Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 02, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | L | ||
Entity Registrant Name | LOEWS CORP | ||
Entity Central Index Key | 60,086 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 328,825,271 | ||
Entity Public Float | $ 12,971,000,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Fixed maturities, amortized cost of $38,861 and $38,947 | $ 42,133 | $ 41,494 |
Equity securities, cost of $1,177 and $571 | 1,224 | 549 |
Limited partnership investments | 3,278 | 3,220 |
Other invested assets, primarily mortgage loans | 945 | 683 |
Short term investments | 4,646 | 4,765 |
Total investments | 52,226 | 50,711 |
Cash | 472 | 327 |
Receivables | 7,613 | 7,644 |
Property, plant and equipment | 15,427 | 15,230 |
Goodwill | 659 | 346 |
Other assets | 2,555 | 1,736 |
Deferred acquisition costs of insurance subsidiaries | 634 | 600 |
Total assets | 79,586 | 76,594 |
Liabilities and Equity: | ||
Claim and claim adjustment expense | 22,004 | 22,343 |
Future policy benefits | 11,179 | 10,326 |
Unearned premiums | 4,029 | 3,762 |
Total insurance reserves | 37,212 | 36,431 |
Payable to brokers | 60 | 150 |
Short Term Debt | 280 | 110 |
Long Term Debt | 11,253 | 10,668 |
Deferred income taxes | 749 | 636 |
Other liabilities | 5,466 | 5,238 |
Total liabilities | 55,020 | 53,233 |
Commitments and contingent liabilities | ||
Shareholders' equity: | ||
Preferred stock, $0.10 par value: Authorized - 100,000,000 shares | ||
Common stock, $0.01 par value: Authorized - 1,800,000,000 shares Issued - 332,487,815 and 336,621,358 shares | 3 | 3 |
Additional paid-incapital | 3,151 | 3,187 |
Retained earnings | 16,096 | 15,196 |
Accumulated other comprehensive loss | (26) | (223) |
Shareholders' equity before treasury stock, total | 19,224 | 18,163 |
Less treasury stock, at cost (400,000 shares) | (20) | |
Total shareholders' equity | 19,204 | 18,163 |
Noncontrolling interests | 5,362 | 5,198 |
Total equity | 24,566 | 23,361 |
Total liabilities and equity | $ 79,586 | $ 76,594 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 38,861 | $ 38,947 |
Equity securities, cost | $ 1,177 | $ 571 |
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 | 332,487,815 | 336,621,358 |
Treasury stock, shares | 400,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Insurance premiums | $ 6,988 | $ 6,924 | $ 6,921 |
Net investment income | 2,182 | 2,135 | 1,866 |
Investment gains (losses): | |||
Other-than-temporary impairment losses | (14) | (81) | (156) |
Other net investment gains | 136 | 131 | 85 |
Total investment gains (losses) | 122 | 50 | (71) |
Contract drilling revenues | 1,451 | 1,525 | 2,360 |
Other revenues | 2,992 | 2,471 | 2,339 |
Total | 13,735 | 13,105 | 13,415 |
Expenses: | |||
Insurance claims and policyholders' benefits | 5,310 | 5,283 | 5,384 |
Amortization of deferred acquisition costs | 1,233 | 1,235 | 1,540 |
Contract drilling expenses | 802 | 772 | 1,228 |
Other operating expenses | 4,162 | 4,343 | 4,499 |
Interest | 646 | 536 | 520 |
Total | 12,153 | 12,169 | 13,171 |
Income before income tax | 1,582 | 936 | 244 |
Income tax (expense) benefit | (170) | (220) | 43 |
Net income | 1,412 | 716 | 287 |
Amounts attributable to noncontrolling interests | (248) | (62) | (27) |
Net income attributable to Loews Corporation | $ 1,164 | $ 654 | $ 260 |
Basic net income per share | $ 3.46 | $ 1.93 | $ 0.72 |
Diluted net income per share | 3.45 | 1.93 | 0.72 |
Dividends per share | $ 0.25 | $ 0.25 | $ 0.25 |
Basic weighted average number of shares outstanding | 336,610 | 337,950 | 362,430 |
Diluted weighted average number of shares outstanding | 337,500 | 338,310 | 362,690 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 1,412 | $ 716 | $ 287 |
Other comprehensive income (loss), after tax Changes in: | |||
Net unrealized gains (losses) on investments with other- than-temporary impairments | (5) | 3 | (9) |
Net other unrealized gains (losses) on investments | 108 | 257 | (557) |
Total unrealized gains (losses) on available-for-sale investments | 103 | 260 | (566) |
Unrealized gains on cash flow hedges | 3 | 2 | 5 |
Pension liability | 12 | 5 | (18) |
Foreign currency translation | 100 | (114) | (139) |
Other comprehensive income (loss) | 218 | 153 | (718) |
Comprehensive income (loss) | 1,630 | 869 | (431) |
Amounts attributable to noncontrolling interests | (269) | (81) | 53 |
Total comprehensive income (loss) attributable to Loews Corporation | $ 1,361 | $ 788 | $ (378) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock Held in Treasury [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2014 | $ 24,650 | $ 4 | $ 3,481 | $ 15,515 | $ 280 | $ 5,370 | |
Net income | 287 | 260 | 27 | ||||
Other comprehensive income | (718) | (638) | (80) | ||||
Dividends paid | (255) | (90) | |||||
Dividends paid | (165) | ||||||
Issuance of equity securities by subsidiary | 115 | (2) | 1 | 116 | |||
Purchases of subsidiary stock from noncontrolling interests | (31) | 5 | (36) | ||||
Purchases of Loews treasury stock | (1,265) | $ (1,265) | |||||
Retirement of treasury stock | (1) | (311) | (953) | 1,265 | |||
Issuance of Loews common stock | 7 | 7 | |||||
Stock-based compensation | 26 | 23 | 3 | ||||
Other | (6) | (19) | (1) | 14 | |||
Ending Balance at Dec. 31, 2015 | 22,810 | 3 | 3,184 | 14,731 | (357) | 5,249 | |
Net income | 716 | 654 | 62 | ||||
Other comprehensive income | 153 | 134 | 19 | ||||
Dividends paid | (218) | (84) | |||||
Dividends paid | (134) | ||||||
Purchases of subsidiary stock from noncontrolling interests | (9) | 3 | (12) | ||||
Purchases of Loews treasury stock | (134) | (134) | |||||
Retirement of treasury stock | (32) | (102) | 134 | ||||
Stock-based compensation | 47 | 45 | 2 | ||||
Other | (4) | (13) | (3) | 12 | |||
Ending Balance at Dec. 31, 2016 | 23,361 | 3 | 3,187 | 15,196 | (223) | 5,198 | |
Net income | 1,412 | 1,164 | 248 | ||||
Other comprehensive income | 218 | 197 | 21 | ||||
Dividends paid | (223) | (84) | |||||
Dividends paid | (139) | ||||||
Purchases of Loews treasury stock | (237) | (237) | |||||
Retirement of treasury stock | 1 | (41) | (175) | 217 | |||
Stock-based compensation | 35 | 2 | 33 | ||||
Other | (1) | 3 | (5) | 1 | |||
Ending Balance at Dec. 31, 2017 | $ 24,566 | $ 3 | $ 3,151 | $ 16,096 | $ (26) | $ (20) | $ 5,362 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities: | |||
Net income | $ 1,412 | $ 716 | $ 287 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Investment (gains) losses | (122) | (50) | 71 |
Equity method investees | 25 | 221 | 182 |
Amortization of investments | (40) | (27) | 17 |
Depreciation and amortization | 874 | 841 | 955 |
Impairment of goodwill | 20 | ||
Asset impairments | 106 | 697 | 865 |
Provision for deferred income taxes | (47) | 102 | (225) |
Other non-cash items | 164 | 73 | 105 |
Changes in operating assets and liabilities, net: | |||
Receivables | 93 | 24 | 120 |
Deferred acquisition costs | (24) | (8) | 311 |
Insurance reserves | 22 | 237 | 241 |
Other assets | (95) | (71) | (43) |
Other liabilities | 114 | 26 | (33) |
Trading securities | 108 | (528) | 674 |
Net cash flow operating activities | 2,590 | 2,253 | 3,547 |
Investing Activities: | |||
Purchases of fixed maturities | (9,065) | (9,827) | (8,675) |
Proceeds from sales of fixed maturities | 5,438 | 5,332 | 4,390 |
Proceeds from maturities of fixed maturities | 3,641 | 3,219 | 4,095 |
Purchases of limited partnership investments | (171) | (355) | (188) |
Proceeds from sales of limited partnership investments | 212 | 327 | 174 |
Purchases of property, plant and equipment | (1,031) | (1,450) | (1,555) |
Acquisitions | (1,218) | (79) | (157) |
Dispositions | 79 | 330 | 33 |
Change in short term investments | (167) | 158 | 120 |
Other, net | (373) | 158 | (172) |
Net cash flow investing activities | (2,655) | (2,187) | (1,935) |
Financing Activities: | |||
Dividends paid | (84) | (84) | (90) |
Dividends paid to noncontrolling interests | (139) | (134) | (165) |
Purchases of subsidiary stock from noncontrolling interests | (8) | (29) | |
Purchases of Loews treasury stock | (216) | (134) | (1,265) |
Issuance of Loews common stock | 7 | ||
Proceeds from sale of subsidiary stock | 114 | ||
Principal payments on debt | (2,411) | (3,418) | (1,929) |
Issuance of debt | 3,067 | 3,614 | 1,828 |
Other, net | (16) | (2) | 4 |
Net cash flow financing activities | 201 | (166) | (1,525) |
Effect of foreign exchange rate on cash | 9 | (13) | (11) |
Net change in cash | 145 | (113) | 76 |
Cash, beginning of year | 327 | 440 | 364 |
Cash, end of year | $ 472 | $ 327 | $ 440 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Basis of presentation Principles of consolidation Accounting estimates Investments available-for-sale available-for-sale The cost of fixed maturity securities classified as available-for-sale For asset-backed securities included in fixed maturity securities, the Company recognizes income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. To the extent that unrealized gains on fixed income securities supporting long term care products and structured settlements not funded by annuities would result in a premium deficiency if those gains were realized, a related increase in Insurance reserves is recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (“Shadow Adjustments”). Shadow Adjustments increased $355 million (after tax and noncontrolling interests) and decreased $87 million (after tax and noncontrolling interests) for the years ended December 31, 2017 and 2016. As of December 31, 2017 and 2016, net unrealized gains on investments included in Accumulated other comprehensive income (“AOCI”) were correspondingly reduced by Shadow Adjustments of $1.3 billion and $909 million (after tax and noncontrolling interests). The Company’s carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the general partner. Certain partnerships for which results are not available on a timely basis are reported on a lag, primarily three months or less. These investments are accounted for under the equity method and changes in net asset values are recorded within Net investment income on the Consolidated Statements of Income. Investments in derivative securities are carried at fair value with changes in fair value reported as a component of Investment gains (losses), Income (loss) from trading portfolio, or Other comprehensive income (loss), depending on their hedge designation. A derivative is typically defined as an instrument whose value is “derived” from an underlying instrument, index or rate, has a notional amount, requires little or no initial investment and can be net settled. Derivatives include, but are not limited to, the following types of investments: interest rate swaps, interest rate caps and floors, put and call options, warrants, futures, forwards, commitments to purchase securities, credit default swaps and combinations of the foregoing. Derivatives embedded within non-derivative A security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and previously recorded other-than-temporary impairment (“OTTI”) losses, otherwise defined as an unrealized loss. When a security is impaired, the impairment is evaluated to determine whether it is temporary or other-than-temporary. Significant judgment is required in the determination of whether an OTTI loss has occurred for a security. CNA follows a consistent and systematic process for determining and recording an OTTI loss including the evaluation of securities in an unrealized loss position on at least a quarterly basis. CNA’s assessment of whether an OTTI loss has occurred incorporates both quantitative and qualitative information. Fixed maturity securities that CNA intends to sell, or it more likely than not will be required to sell before recovery of amortized cost, are considered to be other-than-temporarily impaired and the entire difference between the amortized cost basis and fair value of the security is recognized as an OTTI loss in earnings. The remaining fixed maturity securities in an unrealized loss position are evaluated to determine if a credit loss exists. The factors considered include: (i) the financial condition and near term and long term prospects of the issuer, (ii) whether the debtor is current on interest and principal payments, (iii) credit ratings of the securities and (iv) general market conditions and industry or sector specific outlook. CNA also considers results and analysis of cash flow modeling for asset-backed securities, and when appropriate, other fixed maturity securities. The focus of the analysis for asset-backed securities is on assessing the sufficiency and quality of underlying collateral and timing of cash flows based on scenario tests. If the present value of the modeled expected cash flows equals or exceeds the amortized cost of a security, no credit loss is judged to exist and the asset-backed security is deemed to be temporarily impaired. If the present value of the expected cash flows is significantly less than amortized cost, the security is judged to be other-than-temporarily impaired for credit reasons and that shortfall, referred to as the credit component, is recognized as an OTTI loss in earnings. The difference between the adjusted amortized cost basis and fair value, referred to as the non-credit non-credit CNA performs the discounted cash flow analysis using stressed scenarios to determine future expectations regarding recoverability. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. CNA applies the same impairment model as described above for the majority of its non-redeemable Joint venture investments The following tables present summarized financial information for these joint ventures: Year Ended December 31 2017 2016 (In millions) Total assets $ 1,703 $ 1,749 Total liabilities 1,347 1,444 Year Ended December 31 2017 2016 2015 Revenues $ 731 $ 693 $ 606 Net income 261 80 71 Hedging Securities lending activities Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan. This matching of terms tends to limit risk. In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice. Collateral is not reflected as an asset of the Company. There was no collateral held at December 31, 2017 and 2016. Revenue recognition Insurance receivables include balances due currently or in the future, including amounts due from insureds related to losses under high deductible policies, and are presented at unpaid balances, net of an allowance for doubtful accounts. Amounts are considered past due based on policy payment terms. The allowance is determined based on periodic evaluations of aged receivables, management’s experience and current economic conditions. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. Property and casualty contracts that are retrospectively rated contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions and loss experience of the insured during the experience period. For such contracts, CNA estimates the amount of ultimate premiums that it may earn upon completion of the experience period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. CNA adjusts such estimated ultimate premium amounts during the course of the experience period based on actual results to date. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period. Contract drilling revenue from dayrate drilling contracts is recognized as services are performed. In connection with such drilling contracts, Diamond Offshore may receive fees (either lump-sum Revenues from transportation and storage services are recognized in the period the service is provided based on contractual terms and the related transported and stored volumes. The majority of Boardwalk Pipeline’s operating subsidiaries are subject to Federal Energy Regulatory Commission (“FERC”) regulations and, accordingly, certain revenues collected may be subject to possible refunds to its customers. An estimated refund liability is recorded considering regulatory proceedings, advice of counsel and estimated total exposure. Claim and claim adjustment expense reserves Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.2 billion as of December 31, 2017 and 2016. A significant portion of these amounts are supported by collateral. CNA also has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Receivables on the Consolidated Balance Sheets. Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. CNA’s obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and carried at present values determined using interest rates ranging from 5.5% to 8.0% at December 31, 2017 and 2016. At December 31, 2017 and 2016, the discounted reserves for unfunded structured settlements were $527 million and $544 million, net of discount of $798 million and $841 million. For the years ended December 31, 2017, 2016 and 2015, the amount of interest recognized on the discounted reserves of unfunded structured settlements was $41 million, $42 million and $42 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income but is excluded from the disclosure of prior year development. Workers’ compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. At December 31, 2017 and 2016, workers’ compensation lifetime claim reserves are discounted at a 3.5% interest rate. As of December 31, 2017 and 2016, the discounted reserves for workers’ compensation lifetime claim reserves were $346 million and $371 million, net of discount of $190 million and $202 million. For the years ended December 31, 2017, 2016 and 2015, the amount of interest accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves was $19 million, $17 million and $20 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income, but is excluded from the Company’s disclosure of prior year development. Long term care claim reserves are calculated using mortality and morbidity assumptions based on CNA and industry experience. Long term care claim reserves are discounted at an interest rate of 6.0% at December 31, 2017 and interest rates ranging from 4.5% to 6.8% at December 31, 2016. At December 31, 2017 and 2016, such discounted reserves totaled $2.4 billion and $2.2 billion, net of discount of $446 million and $529 million. Future policy benefit reserves Guaranty fund and other insurance-related assessments Reinsurance Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefit reserves. Reinsurance receivables are reported net of an allowance for doubtful accounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of CNA. CNA has established an allowance for doubtful accounts on reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The allowance for doubtful accounts on reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer solvency, industry experience and current economic conditions. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if CNA becomes aware of significant changes related to a reinsurer. Because billed receivables generally approximate 3% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for doubtful accounts on reinsurance receivables are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables from insolvent insurers related to paid losses are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. Reinsurance contracts that do not effectively transfer the economic risk of loss on the underlying policies are recorded using the deposit method of accounting, which requires that premium paid or received by the ceding company or assuming company be accounted for as a deposit asset or liability. CNA had $8 million and $3 million recorded as deposit assets at December 31, 2017 and 2016, and $4 million and $6 million recorded as deposit liabilities as of December 31, 2017 and 2016. Income on reinsurance contracts accounted for under the deposit method is recognized using an effective yield based on the anticipated timing of payments and the remaining life of the contract. When the anticipated timing of payments changes, the effective yield is recalculated to reflect actual payments to date and the estimated timing of future payments. The deposit asset or liability is adjusted to the amount that would have existed had the new effective yield been applied since the inception of the contract. A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative claim and allocated claim adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a gain position and a revised estimate of claim and allocated claim adjustment expenses, a portion of the deferred gain is cumulatively recognized in earnings as if the revised estimate was available at the inception date of the loss portfolio transfer. Deferred acquisition costs CNA evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current period results of operations. Deferred acquisition costs related to long term care contracts issued prior to January 1, 2004 include costs which vary with and are primarily related to the acquisition of business. As noted under Future policy benefit reserves, all of the long term care deferred acquisition costs of $289 million were written off as of December 31, 2015 in recognition of a premium deficiency. Goodwill and other intangible assets Other intangible assets are reported within Other assets. Finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived other intangible assets are tested for impairment annually or when certain triggering events require such tests. See Note 7 for additional information on the Company’s goodwill and other intangible assets. Property, plant and equipment The principal service lives used in computing provisions for depreciation are as follows: Years Pipeline equipment 30 to 50 Offshore drilling equipment 15 to 30 Other 3 to 40 Impairment of long-lived assets Income taxes The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. See Note 10 for additional information on the provision for income taxes. Pension and postretirement benefits Stock-based compensation Net income per share For each of the years ended December 31, 2017, 2016 and 2015, approximately 0.9 million, 0.4 million and 0.3 million potential shares attributable to issuances and exercises under the Loews Corporation 2016 Incentive Compensation Plan and the prior plan were included in the calculation of diluted net income per share. For those same periods, approximately 0.4 million, 3.7 million and 4.8 million shares attributable to employee stock-based compensation awards were not included in the calculation of diluted net income per share because the effect would have been antidilutive. Foreign currency Regulatory accounting Supplementary cash flow information Accounting changes – 2016-09, Recently issued ASUs – 2014-09, The standard excludes from its scope the accounting for insurance contracts, financial instruments and certain other agreements that are subject to other guidance in the FASB Accounting Standards Codification, which limits the impact of this change in accounting for the Company. Upon adoption, the Company expects the impact to be related primarily to revenue on CNA’s warranty products and services, which will be recognized more slowly under the new guidance than under the current revenue recognition pattern. At adoption, the Company anticipates a cumulative effect adjustment that will decrease Retained earnings by approximately $58 million (after tax and noncontrolling interests). In addition, Other revenues and Other operating expenses on the Company’s Consolidated Statements of Income will increase significantly for those contracts for which CNA has concluded it is a principal, as the retail sellers’ mark-up gross-up gross-up In January of 2016, the FASB issued ASU 2016-01, – 825-10): available-for-sale In February of 2016, the FASB issued ASU 2016-02, 2014-09. In June of 2016, the FASB issued ASU 2016-13, available-for-sale available-for-sale In October of 2016, the FASB issued ASU 2016-16, non-controlling |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Note 2. Acquisitions and Divestitures Loews Corporation On May 22, 2017, the Company acquired CCC Acquisition Holdings, Inc. for $1.2 billion, subject to post-closing adjustments. CCC Acquisition Holdings, Inc., through its wholly owned subsidiary, Consolidated Container, is a rigid plastic packaging and recycled resins manufacturer that provides packaging solutions to end markets such as beverage, food and household chemicals through a network of manufacturing locations across North America. The results of Consolidated Container are included in the Consolidated Financial Statements since the acquisition date in the Corporate segment. For the period since the acquisition date, Consolidated Container’s revenues were $498 million and net income was not significant. For the year ended December 31, 2016, Consolidated Container reported total revenues of $788 million. The acquisition was funded with approximately $620 million of Parent Company cash and debt financing proceeds at Consolidated Container of $600 million, as discussed in Note 11. The following table summarizes the preliminary allocation of the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date and is subject to change within the measurement period. The primary areas that are not yet finalized relate to working capital at closing and determination of tax bases of net assets acquired. (In millions) Cash $ 5 Property, plant and equipment 389 Goodwill 310 Other assets: Inventory 57 Customer relationships 459 Trade name 43 Other 127 Deferred income taxes (27) Other liabilities: Accounts payable (52) Pension liability (27) Other (61) $ 1,223 Customer relationships were valued using an income approach, which values the intangible asset at the present value of the related incremental after tax cash flows. The customer relationships intangible asset will be amortized over a useful life of 21 years. The trade name was valued using an income approach, which values the intangible asset based on an estimate of cost savings, or a relief from royalty. The trade name will be amortized over a useful life of 10 years. Goodwill includes value associated with the assembled workforce and Consolidated Container’s future growth and profitability. The assets acquired and liabilities assumed as part of the acquisition did not result in a step up of tax basis and approximately $94 million of goodwill is deductible for tax purposes. See Note 7 for additional information on goodwill and intangible assets as of December 31, 2017. Loews Hotels & Co In 2017, Loews Hotels & Co received proceeds of $31 million for the sale of two hotels, in which Loews Hotels & Co had joint venture interests. Loews Hotels & Co paid approximately $84 million to acquire a hotel in 2016 and approximately $330 million to acquire two hotels in 2015. These acquisitions were funded with a combination of cash and property-level debt. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Investments | Note 3. Investments Net investment income is as follows: Year Ended December 31 2017 2016 2015 (In millions) Fixed maturity securities $ 1,812 $ 1,819 $ 1,751 Limited partnership investments 277 199 119 Short term investments 18 9 11 Equity securities 12 10 12 Income from trading portfolio (a) 87 112 2 Other 35 45 34 Total investment income 2,241 2,194 1,929 Investment expenses (59 ) (59 ) (63) Net investment income $ 2,182 $ 2,135 $ 1,866 (a) Net unrealized gains (losses) related to changes in fair value on trading securities still held were $39, $44 and $(46) for the years ended December 31, 2017, 2016 and 2015. As of December 31, 2017, the Company held $2 million of non-income non-income Investment gains (losses) are as follows: Year Ended December 31 2017 2016 2015 (In millions) Fixed maturity securities $ 122 $ 54 $ (66) Equity securities (5 ) (23) Derivative instruments (4 ) (2 ) 10 Short term investments and other 4 3 8 Investment gains (losses) (a) $ 122 $ 50 $ (71) (a) Gross realized gains on available-for-sale available-for-sale Net change in unrealized gains (losses) on available-for-sale Year Ended December 31 2017 2016 2015 (In millions) Fixed maturity securities $ 728 $ 225 $ (1,114) Equity securities 32 (2 ) (6) Other (2 ) 1 1 Total net change in unrealized gains (losses) on available-for-sale $ 758 $ 224 $ (1,119) The components of OTTI losses recognized in earnings by asset type are as follows: Year Ended December 31 2017 2016 2015 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 12 $ 59 $ 104 States, municipalities and political subdivisions 18 Asset-backed: Residential mortgage-backed 1 10 8 Other asset-backed 3 1 Total asset-backed 1 13 9 Total fixed maturities available-for-sale 13 72 131 Equity securities available-for-sale 1 9 25 Net OTTI losses recognized in earnings $ 14 $ 81 $ 156 The amortized cost and fair values of securities are as follows: Cost or Gross Gross Unrealized Amortized Unrealized Unrealized Estimated OTTI Losses December 31, 2017 Cost Gains Losses Fair Value (Gains) (In millions) Fixed maturity securities: Corporate and other bonds $ 17,210 $ 1,625 $ 28 $ 18,807 States, municipalities and political subdivisions 12,478 1,551 2 14,027 $ (11) Asset-backed: Residential mortgage-backed 5,043 109 32 5,120 (27) Commercial mortgage-backed 1,840 46 14 1,872 Other asset-backed 1,083 16 5 1,094 Total asset-backed 7,966 171 51 8,086 (27) U.S. Treasury and obligations of government- sponsored enterprises 111 2 4 109 Foreign government 437 9 2 444 Redeemable preferred stock 10 1 11 Fixed maturities available-for-sale 38,212 3,359 87 41,484 (38) Fixed maturities trading 649 2 2 649 Total fixed maturities 38,861 3,361 89 42,133 (38) Equity securities: Common stock 21 7 1 27 Preferred stock 638 31 1 668 Equity securities available-for-sale 659 38 2 695 - Equity securities trading 518 92 81 529 Total equity securities 1,177 130 83 1,224 - Total $ 40,038 $ 3,491 $ 172 $ 43,357 $ (38) December 31, 2016 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 17,711 $ 1,323 $ 76 $ 18,958 $ (1) States, municipalities and political subdivisions 12,060 1,213 33 13,240 (16) Asset-backed: Residential mortgage-backed 5,004 120 51 5,073 (28) Commercial mortgage-backed 2,016 48 24 2,040 Other asset-backed 1,022 8 5 1,025 Total asset-backed 8,042 176 80 8,138 (28) U.S. Treasury and obligations of government-sponsored enterprises 83 10 93 Foreign government 435 13 3 445 Redeemable preferred stock 18 1 19 Fixed maturities available-for-sale 38,349 2,736 192 40,893 (45) Fixed maturities trading 598 3 601 Total fixed maturities 38,947 2,739 192 41,494 (45) Equity securities: Common stock 13 6 19 Preferred stock 93 2 4 91 Equity securities available-for-sale 106 8 4 110 - Equity securities trading 465 60 86 439 Total equity securities 571 68 90 549 - Total $ 39,518 $ 2,807 $ 282 $ 42,043 $ (45) The available-for-sale Less than 12 Months Total December 31, 2017 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: Corporate and other bonds $ 1,354 $ 21 $ 168 $ 7 $ 1,522 $ 28 States, municipalities and political subdivisions 72 1 85 1 157 2 Asset-backed: Residential mortgage-backed 1,228 5 947 27 2,175 32 Commercial mortgage-backed 403 4 212 10 615 14 Other asset-backed 248 3 18 2 266 5 Total asset-backed 1,879 12 1,177 39 3,056 51 U.S. Treasury and obligations of government- 49 2 21 2 70 4 Foreign government 166 2 4 170 2 Total fixed maturity securities 3,520 38 1,455 49 4,975 87 Equity securities: Common stock 7 1 7 1 Preferred stock 93 1 93 1 Total equity securities 100 2 - - 100 2 Total $ 3,620 $ 40 $ 1,455 $ 49 $ 5,075 $ 89 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2016 Fair Value Losses Fair Value Losses Fair Value Losses Fixed maturity securities: Corporate and other bonds $ 2,615 $ 61 $ 254 $ 15 $ 2,869 $ 76 States, municipalities and political subdivisions 959 32 23 1 982 33 Asset-backed: Residential mortgage-backed 2,136 44 201 7 2,337 51 Commercial mortgage-backed 756 22 69 2 825 24 Other asset-backed 398 5 24 422 5 Total asset-backed 3,290 71 294 9 3,584 80 U.S. Treasury and obligations of government- 5 5 Foreign government 108 3 108 3 Total fixed maturity securities 6,977 167 571 25 7,548 192 Equity securities 12 13 4 25 4 Total $ 6,989 $ 167 $ 584 $ 29 $ 7,573 $ 196 Based on current facts and circumstances, the Company believes the unrealized losses presented in the December 31, 2017 securities in a gross unrealized loss position table above are not indicative of the ultimate collectibility of the current amortized cost of the securities, but rather are attributable to changes in interest rates, 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 at December 31, 2017. The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held at December 31, 2017, 2016 and 2015 for which a portion of an OTTI loss was recognized in Other comprehensive income. Year Ended December 31 2017 2016 2015 (In millions) Beginning balance of credit losses on fixed maturity securities $ 36 $ 53 $ 62 Reductions for securities sold during the period (9 ) (16 ) (9) Reductions for securities the Company intends to sell or more (1 ) Ending balance of credit losses on fixed maturity securities $ 27 $ 36 $ 53 Contractual Maturity The following table presents available-for-sale December 31 2017 2016 Cost or Cost or Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (In millions) Due in one year or less $ 1,135 $ 1,157 $ 1,779 $ 1,828 Due after one year through five years 8,165 8,501 7,566 7,955 Due after five years through ten years 16,060 16,718 15,892 16,332 Due after ten years 12,852 15,108 13,112 14,778 Total $ 38,212 $ 41,484 $ 38,349 $ 40,893 Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. Limited Partnerships The carrying value of limited partnerships as of December 31, 2017 and 2016 was approximately $3.3 billion and $3.2 billion, which includes undistributed earnings of $903 million and $820 million. Limited partnerships comprising 71.6% of the total carrying value are reported on a current basis through December 31, 2017 with no reporting lag, 13.2% of the total carrying value are reported on a one month lag and the remainder are reported on more than a one month lag. The number of limited partnerships held and the strategies employed provide diversification to the limited partnership portfolio and the overall invested asset portfolio. Limited partnerships comprising 78.8% and 76.6% of the carrying value as of December 31, 2017 and 2016 employ hedge fund strategies. Limited partnerships comprising 18.1% and 19.8% of the carrying value at December 31, 2017 and 2016 were invested in private debt and equity and the remainder were primarily invested in real estate strategies. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments. These hedge fund strategies may seek to generate gains from mispriced or undervalued securities, price differentials between securities, distressed investments, sector rotation or various arbitrage disciplines. Within hedge fund strategies, approximately 64.5% were equity related, 20.7% pursued a multi-strategy approach, 11.1% were focused on distressed investments and 3.7% were fixed income related as of December 31, 2017. The ten largest limited partnership positions held totaled $1.5 billion as of December 31, 2017 and 2016. Based on the most recent information available regarding the Company’s percentage ownership of the individual limited partnerships, the carrying value reflected on the Consolidated Balance Sheets represents approximately 2.9% and 3.5% of the aggregate partnership equity at December 31, 2017 and 2016, and the related income reflected on the Consolidated Statements of Income represents approximately 3.0%, 4.0% and 2.8% of the changes in aggregate partnership equity for the years ended December 31, 2017, 2016 and 2015. While the Company generally does not invest in highly leveraged partnerships, there are risks inherent in limited partnership investments which may result in losses due to short-selling, derivatives or other speculative investment practices. The use of leverage increases volatility generated by the underlying investment strategies. The Company’s limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year and in some cases do not permit withdrawals until the termination of the partnership. Typically, withdrawals require advance written notice of up to 90 days. Derivative Financial Instruments The Company may use derivatives in the normal course of business, primarily in an attempt to reduce exposure to market risk (principally interest rate risk, credit risk, equity price risk, commodity price risk and foreign currency risk) stemming from various assets and liabilities. The principal objective under such strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment. The Company may enter into interest rate swaps, futures and forward commitments to purchase securities to manage interest rate risk. Credit derivatives such as credit default swaps may be entered into to modify the credit risk inherent in certain investments. Forward contracts, futures, swaps and options may be used to manage foreign currency and commodity price risk. In addition to the derivatives used for risk management purposes described above, the Company may also use derivatives for purposes of income enhancement. Income enhancement transactions include but are not limited to interest rate swaps, call options, put options, credit default swaps, index futures and foreign currency forwards. See Note 4 for information regarding the fair value of derivative instruments. The following tables present the aggregate contractual or notional amount and estimated fair value related to derivative financial instruments. December 31 2017 2016 Contractual/ Contractual/ Notional Estimated Fair Value Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 500 $ 4 Without hedge designation: Equity markets: Options – purchased 224 12 $ 223 $ 14 – written 290 $ (7) 267 $ (8) Futures – short 265 1 225 1 Commodity futures – long 44 42 Embedded derivative on funds withheld liability 167 (3) 174 3 Investment Commitments As of December 31, 2017, the Company had committed approximately $384 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. Purchases and sales of privately placed debt securities are recorded once funded. As of December 31, 2017, the Company had commitments to purchase or fund additional amounts of $165 million and sell $108 million under the terms of such securities. Investments on Deposit Securities with carrying values of approximately $2.6 billion and $2.3 billion were deposited by CNA’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2017 and 2016. Cash and securities with carrying values of approximately $471 million and $514 million were deposited with financial institutions as collateral for letters of credit as of December 31, 2017 and 2016. In addition, cash and securities were deposited in trusts with financial institutions to secure reinsurance and other obligations with various third parties. The carrying values of these deposits were approximately $587 million and $261 million as of December 31, 2017 and 2016. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 4. 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 may include: (i) the review of pricing service methodologies or broker pricing qualifications, (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. Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises and foreign governments and redeemable preferred stock. December 31, 2017 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 128 $ 19,145 $ 98 $ 19,371 States, municipalities and political subdivisions 14,026 1 14,027 Asset-backed 7,751 335 8,086 Fixed maturities available-for-sale 128 40,922 434 41,484 Fixed maturities trading 10 635 4 649 Total fixed maturities $ 138 $ 41,557 $ 438 $ 42,133 Equity securities available-for-sale $ 91 $ 584 $ 20 $ 695 Equity securities trading 527 2 529 Total equity securities $ 618 $ 584 $ 22 $ 1,224 Short term and other $ 3,669 $ 958 $ 4,627 Receivables 1 4 5 Payable to brokers (12 ) (12) December 31, 2016 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 112 $ 19,273 $ 130 $ 19,515 States, municipalities and political subdivisions 13,239 1 13,240 Asset-backed 7,939 199 8,138 Fixed maturities available-for-sale 112 40,451 330 40,893 Fixed maturities trading 595 6 601 Total fixed maturities $ 112 $ 41,046 $ 336 $ 41,494 Equity securities available-for-sale $ 91 $ 19 $ 110 Equity securities trading 438 1 439 Total equity securities $ 529 $ - $ 20 $ 549 Short term and other $ 3,888 $ 858 $ 4,746 Receivables 1 1 Life settlement contracts $ 58 58 Payable to brokers (44 ) (44) The tables below present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2017 and 2016: Purchases Sales Settlements Transfers into Transfers out of Balance, Unrealized Gains (Losses) Recognized in Net Income 3 Assets and Held at Net Realized Gains 2017 Balance, Included in Included in (In millions) Fixed maturity securities: Corporate bonds and other $ 130 $ 3 $ 18 $ (5 ) $ (54 ) $ 16 $ (10 ) $ 98 States, municipalities and political subdivisions 1 1 Asset-backed 199 $ 2 3 107 (43 ) 153 (86 ) 335 Fixed maturities available-for-sale 330 2 6 125 (5 ) (97 ) 169 (96 ) 434 $ - Fixed maturities trading 6 (2 ) 4 (2) Total fixed maturities $ 336 $ - $ 6 $ 125 $ (5 ) $ (97 ) $ 169 $ (96 ) $ 438 $ (2) Equity securities available-for-sale $ 19 $ 3 $ 1 $ (3 ) $ 20 Equity securities trading 1 $ (1 ) 2 2 Total equity securities $ 20 $ (1 ) $ 3 $ 3 $ (3 ) $ - $ - $ - $ 22 $ - Life settlement contracts $ 58 $ 6 $ (59 ) $ (5 ) $ - Derivative financial instruments, net - 1 (1 ) - 2016 Balance, Purchases Sales Settlements Transfers into Transfers out of Balance, Unrealized Gains (Losses) Recognized in Net Income 3 Assets and Held at Net Realized Gains Included in Included in (In millions) Fixed maturity securities: Corporate bonds and other $ 168 $ 1 $ 1 $ 163 $ (36 ) $ (103 ) $ (64 ) $ 130 States, municipalities and political subdivisions 2 (1 ) 1 Asset-backed 209 (5 ) 133 (25 ) (32 ) $ 61 (142 ) 199 Fixed maturities available-for-sale 379 1 (4 ) 296 (61 ) (136 ) 61 (206 ) 330 $ - Fixed maturities trading 85 5 2 (86 ) 6 3 Total fixed maturities $ 464 $ 6 $ (4 ) $ 298 $ (147 ) $ (136 ) $ 61 $ (206 ) $ 336 $ 3 Equity securities available-for-sale $ 20 $ (1 ) $ 19 $ (2) Equity securities trading 1 1 $ (1 ) 1 Total equity securities $ 21 $ - $ - $ - $ (1 ) $ - $ - $ - $ 20 $ (2) Life settlement contracts $ 74 $ 5 $ (21 ) $ 58 $ (3) Derivative financial instruments, net 3 (1 ) $ (2 ) - Net realized and unrealized gains and losses are reported in Net income as follows: Major Category of Assets and Liabilities Consolidated 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 year ended December 31, 2017 there were $10 million of transfers from Level 1 to Level 2 and no transfers from Level 2 to Level 1. During the year ended December 31, 2016, there were no transfers between Level 1 and 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 highly liquid and exchange traded 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 primarily 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 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 Short Term and Other Invested Assets Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds, treasury bills and exchange traded open-end Life Settlement Contracts Historically, the fair value of life settlement contracts was 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 of December 31, 2016 CNA reached an agreement on terms to sell the portfolio and the purchase and sale agreement related to the portfolio was executed on March 7, 2017. At December 31, 2016, the valuation of the life settlement contracts was based on the terms of the sale of the contract to a third party. Despite the sale, the contracts were classified as Level 3 as there is not an active market for life settlement contracts. Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables 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. The valuation of life settlement contracts was based on the terms of the sale of the contracts to a third party; therefore the contracts are not included in the tables below. December 31, 2017 Estimated Valuation Unobservable Range (Weighted (In millions) Fixed maturity securities $ 136 Discounted cash flow Credit spread 1% – 12% (3%) December 31, 2016 Estimated Valuation Unobservable Range (In millions) Fixed maturity securities $ 106 Discounted cash flow Credit spread 2% – 40% (4%) For fixed maturity securities, an increase to the credit spread assumptions 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 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 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 Estimated Fair Value December 31, 2017 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 839 $ 844 $ 844 Liabilities: Short term debt 278 $ 156 122 278 Long term debt 11,236 10,966 525 11,491 December 31, 2016 Assets: Other invested assets, primarily mortgage loans $ 591 $ 594 $ 594 Liabilities: Short term debt 107 $ 104 3 107 Long term debt 10,655 10,150 646 10,796 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. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Receivables | Note 5. Receivables December 31 2017 2016 (In millions) Reinsurance (Note 15) $ 4,290 $ 4,453 Insurance 2,336 2,255 Receivable from brokers 69 178 Accrued investment income 413 410 Federal income taxes 52 7 Other, primarily customer accounts 533 431 Total 7,693 7,734 Less: allowance for doubtful accounts on reinsurance receivables 29 37 allowance for other doubtful accounts 51 53 Receivables $ 7,613 $ 7,644 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 6. Property, Plant and Equipment December 31 2017 2016 (In millions) Pipeline equipment (net of accumulated depreciation of $2,453 and $2,174) $ 7,857 $ 7,631 Offshore drilling equipment (net of accumulated depreciation of $2,797 and $3,310) 5,226 5,693 Other (net of accumulated depreciation of $1,009 and $873) 1,886 1,527 Construction in process 458 379 Property, plant and equipment $ 15,427 $ 15,230 The balance of other property, plant and equipment as of December 31, 2017 includes $366 million for Consolidated Container. Depreciation expense and capital expenditures are as follows: Year Ended December 31 2017 2016 2015 Depre- Capital Depre- Capital Depre- Capital (In millions) CNA Financial $ 80 $ 101 $ 67 $ 128 $ 74 $ 123 Diamond Offshore 349 113 384 629 494 812 Boardwalk Pipeline 325 689 321 648 327 390 Loews Hotels & Co 63 57 63 164 54 389 Corporate 37 30 6 3 6 4 Total $ 854 $ 990 $ 841 $ 1,572 $ 955 $ 1,718 Capitalized interest related to the construction and upgrade of qualifying assets amounted to approximately $37 million, $51 million and $36 million for the years ended December 31, 2017, 2016 and 2015. Diamond Offshore Purchase of Assets In 2016, Diamond Offshore took delivery of one ultra-deepwater semisubmersible rig. The net book value of this newly constructed rig was $774 million at December 31, 2016. Sale of Assets In 2016, Diamond Offshore entered into a ten-year For the years ended December 31, 2017 and 2016, Diamond Offshore recognized $62 million and $34 million in aggregate expense related to the well control equipment leases and contractual services agreement. Asset Impairments During 2017, in response to continued depressed market conditions for the offshore contract drilling industry, Diamond Offshore’s expectations that a market recovery is not likely to occur in the near term, as well as decisions by management to market certain rigs for sale, Diamond Offshore evaluated ten of its drilling rigs with indications that their carrying values may not be recoverable. Based on its analyses, Diamond Offshore determined that the carrying values of three rigs were impaired, consisting of one ultra-deepwater semisubmersible, one deepwater semisubmersible and one jack-up Diamond Offshore estimated the fair value of two of the impaired rigs using an income approach, in which the fair value was estimated based on a calculation of the rig’s discounted future net cash flows over its remaining economic life, which utilized significant unobservable inputs, including assumptions related to estimated dayrate revenue, rig utilization, estimated reactivation and regulatory survey costs, as well as estimated proceeds that may be received on ultimate disposition of the rig. The fair value of the other impaired rig was estimated using a market approach, which required Diamond Offshore to estimate the value that would be received for the rig in the principal or most advantageous market for that rig in an orderly transaction between market participants. This estimate was primarily based on an indicative bid to purchase the rig, as well as our evaluation of other market data points; however, the rig has not been sold. These fair value estimates were representative of Level 3 fair value measurements due to the significant level of estimation involved and the lack of transparency as to the inputs used. During the year ended December 31, 2017, Diamond Offshore recorded asset impairment charges in the aggregate of $100 million ($32 million after tax and noncontrolling interests). Diamond Offshore recorded aggregate asset impairment charges of $672 million ($263 million after tax and noncontrolling interests for the year ended December 31, 2016. See Note 6 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K 10-K Boardwalk Pipeline Sale of Assets During 2017, Boardwalk Pipeline sold a processing plant and related assets for approximately $64 million, including customary adjustments. The sale resulted in a loss of $47 million ($15 million after tax and noncontrolling interests) and is reported within Other operating expenses on the Consolidated Statements of Income. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets A summary of the changes in the carrying amount of goodwill is as follows: Total CNA Diamond Boardwalk Loews Corporate (In millions) Balance, December 31, 2015 $ 351 $ 114 $ - $ 237 $ - $ - Other adjustments (5 ) (5 ) Balance, December 31, 2016 346 109 - 237 - - Acquisition 310 310 Other adjustments 3 3 Balance, December 31, 2017 $ 659 $ 112 $ - $ 237 $ - $ 310 The increase in the goodwill balance as of December 31, 2017 primarily reflects the acquisition of Consolidated Container. See Note 2 for further discussion on the acquisition. An impairment charge of $20 million was recorded in Other operating expenses in 2015 to write off all goodwill attributable to Diamond Offshore. A summary of the net carrying amount of other intangible assets is as follows: December 31, 2017 December 31, 2016 Gross Accumulated Gross Accumulated (In millions) Finite-lived intangible assets: Customer relationships $ 518 $ 22 $ 59 $ 8 Other 74 13 21 7 Total finite-lived intangible assets 592 35 80 15 Indefinite-lived intangible assets 81 77 Total other intangible assets $ 673 $ 35 $ 157 $ 15 The balance of finite-lived intangible assets as of December 31, 2017 includes assets from the acquisition of Consolidated Container. Amortization expense for the years ended December 31, 2017, 2016 and 2015 of $20 million, $3 million and $3 million is reported in Other operating expenses on the Company’s Consolidated Statements of Income. At December 31, 2017, estimated amortization expense in each of the next five years is approximately $32 million in 2018, $32 million in 2019, $31 million in 2020, $30 million in 2021 and $30 million in 2022. |
Claim and Claim Adjustment Expe
Claim and Claim Adjustment Expense Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
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 claim reserving trends and 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 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 have contributed to material period-to-period Liability for Unpaid Claim and Claim Adjustment Expenses The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of Other Insurance Operations. Year Ended December 31 2017 2016 2015 (In millions) Reserves, beginning of year: Gross $ 22,343 $ 22,663 $ 23,271 Ceded 4,094 4,087 4,344 Net reserves, beginning of year 18,249 18,576 18,927 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 5,201 5,025 4,934 Decrease in provision for insured events of prior years (381 ) (342 ) (255) Amortization of discount 179 175 166 Total net incurred (a) 4,999 4,858 4,845 Net payments attributable to: Current year events (975 ) (967 ) (856) Prior year events (4,366 ) (4,167 ) (4,089) Total net payments (5,341 ) (5,134 ) (4,945) Foreign currency translation adjustment and other 163 (51 ) (251) Net reserves, end of year 18,070 18,249 18,576 Ceded reserves, end of year 3,934 4,094 4,087 Gross reserves, end of year $ 22,004 $ 22,343 $ 22,663 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected in the Consolidated Statements of Income due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and loss deductible receivables and benefit expenses related to future policy benefits, which are not reflected in the table above. Reserving Methodology In developing claim and claim adjustment expense (“loss” or “losses”) reserve estimates, CNA’s actuaries perform detailed reserve analyses that are staggered throughout the year. Every reserve group is reviewed at least once during the year. The analyses generally review losses gross of ceded reinsurance and apply the ceded reinsurance terms to the gross estimates to establish estimates net of reinsurance. In addition to the detailed analyses, CNA reviews actual loss emergence for all products each quarter. In developing the loss reserve estimates for property and casualty contracts, CNA generally projects ultimate losses using several common actuarial methods as listed below. CNA reviews the various indications from the various methods and applies judgment to select an actuarial point estimate. The indicated required reserve is the difference between the selected ultimate loss and the inception-to-date • Paid development • Incurred development • Loss ratio • Bornhuetter-Ferguson using premiums and paid loss • Bornhuetter-Ferguson using premiums and incurred loss • Frequency times severity • Stochastic modeling For many exposures, especially those that can be considered long-tail, a particular accident or policy year may not have a sufficient volume of paid losses to produce a statistically reliable estimate of ultimate losses. In such a case, CNA’s actuaries typically assign more weight to the incurred development method than to the paid development method. As claims continue to settle and the volume of paid loss increases, the actuaries may assign additional weight to the paid development method. For most of CNA’s products, even the incurred losses for accident or policy years that are early in the claim settlement process will not be of sufficient volume to produce a reliable estimate of ultimate losses. In these cases, CNA may not assign any weight to the paid and incurred development methods. CNA may use the loss ratio, Bornhuetter-Ferguson and frequency times severity methods. For short-tail exposures, the paid and incurred development methods can often be relied on sooner, primarily because CNA’s history includes a sufficient number of years to cover the entire period over which paid and incurred losses are expected to change. However, CNA may also use the loss ratio, Bornhuetter-Ferguson and frequency times severity methods for short-tail exposures. For other more complex reserve groups where the above methods may not produce reliable indications, CNA uses additional methods tailored to the characteristics of the specific situation. Future Policy Benefit Reserves Reserves for policyholder benefits for Other Insurance Operations, which primarily includes long term care, are based on actuarial assumptions which include estimates of morbidity, persistency, inclusive of mortality, discount rates, future premium rate increases and expenses over the life of the contracts. Under GAAP, the best estimates of the actuarial assumptions at the date the contract was issued are locked-in locked-in Certain claim liabilities are more difficult to estimate and have differing methodologies and considerations which are described below. Mass Tort and A&EP Reserves CNA’s mass tort and A&EP reserving methodologies are similar as both are based on detailed account reviews of large accounts with estimates based on ultimate payments considering the applicable law and coverage litigation. These reserves are subject to greater inherent variability than is typical of the remainder of CNA’s reserves due to, among other things, a general lack of sufficiently detailed data, expansion of the population being held responsible for these exposures and significant unresolved legal issues such as the existence of coverage and the definition of an occurrence. Property and Casualty Reserve Reviews CNA’s actuarial reserve analyses result in point estimates. Each quarter, the results of detailed reserve reviews are summarized and discussed with CNA’s senior management to determine management’s best estimate of reserves. CNA’s senior management considers many factors in making this decision. The factors include, but are not limited to, the historical pattern and volatility of the actuarial indications, the sensitivity of the actuarial indications to changes in paid and incurred loss patterns, the consistency of claims handling processes, the consistency of case reserving practices, changes in CNA’s pricing and underwriting, pricing and underwriting trends in the insurance market and legal, judicial, social and economic trends. CNA’s recorded reserves reflect its best estimate as of a particular point in time based upon known facts, consideration of the factors cited above and its judgment. The carried reserve differs from the actuarial point estimate as the result of CNA’s consideration of the factors noted above as well as the potential volatility of the projections associated with the specific product being analyzed and other factors affecting claims costs that may not be quantifiable through traditional actuarial analysis. Development Tables The loss reserve development tables presented herein illustrate the change over time of reserves established for claim and allocated claim adjustment expenses arising from short duration insurance contracts for certain lines of business within CNA’s Property and Casualty Operations. Not all lines of business are presented based on their context to CNA’s overall loss reserves, calendar year reserve development, or calendar year net earned premiums. Insurance contracts are considered to be short duration contracts when the contracts are not expected to remain in force for an extended period of time. The Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses tables, reading across, show the cumulative net incurred claim and allocated claim adjustment expenses relating to each accident year at the end of the stated calendar year. Changes in the cumulative amount across time are the result of CNA’s expanded awareness of additional facts and circumstances that pertain to the unsettled claims. The Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses tables, reading across, show the cumulative amount paid for claims in each accident year as of the end of the stated calendar year. The Net Strengthening or (Releases) of Prior Accident Year Reserves tables, reading across, show the net increase or decrease in the cumulative net incurred accident year claim and allocated claim adjustment expenses during each stated calendar year and indicates whether the reserves for that accident year were strengthened or released. The information in the tables is reported on a net basis after reinsurance and does not include the effects of discounting. The information contained in the years preceding calendar year 2016 is unaudited. To the extent CNA enters into a commutation, the transaction is reported on a prospective basis. To the extent that CNA enters into a disposition, the effects of the disposition are reported on a retrospective basis by removing the balances associated with it. The amounts reported for the cumulative number of reported claims include direct and assumed open and closed claims by accident year at the claimant level. The number excludes claim counts for claims within a policy deductible where the insured is responsible for payment of losses in the deductible layer. Claim count data for certain assumed reinsurance contracts is unavailable. In the loss reserve development tables, IBNR includes reserves for incurred but not reported losses and expected development on case reserves. The following tables present the gross and net carried reserves: December 31, 2017 Property Other Total (In millions) Gross Case Reserves $ 6,913 $ 4,757 $ 11,670 Gross IBNR Reserves 9,156 1,178 10,334 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 16,069 $ 5,935 $ 22,004 Net Case Reserves $ 6,343 $ 3,302 $ 9,645 Net IBNR Reserves 8,232 193 8,425 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 14,575 $ 3,495 $ 18,070 December 31, 2016 (In millions) Gross Case Reserves $ 7,164 $ 4,696 $ 11,860 Gross IBNR Reserves 9,207 1,276 10,483 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 16,371 $ 5,972 $ 22,343 Net Case Reserves $ 6,582 $ 3,045 $ 9,627 Net IBNR Reserves 8,328 294 8,622 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 14,910 $ 3,339 $ 18,249 Net Prior Year Development Changes in estimates of claim and claim adjustment expense reserves and premium accruals, net of reinsurance, for prior years are defined as net prior year development. These changes can be favorable or unfavorable. Favorable net prior year development of $302 million, $316 million and $218 million was recorded for Property and Casualty Operations for the years ended December 31, 2017, 2016 and 2015. Favorable net prior year development of $89 million, $43 million and $50 million was recorded for Other Insurance Operations for the years ended December 31, 2017, 2016 and 2015. The favorable net prior year development for the year ended December 31, 2017 was driven by lower than expected claim severity. Premium development can occur in the Property and Casualty Operations when there is a change in exposure on auditable policies or when premium accruals differ from processed premium. Audits on policies usually occur in a period after the expiration date of the policy. The following table and discussion presents detail of the net prior year claim and claim adjustment expense reserve development in CNA’s Property and Casualty Operations: Year Ended December 31 2017 2016 2015 (In millions) Medical professional liability $ 5 $ (37 ) $ (43) Other professional liability and management liability (131 ) (130 ) Surety (84 ) (63 ) (69) Commercial auto (38 ) (46 ) (22) General liability (28 ) (33) Workers’ compensation (65 ) 150 80 Other 5 (134 ) (123) Total pretax (favorable) unfavorable development $ (308 ) $ (288 ) $ (210) 2017 Unfavorable development in medical professional liability was primarily due to continued higher than expected frequency in aging services and higher than expected severity for hospitals in recent accident years. This was partially offset by favorable development in life sciences and hospitals in prior accident years as well as favorable development related to unallocated claim adjustment expenses. Favorable development in other professional liability and management liability was primarily due to favorable settlements on closed claims and a lower frequency of large losses for accident years 2011 through 2015 for professional and management liability, lower than expected claim frequency in accident years 2012 through 2015 for professional liability and lower than expected severity in accident years 2014 through 2015 for professional liability. Favorable development in surety coverages was primarily due to lower than expected frequency of large losses in accident years 2015 and prior. Favorable development for commercial auto was primarily due to lower than expected severity in accident years 2013 through 2016, as well as a large favorable recovery on a claim in accident year 2012. Favorable development for workers’ compensation was primarily related to decreases in frequency and severity in recent accident years, partially attributable to California reforms impacting medical costs. This was partially offset by unfavorable development related to an adverse arbitration ruling on reinsurance recoverables from older accident years as well as the recognition of loss estimates associated with favorable premium development. Unfavorable development for other coverages was primarily due to higher than expected severity in accident year 2016 and higher than expected large claim frequency in the Hardy Political Risks portfolio relating largely to accident year 2016. This unfavorable development was largely offset by favorable development due to better than expected frequency in accident years 2014 through 2015, better than expected emergence in Canadian run-off 2016 Favorable development for medical professional liability was primarily due to lower than expected severities for individual health care professionals, allied facilities and hospitals in accident years 2011 and prior and better than expected severity in medical products liability in accident years 2010 through 2015. This was partially offset by unfavorable development in accident years 2012 and 2013 related to higher than expected large loss emergence in hospitals and higher than expected frequency and severity in accident years 2014 and 2015 in the aging services business. Favorable development in other professional liability and management liability was primarily due to favorable settlements on closed claims and lower than expected frequency of claims in accident years 2010 through 2014 related to professional services and financial institutions. This was partially offset by unfavorable development related to a specific financial institutions claim in accident year 2014, higher management liability severities in accident year 2015 and deterioration on credit crises-related claims in accident year 2009. Favorable development in surety coverages was primarily due to lower than expected frequency of large losses in accident years 2014 and prior. Favorable development for commercial auto was primarily due to favorable settlements on claims in accident years 2010 through 2014 and lower than expected severities in accident years 2012 through 2015. Favorable development for general liability was primarily due to better than expected claim settlements in accident years 2012 through 2014 and better than expected severity on umbrella claims in accident years 2010 through 2013. This was partially offset by unfavorable development related to an increase in reported claims prior to the closing of the three year window set forth by the Minnesota Child Victims Act in accident years 2006 and prior. Unfavorable development for workers’ compensation was primarily due to higher than expected severity for Defense Base Act contractors that largely resulted from a reduction of expected future recoveries from the U.S. Department of Labor under the War Hazard Act. Further unfavorable development was due to the impact of recent Florida court rulings for accident years 2008 through 2015. These were partially offset by favorable development related to lower than expected frequencies related to the ongoing Middle Market and Small Business results for accident years 2009 through 2014. Favorable development for other coverages was due to better than expected claim frequency and claim severity in accident years 2010 through 2015, better than expected loss frequency in accident years 2013 through 2015, better than expected severity on the December 2015 United Kingdom floods, better than expected attritional losses and large loss experience on accident years 2013 through 2015 for Hardy business and favorable settlements on claims in accident years 2013 and prior related to CNA’s Canadian package business. Additional favorable development was due to a commutation of exposures in marine run-off 2015 Overall, favorable development for medical professional liability was related to lower than expected severity in accident years 2012 and prior. Unfavorable development was recorded related to increased claim frequency and severity in the aging services business in accident years 2013 and 2014. Favorable development in other professional liability and management liability related to better than expected large loss emergence in financial institutions primarily in accident years 2011 through 2014. Additional favorable development related to lower than expected severity for professional services in accident years 2011 and prior. Unfavorable development was recorded related to increased frequency of large claims on public company management liability in accident years 2012 through 2014. Favorable development for surety coverages was primarily due to lower than expected frequency of large losses in accident years 2013 and prior. Favorable development for commercial auto was primarily due to lower than expected severity in accident years 2009 through 2014. Favorable development for general liability was primarily due to favorable settlements on claims in accident years 2010 through 2013. Unfavorable development for workers’ compensation was primarily due to higher than expected severity related to Defense Base Act contractors in accident years 2008 through 2014. Favorable development for other coverages was due to better than expected claim frequency in accident year 2014, better than expected claim emergence from 2012 and 2014 catastrophe events, better than expected large loss emergence in accident years 2012 and prior and better than expected individual large loss emergence and favorable settlements on large claims in accident years 2013 and 2014. This was partially offset by unfavorable development due to higher than expected large losses in financial institutions and political risk, primarily in accident year 2014. Property and Casualty Operations – Line of Business Composition The table below presents the net liability for unpaid claim and claim adjustment expenses, by line of business for Property and Casualty Operations: December 31 2017 (In millions) Medical professional liability $ 1,700 Other professional liability and management liability 2,912 Surety 368 Commercial auto 389 General liability 3,123 Workers’ compensation 4,012 Other 2,071 Total net liability for unpaid claim and claim adjustment expenses $ 14,575 Medical Professional Liability December 31, 2017 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2008 (a) 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 IBNR Claims (In millions, except reported claims data) Accident Year 2008 $ 426 $ 451 $ 496 $ 480 $ 468 $ 468 $ 467 $ 455 $ 442 $ 438 $ 4 14,102 2009 462 469 494 506 480 471 463 432 422 3 15,594 2010 483 478 478 486 470 446 403 398 9 15,239 2011 486 492 507 533 501 491 491 16 17,481 2012 526 529 575 567 559 563 39 18,503 2013 534 540 560 567 573 44 19,777 2014 511 548 585 564 78 19,764 2015 480 539 543 164 17,690 2016 469 527 268 14,743 2017 452 370 11,137 Total $ 4,971 $ 995 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2008 $ 9 $ 90 $ 207 $ 282 $ 332 $ 377 $ 395 $ 409 $ 428 $ 431 2009 9 75 180 278 328 353 377 396 408 2010 11 93 186 273 338 361 371 380 2011 18 121 225 315 379 407 435 2012 15 121 236 359 428 475 2013 18 121 259 364 429 2014 25 149 274 374 2015 22 105 241 2016 18 126 2017 20 Total $ 3,319 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,652 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 20 Liability for unallocated claim adjustment expenses for accident years presented 28 Total net liability for unpaid claim and claim adjustment expenses $ 1,700 Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2008 $ 25 $ 45 $ (16) $ (12) $ (1) $ (12) $ (13) $ (4) $ 12 2009 7 25 12 $ (26) (9) (8) (31) (10) (40) 2010 (5) 8 (16) (24) (43) (5) (85) 2011 6 15 26 (32) (10) 5 2012 3 46 (8) (8) 4 37 2013 6 20 7 6 39 2014 37 37 (21) 53 2015 59 4 63 2016 58 58 Total net development for the accident years presented above (27) (2) 32 Total net development for accident years prior to 2008 (16) (35) (19) Total unallocated claim adjustment expense development - - (8) Total $ (43) $ (37) $ 5 (a) Data presented for these calendar years is required supplemental information, which is unaudited. Other Professional Liability and Management Liability December 31, 2017 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2008 (a) 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 IBNR Claims (In millions, except reported claims data) Accident Year 2008 $ 916 $ 933 $ 954 $ 924 $ 915 $ 880 $ 850 $ 845 $ 827 $ 818 $ 26 16,331 2009 829 873 903 898 891 900 895 903 901 32 17,274 2010 825 827 850 848 846 836 823 826 31 17,805 2011 876 904 933 948 944 910 898 71 18,643 2012 907 894 876 870 833 832 73 18,262 2013 844 841 879 840 824 83 17,362 2014 841 859 854 798 158 16,984 2015 847 851 832 296 16,603 2016 859 859 426 17,004 2017 810 701 15,206 Total $ 8,398 $ 1,897 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2008 $ 39 $ 181 $ 376 $ 515 $ 600 $ 641 $ 678 $ 719 $ 741 $ 753 2009 37 195 358 550 638 719 769 798 821 2010 31 203 404 541 630 670 721 753 2011 71 313 502 604 682 726 781 2012 57 248 398 570 648 698 2013 51 240 426 583 667 2014 51 212 375 494 2015 48 209 377 2016 60 236 2017 52 Total $ 5,632 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 2,766 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 79 Liability for unallocated claim adjustment expenses for accident years presented 67 Total net liability for unpaid claim and claim adjustment expenses $ 2,912 Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2008 $ 17 $ 21 $ (30) $ (9) $ (35) $ (30) $ (5) $ (18) $ (9) $ (98) 2009 44 30 (5) (7) 9 (5) 8 (2) 72 2010 2 23 (2) (2) (10) (13) 3 1 2011 28 29 15 (4) (34) (12) 22 2012 (13) (18) (6) (37) (1) (75) 2013 (3) 38 (39) (16) (20) 2014 18 (5) (56) (43) 2015 4 (19) (15) 2016 - - Total net development for the accident years presented above 26 (134) (112) Total net development for accident years prior to 2008 (26) 4 (14) Total unallocated claim adjustment expense development - - (5) Total $ - $ (130) $ (131) (a) Data presented for these calendar years is required supplemental information, which is unaudited. Surety December 31, 2017 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2008 (a) 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 IBNR Claims (In millions, except reported claims data) Accident Year 2008 $ 114 $ 114 $ 73 $ 68 $ 61 $ 52 $ 48 $ 45 $ 44 $ 44 7,199 2009 114 114 103 85 68 59 52 53 53 $ 1 6,679 2010 112 112 111 84 76 66 63 59 7 5,962 2011 120 121 116 87 75 70 66 9 5,795 2012 120 122 98 70 52 45 9 5,519 2013 120 121 115 106 91 10 4,993 2014 123 124 94 69 25 4,938 2015 131 131 104 63 4,670 2016 124 124 84 4,707 2017 120 97 2,901 Total $ 775 $ 305 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2008 $ 9 $ 27 $ 35 $ 39 $ 42 $ 43 $ 43 $ 43 $ 43 $ 43 2009 13 24 34 41 43 45 46 47 47 2010 13 34 50 55 57 58 55 52 2011 19 42 55 58 60 60 56 2012 5 32 34 35 35 36 2013 16 40 69 78 78 2014 7 30 38 36 2015 7 26 38 2016 5 37 2017 23 Total $ 446 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 329 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 9 Liability for unallocated claim adjustment expenses for accident years presented 30 Total net liability for unpaid claim and claim adjustment expenses $ 368 Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2008 $ - $ (41) $ (5) $ (7) $ (9) $ (4) $ (3) $ (1) $ - $ (70) 2009 (11) (18) (17) (9) (7) 1 - (61) 2010 (1) (27) (8) (10) (3) (4) (53) 2011 1 (5) (29) (12) (5) (4) (54) 2012 2 (24) (28) (18) (7) (75) 2013 1 (6) (9) (15) (29) 2014 1 (30) (25) (54) 2015 (27) (27) 2016 - - Total net development for the accident years presented above (65) (65) (82) Total net development for accident years prior to 2008 (4) 2 1 Total unallocated claim adjustment expense development - - (3) Total $ (69) $ (63) $ (84) (a) Data presented for these calendar years is required supplemental information, which is unaudited. Commercial Auto December 31, 2017 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2008 (a) 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 IBNR Claims (In millions, except reported claims data) Accident Year 2008 $ 322 $ 323 $ 316 $ 306 $ 309 $ 305 $ 298 $ 298 $ 296 $ 297 56,424 2009 287 272 274 278 281 277 275 272 272 47,343 2010 262 274 279 283 291 286 281 280 $ 1 46,335 2011 262 273 279 293 290 285 285 3 46,691 2012 270 282 292 296 300 292 7 45,288 2013 242 259 257 241 237 10 38,539 2014 231 221 210 204 19 33,029 2015 199 197 187 35 29,924 2016 196 183 53 29,745 2017 196 117 25,173 Total $ 2,433 $ 245 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2008 $ 83 $ 158 $ 210 $ 244 $ 274 $ 289 $ 291 $ 292 $ 293 $ 295 2009 72 128 188 229 257 269 270 270 271 2010 72 137 197 240 265 274 279 280 2011 78 141 193 241 264 275 277 2012 77 157 214 253 276 278 2013 73 132 164 195 219 2014 63 100 135 163 2015 52 95 128 2016 51 91 2017 58 Total $ 2,060 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 373 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 6 Liability for unallocated claim adjustment expenses for accident years presented 10 Total net liability for unpaid claim and claim adjustment expenses $ 389 Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2008 $ 1 $ (7) $ (10) $ 3 $ (4) $ (7) $ (2) $ 1 $ (25) 2009 (15) 2 4 3 (4) $ (2) (3) - (15) 2010 12 5 4 8 (5) (5) (1) 18 2011 11 6 14 (3) (5) - 23 2012 12 10 4 4 (8) 22 2013 17 (2) (16) (4) (5) 2014 (10) (11) (6) (27) 2015 (2) (10) (12) 2016 (13) (13) Total net development for the accident years presented above (18) (40) (41) Total net development for accident years prior to 2008 (4) (6) 1 Total unallocated claim adjustment expense development - - 2 Total $ (22) $ (46) $ (38) (a) Data presented for these calendar years is required supplemental information, which is unaudited. General Liability December 31, 2017 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2008 (a) 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 IBNR Claims (In millions, except reported claims data) Accident Year 2008 $ 611 $ 604 $ 630 $ 647 $ 633 $ 632 $ 613 $ 600 $ 591 $ 592 $ 13 $ 44,655 2009 591 637 634 633 629 623 619 622 627 18 44,038 2010 566 597 599 649 695 675 659 654 19 43,472 2011 537 534 564 610 611 621 615 29 38,216 2012 539 563 579 570 558 569 34 34,249 2013 615 645 634 643 604 62 33,255 2014 627 634 635 627 131 27,478 2015 573 574 585 208 23,082 2016 622 647 351 21,893 2017 627 547 15,375 Total $ 6,147 $ 1,412 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2008 $ 31 $ 129 $ 261 $ 390 $ 473 $ 528 $ 550 $ 560 $ 567 $ 574 2009 33 112 270 392 486 532 557 584 596 2010 27 139 267 414 530 577 608 618 2011 27 135 253 389 484 534 562 2012 27 127 233 340 417 473 2013 33 135 257 377 469 2014 29 115 245 379 2015 31 132 247 2016 34 163 2017 27 Total $ 4,108 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 2,039 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 1,026 Liability for unallocated claim adjustment expenses for accident years presented 58 Total net liability for unpaid claim and claim adjustment expenses $ 3,123 Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2008 $ (7) $ 26 $ 17 $ (14) $ (1) $ (19) $ (13) $ (9) $ 1 $ (19) 2009 46 (3) (1) (4) (6) (4) 3 5 36 2010 31 2 50 46 (20) (16) (5) 88 2011 (3) 30 46 1 10 (6) 78 2012 24 16 (9) (12) 11 30 2013 30 (11) 9 (39) (11) 2014 7 1 (8) - 2015 1 11 12 2016 25 25 Total net development for the accident years presented above (49) (13) (5) Total net development for accident years prior to 2008 16 (15) (2) Total unallocated claim adjustment expense development - - 7 Total $ (33) $ (28) $ - (a) Data presented for these calendar years is required supplemental information, which is unaudited. Workers’ Compensation December 31, 2017 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2008 (a) 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 IBNR Claims (In millions, except reported claims data) Accident Year 2008 $ 558 $ 575 $ 593 $ 606 $ 608 $ 612 $ 622 $ 630 $ 638 $ 652 $ 34 59,911 2009 583 587 594 596 600 611 617 625 632 34 51,161 2010 576 619 641 663 683 697 717 721 33 48,144 2011 593 628 637 648 642 666 668 23 44,691 2012 589 616 648 661 671 667 63 41,756 2013 528 563 584 610 584 57 38,153 2014 459 474 474 448 106 33,072 2015 416 426 401 154 31,470 2016 421 399 200 31,310 2017 434 254 27,929 Total $ 5,606 $ 958 Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2008 $ 92 $ 233 $ 323 $ 381 $ 425 $ 461 $ 489 $ 505 $ 52 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases | Note 9. Leases Leases primarily cover office facilities, machinery and computer equipment. Hotel properties, in some instances, are constructed on leased land. Rent expense amounted to $113 million, $97 million and $85 million for the years ended December 31, 2017, 2016 and 2015. The table below presents the future minimum lease payments to be made under non-cancelable Future Minimum Lease Year Ended December 31 Payments Receipts (In millions) 2018 $ 76 $ 6 2019 70 5 2020 71 5 2021 69 4 2022 59 4 Thereafter 384 16 Total $ 729 $ 40 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The Company and its eligible subsidiaries file a consolidated federal income tax return. The Company has entered into a separate tax allocation agreement with CNA, a majority-owned subsidiary in which its ownership exceeds 80%. The agreement provides that the Company will: (i) pay to CNA the amount, if any, by which the Company’s consolidated federal income tax is reduced by virtue of inclusion of CNA in the Company’s return or (ii) be paid by CNA an amount, if any, equal to the federal income tax that would have been payable by CNA if it had filed a separate consolidated return. The agreement may be canceled by either of the parties upon thirty days written notice. For 2015 through 2017, the Internal Revenue Service (“IRS”) has accepted the Company into the Compliance Assurance Process (“CAP”), which is a voluntary program for large corporations. Under CAP, the IRS conducts a real-time audit and works contemporaneously with the Company to resolve any issues prior to the filing of the tax return. The Company believes this approach should reduce tax-related Diamond Offshore, which is not included in the Company’s consolidated federal income tax return, files income tax returns in the U.S. federal and various state and foreign jurisdictions. Tax years that remain subject to examination by these jurisdictions include years 2009 to 2016. On December 22, 2017, H.R.1, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018,” previously known as “The Tax Cuts and Jobs Act” was signed into law (the “Tax Act”). The Tax Act amended the Internal Revenue Code in several areas that had a direct and immediate effect on the Company’s results of operations and statement of financial position as of and for the year ended December 31, 2017 including, among other things, a reduction in the U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018, eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized, and a one-time The Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (“SAB 118”) which allows companies to report the income tax effects of the Tax Act as a provisional amount based on a reasonable estimate, which would be subject to adjustment during a reasonable measurement period, not to exceed twelve months, until the accounting and analysis under ASC 740 is complete. Due to the timing of the enactment of the Tax Act, there continues to be a significant amount of uncertainty as to the appropriate application of a number of the underlying provisions, pending further guidance and clarification from the relevant authorities. The Company will continue to monitor developments in this area and adjust its provisional estimates throughout the year in 2018, as and if necessary, as additional guidance and clarification becomes available. The Company recorded a one-time non-cash one-time non-U.S. re-computing Any adjustments to these provisional amounts will be reported as a component of Income tax (expense) benefit in the reporting period in which such adjustments are determined, which will be no later than the fourth quarter of 2018. The current and deferred components of income tax expense (benefit) are as follows: Year Ended December 31 2017 2016 2015 (In millions) Income tax expense (benefit): Federal: Current $ 157 $ 71 $ 79 Deferred (63 ) 102 (234 ) State and city: Current 22 13 21 Deferred 17 13 5 Foreign 37 21 86 Total $ 170 $ 220 $ (43 ) The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense (benefit) is as follows: Year Ended December 31 2017 2016 2015 (In millions) Income before income tax: U.S. $ 1,322 $ 1,207 $ 543 Foreign 260 (271 ) (299 ) Total $ 1,582 $ 936 $ 244 Income tax expense at statutory rate $ 554 $ 328 $ 86 Increase (decrease) in income tax expense resulting from: Effect of the Tax Act (190 ) Exempt investment income (134 ) (126 ) (126 ) Foreign related tax differential (36 ) 40 (18 ) Amortization of deferred charges associated with intercompany rig sales to other tax jurisdictions 38 Taxes related to domestic affiliate 1 (14 ) (10 ) Partnership earnings not subject to taxes (51 ) (52 ) (38 ) Allowance for foreign tax credits 7 62 Unrecognized tax positions, settlements and adjustments relating to prior years (8 ) (42 ) 1 Other (a) 27 24 24 Income tax expense (benefit) $ 170 $ 220 $ (43 ) (a) Includes state and local taxes and other non-deductible The Company currently intends to indefinitely reinvest the earnings of its foreign subsidiaries. Except to the extent of the U.S. tax provided under the Tax Act or other required U.S. tax provision, the Company has not provided tax on any withholding or other tax that may be applicable should a future distribution be made from any unremitted earnings. It is not practical to estimate this potential liability. