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Segment Information
 12 Months Ended
Dec. 31, 2015
Segment Information disclosure  
Segment Information disclosure [Text Block]

2. SEGMENT INFORMATION

        The accounting policies used to prepare the segment reporting data for the Company's three reportable business segments are the same as those described in the Summary of Significant Accounting Policies in note 1.

        Except as described below for certain legal entities, the Company allocates its invested assets and the related net investment income to its reportable business segments. Pretax net investment income is allocated based upon an investable funds concept, which takes into account liabilities (net of non-invested assets) and appropriate capital considerations for each segment. For investable funds, a benchmark investment yield is developed that reflects the estimated duration of the loss reserves' future cash flows, the interest rate environment at the time the losses were incurred and A+ rated corporate debt instrument yields. For capital, a benchmark investment yield is developed that reflects the average yield on the total investment portfolio. The benchmark investment yields are applied to each segment's investable funds and capital, respectively, to produce a total notional investment income by segment. The Company's actual net investment income is allocated to each segment in proportion to the respective segment's notional investment income to total notional investment income. There are certain legal entities within the Company that are dedicated to specific reportable business segments. The invested assets and related net investment income from these legal entities are reported in the applicable business segment and are not allocated among the other business segments.

        The cost of the Company's catastrophe treaty program is included in the Company's ceded premiums and is allocated among reportable business segments based on an estimate of actual market reinsurance pricing using expected losses calculated by the Company's catastrophe model, adjusted for any experience adjustments.

        The following tables summarize the components of the Company's operating revenues, operating income, net written premiums and total assets by reportable business segments.

(for the year ended December 31, in millions)
  Business and
International
Insurance		   Bond &
Specialty
Insurance		   Personal
Insurance		   Total
Reportable
Segments		  

2015

                          

Premiums

   $ 14,521   $ 2,085   $ 7,268   $ 23,874  

Net investment income

     1,824     223     332     2,379  

Fee income

     445     —     —     445  

Other revenues

     23     22     48     93  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total operating revenues(1)

   $ 16,813   $ 2,330   $ 7,648   $ 26,791  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Amortization and depreciation

   $ 2,907   $ 467   $ 1,322   $ 4,696  

Income tax expense

     769     272     402     1,443  

Operating income(1)

     2,170     633     889     3,692  

2014

    
 		    
 		    
 		    
 		  

Premiums

   $ 14,512   $ 2,076   $ 7,125   $ 23,713  

Net investment income

     2,156     252     379     2,787  

Fee income

     438     —     —     438  

Other revenues

     46     19     80     145  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total operating revenues(1)

   $ 17,152   $ 2,347   $ 7,584   $ 27,083  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Amortization and depreciation

   $ 2,909   $ 482   $ 1,347   $ 4,738  

Income tax expense

     798     348     366     1,512  

Operating income(1)

     2,347     727     824     3,898  

2013

    
 		    
 		    
 		    
 		  

Premiums

   $ 13,332   $ 1,981   $ 7,324   $ 22,637  

Net investment income

     2,087     260     369     2,716  

Fee income

     395     —     —     395  

Other revenues

     160     20     103     283  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total operating revenues(1)

   $ 15,974   $ 2,261   $ 7,796   $ 26,031  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Amortization and depreciation

   $ 2,751   $ 473   $ 1,461   $ 4,685  

Income tax expense

     758     227     366     1,351  

Operating income(1)

     2,404     573     838     3,815  
(1)
Operating revenues for reportable business segments exclude net realized investment gains. Operating income for reportable business segments equals net income excluding the after-tax impact of net realized investment gains.

        Net written premiums by market were as follows:

(for the year ended December 31, in millions)
  2015   2014   2013  

Business and International Insurance:

                    

Domestic:

                    

Select Accounts

   $ 2,716   $ 2,707   $ 2,724  

Middle Market

     6,325     6,108     5,862  

National Accounts

     1,048     1,047     1,010  

First Party

     1,564     1,579     1,552  

Specialized Distribution

     1,111     1,074     1,085  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Domestic

     12,764     12,515     12,233  

International

     1,819     2,121     1,279  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Business and International Insurance

     14,583     14,636     13,512  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Bond & Specialty Insurance

     2,081     2,103     2,030  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Personal Insurance:

                    

Automobile

     3,700     3,390     3,370  

Homeowners and Other

     3,757     3,775     3,855  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Personal Insurance

     7,457     7,165     7,225  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total consolidated net written premiums

   $ 24,121   $ 23,904   $ 22,767  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Business Segment Reconciliations

(for the year ended December 31, in millions)
  2015   2014   2013  

Revenue reconciliation

                    

Earned premiums

                    

Business and International Insurance:

                    

Domestic:

                    

Workers' compensation

   $ 3,868   $ 3,713   $ 3,560  

Commercial automobile

     1,925     1,901     1,904  

Commercial property

     1,772     1,756     1,698  

General liability

     1,914     1,852     1,790  

Commercial multi-peril

     3,132     3,070     3,093  

Other

     39     42     39  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Domestic

     12,650     12,334     12,084  

International

     1,871     2,178     1,248  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Business and International Insurance

     14,521     14,512     13,332  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Bond & Specialty Insurance:

                    

Fidelity and surety

     954     936     913  

General liability

     955     963     891  

Other

     176     177     177  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Bond & Specialty Insurance

     2,085     2,076     1,981  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Personal Insurance:

                    

Automobile

     3,512     3,316     3,431  

Homeowners and Other

     3,756     3,809     3,893  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Personal Insurance

     7,268     7,125     7,324  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earned premiums

     23,874     23,713     22,637  

Net investment income

     2,379     2,787     2,716  

Fee income

     445     438     395  

Other revenues

     93     145     283  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total operating revenues for reportable segments

     26,791     27,083     26,031  

Other revenues

     6     —     (6 )

Net realized investment gains

     3     79     166  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total consolidated revenues

   $ 26,800   $ 27,162   $ 26,191  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income reconciliation, net of tax

                    

Total operating income for reportable segments

   $ 3,692   $ 3,898   $ 3,815  

Interest Expense and Other(1)

     (255 )   (257 )   (248 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total operating income

     3,437     3,641     3,567  

Net realized investment gains

     2     51     106  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total consolidated net income

   $ 3,439   $ 3,692   $ 3,673  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
The primary component of Interest Expense and Other was after-tax interest expense of $242 million, $240 million and $235 million in 2015, 2014 and 2013, respectively.

(at December 31, in millions)
  2015   2014  

Asset reconciliation:

              

Business and International Insurance

   $ 79,692   $ 82,310  

Bond & Specialty Insurance

     7,360     7,525  

Personal Insurance

     12,748     12,798  
​ ​ ​ ​ ​ ​ ​ ​

Total assets for reportable segments

     99,800     102,633  

Other assets(1)

     384     445  
​ ​ ​ ​ ​ ​ ​ ​

Total consolidated assets

   $ 100,184   $ 103,078  
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
(1)
The primary components of other assets at December 31, 2015 and 2014 were other intangible assets and deferred taxes.

Enterprise-Wide Disclosures

        The Company does not have revenue from transactions with a single customer amounting to 10 percent or more of its revenues.

        The following table presents revenues of the Company's operations based on location:

(for the year ended December 31, in millions)
  2015   2014   2013  

U.S. 

   $ 25,112   $ 25,091   $ 25,138  

Non-U.S.:

                    

Canada

     1,202     1,474     529  

Other Non-U.S. 

     486     597     524  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Non-U.S. 

     1,688     2,071     1,053  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

   $ 26,800   $ 27,162   $ 26,191  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​