Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data [Abstract]

Quarterly Financial Data

QUARTERLY FINANCIAL DATA

Summarized unaudited quarterly financial data for 2011 and 2010 are shown below. In management’s opinion, the interim financial data contain all adjustments, consisting of normal recurring items, necessary to present fairly the results of operations for the interim periods.

	Three Months Ended
	March 31						June 30						September 30						December 31
	2011			2010			2011			2010			2011			2010			2011			2010
	(in millions except for per share amounts)
Revenues	$	3,420		$	3,323		$	3,400		$	3,318		$	3,420		$	3,267		$	3,345		$	3,411
Losses and expenses		2,735			2,675			2,854			2,616			3,054			2,483			2,743			2,557
Federal and foreign income tax		176			184			127			184			68			212			150			234
Net income	$	509		$	464		$	419		$	518		$	298		$	572		$	452		$	620
Basic earnings per share	$	1.71		$	1.39		$	1.43		$	1.60		$	1.04		$	1.82		$	1.62		$	2.03
Diluted earnings per share	$	1.70		$	1.39		$	1.42		$	1.59		$	1.04		$	1.80		$	1.60		$	2.02
Underwriting ratios
Losses to premiums earned		62.0	%		62.3	%		63.6	%		59.5	%		70.2	%		54.5	%		59.3	%		56.1	%
Expenses to premiums written		31.7			31.3			31.3			30.9			32.4			31.7			30.6			30.9
Combined		93.7	%		93.6	%		94.9	%		90.4	%		102.6	%		86.2	%		89.9	%		87.0	%