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding tax carryforwards and interest and penalties, is as follows: Year Ended December 31 2017 2016 2015 (In millions) Balance at January 1 $ 35 $ 54 $ 57 Additions for tax positions related to the current year 51 4 7 Additions for tax positions related to a prior year 5 1 Reductions for tax positions related to a prior year (1 ) (20 ) (3 ) Lapse of statute of limitations (6 ) (4 ) (7 ) Balance at December 31 $ 84 $ 35 $ 54 In 2016, the $20 million in reductions for tax positions related to a prior year, is primarily from the devaluation of the Egyptian pound. At December 31, 2017, 2016 and 2015, $102 million, $36 million and $49 million of unrecognized tax benefits related to Diamond Offshore would affect the effective tax rate if recognized. The Company recognizes interest accrued related to: (i) unrecognized tax benefits in Interest expense and (ii) tax refund claims in Other revenues on the Consolidated Statements of Income. The Company recognizes penalties in Income tax expense on the Consolidated Statements of Income. Interest amounts recorded by the Company were insignificant for the years ended December 31, 2017, 2016 and 2015. The Company recorded income tax benefit of $2 million and $23 million for the years ended December 31, 2017 and 2016 and income tax expense of $2 million for the year ended December 31, 2015 related to penalties. The following table summarizes deferred tax assets and liabilities: December 31 2017 2016 (In millions) Deferred tax assets: Insurance reserves: Property and casualty claim and claim adjustment expense reserves $ 74 $ 125 Unearned premium reserves 142 206 Receivables 13 26 Employee benefits 243 407 Life settlement contracts - 56 Deferred retroactive reinsurance benefit 68 117 Net operating loss carryforwards 169 178 Tax credit carryforwards 199 289 Basis differential in investment in subsidiary 15 17 Other 211 246 Total deferred tax assets 1,134 1,667 Valuation allowance (169 ) (210 ) Net deferred tax assets 965 1,457 Deferred tax liabilities: Deferred acquisition costs (77 ) (120 ) Net unrealized gains (263 ) (295 ) Property, plant and equipment (765 ) (1,019 ) Basis differential in investment in subsidiary (364 ) (409 ) Other liabilities (220 ) (235 ) Total deferred tax liabilities (1,689 ) (2,078 ) Net deferred tax liabilities (a) $ (724 ) $ (621 ) (a) Includes $25 and $15 of deferred tax assets reflected in Other assets in the Consolidated Balance Sheets at December 31, 2017 and 2016. Federal net operating loss carryforwards of $51 million expire between 2033 and 2037. Net operating loss carryforwards in foreign tax jurisdictions of $42 million expire between 2021 and 2027 and $76 million can be carried forward indefinitely. Federal tax credit carryforwards of $171 million can be utilized to offset future current tax liabilities or will ultimately be refundable no later than 2021. Foreign tax credit carryforwards of $28 million will expire in 2019 and 2024 to 2027. Although realization of deferred tax assets is not assured, management believes it is more likely than not that the recognized deferred tax assets will be realized through recoupment of ordinary and capital taxes paid in prior carryback years and through future earnings, reversal of existing temporary differences and available tax planning strategies. As of December 31, 2017, Diamond Offshore recorded a valuation allowance of $169 million related to net operating losses of $111 million, foreign tax credits of $27 million, and other deferred tax assets of $31 million. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Note 11. Debt December 31 2017 2016 (In millions) Loews Corporation (Parent Company): Senior: 2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500) $ 500 $ 500 3.8% notes due 2026 (effective interest rate of 3.9%) (authorized, $500) 500 500 6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300) 300 300 4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500) 500 500 CNA Financial: Senior: 7.0% notes due 2018 (effective interest rate of 7.1%) (authorized, $150) 150 150 7.4% notes due 2019 (effective interest rate of 7.5%) (authorized, $350) 350 5.9% notes due 2020 (effective interest rate of 6.0%) (authorized, $500) 500 500 5.8% notes due 2021 (effective interest rate of 5.9%) (authorized, $400) 400 400 7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250) 243 243 4.0% notes due 2024 (effective interest rate of 4.0%) (authorized, $550) 550 550 4.5% notes due 2026 (effective interest rate of 4.5%) (authorized, $500) 500 500 3.5% notes due 2027 (effective interest rate of 3.6%) (authorized, $500) 500 Variable rate note due 2036 (effective interest rate of 4.9% and 4.3%) 30 30 Capital lease obligation 3 5 Diamond Offshore: Senior: Variable rate revolving credit facility due 2020 (effective interest rate of 1.9%) 104 5.9% notes due 2019 (effective interest rate of 6.0%) (authorized, $500) 500 3.5% notes due 2023 (effective interest rate of 3.6%) (authorized, $250) 250 250 7.9% notes due 2025 (effective interest rate of 8.0%) (authorized, $500) 500 5.7% notes due 2039 (effective interest rate of 5.8%) (authorized, $500) 500 500 4.9% notes due 2043 (effective interest rate of 5.0%) (authorized, $750) 750 750 Boardwalk Pipeline: Senior: Variable rate revolving credit facility due 2022 (effective interest rate of 2.7% and 2.0%) 385 180 5.5% notes due 2017 (effective interest rate of 5.6%) (authorized, $300) 300 6.3% notes due 2017 (effective interest rate of 6.4%) (authorized, $275) 275 5.2% notes due 2018 (effective interest rate of 5.4%) (authorized, $185) 185 185 5.8% notes due 2019 (effective interest rate of 5.9%) (authorized, $350) 350 350 4.5% notes due 2021 (effective interest rate of 5.0%) (authorized, $440) 440 440 4.0% notes due 2022 (effective interest rate of 4.4%) (authorized, $300) 300 300 3.4% notes due 2023 (effective interest rate of 3.5%) (authorized, $300) 300 300 5.0% notes due 2024 (effective interest rate of 5.2%) (authorized, $600) 600 600 6.0% notes due 2026 (effective interest rate of 6.2%) (authorized, $550) 550 550 4.5% notes due 2027 (effective interest rate of 4.6%) (authorized, $500) 500 7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100) 100 100 Capital lease obligation 9 9 Loews Hotels & Co: Senior debt, principally mortgages (effective interest rates approximate 4.2%) 648 650 Consolidated Container: Senior debt, variable rate term loan due 2024 (effective interest rate of 5.5%) 604 Capital lease obligation 6 11,653 10,871 Less unamortized discount and issuance costs 120 93 Debt $ 11,533 $ 10,778 December 31, 2017 Principal Unamortized Net Short Term Long Term (In millions) Loews Corporation $ 1,800 $ 24 $ 1,776 $ 1,776 CNA Financial 2,876 15 2,861 $ 151 2,710 Diamond Offshore 2,000 28 1,972 1,972 Boardwalk Pipeline 3,719 31 3,688 1 3,687 Loews Hotels & Co 648 5 643 122 521 Consolidated Container 610 17 593 6 587 Total $ 11,653 $ 120 $ 11,533 $ 280 $ 11,253 At December 31, 2017, the aggregate long term debt maturing in each of the next five years is approximately as follows: $280 million in 2018, $449 million in 2019, $556 million in 2020, $846 million in 2021, $955 million in 2022 and $8.6 billion thereafter. Long term debt is generally redeemable in whole or in part at the greater of the principal amount or the net present value of remaining scheduled payments discounted at the specified treasury rate plus a margin. CNA Financial CNA is a member of the Federal Home Loan Bank of Chicago (“FHLBC”). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CNA held $5 million of FHLBC stock as of December 31, 2017, giving it access to approximately $111 million of additional liquidity. As of December 31, 2017 and 2016, CNA had no outstanding borrowings from the FHLBC. In the third quarter of 2017, CNA completed a public offering of $500 million aggregate principal amount of its 3.5% senior notes due August 15, 2027 and used a portion of the net proceeds to redeem the entire $350 million outstanding principal amount of its 7.4% senior notes due November 15, 2019. The redemption of the $350 million senior notes resulted in a loss of $42 million ($24 million after tax and noncontrolling interests) and is included in Interest expense on the Consolidated Statements of Income for the year ended December 31, 2017. CNA has a five-year $250 million senior unsecured revolving credit facility with a syndicate of banks which may be used for general corporate purposes. At CNA’s election, the commitments under the credit agreement may be increased from time to time up to an additional aggregate amount of $100 million. As of December 31, 2017, there were no outstanding borrowings under the credit agreements and CNA was in compliance with all covenants. Diamond Offshore In the third quarter of 2017, Diamond Offshore completed a public offering of $500 million aggregate principal amount of its 7.9% senior notes due August 15, 2025 and used the net proceeds together with cash on hand to redeem the entire $500 million outstanding principal amount of its 5.9% senior notes due May 1, 2019. The redemption of this debt resulted in a loss of $35 million ($11 million after tax and noncontrolling interests) and is included in Interest expense on the Consolidated Statements of Income for the year ended December 31, 2017. Diamond Offshore has a $1.5 billion senior unsecured revolving credit facility that matures in October of 2020, except for $40 million of commitments that mature in March of 2019 and $60 million of commitments that mature in October of 2019. In addition, Diamond Offshore also has the option to increase the revolving commitments under the revolving credit facility by up to an additional $500 million from time to time, upon receipt of additional commitments from new or existing lenders, and to request one additional one-year Boardwalk Pipeline In the first quarter of 2017, Boardwalk Pipeline completed a public offering of $500 million aggregate principal amount of its 4.5% senior notes due July 15, 2027 and used the net proceeds to repay the entire $275 million outstanding principal amount of its 6.3% senior notes due August 15, 2017 and to fund growth capital expenditures. In the first quarter of 2017, Boardwalk Pipeline retired at maturity the $300 million outstanding aggregate principal amount of its 5.5% senior notes. Boardwalk Pipeline has a revolving credit facility having aggregate lending commitments of $1.5 billion. During the third quarter of 2017, Boardwalk Pipeline extended the maturity date of the revolving credit facility by one year to May 26, 2022. As of December 31, 2017, there were borrowings of $385 million under the credit agreement and Boardwalk Pipeline was in compliance with all covenants. Boardwalk Pipeline has a subordinated loan agreement with a subsidiary of the Company under which it can borrow up to $300 million until December 31, 2018. Boardwalk Pipeline had no outstanding borrowings under the subordinated loan agreement. Consolidated Container In the second quarter of 2017, Consolidated Container entered into a credit agreement providing for a $605 million term loan and a five year $125 million asset based lending facility (“ABL facility”) in conjunction with the acquisition discussed in Note 2. The term loan is a variable rate facility which bears interest at a floating rate equal to the London Interbank Offered Rate (“LIBOR”) plus an applicable margin of 3.5%, subject to a 1.0% floor. Consolidated Container entered into interest rate swaps for a notional amount of $500 million to hedge its cash flow exposure to the variable rate debt by fixing the interest rate on the hedged portion of the term loan. As of December 31, 2017, the term loan had a weighted average effective interest rate of 5.5%, including the effects of the interest rate swaps. The term loan matures on May 22, 2024 and requires annual principal amortization of 1.0% of the original loan amount beginning December 31, 2017. Consolidated Container recorded approximately $19 million of debt issuance costs, which will be amortized over the terms of the facilities. As of December 31, 2017, Consolidated Container had no outstanding borrowings under its ABL facility. In February of 2018, Consolidated Container repriced its term loan to bear interest at a floating rate equal to LIBOR plus an applicable margin of 3.0%, subject to a 1.0% floor. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | Accumulated other comprehensive income (loss) The tables below present the changes in AOCI by component for the years ended December 31, 2015, 2016 and 2017: OTTI Unrealized Cash Flow Pension Foreign Total (In millions) Balance, January 1, 2015 $ 32 $ 846 $ (6 ) $ (641 ) $ 49 $ 280 Other comprehensive loss before reclassifications, after tax of $13, $313, $1, $16 and $0 (23 ) (600 ) (2 ) (31 ) (139 ) (795 ) Reclassification of losses from accumulated other comprehensive income, after tax of $(8), $(31), $(2), $(11) and $0 14 43 7 13 77 Other comprehensive income (loss) (9 ) (557 ) 5 (18 ) (139 ) (718 ) Issuance of equity securities by subsidiary 1 1 Amounts attributable to noncontrolling interests 1 58 (2 ) 9 14 80 Balance, December 31, 2015 24 347 (3 ) (649 ) (76 ) (357 ) Other comprehensive income (loss) before reclassifications, after tax of $(4), $(133), $0, $9 and $0 9 283 (22 ) (114 ) 156 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $3, $16, $0, $(15) and $0 (6 ) (26 ) 2 27 (3 ) Other comprehensive income (loss) 3 257 2 5 (114 ) 153 Amounts attributable to noncontrolling interests (28 ) (1 ) (2 ) 12 (19 ) Balance, December 31, 2016 27 576 (2 ) (646 ) (178 ) (223 ) Other comprehensive income (loss) before reclassifications, after tax of $1, $(106), $(2), $4 and $0 (3 ) 190 1 (18 ) 100 270 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $1, $38, $0, $(16) and $0 (2 ) (82 ) 2 30 (52 ) Other comprehensive income (loss) (5 ) 108 3 12 100 218 Amounts attributable to noncontrolling interests (11 ) (1 ) 1 (10 ) (21 ) Balance, December 31, 2017 $ 22 $ 673 $ - $ (633 ) $ (88 ) $ (26 ) 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) Cash flow hedges Other revenues, Interest expense and Contract drilling expenses Pension liability Other operating expenses Common Stock Dividends Dividends of $0.25 per share on the Company’s common stock were declared and paid in 2017, 2016 and 2015. There are no restrictions on the Company’s retained earnings or net income with regard to payment of dividends. However, as a holding company, Loews relies upon invested cash balances and distributions from its subsidiaries to generate the funds necessary to declare and pay any dividends to holders of its common stock. The ability of the Company’s subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, compliance with covenants in their respective credit agreements and applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies. See Note 13 for a discussion of the regulatory restrictions on CNA’s availability to pay dividends. Treasury Stock The Company repurchased 4.8 million, 3.4 million and 33.3 million shares of its common stock at aggregate costs of $237 million, $134 million and $1.3 billion during the years ended December 31, 2017, 2016 and 2015. As of December 31, 2017, 4.4 million shares were retired. The remaining 0.4 million shares will be retired in 2018. Upon retirement, treasury stock was eliminated through a reduction to common stock, APIC and retained earnings. |
Statutory Accounting Practices
Statutory Accounting Practices | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Statutory Accounting Practices | Note 13. Statutory Accounting Practices CNA’s insurance subsidiaries are domiciled in various jurisdictions. These subsidiaries prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the respective jurisdictions’ insurance regulators. Domestic prescribed statutory accounting practices are set forth in a variety of publications of the National Association of Insurance Commissioners (“NAIC”) as well as state laws, regulations and general administrative rules. These statutory accounting principles vary in certain respects from GAAP. In converting from statutory accounting principles to GAAP, the more significant adjustments include deferral of policy acquisition costs and the inclusion of net unrealized holding gains or losses in shareholders’ equity relating to certain fixed maturity securities. CNA has a prescribed practice as it relates to the accounting under Statement of Statutory Accounting Principles No. 62R (“SSAP No. 62R”), Property and Casualty Reinsurance The 2015 long term care premium deficiency discussed in Note 1 was recorded on a GAAP basis. There was no premium deficiency for statutory accounting purposes. Statutory accounting principles requires the use of prescribed discount rates in calculating the reserves for long term care future policy benefits which are lower than the discount rates used on a GAAP basis and results in higher carried reserves relative to GAAP reserves. The payment of dividends by CNA’s insurance subsidiaries without prior approval of the insurance department of each subsidiary’s domiciliary jurisdiction is generally limited by formula. Dividends in excess of these amounts are subject to prior approval by the respective insurance regulator. Dividends from CCC are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance (the “Department”) are determined based on the greater of the prior year’s statutory net income or 10% of statutory surplus as of the end of the prior year, as well as timing and amount of dividends paid in the preceding 12 months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2017, CCC is in a positive earned surplus position. The maximum allowable dividend CCC could pay during 2018 that would not be subject to the Department’s prior approval is $1.1 billion, less dividends paid during the preceding 12 months measured at that point in time. CCC paid dividends of $955 million in 2017. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company. Combined statutory capital and surplus and statutory net income for the Combined Continental Casualty Companies are presented in the table below, determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities. Statutory Capital and Surplus Statutory Net Income December 31 Year Ended December 31 2017(a) 2016 2017(a) 2016 2015 (In millions) Combined Continental Casualty Companies $ 10,726 $ 10,748 $ 1,029 $ 1,033 $ 1,148 (a) Information derived from the statutory-basis financial statements to be filed with insurance regulators. CNA’s domestic insurance subsidiaries are subject to risk-based capital (“RBC”) requirements. RBC is a method developed by the NAIC to determine the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. The formula for determining the amount of RBC specifies various factors, weighted based on the perceived degree of risk, which are applied to certain financial balances and financial activity. The adequacy of a company’s actual capital is evaluated by a comparison to the RBC results, as determined by the formula. Companies below minimum RBC requirements are classified within certain levels, each of which requires specified corrective action. The statutory capital and surplus presented above for CCC was approximately 264% and 270% of company action level RBC at December 31, 2017 and 2016. Company action level RBC is the level of RBC which triggers a heightened level of regulatory supervision. The statutory capital and surplus of CCC’s foreign insurance subsidiaries, which is not significant to the overall statutory capital and surplus, also met or exceeded their respective regulatory and other capital requirements. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Note 14. Benefit Plans Pension Plans – The Company and its subsidiaries have several non-contributory Other Postretirement Benefit Plans – The Company and its subsidiaries have 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 and its subsidiaries 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 and its subsidiaries are basically health and, for certain retirees, life insurance type benefits. The Company and its subsidiaries fund certain of these benefit plans, and accrue postretirement benefits during the active service of those employees who would become eligible for such benefits when they retire. The Company and its subsidiaries use December 31 as the measurement date for their plans. Weighted average assumptions used to determine benefit obligations: Pension Benefits Other Postretirement Benefits December 31 2017 2016 2015 2017 2016 2015 Discount rate 3.5% 3.9% 4.0% 3.4% 3.7% 3.7% Expected long term rate of return on plan assets 7.5% 7.5% 7.5% 5.3% 5.3% 5.3% Rate of compensation increase 3.9% to 5.5% 3.9% to 5.5% 3.5% to 5.5% Weighted average assumptions used to determine net periodic benefit cost: Pension Benefits Other Postretirement Benefits Year Ended December 31 2017 2016 2015 2017 2016 2015 Discount rate 3.8% 4.0% 3.8% 3.7% 3.7% 3.4% Expected long term rate of return on plan assets 7.5% 7.5% 7.5% 5.3% 5.3% 5.3% Rate of compensation increase 3.9% to 5.5% 3.5% to 5.5% 3.5% to 5.5% In determining the discount rate assumption, we utilize current market and liability information, including a discounted cash flow analysis of our pension and postretirement obligations. In particular, the basis for our discount rate selection was the yield on indices of highly rated fixed income debt securities with durations comparable to that of our plan liabilities. The yield curve was applied to expected future retirement plan payments to adjust the discount rate to reflect the cash flow characteristics of the plans. The yield curves and indices evaluated in the selection of the discount rate are comprised of high quality corporate bonds that are rated AA by an accepted rating agency. The expected long term rate of return for plan assets is determined based on widely-accepted capital market principles, long term return analysis for global fixed income and equity markets as well as the active total return oriented portfolio management style. Long term trends are evaluated relative to market factors such as inflation, interest rates and fiscal and monetary policies, in order to assess the capital market assumptions as applied to the plan. Consideration of diversification needs and rebalancing is maintained. Assumed health care cost trend rates: December 31 2017 2016 2015 Health care cost trend rate assumed for next year 4.0% to 7.0% 4.0% to 7.0% 4.0% to 7.5% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.0% to 5.0% 4.0% to 5.0% 4.0% to 5.0% Year that the rate reaches the ultimate trend rate 2018-2022 2017-2021 2016-2021 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. An increase or decrease in the assumed health care cost trend rate of 1% in each year would not have a significant impact on the service and interest cost as of December 31, 2017. An increase of 1% in each year would increase the accumulated postretirement benefit obligation as of December 31, 2017 by $2 million and a decrease of 1% in each year would decrease the accumulated postretirement benefit obligation as of December 31, 2017 by $2 million. Net periodic benefit cost components: Pension Benefits Other Postretirement Benefits Year Ended December 31 2017 2016 2015 2017 2016 2015 (In millions) Service cost $ 8 $ 8 $ 12 $ 1 $ 1 $ 1 Interest cost 119 128 127 2 3 3 Expected return on plan assets (173 ) (177 ) (193 ) (5 ) (5 ) (5) Amortization of unrecognized net loss 43 46 42 1 Amortization of unrecognized prior service benefit (1 ) (1 ) (2 ) (3 ) (10) Settlement 11 3 3 Net periodic benefit cost $ 8 $ 7 $ (10 ) $ (4 ) $ (4 ) $ (10) In 2016, the CNA Retirement Plan paid $88 million to settle its obligation to certain retirees through the purchase of a group annuity contract from a third party insurance company. The transaction reduced the plan’s projected benefit obligation by $86 million. In 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. The following provides a reconciliation of benefit obligations and plan assets: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (In millions) Change in benefit obligation: Benefit obligation at January 1 $ 3,131 $ 3,227 $ 66 $ 82 Acquisitions 103 Service cost 8 8 1 1 Interest cost 119 128 2 3 Plan participants’ contributions 5 5 Amendments 1 Actuarial (gain) loss 100 72 (1 ) (13) Benefits paid from plan assets (192 ) (188 ) (11 ) (12) Settlements (37 ) (101 ) Foreign exchange 10 (16 ) Benefit obligation at December 31 3,242 3,131 62 66 Change in plan assets: Fair value of plan assets at January 1 2,423 2,500 86 86 Acquisitions 75 Actual return on plan assets 247 211 5 3 Company contributions 51 19 3 4 Plan participants’ contributions 5 5 Benefits paid from plan assets (192 ) (188 ) (11 ) (12) Settlements (37 ) (103 ) Foreign exchange 10 (16 ) Fair value of plan assets at December 31 2,577 2,423 88 86 Funded status $ (665 ) $ (708 ) $ 26 $ 20 Amounts recognized in the Consolidated Balance Sheets consist of: Other assets $ 4 $ 4 $ 47 $ 44 Other liabilities (669 ) (712 ) (21 ) (24) Net amount recognized $ (665 ) $ (708 ) $ 26 $ 20 Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost: Prior service credit $ (3 ) $ (3 ) $ (3 ) $ (6) Net actuarial loss 1,069 1,097 (3 ) (2) Net amount recognized $ 1,066 $ 1,094 $ (6 ) $ (8) Information for plans with projected and accumulated benefit obligations in excess of plan assets: Projected benefit obligation $ 3,132 $ 3,103 Accumulated benefit obligation 3,117 3,089 $ 21 $ 24 Fair value of plan assets 2,462 2,391 The accumulated benefit obligation for all defined benefit pension plans was $3.2 billion and $3.1 billion at December 31, 2017 and 2016. The Company and its subsidiaries employ a total return approach whereby a mix of equity and fixed maturity securities are used to maximize the long term return of plan assets for a prudent level of risk and to manage cash flows according to plan requirements. The target allocation of plan assets is 40% to 60% invested in equity securities and limited partnerships, with the remainder primarily invested in fixed maturity securities. The intent of this strategy is to minimize expenses by generating investment returns that exceed the growth of the plan liabilities over the long run. Risk tolerance is established after careful consideration of the plan liabilities, plan funded status and corporate financial conditions. The investment portfolio contains a diversified blend of fixed maturity, equity and short term securities. Alternative investments, including limited partnerships, are used to enhance risk adjusted long term returns while improving portfolio diversification. At December 31, 2017, the Company and its subsidiaries had committed $107 million to future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. Investment risk is monitored through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. The table below presents the estimated amounts to be recognized from AOCI into net periodic cost (benefit) during 2018. Other Pension Postretirement Benefits Benefits (In millions) Amortization of net actuarial (gain) loss $ 42 $ (1) Amortization of prior service credit (2) Total estimated amounts to be recognized $ 42 $ (3) The table below presents the estimated future minimum benefit payments at December 31, 2017. Other Pension Postretirement Expected future benefit payments Benefits Benefits (In millions) 2018 $ 231 $ 5 2019 213 5 2020 214 5 2021 215 5 2022 217 4 2023 – 2027 1,057 18 In 2018, it is expected that contributions of approximately $24 million will be made to pension plans and $2 million to postretirement health care and life insurance benefit plans. Pension plan assets measured at fair value on a recurring basis are summarized below. December 31, 2017 Level 1 Level 2 Level 3 Total (In millions) Plan assets at fair value: Fixed maturity securities: Corporate and other bonds $ 522 $ 10 $ 532 States, municipalities and political subdivisions 62 62 Asset-backed 182 182 Total fixed maturities $ - 766 10 776 Equity securities 449 122 571 Short term investments 29 11 40 Fixed income mutual funds 96 96 Other assets 13 9 22 Total plan assets at fair value $ 587 $ 908 $ 10 $ 1,505 Plan assets at net asset value: (a) Limited partnerships 990 Collective investment trust funds 82 Total plan assets $ 587 $ 908 $ 10 $ 2,577 December 31, 2016 Plan assets at fair value: Fixed maturity securities: Corporate and other bonds $ 500 $ 10 $ 510 States, municipalities and political subdivisions 63 63 Asset-backed 186 186 Total fixed maturities $ - 749 10 759 Equity securities 404 105 509 Short term investments 18 35 53 Fixed income mutual funds 92 92 Other assets 15 37 52 Total plan assets at fair value $ 529 $ 926 $ 10 $ 1,465 Plan assets at net asset value: (a) Limited partnerships 958 Total plan assets $ 529 $ 926 $ 10 $ 2,423 (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The limited partnership investments held within the plans are recorded at fair value, which represents the plans’ shares of the net asset value of each partnership, as determined by the general partner. Limited partnerships comprising 86% of the carrying value as of December 31, 2017 and 2016 employ hedge fund strategies that generate returns through investing in marketable securities in the public fixed income and equity markets and the remainder were primarily invested in private debt and equity. Within hedge fund strategies, approximately 62% were equity related, 32% pursued a multi-strategy approach and 6% were focused on distressed investments at December 31, 2017. For a discussion of the valuation methodologies used to measure fixed maturity securities, equities and short term investments, see Note 4. Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below. December 31, 2017 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 18 $ 18 States, municipalities and political subdivisions 42 42 Asset-backed 12 12 Total fixed maturities $ - 72 $ - 72 Short term investments 2 2 Fixed income mutual funds 14 14 Total $ 16 $ 72 $ - $ 88 December 31, 2016 Fixed maturity securities: Corporate and other bonds $ 19 $ 19 States, municipalities and political subdivisions 44 44 Asset-backed 15 15 Total fixed maturities $ - 78 $ - 78 Short term investments 3 3 Fixed income mutual funds 5 5 Total $ 8 $ 78 $ - $ 86 There were no Level 3 assets at December 31, 2017 and 2016. Savings Plans – The Company and its subsidiaries have several contributory savings plans which allow employees to make regular contributions based upon a percentage of their salaries. Matching contributions are made up to specified percentages of employees’ contributions. The contributions by the Company and its subsidiaries to these plans amounted to $105 million, $107 million and $115 million for the years ended December 31, 2017, 2016 and 2015. Stock-based Compensation – In 2016, shareholders approved the Loews Corporation 2016 Incentive Compensation Plan (the “2016 Loews Plan”) which replaced a previously existing plan. The aggregate number of shares of Loews common stock authorized under the 2016 Loews Plan is 6,000,000 shares, plus up to 3,000,000 shares that may be forfeited under the prior plan. The maximum number of shares of Loews common stock with respect to which awards may be granted to any individual in any calendar year is 500,000 shares. In accordance with the 2016 Loews Plan and the prior plan, the Company’s stock-based compensation consists of the following: SARs: Time-based Restricted Stock Units: Performance-based Restricted Stock Units: In 2017, the Company granted an aggregate of 274,500 RSUs and PSUs at a weighted average grant-date fair value of $45.91 per unit. 17,033 RSUs were forfeited during the year. 4,266,050 SARs were outstanding at December 31, 2017 with a weighted average exercise price of $40.05. The Company recognized compensation expense that decreased net income by $33 million, $32 million and $14 million for the years ended December 31, 2017, 2016 and 2015. Several of the Company’s subsidiaries also maintain their own stock-based compensation plans. Such amounts include the Company’s share of expense related to its subsidiaries’ plans. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Reinsurance | Note 15. Reinsurance CNA cedes insurance to reinsurers to limit its maximum loss, provide greater diversification of risk, minimize exposures on larger risks and to exit certain lines of business. The ceding of insurance does not discharge the primary liability of CNA. A credit exposure exists with respect to reinsurance ceded to the extent that any reinsurer is unable to meet its obligations. A collectability exposure also exists to the extent that the reinsurer disputes the liabilities assumed under reinsurance agreements. Property and casualty reinsurance coverages are tailored to the specific risk characteristics of each product line and CNA’s retained amount varies by type of coverage. Reinsurance contracts are purchased to protect specific lines of business such as property and workers’ compensation. Corporate catastrophe reinsurance is also purchased for property and workers’ compensation exposure. Currently most reinsurance contracts are purchased on an excess of loss basis. CNA also utilizes facultative reinsurance in certain lines. In addition, CNA assumes reinsurance, primarily through Hardy and as a member of various reinsurance pools and associations. The following table presents the amounts receivable from reinsurers: December 31 2017 2016 (In millions) Reinsurance receivables related to insurance reserves: Ceded claim and claim adjustment expenses $ 3,934 $ 4,094 Ceded future policy benefits 230 212 Reinsurance receivables related to paid losses 126 147 Reinsurance receivables 4,290 4,453 Less allowance for doubtful accounts 29 37 Reinsurance receivables, net of allowance for doubtful accounts $ 4,261 $ 4,416 CNA has established an allowance for doubtful accounts on reinsurance receivables related to credit risk. CNA reviews the allowance quarterly and adjusts the allowance as necessary to reflect changes in estimates of uncollectible balances. The allowance may also be reduced by write-offs of reinsurance receivable balances. CNA attempts to mitigate its credit risk related to reinsurance by entering into reinsurance arrangements with reinsurers that have credit ratings above certain levels and by obtaining collateral. On a limited basis, CNA may enter into reinsurance agreements with reinsurers that are not rated, primarily captive reinsurers. The primary methods of obtaining collateral are through reinsurance trusts, letters of credit and funds withheld balances. Such collateral was approximately $2.9 billion and $3.0 billion at December 31, 2017 and 2016. CNA’s largest recoverables from a single reinsurer, including ceded unearned premium reserves as of December 31, 2017 were approximately $2.1 billion from a subsidiary of Berkshire Hathaway Insurance Group, $395 million from the Gateway Rivers Insurance Company and $230 million from subsidiaries of Wilton Re. These amounts are substantially collateralized. The recoverable from the Berkshire Hathaway Insurance Group includes amounts related to third party reinsurance for which NICO has assumed the credit risk under the terms of the loss portfolio transfer as discussed in Note 8. The effects of reinsurance on earned premiums are presented in the following table: Direct Assumed Ceded Net Assumed/ (In millions) Year Ended December 31, 2017 Property and casualty $ 10,447 $ 317 $ 4,315 $ 6,449 4.9% Long term care 489 50 539 9.3 Earned premiums $ 10,936 $ 367 $ 4,315 $ 6,988 5.3% Year Ended December 31, 2016 Property and casualty $ 10,400 $ 258 $ 4,270 $ 6,388 4.0% Long term care 486 50 536 9.3 Earned premiums $ 10,886 $ 308 $ 4,270 $ 6,924 4.4% Year Ended December 31, 2015 Property and casualty $ 9,853 $ 274 $ 3,754 $ 6,373 4.3% Long term care 498 50 548 9.1 Earned premiums $ 10,351 $ 324 $ 3,754 $ 6,921 4.7% Included in the direct and ceded earned premiums for the years ended December 31, 2017, 2016 and 2015 are $3.9 billion, $3.9 billion and $3.3 billion related to property business that is 100% reinsured under a significant third party captive program. The third party captives that participate in this program are affiliated with the non-insurance Long term care premiums are from long duration contracts; property and casualty premiums are from short duration contracts. Insurance claims and policyholders’ benefits reported on the Consolidated Statements of Income are net of reinsurance recoveries of $3.1 billion, $3.0 billion and $2.6 billion for the years ended December 31, 2017, 2016 and 2015, including $2.5 billion, $2.6 billion and $2.3 billion related to the significant third party captive program discussed above. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 16. Quarterly Financial Data (Unaudited) 2017 Quarter Ended Dec. 31 Sept. 30 June 30 March 31 (In millions, except per share data) Total revenues $ 3,555 $ 3,521 $ 3,359 $ 3,300 Net income (a) 481 157 231 295 Per share-basic 1.43 0.46 0.69 0.88 Per share-diluted 1.43 0.46 0.69 0.87 2016 Quarter Ended Total revenues $ 3,338 $ 3,287 $ 3,307 $ 3,173 Net income (loss) (b) 290 327 (65 ) 102 Per share-basic and diluted 0.86 0.97 (0.19 ) 0.30 The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date (a) Net income for the fourth quarter of 2017 includes the impact of a $200 million net benefit resulting from the enactment of the Tax Act. (b) Net loss for the second quarter of 2016 includes the impact of a $267 million asset impairment charge at Diamond Offshore. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Note 17. Legal Proceedings CNA Financial In September of 2016, a class action lawsuit was filed against CCC, Continental Assurance Company (“CAC”) (a former subsidiary of CCC), CNA, the Investment Committee of the CNA 401(k) Plus Plan (“Plan”), The Northern Trust Company and John Does 1-10 Through mediation, the plaintiff, Defendants and the Plan’s fiduciary insurance carriers reached an agreement in principle to settle this matter. Upon completion of a definitive settlement agreement, plaintiff and Defendants will propose a class settlement for court approval. Based on the agreement in principle, management has recorded its best estimate of CNA’s probable loss and the Company does not believe that the ultimate resolution of this matter will have a material impact on its condensed consolidated financial statements. Other Litigation The Company and its subsidiaries are from time to time parties to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any such pending litigation will materially affect the Company’s results of operations or equity. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18. CNA Guarantees In the course of selling business entities and assets to third parties, CNA agreed to guarantee the performance of certain obligations of previously owned subsidiaries and to indemnify purchasers for losses arising out of breaches of representation and warranties with respect to the business entities or assets 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 December 31, 2017, the aggregate amount related to quantifiable guarantees was $375 million and the aggregate amount related to quantifiable indemnification agreements was $252 million. In certain cases, should CNA be required to make payments under any such guarantee, it would have the right to seek reimbursement 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 December 31, 2017, 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. CNA also provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities provided by a previously owned subsidiary. As of December 31, 2017, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.8 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment 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. CNA Small Business Premium Rate Adjustment In 2016 and 2017, CNA identified rating errors related to its multi-peril package product and workers’ compensation policies within its Small Business unit and determined that it would voluntarily issue premium refunds along with interest on affected policies. After the rating errors were identified, written and earned premium have been reported net of any impact from the premium rate adjustments. For the year ended December 31, 2017, CNA recognized $36 million of adverse premium development and also increased interest expense by $7 million for interest due to policyholders on the premium rate adjustments. For the year ended December 31, 2016 CNA recorded a charge which reduced earned premium by $16 million. The policyholder refunds for the multi-peril package product were issued in the third quarter of 2017. The policyholder refunds for workers’ compensation policies are expected to be refunded in 2018. The estimated refund liability, including interest, for the workers’ compensation policies as of December 31, 2017 was $60 million. Any fines or penalties related to the foregoing are reasonably possible, but are not expected to be material to the Company’s financial statements. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segments | Note 1 The Company has five reportable segments comprised of four individual operating subsidiaries, CNA, Diamond Offshore, Boardwalk Pipeline and Loews Hotels & Co; and the Corporate segment. The operations of Consolidated Container since the acquisition date are included in the Corporate segment. Each of the 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. CNA’s business is the sale of property and casualty insurance coverage primarily through a network of independent agents, brokers and managing general underwriters. CNA’s operations also include its long term care business that is in run-off, run-off, Diamond Offshore provides contract drilling services to the energy industry around the world with a fleet of 17 offshore drilling rigs consisting of four drillships and seven ultra-deepwater, four deepwater and two mid-water Boardwalk Pipeline is engaged in the interstate transportation and storage of natural gas and NGLs. 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 and Texas, with approximately 14,335 miles of pipeline. Loews Hotels & Co operates a chain of 24 hotels, 22 of which are in the United States and two of which are in Canada. The Corporate segment consists of investment income from the Parent Company’s cash and investments, interest expense, other unallocated expenses and the results of Consolidated Container since the acquisition date. Purchase accounting adjustments have been pushed down to the appropriate subsidiary. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1. In the following tables certain financial measures are presented to provide information used by management to monitor the Company’s operating performance. These schedules present the reportable segments of the Company and their contribution to the consolidated 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. Statements of Income and Total assets by segment are presented in the following tables. Year Ended December 31, 2017 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 6,988 $ 6,988 Net investment income 2,034 $ 2 $ 146 2,182 Investment gains 122 122 Contract drilling revenues 1,451 1,451 Other revenues 439 47 $ 1,325 $ 682 499 2,992 Total 9,583 1,500 1,325 682 645 13,735 Expenses: Insurance claims and policyholders’ benefits 5,310 5,310 Amortization of deferred acquisition costs 1,233 1,233 Contract drilling expenses 802 802 Other operating expenses 1,523 571 861 589 618 4,162 Interest 203 149 171 28 95 646 Total 8,269 1,522 1,032 617 713 12,153 Income (loss) before income tax 1,314 (22 ) 293 65 (68) 1,582 Income tax (expense) benefit (419) 4 232 (1 ) 14 (170) Net income (loss) 895 (18 ) 525 64 (54) 1,412 Amounts attributable to noncontrolling interests (94) (9 ) (145) (248) Net income (loss) attributable to Loews Corporation $ 801 $ (27 ) $ 380 $ 64 $ (54) $ 1,164 December 31, 2017 Total assets $ 56,539 $ 6,251 $ 8,972 $ 1,558 $ 6,266 $ 79,586 Year Ended December 31, 2016 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 6,924 $ 6,924 Net investment income 1,988 $ 1 $ 146 2,135 Investment gains (losses) 62 (12) 50 Contract drilling revenues 1,525 1,525 Other revenues 410 75 $ 1,316 $ 667 3 2,471 Total 9,384 1,589 1,316 667 149 13,105 Expenses: Insurance claims and policyholders’ benefits 5,283 5,283 Amortization of deferred acquisition costs 1,235 1,235 Contract drilling expenses 772 772 Other operating expenses 1,558 1,198 835 621 131 4,343 Interest 167 90 183 24 72 536 Total 8,243 2,060 1,018 645 203 12,169 Income (loss) before income tax 1,141 (471) 298 22 (54) 936 Income tax (expense) benefit (279) 111 (61) (10 ) 19 (220) Net income (loss) 862 (360) 237 12 (35) 716 Amounts attributable to noncontrolling interests (88) 174 (148) (62) Net income (loss) attributable to Loews Corporation $ 774 $ (186) $ 89 $ 12 $ (35) $ 654 December 31, 2016 Total assets $ 55,207 $ 6,371 $ 8,706 $ 1,498 $ 4,812 $ 76,594 Year Ended December 31, 2015 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 6,921 $ 6,921 Net investment income 1,840 $ 3 $ 1 $ 22 1,866 Investment losses (71) (71) Contract drilling revenues 2,360 2,360 Other revenues 411 65 1,253 $ 604 6 2,339 Total 9,101 2,428 1,254 604 28 13,415 Expenses: Insurance claims and policyholders’ benefits 5,384 5,384 Amortization of deferred acquisition costs 1,540 1,540 Contract drilling expenses 1,228 1,228 Other operating expenses 1,469 1,508 851 555 116 4,499 Interest 155 94 176 21 74 520 Total 8,548 2,830 1,027 576 190 13,171 Income (loss) before income tax 553 (402 ) 227 28 (162) 244 Income tax (expense) benefit (71) 117 (46) (16 ) 59 43 Net income (loss) 482 (285 ) 181 12 (103) 287 Amounts attributable to noncontrolling interests (49) 129 (107) (27) Net income (loss) attributable to Loews Corporation $ 433 $ (156 ) $ 74 $ 12 $ (103) $ 260 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant | SCHEDULE I Condensed Financial Information of Registrant LOEWS CORPORATION BALANCE SHEETS ASSETS December 31 2017 2016 (In millions) Current assets, principally investment in short term instruments $ 2,755 $ 3,096 Investments in securities 2,144 1,931 Investments in capital stocks of subsidiaries, at equity 16,303 15,114 Other assets 506 389 Total assets $ 21,708 $ 20,530 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities $ 182 $ 140 Long term debt 1,776 1,775 Deferred income tax and other 546 452 Total liabilities 2,504 2,367 Shareholders’ equity 19,204 18,163 Total liabilities and shareholders’ equity $ 21,708 $ 20,530 STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) Year Ended December 31 2017 2016 2015 (In millions) Revenues: Equity in income of subsidiaries (a) $ 1,199 $ 655 $ 302 Interest and other 167 165 74 Total 1,366 820 376 Expenses: Administrative 134 127 108 Interest 72 72 74 Total 206 199 182 Income before income tax 1,160 621 194 Income tax (expense) benefit 4 33 66 Net income 1,164 654 260 Equity in other comprehensive income (loss) of subsidiaries 197 134 (638) Total comprehensive income (loss) $ 1,361 $ 788 $ (378) SCHEDULE I (Continued) Condensed Financial Information of Registrant LOEWS CORPORATION STATEMENTS OF CASH FLOWS Year Ended December 31 2017 2016 2015 (In millions) Operating Activities: Net income $ 1,164 $ 654 $ 260 Adjustments to reconcile net income to net cash provided (used) by operating activities: Equity method investees (405 ) 115 488 Provision for deferred income taxes 77 10 113 Changes in operating assets and liabilities, net: Receivables 4 2 (6 ) Accounts payable and accrued liabilities (20 ) 52 71 Trading securities 100 (614 ) 718 Other, net (41 ) (15 ) (8 ) 879 204 1,636 Investing Activities: Investments in and advances to subsidiaries 12 50 (285 ) Change in investments, primarily short term 30 (127 ) Acquisition (620 ) Other (1 ) (2 ) (4 ) (579 ) (79 ) (289 ) Financing Activities: Dividends paid (84 ) (84 ) (90 ) Issuance of common stock 7 Purchases of treasury shares (216 ) (134 ) (1,265 ) Principal payments in debt (400 ) Issuance of debt 495 Other (2 ) 1 (300 ) (125 ) (1,347 ) Net change in cash - - - Cash, beginning of year Cash, end of year $ - $ - $ - (a) Cash dividends paid to the Company by affiliates amounted to $804, $780 and $816 for the years ended December 31, 2017, 2016 and 2015. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II LOEWS CORPORATION AND SUBSIDIARIES Valuation and Qualifying Accounts Column A Column B Column C Column D Column E Additions Balance at Charged to Charged Balance at Beginning Costs and to Other End of Description of Period Expenses Accounts Deductions Period (In millions) For the Year Ended December 31, 2017 Deducted from assets: Allowance for doubtful accounts $ 90 $ - $ - $ 10 $ 80 Total $ 90 $ - $ - $ 10 $ 80 For the Year Ended December 31, 2016 Deducted from assets: Allowance for doubtful accounts $ 96 $ - $ - $ 6 $ 90 Total $ 96 $ - $ - $ 6 $ 90 For the Year Ended December 31, 2015 Deducted from assets: Allowance for doubtful accounts $ 117 $ - $ - $ 21 $ 96 Total $ 117 $ - $ - $ 21 $ 96 |
