, amortized cost	3,666		3,666		4,968
Gross unrealized gains	163		163		190
Gross unrealized losses					1
Fixed maturities, at fair value	3,829		3,829		5,157
Debt securities issued by foreign governments [Member]
Investment disclosure details
Fixed maturities, amortized cost	1,559		1,559		1,631
Gross unrealized gains	17		17		34
Gross unrealized losses	11		11		3
Fixed maturities, at fair value	1,565		1,565		1,662
Continuous unrealized loss position less than 12 months, fair value	538		538		360
Continuous unrealized loss position less than 12 months, gross unrealized losses	11		11		3
Continuous unrealized loss position, total, fair value	538		538		360
Continuous unrealized loss position, total, gross unrealized losses	11		11		3
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities [Member]
Investment disclosure details
Fixed maturities, amortized cost	2,082		2,082		1,614
Gross unrealized gains	97		97		100
Gross unrealized losses	6		6		6
Fixed maturities, at fair value	2,173		2,173		1,708
Continuous unrealized loss position less than 12 months, fair value	729		729		528
Continuous unrealized loss position less than 12 months, gross unrealized losses	5		5		5
Continuous unrealized loss position 12 months or longer, fair value	81		81		43
Continuous unrealized loss position 12 months or longer, gross unrealized losses	1		1		1
Continuous unrealized loss position, total, fair value	810		810		571
Continuous unrealized loss position, total, gross unrealized losses	6		6		6
All other corporate bonds [Member]
Investment disclosure details
Fixed maturities, amortized cost	24,572		24,572		22,737
Gross unrealized gains	587		587		508
Gross unrealized losses	79		79		138
Fixed maturities, at fair value	25,080		25,080		23,107
Continuous unrealized loss position less than 12 months, fair value	4,896		4,896		6,470
Continuous unrealized loss position less than 12 months, gross unrealized losses	57		57		115
Continuous unrealized loss position 12 months or longer, fair value	679		679		437
Continuous unrealized loss position 12 months or longer, gross unrealized losses	22		22		23
Continuous unrealized loss position, total, fair value	5,575		5,575		6,907
Continuous unrealized loss position, total, gross unrealized losses	79		79		138
Redeemable preferred stock [Member]
Investment disclosure details
Fixed maturities, amortized cost	90		90		87
Gross unrealized gains	6		6		6
Fixed maturities, at fair value	96		96		93
Equity securities [Member]
Investment disclosure details
Gross realized gains			146	$ 12
Gross realized losses			1	$ 3
Continuous unrealized loss position less than 12 months, fair value	39		39		47
Continuous unrealized loss position less than 12 months, gross unrealized losses	1		1		2
Continuous unrealized loss position 12 months or longer, fair value	66		66		69
Continuous unrealized loss position 12 months or longer, gross unrealized losses	7		7		6
Continuous unrealized loss position, total, fair value	105		105		116
Continuous unrealized loss position, total, gross unrealized losses	8		8		8
Public common stock [Member]
Investment disclosure details
Equity securities, cost	392		392		390
Gross unrealized gains	80		80		216
Gross unrealized losses	2		2		3
Equity securities, at fair value	470		470		603
Continuous unrealized loss position less than 12 months, fair value	39		39		45
Continuous unrealized loss position less than 12 months, gross unrealized losses	1		1		2
Continuous unrealized loss position 12 months or longer, fair value	6		6		10
Continuous unrealized loss position 12 months or longer, gross unrealized losses	1		1		1
Continuous unrealized loss position, total, fair value	45		45		55
Continuous unrealized loss position, total, gross unrealized losses	2		2		3
Non-redeemable preferred stock [Member]
Investment disclosure details
Equity securities, cost	117		117		114
Gross unrealized gains	20		20		20
Gross unrealized losses	6		6		5
Equity securities, at fair value	131		131		129
Continuous unrealized loss position less than 12 months, fair value					2
Continuous unrealized loss position 12 months or longer, fair value	60		60		59
Continuous unrealized loss position 12 months or longer, gross unrealized losses	6		6		5
Continuous unrealized loss position, total, fair value	60		60		61
Continuous unrealized loss position, total, gross unrealized losses	$ 6		$ 6		$ 5

Investments (details) - Derivat

Investments (details) - Derivatives - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Futures [Member] | U.S. Treasury notes contracts [Member]
Derivatives
Notional value of open contracts	$ 400	$ 400

Fair Value Measurements (detail

Fair Value Measurements (details) - USD ($) $ in Millions	Sep. 30, 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	$ 123	$ 99
Fair value of the fixed maturities for which the Company received a broker quote	$ 75	$ 85
Percent of short-term securities for which a pricing service estimates fair value	98.00%	98.00%
Percent of debt for which a pricing service estimates fair value	100.00%	100.00%

Fair Value Measurements (deta42

Fair Value Measurements (details) - Fair Value Hierarchy - Recurring basis [Member] - USD ($) $ in Millions	Sep. 30, 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	$ 62,814	$ 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	2,647	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	59,931	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	236	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	62,157	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	2,091	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	59,868	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	198	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	2,068	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	2,068	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	31,175	31,910
Obligations of states, municipalities and political subdivisions [Member] | Level 1 [Member]
Level within the fair value hierarchy at which the Company's financial assets are measured
Total invested assets measured on a recurring basis	18
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	31,153	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	1,565	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	1,565	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	2,173	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	2,143	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	30	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	25,080	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	2
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	24,914	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	164	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	96	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	93	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	601	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	538	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	63	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	470	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	470	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	131	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	68	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	63	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	56	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	18	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	$ 38	$ 36

