Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Funded status

Funded Status

	Pension Benefits						Postretirement Benefits
(In millions)	2014			2013			2014			2013
Benefit obligation at January 1	$	2,943		$	3,271		$	40		$	47
Changes in benefit obligation:
Service cost	9			12			—			1
Interest cost	132			121			1			1
Participants' contributions	—			—			5			5
Plan amendments	(3		)	—			(7		)	—
Actuarial (gain) loss	367			(289		)	1			(3		)
Benefits paid	(165		)	(165		)	(11		)	(12		)
Settlements	(257		)	(8		)	—			—
Foreign currency translation and other	(7		)	1			—			1
Benefit obligation at December 31	3,019			2,943			29			40
Fair value of plan assets at January 1	2,656			2,425			—			—
Change in plan assets:
Actual return on plan assets	216			311			—			—
Company contributions	12			92			6			7
Participants' contributions	—			—			5			5
Benefits paid	(165		)	(165		)	(11		)	(12		)
Settlements	(257		)	(8		)	—			—
Foreign currency translation and other	(6		)	1			—			—
Fair value of plan assets at December 31	2,456			2,656			—			—
Funded status	$	(563	)	$	(287	)	$	(29	)	$	(40	)
Amounts recognized on the Consolidated Balance Sheets at December 31:
Other assets	$	9		$	9		$	—		$	—
Other liabilities	(572		)	(296		)	(29		)	(40		)
Net amount recognized	$	(563	)	$	(287	)	$	(29	)	$	(40	)
Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit):
Prior service credit	$	—		$	—		$	(9	)	$	(98	)
Net actuarial loss	974			745			8			8
Net amount recognized	$	974		$	745		$	(1	)	$	(90	)

Components of net periodic cost (benefit)

Net Periodic Cost (Benefit)

Years ended December 31
(In millions)	2014			2013			2012
Pension cost (benefit)
Service cost	$	9		$	12		$	12
Interest cost on projected benefit obligation	132			121			135
Expected return on plan assets	(191		)	(181		)	(171		)
Amortization of net actuarial loss	25			47			39
Settlement loss	84			3			—
Net periodic pension cost (benefit)	$	59		$	2		$	15
Postretirement cost (benefit)
Service cost	$	—		$	1		$	—
Interest cost on projected benefit obligation	1			1			2
Amortization of prior service credit	(10		)	(18		)	(18		)
Amortization of net actuarial loss	1			2			1
Curtailment gain	(86		)	—			—
Net periodic postretirement cost (benefit)	$	(94	)	$	(14	)	$	(15	)

Schedule of amounts recognized in Other comprehensive income

The amounts recognized in Other comprehensive income are presented in the following table.

Years ended December 31
(In millions)	2014			2013			2012
Pension and postretirement benefits
Amounts arising during the period	$	(337	)	$	422		$	(195	)
Curtailment and other	(81		)	—			—
Settlement	84			—			—
Reclassification adjustment relating to prior service credit	(10		)	(18		)	(18		)
Reclassification adjustment relating to actuarial loss	26			49			40
Total increase (decrease) in Other comprehensive income	$	(318	)	$	453		$	(173	)

Schedule of estimated amounts to be recognized from Accumulated other comprehensive income into net periodic cost (benefit) during next fiscal year

The table below presents the estimated amounts to be recognized from AOCI into net periodic cost (benefit) during 2015.

(In millions)	Pension Benefits		Postretirement Benefits
Amortization of prior service credit	$	—	$	(2	)
Amortization of net actuarial loss	38		1
Total estimated amounts to be recognized	$	38	$	(1	)

Actuarial assumptions for benefit obligations and for net cost or benefit

Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine benefit obligations are set forth in the following table.

Actuarial Assumptions for Benefit Obligations

December 31	2014		2013
Pension benefits
Discount rate	3.850	%	4.650	%
Expected long term rate of return	7.500		7.500
Rate of compensation increases	3.920		3.990
Postretirement benefits
Discount rate	2.500	%	3.600	%

Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine net cost or benefit are set forth in the following table.