Schedule V - Supplemental Infor
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | |
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations | SCHEDULE V LOEWS CORPORATION AND SUBSIDIARIES Supplemental Information Concerning Property and Casualty Insurance Operations Consolidated Property and Casualty Operations December 31 2017 2016 (In millions) Deferred acquisition costs $ 632 $ 599 Reserves for unpaid claim and claim adjustment expenses 22,004 22,343 Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 8.0%) 1,434 1,572 Unearned premiums 4,029 3,762 Year Ended December 31 2017 2016 2015 (In millions) Net written premiums $ 7,069 $ 6,988 $ 6,962 Net earned premiums 6,988 6,924 6,921 Net investment income 1,992 1,952 1,807 Incurred claim and claim adjustment expenses related to current year 5,201 5,025 4,934 Incurred claim and claim adjustment expenses related to prior years (381 ) (342 ) (255) Amortization of deferred acquisition costs 1,233 1,235 1,540 Paid claim and claim adjustment expenses 5,341 5,134 4,945 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation |
Principles of consolidation | Principles of consolidation |
Accounting estimates | Accounting estimates |
Investments | Investments available-for-sale available-for-sale The cost of fixed maturity securities classified as available-for-sale For asset-backed securities included in fixed maturity securities, the Company recognizes income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. To the extent that unrealized gains on fixed income securities supporting long term care products and structured settlements not funded by annuities would result in a premium deficiency if those gains were realized, a related increase in Insurance reserves is recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (“Shadow Adjustments”). Shadow Adjustments increased $355 million (after tax and noncontrolling interests) and decreased $87 million (after tax and noncontrolling interests) for the years ended December 31, 2017 and 2016. As of December 31, 2017 and 2016, net unrealized gains on investments included in Accumulated other comprehensive income (“AOCI”) were correspondingly reduced by Shadow Adjustments of $1.3 billion and $909 million (after tax and noncontrolling interests). The Company’s carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the general partner. Certain partnerships for which results are not available on a timely basis are reported on a lag, primarily three months or less. These investments are accounted for under the equity method and changes in net asset values are recorded within Net investment income on the Consolidated Statements of Income. Investments in derivative securities are carried at fair value with changes in fair value reported as a component of Investment gains (losses), Income (loss) from trading portfolio, or Other comprehensive income (loss), depending on their hedge designation. A derivative is typically defined as an instrument whose value is “derived” from an underlying instrument, index or rate, has a notional amount, requires little or no initial investment and can be net settled. Derivatives include, but are not limited to, the following types of investments: interest rate swaps, interest rate caps and floors, put and call options, warrants, futures, forwards, commitments to purchase securities, credit default swaps and combinations of the foregoing. Derivatives embedded within non-derivative A security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and previously recorded other-than-temporary impairment (“OTTI”) losses, otherwise defined as an unrealized loss. When a security is impaired, the impairment is evaluated to determine whether it is temporary or other-than-temporary. Significant judgment is required in the determination of whether an OTTI loss has occurred for a security. CNA follows a consistent and systematic process for determining and recording an OTTI loss including the evaluation of securities in an unrealized loss position on at least a quarterly basis. CNA’s assessment of whether an OTTI loss has occurred incorporates both quantitative and qualitative information. Fixed maturity securities that CNA intends to sell, or it more likely than not will be required to sell before recovery of amortized cost, are considered to be other-than-temporarily impaired and the entire difference between the amortized cost basis and fair value of the security is recognized as an OTTI loss in earnings. The remaining fixed maturity securities in an unrealized loss position are evaluated to determine if a credit loss exists. The factors considered include: (i) the financial condition and near term and long term prospects of the issuer, (ii) whether the debtor is current on interest and principal payments, (iii) credit ratings of the securities and (iv) general market conditions and industry or sector specific outlook. CNA also considers results and analysis of cash flow modeling for asset-backed securities, and when appropriate, other fixed maturity securities. The focus of the analysis for asset-backed securities is on assessing the sufficiency and quality of underlying collateral and timing of cash flows based on scenario tests. If the present value of the modeled expected cash flows equals or exceeds the amortized cost of a security, no credit loss is judged to exist and the asset-backed security is deemed to be temporarily impaired. If the present value of the expected cash flows is significantly less than amortized cost, the security is judged to be other-than-temporarily impaired for credit reasons and that shortfall, referred to as the credit component, is recognized as an OTTI loss in earnings. The difference between the adjusted amortized cost basis and fair value, referred to as the non-credit non-credit CNA performs the discounted cash flow analysis using stressed scenarios to determine future expectations regarding recoverability. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. CNA applies the same impairment model as described above for the majority of its non-redeemable |
Joint venture investments | Joint venture investments The following tables present summarized financial information for these joint ventures: Year Ended December 31 2017 2016 (In millions) Total assets $ 1,703 $ 1,749 Total liabilities 1,347 1,444 Year Ended December 31 2017 2016 2015 Revenues $ 731 $ 693 $ 606 Net income 261 80 71 |
Hedging | Hedging |
Securities lending activities | Securities lending activities Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan. This matching of terms tends to limit risk. In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice. Collateral is not reflected as an asset of the Company. There was no collateral held at December 31, 2017 and 2016. |
Revenue recognition | Revenue recognition Insurance receivables include balances due currently or in the future, including amounts due from insureds related to losses under high deductible policies, and are presented at unpaid balances, net of an allowance for doubtful accounts. Amounts are considered past due based on policy payment terms. The allowance is determined based on periodic evaluations of aged receivables, management’s experience and current economic conditions. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. Property and casualty contracts that are retrospectively rated contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions and loss experience of the insured during the experience period. For such contracts, CNA estimates the amount of ultimate premiums that it may earn upon completion of the experience period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. CNA adjusts such estimated ultimate premium amounts during the course of the experience period based on actual results to date. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period. Contract drilling revenue from dayrate drilling contracts is recognized as services are performed. In connection with such drilling contracts, Diamond Offshore may receive fees (either lump-sum Revenues from transportation and storage services are recognized in the period the service is provided based on contractual terms and the related transported and stored volumes. The majority of Boardwalk Pipeline’s operating subsidiaries are subject to Federal Energy Regulatory Commission (“FERC”) regulations and, accordingly, certain revenues collected may be subject to possible refunds to its customers. An estimated refund liability is recorded considering regulatory proceedings, advice of counsel and estimated total exposure. |
Claim and claim adjustment expense reserves | Claim and claim adjustment expense reserves Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.2 billion as of December 31, 2017 and 2016. A significant portion of these amounts are supported by collateral. CNA also has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Receivables on the Consolidated Balance Sheets. Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. CNA’s obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and carried at present values determined using interest rates ranging from 5.5% to 8.0% at December 31, 2017 and 2016. At December 31, 2017 and 2016, the discounted reserves for unfunded structured settlements were $527 million and $544 million, net of discount of $798 million and $841 million. For the years ended December 31, 2017, 2016 and 2015, the amount of interest recognized on the discounted reserves of unfunded structured settlements was $41 million, $42 million and $42 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income but is excluded from the disclosure of prior year development. Workers’ compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. At December 31, 2017 and 2016, workers’ compensation lifetime claim reserves are discounted at a 3.5% interest rate. As of December 31, 2017 and 2016, the discounted reserves for workers’ compensation lifetime claim reserves were $346 million and $371 million, net of discount of $190 million and $202 million. For the years ended December 31, 2017, 2016 and 2015, the amount of interest accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves was $19 million, $17 million and $20 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income, but is excluded from the Company’s disclosure of prior year development. Long term care claim reserves are calculated using mortality and morbidity assumptions based on CNA and industry experience. Long term care claim reserves are discounted at an interest rate of 6.0% at December 31, 2017 and interest rates ranging from 4.5% to 6.8% at December 31, 2016. At December 31, 2017 and 2016, such discounted reserves totaled $2.4 billion and $2.2 billion, net of discount of $446 million and $529 million. |
Future policy benefit reserves | Future policy benefit reserves |
Guaranty fund and other insurance-related assessments | Guaranty fund and other insurance-related assessments |
Reinsurance | Reinsurance Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefit reserves. Reinsurance receivables are reported net of an allowance for doubtful accounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of CNA. CNA has established an allowance for doubtful accounts on reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The allowance for doubtful accounts on reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer solvency, industry experience and current economic conditions. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if CNA becomes aware of significant changes related to a reinsurer. Because billed receivables generally approximate 3% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for doubtful accounts on reinsurance receivables are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables from insolvent insurers related to paid losses are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. Reinsurance contracts that do not effectively transfer the economic risk of loss on the underlying policies are recorded using the deposit method of accounting, which requires that premium paid or received by the ceding company or assuming company be accounted for as a deposit asset or liability. CNA had $8 million and $3 million recorded as deposit assets at December 31, 2017 and 2016, and $4 million and $6 million recorded as deposit liabilities as of December 31, 2017 and 2016. Income on reinsurance contracts accounted for under the deposit method is recognized using an effective yield based on the anticipated timing of payments and the remaining life of the contract. When the anticipated timing of payments changes, the effective yield is recalculated to reflect actual payments to date and the estimated timing of future payments. The deposit asset or liability is adjusted to the amount that would have existed had the new effective yield been applied since the inception of the contract. A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative claim and allocated claim adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a gain position and a revised estimate of claim and allocated claim adjustment expenses, a portion of the deferred gain is cumulatively recognized in earnings as if the revised estimate was available at the inception date of the loss portfolio transfer. |
Deferred acquisition costs | Deferred acquisition costs CNA evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current period results of operations. Deferred acquisition costs related to long term care contracts issued prior to January 1, 2004 include costs which vary with and are primarily related to the acquisition of business. As noted under Future policy benefit reserves, all of the long term care deferred acquisition costs of $289 million were written off as of December 31, 2015 in recognition of a premium deficiency. |
Goodwill and other intangible assets | Goodwill and other intangible assets Other intangible assets are reported within Other assets. Finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived other intangible assets are tested for impairment annually or when certain triggering events require such tests. See Note 7 for additional information on the Company’s goodwill and other intangible assets. |
Property, plant and equipment | Property, plant and equipment The principal service lives used in computing provisions for depreciation are as follows: Years Pipeline equipment 30 to 50 Offshore drilling equipment 15 to 30 Other 3 to 40 |
Impairment of long-lived assets | Impairment of long-lived assets |
Income taxes | Income taxes The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. See Note 10 for additional information on the provision for income taxes. |
Pension and postretirement benefits | Pension and postretirement benefits |
Stock-based compensation | Stock-based compensation |
Net income per share | Net income per share For each of the years ended December 31, 2017, 2016 and 2015, approximately 0.9 million, 0.4 million and 0.3 million potential shares attributable to issuances and exercises under the Loews Corporation 2016 Incentive Compensation Plan and the prior plan were included in the calculation of diluted net income per share. For those same periods, approximately 0.4 million, 3.7 million and 4.8 million shares attributable to employee stock-based compensation awards were not included in the calculation of diluted net income per share because the effect would have been antidilutive. |
Foreign currency | Foreign currency |
Regulatory accounting | Regulatory accounting |
Supplementary cash flow information | Supplementary cash flow information |
Accounting changes | Accounting changes – 2016-09, |
Recently issued ASUs | Recently issued ASUs – 2014-09, The standard excludes from its scope the accounting for insurance contracts, financial instruments and certain other agreements that are subject to other guidance in the FASB Accounting Standards Codification, which limits the impact of this change in accounting for the Company. Upon adoption, the Company expects the impact to be related primarily to revenue on CNA’s warranty products and services, which will be recognized more slowly under the new guidance than under the current revenue recognition pattern. At adoption, the Company anticipates a cumulative effect adjustment that will decrease Retained earnings by approximately $58 million (after tax and noncontrolling interests). In addition, Other revenues and Other operating expenses on the Company’s Consolidated Statements of Income will increase significantly for those contracts for which CNA has concluded it is a principal, as the retail sellers’ mark-up gross-up gross-up In January of 2016, the FASB issued ASU 2016-01, – 825-10): available-for-sale In February of 2016, the FASB issued ASU 2016-02, 2014-09. In June of 2016, the FASB issued ASU 2016-13, available-for-sale available-for-sale In October of 2016, the FASB issued ASU 2016-16, non-controlling |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Financial Information for Joint Ventures | The following tables present summarized financial information for these joint ventures: Year Ended December 31 2017 2016 (In millions) Total assets $ 1,703 $ 1,749 Total liabilities 1,347 1,444 Year Ended December 31 2017 2016 2015 Revenues $ 731 $ 693 $ 606 Net income 261 80 71 |
Principal Service Lives | The principal service lives used in computing provisions for depreciation are as follows: Years Pipeline equipment 30 to 50 Offshore drilling equipment 15 to 30 Other 3 to 40 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Summary of Preliminary Allocation of Purchase Price to Tangible and Identifiable Intangible Assets Acquired and Liabilities Assumed | The primary areas that are not yet finalized relate to working capital at closing and determination of tax bases of net assets acquired. (In millions) Cash $ 5 Property, plant and equipment 389 Goodwill 310 Other assets: Inventory 57 Customer relationships 459 Trade name 43 Other 127 Deferred income taxes (27) Other liabilities: Accounts payable (52) Pension liability (27) Other (61) $ 1,223 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Net Investment Income and Investment Gains (Losses) | Net investment income is as follows: Year Ended December 31 2017 2016 2015 (In millions) Fixed maturity securities $ 1,812 $ 1,819 $ 1,751 Limited partnership investments 277 199 119 Short term investments 18 9 11 Equity securities 12 10 12 Income from trading portfolio (a) 87 112 2 Other 35 45 34 Total investment income 2,241 2,194 1,929 Investment expenses (59 ) (59 ) (63) Net investment income $ 2,182 $ 2,135 $ 1,866 (a) Net unrealized gains (losses) related to changes in fair value on trading securities still held were $39, $44 and $(46) for the years ended December 31, 2017, 2016 and 2015. As of December 31, 2017, the Company held $2 million of non-income non-income Investment gains (losses) are as follows: Year Ended December 31 2017 2016 2015 (In millions) Fixed maturity securities $ 122 $ 54 $ (66) Equity securities (5 ) (23) Derivative instruments (4 ) (2 ) 10 Short term investments and other 4 3 8 Investment gains (losses) (a) $ 122 $ 50 $ (71) (a) Gross realized gains on available-for-sale available-for-sale |
Schedule of Net Change in Unrealized Gains (Losses) on Available-for-Sale Investments | Net change in unrealized gains (losses) on available-for-sale Year Ended December 31 2017 2016 2015 (In millions) Fixed maturity securities $ 728 $ 225 $ (1,114) Equity securities 32 (2 ) (6) Other (2 ) 1 1 Total net change in unrealized gains (losses) on available-for-sale $ 758 $ 224 $ (1,119) |
Components of OTTI Losses Recognized in Earnings by Asset Type | The components of OTTI losses recognized in earnings by asset type are as follows: Year Ended December 31 2017 2016 2015 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 12 $ 59 $ 104 States, municipalities and political subdivisions 18 Asset-backed: Residential mortgage-backed 1 10 8 Other asset-backed 3 1 Total asset-backed 1 13 9 Total fixed maturities available-for-sale 13 72 131 Equity securities available-for-sale 1 9 25 Net OTTI losses recognized in earnings $ 14 $ 81 $ 156 |
Amortized Cost and Fair Values of Securities | The amortized cost and fair values of securities are as follows: Cost or Gross Gross Unrealized Amortized Unrealized Unrealized Estimated OTTI Losses December 31, 2017 Cost Gains Losses Fair Value (Gains) (In millions) Fixed maturity securities: Corporate and other bonds $ 17,210 $ 1,625 $ 28 $ 18,807 States, municipalities and political subdivisions 12,478 1,551 2 14,027 $ (11) Asset-backed: Residential mortgage-backed 5,043 109 32 5,120 (27) Commercial mortgage-backed 1,840 46 14 1,872 Other asset-backed 1,083 16 5 1,094 Total asset-backed 7,966 171 51 8,086 (27) U.S. Treasury and obligations of government- sponsored enterprises 111 2 4 109 Foreign government 437 9 2 444 Redeemable preferred stock 10 1 11 Fixed maturities available-for-sale 38,212 3,359 87 41,484 (38) Fixed maturities trading 649 2 2 649 Total fixed maturities 38,861 3,361 89 42,133 (38) Equity securities: Common stock 21 7 1 27 Preferred stock 638 31 1 668 Equity securities available-for-sale 659 38 2 695 - Equity securities trading 518 92 81 529 Total equity securities 1,177 130 83 1,224 - Total $ 40,038 $ 3,491 $ 172 $ 43,357 $ (38) December 31, 2016 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: Corporate and other bonds $ 17,711 $ 1,323 $ 76 $ 18,958 $ (1) States, municipalities and political subdivisions 12,060 1,213 33 13,240 (16) Asset-backed: Residential mortgage-backed 5,004 120 51 5,073 (28) Commercial mortgage-backed 2,016 48 24 2,040 Other asset-backed 1,022 8 5 1,025 Total asset-backed 8,042 176 80 8,138 (28) U.S. Treasury and obligations of government-sponsored enterprises 83 10 93 Foreign government 435 13 3 445 Redeemable preferred stock 18 1 19 Fixed maturities available-for-sale 38,349 2,736 192 40,893 (45) Fixed maturities trading 598 3 601 Total fixed maturities 38,947 2,739 192 41,494 (45) Equity securities: Common stock 13 6 19 Preferred stock 93 2 4 91 Equity securities available-for-sale 106 8 4 110 - Equity securities trading 465 60 86 439 Total equity securities 571 68 90 549 - Total $ 39,518 $ 2,807 $ 282 $ 42,043 $ (45) |
Securities Available-for-Sale in Gross Unrealized Loss Position | The available-for-sale Less than 12 Months Total December 31, 2017 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: Corporate and other bonds $ 1,354 $ 21 $ 168 $ 7 $ 1,522 $ 28 States, municipalities and political subdivisions 72 1 85 1 157 2 Asset-backed: Residential mortgage-backed 1,228 5 947 27 2,175 32 Commercial mortgage-backed 403 4 212 10 615 14 Other asset-backed 248 3 18 2 266 5 Total asset-backed 1,879 12 1,177 39 3,056 51 U.S. Treasury and obligations of government- 49 2 21 2 70 4 Foreign government 166 2 4 170 2 Total fixed maturity securities 3,520 38 1,455 49 4,975 87 Equity securities: Common stock 7 1 7 1 Preferred stock 93 1 93 1 Total equity securities 100 2 - - 100 2 Total $ 3,620 $ 40 $ 1,455 $ 49 $ 5,075 $ 89 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2016 Fair Value Losses Fair Value Losses Fair Value Losses Fixed maturity securities: Corporate and other bonds $ 2,615 $ 61 $ 254 $ 15 $ 2,869 $ 76 States, municipalities and political subdivisions 959 32 23 1 982 33 Asset-backed: Residential mortgage-backed 2,136 44 201 7 2,337 51 Commercial mortgage-backed 756 22 69 2 825 24 Other asset-backed 398 5 24 422 5 Total asset-backed 3,290 71 294 9 3,584 80 U.S. Treasury and obligations of government- 5 5 Foreign government 108 3 108 3 Total fixed maturity securities 6,977 167 571 25 7,548 192 Equity securities 12 13 4 25 4 Total $ 6,989 $ 167 $ 584 $ 29 $ 7,573 $ 196 |
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 at December 31, 2017, 2016 and 2015 for which a portion of an OTTI loss was recognized in Other comprehensive income. Year Ended December 31 2017 2016 2015 (In millions) Beginning balance of credit losses on fixed maturity securities $ 36 $ 53 $ 62 Reductions for securities sold during the period (9 ) (16 ) (9) Reductions for securities the Company intends to sell or more (1 ) Ending balance of credit losses on fixed maturity securities $ 27 $ 36 $ 53 |
Available-for-Sale Fixed Maturity Securities by Contractual Maturity | The following table presents available-for-sale December 31 2017 2016 Cost or Cost or Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (In millions) Due in one year or less $ 1,135 $ 1,157 $ 1,779 $ 1,828 Due after one year through five years 8,165 8,501 7,566 7,955 Due after five years through ten years 16,060 16,718 15,892 16,332 Due after ten years 12,852 15,108 13,112 14,778 Total $ 38,212 $ 41,484 $ 38,349 $ 40,893 |
Summary of Aggregate Contractual or Notional Amount and Estimated Fair Value Related to Derivative Financial Instruments | The following tables present the aggregate contractual or notional amount and estimated fair value related to derivative financial instruments. December 31 2017 2016 Contractual/ Contractual/ Notional Estimated Fair Value Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 500 $ 4 Without hedge designation: Equity markets: Options – purchased 224 12 $ 223 $ 14 – written 290 $ (7) 267 $ (8) Futures – short 265 1 225 1 Commodity futures – long 44 42 Embedded derivative on funds withheld liability 167 (3) 174 3 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises and foreign governments and redeemable preferred stock. December 31, 2017 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 128 $ 19,145 $ 98 $ 19,371 States, municipalities and political subdivisions 14,026 1 14,027 Asset-backed 7,751 335 8,086 Fixed maturities available-for-sale 128 40,922 434 41,484 Fixed maturities trading 10 635 4 649 Total fixed maturities $ 138 $ 41,557 $ 438 $ 42,133 Equity securities available-for-sale $ 91 $ 584 $ 20 $ 695 Equity securities trading 527 2 529 Total equity securities $ 618 $ 584 $ 22 $ 1,224 Short term and other $ 3,669 $ 958 $ 4,627 Receivables 1 4 5 Payable to brokers (12 ) (12) December 31, 2016 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 112 $ 19,273 $ 130 $ 19,515 States, municipalities and political subdivisions 13,239 1 13,240 Asset-backed 7,939 199 8,138 Fixed maturities available-for-sale 112 40,451 330 40,893 Fixed maturities trading 595 6 601 Total fixed maturities $ 112 $ 41,046 $ 336 $ 41,494 Equity securities available-for-sale $ 91 $ 19 $ 110 Equity securities trading 438 1 439 Total equity securities $ 529 $ - $ 20 $ 549 Short term and other $ 3,888 $ 858 $ 4,746 Receivables 1 1 Life settlement contracts $ 58 58 Payable to brokers (44 ) (44) |
Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The tables below present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2017 and 2016: Purchases Sales Settlements Transfers into Transfers out of Balance, Unrealized Gains (Losses) Recognized in Net Income 3 Assets and Held at Net Realized Gains 2017 Balance, Included in Included in (In millions) Fixed maturity securities: Corporate bonds and other $ 130 $ 3 $ 18 $ (5 ) $ (54 ) $ 16 $ (10 ) $ 98 States, municipalities and political subdivisions 1 1 Asset-backed 199 $ 2 3 107 (43 ) 153 (86 ) 335 Fixed maturities available-for-sale 330 2 6 125 (5 ) (97 ) 169 (96 ) 434 $ - Fixed maturities trading 6 (2 ) 4 (2) Total fixed maturities $ 336 $ - $ 6 $ 125 $ (5 ) $ (97 ) $ 169 $ (96 ) $ 438 $ (2) Equity securities available-for-sale $ 19 $ 3 $ 1 $ (3 ) $ 20 Equity securities trading 1 $ (1 ) 2 2 Total equity securities $ 20 $ (1 ) $ 3 $ 3 $ (3 ) $ - $ - $ - $ 22 $ - Life settlement contracts $ 58 $ 6 $ (59 ) $ (5 ) $ - Derivative financial instruments, net - 1 (1 ) - 2016 Balance, Purchases Sales Settlements Transfers into Transfers out of Balance, Unrealized Gains (Losses) Recognized in Net Income 3 Assets and Held at Net Realized Gains Included in Included in (In millions) Fixed maturity securities: Corporate bonds and other $ 168 $ 1 $ 1 $ 163 $ (36 ) $ (103 ) $ (64 ) $ 130 States, municipalities and political subdivisions 2 (1 ) 1 Asset-backed 209 (5 ) 133 (25 ) (32 ) $ 61 (142 ) 199 Fixed maturities available-for-sale 379 1 (4 ) 296 (61 ) (136 ) 61 (206 ) 330 $ - Fixed maturities trading 85 5 2 (86 ) 6 3 Total fixed maturities $ 464 $ 6 $ (4 ) $ 298 $ (147 ) $ (136 ) $ 61 $ (206 ) $ 336 $ 3 Equity securities available-for-sale $ 20 $ (1 ) $ 19 $ (2) Equity securities trading 1 1 $ (1 ) 1 Total equity securities $ 21 $ - $ - $ - $ (1 ) $ - $ - $ - $ 20 $ (2) Life settlement contracts $ 74 $ 5 $ (21 ) $ 58 $ (3) Derivative financial instruments, net 3 (1 ) $ (2 ) - Net realized and unrealized gains and losses are reported in Net income as follows: Major Category of Assets and Liabilities Consolidated 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 |
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 measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables 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. The valuation of life settlement contracts was based on the terms of the sale of the contracts to a third party; therefore the contracts are not included in the tables below. December 31, 2017 Estimated Valuation Unobservable Range (Weighted (In millions) Fixed maturity securities $ 136 Discounted cash flow Credit spread 1% – 12% (3%) December 31, 2016 Estimated Valuation Unobservable Range (In millions) Fixed maturity securities $ 106 Discounted cash flow Credit spread 2% – 40% (4%) |
Carrying Amount, Estimated Fair Value and Level of Fair Value Hierarchy of Company's Financial Assets and Liabilities | The carrying amounts reported on the Consolidated 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 Estimated Fair Value December 31, 2017 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 839 $ 844 $ 844 Liabilities: Short term debt 278 $ 156 122 278 Long term debt 11,236 10,966 525 11,491 December 31, 2016 Assets: Other invested assets, primarily mortgage loans $ 591 $ 594 $ 594 Liabilities: Short term debt 107 $ 104 3 107 Long term debt 10,655 10,150 646 10,796 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Receivables | December 31 2017 2016 (In millions) Reinsurance (Note 15) $ 4,290 $ 4,453 Insurance 2,336 2,255 Receivable from brokers 69 178 Accrued investment income 413 410 Federal income taxes 52 7 Other, primarily customer accounts 533 431 Total 7,693 7,734 Less: allowance for doubtful accounts on reinsurance receivables 29 37 allowance for other doubtful accounts 51 53 Receivables $ 7,613 $ 7,644 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | December 31 2017 2016 (In millions) Pipeline equipment (net of accumulated depreciation of $2,453 and $2,174) $ 7,857 $ 7,631 Offshore drilling equipment (net of accumulated depreciation of $2,797 and $3,310) 5,226 5,693 Other (net of accumulated depreciation of $1,009 and $873) 1,886 1,527 Construction in process 458 379 Property, plant and equipment $ 15,427 $ 15,230 |
Depreciation Expense and Capital Expenditures | Depreciation expense and capital expenditures are as follows: Year Ended December 31 2017 2016 2015 Depre- Capital Depre- Capital Depre- Capital (In millions) CNA Financial $ 80 $ 101 $ 67 $ 128 $ 74 $ 123 Diamond Offshore 349 113 384 629 494 812 Boardwalk Pipeline 325 689 321 648 327 390 Loews Hotels & Co 63 57 63 164 54 389 Corporate 37 30 6 3 6 4 Total $ 854 $ 990 $ 841 $ 1,572 $ 955 $ 1,718 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | A summary of the changes in the carrying amount of goodwill is as follows: Total CNA Diamond Boardwalk Loews Corporate (In millions) Balance, December 31, 2015 $ 351 $ 114 $ - $ 237 $ - $ - Other adjustments (5 ) (5 ) Balance, December 31, 2016 346 109 - 237 - - Acquisition 310 310 Other adjustments 3 3 Balance, December 31, 2017 $ 659 $ 112 $ - $ 237 $ - $ 310 |
Schedule of Carrying Amount of Other Intangible Assets | A summary of the net carrying amount of other intangible assets is as follows: December 31, 2017 December 31, 2016 Gross Accumulated Gross Accumulated (In millions) Finite-lived intangible assets: Customer relationships $ 518 $ 22 $ 59 $ 8 Other 74 13 21 7 Total finite-lived intangible assets 592 35 80 15 Indefinite-lived intangible assets 81 77 Total other intangible assets $ 673 $ 35 $ 157 $ 15 |
Claim and Claim Adjustment Ex38
Claim and Claim Adjustment Expense Reserves (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reconciliation of Claim and Claim Adjustment Expense Reserves | The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of Other Insurance Operations. Year Ended December 31 2017 2016 2015 (In millions) Reserves, beginning of year: Gross $ 22,343 $ 22,663 $ 23,271 Ceded 4,094 4,087 4,344 Net reserves, beginning of year 18,249 18,576 18,927 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 5,201 5,025 4,934 Decrease in provision for insured events of prior years (381 ) (342 ) (255) Amortization of discount 179 175 166 Total net incurred (a) 4,999 4,858 4,845 Net payments attributable to: Current year events (975 ) (967 ) (856) Prior year events (4,366 ) (4,167 ) (4,089) Total net payments (5,341 ) (5,134 ) (4,945) Foreign currency translation adjustment and other 163 (51 ) (251) Net reserves, end of year 18,070 18,249 18,576 Ceded reserves, end of year 3,934 4,094 4,087 Gross reserves, end of year $ 22,004 $ 22,343 $ 22,663 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected in the Consolidated Statements of Income due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and loss deductible receivables and benefit expenses related to future policy benefits, which are not reflected in the table above. |
Schedule of Gross and Net Carried Claim and Claim Adjustment Expense Reserves | The following tables present the gross and net carried reserves: December 31, 2017 Property Other Total (In millions) Gross Case Reserves $ 6,913 $ 4,757 $ 11,670 Gross IBNR Reserves 9,156 1,178 10,334 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 16,069 $ 5,935 $ 22,004 Net Case Reserves $ 6,343 $ 3,302 $ 9,645 Net IBNR Reserves 8,232 193 8,425 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 14,575 $ 3,495 $ 18,070 December 31, 2016 (In millions) Gross Case Reserves $ 7,164 $ 4,696 $ 11,860 Gross IBNR Reserves 9,207 1,276 10,483 Total Gross Carried Claim and Claim Adjustment Expense Reserves $ 16,371 $ 5,972 $ 22,343 Net Case Reserves $ 6,582 $ 3,045 $ 9,627 Net IBNR Reserves 8,328 294 8,622 Total Net Carried Claim and Claim Adjustment Expense Reserves $ 14,910 $ 3,339 $ 18,249 |
Details of the Net Prior Year Development in CNA's Property and Casulaity Operations | The following table and discussion presents detail of the net prior year claim and claim adjustment expense reserve development in CNA’s Property and Casualty Operations: Year Ended December 31 2017 2016 2015 (In millions) Medical professional liability $ 5 $ (37 ) $ (43) Other professional liability and management liability (131 ) (130 ) Surety (84 ) (63 ) (69) Commercial auto (38 ) (46 ) (22) General liability (28 ) (33) Workers’ compensation (65 ) 150 80 Other 5 (134 ) (123) Total pretax (favorable) unfavorable development $ (308 ) $ (288 ) $ (210) |
Schedule of Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development for Segment | The table below presents the net liability for unpaid claim and claim adjustment expenses, by line of business for Property and Casualty Operations: December 31 2017 (In millions) Medical professional liability $ 1,700 Other professional liability and management liability 2,912 Surety 368 Commercial auto 389 General liability 3,123 Workers’ compensation 4,012 Other 2,071 Total net liability for unpaid claim and claim adjustment expenses $ 14,575 |
Reconciliation of Net Liability for Unpaid Claim and Claim Adjustment Expenses for Property and Casualty Operations to Amount Presented in Consolidated Balance Sheets | The table below reconciles the net liability for unpaid claim and claim adjustment expenses for Property and Casualty Operations to the amount presented in the Consolidated Balance Sheets. As of December 31, 2017 (In millions) Net liability for unpaid claim and claim adjustment expenses: Property and Casualty Operations $ 14,575 Other Insurance Operations (a) 3,495 Total net claim and claim adjustment expenses 18,070 Reinsurance receivables: (b) Property and Casualty Operations 1,494 Other Insurance Operations (c) 2,440 Total reinsurance receivables 3,934 Total gross liability for unpaid claims and claims adjustment expenses $ 22,004 (a) Other Insurance Operations include amounts primarily related to long term care claim reserves, which are long duration insurance contracts, but also include amounts related to unfunded structured settlements arising from short duration insurance contracts. (b) Reinsurance receivables presented do not include reinsurance receivables related to paid losses. (c) The Other Insurance Operations reinsurance receivables are primarily related to A&EP claims covered under the loss portfolio transfer. |
Schedule of Historical Claims Duration | The table below presents information about average historical claims duration as of December 31, 2017 and is presented as required supplementary information, which is unaudited. Average Annual Percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses in Year: 1 2 3 4 5 6 7 8 9 10 Total Medical professional liability 3.3 % 18.9 % 23.5 % 19.8 % 12.7 % 7.2 % 4.5 % 3.3 % 3.6 % 0.7 % 97.5 % Other professional liability and management liability 5.9 % 21.0 % 21.1 % 17.3 % 9.9 % 6.0 % 5.6 % 4.0 % 2.6 % 1.5 % 94.9 % Surety (a) 21.4 % 38.4 % 17.7 % 7.5 % 3.4 % 2.0 % (2.3 )% (1.1 )% — — 87.0 % Commercial auto 28.1 % 22.9 % 18.4 % 14.1 % 9.2 % 3.4 % 0.9 % 0.2 % 0.4 % 0.7 % 98.3 % General liability 4.9 % 16.6 % 20.7 % 20.8 % 15.2 % 8.4 % 4.2 % 2.5 % 1.5 % 1.2 % 96.0 % Workers’ compensation 13.5 % 21.2 % 14.4 % 10.7 % 7.8 % 5.5 % 4.9 % 3.7 % 3.0 % 3.2 % 87.9 % (a) Due to the nature of the Surety business, average annual percentage payout of ultimate net incurred claim and allocated claim adjustment expenses has been calculated using only the payouts of mature accident years presented in the loss reserve development tables. |
