Fair Value Measurements (tables)

12 Months Ended

Dec. 31, 2011

Fair Value Measurements disclosure

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

(at December 31, 2011, 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	$	2,497	$	2,465	$	32	$	—
Obligations of states, municipalities and political subdivisions		39,022		—		39,002		20
Debt securities issued by foreign governments		2,318		—		2,318		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities		3,515		—		3,514		1
All other corporate bonds		16,850		—		16,621		229
Redeemable preferred stock		30		29		1		—
Total fixed maturities		64,232		2,494		61,488		250
Equity securities
Common stock		428		428		—		—
Non-redeemable preferred stock		131		96		35		—
Total equity securities		559		524		35		—
Other investments		86		42		—		44
Total	$	64,877	$	3,060	$	61,523	$	294

(at December 31, 2010, 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	$	2,008	$	1,991	$	17	$	—
Obligations of states, municipalities and political subdivisions		39,535		—		39,433		102
Debt securities issued by foreign governments		2,202		—		2,202		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities		4,164		—		4,163		1
All other corporate bonds		14,876		—		14,749		127
Redeemable preferred stock		35		34		1		—
Total fixed maturities		62,820		2,025		60,565		230
Equity securities
Common stock		304		281		23		—
Non-redeemable preferred stock		215		131		84		—
Total equity securities		519		412		107		—
Other investments		99		42		—		57
Total	$	63,438	$	2,479	$	60,672	$	287

Changes in the Level 3 fair value category [Table Text Block]

(in millions)	Fixed Maturities			Other Investments			Total
Balance at December 31, 2010	$	230		$	57		$	287
Total realized and unrealized investment gains (losses):
Included in net realized investment gains(1)		1			38			39
Included in increases (decreases) in accumulated other changes in equity from nonowner sources		—			(9	)		(9	)
Purchases, sales and settlements/maturities:
Purchases		154			5			159
Sales		(15	)		(47	)		(62	)
Settlements/maturities		(43	)		—			(43	)
Gross transfers into Level 3		19			—			19
Gross transfers out of Level 3(2)		(96	)		—			(96	)
Balance at December 31, 2011	$	250		$	44		$	294
Amount of total realized investment gains (losses) for the period included in the consolidated statement of income attributable to changes in the fair value of assets still held at the reporting date	$	—		$	—		$	—

(1)

Includes impairments on investments held at the end of the period as well as amortization on fixed maturities.

(2)

During the year ended December 31, 2011, approximately $81 million of municipal fixed maturity securities were valued using observable market data which resulted in a transfer out of Level 3 into Level 2. In prior periods, these securities were valued internally using unobservable inputs.

(in millions)	Fixed Maturities			Other Investments			Total
Balance at December 31, 2009	$	240		$	154		$	394
Total realized and unrealized investment gains (losses):
Included in net realized investment gains(1)		5			2			7
Included in increases (decreases) in accumulated other changes in equity from nonowner sources		10			11			21
Purchases, sales and settlements/maturities:
Purchases		44			3			47
Sales		(9	)		(113	)		(122	)
Settlements/maturities		(41	)		—			(41	)
Gross transfers into Level 3		13			—			13
Gross transfers out of Level 3		(32	)		—			(32	)
Balance at December 31, 2010	$	230		$	57		$	287
Amount of total realized investment gains (losses) for the period included in the consolidated statement of income attributable to changes in the fair value of assets still held at the reporting date	$	—		$	—		$	—

(1)

Includes impairments on investments held at the end of the period as well as amortization on fixed maturities.