Quarterly Financial Data

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

QUARTERLY FINANCIAL DATA

Summarized unaudited quarterly financial data for 2014 and 2013 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
	2014			2013			2014			2013			2014			2013			2014			2013
	(in millions except for per share amounts)
Revenues	$	3,506		$	3,517		$	3,542		$	3,551		$	3,574		$	3,403		$	3,476		$	3,476
Losses and expenses		2,903			2,601			2,864			2,755			2,756			2,664			2,714			2,690
Federal and foreign income tax		154			260			179			217			224			198			204			217
Net income	$	449		$	656		$	499		$	579		$	594		$	541		$	558		$	569
Basic earnings per share	$	1.81		$	2.49		$	2.03		$	2.22		$	2.47		$	2.11		$	2.35		$	2.25
Diluted earnings per share	$	1.80		$	2.48		$	2.03		$	2.21		$	2.47		$	2.10		$	2.35		$	2.24
Underwriting ratios
Losses to premiums earned		61.1	%		52.3	%		58.7	%		56.7	%		54.0	%		53.0	%		53.8	%		54.7	%
Expenses to premiums written		32.1			32.3			31.3			32.1			31.8			32.7			30.5			30.8
Combined		93.2	%		84.6	%		90.0	%		88.8	%		85.8	%		85.7	%		84.3	%		85.5	%