Fair Values of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Carrying Values and Fair Values of Financial Instruments

The carrying values and fair values of financial instruments were as follows:

	June 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Assets
Invested assets
Short term investments	$	1,845	$	1,845	$	2,114	$	2,114
Fixed maturities		38,062		38,062		37,091		37,091
Equity securities		1,969		1,969		1,810		1,810
Liabilities
Long term debt		3,300		3,989		3,300		3,806

Fair Value of Financial Instruments Categorized Based Upon Lowest Level of Input

The fair value of financial instruments categorized based upon the lowest level of input that was significant to the fair value measurement was as follows:

	June 30, 2014
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Short term investments	$	284	$	1,561	$	—	$	1,845
Fixed maturities
Tax exempt		—		19,216		4		19,220
Taxable
U.S. government and government agency and authority obligations		—		1,286		—		1,286
Corporate bonds		—		9,066		128		9,194
Foreign government and government agency obligations		—		6,896		9		6,905
Residential mortgage-backed securities		—		246		4		250
Commercial mortgage-backed securities		—		1,196		11		1,207
		—		18,690		152		18,842
Total fixed maturities		—		37,906		156		38,062
Equity securities		1,963		—		6		1,969
	$	2,247	$	39,467	$	162	$	41,876
Liabilities
Long term debt	$	—	$	3,989	$	—	$	3,989

	December 31, 2013
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Short term investments	$	399	$	1,715	$	—	$	2,114
Fixed maturities
Tax exempt		—		18,416		5		18,421
Taxable
U.S. government and government agency and authority obligations		—		802		—		802
Corporate bonds		—		9,179		135		9,314
Foreign government and government agency obligations		—		6,881		9		6,890
Residential mortgage-backed securities		—		293		6		299
Commercial mortgage-backed securities		—		1,345		20		1,365
		—		18,500		170		18,670
Total fixed maturities		—		36,916		175		37,091
Equity securities		1,803		—		7		1,810
	$	2,202	$	38,631	$	182	$	41,015
Liabilities
Long term debt	$	—	$	3,806	$	—	$	3,806