Fair Value Measurements (tables)

3 Months Ended

Mar. 31, 2012

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 March 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	$	2,462	$	2,437	$	25	$	—
Obligations of states, municipalities and political subdivisions	39,015		—		38,997		18
Debt securities issued by foreign governments	2,391		—		2,391		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	3,469		—		3,468		1
All other corporate bonds	17,576		—		17,345		231
Redeemable preferred stock	30		29		1		—
Total fixed maturities	64,943		2,466		62,227		250
Equity securities
Common stock	451		451		—		—
Non-redeemable preferred stock	132		100		32		—
Total equity securities	583		551		32		—
Other investments	85		41		—		44
Total	$	65,611	$	3,058	$	62,259	$	294

The Company did not have any material transfers between Levels 1 and 2 during the quarter ended March 31, 2012.

(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

The Company did not have any material transfers between Levels 1 and 2 during the year ended December 31, 2011.

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

(in millions)	FixedMaturities			OtherInvestments			Total
Balance at December 31, 2011	$	250		$	44		$	294
Total realized and unrealized investment gains (losses):
Included in realized investment gains (1)	1			(1		)	—
Included in increases (decreases) in other comprehensive income	4			1			5
Purchases, sales and settlements/maturities:
Purchases	17			—			17
Sales	—			—			—
Settlements/maturities	(20		)	—			(20		)
Gross transfers into Level 3	—			—			—
Gross transfers out of Level 3	(2		)	—			(2		)
Balance at March 31, 2012	$	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.

(in millions)	FixedMaturities			OtherInvestments			Total
Balance at December 31, 2010	$	230		$	57		$	287
Total realized and unrealized investment gains (losses):
Included in realized investment gains (1)	1			38			39
Included in increases (decreases) in other comprehensive income	—			(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.

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 March 31, 2012, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash	$	258	$	258	$	258	$	—	$	—
Short-term securities	3,373		3,373		1,961		1,238		174
Investment income accrued	717		717		—		—		717
Other financial assets	526		526		—		—		526
Total financial assets	$	4,874	$	4,874	$	2,219	$	1,238	$	1,417
Financial liabilities:
Debt	$	6,506	$	7,660	$	—	$	7,345	$	315
Commercial paper	100		100		—		—		100
Other financial liabilities	3,619		3,619		—		—		3,619
Total financial liabilities	$	10,225	$	11,379	$	—	$	7,345	$	4,034

(at December 31, 2011, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash	$	214	$	214	$	214	$	—	$	—
Short-term securities	3,594		3,594		2,472		1,029		93
Investment income accrued	768		768		—		—		768
Other financial assets	552		552		—		—		552
Total financial assets	$	5,128	$	5,128	$	2,686	$	1,029	$	1,413
Financial liabilities:
Debt	$	6,505	$	7,609	$	—	$	7,057	$	552
Commercial paper	100		100		—		—		100
Other financial liabilities	3,931		3,931		—		—		3,931
Total financial liabilities	$	10,536	$	11,640	$	—	$	7,057	$	4,583