Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | L | |
Entity Registrant Name | LOEWS CORP | |
Entity Central Index Key | 60,086 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 363,081,509 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Fixed maturities, amortized cost of $37,321 and $37,469 | $ 39,954 | $ 40,885 |
Equity securities, cost of $783 and $733 | 756 | 728 |
Limited partnership investments | 3,714 | 3,674 |
Other invested assets, primarily mortgage loans | 768 | 731 |
Short term investments | 5,856 | 6,014 |
Total investments | 51,048 | 52,032 |
Cash | 249 | 364 |
Receivables | 8,097 | 7,770 |
Property, plant and equipment | 15,917 | 15,611 |
Goodwill | 373 | 374 |
Other assets | 1,710 | 1,616 |
Deferred acquisition costs of insurance subsidiaries | 621 | 600 |
Total assets | 78,015 | 78,367 |
Liabilities and Equity: | ||
Claim and claim adjustment expense | 23,193 | 23,271 |
Future policy benefits | 9,360 | 9,490 |
Unearned premiums | 3,815 | 3,592 |
Policyholders' funds | 27 | |
Total insurance reserves | 36,368 | 36,380 |
Payable to brokers | 741 | 673 |
Short term debt | 1,061 | 335 |
Long term debt | 9,791 | 10,333 |
Deferred income taxes | 773 | 893 |
Other liabilities | 4,949 | 5,103 |
Total liabilities | $ 53,683 | $ 53,717 |
Commitments and contingent liabilities | ||
Preferred stock, $0.10 par value: Authorized - 100,000,000 shares | ||
Common stock, $0.01 par value: Authorized - 1,800,000,000 shares Issued - 373,203,709 and 372,934,540 shares | $ 4 | $ 4 |
Additional paid-in capital | 3,483 | 3,481 |
Retained earnings | 15,747 | 15,515 |
Accumulated other comprehensive income | 53 | 280 |
Shareholders Equity Before Treasury Stock, Total | 19,287 | 19,280 |
Less treasury stock, at cost (7,572,200 shares) | (305) | |
Total shareholders' equity | 18,982 | 19,280 |
Noncontrolling interests | 5,350 | 5,370 |
Total equity | 24,332 | 24,650 |
Total liabilities and equity | $ 78,015 | $ 78,367 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 37,321 | $ 37,469 |
Equity securities, cost | $ 783 | $ 733 |
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares issued | 373,203,709 | 372,934,540 |
Treasury stock, shares | 7,572,200 | 0 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Insurance premiums | $ 1,735 | $ 1,811 | $ 3,422 | $ 3,617 |
Net investment income | 510 | 597 | 1,098 | 1,174 |
Investment gains (losses): | ||||
Other-than-temporary impairment losses | (31) | (5) | (43) | (7) |
Portion of other-than-temporary impairment losses recognized in Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings | (31) | (5) | (43) | (7) |
Other net investment gains (losses) | 29 | (9) | 51 | 35 |
Total investment gains (losses) | (2) | (14) | 8 | 28 |
Contract drilling revenues | 617 | 650 | 1,217 | 1,335 |
Other revenues | 575 | 549 | 1,168 | 1,127 |
Total | 3,435 | 3,593 | 6,913 | 7,281 |
Expenses: | ||||
Insurance claims and policyholders' benefits | 1,469 | 1,441 | 2,808 | 2,887 |
Amortization of deferred acquisition costs | 314 | 335 | 617 | 664 |
Contract drilling expenses | 344 | 395 | 695 | 765 |
Other operating expenses (Note 4) | 879 | 750 | 2,128 | 1,657 |
Interest | 134 | 126 | 265 | 248 |
Total | 3,140 | 3,047 | 6,513 | 6,221 |
Income (loss) before income tax | 295 | 546 | 400 | 1,060 |
Income tax expense | (48) | (145) | (104) | (248) |
Income from continuing operations | 247 | 401 | 296 | 812 |
Discontinued operations, net | (186) | (413) | ||
Net income | 247 | 215 | 296 | 399 |
Amounts attributable to noncontrolling interests | (77) | (99) | (17) | (224) |
Net income | 170 | 116 | 279 | 175 |
Net income attributable to Loews Corporation: | ||||
Income from continuing operations | 170 | 303 | 279 | 568 |
Discontinued operations, net | (187) | (393) | ||
Net income | $ 170 | $ 116 | $ 279 | $ 175 |
Basic and diluted net income per share: | ||||
Income from continuing operations | $ 0.46 | $ 0.79 | $ 0.75 | $ 1.47 |
Discontinued operations, net | (0.49) | (1.02) | ||
Net income | 0.46 | 0.30 | 0.75 | 0.45 |
Dividends per share | $ 0.0625 | $ 0.0625 | $ 0.1250 | $ 0.1250 |
Weighted average shares outstanding: | ||||
Shares of common stock | 369.61 | 385.72 | 371.21 | 386.53 |
Dilutive potential shares of common stock | 0.36 | 0.65 | 0.36 | 0.68 |
Total weighted average shares outstanding assuming dilution | 369.97 | 386.37 | 371.57 | 387.21 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ||||
Net income | $ 247 | $ 215 | $ 296 | $ 399 |
Other comprehensive income (loss), after tax Changes in: | ||||
Net unrealized gains (losses) on investments with other-than-temporary impairments | (4) | 2 | (5) | 14 |
Net other unrealized gains (losses) on investments | (363) | 270 | (253) | 507 |
Total unrealized gains (losses) on available-for-sale investments | (367) | 272 | (258) | 521 |
Discontinued operations | 10 | 15 | ||
Unrealized gains on cash flow hedges | 1 | 4 | 3 | |
Pension liability | 43 | (53) | 47 | (54) |
Foreign currency | 49 | 42 | (47) | 36 |
Other comprehensive income (loss) | (274) | 271 | (254) | 521 |
Comprehensive income (loss) | (27) | 486 | 42 | 920 |
Amounts attributable to noncontrolling interests | (48) | (126) | 9 | (277) |
Total comprehensive income (loss) attributable to Loews Corporation | $ (75) | $ 360 | $ 51 | $ 643 |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Common Stock Held in Treasury [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2013 | $ 24,906 | $ 4 | $ 3,607 | $ 15,508 | $ 339 | $ 5,448 | |
Net income | 399 | 175 | 224 | ||||
Other comprehensive income | 521 | 468 | 53 | ||||
Dividends paid | (232) | (48) | |||||
Dividends paid | (184) | ||||||
Purchases of subsidiary stock from noncontrolling interests | (83) | (8) | (75) | ||||
Purchases of Loews treasury stock | (195) | $ (195) | |||||
Issuance of Loews common stock | 5 | 5 | |||||
Stock-based compensation | 14 | 4 | 10 | ||||
Other | 20 | (2) | 22 | ||||
Ending Balance at Jun. 30, 2014 | 25,355 | 4 | 3,608 | 15,633 | 807 | (195) | 5,498 |
Beginning Balance at Dec. 31, 2014 | 24,650 | 4 | 3,481 | 15,515 | 280 | 5,370 | |
Net income | 296 | 279 | 17 | ||||
Other comprehensive income | (254) | (228) | (26) | ||||
Dividends paid | (156) | (46) | |||||
Dividends paid | (110) | ||||||
Issuance of equity securities by subsidiary | 115 | (2) | 1 | 116 | |||
Purchases of subsidiary stock from noncontrolling interests | (26) | 3 | (29) | ||||
Purchases of Loews treasury stock | (305) | (305) | |||||
Issuance of Loews common stock | 7 | 7 | |||||
Stock-based compensation | 12 | 12 | |||||
Other | (7) | (18) | (1) | 12 | |||
Ending Balance at Jun. 30, 2015 | $ 24,332 | $ 4 | $ 3,483 | $ 15,747 | $ 53 | $ (305) | $ 5,350 |
Consolidated Condensed Stateme7
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities: | ||
Net income | $ 296 | $ 399 |
Adjustments to reconcile net income to net cash provided (used) by operating activities, net | 803 | 1,112 |
Changes in operating assets and liabilities, net: | ||
Receivables | (243) | (142) |
Deferred acquisition costs | (8) | (10) |
Insurance reserves | 451 | 234 |
Other assets | (102) | (178) |
Other liabilities | (120) | (106) |
Trading securities | 10 | (117) |
Net cash flow operating activities | 1,087 | 1,192 |
Investing Activities: | ||
Purchases of fixed maturities | (5,029) | (4,921) |
Proceeds from sales of fixed maturities | 2,859 | 2,919 |
Proceeds from maturities of fixed maturities | 2,304 | 1,954 |
Purchases of equity securities | (30) | (11) |
Proceeds from sales of equity securities | 33 | 14 |
Purchases of limited partnership investments | (78) | (109) |
Proceeds from sales of limited partnership investments | 85 | 118 |
Purchases of property, plant and equipment | (1,227) | (1,152) |
Dispositions | 20 | 30 |
Change in short term investments | 119 | 3 |
Other, net | (90) | (4) |
Net cash flow investing activities | (1,034) | (1,159) |
Financing Activities: | ||
Dividends paid | (46) | (48) |
Dividends paid to noncontrolling interests | (110) | (184) |
Purchases of subsidiary stock from noncontrolling interests | (24) | (88) |
Purchases of Loews treasury stock | (287) | (182) |
Issuance of Loews common stock | 7 | 5 |
Proceeds from sale of subsidiary stock | 114 | 4 |
Principal payments on debt | (1,329) | (331) |
Issuance of debt | 1,503 | 766 |
Other, net | 6 | 17 |
Net cash flow financing activities | (166) | (41) |
Effect of foreign exchange rate on cash | (2) | 2 |
Transfer of cash to assets of discontinued operations | (11) | |
Net change in cash | (115) | (17) |
Cash, beginning of period | 364 | 294 |
Cash, end of period | $ 249 | $ 277 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Loews Corporation is a holding company. Its subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), a 90% owned subsidiary); the operation of offshore oil and gas drilling rigs (Diamond Offshore Drilling, Inc. (“Diamond Offshore”), a 53% owned subsidiary); transportation and storage of natural gas and natural gas liquids and gathering and processing of natural gas (Boardwalk Pipeline Partners, LP (“Boardwalk Pipeline”), a 51% owned subsidiary); and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels”), a wholly owned subsidiary). Unless the context otherwise requires, the terms “Company,” “Loews” and “Registrant” as used herein mean Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders. Loews segments are CNA Financial, including Specialty, Commercial, International and Other Non-Core; Diamond Offshore; Boardwalk Pipeline; Loews Hotels; and Corporate and other. See Note 9 for additional information on segments. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of June 30, 2015 and December 31, 2014, the results of operations and comprehensive income for the three and six months ended June 30, 2015 and 2014 and changes in shareholders’ equity and cash flows for the six months ended June 30, 2015 and 2014. Net income for the second quarter and first half of each of the years is not necessarily indicative of net income for that entire year. Reference is made to the Notes to Consolidated Financial Statements in the 2014 Annual Report on Form 10-K which should be read in conjunction with these Consolidated Condensed Financial Statements. The Company presents basic and diluted net income per share on the Consolidated Condensed Statements of Income. Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Stock appreciation rights (“SARs”) of 3.7 million, 2.2 million, 3.6 million and 2.1 million shares were not included in the diluted weighted average shares amounts for the three and six months ended June 30, 2015 and 2014 due to the exercise price being greater than the average stock price. As of June 30, 2015, the Company had $20 million of goodwill related to its investment in Diamond Offshore. As a result of the continued deterioration of the market fundamentals in the oil and gas industry, the Company performed the first step of a goodwill impairment test as of June 30, 2015 comparing the fair market value of the Company’s investment in Diamond Offshore to book value. No impairment charge was required based on passing the first step of the impairment test. Due to the continued market decline subsequent to June 30, 2015, the Company may be required to record an impairment charge in the near future. On August 1, 2014, CNA completed the sale of Continental Assurance Company (“CAC”), its former life insurance subsidiary and on September 30, 2014, the Company sold HighMount Exploration & Production LLC (“HighMount”), its natural gas and oil exploration and production subsidiary. The results of these sold businesses are reflected as discontinued operations in the Consolidated Condensed Statements of Income as further discussed in Note 12. Updated accounting guidance not yet adopted – In May of 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The core principle of the new accounting guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new accounting guidance provides a five-step analysis of transactions to determine when and how revenue is recognized and requires enhanced disclosures about revenue. This update was effective for annual reporting periods beginning after December 15, 2016, including interim periods, and can be adopted either retrospectively or as a cumulative effect adjustment at the date of adoption. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated financial statements. In July of 2015, the FASB voted to approve a one year deferral of the effective date of ASU 2014-09. The FASB expects to issue a final ASU formally amending the effective date by the end of the third quarter of 2015. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Investments | 2. Investments Net investment income is as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In millions) Fixed maturity securities $ 452 $ 451 $ 895 $ 903 Short term investments 1 3 2 Limited partnership investments 50 116 210 203 Equity securities 3 3 6 5 Income (loss) from trading portfolio (a) 11 30 (4 ) 70 Other 9 10 17 18 Total investment income 525 611 1,127 1,201 Investment expenses (15 ) (14 ) (29 ) (27) Net investment income $ 510 $ 597 $ 1,098 $ 1,174 (a) Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(10), $40, $(17) and $60 for the three and six months ended June 30, 2015 and 2014. Investment gains (losses) are as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In millions) Fixed maturity securities $ (12 ) $ (19 ) $ 19 Equity securities (1 ) $ (1 ) 5 Derivative instruments 11 1 10 1 Short term investments and other 4 (1 ) 3 Investment gains (losses) (a) $ (2 ) $ (14 ) $ 8 $ 28 (a) Includes gross realized gains of $36, $20, $70 and $78 and gross realized losses of $49, $39, $71 and $54 on available-for-sale securities for the three and six months ended June 30, 2015 and 2014. The components of net other-than-temporary impairment (“OTTI”) losses recognized in earnings by asset type are as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 11 $ 2 $ 16 $ 3 States, municipalities and political subdivisions 13 18 Asset-backed: Residential mortgage-backed 5 1 6 2 Other asset-backed 1 1 1 1 Total asset-backed 6 2 7 3 Total fixed maturities available-for-sale 30 4 41 6 Equity securities available-for-sale: Common stock 1 1 1 Short term investments 1 1 Net OTTI losses recognized in earnings $ 31 $ 5 $ 43 $ 7 The amortized cost and fair values of securities are as follows: June 30, 2015 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 16,879 $1,337 $ 88 $ 18,128 States, municipalities and political subdivisions 11,707 1,186 40 12,853 Asset-backed: Residential mortgage-backed 4,940 175 15 5,100 $ (46) Commercial mortgage-backed 2,186 77 12 2,251 (2) Other asset-backed 1,044 12 1 1,055 Total asset-backed 8,170 264 28 8,406 (48) U.S. Treasury and obligations of government-sponsored enterprises 24 5 29 Foreign government 387 13 1 399 Redeemable preferred stock 33 2 35 Fixed maturities available-for-sale 37,200 2,807 157 39,850 (48) Fixed maturities trading 121 17 104 Total fixed maturities 37,321 2,807 174 39,954 (48) Equity securities: Common stock 54 8 2 60 Preferred stock 154 4 2 156 Equity securities available-for-sale 208 12 4 216 - Equity securities trading 575 74 109 540 Total equity securities 783 86 113 756 - Total $ 38,104 $2,893 $ 287 $ 40,710 $ (48) December 31, 2014 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 17,226 $1,721 $ 61 $ 18,886 States, municipalities and political subdivisions 11,285 1,463 8 12,740 Asset-backed: Residential mortgage-backed 5,028 218 13 5,233 $ (53) Commercial mortgage-backed 2,056 93 5 2,144 (2) Other asset-backed 1,234 11 10 1,235 Total asset-backed 8,318 322 28 8,612 (55) U.S. Treasury and obligations of government- sponsored enterprises 26 5 31 Foreign government 438 16 454 Redeemable preferred stock 39 3 42 Fixed maturities available-for-sale 37,332 3,530 97 40,765 (55) Fixed maturities trading 137 17 120 Total fixed maturities 37,469 3,530 114 40,885 (55) Equity securities: Common stock 38 9 47 Preferred stock 172 5 2 175 Equity securities available-for-sale 210 14 2 222 - Equity securities trading 523 96 113 506 Total equity securities 733 110 115 728 - Total $ 38,202 $3,640 $ 229 $ 41,613 $ (55) The net unrealized gains on investments included in the tables above are recorded as a component of Accumulated other comprehensive income (“AOCI”). When presented in AOCI, these amounts are net of tax and noncontrolling interests and any required Shadow Adjustments. As of June 30, 2015 and December 31, 2014, the net unrealized gains on investments included in AOCI were net of Shadow Adjustments of $917 million and $1.2 billion. To the extent that unrealized gains on fixed income securities supporting certain products within CNA’s Life & Group Non-Core business would result in a premium deficiency if realized, a related decrease in Deferred acquisition costs, and/or increase in Insurance reserves are recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (“Shadow Adjustments”). The available-for-sale securities in a gross unrealized loss position are as follows: Less than 12 Months Total June 30, 2015 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: Corporate and other bonds $ 3,217 $ 73 $ 152 $ 15 $ 3,369 $ 88 States, municipalities and political subdivisions 1,523 34 143 6 1,666 40 Asset-backed: Residential mortgage-backed 451 6 167 9 618 15 Commercial mortgage-backed 557 9 61 3 618 12 Other asset-backed 135 1 18 153 1 Total asset-backed 1,143 16 246 12 1,389 28 U.S. Treasury and obligations of government-sponsored enterprises 3 3 Foreign government 20 1 1 21 1 Total fixed maturity securities 5,906 124 542 33 6,448 157 Common stock 21 2 21 2 Preferred stock 17 2 17 2 Total $ 5,944 $ 128 $ 542 $ 33 $ 6,486 $ 161 December 31, 2014 (In millions) Fixed maturity securities: Corporate and other bonds $ 1,330 $ 46 $ 277 $ 15 $ 1,607 $ 61 States, municipalities and political subdivisions 335 5 127 3 462 8 Asset-backed: Residential mortgage-backed 293 5 189 8 482 13 Commercial mortgage-backed 264 2 99 3 363 5 Other asset-backed 607 10 7 614 10 Total asset-backed 1,164 17 295 11 1,459 28 U.S. Treasury and obligations of government-sponsored enterprises 3 4 7 Foreign government 3 3 6 Redeemable preferred stock 3 3 Total fixed maturity securities 2,838 68 706 29 3,544 97 Preferred stock 17 2 1 18 2 Total $ 2,855 $ 70 $ 707 $ 29 $ 3,562 $ 99 Based on current facts and circumstances, the Company believes the unrealized losses presented in the table above are not indicative of the ultimate collectibility of the current amortized cost of the securities, but rather are primarily attributable to changes in interest rates and credit spreads and other factors. The Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional OTTI losses to be recorded as of June 30, 2015. The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held as of June 30, 2015 and 2014 for which a portion of an OTTI loss was recognized in Other comprehensive income. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In millions) Beginning balance of credit losses on fixed maturity securities $ 61 $ 69 $ 62 $ 74 Reductions for securities sold during the period (2) (3) (3) (5) Reductions for securities the Company intends to sell or more likely than not will be required to sell (3) Ending balance of credit losses on fixed maturity securities $ 59 $ 66 $ 59 $ 66 Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid with or without call or prepayment penalties. Securities not due at a single date are allocated based on weighted average life. June 30, 2015 December 31, 2014 Cost or Estimated Value Cost or Estimated (In millions) Due in one year or less $ 1,539 $ 1,559 $ 2,479 $ 2,511 Due after one year through five years 7,523 7,972 9,070 9,621 Due after five years through ten years 14,099 14,549 12,055 12,584 Due after ten years 14,039 15,770 13,728 16,049 Total $ 37,200 $ 39,850 $ 37,332 $ 40,765 Derivative Financial Instruments A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under the agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. June 30, 2015 December 31, 2014 Contractual/ Contractual/ Notional Estimated Fair Value Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Foreign exchange: Currency forwards – short $ 3 $ 70 $ (5) Without hedge designation: Equity markets: Options – purchased 163 $ 9 544 $ 24 – written 397 $ (11) 292 (21) Equity swaps and warrants – long 10 2 10 2 Futures – long 74 (1) Futures – short 208 130 2 Foreign exchange: Currency forwards – long 110 (1) 109 (3) – short 78 88 2 Currency options – long 446 11 151 7 – short 279 (2) Embedded derivative on funds withheld liability 183 6 184 (3) Investment Commitments As of June 30, 2015, the Company had committed approximately $295 million to future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. The Company invests in various privately placed debt securities, including bank loans, as part of its overall investment strategy and has committed to additional future purchases, sales and funding. As of June 30, 2015, the Company had commitments to purchase or fund additional amounts of $134 million and sell $79 million under the terms of such securities. