Fair Value Measurements (tables)

12 Months Ended

Dec. 31, 2013

Fair Value Measurements disclosure

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

(at December 31, 2013, 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	$	2,315	$	2,298	$	17	$	—
Obligations of states, municipalities and political subdivisions		35,562		1		35,538		23
Debt securities issued by foreign governments		2,577		—		2,577		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities		2,424		—		2,415		9
All other corporate bonds		20,940		—		20,726		214
Redeemable preferred stock		138		—		129		9
Total fixed maturities		63,956		2,299		61,402		255
Equity securities
Common stock		610		610		—		—
Non-redeemable preferred stock		333		138		195		—
Total equity securities		943		748		195		—
Other investments		53		19		—		34
Total	$	64,952	$	3,066	$	61,597	$	289

(at December 31, 2012, 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	$	2,222	$	2,205	$	17	$	—
Obligations of states, municipalities and political subdivisions		38,681		—		38,653		28
Debt securities issued by foreign governments		2,257		—		2,257		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities		2,997		—		2,992		5
All other corporate bonds		19,203		—		19,006		197
Redeemable preferred stock		33		32		1		—
Total fixed maturities		65,393		2,237		62,926		230
Equity securities
Common stock		510		510		—		—
Non-redeemable preferred stock		135		92		43		—
Total equity securities		645		602		43		—
Other investments		100		46		—		54
Total	$	66,138	$	2,885	$	62,969	$	284

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

(in millions)	Fixed Maturities			Other Investments			Total
Balance at December 31, 2012	$	230		$	54		$	284
Total realized and unrealized investment gains (losses):
Reported in net realized investment gains(1)		4			12			16
Reported in increases (decreases) in other comprehensive income		(2	)		1			(1	)
Purchases, sales and settlements/maturities:
Purchases		180			—			180
Sales		(25	)		(33	)		(58	)
Settlements/maturities		(83	)		—			(83	)
Gross transfers into Level 3		15			—			15
Gross transfers out of Level 3		(64	)		—			(64	)
Balance at December 31, 2013	$	255		$	34		$	289
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.

(in millions)	Fixed Maturities			Other Investments		Total
Balance at December 31, 2011	$	250		$	44	$	294
Total realized and unrealized investment gains (losses):
Reported in net realized investment gains(1)		4			5		9
Reported in increases (decreases) in other comprehensive income		5			2		7
Purchases, sales and settlements/maturities:
Purchases		79			3		82
Sales		—			—		—
Settlements/maturities		(94	)		—		(94	)
Gross transfers into Level 3		10			—		10
Gross transfers out of Level 3		(24	)		—		(24	)
Balance at December 31, 2012	$	230		$	54	$	284
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.

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 measured on a recurring basis [Table Text Block]

(at December 31, 2013, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Short-term securities	$	3,882	$	3,882	$	1,608	$	2,215	$	59
Financial liabilities:
Debt	$	6,246	$	7,123	$	—	$	7,123	$	—
Commercial paper		100		100		—		100		—

(at December 31, 2012, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Short-term securities	$	3,483	$	3,483	$	1,448	$	1,957	$	78
Financial liabilities:
Debt	$	6,250	$	7,715	$	—	$	7,715	$	—
Commercial paper		100		100		—		100		—