Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Current And Deferred Components Of Income Tax Expense (Benefit), Excluding Taxes On Discontinued Operations

Year Ended December 31	2011		2010		2009
(In millions)
Income tax expense (benefit):
Federal:
Current	$	127	$	154	$	3
Deferred		250		466		149
State and city:
Current		10		21		7
Deferred		14		15		(9)
Foreign		135		239		195
Total	$	536	$	895	$	345

Components Of U.S. And Foreign Income And A Reconciliation Between The Federal Income Tax Expense At Statutory Rates and The Actual Income Tax Expense

Year Ended December 31	2011			2010			2009
(In millions)
Income before income tax:
U.S.	$	1,472		$	2,236		$	989
Foreign		760			666			741
Total	$	2,232		$	2,902		$	1,730
Income tax expense at statutory rate	$	781		$	1,016		$	606
Increase (decrease) in income tax expense resulting from:
Exempt investment income		(76	)		(85	)		(120)
Foreign related tax differential		(203	)		(105	)		(195)
Amortization of deferred charges associated with intercompany rig sales to other tax jurisdictions		30			30			12
Taxes related to domestic affiliate		55			34			49
Partnership earnings not subject to taxes		(27	)		(33	)		(16)
Unrecognized tax benefit		(8	)		31			8
Other (a)		(16	)		7			1
Income tax expense	$	536		$	895		$	345

(a) Includes state and local taxes, adjustments to prior year estimates and other non-deductible expenses.

Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits

Year Ended December 31	2011			2010
(In millions)
Balance at January 1	$	46		$	27
Additions based on tax positions related to the current year		1			3
Additions for tax positions related to a prior year					16
Reductions for tax positions related to a prior year		(2	)
Lapse of statute of limitations		(4	)
Balance at December 31	$	41		$	46

Summary Of Deferred Tax Assets And Liabilities

December 31	2011			2010
(In millions)
Deferred tax assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves	$	419		$	525
Unearned premium reserves		142			127
Receivables		75			99
Employee benefits		449			375
Life settlement contracts		61			64
Investment valuation differences		3			70
Net loss and tax credits carried forward		135			126
Basis differential in investment in subsidiary		29			32
Other		224			200
Deferred tax assets		1,537			1,618
Deferred tax liabilities:
Deferred acquisition costs		(283	)		(284)
Net unrealized gains		(516	)		(326)
Property, plant and equipment		(790	)		(644)
Basis differential in investment in subsidiary		(490	)		(477)
Other liabilities		(117	)		(160)
Deferred tax liabilities		(2,196	)		(1,891)
Net deferred tax liability	$	(659	)	$	(273)

Deferred Tax Assets And Liabilities Recognized In The Consolidated Balance Sheets

December 31	2011			2010
(In millions)
Other assets				$	289
Deferred income taxes payable	$	(659	)		(562	)
Net amount recognized	$	(659	)	$	(273	)