Schedule of Impact of Loss Portfolio Transfer on the Consolidated Statement of Operations | The following table presents the impact of the loss portfolio transfer on the Consolidated Statements of Income. Year Ended December 31 2017 2016 2015 (In millions) Net A&EP adverse development before consideration of LPT $ 60 $ 200 $ 150 Retroactive reinsurance benefit recognized (68 ) (107 ) (85 ) Pretax impact of A&EP reserve development and the LPT $ (8 ) $ 93 $ 65 |
Medical Professional Liability [Member] | |
Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses | December 31, 2017 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2008 (a) 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 IBNR Claims (In millions, except reported claims data) Accident Year 2008 $ 426 $ 451 $ 496 $ 480 $ 468 $ 468 $ 467 $ 455 $ 442 $ 438 $ 4 14,102 2009 462 469 494 506 480 471 463 432 422 3 15,594 2010 483 478 478 486 470 446 403 398 9 15,239 2011 486 492 507 533 501 491 491 16 17,481 2012 526 529 575 567 559 563 39 18,503 2013 534 540 560 567 573 44 19,777 2014 511 548 585 564 78 19,764 2015 480 539 543 164 17,690 2016 469 527 268 14,743 2017 452 370 11,137 Total $ 4,971 $ 995 |
Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses | Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2008 $ 9 $ 90 $ 207 $ 282 $ 332 $ 377 $ 395 $ 409 $ 428 $ 431 2009 9 75 180 278 328 353 377 396 408 2010 11 93 186 273 338 361 371 380 2011 18 121 225 315 379 407 435 2012 15 121 236 359 428 475 2013 18 121 259 364 429 2014 25 149 274 374 2015 22 105 241 2016 18 126 2017 20 Total $ 3,319 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,652 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 20 Liability for unallocated claim adjustment expenses for accident years presented 28 Total net liability for unpaid claim and claim adjustment expenses $ 1,700 |
Schedule of Net Strengthening or (Releases) of Prior Accident Year Reserves | Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2008 $ 25 $ 45 $ (16 ) $ (12 ) $ (1 ) $ (12 ) $ (13 ) $ (4 ) $ 12 2009 7 25 12 $ (26 ) (9 ) (8 ) (31 ) (10 ) (40 ) 2010 (5 ) 8 (16 ) (24 ) (43 ) (5 ) (85 ) 2011 6 15 26 (32 ) (10 ) 5 2012 3 46 (8 ) (8 ) 4 37 2013 6 20 7 6 39 2014 37 37 (21 ) 53 2015 59 4 63 2016 58 58 Total net development for the accident years presented above (27 ) (2 ) 32 Total net development for accident years prior to 2008 (16 ) (35 ) (19 ) Total unallocated claim adjustment expense development — — (8 ) Total $ (43 ) $ (37 ) $ 5 (a) Data presented for these calendar years is required supplemental information, which is unaudited. |
Other Professional Liability and Management Liability [Member] | |
Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses | Other Professional Liability and Management Liability December 31, 2017 Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2008 (a) 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 IBNR Claims (In millions, except reported claims data) Accident Year 2008 $ 916 $ 933 $ 954 $ 924 $ 915 $ 880 $ 850 $ 845 $ 827 $ 818 $ 26 16,331 2009 829 873 903 898 891 900 895 903 901 32 17,274 2010 825 827 850 848 846 836 823 826 31 17,805 2011 876 904 933 948 944 910 898 71 18,643 2012 907 894 876 870 833 832 73 18,262 2013 844 841 879 840 824 83 17,362 2014 841 859 854 798 158 16,984 2015 847 851 832 296 16,603 2016 859 859 426 17,004 2017 810 701 15,206 Total $ 8,398 $ 1,897 |
Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses | Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2008 $ 39 $ 181 $ 376 $ 515 $ 600 $ 641 $ 678 $ 719 $ 741 $ 753 2009 37 195 358 550 638 719 769 798 821 2010 31 203 404 541 630 670 721 753 2011 71 313 502 604 682 726 781 2012 57 248 398 570 648 698 2013 51 240 426 583 667 2014 51 212 375 494 2015 48 209 377 2016 60 236 2017 52 Total $ 5,632 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 2,766 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 79 Liability for unallocated claim adjustment expenses for accident years presented 67 Total net liability for unpaid claim and claim adjustment expenses $ 2,912 |
Schedule of Net Strengthening or (Releases) of Prior Accident Year Reserves | Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2008 $ 17 $ 21 $ (30 ) $ (9 ) $ (35 ) $ (30 ) $ (5 ) $ (18 ) $ (9 ) $ (98 ) 2009 44 30 (5 ) (7 ) 9 (5 ) 8 (2 ) 72 2010 2 23 (2 ) (2 ) (10 ) (13 ) 3 1 2011 28 29 15 (4 ) (34 ) (12 ) 22 2012 (13 ) (18 ) (6 ) (37 ) (1 ) (75 ) 2013 (3 ) 38 (39 ) (16 ) (20 ) 2014 18 (5 ) (56 ) (43 ) 2015 4 (19 ) (15 ) 2016 — — Total net development for the accident years presented above 26 (134 ) (112 ) Total net development for accident years prior to 2008 (26 ) 4 (14 ) Total unallocated claim adjustment expense development — — (5 ) Total $ — $ (130 ) $ (131 ) (a) Data presented for these calendar years is required supplemental information, which is unaudited. |
Surety [Member] | |
Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2008 (a) 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 IBNR Claims (In millions, except reported claims data) Accident Year 2008 $ 114 $ 114 $ 73 $ 68 $ 61 $ 52 $ 48 $ 45 $ 44 $ 44 7,199 2009 114 114 103 85 68 59 52 53 53 $ 1 6,679 2010 112 112 111 84 76 66 63 59 7 5,962 2011 120 121 116 87 75 70 66 9 5,795 2012 120 122 98 70 52 45 9 5,519 2013 120 121 115 106 91 10 4,993 2014 123 124 94 69 25 4,938 2015 131 131 104 63 4,670 2016 124 124 84 4,707 2017 120 97 2,901 Total $ 775 $ 305 |
Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses | Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2008 $ 9 $ 27 $ 35 $ 39 $ 42 $ 43 $ 43 $ 43 $ 43 $ 43 2009 13 24 34 41 43 45 46 47 47 2010 13 34 50 55 57 58 55 52 2011 19 42 55 58 60 60 56 2012 5 32 34 35 35 36 2013 16 40 69 78 78 2014 7 30 38 36 2015 7 26 38 2016 5 37 2017 23 Total $ 446 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 329 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 9 Liability for unallocated claim adjustment expenses for accident years presented 30 Total net liability for unpaid claim and claim adjustment expenses $ 368 |
Schedule of Net Strengthening or (Releases) of Prior Accident Year Reserves | Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2008 $ — $ (41 ) $ (5 ) $ (7 ) $ (9 ) $ (4 ) $ (3 ) $ (1 ) $ — $ (70 ) 2009 (11 ) (18 ) (17 ) (9 ) (7 ) 1 — (61 ) 2010 (1 ) (27 ) (8 ) (10 ) (3 ) (4 ) (53 ) 2011 1 (5 ) (29 ) (12 ) (5 ) (4 ) (54 ) 2012 2 (24 ) (28 ) (18 ) (7 ) (75 ) 2013 1 (6 ) (9 ) (15 ) (29 ) 2014 1 (30 ) (25 ) (54 ) 2015 (27 ) (27 ) 2016 — — Total net development for the accident years presented above (65 ) (65 ) (82 ) Total net development for accident years prior to 2008 (4 ) 2 1 Total unallocated claim adjustment expense development — — (3 ) Total $ (69 ) $ (63 ) $ (84 ) (a) Data presented for these calendar years is required supplemental information, which is unaudited. |
Commercial Auto [Member] | |
Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2008 (a) 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 IBNR Claims (In millions, except reported claims data) Accident Year 2008 $ 322 $ 323 $ 316 $ 306 $ 309 $ 305 $ 298 $ 298 $ 296 $ 297 56,424 2009 287 272 274 278 281 277 275 272 272 47,343 2010 262 274 279 283 291 286 281 280 $ 1 46,335 2011 262 273 279 293 290 285 285 3 46,691 2012 270 282 292 296 300 292 7 45,288 2013 242 259 257 241 237 10 38,539 2014 231 221 210 204 19 33,029 2015 199 197 187 35 29,924 2016 196 183 53 29,745 2017 196 117 25,173 Total $ 2,433 $ 245 |
Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses | Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2008 $ 83 $ 158 $ 210 $ 244 $ 274 $ 289 $ 291 $ 292 $ 293 $ 295 2009 72 128 188 229 257 269 270 270 271 2010 72 137 197 240 265 274 279 280 2011 78 141 193 241 264 275 277 2012 77 157 214 253 276 278 2013 73 132 164 195 219 2014 63 100 135 163 2015 52 95 128 2016 51 91 2017 58 Total $ 2,060 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 373 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 6 Liability for unallocated claim adjustment expenses for accident years presented 10 Total net liability for unpaid claim and claim adjustment expenses $ 389 |
Schedule of Net Strengthening or (Releases) of Prior Accident Year Reserves | Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2008 $ 1 $ (7 ) $ (10 ) $ 3 $ (4 ) $ (7 ) $ (2 ) $ 1 $ (25 ) 2009 (15 ) 2 4 3 (4 ) $ (2 ) (3 ) — (15 ) 2010 12 5 4 8 (5 ) (5 ) (1 ) 18 2011 11 6 14 (3 ) (5 ) — 23 2012 12 10 4 4 (8 ) 22 2013 17 (2 ) (16 ) (4 ) (5 ) 2014 (10 ) (11 ) (6 ) (27 ) 2015 (2 ) (10 ) (12 ) 2016 (13 ) (13 ) Total net development for the accident years presented above (18 ) (40 ) (41 ) Total net development for accident years prior to 2008 (4 ) (6 ) 1 Total unallocated claim adjustment expense development — — 2 Total $ (22 ) $ (46 ) $ (38 ) (a) Data presented for these calendar years is required supplemental information, which is unaudited. |
General Liability [Member] | |
Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2008 (a) 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 IBNR Claims (In millions, except reported claims data) Accident Year 2008 $ 611 $ 604 $ 630 $ 647 $ 633 $ 632 $ 613 $ 600 $ 591 $ 592 $ 13 $ 44,655 2009 591 637 634 633 629 623 619 622 627 18 44,038 2010 566 597 599 649 695 675 659 654 19 43,472 2011 537 534 564 610 611 621 615 29 38,216 2012 539 563 579 570 558 569 34 34,249 2013 615 645 634 643 604 62 33,255 2014 627 634 635 627 131 27,478 2015 573 574 585 208 23,082 2016 622 647 351 21,893 2017 627 547 15,375 Total $ 6,147 $ 1,412 |
Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses | Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2008 $ 31 $ 129 $ 261 $ 390 $ 473 $ 528 $ 550 $ 560 $ 567 $ 574 2009 33 112 270 392 486 532 557 584 596 2010 27 139 267 414 530 577 608 618 2011 27 135 253 389 484 534 562 2012 27 127 233 340 417 473 2013 33 135 257 377 469 2014 29 115 245 379 2015 31 132 247 2016 34 163 2017 27 Total $ 4,108 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 2,039 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 1,026 Liability for unallocated claim adjustment expenses for accident years presented 58 Total net liability for unpaid claim and claim adjustment expenses $ 3,123 |
Schedule of Net Strengthening or (Releases) of Prior Accident Year Reserves | Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2008 $ (7 ) $ 26 $ 17 $ (14 ) $ (1 ) $ (19 ) $ (13 ) $ (9 ) $ 1 $ (19 ) 2009 46 (3 ) (1 ) (4 ) (6 ) (4 ) 3 5 36 2010 31 2 50 46 (20 ) (16 ) (5 ) 88 2011 (3 ) 30 46 1 10 (6 ) 78 2012 24 16 (9 ) (12 ) 11 30 2013 30 (11 ) 9 (39 ) (11 ) 2014 7 1 (8 ) — 2015 1 11 12 2016 25 25 Total net development for the accident years presented above (49 ) (13 ) (5 ) Total net development for accident years prior to 2008 16 (15 ) (2 ) Total unallocated claim adjustment expense development — — 7 Total $ (33 ) $ (28 ) $ — (a) Data presented for these calendar years is required supplemental information, which is unaudited. |
Workers' Compensation [Member] | |
Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses | Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses Cumulative Number of December 31 2008 (a) 2009 (a) 2010 (a) 2011 (a) 2012 (a) 2013 (a) 2014 (a) 2015 (a) 2016 (a) 2017 IBNR Claims (In millions, except reported claims data) Accident Year 2008 $ 558 $ 575 $ 593 $ 606 $ 608 $ 612 $ 622 $ 630 $ 638 $ 652 $ 34 59,911 2009 583 587 594 596 600 611 617 625 632 34 51,161 2010 576 619 641 663 683 697 717 721 33 48,144 2011 593 628 637 648 642 666 668 23 44,691 2012 589 616 648 661 671 667 63 41,756 2013 528 563 584 610 584 57 38,153 2014 459 474 474 448 106 33,072 2015 416 426 401 154 31,470 2016 421 399 200 31,310 2017 434 254 27,929 Total $ 5,606 $ 958 |
Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses | Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses Accident Year 2008 $ 92 $ 233 $ 323 $ 381 $ 425 $ 461 $ 489 $ 505 $ 520 $ 541 2009 88 223 315 381 435 468 495 516 539 2010 94 245 352 433 500 531 565 603 2011 97 245 353 432 471 515 557 2012 86 229 338 411 465 503 2013 79 211 297 366 413 2014 60 157 213 256 2015 50 130 179 2016 52 127 2017 62 Total $ 3,780 Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 1,826 Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 2,216 Other (b) (37 ) Liability for unallocated claim adjustment expenses for accident years presented 7 Total net liability for unpaid claim and claim adjustment expenses $ 4,012 |
Schedule of Net Strengthening or (Releases) of Prior Accident Year Reserves | Net Strengthening or (Releases) of Prior Accident Year Reserves Years Ended December 31 Total Accident Year 2008 $ 17 $ 18 $ 13 $ 2 $ 4 $ 10 $ 8 $ 8 $ 14 $ 94 2009 4 7 2 4 11 6 8 7 49 2010 43 22 22 20 14 20 4 145 2011 35 9 11 (6 ) 24 2 75 2012 27 32 13 10 (4 ) 78 2013 35 21 26 (26 ) 56 2014 15 (26 ) (11 ) 2015 10 (25 ) (15 ) 2016 (22 ) (22 ) Total net development for the accident years presented above 71 106 (76 ) Adjustment for development on a discounted basis (2 ) 1 (4 ) Total net development for accident years prior to 2008 11 43 14 Total unallocated claim adjustment expense development 1 Total $ 80 $ 150 $ (65 ) (a) Data presented for these calendar years is required supplemental information, which is unaudited. (b) Other includes the effect of discounting lifetime claim reserves. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Future Minimum Lease Payments to be Made Under Non-Cancelable Operating Leases Along with Lease and Sublease Minimum Receipts to be Received on Owned and Leased Properties | The table below presents the future minimum lease payments to be made under non-cancelable Future Minimum Lease Year Ended December 31 Payments Receipts (In millions) 2018 $ 76 $ 6 2019 70 5 2020 71 5 2021 69 4 2022 59 4 Thereafter 384 16 Total $ 729 $ 40 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Current and Deferred Components of Income Tax Expense (Benefit) | The current and deferred components of income tax expense (benefit) are as follows: Year Ended December 31 2017 2016 2015 (In millions) Income tax expense (benefit): Federal: Current $ 157 $ 71 $ 79 Deferred (63 ) 102 (234 ) State and city: Current 22 13 21 Deferred 17 13 5 Foreign 37 21 86 Total $ 170 $ 220 $ (43 ) |
Components of U.S. and Foreign Income and Reconciliation between Federal Income Tax Expense at Statutory Rates and Actual Income Tax Expense (Benefit) | The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense (benefit) is as follows: Year Ended December 31 2017 2016 2015 (In millions) Income before income tax: U.S. $ 1,322 $ 1,207 $ 543 Foreign 260 (271 ) (299 ) Total $ 1,582 $ 936 $ 244 Income tax expense at statutory rate $ 554 $ 328 $ 86 Increase (decrease) in income tax expense resulting from: Effect of the Tax Act (190 ) Exempt investment income (134 ) (126 ) (126 ) Foreign related tax differential (36 ) 40 (18 ) Amortization of deferred charges associated with intercompany rig sales to other tax jurisdictions 38 Taxes related to domestic affiliate 1 (14 ) (10 ) Partnership earnings not subject to taxes (51 ) (52 ) (38 ) Allowance for foreign tax credits 7 62 Unrecognized tax positions, settlements and adjustments relating to prior years (8 ) (42 ) 1 Other (a) 27 24 24 Income tax expense (benefit) $ 170 $ 220 $ (43 ) (a) Includes state and local taxes and other non-deductible |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Tax Carryforwards and Interest and Penalties | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding tax carryforwards and interest and penalties, is as follows: Year Ended December 31 2017 2016 2015 (In millions) Balance at January 1 $ 35 $ 54 $ 57 Additions for tax positions related to the current year 51 4 7 Additions for tax positions related to a prior year 5 1 Reductions for tax positions related to a prior year (1 ) (20 ) (3 ) Lapse of statute of limitations (6 ) (4 ) (7 ) Balance at December 31 $ 84 $ 35 $ 54 |
Summary of Deferred Tax Assets and Liabilities | The following table summarizes deferred tax assets and liabilities: December 31 2017 2016 (In millions) Deferred tax assets: Insurance reserves: Property and casualty claim and claim adjustment expense reserves $ 74 $ 125 Unearned premium reserves 142 206 Receivables 13 26 Employee benefits 243 407 Life settlement contracts - 56 Deferred retroactive reinsurance benefit 68 117 Net operating loss carryforwards 169 178 Tax credit carryforwards 199 289 Basis differential in investment in subsidiary 15 17 Other 211 246 Total deferred tax assets 1,134 1,667 Valuation allowance (169 ) (210 ) Net deferred tax assets 965 1,457 Deferred tax liabilities: Deferred acquisition costs (77 ) (120 ) Net unrealized gains (263 ) (295 ) Property, plant and equipment (765 ) (1,019 ) Basis differential in investment in subsidiary (364 ) (409 ) Other liabilities (220 ) (235 ) Total deferred tax liabilities (1,689 ) (2,078 ) Net deferred tax liabilities (a) $ (724 ) $ (621 ) (a) Includes $25 and $15 of deferred tax assets reflected in Other assets in the Consolidated Balance Sheets at December 31, 2017 and 2016. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | December 31 2017 2016 (In millions) Loews Corporation (Parent Company): Senior: 2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500) $ 500 $ 500 3.8% notes due 2026 (effective interest rate of 3.9%) (authorized, $500) 500 500 6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300) 300 300 4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500) 500 500 CNA Financial: Senior: 7.0% notes due 2018 (effective interest rate of 7.1%) (authorized, $150) 150 150 7.4% notes due 2019 (effective interest rate of 7.5%) (authorized, $350) 350 5.9% notes due 2020 (effective interest rate of 6.0%) (authorized, $500) 500 500 5.8% notes due 2021 (effective interest rate of 5.9%) (authorized, $400) 400 400 7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250) 243 243 4.0% notes due 2024 (effective interest rate of 4.0%) (authorized, $550) 550 550 4.5% notes due 2026 (effective interest rate of 4.5%) (authorized, $500) 500 500 3.5% notes due 2027 (effective interest rate of 3.6%) (authorized, $500) 500 Variable rate note due 2036 (effective interest rate of 4.9% and 4.3%) 30 30 Capital lease obligation 3 5 Diamond Offshore: Senior: Variable rate revolving credit facility due 2020 (effective interest rate of 1.9%) 104 5.9% notes due 2019 (effective interest rate of 6.0%) (authorized, $500) 500 3.5% notes due 2023 (effective interest rate of 3.6%) (authorized, $250) 250 250 7.9% notes due 2025 (effective interest rate of 8.0%) (authorized, $500) 500 5.7% notes due 2039 (effective interest rate of 5.8%) (authorized, $500) 500 500 4.9% notes due 2043 (effective interest rate of 5.0%) (authorized, $750) 750 750 Boardwalk Pipeline: Senior: Variable rate revolving credit facility due 2022 (effective interest rate of 2.7% and 2.0%) 385 180 5.5% notes due 2017 (effective interest rate of 5.6%) (authorized, $300) 300 6.3% notes due 2017 (effective interest rate of 6.4%) (authorized, $275) 275 5.2% notes due 2018 (effective interest rate of 5.4%) (authorized, $185) 185 185 5.8% notes due 2019 (effective interest rate of 5.9%) (authorized, $350) 350 350 4.5% notes due 2021 (effective interest rate of 5.0%) (authorized, $440) 440 440 4.0% notes due 2022 (effective interest rate of 4.4%) (authorized, $300) 300 300 3.4% notes due 2023 (effective interest rate of 3.5%) (authorized, $300) 300 300 5.0% notes due 2024 (effective interest rate of 5.2%) (authorized, $600) 600 600 6.0% notes due 2026 (effective interest rate of 6.2%) (authorized, $550) 550 550 4.5% notes due 2027 (effective interest rate of 4.6%) (authorized, $500) 500 7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100) 100 100 Capital lease obligation 9 9 Loews Hotels & Co: Senior debt, principally mortgages (effective interest rates approximate 4.2%) 648 650 Consolidated Container: Senior debt, variable rate term loan due 2024 (effective interest rate of 5.5%) 604 Capital lease obligation 6 11,653 10,871 Less unamortized discount and issuance costs 120 93 Debt $ 11,533 $ 10,778 |
Schedule of Debt by Subsidiary | December 31, 2017 Principal Unamortized Net Short Term Long Term (In millions) Loews Corporation $ 1,800 $ 24 $ 1,776 $ 1,776 CNA Financial 2,876 15 2,861 $ 151 2,710 Diamond Offshore 2,000 28 1,972 1,972 Boardwalk Pipeline 3,719 31 3,688 1 3,687 Loews Hotels & Co 648 5 643 122 521 Consolidated Container 610 17 593 6 587 Total $ 11,653 $ 120 $ 11,533 $ 280 $ 11,253 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The tables below present the changes in AOCI by component for the years ended December 31, 2015, 2016 and 2017: OTTI Unrealized Cash Flow Pension Foreign Total (In millions) Balance, January 1, 2015 $ 32 $ 846 $ (6 ) $ (641 ) $ 49 $ 280 Other comprehensive loss before reclassifications, after tax of $13, $313, $1, $16 and $0 (23 ) (600 ) (2 ) (31 ) (139 ) (795 ) Reclassification of losses from accumulated other comprehensive income, after tax of $(8), $(31), $(2), $(11) and $0 14 43 7 13 77 Other comprehensive income (loss) (9 ) (557 ) 5 (18 ) (139 ) (718 ) Issuance of equity securities by subsidiary 1 1 Amounts attributable to noncontrolling interests 1 58 (2 ) 9 14 80 Balance, December 31, 2015 24 347 (3 ) (649 ) (76 ) (357 ) Other comprehensive income (loss) before reclassifications, after tax of $(4), $(133), $0, $9 and $0 9 283 (22 ) (114 ) 156 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $3, $16, $0, $(15) and $0 (6 ) (26 ) 2 27 (3 ) Other comprehensive income (loss) 3 257 2 5 (114 ) 153 Amounts attributable to noncontrolling interests (28 ) (1 ) (2 ) 12 (19 ) Balance, December 31, 2016 27 576 (2 ) (646 ) (178 ) (223 ) Other comprehensive income (loss) before reclassifications, after tax of $1, $(106), $(2), $4 and $0 (3 ) 190 1 (18 ) 100 270 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $1, $38, $0, $(16) and $0 (2 ) (82 ) 2 30 (52 ) Other comprehensive income (loss) (5 ) 108 3 12 100 218 Amounts attributable to noncontrolling interests (11 ) (1 ) 1 (10 ) (21 ) Balance, December 31, 2017 $ 22 $ 673 $ - $ (633 ) $ (88 ) $ (26 ) |
Statutory Accounting Practices
Statutory Accounting Practices (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Combined Statutory Capital and Surplus and Net Income | Combined statutory capital and surplus and statutory net income for the Combined Continental Casualty Companies are presented in the table below, determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities. Statutory Capital and Surplus Statutory Net Income December 31 Year Ended December 31 2017(a) 2016 2017(a) 2016 2015 (In millions) Combined Continental Casualty Companies $ 10,726 $ 10,748 $ 1,029 $ 1,033 $ 1,148 (a) Information derived from the statutory-basis financial statements to be filed with insurance regulators. |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations: Pension Benefits Other Postretirement Benefits December 31 2017 2016 2015 2017 2016 2015 Discount rate 3.5% 3.9% 4.0% 3.4% 3.7% 3.7% Expected long term rate of return on plan assets 7.5% 7.5% 7.5% 5.3% 5.3% 5.3% Rate of compensation increase 3.9% to 5.5% 3.9% to 5.5% 3.5% to 5.5% |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | Weighted average assumptions used to determine net periodic benefit cost: Pension Benefits Other Postretirement Benefits Year Ended December 31 2017 2016 2015 2017 2016 2015 Discount rate 3.8% 4.0% 3.8% 3.7% 3.7% 3.4% Expected long term rate of return on plan assets 7.5% 7.5% 7.5% 5.3% 5.3% 5.3% Rate of compensation increase 3.9% to 5.5% 3.5% to 5.5% 3.5% to 5.5% |
Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates: December 31 2017 2016 2015 Health care cost trend rate assumed for next year 4.0% to 7.0% 4.0% to 7.0% 4.0% to 7.5% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.0% to 5.0% 4.0% to 5.0% 4.0% to 5.0% Year that the rate reaches the ultimate trend rate 2018-2022 2017-2021 2016-2021 |
Components of Net Periodic Benefit Cost | Net periodic benefit cost components: Pension Benefits Other Postretirement Benefits Year Ended December 31 2017 2016 2015 2017 2016 2015 (In millions) Service cost $ 8 $ 8 $ 12 $ 1 $ 1 $ 1 Interest cost 119 128 127 2 3 3 Expected return on plan assets (173 ) (177 ) (193 ) (5 ) (5 ) (5) Amortization of unrecognized net loss 43 46 42 1 Amortization of unrecognized prior service benefit (1 ) (1 ) (2 ) (3 ) (10) Settlement 11 3 3 Net periodic benefit cost $ 8 $ 7 $ (10 ) $ (4 ) $ (4 ) $ (10) |
Reconciliation of Benefit Obligations and Plan Assets | The following provides a reconciliation of benefit obligations and plan assets: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (In millions) Change in benefit obligation: Benefit obligation at January 1 $ 3,131 $ 3,227 $ 66 $ 82 Acquisitions 103 Service cost 8 8 1 1 Interest cost 119 128 2 3 Plan participants’ contributions 5 5 Amendments 1 Actuarial (gain) loss 100 72 (1 ) (13) Benefits paid from plan assets (192 ) (188 ) (11 ) (12) Settlements (37 ) (101 ) Foreign exchange 10 (16 ) Benefit obligation at December 31 3,242 3,131 62 66 Change in plan assets: Fair value of plan assets at January 1 2,423 2,500 86 86 Acquisitions 75 Actual return on plan assets 247 211 5 3 Company contributions 51 19 3 4 Plan participants’ contributions 5 5 Benefits paid from plan assets (192 ) (188 ) (11 ) (12) Settlements (37 ) (103 ) Foreign exchange 10 (16 ) Fair value of plan assets at December 31 2,577 2,423 88 86 Funded status $ (665 ) $ (708 ) $ 26 $ 20 Amounts recognized in the Consolidated Balance Sheets consist of: Other assets $ 4 $ 4 $ 47 $ 44 Other liabilities (669 ) (712 ) (21 ) (24) Net amount recognized $ (665 ) $ (708 ) $ 26 $ 20 Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost: Prior service credit $ (3 ) $ (3 ) $ (3 ) $ (6) Net actuarial loss 1,069 1,097 (3 ) (2) Net amount recognized $ 1,066 $ 1,094 $ (6 ) $ (8) Information for plans with projected and accumulated benefit obligations in excess of plan assets: Projected benefit obligation $ 3,132 $ 3,103 Accumulated benefit obligation 3,117 3,089 $ 21 $ 24 Fair value of plan assets 2,462 2,391 |
Estimated Amounts to be Recognized from AOCI into Net Periodic Cost (Benefit) | The table below presents the estimated amounts to be recognized from AOCI into net periodic cost (benefit) during 2018. Other Pension Postretirement Benefits Benefits (In millions) Amortization of net actuarial (gain) loss $ 42 $ (1) Amortization of prior service credit (2) Total estimated amounts to be recognized $ 42 $ (3) |
Estimated Future Minimum Benefit Payments | The table below presents the estimated future minimum benefit payments at December 31, 2017. Other Pension Postretirement Expected future benefit payments Benefits Benefits (In millions) 2018 $ 231 $ 5 2019 213 5 2020 214 5 2021 215 5 2022 217 4 2023 – 2027 1,057 18 |
Pension Benefits [Member] | |
Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis | Pension plan assets measured at fair value on a recurring basis are summarized below. December 31, 2017 Level 1 Level 2 Level 3 Total (In millions) Plan assets at fair value: Fixed maturity securities: Corporate and other bonds $ 522 $ 10 $ 532 States, municipalities and political subdivisions 62 62 Asset-backed 182 182 Total fixed maturities $ - 766 10 776 Equity securities 449 122 571 Short term investments 29 11 40 Fixed income mutual funds 96 96 Other assets 13 9 22 Total plan assets at fair value $ 587 $ 908 $ 10 $ 1,505 Plan assets at net asset value: (a) Limited partnerships 990 Collective investment trust funds 82 Total plan assets $ 587 $ 908 $ 10 $ 2,577 December 31, 2016 Plan assets at fair value: Fixed maturity securities: Corporate and other bonds $ 500 $ 10 $ 510 States, municipalities and political subdivisions 63 63 Asset-backed 186 186 Total fixed maturities $ - 749 10 759 Equity securities 404 105 509 Short term investments 18 35 53 Fixed income mutual funds 92 92 Other assets 15 37 52 Total plan assets at fair value $ 529 $ 926 $ 10 $ 1,465 Plan assets at net asset value: (a) Limited partnerships 958 Total plan assets $ 529 $ 926 $ 10 $ 2,423 (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis | Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below. December 31, 2017 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate and other bonds $ 18 $ 18 States, municipalities and political subdivisions 42 42 Asset-backed 12 12 Total fixed maturities $ - 72 $ - 72 Short term investments 2 2 Fixed income mutual funds 14 14 Total $ 16 $ 72 $ - $ 88 December 31, 2016 Fixed maturity securities: Corporate and other bonds $ 19 $ 19 States, municipalities and political subdivisions 44 44 Asset-backed 15 15 Total fixed maturities $ - 78 $ - 78 Short term investments 3 3 Fixed income mutual funds 5 5 Total $ 8 $ 78 $ - $ 86 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Summary of Amounts Receivable from Reinsurers | The following table presents the amounts receivable from reinsurers: December 31 2017 2016 (In millions) Reinsurance receivables related to insurance reserves: Ceded claim and claim adjustment expenses $ 3,934 $ 4,094 Ceded future policy benefits 230 212 Reinsurance receivables related to paid losses 126 147 Reinsurance receivables 4,290 4,453 Less allowance for doubtful accounts 29 37 Reinsurance receivables, net of allowance for doubtful accounts $ 4,261 $ 4,416 |
Summary of Effects of Reinsurance on Earned Premiums | The effects of reinsurance on earned premiums are presented in the following table: Direct Assumed Ceded Net Assumed/ (In millions) Year Ended December 31, 2017 Property and casualty $ 10,447 $ 317 $ 4,315 $ 6,449 4.9% Long term care 489 50 539 9.3 Earned premiums $ 10,936 $ 367 $ 4,315 $ 6,988 5.3% Year Ended December 31, 2016 Property and casualty $ 10,400 $ 258 $ 4,270 $ 6,388 4.0% Long term care 486 50 536 9.3 Earned premiums $ 10,886 $ 308 $ 4,270 $ 6,924 4.4% Year Ended December 31, 2015 Property and casualty $ 9,853 $ 274 $ 3,754 $ 6,373 4.3% Long term care 498 50 548 9.1 Earned premiums $ 10,351 $ 324 $ 3,754 $ 6,921 4.7% |
Quarterly Financial Data (Una46
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2017 Quarter Ended Dec. 31 Sept. 30 June 30 March 31 (In millions, except per share data) Total revenues $ 3,555 $ 3,521 $ 3,359 $ 3,300 Net income (a) 481 157 231 295 Per share-basic 1.43 0.46 0.69 0.88 Per share-diluted 1.43 0.46 0.69 0.87 2016 Quarter Ended Total revenues $ 3,338 $ 3,287 $ 3,307 $ 3,173 Net income (loss) (b) 290 327 (65 ) 102 Per share-basic and diluted 0.86 0.97 (0.19 ) 0.30 The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date (a) Net income for the fourth quarter of 2017 includes the impact of a $200 million net benefit resulting from the enactment of the Tax Act. (b) Net loss for the second quarter of 2016 includes the impact of a $267 million asset impairment charge at Diamond Offshore. |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Consolidating Statement of Income and Total Assets by Segment | Statements of Income and Total assets by segment are presented in the following tables. Year Ended December 31, 2017 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 6,988 $ 6,988 Net investment income 2,034 $ 2 $ 146 2,182 Investment gains 122 122 Contract drilling revenues 1,451 1,451 Other revenues 439 47 $ 1,325 $ 682 499 2,992 Total 9,583 1,500 1,325 682 645 13,735 Expenses: Insurance claims and policyholders’ benefits 5,310 5,310 Amortization of deferred acquisition costs 1,233 1,233 Contract drilling expenses 802 802 Other operating expenses 1,523 571 861 589 618 4,162 Interest 203 149 171 28 95 646 Total 8,269 1,522 1,032 617 713 12,153 Income (loss) before income tax 1,314 (22 ) 293 65 (68) 1,582 Income tax (expense) benefit (419) 4 232 (1 ) 14 (170) Net income (loss) 895 (18 ) 525 64 (54) 1,412 Amounts attributable to noncontrolling interests (94) (9 ) (145) (248) Net income (loss) attributable to Loews Corporation $ 801 $ (27 ) $ 380 $ 64 $ (54) $ 1,164 December 31, 2017 Total assets $ 56,539 $ 6,251 $ 8,972 $ 1,558 $ 6,266 $ 79,586 Year Ended December 31, 2016 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 6,924 $ 6,924 Net investment income 1,988 $ 1 $ 146 2,135 Investment gains (losses) 62 (12) 50 Contract drilling revenues 1,525 1,525 Other revenues 410 75 $ 1,316 $ 667 3 2,471 Total 9,384 1,589 1,316 667 149 13,105 Expenses: Insurance claims and policyholders’ benefits 5,283 5,283 Amortization of deferred acquisition costs 1,235 1,235 Contract drilling expenses 772 772 Other operating expenses 1,558 1,198 835 621 131 4,343 Interest 167 90 183 24 72 536 Total 8,243 2,060 1,018 645 203 12,169 Income (loss) before income tax 1,141 (471) 298 22 (54) 936 Income tax (expense) benefit (279) 111 (61) (10 ) 19 (220) Net income (loss) 862 (360) 237 12 (35) 716 Amounts attributable to noncontrolling interests (88) 174 (148) (62) Net income (loss) attributable to Loews Corporation $ 774 $ (186) $ 89 $ 12 $ (35) $ 654 December 31, 2016 Total assets $ 55,207 $ 6,371 $ 8,706 $ 1,498 $ 4,812 $ 76,594 Year Ended December 31, 2015 CNA Diamond Boardwalk Loews Corporate Total (In millions) Revenues: Insurance premiums $ 6,921 $ 6,921 Net investment income 1,840 $ 3 $ 1 $ 22 1,866 Investment losses (71) (71) Contract drilling revenues 2,360 2,360 Other revenues 411 65 1,253 $ 604 6 2,339 Total 9,101 2,428 1,254 604 28 13,415 Expenses: Insurance claims and policyholders’ benefits 5,384 5,384 Amortization of deferred acquisition costs 1,540 1,540 Contract drilling expenses 1,228 1,228 Other operating expenses 1,469 1,508 851 555 116 4,499 Interest 155 94 176 21 74 520 Total 8,548 2,830 1,027 576 190 13,171 Income (loss) before income tax 553 (402 ) 227 28 (162) 244 Income tax (expense) benefit (71) 117 (46) (16 ) 59 43 Net income (loss) 482 (285 ) 181 12 (103) 287 Amounts attributable to noncontrolling interests (49) 129 (107) (27) Net income (loss) attributable to Loews Corporation $ 433 $ (156 ) $ 74 $ 12 $ (103) $ 260 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Summary Of Significant Accounting Policies [Line Items] | |||||
Net investment income | $ 39,000,000 | ||||
Decrease in basic net income per share | $ 0.06 | ||||
Decrease in diluted net income per share | $ 0.06 | ||||
Net investment income cumulative adjustment relating to prior periods | $ 22,000,000 | ||||
Increase (decrease) in Shadow Adjustments | $ 355,000,000 | $ (87,000,000) | |||
Net unrealized gains on investments included in "AOCI" | $ 1,300,000,000 | $ 909,000,000 | 1,300,000,000 | 909,000,000 | |
Investment in joint venture entities | 237,000,000 | 217,000,000 | 237,000,000 | 217,000,000 | |
Equity income (loss) for the investments | 81,000,000 | 41,000,000 | 43,000,000 | ||
Maximum exposure to loss for the VIE investments | 273,000,000 | $ 273,000,000 | |||
Initial collateral deposit as a percentage of the fair value of the securities loaned | 100.00% | ||||
Collateral held | $ 0 | $ 0 | $ 0 | $ 0 | |
Interest rate used to discount workers' compensation lifetime claim reserves | 3.50% | 3.50% | 3.50% | 3.50% | |
Discounted reserves for workers' compensation lifetime claim reserves | $ 346,000,000 | $ 371,000,000 | $ 346,000,000 | $ 371,000,000 | |
Discounted reserves for workers' compensation lifetime claims reserves, discount amount | $ 190,000,000 | $ 202,000,000 | 190,000,000 | 202,000,000 | |
Interest recognized on discounted reserves for workers' compensation lifetime claim reserves | $ 19,000,000 | $ 17,000,000 | 20,000,000 | ||
Gross premium valuation indicated a premium deficiency | 296,000,000 | ||||
Write off of deferred acquisition cost asset | 289,000,000 | ||||
Increase to active life reserves | $ 7,000,000 | ||||
Long term care active life reserves, interest rate range, minimum | 6.60% | 6.60% | 6.60% | 6.60% | |
Long term care active life reserves, interest rate range, maximum | 7.00% | 7.00% | 7.00% | 7.00% | |
Liability balance for guaranty fund | $ 121,000,000 | $ 125,000,000 | $ 121,000,000 | $ 125,000,000 | |
Billed receivables percentage of total reinsurance receivables | 3.00% | 3.00% | |||
Tax benefit of a qualifying position is the largest amount of tax benefit threshold | 50.00% | 50.00% | |||
Potential shares attributable to exercises included in diluted EPS calculation | 0.9 | 0.4 | 0.3 | ||
Shares excluded from diluted EPS calculation | 0.4 | 3.7 | 4.8 | ||
Foreign currency transaction gain (loss) | $ 26,000,000 | $ (21,000,000) | $ (8,000,000) | ||
Cash payments made for interest on long term debt, net of capitalized interest | 533,000,000 | 511,000,000 | 513,000,000 | ||
Cash payments for federal, foreign, state and local income taxes amount | 166,000,000 | 114,000,000 | 110,000,000 | ||
Accrued capital expenditures not included in investing activities | 18,000,000 | 3,000,000 | |||
Previously accrued capital expenditures included in Investment activities | 87,000,000 | ||||
Accounting Standards Update 2014-09 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated annual gross-up of other revenues and other operating expenses due to adoption of new accounting standards update | 500,000,000 | ||||
Accounting Standards Update 2014-09 [Member] | Other Assets Liabilities [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Changes due to adoption of new accounting standards update | 1,700,000,000 | ||||
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Changes due to adoption of new accounting standards update | (58,000,000) | ||||
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Changes due to adoption of new accounting standards update | 25,000,000 | ||||
Accounting Standards Update 2016-01 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Changes due to adoption of new accounting standards update | (25,000,000) | ||||
Accounting Standards Update 2016-06 [Member] | Retained Earnings [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Changes due to adoption of new accounting standards update | $ (10,000,000) | ||||
CNA Financial [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Subsidiary ownership percentage | 89.00% | ||||
Anticipated amounts due from insureds related to losses under deductible policies | $ 1,200,000,000 | $ 1,200,000,000 | |||
Discounted reserves for unfunded structured settlements | $ 527,000,000 | 544,000,000 | |||
Discounted reserves for unfunded structured settlements, discount amount | 798,000,000 | 841,000,000 | |||
Interest recognized on discounted reserves for unfunded structured settlements | $ 41,000,000 | $ 42,000,000 | $ 42,000,000 | ||
Interest rate used to discount long term care claim reserves, minimum | 4.50% | 4.50% | |||
Interest rate used to discount long term care claim reserves, maximum | 6.80% | 6.80% | |||
Interest rate used to discount long term care claim reserves | 6.00% | 6.00% | |||
Discounted reserves for long term care claim reserves | $ 2,400,000,000 | $ 2,200,000,000 | $ 2,400,000,000 | $ 2,200,000,000 | |
Discounted reserves for long term care claim reserves, discount amount | 446,000,000 | 529,000,000 | 446,000,000 | 529,000,000 | |
Deposit assets | 8,000,000 | 3,000,000 | 8,000,000 | 3,000,000 | |
Deposit liabilities | $ 4,000,000 | $ 6,000,000 | $ 4,000,000 | $ 6,000,000 | |
Diamond Offshore Drilling, Inc. [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Subsidiary ownership percentage | 53.00% | ||||
Boardwalk Pipeline Partners, LP [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Subsidiary ownership percentage | 51.00% | ||||
Consolidated Container [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Subsidiary ownership percentage | 99.00% | ||||
Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage equity method investments in associated companies | 20.00% | 20.00% | |||
Share-based payment awards requisite service period | 3 years | ||||
Minimum [Member] | CNA Financial [Member] | Structured Settlement Annuity [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Interest rate used in determining present value of obligations of structured settlements unfunded by annuities | 5.50% | 5.50% | 5.50% | 5.50% | |
Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage equity method investments in associated companies | 50.00% | 50.00% | |||
Share-based payment awards requisite service period | 4 years | ||||
Maximum [Member] | CNA Financial [Member] | Structured Settlement Annuity [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Interest rate used in determining present value of obligations of structured settlements unfunded by annuities | 8.00% | 8.00% | 8.00% | 8.00% |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Summary of Financial Information for Joint Ventures (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Total assets | $ 1,703 | $ 1,749 | |
Total liabilities | 1,347 | 1,444 | |
Revenues | 731 | 693 | $ 606 |
Net income | $ 261 | $ 80 | $ 71 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Principal Service Lives (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | Pipeline Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 30 years |
Minimum [Member] | Offshore Drilling Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 15 years |
Minimum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 3 years |
Maximum [Member] | Pipeline Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 50 years |
Maximum [Member] | Offshore Drilling Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 30 years |
Maximum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Principal service life | 40 years |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) $ in Millions | May 22, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)Hotel | Dec. 31, 2016USD ($)Hotel | Dec. 31, 2015USD ($)Hotel |
Business Acquisition [Line Items] | |||||||||||||
Revenue | $ 3,555 | $ 3,521 | $ 3,359 | $ 3,300 | $ 3,338 | $ 3,287 | $ 3,307 | $ 3,173 | $ 13,735 | $ 13,105 | $ 13,415 | ||
Corporate [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Revenue | 645 | 149 | 28 | ||||||||||
CCC Acquisition Holdings, Inc. [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments for acquisition | $ 1,200 | ||||||||||||
Cash payments funding acquisition | 620 | ||||||||||||
Goodwill deductible for tax purposes | $ 94 | $ 94 | $ 94 | ||||||||||
CCC Acquisition Holdings, Inc. [Member] | Customer Relationships [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Useful life of intangible assets | 21 years | ||||||||||||
CCC Acquisition Holdings, Inc. [Member] | Trade Name [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Useful life of intangible assets | 10 years | ||||||||||||
Consolidated Container [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Revenue | 788 | ||||||||||||
Debt financing proceeds funding acquisition | $ 600 | ||||||||||||
Consolidated Container [Member] | Corporate [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Revenue | $ 498 | ||||||||||||
Loews Hotels And Co [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments for acquisition | $ 84 | $ 330 | |||||||||||
