Investments (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016			gains		losses
Fixed maturity securities:
Corporate	$	5,395	$	295	$	66	$	5,624
States, municipalities and political subdivisions	3,499		204		—		3,703
Commercial mortgage-backed	289		11		2		298
Government-sponsored enterprises	240		—		—		240
Foreign government	10		—		—		10
Convertibles and bonds with warrants attached	5		—		—		5
United States government	4		—		—		4
Subtotal	9,442		510		68		9,884
Equity securities:
Common equities	2,810		1,954		44		4,720
Nonredeemable preferred equities	189		33		1		221
Subtotal	2,999		1,987		45		4,941
Total	$	12,441	$	2,497	$	113	$	14,825
At December 31, 2015
Fixed maturity securities:
Corporate	$	5,294	$	255	$	96	$	5,453
States, municipalities and political subdivisions	3,440		172		1		3,611
Commercial mortgage-backed	287		4		2		289
Government-sponsored enterprises	284		—		6		278
Foreign government	10		—		—		10
Convertibles and bonds with warrants attached	5		—		—		5
United States government	4		—		—		4
Subtotal	9,324		431		105		9,650
Equity securities:
Common equities	2,749		1,787		51		4,485
Nonredeemable preferred equities	189		32		—		221
Subtotal	2,938		1,819		51		4,706
Total	$	12,262	$	2,250	$	156	$	14,356

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, 2016
Fixed maturity securities:
Corporate	$	801	$	43	$	153	$	23	$	954	$	66
States, municipalities and political subdivisions	28		—		4		—		32		—
Commercial mortgage-backed	49		1		2		1		51		2
Government-sponsored enterprises	29		—		19		—		48		—
Subtotal	907		44		178		24		1,085		68
Equity securities:
Common equities	345		44		—		—		345		44
Nonredeemable preferred equities	42		1		—		—		42		1
Subtotal	387		45		—		—		387		45
Total	$	1,294	$	89	$	178	$	24	$	1,472	$	113
At December 31, 2015
Fixed maturity securities:
Corporate	$	1,099	$	63	$	133	$	33	$	1,232	$	96
States, municipalities and political subdivisions	47		1		22		—		69		1
Commercial mortgage-backed	103		2		2		—		105		2
Government-sponsored enterprises	100		2		127		4		227		6
Subtotal	1,349		68		284		37		1,633		105
Equity securities:
Common equities	270		51		—		—		270		51
Nonredeemable preferred equities	35		—		—		—		35		—
Subtotal	305		51		—		—		305		51
Total	$	1,654	$	119	$	284	$	37	$	1,938	$	156

Investments Classified by Contractual Maturity Date [Table Text Block]

Contractual maturity dates for fixed-maturity investments were:

(Dollars in millions)	Amortized cost		Fair value		% of fair value
At March 31, 2016
Maturity dates:
Due in one year or less	$	481	$	488	4.9	%
Due after one year through five years	3,017		3,202		32.4
Due after five years through ten years	3,676		3,797		38.4
Due after ten years	2,268		2,397		24.3
Total	$	9,442	$	9,884	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, the change in unrealized investment gains and losses, and other items:

(Dollars in millions)	Three months ended March 31,
	2016			2015
Investment income:
Interest	$	109		$	105
Dividends	37			36
Other	1			—
Total	147			141
Less investment expenses	2			2
Total	$	145		$	139
Realized investment gains and losses summary:
Fixed maturities:
Gross realized gains	$	3		$	3
Gross realized losses	(1		)	—
Other-than-temporary impairments	(2		)	—
Equity securities:
Gross realized gains	62			44
Gross realized losses	(1		)	(1		)
Other-than-temporary impairments	—			—
Other	—			1
Total	$	61		$	47
Change in unrealized investment gains and losses:
Fixed maturities	$	116		$	46
Equity securities	174			(89		)
Less income taxes	(100		)	15
Total	$	190		$	(28	)