Investments (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018			gains		losses
Fixed maturity securities:
Corporate	$	5,452	$	155	$	35	$	5,572
States, municipalities and political subdivisions	4,304		85		35		4,354
Commercial mortgage-backed	285		3		2		286
Government-sponsored enterprises	277		—		6		271
United States government	36		—		1		35
Foreign government	10		—		—		10
Total	10,364		243		79		10,528
At December 31, 2017
Fixed maturity securities:
Corporate	$	5,420	$	246	$	13	$	5,653
States, municipalities and political subdivisions	4,316		155		6		4,465
Commercial mortgage-backed	280		7		1		286
Government-sponsored enterprises	257		1		4		254
United States government	31		—		—		31
Foreign government	10		—		—		10
Subtotal	10,314		409		24		10,699
Equity securities:
Common equities	2,918		3,135		14		6,039
Nonredeemable preferred equities	176		34		—		210
Subtotal	3,094		3,169		14		6,249
Total	$	13,408	$	3,578	$	38	$	16,948

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
At March 31, 2018	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Fixed maturity securities:
Corporate	$	1,002	$	20	$	253	$	15	$	1,255	$	35
States, municipalities and political subdivisions	1,052		21		256		14		1,308		35
Commercial mortgage-backed securities	81		1		35		1		116		2
Government-sponsored enterprises	131		2		123		4		254		6
Foreign government	10		—		—		—		10		—
United States government	24		1		11		—		35		1
Total	$	2,300	$	45	$	678	$	34	$	2,978	$	79
At December 31, 2017
Fixed maturity securities:
Corporate	$	330	$	4	$	252	$	9	$	582	$	13
States, municipalities and political subdivisions	88		1		264		5		352		6
Commercial mortgage-backed	33		—		36		1		69		1
Government-sponsored enterprises	96		1		124		3		220		4
Foreign government	10		—		—		—		10		—
United States government	23		—		6		—		29		—
Subtotal	580		6		682		18		1,262		24
Equity securities:
Common equities	229		14		—		—		229		14
Subtotal	229		14		—		—		229		14
Total	$	809	$	20	$	682	$	18	$	1,491	$	38

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, 2018
Maturity dates:
Due in one year or less	$	449	$	457	4.4	%
Due after one year through five years	2,714		2,768		26.3
Due after five years through ten years	3,986		4,046		38.4
Due after ten years	3,215		3,257		30.9
Total	$	10,364	$	10,528	100.0	%

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

The following table provides investment income and investment gains and losses, net:

(Dollars in millions)	Three months ended March 31,
	2018			2017
Investment income:
Interest	$	110		$	111
Dividends	42			39
Other	1			1
Total	153			151
Less investment expenses	3			2
Total	$	150		$	149
Investment gains and losses, net:
Equity securities:
Investment gains and losses on securities sold, net	$	3		$	—
Unrealized gains and losses on securities still held, net	(198		)	—
Gross realized gains	—			153
Gross realized losses	—			(4		)
Subtotal	(195		)	149
Fixed maturities:
Gross realized gains	4			10
Gross realized losses	—			—
Subtotal	4			10
Other	—			1
Total	$	(191	)	$	160