Fair Value Measurements Footnot

Fair Value Measurements Footnote (details) - Financial Instruments - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Financial Instruments
Short-term securities	$ 5,859	$ 4,865
Commercial paper amount	0	100
Fair Value [Member]
Financial Instruments
Short-term securities	5,859	4,865
Debt	8,042	7,262
Commercial paper amount		100
Fair Value [Member] | Level 1 [Member]
Financial Instruments
Short-term securities	1,830	1,223
Fair Value [Member] | Level 2 [Member]
Financial Instruments
Short-term securities	3,995	3,607
Debt	8,042	7,262
Commercial paper amount		100
Fair Value [Member] | Level 3 [Member]
Financial Instruments
Short-term securities	34	35
Carrying Value [Member]
Financial Instruments
Short-term securities	5,859	4,865
Debt	$ 6,921	6,337
Commercial paper amount		$ 100

Goodwill and Other Intangible44

Goodwill and Other Intangible Assets (details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Goodwill by segment
Goodwill	$ 3,946	$ 3,580
Reportable Segments [Member] | Business Insurance [Member]
Goodwill by segment
Goodwill	2,579	2,227
Reportable Segments [Member] | Business Insurance [Member] | Simply Business [Member]
Goodwill by segment
Goodwill	348
Amount of goodwill expected to be deductible for tax purposes	466
Reportable Segments [Member] | Bond & Specialty Insurance [Member]
Goodwill by segment
Goodwill	550	549
Reportable Segments [Member] | Personal Insurance [Member]
Goodwill by segment
Goodwill	791	778
Other [Member]
Goodwill by segment
Goodwill	$ 26	$ 26

Goodwill and Other Intangible45

Goodwill and Other Intangible Assets (details) - Other Intangible Assets - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Goodwill and Other Intangible Assets disclosure
Intangible assets subject to amortization, gross carrying amount	$ 285		$ 285		$ 210
Intangible assets subject to amortization, accumulated amortization	167		167		159
Intangible assets subject to amortization, net	118		118		51
Intangible assets not subject to amortization	227		227		217
Total other intangible assets, gross carrying amount	512		512		427
Total other intangible assets, net	345		345		$ 268
Amortization expense of intangible assets	4	$ 3	9	$ 8
Estimated intangible asset amortization expense, remainder of 2017	4		4
Estimated intangible asset amortization expense, 2018	15		15
Estimated intangible asset amortization expense, 2019	14		14
Estimated intangible asset amortization expense, 2020	13		13
Estimated intangible asset amortization expense, 2021	$ 12		$ 12

Insurance Claim Reserves (detai

Insurance Claim Reserves (details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Insurance Claim Reserves disclosure
Amount of increase in gross claims and claim adjustment expense reserves	$ 1,800
Amount of increase in reinsurance recoverables on unpaid losses	155
Accretion of discount	$ 38	$ 38

Insurance Claim Reserves (det47

Insurance Claim Reserves (details) - Reserve Detail for Claims and Claim Adjustment Expenses - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 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	49,750
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	13,261	11,708
Estimated decrease in claims and claim adjustment expenses for claims arising in prior years	(197)	(430)
Total increases	13,064	11,278
Claims and claim adjustment expense payments for claims arising in current year	4,799	4,334
Claims and claim adjustment expense payments for claims arising in prior years	6,831	6,778
Total payments	11,630	11,112
Unrealized foreign exchange loss	215	12
Net reserves at end of period	41,597	40,001
Reinsurance recoverables on unpaid losses	8,136	8,146
Claims and claim adjustment expense reserves at end of period	49,733	$ 48,147
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	$ 17

Insurance Claim Reserves (det48

Insurance Claim Reserves (details) - Prior Year Reserve Development - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Liability for claims and claim adjustment expense
Net favorable (unfavorable) prior year reserve development impacting the Company's results of operations			$ 299	$ 507
Business Insurance [Member]
Liability for claims and claim adjustment expense
Net favorable (unfavorable) prior year reserve development impacting the Company's results of operations	$ 9	$ 4	195	203
Bond & Specialty Insurance [Member]
Liability for claims and claim adjustment expense
Net favorable (unfavorable) prior year reserve development impacting the Company's results of operations	6	46	98	271
Personal Insurance [Member]
Liability for claims and claim adjustment expense
Net favorable (unfavorable) prior year reserve development impacting the Company's results of operations	$ 0	$ (11)	$ 6	$ 33

Insurance Claim Reserves (det49

Insurance Claim Reserves (details) - Asbestos and Environmental Reserves - Business Insurance [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Asbestos reserves [Member]
Liability for claims and claim adjustment expense
Increase to reserves	$ 225	$ 225	$ 225	$ 225
Environmental reserves [Member]
Liability for claims and claim adjustment expense
Increase to reserves			$ 65	$ 82

