Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components Of Deferred Tax Assets And Liabilities

The significant components of deferred tax assets and liabilities included in the consolidated balance sheets at December 31 were as follows:

(Dollars in millions)	At December 31,
	2014		2013
Deferred tax assets:
Loss and loss expense reserves	$	197	$	206
Unearned premiums	145		137
Investments	16		19
Other	41		46
Total	399		408
Deferred tax liabilities:
Unrealized investment gains, net	937		807
Deferred acquisition costs	183		178
Life policy reserves	110		86
Other	9		10
Total	1,239		1,081
Net deferred income tax liability	$	840	$	673

Differences Between The 35 Percent Statutory Income Tax Rate And Effective Income Tax Rate

The differences between the 35 percent statutory federal income tax rate and our effective income tax rate were as follows:

(Dollars in millions)	Years ended December 31,
	2014					2013					2012
Tax at statutory rate:	$	252		35.0	%	$	250		35.0	%	$	198		35.0	%
Increase (decrease) resulting from:
Tax-exempt income from municipal bonds	(33		)	(4.6	)	(32		)	(4.5	)	(33		)	(5.9	)
Dividend received exclusion	(29		)	(4.0	)	(26		)	(3.6	)	(24		)	(4.2	)
Other	6			0.8		5			0.7		4			0.7
Provision for income taxes	$	196		27.2	%	$	197		27.6	%	$	145		25.6	%