Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Carrying Values and Fair Values of Financial Instruments

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

	March 31, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Assets
Invested assets
Short term investments	$	1,220	$	1,220	$	1,318	$	1,318
Fixed maturities		38,457		38,457		38,780		38,780
Equity securities		1,964		1,964		1,964		1,964
Liabilities
Long term debt		3,300		4,046		3,300		4,013

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:

	March 31, 2015
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Short term investments	$	192	$	1,028	$	—	$	1,220
Fixed maturities
Tax exempt		—		20,413		2		20,415
Taxable
U.S. government and government agency and authority obligations		—		1,518		—		1,518
Corporate bonds		—		8,954		185		9,139
Foreign government and government agency obligations		—		6,169		8		6,177
Residential mortgage-backed securities		—		193		1		194
Commercial mortgage-backed securities		—		1,014		—		1,014
		—		17,848		194		18,042
Total fixed maturities		—		38,261		196		38,457
Equity securities		1,958		—		6		1,964
	$	2,150	$	39,289	$	202	$	41,641
Liabilities
Long term debt	$	—	$	4,046	$	—	$	4,046

	December 31, 2014
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Short term investments	$	206	$	1,112	$	—	$	1,318
Fixed maturities
Tax exempt		—		19,769		3		19,772
Taxable
U.S. government and government agency and authority obligations		—		2,007		—		2,007
Corporate bonds		—		8,912		116		9,028
Foreign government and government agency obligations		—		6,663		9		6,672
Residential mortgage-backed securities		—		210		1		211
Commercial mortgage-backed securities		—		1,090		—		1,090
		—		18,882		126		19,008
Total fixed maturities		—		38,651		129		38,780
Equity securities		1,958		—		6		1,964
	$	2,164	$	39,763	$	135	$	42,062
Liabilities
Long term debt	$	—	$	4,013	$	—	$	4,013