Other Comprehensive Income an50

Other Comprehensive Income and Accumulated Other Comprehensive Income (details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year			$ 23,221
Other comprehensive income (loss), net of taxes	$ 59	$ (305)	470	$ 817
Shareholders' equity, end of period	23,738	24,439	23,738	24,439
Pre-tax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	64	(464)	660	1,248
Income tax expense (benefit)	5	(159)	190	431
Other comprehensive income (loss), net of taxes	59	(305)	470	817
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year			(755)	(157)
Other comprehensive income before reclassifications			532
Amounts reclassified from accumulated other comprehensive income			(62)
Other comprehensive income (loss), net of taxes	59	(305)	470	817
Shareholders' equity, end of period	(285)	660	(285)	660
Pre-tax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	64	(464)	660	1,248
Income tax expense (benefit)	5	(159)	190	431
Other comprehensive income (loss), net of taxes	59	(305)	470	817
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			377
Amounts reclassified from accumulated other comprehensive income			(103)
Other comprehensive income (loss), net of taxes	(30)	(296)	274	745
Shareholders' equity, end of period	802		802
Pre-tax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	(42)	(455)	429	1,138
Income tax expense (benefit)	(12)	(159)	155	393
Other comprehensive income (loss), net of taxes	(30)	(296)	274	745
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 before reclassifications			1
Amounts reclassified from accumulated other comprehensive income			1
Other comprehensive income (loss), net of taxes	1	4	2	15
Shareholders' equity, end of period	204		204
Pre-tax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	2	6	4	23
Income tax expense (benefit)	1	2	2	8
Other comprehensive income (loss), net of taxes	1	4	2	15
Net Benefit Plan Assets and Obligations Recognized in Shareholders' Equity [Member]
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year			(703)
Other comprehensive income before reclassifications			(23)
Amounts reclassified from accumulated other comprehensive income			40
Other comprehensive income (loss), net of taxes	(6)	10	17	33
Shareholders' equity, end of period	(686)		(686)
Pre-tax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	(9)	16	25	50
Income tax expense (benefit)	(3)	6	8	17
Other comprehensive income (loss), net of taxes	(6)	10	17	33
Net Unrealized Foreign Currency Translation [Member]
Accumulated other comprehensive income [Roll Forward]
Shareholders' equity, beginning of year			(782)
Other comprehensive income before reclassifications			177
Other comprehensive income (loss), net of taxes	94	(23)	177	24
Shareholders' equity, end of period	(605)		(605)
Pre-tax components of other comprehensive income (loss) and related tax expense (benefit)
Other comprehensive income (loss) before income taxes	113	(31)	202	37
Income tax expense (benefit)	19	(8)	25	13
Other comprehensive income (loss), net of taxes	$ 94	$ (23)	$ 177	$ 24

Other Comprehensive Income an51

Other Comprehensive Income and Accumulated Other Comprehensive Income (details) - Reclassifications - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting net realized investment gains on the income statement	[1]	$ (61)	$ (23)	$ (146)	$ (33)
Reclassification adjustment impacting claims and claim adjustment expenses on the income statement		4,806	3,856	13,125	11,330
Reclassification adjustment impacting general and administrative expense on the income statement		1,045	1,057	3,086	3,106
Total reclassifications		(320)	(947)	(1,870)	(2,751)
Income tax (expense) benefit		(27)	(231)	(365)	(680)
Amounts reclassified from accumulated other comprehensive income, net of taxes		(293)	(716)	(1,505)	(2,071)
Accumulated Other Comprehensive Income (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Total reclassifications		(36)	(4)	(95)	4
Income tax (expense) benefit		(12)	(2)	(33)	1
Amounts reclassified from accumulated other comprehensive income, net of taxes		(24)	(2)	(62)	3
Changes in Net Unrealized Gains on Investment Securities Having No Credit Losses Recognized in the Consolidated Statement of Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting net realized investment gains on the income statement		(64)	(19)	(158)	(54)
Income tax (expense) benefit		(22)	(7)	(55)	(19)
Amounts reclassified from accumulated other comprehensive income, net of taxes		(42)	(12)	(103)	(35)
Changes in Net Unrealized Gains on Investment Securities Having Credit Losses Recognized in the Consolidated Statement of Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification adjustment impacting net realized investment gains on the income statement		1		1	12
Income tax (expense) benefit					4
Amounts reclassified from accumulated other comprehensive income, net of taxes		1		1	8
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		11	6	25	18
Reclassification adjustment impacting general and administrative expense on the income statement		16	9	37	28
Total reclassifications		27	15	62	46
Income tax (expense) benefit		10	5	22	16
Amounts reclassified from accumulated other comprehensive income, net of taxes		$ 17	$ 10	$ 40	$ 30
[1]	Total other-than-temporary impairment (OTTI) losses were $(5) million and $(4) million for the three months ended September 30, 2017 and 2016, respectively, and $(11) million and $(36) million for the nine months ended September 30, 2017 and 2016, respectively. Of total OTTI, credit losses of $(5) million and $(4) million for the three months ended September 30, 2017 and 2016, respectively, and $(12) million and $(26) million for the nine months ended September 30, 2017 and 2016, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months ended September 30, 2017 and 2016, and $1 million and $(10) million for the nine months ended September 30, 2017 and 2016, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Debt (details)

