Fair Value Measurements (tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	2,157	$	2,137	$	20	$	—
Obligations of states, municipalities and political subdivisions	38,951		—		38,922		29
Debt securities issued by foreign governments	2,334		—		2,334		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	3,318		—		3,313		5
All other corporate bonds	17,914		10		17,684		220
Redeemable preferred stock	31		30		1		—
Total fixed maturities	64,705		2,177		62,274		254
Equity securities
Common stock	467		467		—		—
Non-redeemable preferred stock	128		94		34		—
Total equity securities	595		561		34		—
Other investments	86		42		—		44
Total	$	65,386	$	2,780	$	62,308	$	298

The Company did not have any transfers between Levels 1 and 2 during the six months ended June 30, 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]

Three Months Ended June 30, 2012 (in millions)	FixedMaturities			OtherInvestments		Total
Balance at March 31, 2012	$	250		$	44	$	294
Total realized and unrealized investment gains (losses):
Reported in realized investment gains (losses) (1)	1			—		1
Reported in increases (decreases) in other comprehensive income	—			—		—
Purchases, sales and settlements/maturities:
Purchases	33			—		33
Sales	—			—		—
Settlements/maturities	(25		)	—		(25		)
Gross transfers into Level 3	6			—		6
Gross transfers out of Level 3	(11		)	—		(11		)
Balance at June 30, 2012	$	254		$	44	$	298
Amount of total realized investment gains (losses) for the period included in the consolidated statement of income (loss) 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.

Six Months Ended June 30, 2012 (in millions)	FixedMaturities			OtherInvestments			Total
Balance at December 31, 2011	$	250		$	44		$	294
Total realized and unrealized investment gains (losses):
Reported in realized investment gains (losses) (1)	2			(1		)	1
Reported in increases (decreases) in other comprehensive income	4			1			5
Purchases, sales and settlements/maturities:
Purchases	50			—			50
Sales	—			—			—
Settlements/maturities	(45		)	—			(45		)
Gross transfers into Level 3	6			—			6
Gross transfers out of Level 3	(13		)	—			(13		)
Balance at June 30, 2012	$	254		$	44		$	298
Amount of total realized investment gains (losses) for the period included in the consolidated statement of income (loss) 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.

Twelve Months Ended December 31, 2011 (in millions)	FixedMaturities			OtherInvestments			Total
Balance at December 31, 2010	$	230		$	57		$	287
Total realized and unrealized investment gains (losses):
Reported in realized investment gains (losses) (1)	1			38			39
Reported 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.

(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 June 30, 2012, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Short-term securities	$	3,275	$	3,275	$	1,464	$	1,728	$	83
Financial liabilities:
Debt	$	6,249	$	7,608	$	—	$	7,266	$	342
Commercial paper	100		100		—		100		—

(at December 31, 2011, in millions)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Short-term securities	$	3,594	$	3,594	$	2,472	$	1,029	$	93
Financial liabilities:
Debt	$	6,505	$	7,609	$	—	$	7,057	$	552
Commercial paper	100		100		—		100		—