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Consolidating Financial Statements (Unaudited)
 12 Months Ended
Dec. 31, 2017
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure  
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure [Text Block]

18. CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

        The following consolidating financial statements of the Company have been prepared pursuant to Rule 3-10 of Regulation S-X. These consolidating financial statements have been prepared from the Company's financial information on the same basis of accounting as the consolidated financial statements. The Travelers Companies, Inc. (excluding its subsidiaries, TRV) has fully and unconditionally guaranteed certain debt obligations of Travelers Property Casualty Corp. (TPC) and Travelers Insurance Group Holdings, Inc. (TIGHI), which totaled $700 million at December 31, 2017.

        Prior to the merger of TPC and The St. Paul Companies, Inc. in 2004, TPC fully and unconditionally guaranteed the payment of all principal, premiums, if any, and interest on certain debt obligations of its wholly-owned subsidiary, TIGHI. Concurrent with the merger, TRV fully and unconditionally assumed such guarantee obligations of TPC. TPC is deemed to have no assets or operations independent of TIGHI. Consolidating financial information for TIGHI has not been presented herein because such financial information would be substantially the same as the financial information provided for TPC.

CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the year ended December 31, 2017

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Revenues

                                

Premiums

   $ 17,562   $ 8,121   $ —   $ —   $ 25,683  

Net investment income

     1,627     759     24     (13 )   2,397  

Fee income

     447     —     —     —     447  

Net realized investment gains(1)

     19     131     66     —     216  

Other revenues

     101     68     —     (10 )   159  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     19,756     9,079     90     (23 )   28,902  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Claims and expenses

                                

Claims and claim adjustment expenses

     11,735     5,732     —     —     17,467  

Amortization of deferred acquisition costs

     2,820     1,346     —     —     4,166  

General and administrative expenses

     2,906     1,249     25     (10 )   4,170  

Interest expense

     48     —     321     —     369  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total claims and expenses

     17,509     8,327     346     (10 )   26,172  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before income taxes

     2,247     752     (256 )   (13 )   2,730  

Income tax expense (benefit)

     519     290     (130 )   (5 )   674  

Net income of subsidiaries

     —     —     2,190     (2,190 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

   $ 1,728   $ 462   $ 2,064   $ (2,198 ) $ 2,056  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Total other-than-temporary impairments (OTTI) for the year ended December 31, 2017, and the amounts comprising total OTTI that were recognized in net realized investment gains and in other comprehensive income (OCI), were as follows:

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Total OTTI losses

   $ (4 ) $ (9 ) $ —   $ —   $ (13 )

OTTI losses recognized in net realized investment gains

   $ (5 ) $ (9 ) $ —   $ —   $ (14 )

OTTI gains recognized in OCI

   $ 1   $ —   $ —   $ —   $ 1  

CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the year ended December 31, 2016

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Revenues

                                

Premiums

   $ 16,788   $ 7,746   $ —   $ —   $ 24,534  

Net investment income

     1,569     720     13     —     2,302  

Fee income

     458     —     —     —     458  

Net realized investment gains (losses)(1)

     30     39     (1 )   —     68  

Other revenues

     248     36     —     (21 )   263  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     19,093     8,541     12     (21 )   27,625  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Claims and expenses

                                

Claims and claim adjustment expenses

     10,232     4,838     —     —     15,070  

Amortization of deferred acquisition costs

     2,702     1,283     —     —     3,985  

General and administrative expenses

     2,928     1,242     5     (21 )   4,154  

Interest expense

     48     —     315     —     363  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total claims and expenses

     15,910     7,363     320     (21 )   23,572  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before income taxes

     3,183     1,178     (308 )   —     4,053  

Income tax expense (benefit)

     999     208     (168 )   —     1,039  

Net income of subsidiaries

     —     —     3,154     (3,154 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

   $ 2,184   $ 970   $ 3,014   $ (3,154 ) $ 3,014  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Total other-than-temporary impairments (OTTI) for the year ended December 31, 2016, and the amounts comprising total OTTI that were recognized in net realized investment gains (losses) and in other comprehensive income (OCI), were as follows:

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Total OTTI losses

   $ (19 ) $ (20 ) $ (1 ) $ —   $ (40 )

OTTI losses recognized in net realized investment gains (losses)

   $ (13 ) $ (15 ) $ (1 ) $ —   $ (29 )

OTTI losses recognized in OCI

   $ (6 ) $ (5 ) $ —   $ —   $ (11 )