Debt (details) - USD ($) $ in Millions	May 22, 2017	Sep. 30, 2017	Sep. 30, 2016
Debt Instrument
Net proceeds of issuance, after the deduction of the underwriting discount and expenses		$ 689	$ 491
4.00% Senior notes due May 30, 2047 [Member]
Debt Instrument
Debt, principal amount	$ 700
Interest rate (percent)	4.00%
Net proceeds of issuance, after the deduction of the underwriting discount and expenses	$ 689
Percentage of principal amount at which redemption price may be set	100.00%
Basis points added to current Treasury rate used in calculation of alternative redemption price	0.15%

Debt (details) - Payment

Debt (details) - Payment - USD ($) $ in Millions	Jun. 02, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Debt Instrument
Debt, principal amount repaid		$ 207	$ 400
Commercial paper, amount outstanding		$ 0		$ 100
6.25% Fixed-to-floating rate junior subordinated debentures due March 15, 2067 [Member]
Debt Instrument
Debt, principal amount repaid	$ 107
Interest rate (percent)	6.25%
Percentage of principal amount at which redemption price was set	100.00%

Common Share Repurchases (detai

Common Share Repurchases (details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Apr. 20, 2017
Common Share Repurchases disclosure
Number of shares repurchased (in shares)	2,600,000	8,300,000
Cost of shares repurchased	$ 328	$ 1,028
Average cost per share repurchased (in dollars per share)	$ 128.11	$ 124.12
Number of shares acquired to cover tax withholding costs and exercise costs (in shares)	964	500,000
Cost of shares acquired to cover tax withholding costs and exercise costs	$ 0.1	$ 61
Additional share repurchase authorization			$ 5,000
Remaining capacity under share repurchase authorization	$ 4,910	$ 4,910

Earnings per Share (details)

Earnings per Share (details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings per Share disclosure
Net income	$ 293	$ 716	$ 1,505	$ 2,071
Participating share-based awards - allocated income	(2)	(6)	(11)	(16)
Net income available to common shareholders -- basic	291	710	1,494	2,055
Net income available to common shareholders -- diluted	$ 291	$ 710	$ 1,494	$ 2,055
Weighted average shares outstanding, basic (in shares)	274.1	286	277.1	290
Weighted average effects of dilutive securities, stock options and performance shares (in shares)	2.5	3.8	2.5	3.6
Weighted average shares outstanding, diluted (in shares)	276.6	289.8	279.6	293.6
Net income per common share, basic (in dollars per share)	$ 1.06	$ 2.48	$ 5.39	$ 7.09
Net income per common share, diluted (in dollars per share)	$ 1.05	$ 2.45	$ 5.34	$ 7

Share-Based Incentive Compens56

Share-Based Incentive Compensation (details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-Based Incentive Compensation disclosure
Stock options vested at end of period, number (in shares)	5,714,377		5,714,377
Stock options vested at end of period, weighted average exercise price (in dollars per share)	$ 88.66		$ 88.66
Stock options vested at end of period, weighted average contractual life remaining (in years)			6 years 2 months 12 days
Stock options vested at end of period, aggregate intrinsic value	$ 194		$ 194
Stock options exercisable at end of period, number (in shares)	3,060,575		3,060,575
Stock options exercisable at end of period, weighted average exercise price (in dollars per share)	$ 70.15		$ 70.15
Stock options exercisable at end of period, weighted average contractual life remaining (in years)			4 years 3 months 18 days
Stock options exercisable at end of period, aggregate intrinsic value	$ 160		$ 160
Total compensation cost recognized in earnings for all share-based incentive compensation awards	31	$ 42	104	$ 124
Tax benefit recognized in earnings related to compensation costs	10	$ 14	34	$ 42
Total unrecognized compensation cost related to all nonvested share-based incentive compensation awards	$ 172		$ 172
Weighted-average period of recognition for unrecognized compensation cost (in years)			1 year 10 months 24 days

Pension Plans, Retirement Ben57

Pension Plans, Retirement Benefits and Savings Plans (details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Pension Plans [Member]
Defined benefit plan disclosure
Service cost	$ 30	$ 29	$ 90	$ 88
Interest cost on benefit obligation	35	30	96	91
Expected return on plan assets	(60)	(57)	(180)	(172)
Net periodic benefit cost, settlement				1
Net periodic benefit cost, amortization of unrecognized prior service benefit	(1)		(1)
Net periodic benefit cost, amortization of unrecognized net actuarial loss	29	17	66	50
Total non-service cost (benefit)	3	(10)	(19)	(30)
Net periodic benefit cost	33	19	71	58
Pension Plans [Member] | Claims and claim adjustment expenses [Member]
Defined benefit plan disclosure
Service cost	13	12	37	36
Total non-service cost (benefit)	1	(4)	(8)	(13)
Pension Plans [Member] | General and administrative expenses [Member]
Defined benefit plan disclosure
Service cost	17	17	53	52
Total non-service cost (benefit)	2	(6)	(11)	(17)
Postretirement Benefit Plans [Member]
Defined benefit plan disclosure
Interest cost on benefit obligation	2	2	5	6
Net periodic benefit cost, amortization of unrecognized prior service benefit	(1)	(1)	(3)	(3)
Total non-service cost (benefit)	1	1	2	3
Net periodic benefit cost	1	1	2	3
Postretirement Benefit Plans [Member] | Claims and claim adjustment expenses [Member]
Defined benefit plan disclosure
Total non-service cost (benefit)	$ 1		1	1
Postretirement Benefit Plans [Member] | General and administrative expenses [Member]
Defined benefit plan disclosure
Total non-service cost (benefit)		$ 1	$ 1	$ 2

