Investments (Tables)

3 Months Ended

Mar. 31, 2015

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 investment portfolio:

(Dollars in millions)	Cost or amortized cost
			Gross unrealized				Fair value
At March 31, 2015			gains		losses
Fixed maturity securities:
Corporate	$	5,152	$	449	$	8	$	5,593
States, municipalities and political subdivisions	3,289		183		2		3,470
Commercial mortgage-backed	269		16		—		285
Government-sponsored enterprises	227		—		3		224
Foreign government	10		—		—		10
Convertibles and bonds with warrants attached	7		—		—		7
United States government	7		—		—		7
Subtotal	8,961		648		13		9,596
Equity securities:
Common equities	2,595		2,014		11		4,598
Nonredeemable preferred equities	153		38		—		191
Subtotal	2,748		2,052		11		4,789
Total	$	11,709	$	2,700	$	24	$	14,385
At December 31, 2014
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

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 gross unrealized losses by investment category and by the duration of the securities’ continuous unrealized loss positions:

(Dollars in millions)	Less than 12 months				12 months or more				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
At March 31, 2015
Fixed maturity securities:
Corporate	$	211	$	6	$	64	$	2	$	275	$	8
States, municipalities and political subdivisions	115		2		58		—		173		2
Commercial mortgage-backed	2		—		2		—		4		—
Government-sponsored enterprises	18		—		156		3		174		3
Subtotal	346		8		280		5		626		13
Equity securities:
Common equities	168		11		—		—		168		11
Nonredeemable preferred equities	5		—		15		—		20		—
Subtotal	173		11		15		—		188		11
Total	$	519	$	19	$	295	$	5	$	814	$	24
At December 31, 2014
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

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, the change in unrealized investment gains and losses, and other items:

(Dollars in millions)	Three months ended March 31,
	2015			2014
Investment income:
Interest	$	105		$	104
Dividends	36			32
Other	—			1
Total	141			137
Less investment expenses	2			2
Total	$	139		$	135
Realized investment gains and losses summary:
Fixed maturities:
Gross realized gains	$	3		$	2
Gross realized losses	—			(1		)
Other-than-temporary impairments	—			—
Equity securities:
Gross realized gains	44			18
Gross realized losses	(1		)	—
Other-than-temporary impairments	—			(1		)
Other	1			4
Total	$	47		$	22
Change in unrealized investment gains and losses:
Fixed maturities	$	46		$	88
Equity securities	(89		)	29
Less income taxes	15			(41		)
Total	$	(28	)	$	76