CONSOLIDATING STATEMENT OF INCOME (Unaudited)
For the year ended December 31, 2015

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Revenues

                                

Premiums

   $ 16,254   $ 7,620   $ —   $ —   $ 23,874  

Net investment income

     1,612     760     7     —     2,379  

Fee income

     460     —     —     —     460  

Net realized investment gains (losses)(1)

     13     (11 )   1     —     3  

Other revenues

     78     21     —     —     99  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total revenues

     18,417     8,390     8     —     26,815  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Claims and expenses

                                

Claims and claim adjustment expenses

     9,208     4,515     —     —     13,723  

Amortization of deferred acquisition costs

     2,627     1,258     —     —     3,885  

General and administrative expenses

     2,853     1,225     16     —     4,094  

Interest expense

     48     —     325     —     373  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total claims and expenses

     14,736     6,998     341     —     22,075  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before income taxes

     3,681     1,392     (333 )   —     4,740  

Income tax expense (benefit)

     1,015     394     (108 )   —     1,301  

Net income of subsidiaries

     —     —     3,664     (3,664 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

   $ 2,666   $ 998   $ 3,439   $ (3,664 ) $ 3,439  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Total other-than-temporary impairments (OTTI) for the year ended December 31, 2015, and the amounts comprising total OTTI that were recognized in net realized investment gains (losses) and in other comprehensive income (OCI), were as follows:

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Total OTTI losses

   $ (19 ) $ (35 ) $ —   $ —   $ (54 )

OTTI losses recognized in net realized investment gains (losses)

   $ (18 ) $ (34 ) $ —   $ —   $ (52 )

OTTI losses recognized in OCI

   $ (1 ) $ (1 ) $ —   $ —   $ (2 )

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
For the year ended December 31, 2017

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Net income

   $ 1,728   $ 462   $ 2,064   $ (2,198 ) $ 2,056  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss):

                                

Changes in net unrealized gains on investment securities:

                                

Having no credit losses recognized in the consolidated statement of income

     313     25     (44 )   —     294  

Having credit losses recognized in the consolidated statement of income

     6     2     —     —     8  

Net changes in benefit plan assets and obligations

     (1 )   8     22     —     29  

Net changes in unrealized foreign currency translation

     83     108     —     —     191  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss) before income taxes and other comprehensive income of subsidiaries

     401     143     (22 )   —     522  

Income tax expense

     98     10     2     —     110  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss), net of taxes, before other comprehensive income of subsidiaries

     303     133     (24 )   —     412  

Other comprehensive income of subsidiaries

     —     —     436     (436 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income

     303     133     412     (436 )   412  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

   $ 2,031   $ 595   $ 2,476   $ (2,634 ) $ 2,468  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
For the year ended December 31, 2016

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Net income

   $ 2,184   $ 970   $ 3,014   $ (3,154 ) $ 3,014  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss):

                                

Changes in net unrealized gains on investment securities:

                                

Having no credit losses recognized in the consolidated statement of income

     (696 )   (198 )   11     —     (883 )

Having credit losses recognized in the consolidated statement of income

     11     10     —     —     21  

Net changes in benefit plan assets and obligations

     25     11     (20 )   —     16  

Net changes in unrealized foreign currency translation

     73     (114 )   —     —     (41 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive loss before income taxes and other comprehensive loss of subsidiaries                             

     (587 )   (291 )   (9 )   —     (887 )

Income tax benefit

     (222 )   (66 )   (1 )   —     (289 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive loss, net of taxes, before other comprehensive loss of subsidiaries                                  

     (365 )   (225 )   (8 )   —     (598 )

Other comprehensive loss of subsidiaries

     —     —     (590 )   590     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive loss

     (365 )   (225 )   (598 )   590     (598 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

   $ 1,819   $ 745   $ 2,416   $ (2,564 ) $ 2,416  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
For the year ended December 31, 2015

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Net income

   $ 2,666   $ 998   $ 3,439   $ (3,664 ) $ 3,439  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss):

                                

Changes in net unrealized gains on investment securities:

                                

Having no credit losses recognized in the consolidated statement of income          

     (610 )   (407 )   (3 )   —     (1,020 )

Having credit losses recognized in the consolidated statement of income          

     (12 )   (2 )   —     —     (14 )

Net changes in benefit plan assets and obligations

     2     —     64     —     66  

Net changes in unrealized foreign currency translation

     (306 )   (155 )   —     —     (461 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss) before income taxes and other comprehensive loss of subsidiaries

     (926 )   (564 )   61     —     (1,429 )