Contingencies, Commitments an58

Contingencies, Commitments and Guarantees (details) $ in Millions	3 Months Ended	79 Months Ended
	Dec. 31, 2016USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	May 01, 2017item	Nov. 07, 2016USD ($)item	Nov. 06, 2016USD ($)	Aug. 17, 2010item
Gain Contingency
Reinsurance recoverables	$ 8,287		$ 8,345
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 with whom the Company reached a settlement agreeement | item					2	1
Gain from payment received from settlement (pre-tax)	126
Gain from payment received from settlement (after-tax)	$ 82
Reinsurance recoverables		$ 31		$ 0		$ 31	$ 238
Total settlement amount		71
Settlement amount, reinsurance recoverables		31
Interest related to settlement award		$ 40

Contingencies, Commitments an59

Contingencies, Commitments and Guarantees (details) - Commitments - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Contingencies and Commitments disclosure
Unfunded commitments to private equity limited partnerships and real estate partnerships	$ 1,550	$ 1,600

Contingencies, Commitments an60

Contingencies, Commitments and Guarantees (details) - Guarantees $ in Millions	Sep. 30, 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	45
Amount indemnified by a third party	23
Guarantees of certain insurance policy obligations [Member]
Guarantor obligations
Maximum amount of contingent obligation	480
Amount indemnified by a third party	$ 480

Consolidating Financial State61

Consolidating Financial Statements (Unaudited) (details) $ in Millions	Sep. 30, 2017USD ($)
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure
Amount of certain debt obligations of Travelers Property Casualty Corp. (TPC) and Travelers Insurance Group Holdings, Inc. (TIGHI) that are unconditionally guaranteed by The Travelers Companies, Inc.	$ 700

Consolidating Financial State62

Consolidating Financial Statements (details) - Consolidating Statement of Income (Unaudited) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Consolidating Statement of Income
Premiums		$ 6,523	$ 6,209	$ 19,057	$ 18,257
Net investment income		588	582	1,796	1,675
Fee income		113	116	342	352
Net realized investment gains (losses)	[1]	61	23	146	33
Other revenues		40	31	110	115
Total revenues		7,325	6,961	21,451	20,432
Claims and claim adjustment expenses		4,806	3,856	13,125	11,330
Amortization of deferred acquisition costs		1,059	1,012	3,094	2,972
General and administrative expenses		1,045	1,057	3,086	3,106
Interest expense		95	89	276	273
Total claims and expenses		7,005	6,014	19,581	17,681
Income before income taxes		320	947	1,870	2,751
Income tax expense (benefit)		27	231	365	680
Net income		293	716	1,505	2,071
Total other-than-temporary impairment losses		(5)	(4)	(11)	(36)
Other-than-temporary impairment losses recognized in net realized investment gains (losses)		(5)	(4)	(12)	(26)
Other-than-temporary impairment gains (losses) recognized in other comprehensive income		0	0	1	(10)
Reportable Legal Entities [Member] | TPC [Member]
Consolidating Statement of Income
Premiums		4,466	4,246	13,039	12,492
Net investment income		405	389	1,218	1,142
Fee income		113	116	342	352
Net realized investment gains (losses)		6	10	(2)	(7)
Other revenues		21	24	75	105
Total revenues		5,011	4,785	14,672	14,084
Claims and claim adjustment expenses		3,191	2,615	8,794	7,710
Amortization of deferred acquisition costs		716	683	2,077	1,999
General and administrative expenses		723	744	2,163	2,191
Interest expense		12	11	36	35
Total claims and expenses		4,642	4,053	13,070	11,935
Income before income taxes		369	732	1,602	2,149
Income tax expense (benefit)		74	194	361	584
Net income		295	538	1,241	1,565
Total other-than-temporary impairment losses		(2)	(1)	(4)	(18)
Other-than-temporary impairment losses recognized in net realized investment gains (losses)		(2)	(1)	(5)	(13)
Other-than-temporary impairment gains (losses) recognized in other comprehensive income				1	(5)
Reportable Legal Entities [Member] | Other Subsidiaries [Member]
Consolidating Statement of Income
Premiums		2,057	1,963	6,018	5,765
Net investment income		189	190	574	524
Net realized investment gains (losses)		56	12	90	39
Other revenues		21	11	42	28
Total revenues		2,323	2,176	6,724	6,356
Claims and claim adjustment expenses		1,615	1,241	4,331	3,620
Amortization of deferred acquisition costs		343	329	1,017	973
General and administrative expenses		314	312	911	923
Total claims and expenses		2,272	1,882	6,259	5,516
Income before income taxes		51	294	465	840
Income tax expense (benefit)		17	81	125	219
Net income		34	213	340	621
Total other-than-temporary impairment losses		(3)	(3)	(7)	(18)
Other-than-temporary impairment losses recognized in net realized investment gains (losses)		(3)	(3)	(7)	(13)
Other-than-temporary impairment gains (losses) recognized in other comprehensive income					(5)
Reportable Legal Entities [Member] | TRV [Member]
Consolidating Statement of Income
Net investment income		7	3	17	9
Net realized investment gains (losses)		(1)		58
Total revenues		6	3	75	9
General and administrative expenses		10	4	19	9
Interest expense		83	78	240	238
Total claims and expenses		93	82	259	247
Income before income taxes		(87)	(79)	(184)	(238)
Income tax expense (benefit)		(60)	(44)	(117)	(123)
Net income of subsidiaries		329	751	1,581	2,186
Net income		302	716	1,514	2,071
Eliminations [Member]
Consolidating Statement of Income
Net investment income		(13)		(13)
Net realized investment gains (losses)			1		1
Other revenues		(2)	(4)	(7)	(18)
Total revenues		(15)	(3)	(20)	(17)
General and administrative expenses		(2)	(3)	(7)	(17)
Total claims and expenses		(2)	(3)	(7)	(17)
Income before income taxes		(13)		(13)
Income tax expense (benefit)		(4)		(4)
Net income of subsidiaries		(329)	(751)	(1,581)	(2,186)
Net income		$ (338)	$ (751)	$ (1,590)	$ (2,186)
[1]	Total other-than-temporary impairment (OTTI) losses were $(5) million and $(4) million for the three months ended September 30, 2017 and 2016, respectively, and $(11) million and $(36) million for the nine months ended September 30, 2017 and 2016, respectively. Of total OTTI, credit losses of $(5) million and $(4) million for the three months ended September 30, 2017 and 2016, respectively, and $(12) million and $(26) million for the nine months ended September 30, 2017 and 2016, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months ended September 30, 2017 and 2016, and $1 million and $(10) million for the nine months ended September 30, 2017 and 2016, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.

