Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements [Abstract]

Obligations, funded status and assumptions

	As of or For the Years Ended December 31,
	2014			2013			2014			2013			2014			2013
	U.S.						Non-U.S.						Other
	Pension Benefits						Pension Benefits						Postretirement Benefits
Change in Plan Assets
Fair value as of beginning-of-year	$	1,047		$	1,043		$	379		$	371		$	45		$	42
Actual return on plan assets		113			67			57			18			3			3
Company and participant contributions		7			6			6			6			12			13
Benefits paid		(71	)		(69	)		(16	)		(16	)		(13	)		(16	)
Medicare Part D subsidy		-			-			-			-			1			3
Fair value as of end-of-year		1,096			1,047			426			379			48			45
Change in Benefit Obligation
Balance as of beginning-of-year		1,172			1,284			373			364			102			139
Service cost (1)		6			5			-			-			1			3
Interest cost		53			51			16			16			4			5
Company and participant contributions		-			-			-			-			4			4
Amendments		-			-			-			-			-			(29	)
Actuarial (gains) losses		153			(93	)		28			9			4			(7	)
Administrative expenses paid		(6	)		(6	)		-			-			-			-
Benefits paid		(71	)		(69	)		(16	)		(16	)		(13	)		(16	)
Medicare Part D subsidy		-			-			-			-			1			3
Balance as of end-of-year		1,307			1,172			401			373			103			102
Funded status of the plans	$	(211	)	$	(125	)	$	25		$	6		$	(55	)	$	(57	)
Amounts Recognized on the
Consolidated Balance Sheets
Other assets	$	9		$	14		$	25		$	6		$	1		$	-
Other liabilities		(220	)		(139	)		-			-			(56	)		(57	)
Net amount recognized	$	(211	)	$	(125	)	$	25		$	6		$	(55	)	$	(57	)
Amounts Recognized in AOCI,
Net of Tax
Net (gain) loss	$	218		$	157		$	90		$	107		$	(12	)	$	(15	)
Prior service credit		-			-			-			-			(17	)		(18	)
Net amount recognized	$	218		$	157		$	90		$	107		$	(29	)	$	(33	)
Rate of Increase in Compensation
Retiree Life Insurance Plan		N/A			N/A			N/A			N/A			4.00%			4.00%
All other plans		N/A			N/A			N/A			N/A			N/A			N/A
Weighted-Average Assumptions
Benefit obligations:
Weighted-average discount rate		4.00%			4.70%			3.50%			4.45%			4.00%			4.50%
Expected return on plan assets		7.20%			7.82%			6.15%			5.50%			6.50%			6.50%
Net periodic benefit cost:
Weighted-average discount rate		4.70%			4.16%			4.45%			4.40%			4.50%			4.03%
Expected return on plan assets		7.20%			7.82%			6.15%			5.50%			6.50%			6.50%

⁽¹⁾ Amounts for our U.S. pension plans represent general and administrative expenses.

Health care cost trend rate

	As of or For the Years Ended
	December 31,
	2014	2013	2012
Pre-65 health care cost trend rate	8.00%	7.50%	8.00%
Post-65 health care cost trend rate	6.25%	7.50%	8.00%
Ultimate trend rate	4.50%	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2022	2020	2020

Pension plans with an accumulated benefit obligation in excess of plan assets

	As of December 31,
	2014		2013
U.S. Plans
Accumulated benefit obligation	$	1,182	$	1,059
Projected benefit obligation		1,182		1,059
Fair value of plan assets		962		920

Components of net periodic benefit cost

	For the Years Ended December 31,
	2014			2013			2012			2014			2013			2012
	Pension Benefits									Other Postretirement Benefits
U.S. Plans
Service cost (1)	$	6		$	5		$	5		$	1		$	3		$	4
Interest cost		53			51			53			4			5			7
Expected return on plan assets		(73	)		(78	)		(72	)		(3	)		(3	)		(3	)
Amortization of prior service cost		-			-			-			(2	)		(1	)		(1	)
Recognized net actuarial loss (gain)		15			24			26			(1	)		(1	)		1
Recognized actuarial gain due
to curtailments		-			-			-			-			(5	)		-
Net periodic benefit cost (recovery)	$	1		$	2		$	12		$	(1	)	$	(2	)	$	8
Non-U.S. Plan
Interest cost	$	16		$	16		$	15
Expected return on plan assets		(22	)		(19	)		(17	)
Recognized net actuarial loss (gain)		2			2			1
Net periodic benefit cost (recovery)	$	(4	)	$	(1	)	$	(1	)

Pension plan asset target allocations by asset category

	For the Years Ended December 31,
	2014	2013	2014	2013	2014	2013
	U.S. Plan – Employees		U.S. Plan – Agents		Non-U.S. Plan
Asset Class
Fixed maturity securities	50%	50%	100%	100%	40%	39%
Common stock:
Domestic equity	35%	35%	0%	0%	0%	0%
International equity	15%	15%	0%	0%	0%	0%
Equity securities	0%	0%	0%	0%	55%	58%
Cash and invested cash	0%	0%	0%	0%	5%	3%

Fair value measurements of pension plan assets on a recurring basis

	As of December 31,
	2014		2013		2014		2013		2014		2013
	U.S.				Non-U.S.				Other
	Pension Plans				Pension Plan				Postretirement Benefits
Fixed maturity securities:
Corporate bonds	$	412	$	374	$	42	$	40	$	-	$	-
U.S. government bonds		155		133		6		4		-		-
Foreign government bonds		-		-		166		174		-		-
CDOs		-		-		2		4		-		-
State and municipal bonds		33		37		-		-		-		-
Common and preferred stock		470		463		84		83		-		-
Cash and invested cash		26		40		126		74		-		-
Other investments		-		-		-		-		48		45
Total	$	1,096	$	1,047	$	426	$	379	$	48	$	45

Estimated future benefit payments

	Pension Plans
	Qualified		Nonqualified			Qualified
	U.S.			U.S.		Non-U.S.		U.S.
	Defined			Defined		Defined		Other
	Benefit			Benefit		Benefit		Post-
	Pension			Pension		Pension		retirement
	Plans			Plans		Plan		Plans
2015	$	94		$	12	$	14	$	9
2016		79			11		14		9
2017		75			10		15		9
2018		76			10		15		8
2019		74			10		16		8
Following five years thereafter		357			45		89		32