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 3. Fair Value Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: ● Level 1 – Quoted prices for identical instruments in active markets. ● Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. ● Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company. The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures include: (i) the review of pricing service or broker pricing methodologies, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, (iv) detailed analysis, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities and (v) pricing validation, where prices received are compared to prices independently estimated by the Company. The fair values of CNA’s life settlement contracts are included in Other assets on the Consolidated Condensed Balance Sheets. Equity options purchased are included in Equity securities, and all other derivative assets are included in Receivables. Derivative liabilities are included in Payable to brokers. Assets and liabilities measured at fair value on a recurring basis are presented in the following tables: June 30, 2015 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 28 $ 17,959 $ 141 $ 18,128 States, municipalities and political subdivisions 12,768 85 12,853 Asset-backed: Residential mortgage-backed 4,893 207 5,100 Commercial mortgage-backed 2,164 87 2,251 Other asset-backed 565 490 1,055 Total asset-backed 7,622 784 8,406 U.S. Treasury and obligations of government-sponsored enterprises 28 1 29 Foreign government 32 367 399 Redeemable preferred stock 24 11 35 Fixed maturities available-for-sale 112 38,728 1,010 39,850 Fixed maturities trading 15 89 104 Total fixed maturities $ 112 $ 38,743 $ 1,099 $ 39,954 Equity securities available-for-sale $ 139 $ 61 $ 16 $ 216 Equity securities trading 539 1 540 Total equity securities $ 678 $ 61 $ 17 $ 756 Short term investments $ 4,876 $ 900 $ 5,776 Other invested assets 103 43 146 Receivables 11 11 Life settlement contracts $ 75 75 Payable to brokers (521 ) (5 ) (526) December 31, 2014 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 32 $ 18,692 $ 162 $ 18,886 States, municipalities and political subdivisions 12,646 94 12,740 Asset-backed: Residential mortgage-backed 5,044 189 5,233 Commercial mortgage-backed 2,061 83 2,144 Other asset-backed 580 655 1,235 Total asset-backed 7,685 927 8,612 U.S. Treasury and obligations of government-sponsored enterprises 28 3 31 Foreign government 41 413 454 Redeemable preferred stock 30 12 42 Fixed maturities available-for-sale 131 39,451 1,183 40,765 Fixed maturities trading 30 90 120 Total fixed maturities $ 131 $ 39,481 $ 1,273 $ 40,885 Equity securities available-for-sale $ 145 $ 61 $ 16 $ 222 Equity securities trading 505 1 506 Total equity securities $ 650 $ 61 $ 17 $ 728 Short term investments $ 4,989 $ 963 $ 5,952 Other invested assets 102 41 143 Receivables 2 7 9 Life settlement contracts $ 82 82 Payable to brokers (546 ) (6 ) (552) The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2015 and 2014: Net Realized Gains Transfers Transfers Unrealized Liabilities 2015 Balance, Included in Included in Purchases Sales Settlements into out of Balance, Held at (In millions) Fixed maturity securities: Corporate and other bonds $ 186 $ (2) $ (1) $ (7) $ (35) $ 141 $ (3) States, municipalities and political subdivisions 86 (1) 85 Asset-backed: Residential mortgage-backed 232 1 (2) (11) (13) 207 Commercial mortgage-backed 64 1 (1) $ 9 (1) $ 17 (2) 87 Other asset-backed 553 2 1 47 $ (90) (17) (6) 490 Total asset-backed 849 4 (2) 56 (90) (29) 17 (21) 784 - Fixed maturities available-for-sale 1,121 2 (3) 56 (90) (37) 17 (56) 1,010 (3) Fixed maturities trading 89 89 Total fixed maturities $ 1,210 $ 2 $ (3) $ 56 $ (90) $ (37) $ 17 $ (56) $ 1,099 $ (3) Equity securities available-for-sale $ 13 $ 3 $ 16 Equity securities trading 1 1 Total equity securities $ 14 $ - $ 3 $ - $ - $ - $ - $ - $ 17 $ - Life settlement contracts $ 79 $ 4 $ (8) $ 75 $ (2) Net Realized Gains Transfers Transfers Unrealized 2014 Balance, Included in Net Income Included in Purchases Sales Settlements into Level 3 out of Level 3 Balance, June 30 Held at June 30 (In millions) Fixed maturity securities: Corporate and other bonds $ 189 $ 1 $ 21 $ (6) $ (5) $ 5 $ (11) $ 194 States, municipalities and political subdivisions 86 1 $ 1 1 (10) 79 Asset-backed: Residential mortgage-backed 359 (24) 47 22 (174) (19) (26) 185 Commercial mortgage-backed 126 1 1 (60) (1) 12 (20) 59 Other asset-backed 439 4 229 (28) (18) 626 $ (1) Total asset-backed 924 (23) 52 251 (262) (38) 12 (46) 870 (1) Fixed maturities available-for-sale 1,199 (21) 53 273 (278) (43) 17 (57) 1,143 (1) Fixed maturities trading 85 6 91 6 Total fixed maturities $ 1,284 $ (15) $ 53 $ 273 $ (278) $ (43) $ 17 $ (57) $ 1,234 $ 5 Equity securities available-for-sale $ 2 $ 2 Equity securities trading 2 $ 1 $ 1 4 $ 1 Total equity securities $ 4 $ 1 $ - $ 1 $ - $ - $ - $ - $ 6 $ 1 Life settlement contracts $ 87 $ 12 $ (13) $ 86 $ 1 Derivative financial instruments, net (4) 1 $ 1 $ 2 - Net Realized Gains Transfers into Transfers out of Unrealized 2015 Balance, Included in Included in Purchases Sales Settlements Balance, Held at June 30 (In millions) Fixed maturity securities: Corporate and other bonds $ 162 $ (1) $ (1) $ 12 $ (12) $ (21) $ 37 $ (35) $ 141 $ (3) States, municipalities and political subdivisions 94 1 (10) 85 Asset-backed: Residential mortgage-backed 189 2 (2) 72 (21) (33) 207 Commercial mortgage-backed 83 2 15 (2) 17 (28) 87 Other asset-backed 655 3 10 82 (234) (20) (6) 490 Total asset-backed 927 7 8 169 (234) (43) 17 (67) 784 - Fixed maturities available-for-sale 1,183 7 7 181 (246) (74) 54 (102) 1,010 (3) Fixed maturities trading 90 (1) 89 Total fixed maturities $ 1,273 $ 7 $ 7 $ 181 $ (247) $ (74) $ 54 $ (102) $ 1,099 $ (3) Equity securities available-for-sale $ 16 $ 16 Equity securities trading 1 1 Total equity securities $ 17 $ - $ - $ - $ - $ - $ - $ - $ 17 $ - Life settlement contracts $ 82 $ 17 $ (24) $ 75 $ (1) Net Realized Gains Transfers Transfers Unrealized Assets and Liabilities 2014 Balance, Included in Net Income Included in Purchases Sales Settlements into Level 3 out of Level 3 Balance, Held at June 30 (In millions) Fixed maturity securities: Corporate and other bonds $ 204 $ 2 $ 1 $ 26 $ (10) $ (10) $ 8 $ (27) $ 194 States, municipalities and political subdivisions 71 1 2 1 (10) 14 79 Asset-backed: Residential mortgage-backed 331 (23) 62 47 (174) (40) 21 (39) 185 Commercial mortgage-backed 151 2 (60) (2) 12 (44) 59 Other asset-backed 446 1 4 377 (111) (90) (1) 626 $ (1) Total asset-backed 928 (20) 66 424 (345) (132) 33 (84) 870 (1) Fixed maturities available-for-sale 1,203 (17) 69 451 (365) (142) 55 (111) 1,143 (1) Fixed maturities trading 80 11 91 11 Total fixed maturities $ 1,283 $ (6) $ 69 $ 451 $ (365) $ (142) $ 55 $ (111) $ 1,234 $ 10 Equity securities available-for-sale $ 11 $ 3 $ (4) $ (8) $ 2 Equity securities trading 8 $ 2 (6) 4 Total equity securities $ 19 $ 3 $ (4) $ 2 $ (14) $ - $ - $ - $ 6 $ - Life settlement contracts $ 88 $ 22 $ (24) $ 86 $ 2 Separate account business 1 $ (1) - Derivative financial instruments, net (3) 1 $ (2) $ 2 2 - 2 Net realized and unrealized gains and losses are reported in Net income as follows: Major Category of Assets and Liabilities Consolidated Condensed Statements of Income Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities, trading Net investment income Equity securities available-for-sale Investment gains (losses) Equity securities, trading Net investment income Other invested assets Investment gains (losses) and Net investment income Derivative financial instruments held in a trading portfolio Net investment income Derivative financial instruments, other Investment gains (losses) and Other revenues Life settlement contracts Other revenues Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume. During the three and six months ended June 30, 2015 there were no transfers between Level 1 and Level 2. During the three months ended June 30, 2014 there were $1 million of transfers from Level 2 to Level 1 and no transfers from Level 1 to Level 2. During the six months ended June 30, 2014 there were $24 million of transfers from Level 2 to Level 1 and $1 million of transfers from Level 1 to Level 2. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. Valuation Methodologies and Inputs The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified. Fixed Maturity Securities Level 1 securities include exchange traded bonds, highly liquid U.S. and foreign government bonds and redeemable preferred stock, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are generally assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with inputs that are not market observable. Equity Securities Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily non-redeemable preferred stocks and common stocks valued using pricing for similar securities, recently executed transactions, broker/dealer quotes and other pricing models utilizing market observable inputs. Level 3 securities are priced using internal models with inputs that are not market observable. Derivative Financial Instruments Exchange traded derivatives are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy. Level 2 derivatives primarily include currency forwards valued using observable market forward rates. Over-the-counter derivatives, principally interest rate swaps, total return swaps, commodity swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 2 or Level 3 of the valuation hierarchy, depending on the amount of transparency as to whether these quotes are based on information that is observable in the marketplace. Short Term Investments Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes commercial paper, for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short term investments as presented in the tables above differ from the amounts presented in the Consolidated Condensed Balance Sheets because certain short term investments, such as time deposits, are not measured at fair value. Other Invested Assets Level 1 securities include exchange traded open-end funds valued using quoted market prices. Level 2 securities include overseas deposits which can be redeemed at net asset value in 90 days or less. Life Settlement Contracts The fair values of life settlement contracts are determined as the present value of the anticipated death benefits less anticipated premium payments based on contract terms that are distinct for each insured, as well as CNA’s own assumptions for mortality, premium expense, and the rate of return that a buyer would require on the contracts, as no comparable market pricing data is available. Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the table below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. June 30, 2015 Estimated Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 97 Discounted cash flow Credit spread 2% – 13% (3%) Life settlement contracts 75 Discounted cash flow Discount rate risk premium Mortality assumption 9% 55% – 1,676% (165%) December 31, 2014 Fixed maturity securities $ 101 Discounted cash flow Credit spread 2% – 13% (3%) Equity securities 16 Market approach Private offering price $12 – $4,391 per share ($600 per share) Life settlement contracts 82 Discounted cash flow Discount rate risk premium Mortality assumption 9% 55% – 1,676% (163%) For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement. For equity securities, an increase in the private offering price would result in a higher fair value measurement. For life settlement contracts, an increase in the discount rate risk premium or decrease in the mortality assumption would result in a lower fair value measurement. Financial Assets and Liabilities Not Measured at Fair Value The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude capital lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items. Carrying Amount Estimated Fair Value June 30, 2015 Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 622 $ 640 $ 640 Liabilities: Short term debt 1,060 $ 1,037 36 1,073 Long term debt 9,776 9,492 470 9,962 December 31, 2014 Assets: Other invested assets, primarily mortgage loans $ 588 $ 608 $ 608 Liabilities: Short term debt 334 $ 255 84 339 Long term debt 10,320 10,299 420 10,719 The following methods and assumptions were used in estimating the fair value of these financial assets and liabilities. The fair values of mortgage loans, included in Other invested assets, were based on the present value of the expected future cash flows discounted at the current interest rate for similar financial instruments, adjusted for specific loan risk. Fair value of debt was based on observable market prices when available. When observable market prices were not available, the fair value of debt was based on observable market prices of comparable instruments adjusted for differences between the observed instruments and the instruments being valued or is estimated using discounted cash flow analyses, based on current incremental borrowing rates for similar types of borrowing arrangements. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, Plant and Equipment Diamond Offshore Asset Impairment In response to recently announced regulatory requirements in the U.S. Gulf of Mexico, as well as the continued deterioration of the market fundamentals in the oil and gas industry, including the dramatic decline in oil prices, significant cutbacks in customer capital spending plans and contract cancellations by customers, Diamond Offshore evaluated most of its mid-water semisubmersible rigs, one drillship and five jack-up rigs for impairment during the first quarter of 2015. Diamond Offshore utilizes an undiscounted probability-weighted cash flow analysis in testing an asset for potential impairment. A matrix of assumptions is developed for each rig under evaluation using multiple utilization/dayrate scenarios, to each of which Diamond Offshore assigns a probability of occurrence. Diamond Offshore arrives at a projected probability weighted cash flow for each rig based on the respective matrix and compares such amount to the carrying value of the asset to assess recoverability. The underlying assumptions and assigned probabilities of occurrence for utilization and dayrate scenarios are developed using a methodology that examines historical data for each rig, which considers the rig’s age, rated water depth and other attributes and then assesses its future marketability in light of the current and projected market environment at the time of assessment. Other assumptions, such as operating, maintenance and inspection costs, are estimated using historical data adjusted for known developments and future events that are anticipated by management at the time of the assessment. Based on this evaluation, Diamond Offshore determined that seven mid-water semisubmersibles and one drillship were impaired and an impairment loss was recognized aggregating $359 million ($158 million after tax and noncontrolling interests) for the six months ended June 30, 2015. The fair value of five of the impaired rigs was determined utilizing a market approach, which utilized the most recent contracted sales price for another of Diamond Offshore’s previously impaired mid-water semisubmersible rigs. The fair value of Diamond Offshore’s three remaining rigs (which were under contract with a customer at that time) was determined using an income approach, which utilized significant unobservable inputs, including assumptions related to estimated dayrate revenue, rig utilization and anticipated costs for the remainder of the current contract, as well as estimated proceeds that may be received on disposition of each rig, representative of a Level 3 fair value measurement. Of the impaired rigs, three semisubmersible rigs were sold for scrap in the second quarter of 2015 and another three rigs are currently cold stacked or are expected to be cold stacked in the near term. Two of the remaining impaired rigs are currently under contract and are expected to be cold stacked or sold for scrap at the end of their respective contracts. During the second quarter of 2015, Diamond Offshore reviewed most of their mid-water semisubmersibles, which were not previously impaired, two ultra-deepwater semisubmersibles, one deepwater semisubmersible and five jack-up rigs for impairment. As of June 30, 2015, Diamond Offshore determined that further impairment had not occurred. The aggregate fair value of the impaired rigs was $4 million as of June 30, 2015 and is included in Property, plant and equipment on the Consolidated Condensed Balance Sheets. Loews Hotels In 2015, Loews Hotels has paid a total of approximately $330 million to acquire two hotels, funded with capital contributions from the Company. |
Claim and Claim Adjustment Expe
Claim and Claim Adjustment Expense Reserves | 6 Months Ended |
Jun. 30, 2015 | |
Insurance [Abstract] | |
Claim and Claim Adjustment Expense Reserves | 5. Claim and Claim Adjustment Expense Reserves CNA’s property and casualty insurance claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including claims that are incurred but not reported (“IBNR”) as of the reporting date. CNA’s reserve projections are based primarily on detailed analysis of the facts in each case, CNA’s experience with similar cases and various historical development patterns. Consideration is given to such historical patterns as field reserving trends and claims settlement practices, loss payments, pending levels of unpaid claims and product mix, as well as court decisions, economic conditions including inflation and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can all affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that CNA’s ultimate cost for insurance losses will not exceed current estimates. Catastrophes are an inherent risk of the property and casualty insurance business and can contribute to material period-to-period fluctuations in CNA’s results of operations and/or equity. CNA reported catastrophe losses, net of reinsurance, of $60 million and $56 million for the three months ended June 30, 2015 and 2014 and $89 million and $130 million for the six months ended June 30, 2015 and 2014. Catastrophe losses in 2015 related primarily to U.S. weather-related events. Net Prior Year Development The following tables and discussion present net prior year development recorded for Specialty, Commercial and International segments. Three Months Ended June 30, 2015 Specialty Commercial International Total (In millions) Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (13) $ 16 $ (8) $ (5) Pretax (favorable) unfavorable premium development (2) (11) (2) (15) Total pretax (favorable) unfavorable net prior year development $ (15) $ 5 $ (10) $ (20) Three Months Ended June 30, 2014 Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (41) $ 90 $ (25) $ 24 Pretax (favorable) unfavorable premium development (2) (6) 6 (2) Total pretax (favorable) unfavorable net prior year development $ (43) $ 84 $ (19) $ 22 Six Months Ended June 30, 2015 Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (11) $ 11 $ (12) $ (12) Pretax (favorable) unfavorable premium development (8) (12) 14 (6) Total pretax (favorable) unfavorable net prior year development $ (19) $ (1) $ 2 $ (18) Six Months Ended June 30, 2014 Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (44) $ 108 $ (15) $ 49 Pretax (favorable) unfavorable premium development (8) (24) (1) (33) Total pretax (favorable) unfavorable net prior year development $ (52) $ 84 $ (16) $ 16 Specialty The following table and discussion provide further detail of the net prior year claim and allocated claim adjustment expense reserve development (“development”) recorded for the Specialty segment: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In millions) Medical professional liability $ (6) $ 1 $ 8 $ 1 Other professional liability and management liability (1) (44) (4) (50) Surety 1 1 Warranty 1 1 Other (7) 2 (17) 4 Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (13) $ (41) $ (11) $ (44) Three Months 2015 Overall, favorable development in medical professional liability was primarily due to lower than expected severity for individual healthcare professionals and allied facilities in accident years 2009 through 2012. Unfavorable development was recorded related to increased claim frequency in the aging services business in accident years 2009 and 2010. Favorable development of $38 million was recorded in other professional liability and management liability related to lower than expected severity for professional services primarily in accident years 2010 and prior. Unfavorable development of $37 million was recorded primarily related to increased claim frequency on public company management liability in accident years 2012 through 2014. Favorable development for other coverages was primarily due to better than expected claim frequency in property coverages provided to Specialty customers in accident year 2014. 2014 Favorable development for other professional liability and management liability was primarily related to favorable outcomes on individual large claims in accident years 2009 and prior, which contributed to a lower estimate of ultimate severity. Additionally, there was lower than expected severity in accident years 2008 through 2011. Six Months 2015 Overall, unfavorable development for medical professional liability was primarily related to increased claim frequency in the aging services business for accident years 2009 through 2014, partially offset by lower than expected severity in accident years 2010 and prior. Additional favorable development was due to lower than expected severity for individual healthcare professionals and allied facilities in accident years 2009 through 2012. Favorable development of $41 million was recorded in other professional liability and management liability primarily related to lower than expected severity in accident years 2010 and prior for professional services. Unfavorable development of $37 million was recorded primarily related to increased claim frequency on public company management liability in accident years 2012 through 2014. Favorable development for other coverages was primarily due to better than expected claim frequency in property coverages provided to Specialty customers in accident year 2014. 