Consolidating Financial State63

Consolidating Financial Statements (details) - Consolidating Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Consolidating Statement of Comprehensive Income
Net income	$ 293	$ 716	$ 1,505	$ 2,071
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	(42)	(455)	429	1,138
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	2	6	4	23
Net changes in benefit plan assets and obligations	(9)	16	25	50
Net changes in unrealized foreign currency translation	113	(31)	202	37
Other comprehensive income (loss) before income taxes	64	(464)	660	1,248
Income tax expense (benefit)	5	(159)	190	431
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	59	(305)	470	817
Other comprehensive income (loss), net of taxes	59	(305)	470	817
Comprehensive income	352	411	1,975	2,888
Reportable Legal Entities [Member] | TPC [Member]
Consolidating Statement of Comprehensive Income
Net income	295	538	1,241	1,565
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income		(323)	389	732
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	1	4	3	12
Net changes in benefit plan assets and obligations		1		19
Net changes in unrealized foreign currency translation	61	(13)	100	106
Other comprehensive income (loss) before income taxes	62	(331)	492	869
Income tax expense (benefit)	12	(120)	151	277
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	50	(211)	341	592
Other comprehensive income (loss), net of taxes	50	(211)	341	592
Comprehensive income	345	327	1,582	2,157
Reportable Legal Entities [Member] | Other Subsidiaries [Member]
Consolidating Statement of Comprehensive Income
Net income	34	213	340	621
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	(47)	(137)	82	397
Changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income	1	2	1	11
Net changes in benefit plan assets and obligations	(1)		(2)	20
Net changes in unrealized foreign currency translation	52	(18)	102	(69)
Other comprehensive income (loss) before income taxes	5	(153)	183	359
Income tax expense (benefit)	(11)	(48)	38	144
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	16	(105)	145	215
Other comprehensive income (loss), net of taxes	16	(105)	145	215
Comprehensive income	50	108	485	836
Reportable Legal Entities [Member] | TRV [Member]
Consolidating Statement of Comprehensive Income
Net income	302	716	1,514	2,071
Changes in net unrealized gains on investment securities having no credit losses recognized in the consolidated statement of income	5	5	(42)	9
Net changes in benefit plan assets and obligations	(8)	15	27	11
Other comprehensive income (loss) before income taxes	(3)	20	(15)	20
Income tax expense (benefit)	4	9	1	10
Other comprehensive income (loss), net of taxes, before other comprehensive income (loss) of subsidiaries	(7)	11	(16)	10
Other comprehensive income (loss) of subsidiaries	66	(316)	486	807
Other comprehensive income (loss), net of taxes	59	(305)	470	817
Comprehensive income	361	411	1,984	2,888
Eliminations [Member]
Consolidating Statement of Comprehensive Income
Net income	(338)	(751)	(1,590)	(2,186)
Other comprehensive income (loss) of subsidiaries	(66)	316	(486)	(807)
Other comprehensive income (loss), net of taxes	(66)	316	(486)	(807)
Comprehensive income	$ (404)	$ (435)	$ (2,076)	$ (2,993)