Actuarial Assumptions for Net Cost or Benefit

Years ended December 31	2014		2013		2012
Pension benefits
Discount rate	4.650	%	3.800	%	4.600	%
Expected long term rate of return	7.500		7.750		8.000
Rate of compensation increases	3.990		4.066		4.125
Postretirement benefits
Discount rate	3.600%/3.100%		2.800	%	3.750	%

Fair value of plan assets measured on a recurring basis

Pension plan assets measured at fair value on a recurring basis as well as cash are summarized below.

December 31, 2014
(In millions)	Level 1		Level 2		Level 3		Total Assets at Fair Value
Assets
Fixed maturity securities:
Corporate and other bonds	$	—	$	463	$	15	$	478
States, municipalities and political subdivisions	—		80		—		80
Asset-backed:
Residential mortgage-backed	—		123		—		123
Commercial mortgage-backed	—		75		—		75
Other asset-backed	—		12		—		12
Total asset-backed	—		210		—		210
U.S. Treasury and obligations of government-sponsored enterprises	25		—		—		25
Total fixed maturity securities	25		753		15		793
Equity securities	389		118		—		507
Derivative financial instruments	1		—		—		1
Short term investments	33		101		—		134
Limited partnerships:
Hedge funds	—		562		303		865
Private equity	—		—		113		113
Total limited partnerships	—		562		416		978
Other assets	—		30		—		30
Cash	13		—		—		13
Total assets	$	461	$	1,564	$	431	$	2,456

December 31, 2013
(In millions)	Level 1		Level 2		Level 3		Total Assets at Fair Value
Assets
Fixed maturity securities:
Corporate and other bonds	$	—	$	505	$	15	$	520
States, municipalities and political subdivisions	—		73		—		73
Asset-backed:
Residential mortgage-backed	—		130		—		130
Commercial mortgage-backed	—		106		—		106
Other asset-backed	—		12		—		12
Total asset-backed	—		248		—		248
Total fixed maturity securities	—		826		15		841
Equity securities	480		117		8		605
Derivative financial instruments	2		—		—		2
Short term investments	45		49		—		94
Limited partnerships:
Hedge funds	—		647		322		969
Private equity	—		—		114		114
Total limited partnerships	—		647		436		1,083
Other assets	—		31		—		31
Total assets	$	527	$	1,670	$	459	$	2,656

Reconciliation of level 3 plan assets

The tables below present a reconciliation for all pension plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2014 and 2013.

Level 3 (In millions)	Balance at January 1, 2014		Actual return on assets still held at December 31, 2014		Actual return on assets sold during the year ended December 31, 2014		Purchases, sales and settlements			Net transfers into (out of) Level 3		Balance at December 31, 2014
Fixed maturity securities:
Corporate and other bonds	$	15	$	—	$	—	$	—		$	—	$	15
Equity securities	8		—		—		(8		)	—		—
Limited partnerships:
Hedge funds	322		19		—		(38		)	—		303
Private equity	114		19		—		(20		)	—		113
Total limited partnerships	436		38		—		(58		)	—		416
Total	$	459	$	38	$	—	$	(66	)	$	—	$	431

Level 3 (In millions)	Balance at January 1, 2013		Actual return on assets still held at December 31, 2013			Actual return on assets sold during the year ended December 31, 2013		Purchases, sales and settlements			Net transfers into (out of) Level 3			Balance at December 31, 2013
Fixed maturity securities:
Corporate and other bonds	$	11	$	(1	)	$	—	$	5		$	—		$	15
Equity securities	5		3			—		—			—			8
Limited partnerships:
Hedge funds	359		56			—		(77		)	(16		)	322
Private equity	62		—			—		52			—			114
Total limited partnerships	421		56			—		(25		)	(16		)	436
Investment contracts with insurance company	10		—			—		(10		)	—			—
Total	$	447	$	58		$	—	$	(30	)	$	(16	)	$	459

Estimated future minimum benefit payments to participants

Estimated Future Minimum Benefit Payments to Participants

(In millions)	Pension Benefits		Postretirement Benefits
2015	$	179	$	5
2016	181		4
2017	180		4
2018	184		4
2019	185		3
2020-2024	936		9