2014 Favorable development for other professional liability and management liability was primarily related to favorable outcomes on individual large claims in accident years 2009 and prior, which contributed to a lower estimate of ultimate severity. Additionally, there was lower than expected severity in accident years 2008 through 2011. Commercial The following table and discussion provide further detail of the development recorded for the Commercial segment. The majority of the 2014 unfavorable development relates to business classes which CNA has exited, but also includes Small Business where CNA has taken underwriting actions in an effort to improve profitability. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In millions) Commercial auto $ 7 $ 19 $ 7 $ 39 General liability 1 32 5 32 Workers’ compensation 24 39 23 50 Property and other (16) (24) (13) Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ 16 $ 90 $ 11 $ 108 Three Months 2015 In the aggregate, the unfavorable loss development of $16 million was driven by an extra contractual obligation loss and losses associated with premium development. The reserve development discussed below was largely offsetting. Unfavorable development for workers’ compensation was primarily due to higher than expected severity related to Defense Base Act contractors in accident years 2008 through 2013. Favorable development for property and other was primarily due to better than expected loss emergence from 2012 catastrophe events and better than expected claim frequency of large claims in accident year 2014. 2014 Unfavorable development for commercial auto was primarily related to increased claim frequency of large losses in accident years 2010 through 2013. Unfavorable development for general liability was primarily related to higher than expected severity in accident years 2009 through 2011. In addition, there was higher than expected severity in accident year 2013 related to Small Business. Unfavorable development for workers’ compensation was primarily due to higher than expected severity related to Defense Base Act contractors in accident years 2012 and 2013. Six Months 2015 In addition to the favorable property development noted in the three month discussion, there was additional favorable development for property related to better than expected loss emergence from 2014 catastrophe events. 2014 Unfavorable development for commercial auto was primarily related to increased claim frequency of large losses in accident years 2010 through 2013. Additionally, unfavorable development was recorded for increased claim frequency in accident years 2012 and 2013 and higher than expected severity in accident years 2010 and 2011. Unfavorable development for general liability was primarily related to higher than expected severity in accident years 2009 through 2011. In addition, there was higher than expected severity in accident year 2013 related to Small Business. Unfavorable development for workers’ compensation was primarily due to higher than expected severity related to Defense Base Act contractors in accident years 2012 and 2013 and the recognition of losses related to favorable premium development in accident year 2013. Overall, favorable development for property and other coverages in accident years 2011 and prior primarily related to fewer claims than expected and favorable individual claim settlements. Additionally, there was favorable development due to better than expected loss emergence in catastrophe losses in accident year 2013. Unfavorable development was recorded in accident year 2012 primarily related to higher than expected loss emergence in catastrophe losses. International The following table and discussion provide further detail of the development recorded for the International segment: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In millions) Medical professional liability $ 1 Other professional liability $ (5) $ (14) $ (5) (15) Liability (2) (4) (7) (6) Property & marine (8) (7) (14) 1 Other 7 14 (6) Commutations 10 Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (8) $ (25) $ (12) $ (15) Three Months 2015 Favorable development in property and marine was due to better than expected emergence in accident years 2012 through 2014. Unfavorable development in other is due to large losses in financial institutions and political risk primarily in accident year 2014. 2014 Favorable development for other professional liability was primarily related to lower than expected severity in accident years 2011 and prior. Six Months 2015 Favorable development in property and marine was due to better than expected emergence in accident years 2012 through 2014. Unfavorable development in other is due to large losses in financial institutions and political risk primarily in accident year 2014. 2014 Favorable development for other professional liability was primarily related to lower than expected severity in accident years 2011 and prior. Reinsurance commutations in the first quarter of 2014 reduced ceded losses from prior years. Overall the commutations increased net operating income because of the release of the related allowance for doubtful accounts on reinsurance receivables. Asbestos and Environmental Pollution Reserves In 2010, Continental Casualty Company (“CCC”) together with several of CNA’s insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of CNA’s legacy asbestos and environmental pollution (“A&EP”) liabilities were ceded to NICO (loss portfolio transfer or “LPT”). At the transaction effective date, CNA ceded approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. CNA paid NICO a reinsurance premium of $2.0 billion and transferred to NICO billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion. Through December 31, 2013, CNA recorded $0.9 billion of additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the loss portfolio transfer exceeded the $2.2 billion consideration paid, resulting in a deferred retroactive reinsurance gain. This deferred gain is recognized in earnings in proportion to actual recoveries under the loss portfolio transfer. Over the life of the contract, there is no economic impact as long as any additional losses are within the limit under the contract. In a period in which the estimate of ceded losses is changed, the required change to the deferred gain is cumulatively recognized in earnings as if the revised estimate was available at the inception of the LPT. The following table displays the impact of the loss portfolio transfer on the Consolidated Condensed Statements of Income. Three Months Ended June 30 Six Months Ended June 30 2015 2014 2015 2014 (In millions) Net A&EP adverse development before consideration of LPT $ 150 $ 150 Provision for uncollectible third party reinsurance on A&EP Additional amounts ceded under LPT 150 150 Retroactive reinsurance benefit recognized (66) $ (1) (71) $ (5) Pretax impact of unrecognized deferred retroactive reinsurance benefit $ 84 $ (1) $ 79 $ (5) The fourth quarter of 2014 A&EP reserve review was not completed in 2014 because additional information and analysis on inuring third party reinsurance recoveries were needed to finalize the review. The review was finalized in the second quarter of 2015. Unfavorable development was due to a decrease in anticipated future reinsurance recoveries related to asbestos claims and higher than expected severity on pollution claims. The effect of the unrecognized deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits in the Consolidated Condensed Statements of Income. As of June 30, 2015 and December 31, 2014, the cumulative amounts ceded under the LPT were $2.6 billion and $2.5 billion. The unrecognized deferred retroactive reinsurance benefit was $255 million and $176 million as of June 30, 2015 and December 31, 2014. NICO established a collateral trust account as security for its obligations to CNA. The fair value of the collateral trust account was $3.1 billion and $3.4 billion at June 30, 2015 and December 31, 2014. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the full aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third party reinsurers related to CNA’s A&EP claims. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt Diamond Offshore In the second quarter of 2015, Diamond Offshore issued $375 million in commercial paper supported by its existing $1.5 billion revolving credit facility. As of June 30, 2015, the commercial paper notes had a weighted average interest rate of 0.5% and a weighted average remaining term of eight days. Diamond Offshore repaid $250 million aggregate principal amount of its 4.9% senior notes due July 1, 2015, primarily with funds obtained through the issuance of additional commercial paper. Boardwalk Pipeline In the first quarter of 2015, Boardwalk Pipeline completed a public offering of an additional $250 million aggregate principal amount of its 5.0% senior notes due December 15, 2024. Boardwalk Pipeline originally issued $350 million aggregate principal amount of its 5.0% senior notes due December 15, 2024 in November of 2014. During 2015, Boardwalk Pipeline used the net proceeds from this offering to retire all of the outstanding $250 million aggregate principal amount of 4.6% notes that matured on June 1, 2015 and repaid at maturity the entire $275 million aggregate principal amount of its 5.1% senior notes. During 2015, Boardwalk Pipeline repaid the $200 million of outstanding borrowings and terminated all related commitments of their variable-rate term loan. In May of 2015, Boardwalk Pipeline entered into an amended revolving credit agreement having aggregate lending commitments of $1.5 billion and a maturity date of May 2020. As of June 30, 2015, Boardwalk Pipeline had $400 million of loans outstanding under its revolving credit facility with a weighted-average interest rate on the borrowings of 1.4%. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | 7. Shareholders’ Equity Accumulated other comprehensive income The tables below display the changes in Accumulated other comprehensive income (“AOCI”) by component for the three and six months ended June 30, 2014 and 2015: OTTI Gains Unrealized Discontinued Cash Flow Pension Foreign Total Accumulated (In millions) Balance, April 1, 2014 $ 29 $ 820 $ 21 $ (2) $ (432) $ 127 $ 563 Other comprehensive income before reclassifications, after tax of $(1), $(140), $(4), $(2), $0 and $0 2 257 3 3 42 307 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $(6), $(2), $1, $27 and $0 13 7 (3) (53) (36) Other comprehensive income (loss) 2 270 10 - (53) 42 271 Amounts attributable to noncontrolling interests (1) (28) (1) (1) 7 (3) (27) Balance, June 30, 2014 $ 30 $ 1,062 $ 30 $ (3) $ (478) $ 166 $ 807 Balance, April 1, 2015 $ 31 $ 944 $ - $ (3) $ (636) $ (38) $ 298 Other comprehensive income (loss) before reclassifications, after tax of $2, $186, $0, $0, $(18) and $0 (4) (370) 37 49 (288) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $(5), $0, $0, $(4) and $0 7 1 6 14 Other comprehensive income (loss) (4) (363) - 1 43 49 (274) Amounts attributable to noncontrolling interests 1 38 (1) (5) (4) 29 Balance, June 30, 2015 $ 28 $ 619 $ - $ (3) $ (598) $ 7 $ 53 OTTI Gains Unrealized Discontinued Cash Flow Pension Foreign Total (In millions) Balance, January 1, 2014 $ 23 $ 622 $ (3) $ (4) $ (432) $ 133 $ 339 Transfer to net assets of discontinued operations (5) (15) 20 - Other comprehensive income before reclassifications, after tax of $(7), $(281), $(5), $(3), $0 and $0 14 521 5 5 36 581 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $8, $(5), $1, $26 and $0 (14) 10 (2) (54) (60) Other comprehensive income (loss) 14 507 15 3 (54) 36 521 Amounts attributable to noncontrolling interests (2) (52) (2) (2) 8 (3) (53) Balance, June 30, 2014 $ 30 $ 1,062 $ 30 $ (3) $ (478) $ 166 $ 807 Balance, January 1, 2015 $ 32 $ 846 $ - $ (6) $ (641) $ 49 $ 280 Other comprehensive income (loss) before reclassifications, after tax of $2, $124, $0, $1, $(18) and $0 (5) (251) (2) 37 (47) (268) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $(5), $0, $(2), $(7) and $0 (2) 6 10 14 Other comprehensive income (loss) (5) (253) - 4 47 (47) (254) Issuance of equity securities by subsidiary 1 1 Amounts attributable to noncontrolling interests 1 26 (1) (5) 5 26 Balance, June 30, 2015 $ 28 $ 619 $ - $ (3) $ (598) $ 7 $ 53 Amounts reclassified from AOCI shown above are reported in Net income as follows: Major Category of AOCI Affected Line Item OTTI gains (losses) Investment gains (losses) Unrealized gains (losses) on investments Investment gains (losses) Unrealized gains (losses) and cash flow hedges related to discontinued operations Discontinued operations, net Cash flow hedges Other revenues and Contract drilling expenses Pension liability Other operating expenses Subsidiary Equity Transactions Loews purchased 0.9 million shares of Diamond Offshore common stock at an aggregate cost of $24 million during the six months ended June 30, 2015. The Company’s percentage ownership interest in Diamond Offshore increased as a result of these transactions, from 52% to 53%. The Company’s carrying value exceeded the purchase price of the shares, resulting in an increase to Additional paid-in capital (“APIC”) of $3 million. During the six months ended June 30, 2015, Boardwalk Pipeline sold 7.1 million common units under an equity distribution agreement with certain broker-dealers and received net proceeds of $115 million, including a $2 million contribution from the Company to maintain its 2% general partner interest. The Company’s percentage ownership interest in Boardwalk Pipeline declined as a result of this transaction, from 53% to 51%. The Company’s carrying value exceeded the issuance price of the common units, resulting in a decrease to APIC of $2 million and an increase to AOCI of $1 million. Treasury Stock The Company repurchased 7.6 million and 4.5 million shares of Loews common stock at aggregate costs of $305 million and $195 million during the six months ended June 30, 2015 and 2014. |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Plans | 8. Benefit Plans Pension Plans - The Company has several non-contributory defined benefit plans for eligible employees. Benefits for certain plans are determined annually based on a specified percentage of annual earnings (based on the participant’s age or years of service) and a specified interest rate (which is established annually for all participants) applied to accrued balances. The benefits for another plan which covers salaried employees are based on formulas which include, among others, years of service and average pay. The Company’s funding policy is to make contributions in accordance with applicable governmental regulatory requirements. Other Postretirement Benefit Plans - The Company has several postretirement benefit plans covering eligible employees and retirees. Participants generally become eligible after reaching age 55 with required years of service. Actual requirements for coverage vary by plan. Benefits for retirees who were covered by bargaining units vary by each unit and contract. Benefits for certain retirees are in the form of a Company health care account. Benefits for retirees reaching age 65 are generally integrated with Medicare. Other retirees, based on plan provisions, must use Medicare as their primary coverage, with the Company reimbursing a portion of the unpaid amount; or are reimbursed for the Medicare Part B premium or have no Company coverage. The benefits provided by the Company are basically health and, for certain retirees, life insurance type benefits. The Company funds certain of these benefit plans, and accrues postretirement benefits during the active service of those employees who would become eligible for such benefits when they retire. The components of net periodic benefit cost are as follows: Pension Benefits Three Months Ended Six Months Ended 2015 2014 2015 2014 (In millions) Service cost $ 4 $ 3 $ 8 $ 8 Interest cost 32 37 64 74 Expected return on plan assets (49) (52) (97) (105) Amortization of unrecognized net loss 12 8 23 15 Regulatory asset decrease 1 1 Net periodic benefit cost $ (1) $ (3) $ (2) $ (7) Other Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In millions) Interest cost $ 1 $ 1 $ 2 Expected return on plan assets $ (1) (1) (2) (2) Amortization of unrecognized prior service benefit (3) (7) (5) (13) Amortization of unrecognized net loss 1 1 Curtailment gain (86) (86) Net periodic benefit cost $ (3) $ (93) $ (5) $ (99) In the second quarter of 2015, CNA eliminated future benefit accruals associated with the CNA Retirement Plan effective June 30, 2015. This amendment resulted in a $55 million curtailment which is a decrease in the plan benefit obligation liability and a reduction of the unrecognized actuarial losses included in AOCI. In connection with the curtailment, CNA remeasured the plan benefit obligation which resulted in an increase in the discount rate used to determine the benefit obligation from 3.9% to 4.0%. In the second quarter of 2014, CNA eliminated certain postretirement medical benefits associated with the CNA Health and Group Benefits Program. This change is a negative plan amendment that resulted in an $86 million curtailment gain which is included in Other operating expenses in the Consolidated Condensed Statements of Income. In connection with the plan amendment, CNA remeasured the plan benefit obligation which resulted in a decrease to the discount rate used to determine the benefit obligation from 3.6% to 3.1%. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | 9. Business Segments The Company’s reportable segments are primarily based on its individual operating subsidiaries. Each of the principal operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. Investment gains (losses) and the related income taxes, excluding those of CNA, are included in the Corporate and other segment. CNA’s results are reported in four business segments: Specialty, Commercial, International and Other Non-Core. Specialty provides a broad array of professional, financial and specialty property and casualty products and services, through a network of independent agents, brokers and managing general underwriters. Commercial includes property and casualty coverages sold to small businesses and middle market entities and organizations primarily through an independent agency distribution system. Commercial also includes commercial insurance and risk management products sold to large corporations primarily through insurance brokers. International provides management and professional liability coverages as well as a broad range of other property and casualty insurance products and services abroad through a network of brokers, independent agencies and managing general underwriters, as well as the Lloyd’s marketplace. Other Non-Core primarily includes the results of CNA’s individual and group long term care businesses that are in run-off and also includes corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including CNA Re and A&EP. Diamond Offshore owns and operates offshore drilling rigs that are chartered on a contract basis for fixed terms by companies engaged in exploration and production of hydrocarbons. Offshore rigs are mobile units that can be relocated based on market demand. Diamond Offshore’s fleet consists of 35 drilling rigs, including one newbuild rig which is under construction. On June 30, 2015, Diamond Offshore’s drilling rigs were located offshore seven countries in addition to the United States. Boardwalk Pipeline is engaged in the interstate transportation and storage of natural gas and NGLs and gathering and processing of natural gas. This segment consists of interstate natural gas pipeline systems originating in the Gulf Coast region, Oklahoma and Arkansas, and extending north and east through the midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, natural gas storage facilities in four states and NGL pipelines and storage facilities in Louisiana, with approximately 14,625 miles of pipeline. Loews Hotels operates a chain of 23 hotels, 22 of which are in the United States and one of which is in Canada. The Corporate and other segment consists primarily of corporate investment income, corporate interest expense and other unallocated expenses. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. In addition, CNA does not maintain a distinct investment portfolio for every insurance segment, and accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of net investment income and investment gains (losses) are allocated based on each segment’s carried insurance reserves, as adjusted. The following tables set forth the Company’s consolidated revenues and income (loss) by business segment: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In millions) Revenues (a): CNA Financial: Property and Casualty: Specialty $ 904 $ 931 $ 1,821 $ 1,846 Commercial 883 936 1,778 1,882 International 220 244 426 503 Other Non-Core 320 329 654 672 Total CNA Financial 2,327 2,440 4,679 4,903 Diamond Offshore 632 701 1,259 1,411 Boardwalk Pipeline 299 295 629 652 Loews Hotels 167 112 306 217 Corporate and other 10 45 40 98 Total $ 3,435 $ 3,593 $ 6,913 $ 7,281 Income (loss) before income tax and noncontrolling interests (a): CNA Financial: Property and Casualty: Specialty $ 206 $ 246 $ 413 $ 449 Commercial 122 65 308 184 International 35 31 48 58 Other Non-Core (198 ) 23 (290 ) (25) Total CNA Financial 165 365 479 666 Diamond Offshore 106 112 (181 ) 280 Boardwalk Pipeline (b) 38 54 115 77 Loews Hotels 14 9 24 14 Corporate and other (28 ) 6 (37 ) 23 Total $ 295 $ 546 $ 400 $ 1,060 Net income (loss) (a): CNA Financial: Property and Casualty: Specialty $ 124 $ 146 $ 247 $ 269 Commercial 72 39 182 112 International 19 18 28 33 Other Non-Core (91 ) 32 (123 ) 21 Total CNA Financial 124 235 334 435 Diamond Offshore 45 42 (81 ) 111 Boardwalk Pipeline (b) 12 17 37 (1) Loews Hotels 8 5 13 8 Corporate and other (19 ) 4 (24 ) 15 Income from continuing operations 170 303 279 568 Discontinued operations, net (187 ) (393) Total $ 170 $ 116 $ 279 $ 175 (a) Investment gains (losses) included in Revenues, Income (loss) before income tax and noncontrolling interests and Net income (loss) are as follows: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Revenues and Income (loss) before income tax and noncontrolling interests: CNA Financial: Property and Casualty: Specialty $ (5) $ 4 $ 6 Commercial $ 2 (5) 6 5 International 1 (3) 2 Other Non-Core (5) (1) (4) 17 Total $ (2) $ (14) $ 8 $ 28 Net income (loss): CNA Financial: Property and Casualty: Specialty $ 1 $ (4) $ 3 $ 3 Commercial (6) 3 1 International 1 1 1 Other Non-Core 2 4 10 Total $ 3 $ (9) $ 11 $ 15 (b) As discussed in Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, a charge of $94 million ($55 million after tax and noncontrolling interests) was recorded in the first quarter of 2014 related to the Bluegrass Project. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 10. Legal Proceedings The Company and its subsidiaries are parties to litigation arising in the ordinary course of business. The outcome of this litigation will not, in the opinion of management, materially affect the Company’s results of operations or equity. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies CNA Financial In the course of selling business entities and assets to third parties, CNA agreed to guarantee the performance of certain obligations of a previously owned subsidiary and to indemnify purchasers for losses arising out of breaches of representation and warranties with respect to the business entities or assets being sold, including, in certain cases, losses arising from undisclosed liabilities or certain named litigation. Such guarantee and indemnification agreements in effect for sales of business entities, assets and third party loans may include provisions that survive indefinitely. As of June 30, 2015, the aggregate amount related to quantifiable guarantees was $375 million and the aggregate amount related to indemnification agreements was $260 million. Should CNA be required to make payments under the guarantee, it would have the right to seek reimbursement in certain cases from an affiliate of a previously owned subsidiary. In addition, CNA has agreed to provide indemnification to third party purchasers for certain losses associated with sold business entities or assets that are not limited by a contractual monetary amount. As of June 30, 2015, CNA had outstanding unlimited indemnifications in connection with the sales of certain of its business entities or assets that included tax liabilities arising prior to a purchaser’s ownership of an entity or asset, defects in title at the time of sale, employee claims arising prior to closing and in some cases losses arising from certain litigation and undisclosed liabilities. Certain provisions of the indemnification agreements survive indefinitely while others survive until the applicable statutes of limitation expire, or until the agreed upon contract terms expire. In the normal course of business, CNA also provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities provided by a previously owned subsidiary, which are estimated to mature through 2120. The potential amount of future payments CNA could be required to pay under these guarantees was approximately $2.0 billion as of June 30, 2015. CNA does not believe a payable is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities. Diamond Offshore Diamond Offshore is financially obligated under a contract with Hyundai Heavy Industries, Co. Ltd. for the construction of a dynamically positioned, harsh environment semisubmersible drilling rig, with expected delivery in the second quarter of 2016. The total cost of the rig including shipyard costs, capital spares, commissioning, project management and shipyard supervision is estimated to be $764 million. The remaining contractual payment of $440 million is due upon delivery of the rig. In July of 2014, Diamond Offshore was notified by Petróleo Brasileiro S.A., (“Petrobras”) that it is challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during the years 2008 and 2009. If Petrobras is ultimately assessed such withholding taxes, it will seek reimbursement from Diamond Offshore for the portion allocable to its drilling rigs. Diamond Offshore disputes any basis for Petrobras to obtain such reimbursement and has notified Petrobras of its position and intends to pursue all legal remedies available to defend any reimbursement claims against it vigorously. Diamond Offshore is currently unable to estimate the range of loss, if any, that it would incur if Petrobras is ultimately assessed such taxes and if it is determined that Petrobras is entitled to obtain reimbursement from Diamond Offshore. However, if Diamond Offshore’s position is not sustained, the amount of such reimbursement could have a material adverse effect on its financial condition and the Company’s results of operations and cash flows. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 12. Discontinued Operations The Consolidated Condensed Statements of Income include discontinued operations of HighMount as follows: Three Months Ended Six Months Ended June 30, 2014 June 30, 2014 (In millions) Revenues: Other revenue, primarily operating $ 46 $ 101 Total 46 101 Expenses: Other operating expenses Impairment of natural gas and oil properties 29 Operating 56 111 Interest 3 5 Total 59 145 Loss before income tax (13) (44) Income tax expense (12) (1) Results of discontinued operations, net of income tax (25) (45) Impairment loss, net of tax benefit of $92 (167) (167) Loss from discontinued operations $ (192) $ (212) The Consolidated Condensed Statements of Income include discontinued operations of the CAC business as follows: Three Months Ended Six Months Ended June 30, 2014 June 30, 2014 (In millions) Revenues: Net investment income $ 39 $ 80 Investment gains 1 2 Total 40 82 Expenses: Insurance claims and policyholders’ benefits 32 63 Other operating expenses 1 2 Total 33 65 Income before income tax 7 17 Income tax expense (1) (4) Results of discontinued operations, net of income tax 6 13 Impairment loss, net of tax benefit of $41 (214) Amounts attributable to noncontrolling interests (1) 20 Income (loss) from discontinued operations $ 5 $ (181) |
Consolidating Financial Informa
Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Consolidating Financial Information | 13. Consolidating Financial Information The following schedules present the Company’s consolidating balance sheet information at June 30, 2015 and December 31, 2014, and consolidating statements of income information for the six months ended June 30, 2015 and 2014. These schedules present the individual subsidiaries of the Company and their contribution to the Consolidated Condensed Financial Statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. In addition, many of the Company’s subsidiaries use a classified balance sheet which also leads to differences in amounts reported for certain line items. The Corporate and other column primarily reflects the parent company’s investment in its subsidiaries, invested cash portfolio and corporate long term debt. The elimination adjustments are for intercompany assets and liabilities, interest and dividends, the parent company’s investment in capital stocks of subsidiaries, and various reclasses of debit or credit balances to the amounts in consolidation. Purchase accounting adjustments have been pushed down to the appropriate subsidiary. Loews Corporation Consolidating Balance Sheet Information June 30, 2015 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Assets: Investments $ 45,332 $ 102 $ 100 $ 5,514 $ 51,048 Cash 145 10 $ 20 11 63 249 Receivables 7,365 537 123 45 121 $ (94) 8,097 Property, plant and equipment 304 6,934 7,633 997 49 15,917 Deferred income taxes 283 2 146 (431) - Goodwill 116 20 237 373 Investments in capital stocks of subsidiaries 15,756 (15,756) - Other assets 835 268 324 261 10 12 1,710 Deferred acquisition costs of insurance subsidiaries 621 621 Total assets $ 55,001 $ 7,871 $ 8,337 $ 1,416 $ 21,659 $ (16,269) $ 78,015 Liabilities and Equity: Insurance reserves $ 36,368 $ 36,368 Payable to brokers 196 $ 545 741 Short term debt 1 $ 625 $ 35 400 1,061 Long term debt 2,564 1,982 $ 3,493 471 1,281 9,791 Deferred income taxes 8 393 755 36 $ (419) 773 Other liabilities 3,660 591 425 66 301 (94) 4,949 Total liabilities 42,797 3,591 4,673 608 2,527 (513) 53,683 Total shareholders’ equity 10,944 2,285 1,571 806 19,132 (15,756) 18,982 Noncontrolling interests 1,260 1,995 2,093 2 5,350 Total equity 12,204 4,280 3,664 808 19,132 (15,756) 24,332 Total liabilities and equity $ 55,001 $ 7,871 $ 8,337 $ 1,416 $ 21,659 $ (16,269) $ 78,015 Loews Corporation Consolidating Balance Sheet Information December 31, 2014 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Assets: Investments $ 46,262 $ 234 $ 75 $ 5,461 $ 52,032 Cash 190 16 $ 8 9 141 364 Receivables 7,097 490 128 29 82 $ (56) 7,770 Property, plant and equipment 280 6,949 7,649 671 62 15,611 Deferred income taxes 222 2 374 (598) - Goodwill 117 20 237 374 Investments in capital stocks of subsidiaries 15,974 (15,974) - Other assets 778 307 304 206 7 14 1,616 Deferred acquisition costs of insurance subsidiaries 600 600 Total assets $ 55,546 $ 8,016 $ 8,326 $ 992 $ 22,101 $ (16,614) $ 78,367 Liabilities and Equity: Insurance reserves $ 36,380 $ 36,380 Payable to brokers 117 $ 5 $ 551 673 Short term debt 250 $ 85 335 Long term debt 2,561 1,981 $ 3,690 421 1,680 10,333 Deferred income taxes 11 514 732 36 $ (400) 893 Other liabilities 3,713 792 400 17 421 (240) 5,103 Total liabilities 42,782 3,542 4,822 559 2,652 (640) 53,717 Total shareholders’ equity 11,457 2,359 1,558 431 19,449 (15,974) 19,280 Noncontrolling interests 1,307 2,115 1,946 2 5,370 Total equity 12,764 4,474 3,504 433 19,449 (15,974) 24,650 Total liabilities and equity $ 55,546 $ 8,016 $ 8,326 $ 992 $ 22,101 $ (16,614) $ 78,367 Loews Corporation Consolidating Statement of Income Information Six Months Ended June 30, 2015 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Revenues: Insurance premiums $ 3,422 $ 3,422 Net investment income 1,058 $ 1 $ 39 1,098 Intercompany interest and dividends 650 $ (650) - Investment gains 8 8 Contract drilling revenues 1,217 1,217 Other revenues 191 41 $ 629 $ 306 1 1,168 Total 4,679 1,259 629 306 690 (650) 6,913 Expenses: Insurance claims and policyholders’ benefits 2,808 2,808 Amortization of deferred acquisition costs 617 617 Contract drilling expenses 695 695 Other operating expenses 697 696 423 272 40 2,128 Interest 78 49 91 10 37 265 Total 4,200 1,440 514 282 77 - 6,513 Income (loss) before income tax 479 (181) 115 24 613 (650) 400 Income tax (expense) benefit (107) 22 (21) (11) 13 (104) Net income (loss) 372 (159) 94 13 626 (650) 296 Amounts attributable to noncontrolling interests (38) 78 (57) (17) Net income (loss) attributable to Loews Corporation $ 334 $ (81) $ 37 $ 13 $ 626 $ (650) $ 279 Loews Corporation Consolidating Statement of Income Information Six Months Ended June 30, 2014 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Revenues: Insurance premiums $ 3,617 $ 3,617 Net investment income 1,076 $ 1 $ 97 1,174 Intercompany interest and dividends 512 $ (512) - Investment gains 28 28 Contract drilling revenues 1,335 1,335 Other revenues 182 75 $ 652 $ 217 1 1,127 Total 4,903 1,411 652 217 610 (512) 7,281 Expenses: Insurance claims and policyholders’ benefits 2,887 2,887 Amortization of deferred acquisition costs 664 664 Contract drilling expenses 765 765 Other operating expenses 596 329 494 200 38 1,657 Interest 90 37 81 3 37 248 Total 4,237 1,131 575 203 75 - 6,221 Income before income tax 666 280 77 14 535 (512) 1,060 Income tax (expense) benefit (182) (53) 1 (6) (8) (248) Income from continuing operations 484 227 78 8 527 (512) 812 Discontinued operations, net (201) (212) (413) Net income 283 227 78 8 315 (512) 399 Amounts attributable to noncontrolling interests (29) (116) (79) (224) Net income (loss) attributable to Loews Corporation $ 254 $ 111 $ (1) $ 8 $ 315 $ (512) $ 175 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Loews Corporation is a holding company. Its subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), a 90% owned subsidiary); the operation of offshore oil and gas drilling rigs (Diamond Offshore Drilling, Inc. (“Diamond Offshore”), a 53% owned subsidiary); transportation and storage of natural gas and natural gas liquids and gathering and processing of natural gas (Boardwalk Pipeline Partners, LP (“Boardwalk Pipeline”), a 51% owned subsidiary); and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels”), a wholly owned subsidiary). Unless the context otherwise requires, the terms “Company,” “Loews” and “Registrant” as used herein mean Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders. Loews segments are CNA Financial, including Specialty, Commercial, International and Other Non-Core; Diamond Offshore; Boardwalk Pipeline; Loews Hotels; and Corporate and other. See Note 9 for additional information on segments. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of June 30, 2015 and December 31, 2014, the results of operations and comprehensive income for the three and six months ended June 30, 2015 and 2014 and changes in shareholders’ equity and cash flows for the six months ended June 30, 2015 and 2014. Net income for the second quarter and first half of each of the years is not necessarily indicative of net income for that entire year. Reference is made to the Notes to Consolidated Financial Statements in the 2014 Annual Report on Form 10-K which should be read in conjunction with these Consolidated Condensed Financial Statements. |
Income Per Share | The Company presents basic and diluted net income per share on the Consolidated Condensed Statements of Income. Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Stock appreciation rights (“SARs”) of 3.7 million, 2.2 million, 3.6 million and 2.1 million shares were not included in the diluted weighted average shares amounts for the three and six months ended June 30, 2015 and 2014 due to the exercise price being greater than the average stock price. |
Goodwill | As of June 30, 2015, the Company had $20 million of goodwill related to its investment in Diamond Offshore. As a result of the continued deterioration of the market fundamentals in the oil and gas industry, the Company performed the first step of a goodwill impairment test as of June 30, 2015 comparing the fair market value of the Company’s investment in Diamond Offshore to book value. No impairment charge was required based on passing the first step of the impairment test. Due to the continued market decline subsequent to June 30, 2015, the Company may be required to record an impairment charge in the near future. |
Recent Accounting Developments | Updated accounting guidance not yet adopted – In May of 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The core principle of the new accounting guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new accounting guidance provides a five-step analysis of transactions to determine when and how revenue is recognized and requires enhanced disclosures about revenue. This update was effective for annual reporting periods beginning after December 15, 2016, including interim periods, and can be adopted either retrospectively or as a cumulative effect adjustment at the date of adoption. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated financial statements. In July of 2015, the FASB voted to approve a one year deferral of the effective date of ASU 2014-09. The FASB expects to issue a final ASU formally amending the effective date by the end of the third quarter of 2015. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Net Investment Income and Investment Gains (Losses) | Net investment income is as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In millions) Fixed maturity securities $ 452 $ 451 $ 895 $ 903 Short term investments 1 3 2 Limited partnership investments 50 116 210 203 Equity securities 3 3 6 5 Income (loss) from trading portfolio (a) 11 30 (4 ) 70 Other 9 10 17 18 Total investment income 525 611 1,127 1,201 Investment expenses (15 ) (14 ) (29 ) (27) Net investment income $ 510 $ 597 $ 1,098 $ 1,174 (a) Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(10), $40, $(17) and $60 for the three and six months ended June 30, 2015 and 2014. Investment gains (losses) are as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In millions) Fixed maturity securities $ (12 ) $ (19 ) $ 19 Equity securities (1 ) $ (1 ) 5 Derivative instruments 11 1 10 1 Short term investments and other 4 (1 ) 3 Investment gains (losses) (a) $ (2 ) $ (14 ) $ 8 $ 28 (a) Includes gross realized gains of $36, $20, $70 and $78 and gross realized losses of $49, $39, $71 and $54 on available-for-sale securities for the three and six months ended June 30, 2015 and 2014. |
Components of Net Other-than-Temporary Impairment Losses Recognized in Earnings by Asset Type | The components of net other-than-temporary impairment (“OTTI”) losses recognized in earnings by asset type are as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 11 $ 2 $ 16 $ 3 States, municipalities and political subdivisions 13 18 Asset-backed: Residential mortgage-backed 5 1 6 2 Other asset-backed 1 1 1 1 Total asset-backed 6 2 7 3 Total fixed maturities available-for-sale 30 4 41 6 Equity securities available-for-sale: Common stock 1 1 1 Short term investments 1 1 Net OTTI losses recognized in earnings $ 31 $ 5 $ 43 $ 7 |
Amortized Cost and Fair Values of Securities | The amortized cost and fair values of securities are as follows: June 30, 2015 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 16,879 $1,337 $ 88 $ 18,128 States, municipalities and political subdivisions 11,707 1,186 40 12,853 Asset-backed: Residential mortgage-backed 4,940 175 15 5,100 $ (46) Commercial mortgage-backed 2,186 77 12 2,251 (2) Other asset-backed 1,044 12 1 1,055 Total asset-backed 8,170 264 28 8,406 (48) U.S. Treasury and obligations of government-sponsored enterprises 24 5 29 Foreign government 387 13 1 399 Redeemable preferred stock 33 2 35 Fixed maturities available-for-sale 37,200 2,807 157 39,850 (48) Fixed maturities trading 121 17 104 Total fixed maturities 37,321 2,807 174 39,954 (48) Equity securities: Common stock 54 8 2 60 Preferred stock 154 4 2 156 Equity securities available-for-sale 208 12 4 216 - Equity securities trading 575 74 109 540 Total equity securities 783 86 113 756 - Total $ 38,104 $2,893 $ 287 $ 40,710 $ (48) December 31, 2014 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 17,226 $1,721 $ 61 $ 18,886 States, municipalities and political subdivisions 11,285 1,463 8 12,740 Asset-backed: Residential mortgage-backed 5,028 218 13 5,233 $ (53) Commercial mortgage-backed 2,056 93 5 2,144 (2) Other asset-backed 1,234 11 10 1,235 Total asset-backed 8,318 322 28 8,612 (55) U.S. Treasury and obligations of government- sponsored enterprises 26 5 31 Foreign government 438 16 454 Redeemable preferred stock 39 3 42 Fixed maturities available-for-sale 37,332 3,530 97 40,765 (55) Fixed maturities trading 137 17 120 Total fixed maturities 37,469 3,530 114 40,885 (55) Equity securities: Common stock 38 9 47 Preferred stock 172 5 2 175 Equity securities available-for-sale 210 14 2 222 - Equity securities trading 523 96 113 506 Total equity securities 733 110 115 728 - Total $ 38,202 $3,640 $ 229 $ 41,613 $ (55) |
Securities Available-for-Sale in Gross Unrealized Loss Position | The available-for-sale securities in a gross unrealized loss position are as follows: Less than 12 Months Total June 30, 2015 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: Corporate and other bonds $ 3,217 $ 73 $ 152 $ 15 $ 3,369 $ 88 States, municipalities and political subdivisions 1,523 34 143 6 1,666 40 Asset-backed: Residential mortgage-backed 451 6 167 9 618 15 Commercial mortgage-backed 557 9 61 3 618 12 Other asset-backed 135 1 18 153 1 Total asset-backed 1,143 16 246 12 1,389 28 U.S. Treasury and obligations of government-sponsored enterprises 3 3 Foreign government 20 1 1 21 1 Total fixed maturity securities 5,906 124 542 33 6,448 157 Common stock 21 2 21 2 Preferred stock 17 2 17 2 Total $ 5,944 $ 128 $ 542 $ 33 $ 6,486 $ 161 December 31, 2014 (In millions) Fixed maturity securities: Corporate and other bonds $ 1,330 $ 46 $ 277 $ 15 $ 1,607 $ 61 States, municipalities and political subdivisions 335 5 127 3 462 8 Asset-backed: Residential mortgage-backed 293 5 189 8 482 13 Commercial mortgage-backed 264 2 99 3 363 5 Other asset-backed 607 10 7 614 10 Total asset-backed 1,164 17 295 11 1,459 28 U.S. Treasury and obligations of government-sponsored enterprises 3 4 7 Foreign government 3 3 6 Redeemable preferred stock 3 3 Total fixed maturity securities 2,838 68 706 29 3,544 97 Preferred stock 17 2 1 18 2 Total $ 2,855 $ 70 $ 707 $ 29 $ 3,562 $ 99 |
Pretax Credit Loss Component Reflected in Retained Earnings on Fixed Maturity Securities | The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held as of June 30, 2015 and 2014 for which a portion of an OTTI loss was recognized in Other comprehensive income. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In millions) Beginning balance of credit losses on fixed maturity securities $ 61 $ 69 $ 62 $ 74 Reductions for securities sold during the period (2) (3) (3) (5) Reductions for securities the Company intends to sell or more likely than not will be required to sell (3) Ending balance of credit losses on fixed maturity securities $ 59 $ 66 $ 59 $ 66 |
