Income Taxes (tables)

12 Months Ended

Dec. 31, 2013

Income Taxes disclosure

Composition of income tax expense (benefit) included in consolidated statement of income and common shareholders' equity [Table Text Block]

(for the year ended December 31, in millions)	2013			2012		2011
Composition of income tax expense (benefit) included in the consolidated statement of income
Current expense (benefit):
Federal	$	1,059		$	406	$	(176	)
Foreign		30			45		34
State		6			3		3
Total current tax expense (benefit)		1,095			454		(139	)
Deferred expense:
Federal		167			223		63
Foreign		10			16		2
Total deferred tax expense		177			239		65
Total income tax expense (benefit) included in the consolidated statement of income		1,272			693		(74	)
Composition of income tax included in shareholders' equity
Expense (benefit) relating to stock-based compensation, and the expense (benefit) related to the changes in unrealized gain on investments, unrealized loss on foreign exchange and other comprehensive income		(822	)		57		399
Total income tax expense included in the consolidated financial statements	$	450		$	750	$	325

Effective tax rate [Table Text Block]

(for the year ended December 31, in millions)	2013			2012			2011
Income before income taxes
U.S	$	4,804		$	2,955		$	1,175
Foreign		141			211			177
Total income before income taxes		4,945			3,166			1,352
Effective tax rate
Statutory tax rate		35	%		35	%		35	%
Expected federal income tax expense		1,731			1,108			473
Tax effect of:
Nontaxable investment income		(409	)		(427	)		(449	)
Resolution of prior year tax matters		(63	)		—			(104	)
Other, net		13			12			6
Total income tax expense (benefit)	$	1,272		$	693		$	(74	)
Effective tax rate		26	%		22	%		(5	)%

Deferred tax assets and liabilities [Table Text Block]

(at December 31, in millions)	2013		2012
Deferred tax assets
Claims and claim adjustment expense reserves	$	825	$	888
Unearned premium reserves		693		689
Other		621		741
Total gross deferred tax assets		2,139		2,318
Deferred tax liabilities
Deferred acquisition costs		554		590
Investments		931		1,800
Internally developed software		138		134
Other		213		132
Total gross deferred tax liabilities		1,836		2,656
Total deferred tax asset (liability)	$	303	$	(338	)

Net operating loss amounts by jurisdiction and year of expiration [Table Text Block]

(in millions)	Amount		Year of expiration
United States	$	26		2018
Canada		100		2028 - 2033
United Kingdom		123		None

Reconciliation of unrecognized tax benefits [Table Text Block]

(in millions)	2013			2012
Balance at January 1	$	24		$	37
Additions for tax positions of prior years		—			2
Reductions for tax positions of prior years		(3	)		(15	)
Additions based on tax positions related to current year		—			—
Balance at December 31	$	21		$	24