Income tax expense (benefit)

     (257 )   (156 )   21     —     (392 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive income (loss), net of taxes, before other comprehensive loss of subsidiaries

     (669 )   (408 )   40     —     (1,037 )

Other comprehensive loss of subsidiaries

     —     —     (1,077 )   1,077     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other comprehensive loss

     (669 )   (408 )   (1,037 )   1,077     (1,037 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

   $ 1,997   $ 590   $ 2,402   $ (2,587 ) $ 2,402  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

CONSOLIDATING BALANCE SHEET (Unaudited)
At December 31, 2017

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Assets

                                

Fixed maturities, available for sale, at fair value (amortized cost $61,316)

   $ 43,240   $ 19,372   $ 82   $ —   $ 62,694  

Equity securities, available for sale, at fair value (cost $440)

     161     111     181     —     453  

Real estate investments

     54     878     —     —     932  

Short-term securities

     2,751     914     1,230     —     4,895  

Other investments

     2,673     854     1     —     3,528  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total investments

     48,879     22,129     1,494     —     72,502  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash

     157     187     —     —     344  

Investment income accrued

     418     183     5     —     606  

Premiums receivable

     4,852     2,292     —     —     7,144  

Reinsurance recoverables

     5,842     2,467     —     —     8,309  

Ceded unearned premiums

     493     58     —     —     551  

Deferred acquisition costs

     1,835     190     —     —     2,025  

Deferred taxes

     (89 )   173     (14 )   —     70  

Contractholder receivables

     3,854     921     —     —     4,775  

Goodwill

     2,592     1,368     —     (9 )   3,951  

Other intangible assets

     202     140     —     —     342  

Investment in subsidiaries

     —     —     27,946     (27,946 )   —  

Other assets

     2,181     (3 )   700     (14 )   2,864  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 71,216   $ 30,105   $ 30,131   $ (27,969 ) $ 103,483  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Liabilities

                                

Claims and claim adjustment expense reserves

   $ 33,386   $ 16,264   $ —   $ —   $ 49,650  

Unearned premium reserves

     8,957     3,958     —     —     12,915  

Contractholder payables

     3,854     921     —     —     4,775  

Payables for reinsurance premiums

     165     109     —     —     274  

Debt

     693     14     5,878     (14 )   6,571  

Other liabilities

     4,161     882     524     —     5,567  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     51,216     22,148     6,402     (14 )   79,752  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Shareholders' equity

                                

Common stock (1,750.0 shares authorized; 271.5 shares issued and 271.4 shares outstanding)

     —     390     22,886     (390 )   22,886  

Additional paid-in capital

     11,634     6,972     —     (18,606 )   —  

Retained earnings

     8,036     594     33,460     (8,628 )   33,462  

Accumulated other comprehensive income (loss)

     330     1     (343 )   (331 )   (343 )

Treasury stock, at cost (500.9 shares)

     —     —     (32,274 )   —     (32,274 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total shareholders' equity

     20,000     7,957     23,729     (27,955 )   23,731  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and shareholders' equity

   $ 71,216   $ 30,105   $ 30,131   $ (27,969 ) $ 103,483  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

CONSOLIDATING BALANCE SHEET (Unaudited)
At December 31, 2016

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Assets

                                

Fixed maturities, available for sale, at fair value (amortized cost $59,650)

   $ 42,014   $ 18,452   $ 49   $ —   $ 60,515  

Equity securities, available for sale, at fair value (cost $504)

     169     408     155     —     732  

Real estate investments

     56     872     —     —     928  

Short-term securities

     2,447     791     1,627     —     4,865  

Other investments

     2,569     878     1     —     3,448  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total investments

     47,255     21,401     1,832     —     70,488  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash

     141     164     2     —     307  

Investment income accrued

     441     183     6     —     630  

Premiums receivable

     4,545     2,177     —     —     6,722  

Reinsurance recoverables

     5,664     2,623     —     —     8,287  

Ceded unearned premiums

     536     53     —     —     589  

Deferred acquisition costs

     1,741     182     —     —     1,923  

Deferred taxes

     216     224     25     —     465  

Contractholder receivables

     3,656     953     —     —     4,609  

Goodwill

     2,578     1,002     —     —     3,580  

Other intangible assets

     202     66     —     —     268  

Investment in subsidiaries

     —     —     27,137     (27,137 )   —  

Other assets

     1,973     370     34     —     2,377  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 68,948   $ 29,398   $ 29,036   $ (27,137 ) $ 100,245  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Liabilities

