Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investments [Abstract]

Analysis Of Cost Or Amortized Cost, Gross Unrealized Gains And Losses And Fair Value for Investments

The following table provides cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity and equity securities:

(Dollars in millions)	Cost or amortized cost		Gross unrealized				Fair value
At December 31, 2014			gains		losses
Fixed-maturity securities:
Corporate	$	5,117	$	420	$	11	$	5,526
States, municipalities and political subdivisions	3,267		178		2		3,443
Commercial mortgage-backed	250		9		—		259
Government-sponsored enterprises	213		—		5		208
Foreign government	10		—		—		10
Convertibles and bonds with warrants attached	7		—		—		7
United States government	7		—		—		7
Subtotal	8,871		607		18		9,460
Equity securities:
Common equities	2,583		2,099		3		4,679
Nonredeemable preferred equities	145		35		1		179
Subtotal	2,728		2,134		4		4,858
Total	$	11,599	$	2,741	$	22	$	14,318
At December 31, 2013
Fixed-maturity securities:
Corporate	$	5,122	$	433	$	22	$	5,533
States, municipalities and political subdivisions	3,107		125		21		3,211
Commercial mortgage-backed	148		—		5		143
Government-sponsored enterprises	227		—		27		200
Foreign government	10		—		—		10
Convertibles and bonds with warrants attached	17		—		—		17
United States government	7		—		—		7
Subtotal	8,638		558		75		9,121
Equity securities:
Common equities	2,396		1,818		1		4,213
Nonredeemable preferred equities	127		38		3		162
Subtotal	2,523		1,856		4		4,375
Total	$	11,161	$	2,414	$	79	$	13,496

Fair Values And Unrealized Losses by Investment Category And By The Duration Of The Securities' Continuous Unrealized Loss Position

The table below provides fair values and unrealized losses by investment category and by the duration of the securities’ continuous unrealized loss position:

(Dollars in millions)	Less than 12 months				12 months or more				Total
At December 31, 2014	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Fixed maturity securities:
Corporate	$	261	$	8	$	90	$	3	$	351	$	11
States, municipalities and political subdivisions	17		—		135		2		152		2
Commercial mortgage-backed	3		—		23		—		26		—
Government-sponsored enterprises	11		—		181		5		192		5
Subtotal	292		8		429		10		721		18
Equity securities:
Common equities	85		3		—		—		85		3
Nonredeemable preferred equities	16		—		17		1		33		1
Subtotal	101		3		17		1		118		4
Total	$	393	$	11	$	446	$	11	$	839	$	22
At December 31, 2013
Fixed maturity securities:
Corporate	$	572	$	20	$	43	$	2	$	615	$	22
States, municipalities and political subdivisions	490		18		42		3		532		21
Commercial mortgage-backed	125		5		—		—		125		5
Government-sponsored enterprises	199		27		1		—		200		27
Foreign government	10		—		—		—		10		—
United States government	1		—		—		—		1		—
Subtotal	1,397		70		86		5		1,483		75
Equity securities:
Common equities	77		1		—		—		77		1
Nonredeemable preferred equities	42		3		—		—		42		3
Subtotal	119		4		—		—		119		4
Total	$	1,516	$	74	$	86	$	5	$	1,602	$	79

Contractual Maturity Dates For Fixed-Maturity And Short-Term Investments

Contractual maturity dates for fixed-maturity investments were:

(Dollars in millions)	Amortized cost		Fair value		% of fair value
At December 31, 2014
Maturity dates occurring:
Less than 1 year	$	502	$	509	5.4	%
Years 1 - 5	3,404		3,687		39.0
Years 5 - 10	3,322		3,506		37.0
Due after ten years	1,643		1,758		18.6
Total	$	8,871	$	9,460	100.0	%

Investment Income, Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses

The following table provides investment income, realized investment gains and losses and the change in unrealized investment gains and losses, by investment category:

(Dollars in millions)	Years ended December 31,
	2014			2013			2012
Investment income:
Interest	$	417		$	413		$	420
Dividends	138			122			115
Other	2			3			3
Total	557			538			538
Less investment expenses	8			9			7
Total	$	549		$	529		$	531
Realized investment gains and losses summary:
Fixed maturities:
Gross realized gains	$	21		$	15		$	36
Gross realized losses	(3		)	—			—
Other-than-temporary impairments	(15		)	(2		)	(1		)
Equity securities:
Gross realized gains	136			64			39
Gross realized losses	—			—			(2		)
Other-than-temporary impairments	(9		)	—			(32		)
Other	3			6			2
Total	$	133		$	83		$	42
Change in unrealized investment gains and losses:
Fixed maturities	$	106		$	(387	)	$	176
Equity securities	278			847			210
Less income taxes	134			161			135
Total	$	250		$	299		$	251