Available-for-Sale Fixed Maturity Securities by Contractual Maturity | The following table presents available-for-sale fixed maturity securities by contractual maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid with or without call or prepayment penalties. Securities not due at a single date are allocated based on weighted average life. June 30, 2015 December 31, 2014 Cost or Estimated Value Cost or Estimated (In millions) Due in one year or less $ 1,539 $ 1,559 $ 2,479 $ 2,511 Due after one year through five years 7,523 7,972 9,070 9,621 Due after five years through ten years 14,099 14,549 12,055 12,584 Due after ten years 14,039 15,770 13,728 16,049 Total $ 37,200 $ 39,850 $ 37,332 $ 40,765 |
Summary of Aggregate Contractual or Notional Amounts and Gross Estimated Fair Values Related to Derivative Financial Instruments | A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under the agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. June 30, 2015 December 31, 2014 Contractual/ Contractual/ Notional Estimated Fair Value Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Foreign exchange: Currency forwards – short $ 3 $ 70 $ (5) Without hedge designation: Equity markets: Options – purchased 163 $ 9 544 $ 24 – written 397 $ (11) 292 (21) Equity swaps and warrants – long 10 2 10 2 Futures – long 74 (1) Futures – short 208 130 2 Foreign exchange: Currency forwards – long 110 (1) 109 (3) – short 78 88 2 Currency options – long 446 11 151 7 – short 279 (2) Embedded derivative on funds withheld liability 183 6 184 (3) |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are presented in the following tables: June 30, 2015 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 28 $ 17,959 $ 141 $ 18,128 States, municipalities and political subdivisions 12,768 85 12,853 Asset-backed: Residential mortgage-backed 4,893 207 5,100 Commercial mortgage-backed 2,164 87 2,251 Other asset-backed 565 490 1,055 Total asset-backed 7,622 784 8,406 U.S. Treasury and obligations of government-sponsored enterprises 28 1 29 Foreign government 32 367 399 Redeemable preferred stock 24 11 35 Fixed maturities available-for-sale 112 38,728 1,010 39,850 Fixed maturities trading 15 89 104 Total fixed maturities $ 112 $ 38,743 $ 1,099 $ 39,954 Equity securities available-for-sale $ 139 $ 61 $ 16 $ 216 Equity securities trading 539 1 540 Total equity securities $ 678 $ 61 $ 17 $ 756 Short term investments $ 4,876 $ 900 $ 5,776 Other invested assets 103 43 146 Receivables 11 11 Life settlement contracts $ 75 75 Payable to brokers (521 ) (5 ) (526) December 31, 2014 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 32 $ 18,692 $ 162 $ 18,886 States, municipalities and political subdivisions 12,646 94 12,740 Asset-backed: Residential mortgage-backed 5,044 189 5,233 Commercial mortgage-backed 2,061 83 2,144 Other asset-backed 580 655 1,235 Total asset-backed 7,685 927 8,612 U.S. Treasury and obligations of government-sponsored enterprises 28 3 31 Foreign government 41 413 454 Redeemable preferred stock 30 12 42 Fixed maturities available-for-sale 131 39,451 1,183 40,765 Fixed maturities trading 30 90 120 Total fixed maturities $ 131 $ 39,481 $ 1,273 $ 40,885 Equity securities available-for-sale $ 145 $ 61 $ 16 $ 222 Equity securities trading 505 1 506 Total equity securities $ 650 $ 61 $ 17 $ 728 Short term investments $ 4,989 $ 963 $ 5,952 Other invested assets 102 41 143 Receivables 2 7 9 Life settlement contracts $ 82 82 Payable to brokers (546 ) (6 ) (552) |
Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2015 and 2014: Net Realized Gains Transfers Transfers Unrealized Liabilities 2015 Balance, Included in Included in Purchases Sales Settlements into out of Balance, Held at (In millions) Fixed maturity securities: Corporate and other bonds $ 186 $ (2) $ (1) $ (7) $ (35) $ 141 $ (3) States, municipalities and political subdivisions 86 (1) 85 Asset-backed: Residential mortgage-backed 232 1 (2) (11) (13) 207 Commercial mortgage-backed 64 1 (1) $ 9 (1) $ 17 (2) 87 Other asset-backed 553 2 1 47 $ (90) (17) (6) 490 Total asset-backed 849 4 (2) 56 (90) (29) 17 (21) 784 - Fixed maturities available-for-sale 1,121 2 (3) 56 (90) (37) 17 (56) 1,010 (3) Fixed maturities trading 89 89 Total fixed maturities $ 1,210 $ 2 $ (3) $ 56 $ (90) $ (37) $ 17 $ (56) $ 1,099 $ (3) Equity securities available-for-sale $ 13 $ 3 $ 16 Equity securities trading 1 1 Total equity securities $ 14 $ - $ 3 $ - $ - $ - $ - $ - $ 17 $ - Life settlement contracts $ 79 $ 4 $ (8) $ 75 $ (2) Net Realized Gains Transfers Transfers Unrealized 2014 Balance, Included in Net Income Included in Purchases Sales Settlements into Level 3 out of Level 3 Balance, June 30 Held at June 30 (In millions) Fixed maturity securities: Corporate and other bonds $ 189 $ 1 $ 21 $ (6) $ (5) $ 5 $ (11) $ 194 States, municipalities and political subdivisions 86 1 $ 1 1 (10) 79 Asset-backed: Residential mortgage-backed 359 (24) 47 22 (174) (19) (26) 185 Commercial mortgage-backed 126 1 1 (60) (1) 12 (20) 59 Other asset-backed 439 4 229 (28) (18) 626 $ (1) Total asset-backed 924 (23) 52 251 (262) (38) 12 (46) 870 (1) Fixed maturities available-for-sale 1,199 (21) 53 273 (278) (43) 17 (57) 1,143 (1) Fixed maturities trading 85 6 91 6 Total fixed maturities $ 1,284 $ (15) $ 53 $ 273 $ (278) $ (43) $ 17 $ (57) $ 1,234 $ 5 Equity securities available-for-sale $ 2 $ 2 Equity securities trading 2 $ 1 $ 1 4 $ 1 Total equity securities $ 4 $ 1 $ - $ 1 $ - $ - $ - $ - $ 6 $ 1 Life settlement contracts $ 87 $ 12 $ (13) $ 86 $ 1 Derivative financial instruments, net (4) 1 $ 1 $ 2 - Net Realized Gains Transfers into Transfers out of Unrealized 2015 Balance, Included in Included in Purchases Sales Settlements Balance, Held at June 30 (In millions) Fixed maturity securities: Corporate and other bonds $ 162 $ (1) $ (1) $ 12 $ (12) $ (21) $ 37 $ (35) $ 141 $ (3) States, municipalities and political subdivisions 94 1 (10) 85 Asset-backed: Residential mortgage-backed 189 2 (2) 72 (21) (33) 207 Commercial mortgage-backed 83 2 15 (2) 17 (28) 87 Other asset-backed 655 3 10 82 (234) (20) (6) 490 Total asset-backed 927 7 8 169 (234) (43) 17 (67) 784 - Fixed maturities available-for-sale 1,183 7 7 181 (246) (74) 54 (102) 1,010 (3) Fixed maturities trading 90 (1) 89 Total fixed maturities $ 1,273 $ 7 $ 7 $ 181 $ (247) $ (74) $ 54 $ (102) $ 1,099 $ (3) Equity securities available-for-sale $ 16 $ 16 Equity securities trading 1 1 Total equity securities $ 17 $ - $ - $ - $ - $ - $ - $ - $ 17 $ - Life settlement contracts $ 82 $ 17 $ (24) $ 75 $ (1) Net Realized Gains Transfers Transfers Unrealized Assets and Liabilities 2014 Balance, Included in Net Income Included in Purchases Sales Settlements into Level 3 out of Level 3 Balance, Held at June 30 (In millions) Fixed maturity securities: Corporate and other bonds $ 204 $ 2 $ 1 $ 26 $ (10) $ (10) $ 8 $ (27) $ 194 States, municipalities and political subdivisions 71 1 2 1 (10) 14 79 Asset-backed: Residential mortgage-backed 331 (23) 62 47 (174) (40) 21 (39) 185 Commercial mortgage-backed 151 2 (60) (2) 12 (44) 59 Other asset-backed 446 1 4 377 (111) (90) (1) 626 $ (1) Total asset-backed 928 (20) 66 424 (345) (132) 33 (84) 870 (1) Fixed maturities available-for-sale 1,203 (17) 69 451 (365) (142) 55 (111) 1,143 (1) Fixed maturities trading 80 11 91 11 Total fixed maturities $ 1,283 $ (6) $ 69 $ 451 $ (365) $ (142) $ 55 $ (111) $ 1,234 $ 10 Equity securities available-for-sale $ 11 $ 3 $ (4) $ (8) $ 2 Equity securities trading 8 $ 2 (6) 4 Total equity securities $ 19 $ 3 $ (4) $ 2 $ (14) $ - $ - $ - $ 6 $ - Life settlement contracts $ 88 $ 22 $ (24) $ 86 $ 2 Separate account business 1 $ (1) - Derivative financial instruments, net (3) 1 $ (2) $ 2 2 - 2 |
Quantitative Information about Significant Unobservable Inputs Utilized by Company in Fair Value Measurements of Level 3 Assets | The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the table below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. June 30, 2015 Estimated Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 97 Discounted cash flow Credit spread 2% – 13% (3%) Life settlement contracts 75 Discounted cash flow Discount rate risk premium Mortality assumption 9% 55% – 1,676% (165%) December 31, 2014 Fixed maturity securities $ 101 Discounted cash flow Credit spread 2% – 13% (3%) Equity securities 16 Market approach Private offering price $12 – $4,391 per share ($600 per share) Life settlement contracts 82 Discounted cash flow Discount rate risk premium Mortality assumption 9% 55% – 1,676% (163%) |
Carrying Amount, Estimated Fair Value and Level of Fair Value Hierarchy of Company's Financial Assets and Liabilities | The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. Carrying Amount Estimated Fair Value June 30, 2015 Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 622 $ 640 $ 640 Liabilities: Short term debt 1,060 $ 1,037 36 1,073 Long term debt 9,776 9,492 470 9,962 December 31, 2014 Assets: Other invested assets, primarily mortgage loans $ 588 $ 608 $ 608 Liabilities: Short term debt 334 $ 255 84 339 Long term debt 10,320 10,299 420 10,719 |
Claim and Claim Adjustment Ex24
Claim and Claim Adjustment Expense Reserves (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Net Prior Year Development | The following tables and discussion present net prior year development recorded for Specialty, Commercial and International segments. Three Months Ended June 30, 2015 Specialty Commercial International Total (In millions) Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (13) $ 16 $ (8) $ (5) Pretax (favorable) unfavorable premium development (2) (11) (2) (15) Total pretax (favorable) unfavorable net prior year development $ (15) $ 5 $ (10) $ (20) Three Months Ended June 30, 2014 Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (41) $ 90 $ (25) $ 24 Pretax (favorable) unfavorable premium development (2) (6) 6 (2) Total pretax (favorable) unfavorable net prior year development $ (43) $ 84 $ (19) $ 22 Six Months Ended June 30, 2015 Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (11) $ 11 $ (12) $ (12) Pretax (favorable) unfavorable premium development (8) (12) 14 (6) Total pretax (favorable) unfavorable net prior year development $ (19) $ (1) $ 2 $ (18) Six Months Ended June 30, 2014 Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (44) $ 108 $ (15) $ 49 Pretax (favorable) unfavorable premium development (8) (24) (1) (33) Total pretax (favorable) unfavorable net prior year development $ (52) $ 84 $ (16) $ 16 |
Impact of Loss Portfolio Transfer on Consolidated Statements of Income | The following table displays the impact of the loss portfolio transfer on the Consolidated Condensed Statements of Income. Three Months Ended June 30 Six Months Ended June 30 2015 2014 2015 2014 (In millions) Net A&EP adverse development before consideration of LPT $ 150 $ 150 Provision for uncollectible third party reinsurance on A&EP Additional amounts ceded under LPT 150 150 Retroactive reinsurance benefit recognized (66) $ (1) (71) $ (5) Pretax impact of unrecognized deferred retroactive reinsurance benefit $ 84 $ (1) $ 79 $ (5) |
Specialty [Member] | |
Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development | The following table and discussion provide further detail of the net prior year claim and allocated claim adjustment expense reserve development (“development”) recorded for the Specialty segment: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In millions) Medical professional liability $ (6) $ 1 $ 8 $ 1 Other professional liability and management liability (1) (44) (4) (50) Surety 1 1 Warranty 1 1 Other (7) 2 (17) 4 Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (13) $ (41) $ (11) $ (44) |
Commercial [Member] | |
Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development | The following table and discussion provide further detail of the development recorded for the Commercial segment. The majority of the 2014 unfavorable development relates to business classes which CNA has exited, but also includes Small Business where CNA has taken underwriting actions in an effort to improve profitability. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In millions) Commercial auto $ 7 $ 19 $ 7 $ 39 General liability 1 32 5 32 Workers’ compensation 24 39 23 50 Property and other (16) (24) (13) Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ 16 $ 90 $ 11 $ 108 |
International [Member] | |
Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development | The following table and discussion provide further detail of the development recorded for the International segment: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In millions) Medical professional liability $ 1 Other professional liability $ (5) $ (14) $ (5) (15) Liability (2) (4) (7) (6) Property & marine (8) (7) (14) 1 Other 7 14 (6) Commutations 10 Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development $ (8) $ (25) $ (12) $ (15) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The tables below display the changes in Accumulated other comprehensive income (“AOCI”) by component for the three and six months ended June 30, 2014 and 2015: OTTI Gains Unrealized Discontinued Cash Flow Pension Foreign Total Accumulated (In millions) Balance, April 1, 2014 $ 29 $ 820 $ 21 $ (2) $ (432) $ 127 $ 563 Other comprehensive income before reclassifications, after tax of $(1), $(140), $(4), $(2), $0 and $0 2 257 3 3 42 307 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $(6), $(2), $1, $27 and $0 13 7 (3) (53) (36) Other comprehensive income (loss) 2 270 10 - (53) 42 271 Amounts attributable to noncontrolling interests (1) (28) (1) (1) 7 (3) (27) Balance, June 30, 2014 $ 30 $ 1,062 $ 30 $ (3) $ (478) $ 166 $ 807 Balance, April 1, 2015 $ 31 $ 944 $ - $ (3) $ (636) $ (38) $ 298 Other comprehensive income (loss) before reclassifications, after tax of $2, $186, $0, $0, $(18) and $0 (4) (370) 37 49 (288) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $(5), $0, $0, $(4) and $0 7 1 6 14 Other comprehensive income (loss) (4) (363) - 1 43 49 (274) Amounts attributable to noncontrolling interests 1 38 (1) (5) (4) 29 Balance, June 30, 2015 $ 28 $ 619 $ - $ (3) $ (598) $ 7 $ 53 OTTI Gains Unrealized Discontinued Cash Flow Pension Foreign Total (In millions) Balance, January 1, 2014 $ 23 $ 622 $ (3) $ (4) $ (432) $ 133 $ 339 Transfer to net assets of discontinued operations (5) (15) 20 - Other comprehensive income before reclassifications, after tax of $(7), $(281), $(5), $(3), $0 and $0 14 521 5 5 36 581 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $8, $(5), $1, $26 and $0 (14) 10 (2) (54) (60) Other comprehensive income (loss) 14 507 15 3 (54) 36 521 Amounts attributable to noncontrolling interests (2) (52) (2) (2) 8 (3) (53) Balance, June 30, 2014 $ 30 $ 1,062 $ 30 $ (3) $ (478) $ 166 $ 807 Balance, January 1, 2015 $ 32 $ 846 $ - $ (6) $ (641) $ 49 $ 280 Other comprehensive income (loss) before reclassifications, after tax of $2, $124, $0, $1, $(18) and $0 (5) (251) (2) 37 (47) (268) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $(5), $0, $(2), $(7) and $0 (2) 6 10 14 Other comprehensive income (loss) (5) (253) - 4 47 (47) (254) Issuance of equity securities by subsidiary 1 1 Amounts attributable to noncontrolling interests 1 26 (1) (5) 5 26 Balance, June 30, 2015 $ 28 $ 619 $ - $ (3) $ (598) $ 7 $ 53 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows: Pension Benefits Three Months Ended Six Months Ended 2015 2014 2015 2014 (In millions) Service cost $ 4 $ 3 $ 8 $ 8 Interest cost 32 37 64 74 Expected return on plan assets (49) (52) (97) (105) Amortization of unrecognized net loss 12 8 23 15 Regulatory asset decrease 1 1 Net periodic benefit cost $ (1) $ (3) $ (2) $ (7) Other Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In millions) Interest cost $ 1 $ 1 $ 2 Expected return on plan assets $ (1) (1) (2) (2) Amortization of unrecognized prior service benefit (3) (7) (5) (13) Amortization of unrecognized net loss 1 1 Curtailment gain (86) (86) Net periodic benefit cost $ (3) $ (93) $ (5) $ (99) |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Consolidated Revenues and Income (Loss) by Business Segment | The following tables set forth the Company’s consolidated revenues and income (loss) by business segment: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In millions) Revenues (a): CNA Financial: Property and Casualty: Specialty $ 904 $ 931 $ 1,821 $ 1,846 Commercial 883 936 1,778 1,882 International 220 244 426 503 Other Non-Core 320 329 654 672 Total CNA Financial 2,327 2,440 4,679 4,903 Diamond Offshore 632 701 1,259 1,411 Boardwalk Pipeline 299 295 629 652 Loews Hotels 167 112 306 217 Corporate and other 10 45 40 98 Total $ 3,435 $ 3,593 $ 6,913 $ 7,281 Income (loss) before income tax and noncontrolling interests (a): CNA Financial: Property and Casualty: Specialty $ 206 $ 246 $ 413 $ 449 Commercial 122 65 308 184 International 35 31 48 58 Other Non-Core (198 ) 23 (290 ) (25) Total CNA Financial 165 365 479 666 Diamond Offshore 106 112 (181 ) 280 Boardwalk Pipeline (b) 38 54 115 77 Loews Hotels 14 9 24 14 Corporate and other (28 ) 6 (37 ) 23 Total $ 295 $ 546 $ 400 $ 1,060 Net income (loss) (a): CNA Financial: Property and Casualty: Specialty $ 124 $ 146 $ 247 $ 269 Commercial 72 39 182 112 International 19 18 28 33 Other Non-Core (91 ) 32 (123 ) 21 Total CNA Financial 124 235 334 435 Diamond Offshore 45 42 (81 ) 111 Boardwalk Pipeline (b) 12 17 37 (1) Loews Hotels 8 5 13 8 Corporate and other (19 ) 4 (24 ) 15 Income from continuing operations 170 303 279 568 Discontinued operations, net (187 ) (393) Total $ 170 $ 116 $ 279 $ 175 (a) Investment gains (losses) included in Revenues, Income (loss) before income tax and noncontrolling interests and Net income (loss) are as follows: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Revenues and Income (loss) before income tax and noncontrolling interests: CNA Financial: Property and Casualty: Specialty $ (5) $ 4 $ 6 Commercial $ 2 (5) 6 5 International 1 (3) 2 Other Non-Core (5) (1) (4) 17 Total $ (2) $ (14) $ 8 $ 28 Net income (loss): CNA Financial: Property and Casualty: Specialty $ 1 $ (4) $ 3 $ 3 Commercial (6) 3 1 International 1 1 1 Other Non-Core 2 4 10 Total $ 3 $ (9) $ 11 $ 15 (b) As discussed in Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, a charge of $94 million ($55 million after tax and noncontrolling interests) was recorded in the first quarter of 2014 related to the Bluegrass Project. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations Reflected in Consolidated Condensed Statements of Income | The Consolidated Condensed Statements of Income include discontinued operations of HighMount as follows: Three Months Ended Six Months Ended June 30, 2014 June 30, 2014 (In millions) Revenues: Other revenue, primarily operating $ 46 $ 101 Total 46 101 Expenses: Other operating expenses Impairment of natural gas and oil properties 29 Operating 56 111 Interest 3 5 Total 59 145 Loss before income tax (13) (44) Income tax expense (12) (1) Results of discontinued operations, net of income tax (25) (45) Impairment loss, net of tax benefit of $92 (167) (167) Loss from discontinued operations $ (192) $ (212) The Consolidated Condensed Statements of Income include discontinued operations of the CAC business as follows: Three Months Ended Six Months Ended June 30, 2014 June 30, 2014 (In millions) Revenues: Net investment income $ 39 $ 80 Investment gains 1 2 Total 40 82 Expenses: Insurance claims and policyholders’ benefits 32 63 Other operating expenses 1 2 Total 33 65 Income before income tax 7 17 Income tax expense (1) (4) Results of discontinued operations, net of income tax 6 13 Impairment loss, net of tax benefit of $41 (214) Amounts attributable to noncontrolling interests (1) 20 Income (loss) from discontinued operations $ 5 $ (181) |
Consolidating Financial Infor29
Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Consolidating Balance Sheet Information | Loews Corporation Consolidating Balance Sheet Information June 30, 2015 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Assets: Investments $ 45,332 $ 102 $ 100 $ 5,514 $ 51,048 Cash 145 10 $ 20 11 63 249 Receivables 7,365 537 123 45 121 $ (94) 8,097 Property, plant and equipment 304 6,934 7,633 997 49 15,917 Deferred income taxes 283 2 146 (431) - Goodwill 116 20 237 373 Investments in capital stocks of subsidiaries 15,756 (15,756) - Other assets 835 268 324 261 10 12 1,710 Deferred acquisition costs of insurance subsidiaries 621 621 Total assets $ 55,001 $ 7,871 $ 8,337 $ 1,416 $ 21,659 $ (16,269) $ 78,015 Liabilities and Equity: Insurance reserves $ 36,368 $ 36,368 Payable to brokers 196 $ 545 741 Short term debt 1 $ 625 $ 35 400 1,061 Long term debt 2,564 1,982 $ 3,493 471 1,281 9,791 Deferred income taxes 8 393 755 36 $ (419) 773 Other liabilities 3,660 591 425 66 301 (94) 4,949 Total liabilities 42,797 3,591 4,673 608 2,527 (513) 53,683 Total shareholders’ equity 10,944 2,285 1,571 806 19,132 (15,756) 18,982 Noncontrolling interests 1,260 1,995 2,093 2 5,350 Total equity 12,204 4,280 3,664 808 19,132 (15,756) 24,332 Total liabilities and equity $ 55,001 $ 7,871 $ 8,337 $ 1,416 $ 21,659 $ (16,269) $ 78,015 Loews Corporation Consolidating Balance Sheet Information December 31, 2014 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Assets: Investments $ 46,262 $ 234 $ 75 $ 5,461 $ 52,032 Cash 190 16 $ 8 9 141 364 Receivables 7,097 490 128 29 82 $ (56) 7,770 Property, plant and equipment 280 6,949 7,649 671 62 15,611 Deferred income taxes 222 2 374 (598) - Goodwill 117 20 237 374 Investments in capital stocks of subsidiaries 15,974 (15,974) - Other assets 778 307 304 206 7 14 1,616 Deferred acquisition costs of insurance subsidiaries 600 600 Total assets $ 55,546 $ 8,016 $ 8,326 $ 992 $ 22,101 $ (16,614) $ 78,367 Liabilities and Equity: Insurance reserves $ 36,380 $ 36,380 Payable to brokers 117 $ 5 $ 551 673 Short term debt 250 $ 85 335 Long term debt 2,561 1,981 $ 3,690 421 1,680 10,333 Deferred income taxes 11 514 732 36 $ (400) 893 Other liabilities 3,713 792 400 17 421 (240) 5,103 Total liabilities 42,782 3,542 4,822 559 2,652 (640) 53,717 Total shareholders’ equity 11,457 2,359 1,558 431 19,449 (15,974) 19,280 Noncontrolling interests 1,307 2,115 1,946 2 5,370 Total equity 12,764 4,474 3,504 433 19,449 (15,974) 24,650 Total liabilities and equity $ 55,546 $ 8,016 $ 8,326 $ 992 $ 22,101 $ (16,614) $ 78,367 |
