Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Level within the fair value hierarchy at which the Company's financial assets and financial liabilities reported at fair value are measured on a recurring basis [Table Text Block]

The following tables present the level within the fair value hierarchy at which the Company’s financial assets and financial liabilities are measured on a recurring basis.   

(at September 30, 2019, in millions)	Total		Level 1		Level 2		Level 3
Invested assets:
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	2,020	$	2,020	$	—	$	—
Obligations of states, municipalities and political subdivisions	29,916		—		29,904		12
Debt securities issued by foreign governments	1,130		—		1,130		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	3,162		—		3,126		36
All other corporate bonds	31,731		19		31,618		94
Redeemable preferred stock	52		3		49		—
Total fixed maturities	68,011		2,042		65,827		142
Equity securities
Public common stock	370		370		—		—
Non-redeemable preferred stock	42		12		30		—
Total equity securities	412		382		30		—
Other investments	35		15		—		20
Total	$	68,458	$	2,439	$	65,857	$	162
Other liabilities	$	7	$	—	$	—	$	7

(at December 31, 2018, in millions)	Total		Level 1		Level 2		Level 3
Invested assets:
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	2,064	$	2,064	$	—	$	—
Obligations of states, municipalities and political subdivisions	28,611		—		28,599		12
Debt securities issued by foreign governments	1,257		—		1,257		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	2,573		—		2,554		19
All other corporate bonds	28,880		—		28,725		155
Redeemable preferred stock	79		3		76		—
Total fixed maturities	63,464		2,067		61,211		186
Equity securities
Public common stock	316		316		—		—
Non-redeemable preferred stock	52		30		22		—
Total equity securities	368		346		22		—
Other investments	52		16		—		36
Total	$	63,884	$	2,429	$	61,233	$	222
Other liabilities	$	10	$	—	$	—	$	10

Carrying value and fair value of financial instruments disclosed, but not carried, at fair value and the level within the fair value hierarchy at which such financial instruments are categorized [Table Text Block]

The following tables present the carrying value and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such assets and liabilities are categorized.

(at September 30, 2019, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	4,597	$	4,597	$	965	$	3,582	$	50
Financial liabilities
Debt	$	6,458	$	8,129	$	—	$	8,129	$	—
Commercial paper	$	100	$	100	$	—	$	100	$	—

 

(at December 31, 2018, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets
Short-term securities	$	3,985	$	3,985	$	632	$	3,316	$	37
Financial liabilities
Debt	$	6,464	$	7,128	$	—	$	7,128	$	—
Commercial paper	$	100	$	100	$	—	$	100	$	—