                                

Claims and claim adjustment expense reserves

   $ 32,168   $ 15,781   $ —   $ —   $ 47,949  

Unearned premium reserves

     8,575     3,754     —     —     12,329  

Contractholder payables

     3,656     953     —     —     4,609  

Payables for reinsurance premiums

     156     117     —     —     273  

Debt

     693     —     5,744     —     6,437  

Other liabilities

     4,106     1,239     82     —     5,427  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     49,354     21,844     5,826     —     77,024  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Shareholders' equity

                                

Common stock (1,750.0 shares authorized; 279.6 shares issued and outstanding)

     —     390     22,614     (390 )   22,614  

Additional paid-in capital

     11,634     6,499     —     (18,133 )   —  

Retained earnings

     7,933     797     32,185     (8,719 )   32,196  

Accumulated other comprehensive income (loss)

     27     (132 )   (755 )   105     (755 )

Treasury stock, at cost (489.5 shares)

     —     —     (30,834 )   —     (30,834 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total shareholders' equity

     19,594     7,554     23,210     (27,137 )   23,221  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and shareholders' equity

   $ 68,948   $ 29,398   $ 29,036   $ (27,137 ) $ 100,245  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the year ended December 31, 2017

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Cash flows from operating activities

                                

Net income

   $ 1,728   $ 462   $ 2,064   $ (2,198 ) $ 2,056  

Net adjustments to reconcile net income to net cash provided by operating activities

     1,250     565     (32 )   (77 )   1,706  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by operating activities

     2,978     1,027     2,032     (2,275 )   3,762  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from investing activities

                                

Proceeds from maturities of fixed maturities

     6,576     2,168     6     —     8,750  

Proceeds from sales of investments:

                                

Fixed maturities

     1,007     846     1     —     1,854  

Equity securities

     97     414     254     —     765  

Real estate investments

     —     23     —     —     23  

Other investments

     610     260     —     (13 )   857  

Purchases of investments:

                                

Fixed maturities

     (8,513 )   (3,697 )   (40 )   —     (12,250 )

Equity securities

     (68 )   (133 )   (258 )   —     (459 )

Real estate investments

     (1 )   (58 )   —     —     (59 )

Other investments

     (444 )   (97 )   —     —     (541 )

Net sales (purchases) of short-term securities

     (303 )   (120 )   397     —     (26 )

Securities transactions in course of settlement

     (55 )   5     3     —     (47 )

Acquisition, net of cash acquired

     —     25     (477 )   13     (439 )

Other

     (247 )   3     —     —     (244 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used in investing activities

     (1,341 )   (361 )   (114 )   —     (1,816 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from financing activities

                                

Treasury stock acquired—share repurchase authorization

     —     —     (1,378 )   —     (1,378 )

Treasury stock acquired—net employee share-based compensation

     —     —     (62 )   —     (62 )

Dividends paid to shareholders

     —     —     (785 )   —     (785 )

Payment of debt

     —     —     (657 )   —     (657 )

Issuance of debt

     —     14     789     (14 )   789  

Issuance of common stock—employee share options

     —     —     173     —     173  

Dividends paid to parent company

     (1,624 )   (665 )   —     2,289     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used in financing activities

     (1,624 )   (651 )   (1,920 )   2,275     (1,920 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash

     3     8     —     —     11  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net increase (decrease) in cash

     16     23     (2 )   —     37  

Cash at beginning of year

     141     164     2     —     307  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash at end of year

   $ 157   $ 187   $ —   $ —   $ 344  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Supplemental disclosure of cash flow information

                                

Income taxes paid (received)

   $ 481   $ 206   $ (173 ) $ —   $ 514  

Interest paid

   $ 47   $ —   $ 320   $ —   $ 367  

CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the year ended December 31, 2016

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Cash flows from operating activities

                                

Net income

   $ 2,184   $ 970   $ 3,014   $ (3,154 ) $ 3,014  

Net adjustments to reconcile net income to net cash provided by operating activities

     1,085     66     (119 )   156     1,188  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by operating activities

     3,269     1,036     2,895     (2,998 )   4,202  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from investing activities

                                

Proceeds from maturities of fixed maturities

     6,589     2,380     6     —     8,975  

Proceeds from sales of investments:

                                

Fixed maturities

     768     647     2     —     1,417  

Equity securities

     47     45     —     —     92  

Real estate investments

     —     69     —     —     69  

Other investments

     586     253     —     —     839  

Purchases of investments:

                                