Number of hotel properties acquired | Hotel | 1 | 2 | |||||||||||
Proceeds from sale of hotels | $ 31 | ||||||||||||
Number of hotel properties sold | Hotel | 2 |
Acquisition of Consolidated Con
Acquisition of Consolidated Container Company - Summary of Preliminary Allocation of Purchase Price to Tangible and Identifiable Intangible Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | May 22, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition, Contingent Consideration [Line Items] | ||||
Goodwill | $ 659 | $ 346 | $ 351 | |
CCC Acquisition Holdings, Inc. [Member] | ||||
Business Acquisition, Contingent Consideration [Line Items] | ||||
Cash | $ 5 | |||
Property, plant and equipment | 389 | |||
Goodwill | 310 | |||
Other assets: | ||||
Inventory | 57 | |||
Other | 127 | |||
Deferred income taxes | (27) | |||
Other liabilities: | ||||
Accounts payable | (52) | |||
Pension liability | (27) | |||
Other | (61) | |||
Total | 1,223 | |||
CCC Acquisition Holdings, Inc. [Member] | Customer Relationships [Member] | ||||
Other assets: | ||||
Intangibles | 459 | |||
CCC Acquisition Holdings, Inc. [Member] | Trade Name [Member] | ||||
Other assets: | ||||
Intangibles | $ 43 |
Investments - Net Investment In
Investments - Net Investment Income and Investment Gains (Losses) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Investment Income [Line Items] | |||
Total investment income | $ 2,241 | $ 2,194 | $ 1,929 |
Investment expenses | (59) | (59) | (63) |
Investment gains (losses) | 122 | 50 | (71) |
Net investment income | 2,182 | 2,135 | 1,866 |
Fixed Maturity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 1,812 | 1,819 | 1,751 |
Investment gains (losses) | 122 | 54 | (66) |
Equity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 12 | 10 | 12 |
Investment gains (losses) | (5) | (23) | |
Derivative Instruments [Member] | |||
Net Investment Income [Line Items] | |||
Investment gains (losses) | (4) | (2) | 10 |
Short Term Investments [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 18 | 9 | 11 |
Investment gains (losses) | 4 | 3 | 8 |
Limited Partnership Investments [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 277 | 199 | 119 |
Income from Trading Portfolio [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | 87 | 112 | 2 |
Other [Member] | |||
Net Investment Income [Line Items] | |||
Total investment income | $ 35 | $ 45 | $ 34 |
Investments - Net Investment 54
Investments - Net Investment Income and Investment Gains (Losses) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Investment Income [Line Items] | |||
Net unrealized gains (losses) on trading securities | $ 39 | $ 44 | $ (46) |
Fixed Maturity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Gross realized gains on available-for-sale securities | 187 | 209 | 133 |
Gross realized losses on available-for-sale securities | $ 65 | $ 160 | $ 222 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Investment | Dec. 31, 2016USD ($)Investment | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | |||
Value of non-income producing fixed maturity securities held | $ 2,000,000 | $ 0 | |
Number of Investments not exceeds 10% of shareholders equity | Investment | 0 | 0 | |
Additional other than temporary impairment losses | $ 0 | ||
Carrying value of limited partnerships | 3,300,000,000 | $ 3,200,000,000 | |
Undistributed earnings of limited partnerships | $ 903,000,000 | $ 820,000,000 | |
Percentage of carrying value reported on a current basis | 71.60% | ||
Percentage of carrying value reported on one month lag | 13.20% | ||
Percentage of limited partnerships comprising of the carrying value that employ hedge fund strategies | 78.80% | 76.60% | |
Percentage of limited partnerships comprising of the carrying value that invested in private debt and equity | 18.10% | 19.80% | |
Percentage of limited partnerships employing hedge fund strategies focused on equity investments | 64.50% | ||
Percentage of limited partnerships employing hedge fund strategies with a multi-strategy approach | 20.70% | ||
Percentage of limited partnerships employing hedge fund strategies focused on distressed investments | 11.10% | ||
Percentage of limited partnerships employing hedge fund strategies focused on fixed income investments | 3.70% | ||
Ownership percentage of aggregate partnership equity | 2.90% | 3.50% | |
Changes in ownership percentage of aggregate partnership equity | 3.00% | 4.00% | 2.80% |
Withdrawal provisions limited partnership investments, description | The Company’s limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year and in some cases do not permit withdrawals until the termination of the partnership. Typically, withdrawals require advance written notice of up to 90 days. | ||
Future capital call commitments | $ 384,000,000 | ||
Commitments to purchase various privately placed debt securities, including bank loans | 165,000,000 | ||
Commitments to sell various privately placed debt securities, including bank loans | 108,000,000 | ||
Securities deposited | 2,600,000,000 | $ 2,300,000,000 | |
Cash and securities with carrying values deposited as collateral for letters of credit | 471,000,000 | 514,000,000 | |
Securities deposited as collateral for letters of credit | 587,000,000 | 261,000,000 | |
Ten Largest Limited Partnership Holdings [Member] | |||
Schedule of Investments [Line Items] | |||
Carrying value of limited partnerships | $ 1,500,000,000 | $ 1,500,000,000 |
Investments - Schedule of Net C
Investments - Schedule of Net Change in Unrealized Gains (Losses) on Available-for-Sale Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Total net change in unrealized gains (losses) on available-for-sale investments | $ 758 | $ 224 | $ (1,119) |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total net change in unrealized gains (losses) on available-for-sale investments | 728 | 225 | (1,114) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total net change in unrealized gains (losses) on available-for-sale investments | 32 | (2) | (6) |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total net change in unrealized gains (losses) on available-for-sale investments | $ (2) | $ 1 | $ 1 |
Investments - Components of OTT
Investments - Components of OTTI Losses Recognized in Earnings by Asset Type (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | $ 14 | $ 81 | $ 156 |
Corporate and Other Bonds [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 12 | 59 | 104 |
States, Municipalities and Political Subdivisions [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 18 | ||
Residential Mortgage-Backed [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 1 | 10 | 8 |
Other Asset-Backed [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 3 | 1 | |
Total Asset-Backed [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 1 | 13 | 9 |
Total Fixed Maturities Available-for-Sale [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | 13 | 72 | 131 |
Equity Securities Available-for-Sale [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Net OTTI losses recognized in earnings | $ 1 | $ 9 | $ 25 |
Investments - Amortized Cost an
Investments - Amortized Cost and Fair Values of Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | $ 40,038 | $ 39,518 |
Gross Unrealized Gains | 3,491 | 2,807 |
Gross Unrealized Losses | 172 | 282 |
Estimated Fair Value | 43,357 | 42,043 |
Unrealized OTTI Losses (Gains) | (38) | (45) |
Corporate and Other Bonds [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 17,210 | 17,711 |
Gross Unrealized Gains | 1,625 | 1,323 |
Gross Unrealized Losses | 28 | 76 |
Estimated Fair Value | 18,807 | 18,958 |
Unrealized OTTI Losses (Gains) | (1) | |
States, Municipalities and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 12,478 | 12,060 |
Gross Unrealized Gains | 1,551 | 1,213 |
Gross Unrealized Losses | 2 | 33 |
Estimated Fair Value | 14,027 | 13,240 |
Unrealized OTTI Losses (Gains) | (11) | (16) |
Residential Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 5,043 | 5,004 |
Gross Unrealized Gains | 109 | 120 |
Gross Unrealized Losses | 32 | 51 |
Estimated Fair Value | 5,120 | 5,073 |
Unrealized OTTI Losses (Gains) | (27) | (28) |
Commercial Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 1,840 | 2,016 |
Gross Unrealized Gains | 46 | 48 |
Gross Unrealized Losses | 14 | 24 |
Estimated Fair Value | 1,872 | 2,040 |
Other Asset-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 1,083 | 1,022 |
Gross Unrealized Gains | 16 | 8 |
Gross Unrealized Losses | 5 | 5 |
Estimated Fair Value | 1,094 | 1,025 |
Total Asset-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 7,966 | 8,042 |
Gross Unrealized Gains | 171 | 176 |
Gross Unrealized Losses | 51 | 80 |
Estimated Fair Value | 8,086 | 8,138 |
Unrealized OTTI Losses (Gains) | (27) | (28) |
U.S. Treasury and Obligations of Government-Sponsored Enterprises [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 111 | 83 |
Gross Unrealized Gains | 2 | 10 |
Gross Unrealized Losses | 4 | |
Estimated Fair Value | 109 | 93 |
Foreign Government [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 437 | 435 |
Gross Unrealized Gains | 9 | 13 |
Gross Unrealized Losses | 2 | 3 |
Estimated Fair Value | 444 | 445 |
Redeemable Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 10 | 18 |
Gross Unrealized Gains | 1 | 1 |
Estimated Fair Value | 11 | 19 |
Total Fixed Maturities Available-for-Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 38,212 | 38,349 |
Gross Unrealized Gains | 3,359 | 2,736 |
Gross Unrealized Losses | 87 | 192 |
Estimated Fair Value | 41,484 | 40,893 |
Unrealized OTTI Losses (Gains) | (38) | (45) |
Fixed Maturities Trading [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 649 | 598 |
Gross Unrealized Gains | 2 | 3 |
Gross Unrealized Losses | 2 | |
Estimated Fair Value | 649 | 601 |
Fixed Maturity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 38,861 | 38,947 |
Gross Unrealized Gains | 3,361 | 2,739 |
Gross Unrealized Losses | 89 | 192 |
Estimated Fair Value | 42,133 | 41,494 |
Unrealized OTTI Losses (Gains) | (38) | (45) |
Common Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 21 | 13 |
Gross Unrealized Gains | 7 | 6 |
Gross Unrealized Losses | 1 | |
Estimated Fair Value | 27 | 19 |
Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 638 | 93 |
Gross Unrealized Gains | 31 | 2 |
Gross Unrealized Losses | 1 | 4 |
Estimated Fair Value | 668 | 91 |
Equity Securities Available-for-Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 659 | 106 |
Gross Unrealized Gains | 38 | 8 |
Gross Unrealized Losses | 2 | 4 |
Estimated Fair Value | 695 | 110 |
Equity Securities Trading [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 518 | 465 |
Gross Unrealized Gains | 92 | 60 |
Gross Unrealized Losses | 81 | 86 |
Estimated Fair Value | 529 | 439 |
Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 1,177 | 571 |
Gross Unrealized Gains | 130 | 68 |
Gross Unrealized Losses | 83 | 90 |
Estimated Fair Value | $ 1,224 | $ 549 |
Investments - Securities Availa
Investments - Securities Available-for-Sale in Gross Unrealized Loss Position (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $ 3,620 | $ 6,989 |
Gross Unrealized Losses, Less than 12 Months | 40 | 167 |
Estimated Fair Value, 12 Months or Longer | 1,455 | 584 |
Gross Unrealized Losses, 12 Months or Longer | 49 | 29 |
Total Estimated Fair Value | 5,075 | 7,573 |
Total Gross Unrealized Losses | 89 | 196 |
Corporate and Other Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 1,354 | 2,615 |
Gross Unrealized Losses, Less than 12 Months | 21 | 61 |
Estimated Fair Value, 12 Months or Longer | 168 | 254 |
Gross Unrealized Losses, 12 Months or Longer | 7 | 15 |
Total Estimated Fair Value | 1,522 | 2,869 |
Total Gross Unrealized Losses | 28 | 76 |
States, Municipalities and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 72 | 959 |
Gross Unrealized Losses, Less than 12 Months | 1 | 32 |
Estimated Fair Value, 12 Months or Longer | 85 | 23 |
Gross Unrealized Losses, 12 Months or Longer | 1 | 1 |
Total Estimated Fair Value | 157 | 982 |
Total Gross Unrealized Losses | 2 | 33 |
Residential Mortgage-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 1,228 | 2,136 |
Gross Unrealized Losses, Less than 12 Months | 5 | 44 |
Estimated Fair Value, 12 Months or Longer | 947 | 201 |
Gross Unrealized Losses, 12 Months or Longer | 27 | 7 |
Total Estimated Fair Value | 2,175 | 2,337 |
Total Gross Unrealized Losses | 32 | 51 |
Commercial Mortgage-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 403 | 756 |
Gross Unrealized Losses, Less than 12 Months | 4 | 22 |
Estimated Fair Value, 12 Months or Longer | 212 | 69 |
Gross Unrealized Losses, 12 Months or Longer | 10 | 2 |
Total Estimated Fair Value | 615 | 825 |
Total Gross Unrealized Losses | 14 | 24 |
Other Asset-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 248 | 398 |
Gross Unrealized Losses, Less than 12 Months | 3 | 5 |
Estimated Fair Value, 12 Months or Longer | 18 | 24 |
Gross Unrealized Losses, 12 Months or Longer | 2 | |
Total Estimated Fair Value | 266 | 422 |
Total Gross Unrealized Losses | 5 | 5 |
Total Asset-Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 1,879 | 3,290 |
Gross Unrealized Losses, Less than 12 Months | 12 | 71 |
Estimated Fair Value, 12 Months or Longer | 1,177 | 294 |
Gross Unrealized Losses, 12 Months or Longer | 39 | 9 |
Total Estimated Fair Value | 3,056 | 3,584 |
Total Gross Unrealized Losses | 51 | 80 |
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 | 49 | 5 |
Gross Unrealized Losses, Less than 12 Months | 2 | |
Estimated Fair Value, 12 Months or Longer | 21 | |
Gross Unrealized Losses, 12 Months or Longer | 2 | |
Total Estimated Fair Value | 70 | 5 |
Total Gross Unrealized Losses | 4 | |
Foreign Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 166 | 108 |
Gross Unrealized Losses, Less than 12 Months | 2 | 3 |
Estimated Fair Value, 12 Months or Longer | 4 | |
Total Estimated Fair Value | 170 | 108 |
Total Gross Unrealized Losses | 2 | 3 |
Total Fixed Maturities Available-for-Sale [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 3,520 | 6,977 |
Gross Unrealized Losses, Less than 12 Months | 38 | 167 |
Estimated Fair Value, 12 Months or Longer | 1,455 | 571 |
Gross Unrealized Losses, 12 Months or Longer | 49 | 25 |
Total Estimated Fair Value | 4,975 | 7,548 |
Total Gross Unrealized Losses | 87 | 192 |
Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 7 | |
Gross Unrealized Losses, Less than 12 Months | 1 | |
Total Estimated Fair Value | 7 | |
Total Gross Unrealized Losses | 1 | |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 93 | |
Gross Unrealized Losses, Less than 12 Months | 1 | |
Total Estimated Fair Value | 93 | |
Total Gross Unrealized Losses | 1 | |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 100 | 12 |
Gross Unrealized Losses, Less than 12 Months | 2 | |
Estimated Fair Value, 12 Months or Longer | 13 | |
Gross Unrealized Losses, 12 Months or Longer | 4 | |
Total Estimated Fair Value | 100 | 25 |
Total Gross Unrealized Losses | $ 2 | $ 4 |
Investments - Pretax Credit Los
Investments - Pretax Credit Loss Component Reflected in Retained Earnings on Fixed Maturity Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||
Beginning balance of credit losses on fixed maturity securities | $ 36 | $ 53 | $ 62 |
Reductions for securities sold during the period | (9) | (16) | (9) |
Reductions for securities the Company intends to sell or more likely than not will be required to sell | (1) | ||
Ending balance of credit losses on fixed maturity securities | $ 27 | $ 36 | $ 53 |
Investments - Available-for-Sal
Investments - Available-for-Sale Fixed Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Cost or Amortized Cost, Due in one year or less | $ 1,135 | $ 1,779 |
Cost or Amortized Cost, Due after one year through five years | 8,165 | 7,566 |
Cost or Amortized Cost, Due after five years through ten years | 16,060 | 15,892 |
Cost or Amortized Cost, Due after ten years | 12,852 | 13,112 |
Cost or Amortized Cost, Total | 38,212 | 38,349 |
Estimated Fair Value, Due in one year or less | 1,157 | 1,828 |
Estimated Fair Value, Due after one year through five years | 8,501 | 7,955 |
Estimated Fair Value, Due after five years through ten years | 16,718 | 16,332 |
Estimated Fair Value, Due after ten years | 15,108 | 14,778 |
Estimated Fair Value, Total | $ 41,484 | $ 40,893 |
Investments - Summary of Aggreg
Investments - Summary of Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Embedded Derivative on Funds Withheld Liability [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | $ 167,000,000 | $ 174,000,000 |
Estimated Fair Value, Asset | 3,000,000 | |
Estimated Fair Value, (Liability) | (3,000,000) | |
With Hedge Designation [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 500,000,000 | |
Estimated Fair Value, Asset | 4,000,000 | |
Without Hedge Designation [Member] | Equity Markets, Options - Purchased [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 224,000,000 | 223,000,000 |
Estimated Fair Value, Asset | 12,000,000 | 14,000,000 |
Without Hedge Designation [Member] | Equity Markets, Options - Written [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 290,000,000 | 267,000,000 |
Estimated Fair Value, (Liability) | (7,000,000) | (8,000,000) |
Without Hedge Designation [Member] | Equity Futures [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 265,000,000 | 225,000,000 |
Estimated Fair Value, Asset | 1,000,000 | 1,000,000 |
Without Hedge Designation [Member] | Commodity Futures [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | $ 44,000,000 | $ 42,000,000 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
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 | $ (12) | $ (44) |
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 | 19,371 | 19,515 |
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 | 14,027 | 13,240 |
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 | 8,086 | 8,138 |
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 | 41,484 | 40,893 |
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 | 649 | 601 |
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 | 42,133 | 41,494 |
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 | 695 | 110 |
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 | 529 | 439 |
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 | 1,224 | 549 |
Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 5 | 1 |
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 | 58 | |
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 | 4,627 | 4,746 |
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 | (12) | (44) |
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 | 128 | 112 |
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 | 128 | 112 |
Level 1 [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 | 10 | |
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 | 138 | 112 |
Level 1 [Member] | 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 | 91 | 91 |
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 | 527 | 438 |
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 | 618 | 529 |
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 | 1 | 1 |
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 | 3,669 | 3,888 |
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 | 19,145 | 19,273 |
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 | 14,026 | 13,239 |
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 | 7,751 | 7,939 |
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 | 40,922 | 40,451 |
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 | 635 | 595 |
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 | 41,557 | 41,046 |
Level 2 [Member] | 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 | 584 | |
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 | 584 | |
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 | 4 | |
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 | 958 | 858 |
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 | 98 | 130 |
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 | 1 | 1 |
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 | 335 | 199 |
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 | 434 | 330 |
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 | 4 | 6 |
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 | 438 | 336 |
Level 3 [Member] | 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 | 20 | 19 |
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 | 2 | 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 | $ 22 | 20 |
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 | $ 58 |
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 | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Corporate and Other Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 130 | $ 168 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 3 | 1 |
Purchases | 18 | 163 |
Sales | (5) | (36) |
Settlements | (54) | (103) |
Transfers into Level 3 | 16 | |
Transfers out of Level 3 | (10) | (64) |
Ending balance | 98 | 130 |
States, Municipalities and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 1 | 2 |
Settlements | (1) | |
Ending balance | 1 | 1 |
Total Asset-Backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 199 | 209 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 2 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 3 | (5) |
Purchases | 107 | 133 |
Sales | (25) | |
Settlements | (43) | (32) |
Transfers into Level 3 | 153 | 61 |
Transfers out of Level 3 | (86) | (142) |
Ending balance | 335 | 199 |
Total Fixed Maturities Available-for-Sale [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 330 | 379 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 2 | 1 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 6 | (4) |
Purchases | 125 | 296 |
Sales | (5) | (61) |
Settlements | (97) | (136) |
Transfers into Level 3 | 169 | 61 |
Transfers out of Level 3 | (96) | (206) |
Ending balance | 434 | 330 |
Fixed Maturities Trading [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 6 | 85 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | (2) | 5 |
Purchases | 2 | |
Sales | (86) | |
Ending balance | 4 | 6 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | (2) | 3 |
Fixed Maturity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 336 | 464 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 6 | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 6 | (4) |
Purchases | 125 | 298 |
Sales | (5) | (147) |
Settlements | (97) | (136) |
Transfers into Level 3 | 169 | 61 |
Transfers out of Level 3 | (96) | (206) |
Ending balance | 438 | 336 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | (2) | 3 |
Equity Securities Available-for-Sale [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 19 | 20 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | (1) | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 3 | |
Purchases | 1 | |
Sales | (3) | |
Ending balance | 20 | 19 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | (2) | |
Equity Securities Trading [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 1 | 1 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | (1) | 1 |
Purchases | 2 | |
Sales | (1) | |
Ending balance | 2 | 1 |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 20 | 21 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | (1) | |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 3 | |
Purchases | 3 | |
Sales | (3) | (1) |
Ending balance | 22 | 20 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | (2) | |
Life Settlement Contracts [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 58 | 74 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 6 | 5 |
Sales | (59) | |
Settlements | (5) | (21) |
Ending balance | 58 | |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | (3) | |
Derivative Instruments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative financial instruments, net, Beginning balance | 3 | |
Derivative financial instruments, net, Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 1 | (1) |
Derivative financial instruments, net, Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 0 | 0 |
Derivative financial instruments, net, Purchases | 0 | 0 |
Derivative financial instruments, net, Sales | (1) | (2) |
Derivative financial instruments, net, Settlements | 0 | 0 |
Derivative financial instruments, net, Transfers into Level 3 | 0 | 0 |
Derivative financial instruments, net, Transfers out of Level 3 | $ 0 | $ 0 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Transfers out of Level 2 to Level 1, Assets | $ 0 | $ 0 |
Transfers out of Level 1 to Level 2, Assets | $ 10,000,000 | $ 0 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information about Significant Unobservable Inputs Utilized by Company in Fair Value Measurements of Level 3 Assets (Detail) - Fixed Maturity Securities [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Discounted Cash Flow [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | $ 136 | $ 106 |
Valuation Techniques | Discounted cash flow | |
Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit spread adjustment | 1.00% | 2.00% |
Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit spread adjustment | 12.00% | 40.00% |
Weighted Average [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit spread adjustment | 3.00% | 4.00% |
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 | Dec. 31, 2017 | Dec. 31, 2016 |
Estimate Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | $ 844 | $ 594 |
Short term debt | 278 | 107 |
Long term debt | 11,491 | 10,796 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 839 | 591 |
Short term debt | 278 | 107 |
Long term debt | 11,236 | 10,655 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short term debt | 156 | 104 |
Long term debt | 10,966 | 10,150 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 844 | 594 |
Short term debt | 122 | 3 |
Long term debt | $ 525 | $ 646 |
Receivables - Receivables (Deta
Receivables - Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Reinsurance (Note 15) | $ 4,290 | $ 4,453 |
Insurance | 2,336 | 2,255 |
Receivable from brokers | 69 | 178 |
Accrued investment income | 413 | 410 |
Federal income taxes | 52 | 7 |
Other, primarily customer accounts | 533 | 431 |
Total | 7,693 | 7,734 |
Less: allowance for doubtful accounts on reinsurance receivables | 29 | 37 |
allowance for other doubtful accounts | 51 | 53 |
Receivables | $ 7,613 | $ 7,644 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Construction in process | $ 458 | $ 379 |
Property, plant and equipment | 15,427 | 15,230 |
Pipeline Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 7,857 | 7,631 |
Offshore Drilling Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 5,226 | 5,693 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 1,886 | $ 1,527 |
Property, Plant and Equipment70
Property, Plant and Equipment - Components of Property, Plant and Equipment (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Pipeline Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ 2,453 | $ 2,174 |
Offshore Drilling Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | 2,797 | 3,310 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ 1,009 | $ 873 |
Property, Plant and Equipment71
Property, Plant and Equipment - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($)Rig | Dec. 31, 2016USD ($)DrillshipTransactionsRig | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Capitalized interest related to the construction and upgrade of qualifying assets | $ 37,000,000 | $ 51,000,000 | $ 36,000,000 | |
Net book value of equipment | 15,427,000,000 | 15,230,000,000 | ||
Asset impairment loss, before tax and noncontrolling interests | 106,000,000 | 697,000,000 | 865,000,000 | |
Diamond Offshore [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset impairment loss, before tax and noncontrolling interests | 100,000,000 | 672,000,000 | 861,000,000 | |
Asset impairment loss, net of tax and noncontrolling interests | $ 32,000,000 | $ 263,000,000 | $ 341,000,000 | |
Diamond Offshore [Member] | Ultra-deepwater Semisubmersible Rig [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of equipment's delivered | Drillship | 1 | |||
Net book value of equipment | $ 774,000,000 | |||
Diamond Offshore [Member] | Drilling Rigs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number rigs evaluated for impairment | Rig | 10 | |||
Number of rigs impaired | Rig | 3 | |||
Diamond Offshore [Member] | Ultra Deepwater Rig [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of rigs impaired | Rig | 1 | |||
Diamond Offshore [Member] | Deepwater Rig [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of rigs impaired | Rig | 1 | |||
Diamond Offshore [Member] | Jack-ups [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of rigs impaired | Rig | 1 | |||
Diamond Offshore Drilling, Inc. [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of sale and leaseback transactions | Transactions | 4 | |||
Proceed from sale of plant and equipment | $ 210,000,000 | |||
Gain (loss) on sale of plant and equipment | 0 | |||
Aggregate amount of future commitments under the operating leases and contractual services agreements | $ 550,000,000 | |||
Asset impairment loss, before tax and noncontrolling interests | $ 267,000,000 | |||
Diamond Offshore Drilling, Inc. [Member] | Ge Oil And Gas [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Maturity of lease agreement | 10 years | |||
Number of new build drillships in lease agreement | Rig | 4 | |||
Sale of asset, description | In 2016, Diamond Offshore entered into a ten-year agreement with a subsidiary of GE Oil & Gas ("GE") to provide services with respect to certain blowout preventer and related well control equipment on four drillships. | |||
Diamond Offshore Drilling, Inc. [Member] | Wells Control Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Leases and contractual services agreement | $ 62,000,000 | $ 34,000,000 | ||
Boardwalk Pipeline [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceed from sale of plant and equipment | 64,000,000 | |||
Gain (loss) on sale of plant and equipment | (47,000,000) | |||
Gain (loss) on sale of plant and equipment,net of tax and noncontrolling interests | (15,000,000) | |||
Consolidated Container [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance of other property, plant and equipment | $ 366,000,000 |
Property, Plant and Equipment72
Property, Plant and Equipment - Depreciation Expense and Capital Expenditures (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 854 | $ 841 | $ 955 |
Capital Expend. | 990 | 1,572 | 1,718 |
CNA Financial [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 80 | 67 | 74 |
Capital Expend. | 101 | 128 | 123 |
Diamond Offshore [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 349 | 384 | 494 |
Capital Expend. | 113 | 629 | 812 |
Boardwalk Pipeline [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 325 | 321 | 327 |
Capital Expend. | 689 | 648 | 390 |
Loews Hotels And Co [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 63 | 63 | 54 |
Capital Expend. | 57 | 164 | 389 |
Corporate [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 37 | 6 | 6 |
Capital Expend. | $ 30 | $ 3 | $ 4 |
Goodwill and Other Intangible73
Goodwill and Other Intangible Assets - Schedule of Changes in Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Goodwill, beginning balance | $ 346 | $ 351 |
Acquisition | 310 | |
Other adjustments | 3 | (5) |
Goodwill, ending balance | 659 | 346 |
Corporate [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 310 | |
Goodwill, ending balance | 310 | |
CNA Financial [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 109 | 114 |
Other adjustments | 3 | (5) |
Goodwill, ending balance | 112 | 109 |
Boardwalk Pipeline [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 237 | 237 |
Goodwill, ending balance | $ 237 | $ 237 |
Goodwill and Other Intangible74
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Impairment of goodwill | $ 20 | ||
Amortization expense | $ 20 | $ 3 | 3 |
Estimated amortization expense in 2018 | 32 | ||
Estimated amortization expense in 2019 | 32 | ||
Estimated amortization expense in 2020 | 31 | ||
Estimated amortization expense in 2021 | 30 | ||
Estimated amortization expense in 2022 | $ 30 | ||
Diamond Offshore Drilling, Inc. [Member] | |||
Goodwill [Line Items] | |||
Impairment of goodwill | $ 20 |
Goodwill and Other Intangible75
Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Other Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross carrying amount | $ 592 | $ 80 |
Finite-lived intangible assets, Accumulated amortization | 35 | 15 |
Indefinite-lived intangible assets, Gross carrying amount | 81 | 77 |
Indefinite-lived intangible assets, Accumulated amortization | 0 | 0 |
Total other intangible assets, Gross carrying amount | 673 | 157 |
Total other intangible assets, Accumulated amortization | 35 | 15 |
Customer Relationships [Member] | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross carrying amount | 518 | 59 |
Finite-lived intangible assets, Accumulated amortization | 22 | 8 |
Other [Member] | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross carrying amount | 74 | 21 |
Finite-lived intangible assets, Accumulated amortization | $ 13 | $ 7 |
Claim and Claim Adjustment Ex76
Claim and Claim Adjustment Expense Reserves - Additional Information (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2010 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Catastrophe losses, net of reinsurance | $ 380 | $ 165 | $ 141 | |
Catastrophe-related reinsurance reinstatement premium | 4 | |||
Net A&EP adverse development before consideration of LPT | 60 | 200 | 150 | |
Fair value of the collateral trust account | 3,100 | 2,800 | ||
Hurricanes Harvey [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Catastrophe losses, net of reinsurance | 256 | |||
Property and Casualty Operations [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Favorable net prior year development | 302 | 316 | 218 | |
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 | |||
Cumulative amounts ceded under the Loss Portfolio Transfer | 2,900 | 2,800 | ||
Remaining unrecognized retroactive reinsurance benefit | 326 | 334 | ||
Other Insurance Operations [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Favorable net prior year development | $ 89 | $ 43 | $ 50 |
Claim and Claim Adjustment Ex77
Claim and Claim Adjustment Expense Reserves - Reconciliation of Claim and Claim Adjustment Expense Reserves (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Gross reserves, beginning of year | $ 22,343 | $ 22,663 | $ 23,271 |
Ceded reserves, beginning of year | 4,094 | 4,087 | 4,344 |
Net reserves, beginning of year | 18,249 | 18,576 | 18,927 |
Net incurred claim and claim adjustment expenses: | |||
Provision for insured events of current year | 5,201 | 5,025 | 4,934 |
Decrease in provision for insured events of prior years | (381) | (342) | (255) |
Amortization of discount | 179 | 175 | 166 |
Total net incurred | 4,999 | 4,858 | 4,845 |
Net payments attributable to: | |||
Current year events | (975) | (967) | (856) |
Prior year events | (4,366) | (4,167) | (4,089) |
Total net payments | (5,341) | (5,134) | (4,945) |
Foreign currency translation adjustment and other | 163 | (51) | (251) |
Net reserves, end of year | 18,070 | 18,249 | 18,576 |
Ceded reserves, end of year | 3,934 | 4,094 | 4,087 |
Gross reserves, end of year | $ 22,004 | $ 22,343 | $ 22,663 |
Claim and Claim Adjustment Ex78
Claim and Claim Adjustment Expense Reserves - Schedule of Gross and Net Carried Claim and Claim Adjustment Expense Reserves (Detail) - CNA Financial [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | $ 11,670 | $ 11,860 | ||
Gross IBNR Reserves | 10,334 | 10,483 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 22,004 | 22,343 | $ 22,663 | $ 23,271 |
Net Case Reserves | 9,645 | 9,627 | ||
Net IBNR Reserves | 8,425 | 8,622 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 18,070 | 18,249 | $ 18,576 | $ 18,927 |
Property and Casualty Operations [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 6,913 | 7,164 | ||
Gross IBNR Reserves | 9,156 | 9,207 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 16,069 | 16,371 | ||
Net Case Reserves | 6,343 | 6,582 | ||
Net IBNR Reserves | 8,232 | 8,328 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | 14,575 | 14,910 | ||
Non Core Operations [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Gross Case Reserves | 4,757 | 4,696 | ||
Gross IBNR Reserves | 1,178 | 1,276 | ||
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 5,935 | 5,972 | ||
Net Case Reserves | 3,302 | 3,045 | ||
Net IBNR Reserves | 193 | 294 | ||
Total Net Carried Claim and Claim Adjustment Expense Reserves | $ 3,495 | $ 3,339 |
Claim and Claim Adjustment Ex79
Claim and Claim Adjustment Expense Reserves - Net Prior Year Development in CNA's Property and Casulaity Operations (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Medical professional liability | $ 5 | $ (37) | $ (43) |
Other professional liability and management liability | (131) | (130) | |
Surety | (84) | (63) | (69) |
Commercial auto | (38) | (46) | (22) |
General liability | (28) | (33) | |
Workers' compensation | (65) | 150 | 80 |
Other | 5 | (134) | (123) |
Total pretax (favorable) unfavorable development | $ (308) | $ (288) | $ (210) |
Claim and Claim Adjustment Ex80
Claim and Claim Adjustment Expense Reserves - Schedule of Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development for Segment (Detail) - CNA Financial [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | $ 18,070 | $ 18,249 | $ 18,576 | $ 18,927 |
Property and Casualty Operations [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 14,575 | $ 14,910 | ||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 1,700 | |||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 2,912 | |||
Property and Casualty Operations [Member] | Surety [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 368 | |||
Property and Casualty Operations [Member] | Commercial Auto [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 389 | |||
Property and Casualty Operations [Member] | General Liability [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 3,123 | |||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | 4,012 | |||
Property and Casualty Operations [Member] | Other [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Total net liability for unpaid claim and claim adjustment expenses | $ 2,071 |
Claim and Claim Adjustment Ex81
Claim and Claim Adjustment Expense Reserves - Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses (Medical Professional Liability) (Detail) - Property and Casualty Operations [Member] - Medical Professional Liability [Member] - CNA Financial [Member] $ in Millions | Dec. 31, 2017USD ($)Claim | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 4,971 | |||||||||
IBNR | 995 | |||||||||
2008 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 438 | $ 442 | $ 455 | $ 467 | $ 468 | $ 468 | $ 480 | $ 496 | $ 451 | $ 426 |
IBNR | $ 4 | |||||||||
Cumulative number of claims | Claim | 14,102 | |||||||||
2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 422 | 432 | 463 | 471 | 480 | 506 | 494 | 469 | $ 462 | |
IBNR | $ 3 | |||||||||
Cumulative number of claims | Claim | 15,594 | |||||||||
2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 398 | 403 | 446 | 470 | 486 | 478 | 478 | $ 483 | ||
IBNR | $ 9 | |||||||||
Cumulative number of claims | Claim | 15,239 | |||||||||
2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 491 | 491 | 501 | 533 | 507 | 492 | $ 486 | |||
IBNR | $ 16 | |||||||||
Cumulative number of claims | Claim | 17,481 | |||||||||
2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 563 | 559 | 567 | 575 | 529 | $ 526 | ||||
IBNR | $ 39 | |||||||||
Cumulative number of claims | Claim | 18,503 | |||||||||
2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 573 | 567 | 560 | 540 | $ 534 | |||||
IBNR | $ 44 | |||||||||
Cumulative number of claims | Claim | 19,777 | |||||||||
2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 564 | 585 | 548 | $ 511 | ||||||
IBNR | $ 78 | |||||||||
Cumulative number of claims | Claim | 19,764 | |||||||||
2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 543 | 539 | $ 480 | |||||||
IBNR | $ 164 | |||||||||
Cumulative number of claims | Claim | 17,690 | |||||||||
2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 527 | $ 469 | ||||||||
IBNR | $ 268 | |||||||||
Cumulative number of claims | Claim | 14,743 | |||||||||
2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 452 | |||||||||
IBNR | $ 370 | |||||||||
Cumulative number of claims | Claim | 11,137 |
Claim and Claim Adjustment Ex82
Claim and Claim Adjustment Expense Reserves - Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses (Medical Professional Liability) (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 | $ 4,366 | $ 4,167 | $ 4,089 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 18,070 | 18,249 | 18,576 | $ 18,927 | ||||||
Property and Casualty Operations [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 14,575 | 14,910 | ||||||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 3,319 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 1,652 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 | 20 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 28 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 1,700 | |||||||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2008 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 431 | 428 | 409 | 395 | $ 377 | $ 332 | $ 282 | $ 207 | $ 90 | $ 9 |
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 408 | 396 | 377 | 353 | 328 | 278 | 180 | 75 | $ 9 | |
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 380 | 371 | 361 | 338 | 273 | 186 | 93 | $ 11 | ||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 435 | 407 | 379 | 315 | 225 | 121 | $ 18 | |||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 475 | 428 | 359 | 236 | 121 | $ 15 | ||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 429 | 364 | 259 | 121 | $ 18 | |||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 374 | 274 | 149 | $ 25 | ||||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 241 | 105 | $ 22 | |||||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 126 | $ 18 | ||||||||
Property and Casualty Operations [Member] | Medical Professional Liability [Member] | 2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 20 |
Claim and Claim Adjustment Ex83
Claim and Claim Adjustment Expense Reserves - Schedule of Net Strengthening or Releasing of Prior Accident Year Reserves (Medical Professional Liability) (Detail) - Property and Casualty Operations [Member] - Medical Professional Liability [Member] - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ 5 | $ (37) | $ (43) | ||||||
2008 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (4) | (13) | (12) | $ (1) | $ (12) | $ (16) | $ 45 | $ 25 | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | 12 | ||||||||
2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (10) | (31) | (8) | (9) | $ (26) | 12 | 25 | $ 7 | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | (40) | ||||||||
