Investments (tables)

9 Months Ended

Sep. 30, 2013

Amortized cost and fair value of investments in fixed maturities [Table Text Block]

Amortized

Gross Unrealized

Fair

(at September 30, 2013, in millions)

Cost

Gains

Losses

Value

U.S. Treasury securities and obligations of U.S. government and government agencies and authorities

2,069

2,109

Obligations of states, municipalities and political subdivisions:

Pre-refunded

9,141

489

9,629

All other

25,817

1,137

333

26,621

Total obligations of states, municipalities and political subdivisions

34,958

1,626

334

36,250

Debt securities issued by foreign governments

1,937

1,974

Mortgage-backed securities, collateralized mortgage obligations and pass-through securities

2,337

191

2,516

All other corporate bonds

18,633

833

245

19,221

Redeemable preferred stock

—

Total

59,960

2,744

602

62,102

	Amortized		Gross Unrealized				Fair
(at December 31, 2012, in millions)	Cost		Gains		Losses		Value
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	2,148	$	75	$	1	$	2,222
Obligations of states, municipalities and political subdivisions:
Pre-refunded	8,458		567		—		9,025
All other	27,405		2,262		11		29,656
Total obligations of states, municipalities and political subdivisions	35,863		2,829		11		38,681
Debt securities issued by foreign governments	2,185		72		—		2,257
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	2,744		255		2		2,997
All other corporate bonds	17,863		1,360		20		19,203
Redeemable preferred stock	26		7		—		33
Total	$	60,829	$	4,598	$	34	$	65,393

Cost and fair value of investments in equity securities [Table Text Block]

			Gross Unrealized				Fair
(at September 30, 2013, in millions)	Cost		Gains		Losses		Value
Common stock	$	380	$	205	$	1	$	584
Non-redeemable preferred stock	90		35		1		124
Total	$	470	$	240	$	2	$	708

			Gross Unrealized				Fair
(at December 31, 2012, in millions)	Cost		Gains		Losses		Value
Common stock	$	366	$	148	$	4	$	510
Non-redeemable preferred stock	96		39		—		135
Total	$	462	$	187	$	4	$	645

Unrealized investment losses [Table Text Block]

	Less than 12 months				12 months or longer				Total
(at September 30, 2013, in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	238	$	8	$	—	$	—	$	238	$	8
Obligations of states, municipalities and political subdivisions	4,852		333		11		1		4,863		334
Debt securities issued by foreign governments	420		3		—		—		420		3
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	436		10		22		2		458		12
All other corporate bonds	5,481		231		107		14		5,588		245
Total fixed maturities	11,427		585		140		17		11,567		602

Equity securities
Common stock	37		1		—		—		37		1
Non-redeemable preferred stock	28		1		—		—		28		1
Total equity securities	65		2		—		—		65		2
Total	$	11,492	$	587	$	140	$	17	$	11,632	$	604

	Less than 12 months				12 months or longer				Total
(at December 31, 2012, in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	589	$	1	$	—	$	—	$	589	$	1
Obligations of states, municipalities and political subdivisions	611		9		45		2		656		11
Debt securities issued by foreign governments	186		—		2		—		188		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	70		—		36		2		106		2
All other corporate bonds	1,097		13		89		7		1,186		20
Total fixed maturities	2,553		23		172		11		2,725		34
Equity securities
Common stock	40		4		—		—		40		4
Non-redeemable preferred stock	13		—		—		—		13		—
Total equity securities	53		4		—		—		53		4
Total	$	2,606	$	27	$	172	$	11	$	2,778	$	38

Securities continuously in an unrealized loss position of greater than 20% of amortized cost by length of time [Table Text Block]

	Period For Which Fair Value Is Less Than 80% of Amortized Cost
(in millions)	3 Months or Less		Greater Than 3 Months, 6 Months or Less		Greater Than 6 Months, 12 Months or Less		Greater Than 12 Months		Total
Fixed maturities
Mortgage-backed securities	$	—	$	—	$	—	$	—	$	—
Other	5		2		—		4		11
Total fixed maturities	5		2		—		4		11
Equity securities	1		—		—		—		1
Total	$	6	$	2	$	—	$	4	$	12

Impairment charges included in net realized investment gains (losses) [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2013		2012		2013		2012

Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	—	$	—	$	—	$	—
Obligations of states, municipalities and political subdivisions	—		—		—		—
Debt securities issued by foreign governments	—		—		—		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	—		—		2		3
All other corporate bonds	—		1		—		4
Redeemable preferred stock	—		—		—		—
Total fixed maturities	—		1		2		7
Equity securities
Common stock	2		1		3		1
Non-redeemable preferred stock	—		1		—		1
Total equity securities	2		2		3		2
Other investments	1		—		5		2
Total	$	3	$	3	$	10	$	11

Roll-forward of the credit component of other-than-temporary impairments on fixed maturities recognized in the consolidated statement of income for which a portion of the other-than-temporary impairment was recognized in other comprehensive income [Table Text Block]

	2013
(for the three months ended September 30, in millions)	Cumulative OTTI Credit Losses Recognized for Securities Held, Beginning of Period		Additions for OTTI Securities Where No Credit Losses Were Previously Recognized		Additions for OTTI Securities Where Credit Losses Have Been Previously Recognized		Reductions Due to Sales/Defaults of Credit- Impaired Securities		Adjustments to Book Value of Credit- Impaired Securities due to Changes in Cash Flows		Cumulative OTTI Credit Losses Recognized for Securities Still Held, End of Period
Fixed maturities
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	$	67	$	—	$	—	$	—	$	2	$	69
All other corporate bonds	104		—		—		—		1		105
Total fixed maturities	$	171	$	—	$	—	$	—	$	3	$	174

(for the nine months ended September 30, in millions)
Fixed maturities
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	$	63	$	—	$	2	$	—	$	4	$	69
All other corporate bonds	102		—		—		—		3		105
Total fixed maturities	$	165	$	—	$	2	$	—	$	7	$	174

	2012
(for the three months ended September 30, in millions)	Cumulative OTTI Credit Losses Recognized for Securities Held, Beginning of Period		Additions for OTTI Securities Where No Credit Losses Were Previously Recognized		Additions for OTTI Securities Where Credit Losses Have Been Previously Recognized		Reductions Due to Sales/Defaults of Credit- Impaired Securities			Adjustments to Book Value of Credit- Impaired Securities due to Changes in Cash Flows		Cumulative OTTI Credit Losses Recognized for Securities Still Held, End of Period
Fixed maturities
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	$	61	$	—	$	—	$	(1	)	$	1	$	61
All other corporate bonds	99		—		1		—			1		101
Total fixed maturities	$	160	$	—	$	1	$	(1	)	$	2	$	162

(for the nine months ended September 30, in millions)
Fixed maturities
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	$	58	$	—	$	3	$	(1	)	$	1	$	61
All other corporate bonds	94		—		4		—			3		101
Total fixed maturities	$	152	$	—	$	7	$	(1	)	$	4	$	162

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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