Consolidating Financial State64

Consolidating Financial Statements (details) - Consolidating Balance Sheet (Unaudited) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	$ 62,157	$ 60,515
Equity securities, available for sale, at fair value	601	732
Real estate investments	923	928
Short-term securities	5,859	4,865
Other investments	3,552	3,448
Total investments	73,092	70,488
Cash	379	307	$ 269	$ 380
Investment income accrued	568	630
Premiums receivable	7,267	6,722
Reinsurance recoverables	8,345	8,287
Ceded unearned premiums	688	589
Deferred acquisition costs	2,077	1,923
Deferred taxes	243	465
Contractholder receivables	4,757	4,609
Goodwill	3,946	3,580
Other intangible assets	345	268
Other assets	2,604	2,377
Total assets	104,311	100,245
Claims and claim adjustment expense reserves	49,750	47,949
Unearned premium reserves	13,247	12,329
Contractholder payables	4,757	4,609
Payables for reinsurance premiums	423	273
Debt	6,921	6,437
Other liabilities	5,475	5,427
Total liabilities	80,573	77,024
Common stock	22,836	22,614
Retained earnings	33,110	32,196
Accumulated other comprehensive income (loss)	(285)	(755)
Treasury stock, at cost	(31,923)	(30,834)
Total shareholders' equity	23,738	23,221	24,439
Total liabilities and shareholders' equity	104,311	100,245
Fixed maturities, available for sale, amortized cost	60,727	59,650
Equity securities, available for sale, cost	$ 509	$ 504
Common stock, shares authorized (in shares)	1,750	1,750
Common stock, shares issued (in shares)	273.8	279.6
Common stock, shares outstanding (in shares)	273.7	279.6
Treasury stock, at cost (in shares)	498.3	489.5
Reportable Legal Entities [Member] | TPC [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	$ 42,889	$ 42,014
Equity securities, available for sale, at fair value	173	169
Real estate investments	55	56
Short-term securities	2,936	2,447
Other investments	2,666	2,569
Total investments	48,719	47,255
Cash	165	141	131	225
Investment income accrued	392	441
Premiums receivable	4,938	4,545
Reinsurance recoverables	5,791	5,664
Ceded unearned premiums	612	536
Deferred acquisition costs	1,880	1,741
Deferred taxes	(76)	216
Contractholder receivables	3,813	3,656
Goodwill	2,593	2,578
Other intangible assets	202	202
Other assets	2,247	1,973
Total assets	71,276	68,948
Claims and claim adjustment expense reserves	33,358	32,168
Unearned premium reserves	9,225	8,575
Contractholder payables	3,813	3,656
Payables for reinsurance premiums	249	156
Debt	693	693
Other liabilities	3,946	4,106
Total liabilities	51,284	49,354
Additional paid-in capital	11,634	11,634
Retained earnings	7,989	7,933
Accumulated other comprehensive income (loss)	369	27
Total shareholders' equity	19,992	19,594
Total liabilities and shareholders' equity	71,276	68,948
Reportable Legal Entities [Member] | Other Subsidiaries [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	19,218	18,452
Equity securities, available for sale, at fair value	255	408
Real estate investments	868	872
Short-term securities	1,024	791
Other investments	885	878
Total investments	22,250	21,401
Cash	214	164	136	153
Investment income accrued	170	183
Premiums receivable	2,329	2,177
Reinsurance recoverables	2,554	2,623
Ceded unearned premiums	76	53
Deferred acquisition costs	197	182
Deferred taxes	224	224
Contractholder receivables	944	953
Goodwill	1,362	1,002
Other intangible assets	143	66
Other assets	91	370
Total assets	30,554	29,398
Claims and claim adjustment expense reserves	16,392	15,781
Unearned premium reserves	4,022	3,754
Contractholder payables	944	953
Payables for reinsurance premiums	174	117
Other liabilities	967	1,239
Total liabilities	22,499	21,844
Common stock	390	390
Additional paid-in capital	6,970	6,499
Retained earnings	683	797
Accumulated other comprehensive income (loss)	12	(132)
Total shareholders' equity	8,055	7,554
Total liabilities and shareholders' equity	30,554	29,398
Reportable Legal Entities [Member] | TRV [Member]
Consolidating Balance Sheet
Fixed maturities, available for sale, at fair value	50	49
Equity securities, available for sale, at fair value	173	155
Short-term securities	1,899	1,627
Other investments	1	1
Total investments	2,123	1,832
Cash		2	$ 2	$ 2
Investment income accrued	6	6
Deferred taxes	95	25
Investment in subsidiaries	28,036	27,137
Other assets	266	34
Total assets	30,526	29,036
Debt	6,228	5,744
Other liabilities	562	82
Total liabilities	6,790	5,826
Common stock	22,836	22,614
Retained earnings	33,108	32,185
Accumulated other comprehensive income (loss)	(285)	(755)
Treasury stock, at cost	(31,923)	(30,834)
Total shareholders' equity	23,736	23,210
Total liabilities and shareholders' equity	30,526	29,036
Eliminations [Member]
Consolidating Balance Sheet
Goodwill	(9)
Investment in subsidiaries	(28,036)	(27,137)
Total assets	(28,045)	(27,137)
Common stock	(390)	(390)
Additional paid-in capital	(18,604)	(18,133)
Retained earnings	(8,670)	(8,719)
Accumulated other comprehensive income (loss)	(381)	105
Total shareholders' equity	(28,045)	(27,137)
Total liabilities and shareholders' equity	$ (28,045)	$ (27,137)

