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Income Taxes (tables)
12 Months Ended
Dec. 31, 2015
Income Taxes disclosure  
Composition of income tax expense included in consolidated statement of income and shareholders' equity [Table Text Block]

 

 

(for the year ended December 31, in millions)
  2015   2014   2013  

Composition of income tax expense included in the consolidated statement of income

                   

Current expense:

                   

Federal

  $ 1,144   $ 1,216   $ 1,059  

Foreign

    29     28     30  

State

    9     10     6  
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Total current tax expense

    1,182     1,254     1,095  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Deferred expense:

                   

Federal

    117     121     167  

Foreign

    2     22     10  
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Total deferred tax expense

    119     143     177  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total income tax expense included in the consolidated statement of income

    1,301     1,397     1,272  

Composition of income tax expense (benefit) included in shareholders' equity

   
 
   
 
   
 
 

Expense (benefit) relating to share-based compensation, the changes in unrealized gain on investments, unrealized loss on foreign exchange and other items in other comprehensive income

    (448 )   68     (822 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total income tax expense included in the consolidated financial statements

  $ 853   $ 1,465   $ 450  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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Effective tax rate [Table Text Block]

 

(for the year ended December 31, in millions)
  2015   2014   2013  

Income before income taxes

                   

U.S. 

  $ 4,621   $ 4,899   $ 4,804  

Foreign

    119     190     141  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total income before income taxes

    4,740     5,089     4,945  

Effective tax rate

   
 
   
 
   
 
 

Statutory tax rate

    35 %   35 %   35 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Expected federal income tax expense

    1,659     1,781     1,731  

Tax effect of:

                   

Nontaxable investment income

    (345 )   (379 )   (409 )

Other, net

    (13 )   (5 )   (50 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total income tax expense

  $ 1,301   $ 1,397   $ 1,272  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effective tax rate

    27 %   27 %   26 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Deferred tax assets and liabilities [Table Text Block]

 

 

(at December 31, in millions)
  2015   2014  

Deferred tax assets

             

Claims and claim adjustment expense reserves

  $ 691   $ 768  

Unearned premium reserves

    731     709  

Compensation-related liabilities

    326     345  

Other

    320     346  
​ ​ ​ ​ ​ ​ ​ ​

Total gross deferred tax assets

    2,068     2,168  
​ ​ ​ ​ ​ ​ ​ ​

Deferred tax liabilities

             

Deferred acquisition costs

    580     565  

Investments

    867     1,267  

Internally developed software

    134     130  

Other

    191     173  
​ ​ ​ ​ ​ ​ ​ ​

Total gross deferred tax liabilities

    1,772     2,135  
​ ​ ​ ​ ​ ​ ​ ​

Net deferred tax asset

  $ 296   $ 33  
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
Net operating loss amounts by jurisdiction and year of expiration [Table Text Block]

 

 

(in millions)
  Amount   Year of
expiration

United States

  $ 4   2018

Brazil

    1   None

United Kingdom

    200   None
Reconciliation of unrecognized tax benefits [Table Text Block]

 

 

(in millions)
  2015   2014  

Balance at January 1

  $ 23   $ 21  

Additions for tax positions of prior years

    2     2  

Reductions for tax positions of prior years

    (9 )   —  

Additions based on tax positions related to current year

    —     —  
​ ​ ​ ​ ​ ​ ​ ​

Balance at December 31

  $ 16   $ 23  
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