Consolidating Statement of Income Information | Loews Corporation Consolidating Statement of Income Information Six Months Ended June 30, 2015 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Revenues: Insurance premiums $ 3,422 $ 3,422 Net investment income 1,058 $ 1 $ 39 1,098 Intercompany interest and dividends 650 $ (650) - Investment gains 8 8 Contract drilling revenues 1,217 1,217 Other revenues 191 41 $ 629 $ 306 1 1,168 Total 4,679 1,259 629 306 690 (650) 6,913 Expenses: Insurance claims and policyholders’ benefits 2,808 2,808 Amortization of deferred acquisition costs 617 617 Contract drilling expenses 695 695 Other operating expenses 697 696 423 272 40 2,128 Interest 78 49 91 10 37 265 Total 4,200 1,440 514 282 77 - 6,513 Income (loss) before income tax 479 (181) 115 24 613 (650) 400 Income tax (expense) benefit (107) 22 (21) (11) 13 (104) Net income (loss) 372 (159) 94 13 626 (650) 296 Amounts attributable to noncontrolling interests (38) 78 (57) (17) Net income (loss) attributable to Loews Corporation $ 334 $ (81) $ 37 $ 13 $ 626 $ (650) $ 279 Loews Corporation Consolidating Statement of Income Information Six Months Ended June 30, 2014 CNA Diamond Boardwalk Loews Corporate Eliminations Total (In millions) Revenues: Insurance premiums $ 3,617 $ 3,617 Net investment income 1,076 $ 1 $ 97 1,174 Intercompany interest and dividends 512 $ (512) - Investment gains 28 28 Contract drilling revenues 1,335 1,335 Other revenues 182 75 $ 652 $ 217 1 1,127 Total 4,903 1,411 652 217 610 (512) 7,281 Expenses: Insurance claims and policyholders’ benefits 2,887 2,887 Amortization of deferred acquisition costs 664 664 Contract drilling expenses 765 765 Other operating expenses 596 329 494 200 38 1,657 Interest 90 37 81 3 37 248 Total 4,237 1,131 575 203 75 - 6,221 Income before income tax 666 280 77 14 535 (512) 1,060 Income tax (expense) benefit (182) (53) 1 (6) (8) (248) Income from continuing operations 484 227 78 8 527 (512) 812 Discontinued operations, net (201) (212) (413) Net income 283 227 78 8 315 (512) 399 Amounts attributable to noncontrolling interests (29) (116) (79) (224) Net income (loss) attributable to Loews Corporation $ 254 $ 111 $ (1) $ 8 $ 315 $ (512) $ 175 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Subsidiary or Equity Method Investee [Line Items] | |||||
Shares excluded from diluted EPS calculation | 3.7 | 2.2 | 3.6 | 2.1 | |
Goodwill | $ 373 | $ 373 | $ 374 | ||
CNA Financial [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Subsidiary ownership percentage | 90.00% | ||||
Diamond Offshore Drilling, Inc. [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Subsidiary ownership percentage | 53.00% | ||||
Goodwill | $ 20 | $ 20 | |||
Boardwalk Pipeline Partners, LP [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Subsidiary ownership percentage | 51.00% |
Investments - Net Investment In
Investments - Net Investment Income and Investment Gains (Losses) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Investment Income [Line Items] | ||||
Total investment income | $ 525 | $ 611 | $ 1,127 | $ 1,201 |
Investment expenses | (15) | (14) | (29) | (27) |
Net investment income | 510 | 597 | 1,098 | 1,174 |
Investment gains (losses) | (2) | (14) | 8 | 28 |
Fixed Maturity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 452 | 451 | 895 | 903 |
Investment gains (losses) | (12) | (19) | 19 | |
Short Term Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 1 | 3 | 2 | |
Investment gains (losses) | 4 | (1) | 3 | |
Limited Partnership Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 50 | 116 | 210 | 203 |
Equity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 3 | 3 | 6 | 5 |
Investment gains (losses) | (1) | (1) | 5 | |
Income (Loss) from Trading Portfolio [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 11 | 30 | (4) | 70 |
Other [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 9 | 10 | 17 | 18 |
Derivative Instruments [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment gains (losses) | $ 11 | $ 1 | $ 10 | $ 1 |
Investments - Net Investment 32
Investments - Net Investment Income and Investment Gains (Losses) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Investment Income [Line Items] | ||||
Net unrealized gains (losses) on trading securities | $ (10) | $ 40 | $ (17) | $ 60 |
Fixed Maturity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Gross realized gains on available-for-sale securities | 36 | 20 | 70 | 78 |
Gross realized losses on available-for-sale securities | $ 49 | $ 39 | $ 71 | $ 54 |
Investments - Components of Net
Investments - Components of Net Other-than-Temporary Impairment Losses Recognized in Earnings by Asset Type (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Net OTTI losses recognized in earnings | $ 31 | $ 5 | $ 43 | $ 7 |
Corporate and Other Bonds [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Net OTTI losses recognized in earnings | 11 | 2 | 16 | 3 |
States, Municipalities and Political Subdivisions [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Net OTTI losses recognized in earnings | 13 | 18 | ||
Residential Mortgage-Backed [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Net OTTI losses recognized in earnings | 5 | 1 | 6 | 2 |
Other Asset-Backed [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Net OTTI losses recognized in earnings | 1 | 1 | 1 | 1 |
Total Asset-Backed [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Net OTTI losses recognized in earnings | 6 | 2 | 7 | 3 |
Total Fixed Maturities Available-for-Sale [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Net OTTI losses recognized in earnings | 30 | 4 | 41 | 6 |
Common Stock [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Net OTTI losses recognized in earnings | $ 1 | 1 | $ 1 | |
Short Term Investments [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Net OTTI losses recognized in earnings | $ 1 | $ 1 |
Investments - Amortized Cost an
Investments - Amortized Cost and Fair Values of Securities (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | $ 38,104 | $ 38,202 |
Gross Unrealized Gains | 2,893 | 3,640 |
Gross Unrealized Losses | 287 | 229 |
Estimated Fair Value | 40,710 | 41,613 |
Unrealized OTTI Losses (Gains) | (48) | (55) |
Fixed Maturity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 37,321 | 37,469 |
Gross Unrealized Gains | 2,807 | 3,530 |
Gross Unrealized Losses | 174 | 114 |
Estimated Fair Value | 39,954 | 40,885 |
Unrealized OTTI Losses (Gains) | (48) | (55) |
Corporate and Other Bonds [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 16,879 | 17,226 |
Gross Unrealized Gains | 1,337 | 1,721 |
Gross Unrealized Losses | 88 | 61 |
Estimated Fair Value | 18,128 | 18,886 |
States, Municipalities and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 11,707 | 11,285 |
Gross Unrealized Gains | 1,186 | 1,463 |
Gross Unrealized Losses | 40 | 8 |
Estimated Fair Value | 12,853 | 12,740 |
Residential Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 4,940 | 5,028 |
Gross Unrealized Gains | 175 | 218 |
Gross Unrealized Losses | 15 | 13 |
Estimated Fair Value | 5,100 | 5,233 |
Unrealized OTTI Losses (Gains) | (46) | (53) |
Commercial Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 2,186 | 2,056 |
Gross Unrealized Gains | 77 | 93 |
Gross Unrealized Losses | 12 | 5 |
Estimated Fair Value | 2,251 | 2,144 |
Unrealized OTTI Losses (Gains) | (2) | (2) |
Other Asset-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 1,044 | 1,234 |
Gross Unrealized Gains | 12 | 11 |
Gross Unrealized Losses | 1 | 10 |
Estimated Fair Value | 1,055 | 1,235 |
Total Asset-Backed [Member] | Fixed Maturity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 8,170 | 8,318 |
Gross Unrealized Gains | 264 | 322 |
Gross Unrealized Losses | 28 | 28 |
Estimated Fair Value | 8,406 | 8,612 |
Unrealized OTTI Losses (Gains) | (48) | (55) |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 24 | 26 |
Gross Unrealized Gains | 5 | 5 |
Estimated Fair Value | 29 | 31 |
Foreign Government [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 387 | 438 |
Gross Unrealized Gains | 13 | 16 |
Gross Unrealized Losses | 1 | |
Estimated Fair Value | 399 | 454 |
Redeemable Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 33 | 39 |
Gross Unrealized Gains | 2 | 3 |
Estimated Fair Value | 35 | 42 |
Total Fixed Maturities Available-for-Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 37,200 | 37,332 |
Gross Unrealized Gains | 2,807 | 3,530 |
Gross Unrealized Losses | 157 | 97 |
Estimated Fair Value | 39,850 | 40,765 |
Unrealized OTTI Losses (Gains) | (48) | (55) |
Fixed Maturities Trading [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 121 | 137 |
Gross Unrealized Losses | 17 | 17 |
Estimated Fair Value | 104 | 120 |
Common Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 54 | 38 |
Gross Unrealized Gains | 8 | 9 |
Gross Unrealized Losses | 2 | |
Estimated Fair Value | 60 | 47 |
Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 154 | 172 |
Gross Unrealized Gains | 4 | 5 |
Gross Unrealized Losses | 2 | 2 |
Estimated Fair Value | 156 | 175 |
Total Equity Securities Available-for-Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 208 | 210 |
Gross Unrealized Gains | 12 | 14 |
Gross Unrealized Losses | 4 | 2 |
Estimated Fair Value | 216 | 222 |
Equity Securities Trading [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 575 | 523 |
Gross Unrealized Gains | 74 | 96 |
Gross Unrealized Losses | 109 | 113 |
Estimated Fair Value | 540 | 506 |
Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 783 | 733 |
Gross Unrealized Gains | 86 | 110 |
Gross Unrealized Losses | 113 | 115 |
Estimated Fair Value | $ 756 | $ 728 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Net unrealized gains on investments included in "AOCI" | $ 917,000,000 | $ 1,200,000,000 |
Additional other than temporary impairment losses | 0 | |
Future capital call commitments | 295,000,000 | |
Commitments to purchase various privately placed debt securities, including bank loans | 134,000,000 | |
Commitments to sell various privately placed debt securities, including bank loans | $ 79,000,000 |
Investments - Securities Availa
Investments - Securities Available-for-Sale in Gross Unrealized Loss Position (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Corporate and Other Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $ 3,217 | $ 1,330 |
Gross Unrealized Losses, Less than 12 Months | 73 | 46 |
Estimated Fair Value, 12 Months or Longer | 152 | 277 |
Gross Unrealized Losses, 12 Months or Longer | 15 | 15 |
Total Estimated Fair Value | 3,369 | 1,607 |
Total Gross Unrealized Losses | 88 | 61 |
States, Municipalities and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 1,523 | 335 |
Gross Unrealized Losses, Less than 12 Months | 34 | 5 |
Estimated Fair Value, 12 Months or Longer | 143 | 127 |
Gross Unrealized Losses, 12 Months or Longer | 6 | 3 |
Total Estimated Fair Value | 1,666 | 462 |
Total Gross Unrealized Losses | 40 | 8 |
Residential Mortgage-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 451 | 293 |
Gross Unrealized Losses, Less than 12 Months | 6 | 5 |
Estimated Fair Value, 12 Months or Longer | 167 | 189 |
Gross Unrealized Losses, 12 Months or Longer | 9 | 8 |
Total Estimated Fair Value | 618 | 482 |
Total Gross Unrealized Losses | 15 | 13 |
Commercial Mortgage-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 557 | 264 |
Gross Unrealized Losses, Less than 12 Months | 9 | 2 |
Estimated Fair Value, 12 Months or Longer | 61 | 99 |
Gross Unrealized Losses, 12 Months or Longer | 3 | 3 |
Total Estimated Fair Value | 618 | 363 |
Total Gross Unrealized Losses | 12 | 5 |
Other Asset-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 135 | 607 |
Gross Unrealized Losses, Less than 12 Months | 1 | 10 |
Estimated Fair Value, 12 Months or Longer | 18 | 7 |
Total Estimated Fair Value | 153 | 614 |
Total Gross Unrealized Losses | 1 | 10 |
Total Asset-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 1,143 | 1,164 |
Gross Unrealized Losses, Less than 12 Months | 16 | 17 |
Estimated Fair Value, 12 Months or Longer | 246 | 295 |
Gross Unrealized Losses, 12 Months or Longer | 12 | 11 |
Total Estimated Fair Value | 1,389 | 1,459 |
Total Gross Unrealized Losses | 28 | 28 |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 3 | 3 |
Estimated Fair Value, 12 Months or Longer | 4 | |
Total Estimated Fair Value | 3 | 7 |
Foreign Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 20 | 3 |
Gross Unrealized Losses, Less than 12 Months | 1 | |
Estimated Fair Value, 12 Months or Longer | 1 | 3 |
Total Estimated Fair Value | 21 | 6 |
Total Gross Unrealized Losses | 1 | |
Redeemable Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 3 | |
Total Estimated Fair Value | 3 | |
Total Fixed Maturities Available-for-Sale [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 5,906 | 2,838 |
Gross Unrealized Losses, Less than 12 Months | 124 | 68 |
Estimated Fair Value, 12 Months or Longer | 542 | 706 |
Gross Unrealized Losses, 12 Months or Longer | 33 | 29 |
Total Estimated Fair Value | 6,448 | 3,544 |
Total Gross Unrealized Losses | 157 | 97 |
Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 21 | |
Gross Unrealized Losses, Less than 12 Months | 2 | |
Total Estimated Fair Value | 21 | |
Total Gross Unrealized Losses | 2 | |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 17 | 17 |
Gross Unrealized Losses, Less than 12 Months | 2 | 2 |
Estimated Fair Value, 12 Months or Longer | 1 | |
Total Estimated Fair Value | 17 | 18 |
Total Gross Unrealized Losses | 2 | 2 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 5,944 | 2,855 |
Gross Unrealized Losses, Less than 12 Months | 128 | 70 |
Estimated Fair Value, 12 Months or Longer | 542 | 707 |
Gross Unrealized Losses, 12 Months or Longer | 33 | 29 |
Total Estimated Fair Value | 6,486 | 3,562 |
Total Gross Unrealized Losses | $ 161 | $ 99 |
Investments - Pretax Credit Los
Investments - Pretax Credit Loss Component Reflected in Retained Earnings on Fixed Maturity Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Beginning balance of credit losses on fixed maturity securities | $ 61 | $ 69 | $ 62 | $ 74 |
Reductions for securities sold during the period | (2) | (3) | (3) | (5) |
Reductions for securities the Company intends to sell or more likely than not will be required to sell | (3) | |||
Ending balance of credit losses on fixed maturity securities | $ 59 | $ 66 | $ 59 | $ 66 |
Investments - Available-for-Sal
Investments - Available-for-Sale Fixed Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Cost or Amortized Cost, Due in one year or less | $ 1,539 | $ 2,479 |
Cost or Amortized Cost, Due after one year through five years | 7,523 | 9,070 |
Cost or Amortized Cost, Due after five years through ten years | 14,099 | 12,055 |
Cost or Amortized Cost, Due after ten years | 14,039 | 13,728 |
Cost or Amortized Cost, Total | 37,200 | 37,332 |
Estimated Fair Value, Due in one year or less | 1,559 | 2,511 |
Estimated Fair Value, Due after one year through five years | 7,972 | 9,621 |
Estimated Fair Value, Due after five years through ten years | 14,549 | 12,584 |
Estimated Fair Value, Due after ten years | 15,770 | 16,049 |
Estimated Fair Value, Total | $ 39,850 | $ 40,765 |
Investments - Summary of Aggreg
Investments - Summary of Aggregate Contractual or Notional Amounts and Gross Estimated Fair Values Related to Derivative Financial Instruments (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Embedded Derivative on Funds Withheld Liability [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | $ 183,000,000 | $ 184,000,000 |
Estimated Fair Value, Asset | 6,000,000 | |
Estimated Fair Value, (Liability) | (3,000,000) | |
With Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 3,000,000 | 70,000,000 |
Estimated Fair Value, (Liability) | (5,000,000) | |
Without Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 78,000,000 | 88,000,000 |
Estimated Fair Value, Asset | 2,000,000 | |
Without Hedge Designation [Member] | Equity Markets, Options - Purchased [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 163,000,000 | 544,000,000 |
Estimated Fair Value, Asset | 9,000,000 | 24,000,000 |
Without Hedge Designation [Member] | Equity Markets, Options - Written [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 397,000,000 | 292,000,000 |
Estimated Fair Value, (Liability) | (11,000,000) | (21,000,000) |
Without Hedge Designation [Member] | Equity Swaps and Warrants - Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 10,000,000 | 10,000,000 |
Estimated Fair Value, Asset | 2,000,000 | 2,000,000 |
Without Hedge Designation [Member] | Equity Futures - Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 74,000,000 | |
Estimated Fair Value, (Liability) | (1,000,000) | |
Without Hedge Designation [Member] | Equity Futures - Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 208,000,000 | 130,000,000 |
Estimated Fair Value, Asset | 2,000,000 | |
Without Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 110,000,000 | 109,000,000 |
Estimated Fair Value, (Liability) | (1,000,000) | (3,000,000) |
Without Hedge Designation [Member] | Currency Options - Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 446,000,000 | 151,000,000 |
Estimated Fair Value, Asset | 11,000,000 | $ 7,000,000 |
Without Hedge Designation [Member] | Currency Options - Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 279,000,000 | |
Estimated Fair Value, (Liability) | $ (2,000,000) |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | $ 18,128 | $ 18,886 |
States, Municipalities and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 12,853 | 12,740 |
Residential Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 5,100 | 5,233 |
Commercial Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 2,251 | 2,144 |
Other Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 1,055 | 1,235 |
Total Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 8,406 | 8,612 |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 29 | 31 |
Foreign Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 399 | 454 |
Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 35 | 42 |
Total Fixed Maturities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 39,850 | 40,765 |
Fixed Maturities Trading [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 104 | 120 |
Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 39,954 | 40,885 |
Total Equity Securities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 216 | 222 |
Equity Securities Trading [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 540 | 506 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 756 | 728 |
Short Term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 5,776 | 5,952 |
Other Invested Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 146 | 143 |
Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 11 | 9 |
Life Settlement Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 75 | 82 |
Payable to Brokers [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities, measured on a recurring basis | (526) | (552) |
Level 1 [Member] | Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 28 | 32 |
Level 1 [Member] | U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 28 | 28 |
Level 1 [Member] | Foreign Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 32 | 41 |
Level 1 [Member] | Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 24 | 30 |
Level 1 [Member] | Total Fixed Maturities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 112 | 131 |
Level 1 [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 112 | 131 |
Level 1 [Member] | Total Equity Securities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 139 | 145 |
Level 1 [Member] | Equity Securities Trading [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 539 | 505 |
Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 678 | 650 |
Level 1 [Member] | Short Term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 4,876 | 4,989 |
Level 1 [Member] | Other Invested Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 103 | 102 |
Level 1 [Member] | Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 2 | |
Level 1 [Member] | Payable to Brokers [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities, measured on a recurring basis | (521) | (546) |
Level 2 [Member] | Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 17,959 | 18,692 |
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 12,768 | 12,646 |
Level 2 [Member] | Residential Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 4,893 | 5,044 |
Level 2 [Member] | Commercial Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 2,164 | 2,061 |
Level 2 [Member] | Other Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 565 | 580 |
