Invested Assets (Tables)

3 Months Ended

Mar. 31, 2014

Text Block [Abstract]

Amortized Cost and Fair Value of Fixed Maturities and Equity Securities

(a) The amortized cost and fair value of fixed maturities and equity securities were as follows:

	March 31, 2014
	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
	(in millions)
Fixed maturities
Tax exempt	$	17,923	$	945	$	84	$	18,784
Taxable
U.S. government and government agency and authority obligations.		776		32		3		805
Corporate bonds		9,465		402		47		9,820
Foreign government and government agency obligations		6,684		220		19		6,885
Residential mortgage-backed securities		251		23		1		273
Commercial mortgage-backed securities		1,232		28		2		1,258
		18,408		705		72		19,041
Total fixed maturities	$	36,331	$	1,650	$	156	$	37,825
Equity securities	$	1,111	$	766	$	14	$	1,863

	December 31, 2013
	Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
	(in millions)
Fixed maturities
Tax exempt	$	17,808	$	802	$	189	$	18,421
Taxable
U.S. government and government agency and authority obligations.		784		27		9		802
Corporate bonds		9,032		370		88		9,314
Foreign government and government agency obligations		6,719		206		35		6,890
Residential mortgage-backed securities		277		23		1		299
Commercial mortgage-backed securities		1,339		29		3		1,365
		18,151		655		136		18,670
Total fixed maturities	$	35,959	$	1,457	$	325	$	37,091
Equity securities	$	1,057	$	756	$	3	$	1,810

Fair Value and Amortized Cost of Fixed Maturities by Contractual Maturity

The fair value and amortized cost of fixed maturities at March 31, 2014 by contractual maturity were as follows:

	Fair Value		Amortized Cost
	(in millions)
Due in one year or less	$	2,311	$	2,284
Due after one year through five years		14,107		13,487
Due after five years through ten years		11,959		11,413
Due after ten years		7,917		7,664
		36,294		34,848
Residential mortgage-backed securities		273		251
Commercial mortgage-backed securities		1,258		1,232
	$	37,825	$	36,331

Components of Unrealized Appreciation or Depreciation of Investments

(b) The components of unrealized appreciation or depreciation, including unrealized other-than-temporary impairment losses, of investments carried at fair value were as follows:

	March 31 2014		December 31 2013
	(in millions)
Fixed maturities
Gross unrealized appreciation	$	1,650	$	1,457
Gross unrealized depreciation		156		325
		1,494		1,132
Equity securities
Gross unrealized appreciation		766		756
Gross unrealized depreciation		14		3
		752		753
		2,246		1,885
Deferred income tax liability		786		660
	$	1,460	$	1,225

Fair Value and Gross Unrealized Depreciation of Investments in Unrealized Loss Position

The following table summarizes, for all investment securities in an unrealized loss position at March 31, 2014, the aggregate fair value and gross unrealized depreciation, including unrealized other-than-temporary impairment losses, by investment category and length of time that individual securities have continuously been in an unrealized loss position.

	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
	(in millions)
Fixed maturities
Tax exempt	$	1,540	$	32	$	819	$	52	$	2,359	$	84
Taxable
U.S. government and government agency and authority obligations		128		1		36		2		164		3
Corporate bonds		1,534		29		462		18		1,996		47
Foreign government and government agency obligations		1,096		14		147		5		1,243		19
Residential mortgage-backed securities		3		—		9		1		12		1
Commercial mortgage-backed securities		176		1		34		1		210		2
		2,937		45		688		27		3,625		72
Total fixed maturities		4,477		77		1,507		79		5,984		156
Equity securities		102		14		—		—		102		14
	$	4,579	$	91	$	1,507	$	79	$	6,086	$	170

At March 31, 2014, approximately 790 individual fixed maturities and 20 individual equity securities were in an unrealized loss position. The Corporation does not have the intent to sell and it is not more likely than not that the Corporation will be required to sell these fixed maturities before the securities recover to their amortized cost value. In addition, the Corporation believes that none of the declines in the fair values of these fixed maturities relate to credit losses. The Corporation has the intent and ability to hold the equity securities in an unrealized loss position for a period of time sufficient to allow for the recovery of cost. The Corporation believes that none of the declines in the fair value of these fixed maturities and equity securities were other than temporary at March 31, 2014.

The following table summarizes, for all investment securities in an unrealized loss position at December 31, 2013, the aggregate fair value and gross unrealized depreciation, including unrealized other-than-temporary impairment losses, by investment category and length of time that individual securities have continuously been in an unrealized loss position.

	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
	(in millions)
Fixed maturities
Tax exempt	$	3,417	$	144	$	307	$	45	$	3,724	$	189
Taxable
U.S. government and government agency and authority obligations		213		6		35		3		248		9
Corporate bonds		2,526		76		222		12		2,748		88
Foreign government and government agency obligations		1,735		32		75		3		1,810		35
Residential mortgage-backed securities		4		—		14		1		18		1
Commercial mortgage-backed securities		153		1		39		2		192		3
		4,631		115		385		21		5,016		136
Total fixed maturities		8,048		259		692		66		8,740		325
Equity securities		41		3		—		—		41		3
	$	8,089	$	262	$	692	$	66	$	8,781	$	328

Change in Unrealized Appreciation or Depreciation of Investments Carried at Fair Value

The change in unrealized appreciation or depreciation of investments carried at fair value, including the change in unrealized other-than-temporary impairment losses, was as follows:

	Three Months Ended March 31
	2014			2013
	(in millions)
Change in unrealized appreciation of fixed maturities	$	362		$	(196	)
Change in unrealized appreciation of equity securities		(1	)		202
		361			6
Deferred income tax		126			2
	$	235		$	4

Realized Investment Gains and Losses

(c) Realized investment gains and losses were as follows:

	Three Months Ended March 31
	2014			2013
	(in millions)
Fixed maturities
Gross realized gains	$	8		$	13
Gross realized losses		(11	)		(2	)
		(3	)		11
Equity securities
Gross realized gains		66			55
Other-than-temporary impairment losses		—			(2	)
		66			53
Other invested assets		53			74
	$	116		$	138