Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Carrying Values and Fair Values of Financial Instruments

The carrying values and fair values of financial instruments were as follows:

	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Assets
Invested assets
Short term investments	$	1,693	$	1,693	$	2,114	$	2,114
Fixed maturities		37,825		37,825		37,091		37,091
Equity securities		1,863		1,863		1,810		1,810
Liabilities
Long term debt		3,300		3,922		3,300		3,806

Fair Value of Financial Instruments Categorized Based Upon Lowest Level of Input

The fair value of financial instruments categorized based upon the lowest level of input that was significant to the fair value measurement was as follows:

	March 31, 2014
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Short term investments	$	256	$	1,437	$	—	$	1,693
Fixed maturities
Tax exempt		—		18,780		4		18,784
Taxable
U.S. government and government agency and authority obligations		—		805		—		805
Corporate bonds		—		9,690		130		9,820
Foreign government and government agency obligations		—		6,871		14		6,885
Residential mortgage-backed securities		—		268		5		273
Commercial mortgage-backed securities		—		1,258		—		1,258
		—		18,892		149		19,041
Total fixed maturities		—		37,672		153		37,825
Equity securities		1,857		—		6		1,863
	$	2,113	$	39,109	$	159	$	41,381
Liabilities
Long term debt	$	—	$	3,922	$	—	$	3,922

	December 31, 2013
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Short term investments	$	399	$	1,715	$	—	$	2,114
Fixed maturities
Tax exempt		—		18,416		5		18,421
Taxable
U.S. government and government agency and authority obligations		—		802		—		802
Corporate bonds		—		9,179		135		9,314
Foreign government and government agency obligations.		—		6,881		9		6,890
Residential mortgage-backed securities		—		293		6		299
Commercial mortgage-backed securities		—		1,345		20		1,365
		—		18,500		170		18,670
Total fixed maturities		—		36,916		175		37,091
Equity securities		1,803		—		7		1,810
	$	2,202	$	38,631	$	182	$	41,015
Liabilities
Long term debt	$	—	$	3,806	$	—	$	3,806