2010 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (5) | (43) | (24) | (16) | 8 | $ (5) | |||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (85) | ||||||||
2011 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (10) | (32) | 26 | 15 | $ 6 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 5 | ||||||||
2012 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 4 | (8) | (8) | 46 | $ 3 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 37 | ||||||||
2013 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 6 | 7 | 20 | $ 6 | |||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 39 | ||||||||
2014 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (21) | 37 | 37 | ||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 53 | ||||||||
2015 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 4 | 59 | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 63 | ||||||||
2016 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 58 | ||||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 58 | ||||||||
Total net development for the accident years presented above [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 32 | (2) | (27) | ||||||
Total net development for accident years prior to 2008 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (19) | $ (35) | $ (16) | ||||||
Unallocated Claim Adjustment Expense Development [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (8) |
Claim and Claim Adjustment Ex84
Claim and Claim Adjustment Expense Reserves - Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses (Other Professional Liability and Management Liability) (Detail) - Property and Casualty Operations [Member] - Other Professional Liability and Management Liability [Member] - CNA Financial [Member] $ in Millions | Dec. 31, 2017USD ($)Claim | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 8,398 | |||||||||
IBNR | 1,897 | |||||||||
2008 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 818 | $ 827 | $ 845 | $ 850 | $ 880 | $ 915 | $ 924 | $ 954 | $ 933 | $ 916 |
IBNR | $ 26 | |||||||||
Cumulative number of claims | Claim | 16,331 | |||||||||
2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 901 | 903 | 895 | 900 | 891 | 898 | 903 | 873 | $ 829 | |
IBNR | $ 32 | |||||||||
Cumulative number of claims | Claim | 17,274 | |||||||||
2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 826 | 823 | 836 | 846 | 848 | 850 | 827 | $ 825 | ||
IBNR | $ 31 | |||||||||
Cumulative number of claims | Claim | 17,805 | |||||||||
2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 898 | 910 | 944 | 948 | 933 | 904 | $ 876 | |||
IBNR | $ 71 | |||||||||
Cumulative number of claims | Claim | 18,643 | |||||||||
2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 832 | 833 | 870 | 876 | 894 | $ 907 | ||||
IBNR | $ 73 | |||||||||
Cumulative number of claims | Claim | 18,262 | |||||||||
2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 824 | 840 | 879 | 841 | $ 844 | |||||
IBNR | $ 83 | |||||||||
Cumulative number of claims | Claim | 17,362 | |||||||||
2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 798 | 854 | 859 | $ 841 | ||||||
IBNR | $ 158 | |||||||||
Cumulative number of claims | Claim | 16,984 | |||||||||
2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 832 | 851 | $ 847 | |||||||
IBNR | $ 296 | |||||||||
Cumulative number of claims | Claim | 16,603 | |||||||||
2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 859 | $ 859 | ||||||||
IBNR | $ 426 | |||||||||
Cumulative number of claims | Claim | 17,004 | |||||||||
2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 810 | |||||||||
IBNR | $ 701 | |||||||||
Cumulative number of claims | Claim | 15,206 |
Claim and Claim Adjustment Ex85
Claim and Claim Adjustment Expense Reserves - Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses (Other Professional Liability and Management Liability) (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 | $ 4,366 | $ 4,167 | $ 4,089 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 18,070 | 18,249 | 18,576 | $ 18,927 | ||||||
Property and Casualty Operations [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 14,575 | 14,910 | ||||||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 5,632 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 2,766 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 | 79 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 67 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 2,912 | |||||||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2008 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 753 | 741 | 719 | 678 | $ 641 | $ 600 | $ 515 | $ 376 | $ 181 | $ 39 |
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 821 | 798 | 769 | 719 | 638 | 550 | 358 | 195 | $ 37 | |
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 753 | 721 | 670 | 630 | 541 | 404 | 203 | $ 31 | ||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 781 | 726 | 682 | 604 | 502 | 313 | $ 71 | |||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 698 | 648 | 570 | 398 | 248 | $ 57 | ||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 667 | 583 | 426 | 240 | $ 51 | |||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 494 | 375 | 212 | $ 51 | ||||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 377 | 209 | $ 48 | |||||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 236 | $ 60 | ||||||||
Property and Casualty Operations [Member] | Other Professional Liability and Management Liability [Member] | 2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 52 |
Claim and Claim Adjustment Ex86
Claim and Claim Adjustment Expense Reserves - Schedule of Net Strengthening or Releasing of Prior Accident Year Reserves (Other Professional Liability and Management Liability) (Detail) - Property and Casualty Operations [Member] - Other Professional Liability and Management Liability [Member] - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (131) | $ (130) | |||||||
2008 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (9) | (18) | $ (5) | $ (30) | $ (35) | $ (9) | $ (30) | $ 21 | $ 17 |
Net Strengthening or (Releases) of Prior Accident Year Reserves | (98) | ||||||||
2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (2) | 8 | (5) | 9 | (7) | (5) | 30 | $ 44 | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | 72 | ||||||||
2010 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 3 | (13) | (10) | (2) | (2) | 23 | $ 2 | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 1 | ||||||||
2011 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (12) | (34) | (4) | 15 | 29 | $ 28 | |||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 22 | ||||||||
2012 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (1) | (37) | (6) | (18) | $ (13) | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (75) | ||||||||
2013 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (16) | (39) | 38 | $ (3) | |||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (20) | ||||||||
2014 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (56) | (5) | 18 | ||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (43) | ||||||||
2015 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (19) | 4 | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (15) | ||||||||
Total net development for the accident years presented above [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (112) | (134) | 26 | ||||||
Total net development for accident years prior to 2008 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (14) | $ 4 | $ (26) | ||||||
Unallocated Claim Adjustment Expense Development [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (5) |
Claim and Claim Adjustment Ex87
Claim and Claim Adjustment Expense Reserves - Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses (Surety) (Detail) - Property and Casualty Operations [Member] - Surety [Member] - CNA Financial [Member] $ in Millions | Dec. 31, 2017USD ($)Claim | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 775 | |||||||||
IBNR | 305 | |||||||||
2008 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 44 | $ 44 | $ 45 | $ 48 | $ 52 | $ 61 | $ 68 | $ 73 | $ 114 | $ 114 |
Cumulative number of claims | Claim | 7,199 | |||||||||
2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 53 | 53 | 52 | 59 | 68 | 85 | 103 | 114 | $ 114 | |
IBNR | $ 1 | |||||||||
Cumulative number of claims | Claim | 6,679 | |||||||||
2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 59 | 63 | 66 | 76 | 84 | 111 | 112 | $ 112 | ||
IBNR | $ 7 | |||||||||
Cumulative number of claims | Claim | 5,962 | |||||||||
2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 66 | 70 | 75 | 87 | 116 | 121 | $ 120 | |||
IBNR | $ 9 | |||||||||
Cumulative number of claims | Claim | 5,795 | |||||||||
2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 45 | 52 | 70 | 98 | 122 | $ 120 | ||||
IBNR | $ 9 | |||||||||
Cumulative number of claims | Claim | 5,519 | |||||||||
2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 91 | 106 | 115 | 121 | $ 120 | |||||
IBNR | $ 10 | |||||||||
Cumulative number of claims | Claim | 4,993 | |||||||||
2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 69 | 94 | 124 | $ 123 | ||||||
IBNR | $ 25 | |||||||||
Cumulative number of claims | Claim | 4,938 | |||||||||
2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 104 | 131 | $ 131 | |||||||
IBNR | $ 63 | |||||||||
Cumulative number of claims | Claim | 4,670 | |||||||||
2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 124 | $ 124 | ||||||||
IBNR | $ 84 | |||||||||
Cumulative number of claims | Claim | 4,707 | |||||||||
2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 120 | |||||||||
IBNR | $ 97 | |||||||||
Cumulative number of claims | Claim | 2,901 |
Claim and Claim Adjustment Ex88
Claim and Claim Adjustment Expense Reserves - Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses (Surety) (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 | $ 4,366 | $ 4,167 | $ 4,089 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 18,070 | 18,249 | 18,576 | $ 18,927 | ||||||
Property and Casualty Operations [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 14,575 | 14,910 | ||||||||
Property and Casualty Operations [Member] | Surety [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 446 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 329 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 | 9 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 30 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 368 | |||||||||
Property and Casualty Operations [Member] | Surety [Member] | 2008 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 43 | 43 | 43 | 43 | $ 43 | $ 42 | $ 39 | $ 35 | $ 27 | $ 9 |
Property and Casualty Operations [Member] | Surety [Member] | 2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 47 | 47 | 46 | 45 | 43 | 41 | 34 | 24 | $ 13 | |
Property and Casualty Operations [Member] | Surety [Member] | 2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 52 | 55 | 58 | 57 | 55 | 50 | 34 | $ 13 | ||
Property and Casualty Operations [Member] | Surety [Member] | 2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 56 | 60 | 60 | 58 | 55 | 42 | $ 19 | |||
Property and Casualty Operations [Member] | Surety [Member] | 2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 36 | 35 | 35 | 34 | 32 | $ 5 | ||||
Property and Casualty Operations [Member] | Surety [Member] | 2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 78 | 78 | 69 | 40 | $ 16 | |||||
Property and Casualty Operations [Member] | Surety [Member] | 2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 36 | 38 | 30 | $ 7 | ||||||
Property and Casualty Operations [Member] | Surety [Member] | 2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 38 | 26 | $ 7 | |||||||
Property and Casualty Operations [Member] | Surety [Member] | 2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 37 | $ 5 | ||||||||
Property and Casualty Operations [Member] | Surety [Member] | 2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 23 |
Claim and Claim Adjustment Ex89
Claim and Claim Adjustment Expense Reserves - Schedule of Net Strengthening or Releasing of Prior Accident Year Reserves (Surety) (Detail) - Property and Casualty Operations [Member] - Surety [Member] - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (84) | $ (63) | $ (69) | |||||
2008 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (1) | (3) | $ (4) | $ (9) | $ (7) | $ (5) | $ (41) | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | (70) | |||||||
2009 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 1 | (7) | (9) | (17) | (18) | $ (11) | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (61) | |||||||
2010 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (4) | (3) | (10) | (8) | (27) | (1) | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (53) | |||||||
2011 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (4) | (5) | (12) | (29) | (5) | $ 1 | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (54) | |||||||
2012 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (7) | (18) | (28) | (24) | $ 2 | |||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (75) | |||||||
2013 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (15) | (9) | (6) | $ 1 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (29) | |||||||
2014 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (25) | (30) | 1 | |||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (54) | |||||||
2015 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (27) | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (27) | |||||||
Total net development for the accident years presented above [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (82) | (65) | (65) | |||||
Total net development for accident years prior to 2008 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 1 | $ 2 | $ (4) | |||||
Unallocated Claim Adjustment Expense Development [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (3) |
Claim and Claim Adjustment Ex90
Claim and Claim Adjustment Expense Reserves - Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses (Commercial Auto) (Detail) - Property and Casualty Operations [Member] - Commercial Auto [Member] - CNA Financial [Member] $ in Millions | Dec. 31, 2017USD ($)Claim | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 2,433 | |||||||||
IBNR | 245 | |||||||||
2008 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 297 | $ 296 | $ 298 | $ 298 | $ 305 | $ 309 | $ 306 | $ 316 | $ 323 | $ 322 |
Cumulative number of claims | Claim | 56,424 | |||||||||
2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 272 | 272 | 275 | 277 | 281 | 278 | 274 | 272 | $ 287 | |
Cumulative number of claims | Claim | 47,343 | |||||||||
2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 280 | 281 | 286 | 291 | 283 | 279 | 274 | $ 262 | ||
IBNR | $ 1 | |||||||||
Cumulative number of claims | Claim | 46,335 | |||||||||
2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 285 | 285 | 290 | 293 | 279 | 273 | $ 262 | |||
IBNR | $ 3 | |||||||||
Cumulative number of claims | Claim | 46,691 | |||||||||
2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 292 | 300 | 296 | 292 | 282 | $ 270 | ||||
IBNR | $ 7 | |||||||||
Cumulative number of claims | Claim | 45,288 | |||||||||
2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 237 | 241 | 257 | 259 | $ 242 | |||||
IBNR | $ 10 | |||||||||
Cumulative number of claims | Claim | 38,539 | |||||||||
2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 204 | 210 | 221 | $ 231 | ||||||
IBNR | $ 19 | |||||||||
Cumulative number of claims | Claim | 33,029 | |||||||||
2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 187 | 197 | $ 199 | |||||||
IBNR | $ 35 | |||||||||
Cumulative number of claims | Claim | 29,924 | |||||||||
2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 183 | $ 196 | ||||||||
IBNR | $ 53 | |||||||||
Cumulative number of claims | Claim | 29,745 | |||||||||
2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 196 | |||||||||
IBNR | $ 117 | |||||||||
Cumulative number of claims | Claim | 25,173 |
Claim and Claim Adjustment Ex91
Claim and Claim Adjustment Expense Reserves - Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses (Commercial Auto) (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 | $ 4,366 | $ 4,167 | $ 4,089 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 18,070 | 18,249 | 18,576 | $ 18,927 | ||||||
Property and Casualty Operations [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 14,575 | 14,910 | ||||||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 2,060 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 373 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 | 6 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 10 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 389 | |||||||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2008 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 295 | 293 | 292 | 291 | $ 289 | $ 274 | $ 244 | $ 210 | $ 158 | $ 83 |
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 271 | 270 | 270 | 269 | 257 | 229 | 188 | 128 | $ 72 | |
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 280 | 279 | 274 | 265 | 240 | 197 | 137 | $ 72 | ||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 277 | 275 | 264 | 241 | 193 | 141 | $ 78 | |||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 278 | 276 | 253 | 214 | 157 | $ 77 | ||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 219 | 195 | 164 | 132 | $ 73 | |||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 163 | 135 | 100 | $ 63 | ||||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 128 | 95 | $ 52 | |||||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 91 | $ 51 | ||||||||
Property and Casualty Operations [Member] | Commercial Auto [Member] | 2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 58 |
Claim and Claim Adjustment Ex92
Claim and Claim Adjustment Expense Reserves - Schedule of Net Strengthening or Releasing of Prior Accident Year Reserves (Commercial Auto) (Detail) - Property and Casualty Operations [Member] - Commercial Auto [Member] - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (38) | $ (46) | $ (22) | ||||||
2008 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 1 | (2) | $ (7) | $ (4) | $ 3 | $ (10) | $ (7) | $ 1 | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | (25) | ||||||||
2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (3) | (2) | (4) | 3 | 4 | 2 | $ (15) | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (15) | ||||||||
2010 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (1) | (5) | (5) | 8 | 4 | 5 | $ 12 | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 18 | ||||||||
2011 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (5) | (3) | 14 | 6 | $ 11 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 23 | ||||||||
2012 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (8) | 4 | 4 | 10 | $ 12 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 22 | ||||||||
2013 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (4) | (16) | (2) | $ 17 | |||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (5) | ||||||||
2014 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (6) | (11) | (10) | ||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (27) | ||||||||
2015 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (10) | (2) | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (12) | ||||||||
2016 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (13) | ||||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (13) | ||||||||
Total net development for the accident years presented above [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (41) | (40) | (18) | ||||||
Total net development for accident years prior to 2008 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 1 | $ (6) | $ (4) | ||||||
Unallocated Claim Adjustment Expense Development [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ 2 |
Claim and Claim Adjustment Ex93
Claim and Claim Adjustment Expense Reserves - Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses (General Liability) (Detail) - Property and Casualty Operations [Member] - General Liability [Member] - CNA Financial [Member] $ in Millions | Dec. 31, 2017USD ($)Claim | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 6,147 | |||||||||
IBNR | 1,412 | |||||||||
2008 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 592 | $ 591 | $ 600 | $ 613 | $ 632 | $ 633 | $ 647 | $ 630 | $ 604 | $ 611 |
IBNR | $ 13 | |||||||||
Cumulative number of claims | Claim | 44,655 | |||||||||
2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 627 | 622 | 619 | 623 | 629 | 633 | 634 | 637 | $ 591 | |
IBNR | $ 18 | |||||||||
Cumulative number of claims | Claim | 44,038 | |||||||||
2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 654 | 659 | 675 | 695 | 649 | 599 | 597 | $ 566 | ||
IBNR | $ 19 | |||||||||
Cumulative number of claims | Claim | 43,472 | |||||||||
2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 615 | 621 | 611 | 610 | 564 | 534 | $ 537 | |||
IBNR | $ 29 | |||||||||
Cumulative number of claims | Claim | 38,216 | |||||||||
2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 569 | 558 | 570 | 579 | 563 | $ 539 | ||||
IBNR | $ 34 | |||||||||
Cumulative number of claims | Claim | 34,249 | |||||||||
2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 604 | 643 | 634 | 645 | $ 615 | |||||
IBNR | $ 62 | |||||||||
Cumulative number of claims | Claim | 33,255 | |||||||||
2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 627 | 635 | 634 | $ 627 | ||||||
IBNR | $ 131 | |||||||||
Cumulative number of claims | Claim | 27,478 | |||||||||
2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 585 | 574 | $ 573 | |||||||
IBNR | $ 208 | |||||||||
Cumulative number of claims | Claim | 23,082 | |||||||||
2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 647 | $ 622 | ||||||||
IBNR | $ 351 | |||||||||
Cumulative number of claims | Claim | 21,893 | |||||||||
2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 627 | |||||||||
IBNR | $ 547 | |||||||||
Cumulative number of claims | Claim | 15,375 |
Claim and Claim Adjustment Ex94
Claim and Claim Adjustment Expense Reserves - Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses (General Liability) (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 | $ 4,366 | $ 4,167 | $ 4,089 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 18,070 | 18,249 | 18,576 | $ 18,927 | ||||||
Property and Casualty Operations [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 14,575 | 14,910 | ||||||||
Property and Casualty Operations [Member] | General Liability [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 4,108 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 2,039 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 | 1,026 | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 58 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 3,123 | |||||||||
Property and Casualty Operations [Member] | General Liability [Member] | 2008 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 574 | 567 | 560 | 550 | $ 528 | $ 473 | $ 390 | $ 261 | $ 129 | $ 31 |
Property and Casualty Operations [Member] | General Liability [Member] | 2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 596 | 584 | 557 | 532 | 486 | 392 | 270 | 112 | $ 33 | |
Property and Casualty Operations [Member] | General Liability [Member] | 2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 618 | 608 | 577 | 530 | 414 | 267 | 139 | $ 27 | ||
Property and Casualty Operations [Member] | General Liability [Member] | 2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 562 | 534 | 484 | 389 | 253 | 135 | $ 27 | |||
Property and Casualty Operations [Member] | General Liability [Member] | 2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 473 | 417 | 340 | 233 | 127 | $ 27 | ||||
Property and Casualty Operations [Member] | General Liability [Member] | 2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 469 | 377 | 257 | 135 | $ 33 | |||||
Property and Casualty Operations [Member] | General Liability [Member] | 2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 379 | 245 | 115 | $ 29 | ||||||
Property and Casualty Operations [Member] | General Liability [Member] | 2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 247 | 132 | $ 31 | |||||||
Property and Casualty Operations [Member] | General Liability [Member] | 2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 163 | $ 34 | ||||||||
Property and Casualty Operations [Member] | General Liability [Member] | 2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 27 |
Claim and Claim Adjustment Ex95
Claim and Claim Adjustment Expense Reserves - Schedule of Net Strengthening or Releasing of Prior Accident Year Reserves (General Liability) (Detail) - Property and Casualty Operations [Member] - General Liability [Member] - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (28) | $ (33) | |||||||
2008 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ 1 | (9) | (13) | $ (19) | $ (1) | $ (14) | $ 17 | $ 26 | $ (7) |
Net Strengthening or (Releases) of Prior Accident Year Reserves | (19) | ||||||||
2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 5 | 3 | (4) | (6) | (4) | (1) | (3) | $ 46 | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | 36 | ||||||||
2010 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (5) | (16) | (20) | 46 | 50 | 2 | $ 31 | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 88 | ||||||||
2011 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (6) | 10 | 1 | 46 | 30 | $ (3) | |||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 78 | ||||||||
2012 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 11 | (12) | (9) | 16 | $ 24 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 30 | ||||||||
2013 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (39) | 9 | (11) | $ 30 | |||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (11) | ||||||||
2014 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (8) | 1 | 7 | ||||||
2015 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 11 | 1 | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 12 | ||||||||
2016 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 25 | ||||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 25 | ||||||||
Total net development for the accident years presented above [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (5) | (13) | (49) | ||||||
Total net development for accident years prior to 2008 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (2) | $ (15) | $ 16 | ||||||
Unallocated Claim Adjustment Expense Development [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ 7 |
Claim and Claim Adjustment Ex96
Claim and Claim Adjustment Expense Reserves - Schedule of Net Incurred Claims and Allocated Claim Adjustment Expenses (Workers' Compensation) (Detail) - Property and Casualty Operations [Member] - Workers' Compensation [Member] - CNA Financial [Member] $ in Millions | Dec. 31, 2017USD ($)Claim | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 5,606 | |||||||||
IBNR | 958 | |||||||||
2008 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 652 | $ 638 | $ 630 | $ 622 | $ 612 | $ 608 | $ 606 | $ 593 | $ 575 | $ 558 |
IBNR | $ 34 | |||||||||
Cumulative number of claims | Claim | 59,911 | |||||||||
2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 632 | 625 | 617 | 611 | 600 | 596 | 594 | 587 | $ 583 | |
IBNR | $ 34 | |||||||||
Cumulative number of claims | Claim | 51,161 | |||||||||
2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 721 | 717 | 697 | 683 | 663 | 641 | 619 | $ 576 | ||
IBNR | $ 33 | |||||||||
Cumulative number of claims | Claim | 48,144 | |||||||||
2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 668 | 666 | 642 | 648 | 637 | 628 | $ 593 | |||
IBNR | $ 23 | |||||||||
Cumulative number of claims | Claim | 44,691 | |||||||||
2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 667 | 671 | 661 | 648 | 616 | $ 589 | ||||
IBNR | $ 63 | |||||||||
Cumulative number of claims | Claim | 41,756 | |||||||||
2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 584 | 610 | 584 | 563 | $ 528 | |||||
IBNR | $ 57 | |||||||||
Cumulative number of claims | Claim | 38,153 | |||||||||
2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 448 | 474 | 474 | $ 459 | ||||||
IBNR | $ 106 | |||||||||
Cumulative number of claims | Claim | 33,072 | |||||||||
2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 401 | 426 | $ 416 | |||||||
IBNR | $ 154 | |||||||||
Cumulative number of claims | Claim | 31,470 | |||||||||
2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 399 | $ 421 | ||||||||
IBNR | $ 200 | |||||||||
Cumulative number of claims | Claim | 31,310 | |||||||||
2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 434 | |||||||||
IBNR | $ 254 | |||||||||
Cumulative number of claims | Claim | 27,929 |
Claim and Claim Adjustment Ex97
Claim and Claim Adjustment Expense Reserves - Schedule of Net Cumulative Paid Claim and Claim Adjustment Expenses (Workers' Compensation) (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 | $ 4,366 | $ 4,167 | $ 4,089 | |||||||
Total net liability for unpaid claim and claim adjustment expenses | 18,070 | 18,249 | 18,576 | $ 18,927 | ||||||
Property and Casualty Operations [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total net liability for unpaid claim and claim adjustment expenses | 14,575 | 14,910 | ||||||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 3,780 | |||||||||
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented | 1,826 | |||||||||
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2008 | 2,216 | |||||||||
Other | (37) | |||||||||
Liability for unallocated claim adjustment expenses for accident years presented | 7 | |||||||||
Total net liability for unpaid claim and claim adjustment expenses | 4,012 | |||||||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2008 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 541 | 520 | 505 | 489 | $ 461 | $ 425 | $ 381 | $ 323 | $ 233 | $ 92 |
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2009 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 539 | 516 | 495 | 468 | 435 | 381 | 315 | 223 | $ 88 | |
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2010 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 603 | 565 | 531 | 500 | 433 | 352 | 245 | $ 94 | ||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2011 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 557 | 515 | 471 | 432 | 353 | 245 | $ 97 | |||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2012 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 503 | 465 | 411 | 338 | 229 | $ 86 | ||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2013 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 413 | 366 | 297 | 211 | $ 79 | |||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2014 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 256 | 213 | 157 | $ 60 | ||||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2015 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 179 | 130 | $ 50 | |||||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2016 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | 127 | $ 52 | ||||||||
Property and Casualty Operations [Member] | Workers' Compensation [Member] | 2017 [Member] | ||||||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total | $ 62 |
Claim and Claim Adjustment Ex98
Claim and Claim Adjustment Expense Reserves - Schedule of Net Strengthening or Releasing of Prior Accident Year Reserves (Workers' Compensation) (Detail) - Property and Casualty Operations [Member] - Workers' Compensation [Member] - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ (65) | $ 150 | $ 80 | ||||||
2008 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 14 | 8 | 8 | $ 10 | $ 4 | $ 2 | $ 13 | $ 18 | $ 17 |
Net Strengthening or (Releases) of Prior Accident Year Reserves | 94 | ||||||||
2009 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 7 | 8 | 6 | 11 | 4 | 2 | 7 | $ 4 | |
Net Strengthening or (Releases) of Prior Accident Year Reserves | 49 | ||||||||
2010 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 4 | 20 | 14 | 20 | 22 | 22 | $ 43 | ||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 145 | ||||||||
2011 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 2 | 24 | (6) | 11 | 9 | $ 35 | |||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 75 | ||||||||
2012 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (4) | 10 | 13 | 32 | $ 27 | ||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 78 | ||||||||
2013 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (26) | 26 | 21 | $ 35 | |||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | 56 | ||||||||
2014 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (26) | 15 | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (11) | ||||||||
2015 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (25) | 10 | |||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (15) | ||||||||
2016 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (22) | ||||||||
Net Strengthening or (Releases) of Prior Accident Year Reserves | (22) | ||||||||
Total net development for the accident years presented above [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (76) | 106 | 71 | ||||||
Adjustment for Development on a Discounted Basis [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | (4) | 1 | (2) | ||||||
Total net development for accident years prior to 2008 [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | 14 | $ 43 | $ 11 | ||||||
Unallocated Claim Adjustment Expense Development [Member] | |||||||||
Claims Development [Line Items] | |||||||||
Strengthening or (Releases) of Prior Accident Year Reserves | $ 1 |
Claim and Claim Adjustment Ex99
Claim and Claim Adjustment Expense Reserves - Reconciliation of Net Liability for Unpaid Claim and Claim Adjustment Expenses for Property and Casualty Operations to Amount Presented in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total reinsurance receivables | $ 3,934 | $ 4,094 | ||
Total gross liability for unpaid claims and claims adjustment expenses | 22,004 | 22,343 | ||
Property and Casualty Operations [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total reinsurance receivables | 1,494 | |||
Other Insurance Operations [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total reinsurance receivables | 2,440 | |||
CNA Financial [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net claim and claim adjustment expenses | 18,070 | 18,249 | $ 18,576 | $ 18,927 |
CNA Financial [Member] | Property and Casualty Operations [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net claim and claim adjustment expenses | 14,575 | $ 14,910 | ||
CNA Financial [Member] | Other Insurance Operations [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Total net claim and claim adjustment expenses | $ 3,495 |
Claim and Claim Adjustment E100
Claim and Claim Adjustment Expense Reserves - Schedule of Historical Claims Duration (Detail) - CNA Financial [Member] | Dec. 31, 2017 |
Medical Professional Liability [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Claims in Year 1 | 3.30% |
Average Annual Percentage Payout of Claims in Year 2 | 18.90% |
Average Annual Percentage Payout of Claims in Year 3 | 23.50% |
Average Annual Percentage Payout of Claims in Year 4 | 19.80% |
Average Annual Percentage Payout of Claims in Year 5 | 12.70% |
Average Annual Percentage Payout of Claims in Year 6 | 7.20% |
Average Annual Percentage Payout of Claims in Year 7 | 4.50% |
Average Annual Percentage Payout of Claims in Year 8 | 3.30% |
Average Annual Percentage Payout of Claims in Year 9 | 3.60% |
Average Annual Percentage Payout of Claims in Year 10 | 0.70% |
Total | 97.50% |
Other Professional Liability and Management Liability [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Claims in Year 1 | 5.90% |
Average Annual Percentage Payout of Claims in Year 2 | 21.00% |
Average Annual Percentage Payout of Claims in Year 3 | 21.10% |
Average Annual Percentage Payout of Claims in Year 4 | 17.30% |
Average Annual Percentage Payout of Claims in Year 5 | 9.90% |
Average Annual Percentage Payout of Claims in Year 6 | 6.00% |
Average Annual Percentage Payout of Claims in Year 7 | 5.60% |
Average Annual Percentage Payout of Claims in Year 8 | 4.00% |
Average Annual Percentage Payout of Claims in Year 9 | 2.60% |
Average Annual Percentage Payout of Claims in Year 10 | 1.50% |
Total | 94.90% |
Surety [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Claims in Year 1 | 21.40% |
Average Annual Percentage Payout of Claims in Year 2 | 38.40% |
Average Annual Percentage Payout of Claims in Year 3 | 17.70% |
Average Annual Percentage Payout of Claims in Year 4 | 7.50% |
Average Annual Percentage Payout of Claims in Year 5 | 3.40% |
Average Annual Percentage Payout of Claims in Year 6 | 2.00% |
Average Annual Percentage Payout of Claims in Year 7 | (2.30%) |
Average Annual Percentage Payout of Claims in Year 8 | (1.10%) |
Total | 87.00% |
Commercial Auto [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Claims in Year 1 | 28.10% |
Average Annual Percentage Payout of Claims in Year 2 | 22.90% |
Average Annual Percentage Payout of Claims in Year 3 | 18.40% |
Average Annual Percentage Payout of Claims in Year 4 | 14.10% |
Average Annual Percentage Payout of Claims in Year 5 | 9.20% |
Average Annual Percentage Payout of Claims in Year 6 | 3.40% |
Average Annual Percentage Payout of Claims in Year 7 | 0.90% |
Average Annual Percentage Payout of Claims in Year 8 | 0.20% |
Average Annual Percentage Payout of Claims in Year 9 | 0.40% |
Average Annual Percentage Payout of Claims in Year 10 | 0.70% |
Total | 98.30% |
General Liability [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Claims in Year 1 | 4.90% |
Average Annual Percentage Payout of Claims in Year 2 | 16.60% |
Average Annual Percentage Payout of Claims in Year 3 | 20.70% |
Average Annual Percentage Payout of Claims in Year 4 | 20.80% |
Average Annual Percentage Payout of Claims in Year 5 | 15.20% |
Average Annual Percentage Payout of Claims in Year 6 | 8.40% |
Average Annual Percentage Payout of Claims in Year 7 | 4.20% |
Average Annual Percentage Payout of Claims in Year 8 | 2.50% |
Average Annual Percentage Payout of Claims in Year 9 | 1.50% |
Average Annual Percentage Payout of Claims in Year 10 | 1.20% |
Total | 96.00% |
Workers' Compensation [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Claims in Year 1 | 13.50% |
Average Annual Percentage Payout of Claims in Year 2 | 21.20% |
Average Annual Percentage Payout of Claims in Year 3 | 14.40% |
Average Annual Percentage Payout of Claims in Year 4 | 10.70% |
Average Annual Percentage Payout of Claims in Year 5 | 7.80% |
Average Annual Percentage Payout of Claims in Year 6 | 5.50% |
Average Annual Percentage Payout of Claims in Year 7 | 4.90% |
Average Annual Percentage Payout of Claims in Year 8 | 3.70% |
Average Annual Percentage Payout of Claims in Year 9 | 3.00% |
Average Annual Percentage Payout of Claims in Year 10 | 3.20% |
Total | 87.90% |
Claim and Claim Adjustment E101
Claim and Claim Adjustment Expense Reserves - Schedule of Impact of Loss Portfolio Transfer on the Consolidated Statement of Operations (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Claim And Claim Adjustment Expense Reserves [Line Items] | |||
Net A&EP adverse development before consideration of LPT | $ 60 | $ 200 | $ 150 |
Retroactive reinsurance benefit recognized | (68) | (107) | (85) |
Pretax impact of A&EP reserve development and the LPT | $ (8) | $ 93 | $ 65 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Rent expense | $ 113 | $ 97 | $ 85 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments to be Made Under Non-Cancelable Operating Leases Along with Lease and Sublease Minimum Receipts to be Received on Owned and Leased Properties (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
Operating leases, Future Minimum Lease Payments, 2018 | $ 76 |
Operating leases, Future Minimum Lease Payments, 2019 | 70 |
Operating leases, Future Minimum Lease Payments, 2020 | 71 |
Operating leases, Future Minimum Lease Payments, 2021 | 69 |
Operating leases, Future Minimum Lease Payments, 2022 | 59 |
Operating leases, Future Minimum Lease Payments, Thereafter | 384 |
Operating leases, Future Minimum Lease Payments, Total | 729 |
Operating leases, Future Minimum Lease Receipts, 2018 | 6 |
Operating leases, Future Minimum Lease Receipts, 2019 | 5 |
Operating leases, Future Minimum Lease Receipts, 2020 | 5 |
Operating leases, Future Minimum Lease Receipts, 2021 | 4 |
Operating leases, Future Minimum Lease Receipts, 2022 | 4 |
Operating leases, Future Minimum Lease Receipts, Thereafter | 16 |
Operating leases, Future Minimum Lease Receipts, Total | $ 40 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||||
U.S corporate income tax rate | 35.00% | ||||
Non-cash increase in net income | $ 200 | $ 200 | |||
Increase in income tax benefit | 268 | ||||
Net deferred tax liabilities partially offset by provisional charge | 78 | 78 | |||
Reductions for tax positions related to a prior year | 1 | $ 20 | $ 3 | ||
Income tax expense related to penalties | 2 | ||||
Income tax benefit related to penalties | 2 | 2 | 23 | ||
Net operating loss carryforwards | 169 | 169 | 178 | ||
Valuation allowance | 169 | 169 | 210 | ||
Other deferred tax assets | 211 | 211 | 246 | ||
Scenario, Forecast [Member] | |||||
Income Tax Contingency [Line Items] | |||||
U.S corporate income tax rate | 21.00% | ||||
Federal [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net operating loss carryforwards | 51 | $ 51 | |||
Net operating loss carryforwards expiration year | 2033 and 2037 | ||||
Tax credit carryforwards | 171 | $ 171 | |||
Foreign [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net operating loss carryforwards expiration year | 2021 and 2027 | ||||
Net operating loss carryforwards in foreign tax jurisdictions | 42 | $ 42 | |||
Tax credit carryforwards | 28 | $ 28 | |||
Tax credit carryforwards expiration year | 2019 and 2024 to 2027 | ||||
Net operating loss carryforwards indefinitely | $ 76 | $ 76 | |||
CNA Financial [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Equity ownership percentage | 80.00% | 80.00% | |||
Diamond Offshore [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized tax benefits that would affect effective tax rate upon recognition | $ 102 | $ 102 | $ 36 | $ 49 | |
Net operating loss carryforwards | 111 | 111 | |||
Valuation allowance | 169 | 169 | |||
Foreign tax credits | 27 | 27 | |||
Other deferred tax assets | $ 31 | $ 31 |
Income Taxes - Schedule of Curr
Income Taxes - Schedule of Current and Deferred Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax expense (benefit): | |||
Federal income tax expense (benefit), Current | $ 157 | $ 71 | $ 79 |
Federal income tax expense (benefit), Deferred | (63) | 102 | (234) |
State and city income tax expense (benefit), Current | 22 | 13 | 21 |
State and city income tax expense (benefit), Deferred | 17 | 13 | 5 |
Foreign income tax expense (benefit) | 37 | 21 | 86 |
Income tax expense (benefit) | $ 170 | $ 220 | $ (43) |
Income Taxes - Components of U.