Fixed maturities

     (7,921 )   (3,676 )   (12 )   —     (11,609 )

Equity securities

     (6 )   (42 )   (3 )   —     (51 )

Real estate investments

     (1 )   (47 )   —     —     (48 )

Other investments

     (453 )   (127 )   —     —     (580 )

Net sales (purchases) of short-term securities

     (501 )   383     (81 )   —     (199 )

Securities transactions in course of settlement

     12     (32 )   (1 )   —     (21 )

Other

     (334 )   (10 )   —     —     (344 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used in investing activities

     (1,214 )   (157 )   (89 )   —     (1,460 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from financing activities

                                

Treasury stock acquired—share repurchase authorization

     —     —     (2,400 )   —     (2,400 )

Treasury stock acquired—net employee share-based compensation

     —     —     (72 )   —     (72 )

Dividends paid to shareholders

     —     —     (757 )   —     (757 )

Payment of debt

     —     —     (400 )   —     (400 )

Issuance of debt

     —     —     491     —     491  

Issuance of common stock—employee share options

     —     —     332     —     332  

Dividends paid to parent company

     (2,140 )   (858 )   —     2,998     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used in financing activities

     (2,140 )   (858 )   (2,806 )   2,998     (2,806 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash

     1     (10 )   —     —     (9 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net increase (decrease) in cash

     (84 )   11     —     —     (73 )

Cash at beginning of year

     225     153     2     —     380  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash at end of year

   $ 141   $ 164   $ 2   $ —   $ 307  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Supplemental disclosure of cash flow information

                                

Income taxes paid (received)

   $ 737   $ 287   $ (132 ) $ —   $ 892  

Interest paid

   $ 47   $ —   $ 311   $ —   $ 358  

CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the year ended December 31, 2015

(in millions)
  TPC   Other
Subsidiaries		   TRV   Eliminations   Consolidated  

Cash flows from operating activities

                                

Net income

   $ 2,666   $ 998   $ 3,439   $ (3,664 ) $ 3,439  

Net adjustments to reconcile net income to net cash provided by operating activities

     (577 )   414     330     (172 )   (5 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by operating activities

     2,089     1,412     3,769     (3,836 )   3,434  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from investing activities

                                

Proceeds from maturities of fixed maturities

     7,543     3,563     10     —     11,116  

Proceeds from sales of investments:

                                

Fixed maturities

     1,227     723     —     —     1,950  

Equity securities

     25     34     —     —     59  

Real estate investments

     —     31     —     —     31  

Other investments

     503     210     —     —     713  

Purchases of investments:

                                

Fixed maturities

     (8,276 )   (3,787 )   (27 )   —     (12,090 )

Equity securities

     (3 )   (43 )   (3 )   —     (49 )

Real estate investments

     (1 )   (122 )   —     —     (123 )

Other investments

     (423 )   (111 )   —     —     (534 )

Net sales (purchases) of short-term securities

     179     (489 )   (16 )   —     (326 )

Securities transactions in course of settlement

     (52 )   (61 )   —     —     (113 )

Acquisition, net of cash acquired

     (13 )   —     —     —     (13 )

Other

     (343 )   39     —     —     (304 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by (used in) investing activities

     366     (13 )   (36 )   —     317  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows from financing activities

                                

Treasury stock acquired—share repurchase authorization

     —     —     (3,150 )   —     (3,150 )

Treasury stock acquired—net employee share-based compensation

     —     —     (74 )   —     (74 )

Dividends paid to shareholders

     —     —     (739 )   —     (739 )

Payment of debt

     —     —     (400 )   —     (400 )

Issuance of debt

     —     —     392     —     392  

Issuance of common stock—employee share options

     —     —     183     —     183  

Excess tax benefits from share-based payment arrangements

     —     —     55     —     55  

Dividends paid to parent company

     (2,450 )   (1,383 )   —     3,833     —  

Capital contributions, loans and other transactions between subsidiaries

     —     (3 )   —     3     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used in financing activities

     (2,450 )   (1,386 )   (3,733 )   3,836     (3,733 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of exchange rate changes on cash

     (1 )   (11 )   —     —     (12 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net increase in cash

     4     2     —     —     6  

Cash at beginning of year

     221     151     2     —     374  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash at end of year

   $ 225   $ 153   $ 2   $ —   $ 380  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Supplemental disclosure of cash flow information

                                

Income taxes paid (received)

   $ 1,032   $ 384   $ (209 ) $ —   $ 1,207  

Interest paid

   $ 47   $ —   $ 318   $ —   $ 365