Level 2 [Member] | Total Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 7,622 | 7,685 |
Level 2 [Member] | U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 1 | 3 |
Level 2 [Member] | Foreign Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 367 | 413 |
Level 2 [Member] | Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 11 | 12 |
Level 2 [Member] | Total Fixed Maturities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 38,728 | 39,451 |
Level 2 [Member] | Fixed Maturities Trading [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 15 | 30 |
Level 2 [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 38,743 | 39,481 |
Level 2 [Member] | Total Equity Securities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 61 | 61 |
Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 61 | 61 |
Level 2 [Member] | Short Term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 900 | 963 |
Level 2 [Member] | Other Invested Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 43 | 41 |
Level 2 [Member] | Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 11 | 7 |
Level 2 [Member] | Payable to Brokers [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities, measured on a recurring basis | (5) | (6) |
Level 3 [Member] | Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 141 | 162 |
Level 3 [Member] | States, Municipalities and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 85 | 94 |
Level 3 [Member] | Residential Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 207 | 189 |
Level 3 [Member] | Commercial Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 87 | 83 |
Level 3 [Member] | Other Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 490 | 655 |
Level 3 [Member] | Total Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 784 | 927 |
Level 3 [Member] | Total Fixed Maturities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 1,010 | 1,183 |
Level 3 [Member] | Fixed Maturities Trading [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 89 | 90 |
Level 3 [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 1,099 | 1,273 |
Level 3 [Member] | Total Equity Securities Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 16 | 16 |
Level 3 [Member] | Equity Securities Trading [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 1 | 1 |
Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 17 | 17 |
Level 3 [Member] | Life Settlement Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | $ 75 | $ 82 |
Fair Value - Reconciliations of
Fair Value - Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Financial Instruments, Net [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ (4) | $ (3) | ||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | 1 | ||
Purchases | (2) | |||
Sales | 1 | 2 | ||
Transfers out of Level 3 | 2 | 2 | ||
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at June 30 | 2 | |||
Corporate and Other Bonds [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 186 | 189 | $ 162 | 204 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | (2) | 1 | (1) | 2 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (1) | (1) | 1 | |
Purchases | 21 | 12 | 26 | |
Sales | (6) | (12) | (10) | |
Settlements | (7) | (5) | (21) | (10) |
Transfers into Level 3 | 5 | 37 | 8 | |
Transfers out of Level 3 | (35) | (11) | (35) | (27) |
Ending balance | 141 | 194 | 141 | 194 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at June 30 | (3) | (3) | ||
States, Municipalities and Political Subdivisions [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 86 | 86 | 94 | 71 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | 1 | 1 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 1 | 2 | ||
Purchases | 1 | 1 | ||
Sales | (10) | (10) | ||
Settlements | (1) | (10) | ||
Transfers into Level 3 | 14 | |||
Ending balance | 85 | 79 | 85 | 79 |
Residential Mortgage-Backed [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 232 | 359 | 189 | 331 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | (24) | 2 | (23) |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (2) | 47 | (2) | 62 |
Purchases | 22 | 72 | 47 | |
Sales | (174) | (174) | ||
Settlements | (11) | (19) | (21) | (40) |
Transfers into Level 3 | 21 | |||
Transfers out of Level 3 | (13) | (26) | (33) | (39) |
Ending balance | 207 | 185 | 207 | 185 |
Commercial Mortgage-Backed [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 64 | 126 | 83 | 151 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | 1 | 2 | 2 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (1) | 1 | ||
Purchases | 9 | 15 | ||
Sales | (60) | (60) | ||
Settlements | (1) | (1) | (2) | (2) |
Transfers into Level 3 | 17 | 12 | 17 | 12 |
Transfers out of Level 3 | (2) | (20) | (28) | (44) |
Ending balance | 87 | 59 | 87 | 59 |
Other Asset-Backed [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 553 | 439 | 655 | 446 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 2 | 3 | 1 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 1 | 4 | 10 | 4 |
Purchases | 47 | 229 | 82 | 377 |
Sales | (90) | (28) | (234) | (111) |
Settlements | (17) | (18) | (20) | (90) |
Transfers out of Level 3 | (6) | (6) | (1) | |
Ending balance | 490 | 626 | 490 | 626 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at June 30 | (1) | (1) | ||
Total Asset-Backed [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 849 | 924 | 927 | 928 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 4 | (23) | 7 | (20) |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (2) | 52 | 8 | 66 |
Purchases | 56 | 251 | 169 | 424 |
Sales | (90) | (262) | (234) | (345) |
Settlements | (29) | (38) | (43) | (132) |
Transfers into Level 3 | 17 | 12 | 17 | 33 |
Transfers out of Level 3 | (21) | (46) | (67) | (84) |
Ending balance | 784 | 870 | 784 | 870 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at June 30 | (1) | (1) | ||
Total Fixed Maturities Available-for-Sale [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 1,121 | 1,199 | 1,183 | 1,203 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 2 | (21) | 7 | (17) |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (3) | 53 | 7 | 69 |
Purchases | 56 | 273 | 181 | 451 |
Sales | (90) | (278) | (246) | (365) |
Settlements | (37) | (43) | (74) | (142) |
Transfers into Level 3 | 17 | 17 | 54 | 55 |
Transfers out of Level 3 | (56) | (57) | (102) | (111) |
Ending balance | 1,010 | 1,143 | 1,010 | 1,143 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at June 30 | (3) | (1) | (3) | (1) |
Fixed Maturities Trading [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 89 | 85 | 90 | 80 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 6 | 11 | ||
Sales | (1) | |||
Ending balance | 89 | 91 | 89 | 91 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at June 30 | 6 | 11 | ||
Fixed Maturity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 1,210 | 1,284 | 1,273 | 1,283 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 2 | (15) | 7 | (6) |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | (3) | 53 | 7 | 69 |
Purchases | 56 | 273 | 181 | 451 |
Sales | (90) | (278) | (247) | (365) |
Settlements | (37) | (43) | (74) | (142) |
Transfers into Level 3 | 17 | 17 | 54 | 55 |
Transfers out of Level 3 | (56) | (57) | (102) | (111) |
Ending balance | 1,099 | 1,234 | 1,099 | 1,234 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at June 30 | (3) | 5 | (3) | 10 |
Total Equity Securities Available-for-Sale [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 13 | 2 | 16 | 11 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 3 | |||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 3 | (4) | ||
Sales | (8) | |||
Ending balance | 16 | 2 | 16 | 2 |
Equity Securities Trading [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 1 | 2 | 1 | 8 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | |||
Purchases | 1 | 2 | ||
Sales | (6) | |||
Ending balance | 1 | 4 | 1 | 4 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at June 30 | 1 | |||
Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 14 | 4 | 17 | 19 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | 3 | ||
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 3 | (4) | ||
Purchases | 1 | 2 | ||
Sales | (14) | |||
Ending balance | 17 | 6 | 17 | 6 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at June 30 | 1 | |||
Life Settlement Contracts [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 79 | 87 | 82 | 88 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 4 | 12 | 17 | 22 |
Settlements | (8) | (13) | (24) | (24) |
Ending balance | 75 | 86 | 75 | 86 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at June 30 | $ (2) | $ 1 | $ (1) | 2 |
Separate Account Business [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 1 | |||
Transfers out of Level 3 | $ (1) |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||||
Transfers out of Level 2 to Level 1, Assets | $ 0 | $ 1,000,000 | $ 0 | $ 24,000,000 |
Transfers out of Level 1 to Level 2, Assets | $ 0 | $ 0 | $ 0 | $ 1,000,000 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information about Significant Unobservable Inputs Utilized by Company in Fair Value Measurements of Level 3 Assets (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit spread adjustment | 3.00% | 3.00% |
Fixed Maturity Securities [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | $ 97 | $ 101 |
Valuation Techniques | Discounted cash flow | |
Fixed Maturity Securities [Member] | Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit spread adjustment | 2.00% | 2.00% |
Fixed Maturity Securities [Member] | Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit spread adjustment | 13.00% | 13.00% |
Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Private offering price | $ 600 | |
Equity Securities [Member] | Market approach [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | $ 16 | |
Equity Securities [Member] | Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Private offering price | $ 12 | |
Equity Securities [Member] | Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Private offering price | $ 4,391 | |
Life Settlement Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount rate risk premium | 9.00% | 9.00% |
Mortality assumption | 165.00% | 163.00% |
Life Settlement Contracts [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assets | $ 75 | $ 82 |
Valuation Techniques | Discounted cash flow | |
Life Settlement Contracts [Member] | Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortality assumption | 55.00% | 55.00% |
Life Settlement Contracts [Member] | Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortality assumption | 1676.00% | 1676.00% |
Fair Value - Carrying Amount, E
Fair Value - Carrying Amount, Estimated Fair Value and Level of Fair Value Hierarchy of Company's Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Estimate Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | $ 640 | $ 608 |
Short term debt | 1,073 | 339 |
Long term debt | 9,962 | 10,719 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 622 | 588 |
Short term debt | 1,060 | 334 |
Long term debt | 9,776 | 10,320 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short term debt | 1,037 | 255 |
Long term debt | 9,492 | 10,299 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 640 | 608 |
Short term debt | 36 | 84 |
Long term debt | $ 470 | $ 420 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015RigsHotelSemisubmersibles | Mar. 31, 2015RigsDrillship | Jun. 30, 2015USD ($)RigsHotelSemisubmersibles | |
Property, Plant and Equipment [Line Items] | |||
Aggregate fair value of impaired rigs | $ | $ 4 | ||
Diamond Offshore [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of equipment evaluated for impairment | 5 | ||
Asset impairment loss, before tax and noncontrolling interests | $ | 359 | ||
Asset impairment loss, net of tax and noncontrolling interests | $ | $ 158 | ||
Number of rigs currently cold stacked | 3 | 3 | |
Number of rigs currently under contract | 2 | 2 | |
Drillship [Member] | Diamond Offshore [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of equipment evaluated for impairment | Drillship | 1 | ||
Jack-up Rigs [Member] | Diamond Offshore [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of equipment evaluated for impairment | 5 | ||
Mid-Water Semisubmersible Rigs [Member] | Diamond Offshore [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of equipment evaluated for impairment | Semisubmersibles | 7 | ||
Number of property plant and equipment scrapped | 3 | 3 | |
Ultra-Deepwater Semi Submersibles [Member] | Diamond Offshore [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of equipment evaluated for impairment | Semisubmersibles | 2 | ||
Deepwater Semi Submersible Rigs [Member] | Diamond Offshore [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of equipment evaluated for impairment | Semisubmersibles | 1 | ||
Loews Hotels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Amount paid for acquisition | $ | $ 330 | ||
Number of hotel properties acquired | Hotel | 2 | 2 |
Claim and Claim Adjustment Ex46
Claim and Claim Adjustment Expense Reserves - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2014 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||||
Catastrophe losses, net of reinsurance | $ 60 | $ 56 | $ 89 | $ 130 | |||
Additional amounts ceded under LPT | $ 900 | ||||||
Fair value of the collateral trust account | 3,100 | 3,100 | $ 3,400 | ||||
Specialty [Member] | |||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||||
Unfavorable loss development driven by extra contractual obligation loss and losses associated with premium development | (13) | (41) | (11) | (44) | |||
Commercial [Member] | |||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||||
Unfavorable loss development driven by extra contractual obligation loss and losses associated with premium development | 16 | $ 90 | 11 | $ 108 | |||
2010 and Prior [Member] | Specialty [Member] | |||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||||
Favorable development recorded in other professional liability and management liability | 38 | 41 | |||||
2012 Through 2014 [Member] | Specialty [Member] | |||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||||
Unfavorable development recorded related to increased claim frequency on public company management liability | 37 | 37 | |||||
Asbestos and Environmental Pollution Reserves [Member] | |||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||||
Net A&EP claim and allocated claim adjustment expense reserves | $ 1,600 | ||||||
Aggregate limit under A&EP Loss Portfolio Transfer | 4,000 | ||||||
Ceded A&EP claim and allocated claim adjustment expense reserves | 1,200 | ||||||
Reinsurance premium paid to NICO under A&EP Loss Portfolio Transfer | 2,000 | ||||||
Net reinsurance receivables transferred to NICO under A&EP Loss Portfolio Transfer | 215 | ||||||
Total consideration | $ 2,200 | $ 2,200 | |||||
Cumulative amounts ceded under the Loss Portfolio Transfer | 2,600 | 2,600 | 2,500 | ||||
Remaining unrecognized retroactive reinsurance benefit | $ 255 | $ 255 | $ 176 |
Claim and Claim Adjustment Ex47
Claim and Claim Adjustment Expense Reserves - Net Prior Year Development (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ (5) | $ 24 | $ (12) | $ 49 |
Pretax (favorable) unfavorable premium development | (15) | (2) | (6) | (33) |
Total pretax (favorable) unfavorable net prior year development | (20) | 22 | (18) | 16 |
Specialty [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | (13) | (41) | (11) | (44) |
Pretax (favorable) unfavorable premium development | (2) | (2) | (8) | (8) |
Total pretax (favorable) unfavorable net prior year development | (15) | (43) | (19) | (52) |
Commercial [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | 16 | 90 | 11 | 108 |
Pretax (favorable) unfavorable premium development | (11) | (6) | (12) | (24) |
Total pretax (favorable) unfavorable net prior year development | 5 | 84 | (1) | 84 |
International [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | (8) | (25) | (12) | (15) |
Pretax (favorable) unfavorable premium development | (2) | 6 | 14 | (1) |
Total pretax (favorable) unfavorable net prior year development | $ (10) | $ (19) | $ 2 | $ (16) |
Claim and Claim Adjustment Ex48
Claim and Claim Adjustment Expense Reserves - Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Specialty [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Medical professional liability | $ (6) | $ 1 | $ 8 | $ 1 |
Other professional liability and management liability | (1) | (44) | (4) | (50) |
Surety | 1 | 1 | ||
Warranty | 1 | 1 | ||
Other | (7) | 2 | (17) | 4 |
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | (13) | (41) | (11) | (44) |
International [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Medical professional liability | 1 | |||
Other professional liability | (5) | (14) | (5) | (15) |
General liability | (2) | (4) | (7) | (6) |
Property & marine | (8) | (7) | (14) | 1 |
Other | 7 | 14 | (6) | |
Commutations | 10 | |||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | (8) | (25) | (12) | (15) |
Commercial [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Commercial auto | 7 | 19 | 7 | 39 |
General liability | 1 | 32 | 5 | 32 |
Workers' compensation | 24 | 39 | 23 | 50 |
Property and other | (16) | (24) | (13) | |
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ 16 | $ 90 | $ 11 | $ 108 |
Claim and Claim Adjustment Ex49
Claim and Claim Adjustment Expense Reserves - Impact of Loss Portfolio Transfer on Consolidated Statements of Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Insurance [Abstract] | ||||
Net A&EP adverse development before consideration of LPT | $ 150 | $ 150 | ||
Provision for uncollectible third party reinsurance on A&EP | 0 | $ 0 | 0 | $ 0 |
Additional amounts ceded under LPT | 150 | 150 | ||
Retroactive reinsurance benefit recognized | (66) | (1) | (71) | (5) |
Pretax impact of unrecognized deferred retroactive reinsurance benefit | $ 84 | $ (1) | $ 79 | $ (5) |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Jun. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | May. 31, 2015 | Nov. 30, 2014 |
Diamond Offshore [Member] | 4.9% Senior Notes Due 2015 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 4.90% | 4.90% | 4.90% | ||||
Debt instrument principal amount repaid | $ 250,000,000 | ||||||
Debt maturity date | Jul. 1, 2015 | ||||||
Diamond Offshore [Member] | Commercial Paper [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of commercial paper | $ 375,000,000 | ||||||
Debt instrument interest rate | 0.50% | 0.50% | 0.50% | ||||
Weighted average remaining term | 8 days | ||||||
Diamond Offshore [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility maximum borrowing capacity | $ 1,500,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | ||||
Boardwalk Pipeline [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayment of outstanding borrowings | $ 200,000,000 | ||||||
Boardwalk Pipeline [Member] | 5.0% Senior Notes Due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 5.00% | 5.00% | |||||
Debt maturity date | Dec. 15, 2024 | ||||||
Debt instrument principal amount | $ 250,000,000 | $ 350,000,000 | |||||
Boardwalk Pipeline [Member] | 4.6% Notes Due 2015 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 4.60% | ||||||
Debt maturity date | Jun. 1, 2015 | ||||||
Debt instrument principal amount | $ 250,000,000 | ||||||
Boardwalk Pipeline [Member] | 5.1% Notes Due 2015 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 5.10% | 5.10% | 5.10% | ||||
Debt instrument principal amount repaid | $ 275,000,000 | ||||||
Boardwalk Pipeline [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 1.40% | ||||||
Debt instrument principal amount | $ 400,000,000 | ||||||
Boardwalk Pipeline [Member] | Revolving Credit Facility [Member] | Amended Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility maximum borrowing capacity | $ 1,500,000,000 | ||||||
Debt maturity date | May 31, 2020 |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning, balance | $ 298 | $ 563 | $ 280 | $ 339 |
Other comprehensive income (loss) before reclassifications, after tax | (288) | 307 | (268) | 581 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 14 | (36) | 14 | (60) |
Other comprehensive income (loss) | (274) | 271 | (254) | 521 |
Issuance of equity securities by subsidiary | 1 | |||
Amounts attributable to noncontrolling interests | 29 | (27) | 26 | (53) |
Ending, balance | 53 | 807 | 53 | 807 |
OTTI Gains (Losses) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning, balance | 31 | 29 | 32 | 23 |
Transfer to net assets of discontinued operations | (5) | |||
Other comprehensive income (loss) before reclassifications, after tax | (4) | 2 | (5) | 14 |
Other comprehensive income (loss) | (4) | 2 | (5) | 14 |
Amounts attributable to noncontrolling interests | 1 | (1) | 1 | (2) |
Ending, balance | 28 | 30 | 28 | 30 |
Unrealized Gains (Losses) on Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning, balance | 944 | 820 | 846 | 622 |
Transfer to net assets of discontinued operations | (15) | |||
Other comprehensive income (loss) before reclassifications, after tax | (370) | 257 | (251) | 521 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 7 | 13 | (2) | (14) |
Other comprehensive income (loss) | (363) | 270 | (253) | 507 |
Amounts attributable to noncontrolling interests | 38 | (28) | 26 | (52) |
Ending, balance | 619 | 1,062 | 619 | 1,062 |
Discontinued Operations [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning, balance | 21 | (3) | ||
Transfer to net assets of discontinued operations | 20 | |||
Other comprehensive income (loss) before reclassifications, after tax | 3 | 5 | ||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 7 | 10 | ||
