Fair Value Measurements (tables)

12 Months Ended

Dec. 31, 2016

(at December 31, 2016, 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	$	2,035	$	2,035	$	—	$	—
Obligations of states, municipalities and political subdivisions	31,910		—		31,898		12
Debt securities issued by foreign governments	1,662		—		1,662		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	1,708		—		1,704		4
All other corporate bonds	23,107		—		22,939		168
Redeemable preferred stock	93		3		90		—
Total fixed maturities	60,515		2,038		58,293		184

Equity securities
Public common stock	603		603		—		—
Non-redeemable preferred stock	129		51		78		—
Total equity securities	732		654		78		—

Other investments	53		17		—		36
Total	$	61,300	$	2,709	$	58,371	$	220

(at December 31, 2015, 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	$	2,194	$	2,194	$	—	$	—
Obligations of states, municipalities and political subdivisions	31,411		—		31,398		13
Debt securities issued by foreign governments	1,873		—		1,873		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	1,981		—		1,957		24
All other corporate bonds	23,089		—		22,915		174
Redeemable preferred stock	110		3		100		7
Total fixed maturities	60,658		2,197		58,243		218

Equity securities
Public common stock	543		543		—		—
Non-redeemable preferred stock	162		55		107		—
Total equity securities	705		598		107		—

Other investments	56		18		—		38
Total	$	61,419	$	2,813	$	58,350	$	256

(in millions)	Fixed Maturities			Other Investments			Total

Balance at December 31, 2015	$	218		$	38		$	256
Total realized and unrealized investment gains (losses):
Reported in net realized investment gains (1)	3			5			8
Reported in increases in other comprehensive income	2			3			5
Purchases, sales and settlements/maturities:
Purchases	123			—			123
Sales	(19		)	(10		)	(29		)
Settlements/maturities	(66		)	—			(66		)
Gross transfers into Level 3	19			—			19
Gross transfers out of Level 3	(96		)	—			(96		)
Balance at December 31, 2016	$	184		$	36		$	220

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	$	—		$	(2	)	$	(2	)

(1) Includes impairments on investments held at the end of the period as well as amortization on fixed maturities.

(in millions)	Fixed Maturities			Other Investments			Total

Balance at December 31, 2014	$	232		$	36		$	268
Total realized and unrealized investment gains (losses):
Reported in net realized investment gains (1)	1			2			3
Reported in increases (decreases) in other comprehensive income	(4		)	1			(3		)
Purchases, sales and settlements/maturities:
Purchases	202			1			203
Sales	(7		)	(2		)	(9		)
Settlements/maturities	(41		)	—			(41		)
Gross transfers into Level 3	21			—			21
Gross transfers out of Level 3	(186		)	—			(186		)
Balance at December 31, 2015	$	218		$	38		$	256

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	)	$	(1	)

(1) Includes impairments on investments held at the end of the period as well as amortization on fixed maturities.