Consolidating Financial State65

Consolidating Financial Statements (details) - Consolidating Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Consolidating Statement of Cash Flows
Net income	$ 293	$ 716	$ 1,505	$ 2,071
Net adjustments to reconcile net income to net cash provided by operating activities			1,719	992
Net cash provided by operating activities			3,224	3,063
Proceeds from maturities of fixed maturities			6,581	6,648
Proceeds from sales of investments, fixed maturities			860	865
Proceeds from sales of investments, equity securities			340	71
Proceeds from sales of investments, real estate investments			23	69
Proceeds from sales of investments, other investments			603	569
Purchases of investments, fixed maturities			(8,403)	(9,004)
Purchases of investments, equity securities			(193)	(36)
Purchases of investments, real estate investments			(40)	(30)
Purchases of investments, other investments			(392)	(422)
Net (purchases) sales of short-term securities			(990)	(135)
Securities transactions in course of settlement			122	511
Acquisition, net of cash acquired			(439)
Other investing activities			(187)	(240)
Net cash used in investing activities			(2,115)	(1,134)
Treasury stock acquired - share repurchase authorization			(1,028)	(1,650)
Treasury stock acquired - net employee share-based compensation			(61)	(71)
Dividends paid to shareholders			(589)	(569)
Payment of debt			(207)	(400)
Issuance of debt			689	491
Issuance of common stock - employee share options			148	164
Net cash used in financing activities			(1,048)	(2,035)
Effect of exchange rate changes on cash			11	(5)
Net increase (decrease) in cash			72	(111)
Cash at beginning of year			307	380
Cash at end of period	379	269	379	269
Income taxes paid (received)			467	648
Interest paid			217	223
Reportable Legal Entities [Member] | TPC [Member]
Consolidating Statement of Cash Flows
Net income	295	538	1,241	1,565
Net adjustments to reconcile net income to net cash provided by operating activities			975	643
Net cash provided by operating activities			2,216	2,208
Proceeds from maturities of fixed maturities			4,961	4,854
Proceeds from sales of investments, fixed maturities			463	458
Proceeds from sales of investments, equity securities			18	39
Proceeds from sales of investments, other investments			426	399
Purchases of investments, fixed maturities			(5,906)	(6,016)
Purchases of investments, equity securities			(5)	(5)
Purchases of investments, real estate investments				(1)
Purchases of investments, other investments			(305)	(328)
Net (purchases) sales of short-term securities			(488)	(339)
Securities transactions in course of settlement			18	422
Other investing activities			(192)	(236)
Net cash used in investing activities			(1,010)	(753)
Dividends paid to parent company			(1,185)	(1,550)
Net cash used in financing activities			(1,185)	(1,550)
Effect of exchange rate changes on cash			3	1
Net increase (decrease) in cash			24	(94)
Cash at beginning of year			141	225
Cash at end of period	165	131	165	131
Income taxes paid (received)			493	536
Interest paid			40	40
Reportable Legal Entities [Member] | Other Subsidiaries [Member]
Consolidating Statement of Cash Flows
Net income	34	213	340	621
Net adjustments to reconcile net income to net cash provided by operating activities			508	92
Net cash provided by operating activities			848	713
Proceeds from maturities of fixed maturities			1,618	1,788
Proceeds from sales of investments, fixed maturities			397	405
Proceeds from sales of investments, equity securities			202	32
Proceeds from sales of investments, real estate investments			23	69
Proceeds from sales of investments, other investments			190	170
Purchases of investments, fixed maturities			(2,493)	(2,978)
Purchases of investments, equity securities			(65)	(29)
Purchases of investments, real estate investments			(40)	(29)
Purchases of investments, other investments			(87)	(94)
Net (purchases) sales of short-term securities			(230)	366
Securities transactions in course of settlement			103	86
Acquisition, net of cash acquired			25
Other investing activities			5	(4)
Net cash used in investing activities			(352)	(218)
Dividends paid to parent company			(454)	(506)
Net cash used in financing activities			(454)	(506)
Effect of exchange rate changes on cash			8	(6)
Net increase (decrease) in cash			50	(17)
Cash at beginning of year			164	153
Cash at end of period	214	136	214	136
Income taxes paid (received)			174	206
Reportable Legal Entities [Member] | TRV [Member]
Consolidating Statement of Cash Flows
Net income	302	716	1,514	2,071
Net adjustments to reconcile net income to net cash provided by operating activities			285	127
Net cash provided by operating activities			1,799	2,198
Proceeds from maturities of fixed maturities			2	6
Proceeds from sales of investments, fixed maturities				2
Proceeds from sales of investments, equity securities			120
Purchases of investments, fixed maturities			(4)	(10)
Purchases of investments, equity securities			(123)	(2)
Net (purchases) sales of short-term securities			(272)	(162)
Securities transactions in course of settlement			1	3
Acquisition, net of cash acquired			(477)
Net cash used in investing activities			(753)	(163)
Treasury stock acquired - share repurchase authorization			(1,028)	(1,650)
Treasury stock acquired - net employee share-based compensation			(61)	(71)
Dividends paid to shareholders			(589)	(569)
Payment of debt			(207)	(400)
Issuance of debt			689	491
Issuance of common stock - employee share options			148	164
Net cash used in financing activities			(1,048)	(2,035)
Net increase (decrease) in cash			(2)
Cash at beginning of year			2	2
Cash at end of period		2		2
Income taxes paid (received)			(200)	(94)
Interest paid			177	183
Eliminations [Member]
Consolidating Statement of Cash Flows
Net income	$ (338)	$ (751)	(1,590)	(2,186)
Net adjustments to reconcile net income to net cash provided by operating activities			(49)	130
Net cash provided by operating activities			(1,639)	(2,056)
Proceeds from sales of investments, other investments			(13)
Acquisition, net of cash acquired			13
Dividends paid to parent company			1,639	2,056
Net cash used in financing activities			$ 1,639	$ 2,056