Fair Values of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Carrying Values and Fair Values of Financial Instruments

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

	September 30, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Assets
Invested assets
Short term investments	$	3,052	$	3,052	$	1,318	$	1,318
Fixed maturities		37,016		37,016		38,780		38,780
Equity securities		1,771		1,771		1,964		1,964
Liabilities
Long term debt		3,300		3,788		3,300		4,013

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:

	September 30, 2015
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Short term investments	$	277	$	2,775	$	—	$	3,052
Fixed maturities
Tax exempt		—		19,871		2		19,873
Taxable
U.S. government and government agency and authority obligations		—		1,312		—		1,312
Corporate bonds		—		8,431		193		8,624
Foreign government and government agency obligations		—		6,122		—		6,122
Residential mortgage-backed securities		—		122		2		124
Commercial mortgage-backed securities		—		961		—		961
		—		16,948		195		17,143
Total fixed maturities		—		36,819		197		37,016
Equity securities		1,765		—		6		1,771
	$	2,042	$	39,594	$	203	$	41,839
Liabilities
Long term debt	$	—	$	3,788	$	—	$	3,788

	December 31, 2014
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Short term investments	$	206	$	1,112	$	—	$	1,318
Fixed maturities
Tax exempt		—		19,769		3		19,772
Taxable
U.S. government and government agency and authority obligations		—		2,007		—		2,007
Corporate bonds		—		8,912		116		9,028
Foreign government and government agency obligations		—		6,663		9		6,672
Residential mortgage-backed securities		—		210		1		211
Commercial mortgage-backed securities		—		1,090		—		1,090
		—		18,882		126		19,008
Total fixed maturities		—		38,651		129		38,780
Equity securities		1,958		—		6		1,964
	$	2,164	$	39,763	$	135	$	42,062
Liabilities
Long term debt	$	—	$	4,013	$	—	$	4,013