Other comprehensive income (loss) | 10 | 15 | ||
Amounts attributable to noncontrolling interests | (1) | (2) | ||
Ending, balance | 30 | 30 | ||
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning, balance | (3) | (2) | (6) | (4) |
Other comprehensive income (loss) before reclassifications, after tax | 3 | (2) | 5 | |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 1 | (3) | 6 | (2) |
Other comprehensive income (loss) | 1 | 4 | 3 | |
Amounts attributable to noncontrolling interests | (1) | (1) | (1) | (2) |
Ending, balance | (3) | (3) | (3) | (3) |
Pension Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning, balance | (636) | (432) | (641) | (432) |
Other comprehensive income (loss) before reclassifications, after tax | 37 | 37 | ||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 6 | (53) | 10 | (54) |
Other comprehensive income (loss) | 43 | (53) | 47 | (54) |
Issuance of equity securities by subsidiary | 1 | |||
Amounts attributable to noncontrolling interests | (5) | 7 | (5) | 8 |
Ending, balance | (598) | (478) | (598) | (478) |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning, balance | (38) | 127 | 49 | 133 |
Other comprehensive income (loss) before reclassifications, after tax | 49 | 42 | (47) | 36 |
Other comprehensive income (loss) | 49 | 42 | (47) | 36 |
Amounts attributable to noncontrolling interests | (4) | (3) | 5 | (3) |
Ending, balance | $ 7 | $ 166 | $ 7 | $ 166 |
Shareholders' Equity - Compon52
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on reclassification from accumulated other comprehensive income | $ 48 | $ 145 | $ 104 | $ 248 |
OTTI Gains (Losses) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on change in other comprehensive income (loss) before reclassifications | 2 | (1) | 2 | (7) |
Tax on reclassification from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Unrealized Gains (Losses) on Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on change in other comprehensive income (loss) before reclassifications | 186 | (140) | 124 | (281) |
Tax on reclassification from accumulated other comprehensive income | (5) | (6) | (5) | 8 |
Discontinued Operations [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | (4) | 0 | (5) |
Tax on reclassification from accumulated other comprehensive income | 0 | (2) | 0 | (5) |
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | (2) | 1 | (3) |
Tax on reclassification from accumulated other comprehensive income | 0 | 1 | (2) | 1 |
Pension Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on change in other comprehensive income (loss) before reclassifications | (18) | 0 | (18) | 0 |
Tax on reclassification from accumulated other comprehensive income | (4) | 27 | (7) | 26 |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Tax on reclassification from accumulated other comprehensive income | $ 0 | $ 0 | $ 0 | $ 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Shareholders Equity [Line Items] | |||
Increase (decrease) in Additional paid-in capital | $ 2 | ||
Common stock, shares issued | 373,203,709 | 372,934,540 | |
Increase in accumulated other comprehensive income | $ 1 | ||
Treasury stock repurchased, shares | 7,600,000 | 4,500,000 | |
Purchase of Loews treasury stock | $ 305 | $ 195 | |
Diamond Offshore [Member] | |||
Shareholders Equity [Line Items] | |||
Purchase of common stock | 900,000 | ||
Common stock, aggregate cost | $ 24 | ||
Increase (decrease) in Additional paid-in capital | $ 3 | ||
Diamond Offshore [Member] | Minimum [Member] | |||
Shareholders Equity [Line Items] | |||
Subsidiary ownership percentage | 52.00% | ||
Diamond Offshore [Member] | Maximum [Member] | |||
Shareholders Equity [Line Items] | |||
Subsidiary ownership percentage | 53.00% | ||
Boardwalk Pipeline [Member] | |||
Shareholders Equity [Line Items] | |||
Common stock, shares issued | 7,100,000 | ||
Proceeds from subsidiary public offering | $ 115 | ||
Contribution from the company | $ 2 | ||
General partner interest | 2.00% | ||
Boardwalk Pipeline [Member] | Minimum [Member] | |||
Shareholders Equity [Line Items] | |||
Subsidiary ownership percentage | 51.00% | ||
Boardwalk Pipeline [Member] | Maximum [Member] | |||
Shareholders Equity [Line Items] | |||
Subsidiary ownership percentage | 53.00% |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Eligible age for several postretirement benefit plans | 55 years | ||
Eligible age for Medicare benefits | 65 years | ||
Defined benefit plan obligation, curtailment | $ 55 | ||
Gain recognized due to curtailment | $ 86 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan obligation, discount rate | 4.00% | 3.60% | 4.00% |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan obligation, discount rate | 3.90% | 3.10% | 3.90% |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gain | $ (86) | |||
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 1 | $ 1 | $ 2 | |
Expected return on plan assets | $ (1) | (1) | (2) | (2) |
Amortization of unrecognized prior service benefit | (3) | (7) | (5) | (13) |
Amortization of unrecognized net loss | 1 | 1 | ||
Curtailment gain | (86) | (86) | ||
Net periodic benefit cost | (3) | (93) | (5) | (99) |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 3 | 8 | 8 |
Interest cost | 32 | 37 | 64 | 74 |
Expected return on plan assets | (49) | (52) | (97) | (105) |
Amortization of unrecognized net loss | 12 | 8 | 23 | 15 |
Regulatory asset decrease | 1 | 1 | ||
Net periodic benefit cost | $ (1) | $ (3) | $ (2) | $ (7) |
Business Segments - Additional
Business Segments - Additional Information (Detail) - Jun. 30, 2015 | StatesRigsCountryHotelSegmentmi |
Segment Reporting Information [Line Items] | |
Number of offshore drilling rigs | Rigs | 35 |
Number of rig under construction | Rigs | 1 |
Number of countries where drilling rigs are located | Country | 7 |
Miles of natural gas and NGL pipeline | mi | 14,625 |
Number of states having natural gas storage facilities | States | 4 |
Total number of hotels owned and/or operated | 23 |
CNA Financial [Member] | |
Segment Reporting Information [Line Items] | |
Number of CNA segments | Segment | 4 |
United States [Member] | |
Segment Reporting Information [Line Items] | |
Number of hotels | 22 |
Canada [Member] | |
Segment Reporting Information [Line Items] | |
Number of hotels | 1 |
Business Segments - Consolidate
Business Segments - Consolidated Revenues and Income (Loss) by Business Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 3,435 | $ 3,593 | $ 6,913 | $ 7,281 |
Income (loss) before income tax and noncontrolling interests | 295 | 546 | 400 | 1,060 |
Income from continuing operations | 170 | 303 | 279 | 568 |
Discontinued operations, net | (187) | (393) | ||
Net income (loss) | 170 | 116 | 279 | 175 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | (2) | (14) | 8 | 28 |
Investment gains included in net income (loss) | 3 | (9) | 11 | 15 |
CNA Financial [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,327 | 2,440 | 4,679 | 4,903 |
Income (loss) before income tax and noncontrolling interests | 165 | 365 | 479 | 666 |
Net income (loss) | 124 | 235 | 334 | 435 |
CNA Financial [Member] | Other Non-Core [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 320 | 329 | 654 | 672 |
Income (loss) before income tax and noncontrolling interests | (198) | 23 | (290) | (25) |
Net income (loss) | (91) | 32 | (123) | 21 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | (5) | (1) | (4) | 17 |
Investment gains included in net income (loss) | 2 | 4 | 10 | |
CNA Financial [Member] | Property and Casualty [Member] | Specialty [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 904 | 931 | 1,821 | 1,846 |
Income (loss) before income tax and noncontrolling interests | 206 | 246 | 413 | 449 |
Net income (loss) | 124 | 146 | 247 | 269 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | (5) | 4 | 6 | |
Investment gains included in net income (loss) | 1 | (4) | 3 | 3 |
CNA Financial [Member] | Property and Casualty [Member] | Commercial [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 883 | 936 | 1,778 | 1,882 |
Income (loss) before income tax and noncontrolling interests | 122 | 65 | 308 | 184 |
Net income (loss) | 72 | 39 | 182 | 112 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | 2 | (5) | 6 | 5 |
Investment gains included in net income (loss) | (6) | 3 | 1 | |
CNA Financial [Member] | Property and Casualty [Member] | International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 220 | 244 | 426 | 503 |
Income (loss) before income tax and noncontrolling interests | 35 | 31 | 48 | 58 |
Net income (loss) | 19 | 18 | 28 | 33 |
Investment gains included in Revenues and Income (loss) before income tax and noncontrolling interests | 1 | (3) | 2 | |
Investment gains included in net income (loss) | 1 | 1 | 1 | |
Diamond Offshore [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 632 | 701 | 1,259 | 1,411 |
Income (loss) before income tax and noncontrolling interests | 106 | 112 | (181) | 280 |
Net income (loss) | 45 | 42 | (81) | 111 |
Boardwalk Pipeline [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 299 | 295 | 629 | 652 |
Income (loss) before income tax and noncontrolling interests | 38 | 54 | 115 | 77 |
Net income (loss) | 12 | 17 | 37 | (1) |
Loews Hotels [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 167 | 112 | 306 | 217 |
Income (loss) before income tax and noncontrolling interests | 14 | 9 | 24 | 14 |
Net income (loss) | 8 | 5 | 13 | 8 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10 | 45 | 40 | 98 |
Income (loss) before income tax and noncontrolling interests | (28) | 6 | (37) | 23 |
Net income (loss) | $ (19) | $ 4 | $ (24) | $ 15 |
Business Segments - Consolida58
Business Segments - Consolidated Revenues and Income (Loss) by Business Segment (Parenthetical) (Detail) - Bluegrass Project [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |
Asset impairment charge, before tax and noncontrolling interests | $ 94 |
Asset impairment loss, net of tax and noncontrolling interests | $ 55 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Commitments [Line Items] | |
Aggregate amount related to indemnification agreements | $ 375 |
Aggregate amount related to quantifiable guarantees | 260 |
Potential amount of future payments under guarantees | 2,000 |
Harsh Environment Semisubmersible Drilling Rig [Member] | |
Commitments [Line Items] | |
Total cost of the project | 764 |
Remaining contractual payment is due upon delivery of rig | $ 440 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Discontinued Operations Reflected in Consolidated Condensed Statements of Income (Detail) - Jun. 30, 2014 - USD ($) $ in Millions | Total | Total |
Expenses: | ||
Income (loss) from discontinued operations | $ (187) | $ (393) |
HighMount [Member] | ||
Revenues: | ||
Other revenue, primarily operating | 46 | 101 |
Total | 46 | 101 |
Expenses: | ||
Impairment of natural gas and oil properties | 29 | |
Operating | 56 | 111 |
Interest | 3 | 5 |
Total | 59 | 145 |
Income (loss) before income tax | (13) | (44) |
Income tax expense | (12) | (1) |
Results of discontinued operations, net of income tax | (25) | (45) |
Impairment loss, net of tax benefit | (167) | (167) |
Income (loss) from discontinued operations | (192) | (212) |
CAC [Member] | ||
Revenues: | ||
Net investment income | 39 | 80 |
Investment gains | 1 | 2 |
Total | 40 | 82 |
Expenses: | ||
Insurance claims and policyholders' benefits | 32 | 63 |
Other operating expenses | 1 | 2 |
Operating | 33 | 65 |
Income (loss) before income tax | 7 | 17 |
Income tax expense | (1) | (4) |
Results of discontinued operations, net of income tax | 6 | 13 |
Impairment loss, net of tax benefit | (214) | |
Amounts attributable to noncontrolling interests | (1) | 20 |
Income (loss) from discontinued operations | $ 5 | $ (181) |
Discontinued Operations - Sch61
Discontinued Operations - Schedule of Discontinued Operations Reflected in Consolidated Condensed Statements of Income (Parenthetical) (Detail) - Jun. 30, 2014 - USD ($) $ in Millions | Total | Total |
HighMount [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income tax benefit on impairment loss | $ 92 | $ 92 |
CAC [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income tax benefit on impairment loss | $ 41 |
Consolidating Financial Infor62
Consolidating Financial Information - Consolidating Balance Sheet Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | $ 51,048 | $ 52,032 | ||
Cash | 249 | 364 | $ 277 | $ 294 |
Receivables | 8,097 | 7,770 | ||
Property, plant and equipment | 15,917 | 15,611 | ||
Goodwill | 373 | 374 | ||
Other assets | 1,710 | 1,616 | ||
Deferred acquisition costs of insurance subsidiaries | 621 | 600 | ||
Total assets | 78,015 | 78,367 | ||
Insurance reserves | 36,368 | 36,380 | ||
Payable to brokers | 741 | 673 | ||
Short term debt | 1,061 | 335 | ||
Long term debt | 9,791 | 10,333 | ||
Deferred income taxes | 773 | 893 | ||
Other liabilities | 4,949 | 5,103 | ||
Total liabilities | 53,683 | 53,717 | ||
Total shareholders' equity | 18,982 | 19,280 | ||
Noncontrolling interests | 5,350 | 5,370 | ||
Total equity | 24,332 | 24,650 | $ 25,355 | $ 24,906 |
Total liabilities and equity | 78,015 | 78,367 | ||
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Receivables | (94) | (56) | ||
Deferred income taxes | (431) | (598) | ||
Investments in capital stocks of subsidiaries | (15,756) | (15,974) | ||
Other assets | 12 | 14 | ||
Total assets | (16,269) | (16,614) | ||
Deferred income taxes | (419) | (400) | ||
Other liabilities | (94) | (240) | ||
Total liabilities | (513) | (640) | ||
Total shareholders' equity | (15,756) | (15,974) | ||
Total equity | (15,756) | (15,974) | ||
Total liabilities and equity | (16,269) | (16,614) | ||
CNA Financial [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | 45,332 | 46,262 | ||
Cash | 145 | 190 | ||
Receivables | 7,365 | 7,097 | ||
Property, plant and equipment | 304 | 280 | ||
Deferred income taxes | 283 | 222 | ||
Goodwill | 116 | 117 | ||
Other assets | 835 | 778 | ||
Deferred acquisition costs of insurance subsidiaries | 621 | 600 | ||
Total assets | 55,001 | 55,546 | ||
Insurance reserves | 36,368 | 36,380 | ||
Payable to brokers | 196 | 117 | ||
Short term debt | 1 | |||
Long term debt | 2,564 | 2,561 | ||
Deferred income taxes | 8 | 11 | ||
Other liabilities | 3,660 | 3,713 | ||
Total liabilities | 42,797 | 42,782 | ||
Total shareholders' equity | 10,944 | 11,457 | ||
Noncontrolling interests | 1,260 | 1,307 | ||
Total equity | 12,204 | 12,764 | ||
Total liabilities and equity | 55,001 | 55,546 | ||
Diamond Offshore [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | 102 | 234 | ||
Cash | 10 | 16 | ||
Receivables | 537 | 490 | ||
Property, plant and equipment | 6,934 | 6,949 | ||
Goodwill | 20 | 20 | ||
Other assets | 268 | 307 | ||
Total assets | 7,871 | 8,016 | ||
Payable to brokers | 5 | |||
Short term debt | 625 | 250 | ||
Long term debt | 1,982 | 1,981 | ||
Deferred income taxes | 393 | 514 | ||
Other liabilities | 591 | 792 | ||
Total liabilities | 3,591 | 3,542 | ||
Total shareholders' equity | 2,285 | 2,359 | ||
Noncontrolling interests | 1,995 | 2,115 | ||
Total equity | 4,280 | 4,474 | ||
Total liabilities and equity | 7,871 | 8,016 | ||
Boardwalk Pipeline [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 20 | 8 | ||
Receivables | 123 | 128 | ||
Property, plant and equipment | 7,633 | 7,649 | ||
Goodwill | 237 | 237 | ||
Other assets | 324 | 304 | ||
Total assets | 8,337 | 8,326 | ||
Long term debt | 3,493 | 3,690 | ||
Deferred income taxes | 755 | 732 | ||
Other liabilities | 425 | 400 | ||
Total liabilities | 4,673 | 4,822 | ||
Total shareholders' equity | 1,571 | 1,558 | ||
Noncontrolling interests | 2,093 | 1,946 | ||
Total equity | 3,664 | 3,504 | ||
Total liabilities and equity | 8,337 | 8,326 | ||
Loews Hotels [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | 100 | 75 | ||
Cash | 11 | 9 | ||
Receivables | 45 | 29 | ||
Property, plant and equipment | 997 | 671 | ||
Deferred income taxes | 2 | 2 | ||
Other assets | 261 | 206 | ||
Total assets | 1,416 | 992 | ||
Short term debt | 35 | 85 | ||
Long term debt | 471 | 421 | ||
Deferred income taxes | 36 | 36 | ||
Other liabilities | 66 | 17 | ||
Total liabilities | 608 | 559 | ||
Total shareholders' equity | 806 | 431 | ||
Noncontrolling interests | 2 | 2 | ||
Total equity | 808 | 433 | ||
Total liabilities and equity | 1,416 | 992 | ||
Corporate and Other [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | 5,514 | 5,461 | ||
Cash | 63 | 141 | ||
Receivables | 121 | 82 | ||
Property, plant and equipment | 49 | 62 | ||
Deferred income taxes | 146 | 374 | ||
Investments in capital stocks of subsidiaries | 15,756 | 15,974 | ||
Other assets | 10 | 7 | ||
Total assets | 21,659 | 22,101 | ||
Payable to brokers | 545 | 551 | ||
Short term debt | 400 | |||
Long term debt | 1,281 | 1,680 | ||
Other liabilities | 301 | 421 | ||
Total liabilities | 2,527 | 2,652 | ||
Total shareholders' equity | 19,132 | 19,449 | ||
Total equity | 19,132 | 19,449 | ||
Total liabilities and equity | $ 21,659 | $ 22,101 |
Consolidating Financial Infor63
Consolidating Financial Information - Consolidating Statement of Income Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Insurance premiums | $ 1,735 | $ 1,811 | $ 3,422 | $ 3,617 |
Net investment income | 510 | 597 | 1,098 | 1,174 |
Investment gains | (2) | (14) | 8 | 28 |
Contract drilling revenues | 617 | 650 | 1,217 | 1,335 |
Other revenues | 575 | 549 | 1,168 | 1,127 |
Total | 6,913 | 7,281 | ||
Expenses: | ||||
Insurance claims and policyholders' benefits | 1,469 | 1,441 | 2,808 | 2,887 |
Amortization of deferred acquisition costs | 314 | 335 | 617 | 664 |
Contract drilling expenses | 344 | 395 | 695 | 765 |
Other operating expenses | 879 | 750 | 2,128 | 1,657 |
Interest | 134 | 126 | 265 | 248 |
Total | 3,140 | 3,047 | 6,513 | 6,221 |
Income (loss) before income tax | 295 | 546 | 400 | 1,060 |
Income tax (expense) benefit | (48) | (145) | (104) | (248) |
Income from continuing operations | 247 | 401 | 296 | 812 |
Discontinued operations, net | (186) | (413) | ||
Net income | 247 | 215 | 296 | 399 |
Amounts attributable to noncontrolling interests | $ (77) | $ (99) | (17) | (224) |
Net income (loss) attributable to Loews Corporation | 279 | 175 | ||
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany interest and dividends | (650) | (512) | ||
Total | (650) | (512) | ||
Expenses: | ||||
Income (loss) before income tax | (650) | (512) | ||
Income from continuing operations | (512) | |||
Net income | (650) | (512) | ||
Net income (loss) attributable to Loews Corporation | (650) | (512) | ||
CNA Financial [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Insurance premiums | 3,422 | 3,617 | ||
Net investment income | 1,058 | 1,076 | ||
Investment gains | 8 | 28 | ||
Other revenues | 191 | 182 | ||
Total | 4,679 | 4,903 | ||
Expenses: | ||||
Insurance claims and policyholders' benefits | 2,808 | 2,887 | ||
Amortization of deferred acquisition costs | 617 | 664 | ||
Other operating expenses | 697 | 596 | ||
Interest | 78 | 90 | ||
Total | 4,200 | 4,237 | ||
Income (loss) before income tax | 479 | 666 | ||
Income tax (expense) benefit | (107) | (182) | ||
Income from continuing operations | 484 | |||
Discontinued operations, net | (201) | |||
Net income | 372 | 283 | ||
Amounts attributable to noncontrolling interests | (38) | (29) | ||
Net income (loss) attributable to Loews Corporation | 334 | 254 | ||
Diamond Offshore [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net investment income | 1 | 1 | ||
Contract drilling revenues | 1,217 | 1,335 | ||
Other revenues | 41 | 75 | ||
Total | 1,259 | 1,411 | ||
Expenses: | ||||
Contract drilling expenses | 695 | 765 | ||
Other operating expenses | 696 | 329 | ||
Interest | 49 | 37 | ||
Total | 1,440 | 1,131 | ||
Income (loss) before income tax | (181) | 280 | ||
Income tax (expense) benefit | 22 | (53) | ||
Income from continuing operations | 227 | |||
Net income | (159) | 227 | ||
Amounts attributable to noncontrolling interests | 78 | (116) | ||
Net income (loss) attributable to Loews Corporation | (81) | 111 | ||
Boardwalk Pipeline [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Other revenues | 629 | 652 | ||
Total | 629 | 652 | ||
Expenses: | ||||
Other operating expenses | 423 | 494 | ||
Interest | 91 | 81 | ||
Total | 514 | 575 | ||
Income (loss) before income tax | 115 | 77 | ||
Income tax (expense) benefit | (21) | 1 | ||
Income from continuing operations | 78 | |||
Net income | 94 | 78 | ||
Amounts attributable to noncontrolling interests | (57) | (79) | ||
Net income (loss) attributable to Loews Corporation | 37 | (1) | ||
Loews Hotels [Member] | Operating Segments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Other revenues | 306 | 217 | ||
Total | 306 | 217 | ||
Expenses: | ||||
Other operating expenses | 272 | 200 | ||
Interest | 10 | 3 | ||
Total | 282 | 203 | ||
Income (loss) before income tax | 24 | 14 | ||
Income tax (expense) benefit | (11) | (6) | ||
Income from continuing operations | 8 | |||
Net income | 13 | 8 | ||
Net income (loss) attributable to Loews Corporation | 13 | 8 | ||
Corporate and Other [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net investment income | 39 | 97 | ||
Intercompany interest and dividends | 650 | 512 | ||
Other revenues | 1 | 1 | ||
Total | 690 | 610 | ||
Expenses: | ||||
Other operating expenses | 40 | 38 | ||
Interest | 37 | 37 | ||
Total | 77 | 75 | ||
Income (loss) before income tax | 613 | 535 | ||
Income tax (expense) benefit | 13 | (8) | ||
Income from continuing operations | 527 | |||
Discontinued operations, net | (212) | |||
Net income | 626 | 315 | ||
Net income (loss) attributable to Loews Corporation | $ 626 | $ 315 |