Income Taxes - Components of U.S. and Foreign Income and Reconciliation between Federal Income Tax Expense at Statutory Rates and Actual Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income before income tax: | |||
Income before income tax, U.S. | $ 1,322 | $ 1,207 | $ 543 |
Income before income tax, Foreign | 260 | (271) | (299) |
Income before income tax | 1,582 | 936 | 244 |
Income tax expense at statutory rate | 554 | 328 | 86 |
Increase (decrease) in income tax expense resulting from: | |||
Effect of the Tax Act | (190) | ||
Exempt investment income | (134) | (126) | (126) |
Foreign related tax differential | (36) | 40 | (18) |
Amortization of deferred charges associated with intercompany rig sales to other tax jurisdictions | 38 | ||
Taxes related to domestic affiliate | 1 | (14) | (10) |
Partnership earnings not subject to taxes | (51) | (52) | (38) |
Allowance for foreign tax credits | 7 | 62 | |
Unrecognized tax positions, settlements and adjustments relating to prior years | (8) | (42) | 1 |
Other | 27 | 24 | 24 |
Income tax expense (benefit) | $ 170 | $ 220 | $ (43) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Tax Carryforwards and Interest and Penalties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $ 35 | $ 54 | $ 57 |
Additions for tax positions related to the current year | 51 | 4 | 7 |
Additions for tax positions related to a prior year | 5 | 1 | |
Reductions for tax positions related to a prior year | (1) | (20) | (3) |
Lapse of statute of limitations | (6) | (4) | (7) |
Balance at December 31 | $ 84 | $ 35 | $ 54 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Property and casualty claim and claim adjustment expense reserves | $ 74 | $ 125 |
Unearned premium reserves | 142 | 206 |
Receivables | 13 | 26 |
Employee benefits | 243 | 407 |
Life settlement contracts | 56 | |
Deferred retroactive reinsurance benefit | 68 | 117 |
Net operating loss carryforwards | 169 | 178 |
Tax credit carryforwards | 199 | 289 |
Basis differential in investment in subsidiary | 15 | 17 |
Other | 211 | 246 |
Total deferred tax assets | 1,134 | 1,667 |
Valuation allowance | (169) | (210) |
Net deferred tax assets | 965 | 1,457 |
Deferred tax liabilities: | ||
Deferred acquisition costs | (77) | (120) |
Net unrealized gains | (263) | (295) |
Property, plant and equipment | (765) | (1,019) |
Basis differential in investment in subsidiary | (364) | (409) |
Other liabilities | (220) | (235) |
Total deferred tax liabilities | (1,689) | (2,078) |
Net deferred tax liabilities | $ (724) | $ (621) |
Income Taxes - Summary of De109
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax assets | $ 1,134,000,000 | $ 1,667,000,000 |
Other Assets [Member] | ||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax assets | $ 25 | $ 15 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt, Gross | $ 11,653 | $ 10,871 |
Less unamortized discount and issuance costs | 120 | 93 |
Debt | 11,533 | 10,778 |
Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 1,800 | |
Less unamortized discount and issuance costs | 24 | |
CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 2,876 | |
Less unamortized discount and issuance costs | 15 | |
Capital lease obligation | 3 | 5 |
Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 2,000 | |
Less unamortized discount and issuance costs | 28 | |
Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 3,719 | |
Less unamortized discount and issuance costs | 31 | |
Capital lease obligation | 9 | 9 |
Loews Hotels And Co [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 648 | 650 |
Less unamortized discount and issuance costs | 5 | |
Consolidated Container [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 610 | |
Less unamortized discount and issuance costs | 17 | |
Capital lease obligation | 6 | |
2.6% Notes Due 2023 [Member] | Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
3.8% Notes Due 2026 [Member] | Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
6.0% Notes Due 2035 [Member] | Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 300 | 300 |
4.1% Notes Due 2043 [Member] | Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
7.0% Notes Due 2018 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 150 | 150 |
7.4% Notes Due 2019 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 350 | |
5.9% Notes Due 2020 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
5.8% Notes Due 2021 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 400 | 400 |
7.3% Debentures Due 2023 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 243 | 243 |
4.0% Notes Due 2024 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 550 | 550 |
4.5% Notes Due 2026 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
3.5% Notes Due 2027 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | |
Variable Rate Note Due 2036 [Member] | CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 30 | 30 |
Variable Rate Revolving Credit Facility Due 2020 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 104 | |
5.9% Notes Due 2019 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | |
3.5% Senior Notes Due 2023 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 250 | 250 |
7.9% Notes Due 2025 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | |
5.7% Notes Due 2039 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | 500 |
4.9% Notes Due 2043 [Member] | Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 750 | 750 |
Variable Rate Revolving Credit Facility Due 2022 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 385 | 180 |
5.5% Notes Due 2017 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 300 | |
6.3% Notes Due 2017 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 275 | |
5.2% Notes Due 2018 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 185 | 185 |
5.8% Notes Due 2019 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 350 | 350 |
4.5% Notes Due 2021 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 440 | 440 |
4.0% Notes Due 2022 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 300 | 300 |
3.4% Notes Due 2023 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 300 | 300 |
5.0% Notes Due 2024 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 600 | 600 |
6.0% Notes Due 2026 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 550 | 550 |
4.5% Notes Due 2027 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 500 | |
7.3% Debentures Due 2027 [Member] | Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 100 | $ 100 |
Senior Debt Variable Rate Term Loan Due 2024 [Member] | Consolidated Container [Member] | Variable Rate Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | $ 604 |
Debt - Schedule of Long-Term111
Debt - Schedule of Long-Term Debt Instruments (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Debt authorized | $ 300,000,000 | ||
Loews Hotels And Co [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 4.20% | ||
7.0% Notes Due 2018 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.00% | ||
Maturity year | 2,018 | ||
Effective interest rate | 7.10% | ||
Debt authorized | $ 150,000,000 | ||
7.4% Notes Due 2019 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.40% | ||
Maturity year | 2,019 | ||
Effective interest rate | 7.50% | ||
Debt authorized | $ 350,000,000 | ||
5.9% Notes Due 2020 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.90% | ||
Maturity year | 2,020 | ||
Effective interest rate | 6.00% | ||
Debt authorized | $ 500,000,000 | ||
5.8% Notes Due 2021 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.80% | ||
Maturity year | 2,021 | ||
Effective interest rate | 5.90% | ||
Debt authorized | $ 400,000,000 | ||
7.3% Debentures Due 2023 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.30% | ||
Maturity year | 2,023 | ||
Effective interest rate | 7.30% | ||
Debt authorized | $ 250,000,000 | ||
4.0% Notes Due 2024 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.00% | ||
Maturity year | 2,024 | ||
Effective interest rate | 4.00% | ||
Debt authorized | $ 550,000,000 | ||
4.5% Notes Due 2026 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.50% | ||
Maturity year | 2,026 | ||
Effective interest rate | 4.50% | ||
Debt authorized | $ 500,000,000 | ||
3.5% Notes Due 2027 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.50% | ||
Maturity year | 2,027 | ||
Effective interest rate | 3.60% | ||
Debt authorized | $ 500,000,000 | ||
Variable Rate Note Due 2036 [Member] | CNA Financial [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2,036 | ||
Effective interest rate | 4.90% | 4.30% | |
Variable Rate Revolving Credit Facility Due 2020 [Member] | Diamond Offshore [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2,020 | ||
Effective interest rate | 1.90% | ||
5.9% Notes Due 2019 [Member] | Diamond Offshore [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.90% | ||
Maturity year | 2,019 | ||
Effective interest rate | 6.00% | ||
Debt authorized | $ 500,000,000 | ||
3.5% Senior Notes Due 2023 [Member] | Diamond Offshore [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.50% | ||
Maturity year | 2,023 | ||
Effective interest rate | 3.60% | ||
Debt authorized | $ 250,000,000 | ||
7.9% Notes Due 2025 [Member] | Diamond Offshore [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.90% | ||
Maturity year | 2,025 | ||
Effective interest rate | 8.00% | ||
Debt authorized | $ 500,000,000 | ||
5.7% Notes Due 2039 [Member] | Diamond Offshore [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.70% | ||
Maturity year | 2,039 | ||
Effective interest rate | 5.80% | ||
Debt authorized | $ 500,000,000 | ||
4.9% Notes Due 2043 [Member] | Diamond Offshore [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.90% | ||
Maturity year | 2,043 | ||
Effective interest rate | 5.00% | ||
Debt authorized | $ 750,000,000 | ||
Variable Rate Revolving Credit Facility Due 2022 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2,022 | ||
Effective interest rate | 2.70% | 2.00% | |
5.5% Notes Due 2017 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.50% | ||
Maturity year | 2,017 | ||
Effective interest rate | 5.60% | ||
Debt authorized | $ 300,000,000 | ||
6.3% Notes Due 2017 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.30% | ||
Maturity year | 2,017 | ||
Effective interest rate | 6.40% | ||
Debt authorized | $ 275,000,000 | ||
5.2% Notes Due 2018 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.20% | ||
Maturity year | 2,018 | ||
Effective interest rate | 5.40% | ||
Debt authorized | $ 185,000,000 | ||
5.8% Notes Due 2019 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.80% | ||
Maturity year | 2,019 | ||
Effective interest rate | 5.90% | ||
Debt authorized | $ 350,000,000 | ||
4.5% Notes Due 2021 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.50% | ||
Maturity year | 2,021 | ||
Effective interest rate | 5.00% | ||
Debt authorized | $ 440,000,000 | ||
4.0% Notes Due 2022 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.00% | ||
Maturity year | 2,022 | ||
Effective interest rate | 4.40% | ||
Debt authorized | $ 300,000,000 | ||
3.4% Notes Due 2023 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.40% | ||
Maturity year | 2,023 | ||
Effective interest rate | 3.50% | ||
Debt authorized | $ 300,000,000 | ||
5.0% Notes Due 2024 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.00% | ||
Maturity year | 2,024 | ||
Effective interest rate | 5.20% | ||
Debt authorized | $ 600,000,000 | ||
6.0% Notes Due 2026 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.00% | ||
Maturity year | 2,026 | ||
Effective interest rate | 6.20% | ||
Debt authorized | $ 550,000,000 | ||
4.5% Notes Due 2027 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.50% | ||
Maturity year | 2,027 | ||
Effective interest rate | 4.60% | ||
Debt authorized | $ 500,000,000 | ||
7.3% Debentures Due 2027 [Member] | Boardwalk Pipeline [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7.30% | ||
Maturity year | 2,027 | ||
Effective interest rate | 8.10% | ||
Debt authorized | $ 100,000,000 | ||
Variable Rate Term Loan [Member] | Senior Debt Variable Rate Term Loan Due 2024 [Member] | Consolidated Container [Member] | |||
Debt Instrument [Line Items] | |||
Maturity year | 2,024 | ||
Effective interest rate | 5.50% | ||
Loews Corporation [Member] | 2.6% Notes Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.60% | ||
Maturity year | 2,023 | ||
Effective interest rate | 2.80% | ||
Debt authorized | $ 500,000,000 | ||
Loews Corporation [Member] | 3.8% Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.80% | ||
Maturity year | 2,026 | ||
Effective interest rate | 3.90% | ||
Debt authorized | $ 500,000,000 | ||
Loews Corporation [Member] | 6.0% Notes Due 2035 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.00% | ||
Maturity year | 2,035 | ||
Effective interest rate | 6.20% | ||
Debt authorized | $ 300,000,000 | ||
Loews Corporation [Member] | 4.1% Notes Due 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.10% | ||
Maturity year | 2,043 | ||
Effective interest rate | 4.30% | ||
Debt authorized | $ 500,000,000 |
Debt - Schedule of Debt by Subs
Debt - Schedule of Debt by Subsidiary (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Principal | $ 11,653 | $ 10,871 |
Unamortized Discount and Issuance Costs | 120 | 93 |
Net | 11,533 | |
Short Term Debt | 280 | 110 |
Long Term Debt | 11,253 | 10,668 |
Net | 11,533 | |
Loews Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 1,800 | |
Unamortized Discount and Issuance Costs | 24 | |
Net | 1,776 | |
Long Term Debt | 1,776 | |
Net | 1,776 | |
CNA Financial [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 2,876 | |
Unamortized Discount and Issuance Costs | 15 | |
Net | 2,861 | |
Short Term Debt | 151 | |
Long Term Debt | 2,710 | |
Net | 2,861 | |
Diamond Offshore [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 2,000 | |
Unamortized Discount and Issuance Costs | 28 | |
Net | 1,972 | |
Long Term Debt | 1,972 | |
Net | 1,972 | |
Boardwalk Pipeline [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 3,719 | |
Unamortized Discount and Issuance Costs | 31 | |
Net | 3,688 | |
Short Term Debt | 1 | |
Long Term Debt | 3,687 | |
Net | 3,688 | |
Loews Hotels And Co [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 648 | $ 650 |
Unamortized Discount and Issuance Costs | 5 | |
Net | 643 | |
Short Term Debt | 122 | |
Long Term Debt | 521 | |
Net | 643 | |
Consolidated Container [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 610 | |
Unamortized Discount and Issuance Costs | 17 | |
Net | 593 | |
Short Term Debt | 6 | |
Long Term Debt | 587 | |
Net | $ 593 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Feb. 15, 2018 | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)Extension | Feb. 15, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||
Aggregate of long term debt maturing, 2018 | $ 280,000,000 | |||||
Aggregate of long term debt maturing, 2019 | 449,000,000 | |||||
Aggregate of long term debt maturing, 2020 | 556,000,000 | |||||
Aggregate of long term debt maturing, 2021 | 846,000,000 | |||||
Aggregate of long term debt maturing, 2022 | 955,000,000 | |||||
Aggregate of long term debt maturing, Thereafter | 8,600,000,000 | |||||
CNA Financial [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Acquisition of FHLBC stock | 5,000,000 | |||||
Outstanding borrowings | 0 | |||||
Additional liquidity | 111,000,000 | |||||
CNA Financial [Member] | 3.5% Senior Notes Due August 15, 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument principal amount | $ 500,000,000 | |||||
Debt instrument interest rate | 3.50% | |||||
Debt maturity date | Aug. 15, 2027 | |||||
CNA Financial [Member] | 7.4% Senior Notes Due November 15, 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument principal amount | $ 350,000,000 | |||||
Debt instrument interest rate | 7.40% | |||||
Debt maturity date | Nov. 15, 2019 | |||||
Early extinguishment of debt | 350,000,000 | |||||
CNA Financial [Member] | 7.4% Senior Notes Due November 15, 2019 [Member] | Interest Expense [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Early extinguishment of debt, loss | 42,000,000 | |||||
Early extinguishment of debt, loss net of tax and noncontrolling interests | 24,000,000 | |||||
Diamond Offshore [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Additional available increase in borrowing capacity | $ 500,000,000 | |||||
Number of one-year extensions | Extension | 1 | |||||
Diamond Offshore [Member] | 7.9% Senior Notes Due August 15, 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument principal amount | $ 500,000,000 | |||||
Debt instrument interest rate | 7.90% | |||||
Debt maturity date | Aug. 15, 2025 | |||||
Diamond Offshore [Member] | 5.9% Senior Notes Due May 1, 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument principal amount | $ 500,000,000 | |||||
Debt instrument interest rate | 5.90% | |||||
Debt maturity date | May 1, 2019 | |||||
Early extinguishment of debt | $ 500,000,000 | |||||
Diamond Offshore [Member] | 5.9% Senior Notes Due May 1, 2019 [Member] | Interest Expense [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Early extinguishment of debt, loss | 35,000,000 | |||||
Early extinguishment of debt, loss net of tax and noncontrolling interests | $ 11,000,000 | |||||
Boardwalk Pipeline [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument principal amount | $ 300,000,000 | |||||
Percentage of outstanding aggregate principal amount retired | 5.50% | |||||
Boardwalk Pipeline [Member] | Subordinated Loan Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt maturity date | Dec. 31, 2018 | |||||
Credit facility, current borrowing capacity | $ 300,000,000 | |||||
Credit facility, borrowings outstanding | $ 0 | |||||
Boardwalk Pipeline [Member] | 4.5% Senior Notes Due July 15, 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument principal amount | $ 500,000,000 | |||||
Debt instrument interest rate | 4.50% | |||||
Debt maturity date | Jul. 15, 2027 | |||||
Boardwalk Pipeline [Member] | 6.3% Senior Notes Due August 15, 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument principal amount | $ 275,000,000 | |||||
Debt instrument interest rate | 6.30% | |||||
Debt maturity date | Aug. 15, 2017 | |||||
Consolidated Container [Member] | Interest Rate Swaps [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate swaps for notional amount | $ 500,000,000 | |||||
Percentage of interest on hedged portion of term loan | 5.50% | |||||
Consolidated Container [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance costs | $ 19,000,000 | |||||
Consolidated Container [Member] | Credit Agreement [Member] | Loans Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument principal amount | $ 605,000,000 | |||||
Debt maturity date | May 22, 2024 | |||||
Annual principal amortization of loan | 1.00% | |||||
Consolidated Container [Member] | Credit Agreement [Member] | Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument LIBOR applicable margin | 3.50% | |||||
Consolidated Container [Member] | Credit Agreement [Member] | Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument LIBOR applicable margin | 3.00% | |||||
Consolidated Container [Member] | Credit Agreement [Member] | Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 1.00% | |||||
Consolidated Container [Member] | Credit Agreement [Member] | Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 1.00% | |||||
Senior Unsecured Revolving Credit Facility [Member] | CNA Financial [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 250,000,000 | |||||
Additional available increase in borrowing capacity | $ 100,000,000 | |||||
Senior unsecured revolving credit facility, term | 5 years | |||||
Number of one-year extensions | Extension | 2 | |||||
Borrowings under current and prior credit agreements | $ 0 | |||||
Senior Unsecured Revolving Credit Facility [Member] | Diamond Offshore [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 1,500,000,000 | |||||
Revolving credit facility maturity period | 2020-10 | |||||
Borrowings outstanding amount | $ 0 | |||||
Senior Unsecured Revolving Credit Facility [Member] | Diamond Offshore [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 40,000,000 | |||||
Senior Unsecured Revolving Credit Facility [Member] | Diamond Offshore [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 60,000,000 | |||||
Standby Letters of Credit [Member] | Diamond Offshore [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 250,000,000 | |||||
Swing Line Loans [Member] | Diamond Offshore [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 100,000,000 | |||||
Revolving Credit Facility [Member] | Boardwalk Pipeline [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt maturity date | May 26, 2022 | |||||
Credit facility, maximum borrowing capacity | 1,500,000,000 | |||||
Borrowings outstanding amount | 385,000,000 | |||||
Period extended for existing credit facility | 1 year | |||||
ABL Facility [Member] | Consolidated Container [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 125,000,000 | |||||
Borrowings outstanding amount | $ 0 | |||||
Credit agreement period | 5 years |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 23,361 | $ 22,810 | $ 24,650 |
Other comprehensive income (loss) | 218 | 153 | (718) |
Ending Balance | 24,566 | 23,361 | 22,810 |
OTTI Gains (Losses) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 27 | 24 | 32 |
Other comprehensive income (loss) before reclassifications, after tax | (3) | 9 | (23) |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | (2) | (6) | 14 |
Other comprehensive income (loss) | (5) | 3 | (9) |
Amounts attributable to noncontrolling interests | 1 | ||
Ending Balance | 22 | 27 | 24 |
Unrealized Gains (Losses) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 576 | 347 | 846 |
Other comprehensive income (loss) before reclassifications, after tax | 190 | 283 | (600) |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | (82) | (26) | 43 |
Other comprehensive income (loss) | 108 | 257 | (557) |
Amounts attributable to noncontrolling interests | (11) | (28) | 58 |
Ending Balance | 673 | 576 | 347 |
Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (2) | (3) | (6) |
Other comprehensive income (loss) before reclassifications, after tax | 1 | (2) | |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 2 | 2 | 7 |
Other comprehensive income (loss) | 3 | 2 | 5 |
Amounts attributable to noncontrolling interests | (1) | (1) | (2) |
Ending Balance | (2) | (3) | |
Pension Liability [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (646) | (649) | (641) |
Other comprehensive income (loss) before reclassifications, after tax | (18) | (22) | (31) |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 30 | 27 | 13 |
Other comprehensive income (loss) | 12 | 5 | (18) |
Issuance of equity securities by subsidiary | 1 | ||
Amounts attributable to noncontrolling interests | 1 | (2) | 9 |
Ending Balance | (633) | (646) | (649) |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (178) | (76) | 49 |
Other comprehensive income (loss) before reclassifications, after tax | 100 | (114) | (139) |
Other comprehensive income (loss) | 100 | (114) | (139) |
Amounts attributable to noncontrolling interests | (10) | 12 | 14 |
Ending Balance | (88) | (178) | (76) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (223) | (357) | 280 |
Other comprehensive income (loss) before reclassifications, after tax | 270 | 156 | (795) |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | (52) | (3) | 77 |
Other comprehensive income (loss) | 218 | 153 | (718) |
Issuance of equity securities by subsidiary | 1 | ||
Amounts attributable to noncontrolling interests | (21) | (19) | 80 |
Ending Balance | $ (26) | $ (223) | $ (357) |
Shareholders' Equity - Compo115
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OTTI Gains (Losses) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | $ 1 | $ (4) | $ 13 |
Tax on reclassification from accumulated other comprehensive income | 1 | 3 | (8) |
Unrealized Gains (Losses) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | (106) | (133) | 313 |
Tax on reclassification from accumulated other comprehensive income | 38 | 16 | (31) |
Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | (2) | 0 | 1 |
Tax on reclassification from accumulated other comprehensive income | 0 | 0 | (2) |
Pension Liability [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | 4 | 9 | 16 |
Tax on reclassification from accumulated other comprehensive income | (16) | (15) | (11) |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Tax on reclassification from accumulated other comprehensive income | $ 0 | $ 0 | $ 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shareholders Equity [Line Items] | ||||
Common stock dividend declared | $ 0.25 | $ 0.25 | $ 0.25 | |
Common stock dividend paid | $ 0.25 | $ 0.25 | $ 0.25 | |
Treasury stock repurchased, shares | 4.8 | 3.4 | 33.3 | |
Purchase of Loews treasury stock | $ 237 | $ 134 | $ 1,265 | |
Treasury stock retired, shares | 4.4 | |||
Scenario, Forecast [Member] | ||||
Shareholders Equity [Line Items] | ||||
Treasury stock retired, shares | 0.4 |
Statutory Accounting Practic117
Statutory Accounting Practices - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statutory Accounting Practices [Line Items] | ||
Increase in statutory capital and surplus | $ 63 | $ 67 |
Combined Continental Casualty Companies [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Increase in statutory capital and surplus | 10,726 | $ 10,748 |
Dividends payable without prior supervisory approval | 1,100 | |
Dividends paid | $ 955 | |
Statutory capital and surplus percentage | 264.00% | 270.00% |
Statutory Accounting Practic118
Statutory Accounting Practices - Combined Statutory Capital and Surplus and Net Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statutory Accounting Practices [Line Items] | |||
Statutory Capital and Surplus | $ 63 | $ 67 | |
Combined Continental Casualty Companies [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Capital and Surplus | 10,726 | 10,748 | |
Statutory Net Income | $ 1,029 | $ 1,033 | $ 1,148 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Eligible age for several postretirement benefit plans | 55 years | ||
Eligible age for Medicare benefits | 65 years | ||
Increase of 1% in each year would increase the Company's accumulated postretirement benefit obligation | $ 2 | ||
Decrease of 1% in each year would decrease the Company's accumulated postretirement benefit obligation | 2 | ||
Decrease of 1% in each year would decrease the Company's service and interest cost | |||
Increase of 1% in each year would increase the Company's service and interest cost | |||
Accumulated benefit obligation for all defined benefit pension plans | 3,200 | $ 3,100 | |
Future capital calls from various third party limited partnership investments | $ 107 | ||
Percentage of limited partnerships comprising of the carrying value that employ hedge fund strategies | 78.80% | 76.60% | |
Amount contributed to the savings plans | $ 105 | $ 107 | $ 115 |
Stock-based Compensation, vesting period | 4 years | ||
Stock-based Compensation, expiration period | 10 years | ||
Recognized compensation expense | $ 33 | $ 32 | 14 |
Time-based Restricted Stock Units (RSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Terms of Award | Right to receive one share of the Company's common stock for each vested RSU | ||
Forfeited during the year | 17,033 | ||
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Terms of Award | Receive one share of the Company's common stock for each vested PSU | ||
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Grants In Period | 274,500 | ||
Weighted average grant date fair value | $ 45.91 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
SARs outstanding | 4,266,050 | ||
Weighted average grant date fair value | $ 40.05 | ||
2016 Loews Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Stock-based Compensation, number of shares authorized | 6,000,000 | ||
Stock-based Compensation, maximum number of shares to be granted to each individual | 500,000 | ||
Maximum [Member] | 2016 Loews Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Stock-based Compensation, number of shares to be forfeited under prior plan | 3,000,000 | ||
Second Anniversary [Member] | Time-based Restricted Stock Units (RSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
vesting percentage | 50.00% | ||
Second Anniversary [Member] | Performance-based Restricted Stock Units (PSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
vesting percentage | 50.00% | ||
Third Anniversary [Member] | Time-based Restricted Stock Units (RSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
vesting percentage | 50.00% | ||
Third Anniversary [Member] | Performance-based Restricted Stock Units (PSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
vesting percentage | 50.00% | ||
CNA Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement payment | $ 88 | ||
Settlement charges recognized due to settlement | 86 | ||
Defined benefit plan obligation, curtailment | 55 | ||
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of hedge fund strategies | 62.00% | ||
Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation of plan assets invested in equity securities and limited partnerships, Maximum | 40.00% | ||
Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation of plan assets invested in equity securities and limited partnerships, Maximum | 60.00% | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement payment | $ 37 | 101 | |
Settlement charges recognized due to settlement | (11) | (3) | (3) |
Expected contribution to plan(s), next fiscal year | 24 | ||
Fair value of plan assets | 2,577 | 2,423 | 2,500 |
Pension Benefits [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | $ 10 | |
Postretirement Healthcare and Life Insurance Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution to plan(s), next fiscal year | $ 2 | ||
Multi-Strategy Approach [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of hedge fund strategies | 32.00% | ||
Distressed Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of hedge fund strategies | 6.00% | ||
Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of limited partnerships comprising of the carrying value that employ hedge fund strategies | 86.00% | 86.00% | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement payment | $ 0 | ||
Fair value of plan assets | 88 | $ 86 | $ 86 |
Other Postretirement Benefits [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Benefit Plans - Weighted Averag
Benefit Plans - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.50% | 3.90% | 4.00% |
Expected long term rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Pension Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3.90% | 3.90% | 3.50% |
Pension Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 5.50% | 5.50% | 5.50% |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.40% | 3.70% | 3.70% |
Expected long term rate of return on plan assets | 5.30% | 5.30% | 5.30% |
Benefit Plans - Weighted Ave121
Benefit Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.80% | 4.00% | 3.80% |
Expected long term rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Pension Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3.90% | 3.50% | 3.50% |
Pension Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 5.50% | 5.50% | 5.50% |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.70% | 3.70% | 3.40% |
Expected long term rate of return on plan assets | 5.30% | 5.30% | 5.30% |
Benefit Plans - Assumed Health
Benefit Plans - Assumed Health Care Cost Trend Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 4.00% | 4.00% | 4.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.00% | 4.00% | 4.00% |
Year that the rate reaches the ultimate trend rate | 2,018 | 2,017 | 2,016 |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 7.00% | 7.00% | 7.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,022 | 2,021 | 2,021 |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 8 | $ 8 | $ 12 |
Interest cost | 119 | 128 | 127 |
Expected return on plan assets | (173) | (177) | (193) |
Amortization of unrecognized net loss | 43 | 46 | 42 |
Amortization of unrecognized prior service benefit | (1) | (1) | |
Settlement | 11 | 3 | 3 |
Net periodic benefit cost | 8 | 7 | (10) |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1 | 1 | 1 |
Interest cost | 2 | 3 | 3 |
Expected return on plan assets | (5) | (5) | (5) |
Amortization of unrecognized net loss | 1 | ||
Amortization of unrecognized prior service benefit | (2) | (3) | (10) |
Settlement | 0 | 0 | 0 |
Net periodic benefit cost | $ (4) | $ (4) | $ (10) |
Benefit Plans - Reconciliation
Benefit Plans - Reconciliation of Benefit Obligations and Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning balance | $ 3,131 | $ 3,227 | |
Acquisitions | 103 | ||
Service cost | 8 | 8 | $ 12 |
Interest cost | 119 | 128 | 127 |
Amendments | 1 | ||
Actuarial (gain) loss | 100 | 72 | |
Benefits paid from plan assets | (192) | (188) | |
Settlements | (37) | (101) | |
Foreign exchange | 10 | (16) | |
Benefit obligation, ending balance | 3,242 | 3,131 | 3,227 |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 2,423 | 2,500 | |
Acquisitions | 75 | ||
Actual return on plan assets | 247 | 211 | |
Company contributions | 51 | 19 | |
Benefits paid from plan assets | (192) | (188) | |
Settlements | (37) | (103) | |
Foreign exchange | 10 | (16) | |
Fair value of plan assets, ending balance | 2,577 | 2,423 | 2,500 |
Funded status | (665) | (708) | |
Amounts recognized in the Consolidated Balance Sheets consist of: | |||
Other assets | 4 | 4 | |
Other liabilities | (669) | (712) | |
Net amount recognized | (665) | (708) | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning balance | 66 | 82 | |
Acquisitions | 0 | ||
Service cost | 1 | 1 | 1 |
Interest cost | 2 | 3 | 3 |
Plan participants' contributions | 5 | 5 | |
Amendments | 0 | ||
Actuarial (gain) loss | (1) | (13) | |
Benefits paid from plan assets | (11) | (12) | |
Settlements | 0 | ||
Foreign exchange | 0 | ||
Benefit obligation, ending balance | 62 | 66 | 82 |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 86 | 86 | |
Actual return on plan assets | 5 | 3 | |
Company contributions | 3 | 4 | |
Plan participants' contributions | 5 | 5 | |
Benefits paid from plan assets | (11) | (12) | |
Fair value of plan assets, ending balance | 88 | 86 | $ 86 |
Funded status | 26 | 20 | |
Amounts recognized in the Consolidated Balance Sheets consist of: | |||
Other assets | 47 | 44 | |
Other liabilities | (21) | (24) | |
Net amount recognized | $ 26 | $ 20 |
Benefit Plans - Amounts Recogni
Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Not Yet Recognized in Net Periodic (Benefit) Cost (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service credit | $ (3) | $ (3) |
Net actuarial loss | 1,069 | 1,097 |
Net amount recognized | 1,066 | 1,094 |
Projected benefit obligation | 3,132 | 3,103 |
Accumulated benefit obligation | 3,117 | 3,089 |
Fair value of plan assets | 2,462 | 2,391 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service credit | (3) | (6) |
Net actuarial loss | (3) | (2) |
Net amount recognized | (6) | (8) |
Accumulated benefit obligation | $ 21 | $ 24 |
Benefit Plans - Estimated Amoun
Benefit Plans - Estimated Amounts to be Recognized from AOCI into Net Periodic Cost (Benefit) (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of net actuarial (gain) loss | $ 42 |
Total estimated amounts to be recognized | 42 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of net actuarial (gain) loss | (1) |
Amortization of prior service credit | (2) |
Total estimated amounts to be recognized | $ (3) |
Benefit Plans - Estimated Futur
Benefit Plans - Estimated Future Minimum Benefit Payments (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future benefit payments 2018 | $ 231 |
Expected future benefit payments 2019 | 213 |
Expected future benefit payments 2020 | 214 |
Expected future benefit payments 2021 | 215 |
Expected future benefit payments 2022 | 217 |
Expected future benefit payments 2023 - 2027 | 1,057 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future benefit payments 2018 | 5 |
Expected future benefit payments 2019 | 5 |
Expected future benefit payments 2020 | 5 |
Expected future benefit payments 2021 | 5 |
Expected future benefit payments 2022 | 4 |
Expected future benefit payments 2023 - 2027 | $ 18 |
Benefit Plans - Pension Plan As
Benefit Plans - Pension Plan Assets Measured at Fair Value on Recurring Basis (Detail) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | $ 2,577 | $ 2,423 | $ 2,500 |
Limited Partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 990 | 958 | |
Collective Investment Trust Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 82 | ||
Corporate and Other Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 532 | 510 | |
States, Municipalities and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 62 | 63 | |
Total Asset-Backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 182 | 186 | |
Total Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 776 | 759 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 571 | 509 | |
Short Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 40 | 53 | |
Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 96 | 92 | |
Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 22 | 52 | |
Fair Value of Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 1,505 | 1,465 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 587 | 529 | |
Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 449 | 404 | |
Level 1 [Member] | Short Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 29 | 18 | |
Level 1 [Member] | Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 96 | 92 | |
Level 1 [Member] | Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 13 | 15 | |
Level 1 [Member] | Fair Value of Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 587 | 529 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 908 | 926 | |
Level 2 [Member] | Corporate and Other Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 522 | 500 | |
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 62 | 63 | |
Level 2 [Member] | Total Asset-Backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 182 | 186 | |
Level 2 [Member] | Total Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 766 | 749 | |
Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 122 | 105 | |
Level 2 [Member] | Short Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 11 | 35 | |
Level 2 [Member] | Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 9 | 37 | |
Level 2 [Member] | Fair Value of Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 908 | 926 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 10 | 10 | |
Level 3 [Member] | Corporate and Other Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 10 | 10 | |
Level 3 [Member] | Total Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 10 | 10 | |
Level 3 [Member] | Fair Value of Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | $ 10 | $ 10 |
Benefit Plans - Other Postretir
Benefit Plans - Other Postretirement Benefit Plan Assets Measured at Fair Value on Recurring Basis (Detail) - Other Postretirement Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 88 | $ 86 | $ 86 |
Corporate and Other Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18 | 19 | |
States, Municipalities and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42 | 44 | |
Total Asset-Backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12 | 15 | |
Total Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 72 | 78 | |
Short Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 3 | |
Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14 | 5 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16 | 8 | |
Level 1 [Member] | Short Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 3 | |
Level 1 [Member] | Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14 | 5 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 72 | 78 | |
Level 2 [Member] | Corporate and Other Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18 | 19 | |
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42 | 44 | |
Level 2 [Member] | Total Asset-Backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12 | 15 | |
Level 2 [Member] | Total Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 72 | $ 78 |
Reinsurance - Summary of Amount
Reinsurance - Summary of Amounts Receivable from Reinsurers (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Reinsurance receivables related to insurance reserves: | ||
Ceded claim and claim adjustment expenses | $ 3,934 | $ 4,094 |
Ceded future policy benefits | 230 | 212 |
Reinsurance receivables related to paid losses | 126 | 147 |
Reinsurance receivables | 4,290 | 4,453 |
Less allowance for doubtful accounts | 29 | 37 |
Reinsurance receivables, net of allowance for doubtful accounts | $ 4,261 | $ 4,416 |
Reinsurance - Additional Inform
Reinsurance - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effects of Reinsurance [Line Items] | |||
Reinsurance collateral | $ 2,900 | $ 3,000 | |
Reinsurance recoveries | 3,100 | 3,000 | $ 2,600 |
Berkshire Hathaway Group [Member] | |||
Effects of Reinsurance [Line Items] | |||
Largest recoverables from a single reinsurer | 2,100 | ||
Gateway Rivers Insurance Company [Member] | |||
Effects of Reinsurance [Line Items] | |||
Largest recoverables from a single reinsurer | 395 | ||
Subsidiaries from Hartford Insurance Group [Member] | |||
Effects of Reinsurance [Line Items] | |||
Largest recoverables from a single reinsurer | 230 | ||
Significant Captive Program [Member] | |||
Effects of Reinsurance [Line Items] | |||
Direct and ceded earned premiums | $ 3,900 | 3,900 | 3,300 |
Percentage reinsured of direct and ceded earned premiums | 100.00% | ||
Reinsurance recoveries | $ 2,500 | $ 2,600 | $ 2,300 |
Reinsurance - Summary of Effect
Reinsurance - Summary of Effects of Reinsurance on Earned Premiums (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Earned premiums, Direct | $ 10,936 | $ 10,886 | $ 10,351 |
Earned premiums, Assumed | 367 | 308 | 324 |
Earned premiums, Ceded | 4,315 | 4,270 | 3,754 |
Earned premiums, Net | $ 6,988 | $ 6,924 | $ 6,921 |
Percentage of amount assumed to net | 5.30% | 4.40% | 4.70% |
Property and Casualty Operations [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Earned premiums, Direct | $ 10,447 | $ 10,400 | $ 9,853 |
Earned premiums, Assumed | 317 | 258 | 274 |
Earned premiums, Ceded | 4,315 | 4,270 | 3,754 |
Earned premiums, Net | $ 6,449 | $ 6,388 | $ 6,373 |
Percentage of amount assumed to net | 4.90% | 4.00% | 4.30% |
Long Term Care [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Earned premiums, Direct | $ 489 | $ 486 | $ 498 |
Earned premiums, Assumed | 50 | 50 | 50 |
Earned premiums, Net | $ 539 | $ 536 | $ 548 |
Percentage of amount assumed to net | 9.30% | 9.30% | 9.10% |
Quarterly Financial Data - Sche
Quarterly Financial Data - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |||||||||||
Total revenues | $ 3,555 | $ 3,521 | $ 3,359 | $ 3,300 | $ 3,338 | $ 3,287 | $ 3,307 | $ 3,173 | $ 13,735 | $ 13,105 | $ 13,415 |
Net income (loss) | $ 481 | $ 157 | $ 231 | $ 295 | $ 290 | $ 327 | $ (65) | $ 102 | $ 1,164 | $ 654 | $ 260 |
Per share-basic | $ 1.43 | $ 0.46 | $ 0.69 | $ 0.88 | $ 3.46 | $ 1.93 | $ 0.72 | ||||
Per share-basic and diluted | $ 0.86 | $ 0.97 | $ (0.19) | $ 0.30 | |||||||
Per share-diluted | $ 1.43 | $ 0.46 | $ 0.69 | $ 0.87 | $ 3.45 | $ 1.93 | $ 0.72 |
Quarterly Financial Data - S134
Quarterly Financial Data - Schedule of Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Line Items] | |||||
Non-cash increase in net income | $ 200 | $ 200 | |||
Asset impairment charge | $ 106 | $ 697 | $ 865 | ||
Diamond Offshore Drilling, Inc. [Member] | |||||
Quarterly Financial Data [Line Items] | |||||
Asset impairment charge | $ 267 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments [Line Items] | ||
Future policy benefits | $ 11,179 | $ 10,326 |
CNA Financial [Member] | ||
Commitments [Line Items] | ||
Aggregate amount related to indemnification agreements | 252 | |
Aggregate amount related to quantifiable guarantees | 375 | |
Potential amount of future payments under guarantees | 1,800 | |
Increase (decrease) in premium development recognized | (36) | |
Charges recorded to reduce earned premium | $ 16 | |
Increase in interest expense | 7 | |
CNA Financial [Member] | Workers Compensation Policy [Member] | ||
Commitments [Line Items] | ||
Future policy benefits | $ 60 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017RigStateHotelSegmentmi | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 5 |
Number of individual operating subsidiaries | Segment | 4 |
Diamond Offshore [Member] | |
Segment Reporting Information [Line Items] | |
Number of offshore rigs owned | 17 |
Diamond Offshore [Member] | Drillship [Member] | |
Segment Reporting Information [Line Items] | |
Number of offshore rigs owned | 4 |
Diamond Offshore [Member] | Ultra Deepwater Rig [Member] | |
Segment Reporting Information [Line Items] | |
Number of offshore rigs owned | 7 |
Diamond Offshore [Member] | Deepwater Rig [Member] | |
Segment Reporting Information [Line Items] | |
Number of offshore rigs owned | 4 |
Diamond Offshore [Member] | Mid-Water Semisubmersible Rig [Member] | |
Segment Reporting Information [Line Items] | |
Number of offshore rigs owned | 2 |
Boardwalk Pipeline [Member] | |
Segment Reporting Information [Line Items] | |
Miles of natural gas and NGL pipeline | mi | 14,335 |
Number of states having natural gas storage facilities | State | 4 |
Loews Hotels And Co [Member] | |
Segment Reporting Information [Line Items] | |
Total number of hotels owned and/or operated | Hotel | 24 |
Loews Hotels And Co [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Number of hotels | Hotel | 22 |
Loews Hotels And Co [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Number of hotels | Hotel | 2 |
Segments - Consolidating Statem
Segments - Consolidating Statement of Income and Total Assets by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||||||||||
Insurance premiums | $ 6,988 | $ 6,924 | $ 6,921 | ||||||||
Net investment income | 2,182 | 2,135 | 1,866 | ||||||||
Investment gains | 122 | 50 | (71) | ||||||||
Contract drilling revenues | 1,451 | 1,525 | 2,360 | ||||||||
Other revenues | 2,992 | 2,471 | 2,339 | ||||||||
Total | $ 3,555 | $ 3,521 | $ 3,359 | $ 3,300 | $ 3,338 | $ 3,287 | $ 3,307 | $ 3,173 | 13,735 | 13,105 | 13,415 |
Expenses: | |||||||||||
Insurance claims and policyholders' benefits | 5,310 | 5,283 | 5,384 | ||||||||
Amortization of deferred acquisition costs | 1,233 | 1,235 | 1,540 | ||||||||
Contract drilling expenses | 802 | 772 | 1,228 | ||||||||
Other operating expenses | 4,162 | 4,343 | 4,499 | ||||||||
Interest | 646 | 536 | 520 | ||||||||
Total | 12,153 | 12,169 | 13,171 | ||||||||
Income (loss) before income tax | 1,582 | 936 | 244 | ||||||||
Income tax (expense) benefit | (170) | (220) | 43 | ||||||||
Net income (loss) | 1,412 | 716 | 287 | ||||||||
Amounts attributable to noncontrolling interests | (248) | (62) | (27) | ||||||||
Net income (loss) attributable to Loews Corporation | 481 | $ 157 | $ 231 | $ 295 | 290 | $ 327 | $ (65) | $ 102 | 1,164 | 654 | 260 |
Total assets | 79,586 | 76,594 | 79,586 | 76,594 | |||||||
CNA Financial [Member] | Operating Segments [Member] | |||||||||||
Revenues: | |||||||||||
Insurance premiums | 6,988 | 6,924 | 6,921 | ||||||||
Net investment income | 2,034 | 1,988 | 1,840 | ||||||||
Investment gains | 122 | 62 | (71) | ||||||||
Other revenues | 439 | 410 | 411 | ||||||||
Total | 9,583 | 9,384 | 9,101 | ||||||||
Expenses: | |||||||||||
Insurance claims and policyholders' benefits | 5,310 | 5,283 | 5,384 | ||||||||
Amortization of deferred acquisition costs | 1,233 | 1,235 | 1,540 | ||||||||
Other operating expenses | 1,523 | 1,558 | 1,469 | ||||||||
Interest | 203 | 167 | 155 | ||||||||
Total | 8,269 | 8,243 | 8,548 | ||||||||
Income (loss) before income tax | 1,314 | 1,141 | 553 | ||||||||
Income tax (expense) benefit | (419) | (279) | (71) | ||||||||
Net income (loss) | 895 | 862 | 482 | ||||||||
Amounts attributable to noncontrolling interests | (94) | (88) | (49) | ||||||||
Net income (loss) attributable to Loews Corporation | 801 | 774 | 433 | ||||||||
Total assets | 56,539 | 55,207 | 56,539 | 55,207 | |||||||
Diamond Offshore [Member] | Operating Segments [Member] | |||||||||||
Revenues: | |||||||||||
Net investment income | 2 | 1 | 3 | ||||||||
Investment gains | (12) | ||||||||||
Contract drilling revenues | 1,451 | 1,525 | 2,360 | ||||||||
Other revenues | 47 | 75 | 65 | ||||||||
Total | 1,500 | 1,589 | 2,428 | ||||||||
Expenses: | |||||||||||
Contract drilling expenses | 802 | 772 | 1,228 | ||||||||
Other operating expenses | 571 | 1,198 | 1,508 | ||||||||
Interest | 149 | 90 | 94 | ||||||||
Total | 1,522 | 2,060 | 2,830 | ||||||||
Income (loss) before income tax | (22) | (471) | (402) | ||||||||
Income tax (expense) benefit | 4 | 111 | 117 | ||||||||
Net income (loss) | (18) | (360) | (285) | ||||||||
Amounts attributable to noncontrolling interests | (9) | 174 | 129 | ||||||||
Net income (loss) attributable to Loews Corporation | (27) | (186) | (156) | ||||||||
Total assets | 6,251 | 6,371 | 6,251 | 6,371 | |||||||
Boardwalk Pipeline [Member] | Operating Segments [Member] | |||||||||||
Revenues: | |||||||||||
Net investment income | 1 | ||||||||||
Other revenues | 1,325 | 1,316 | 1,253 | ||||||||
Total | 1,325 | 1,316 | 1,254 | ||||||||
Expenses: | |||||||||||
Other operating expenses | 861 | 835 | 851 | ||||||||
Interest | 171 | 183 | 176 | ||||||||
Total | 1,032 | 1,018 | 1,027 | ||||||||
Income (loss) before income tax | 293 | 298 | 227 | ||||||||
Income tax (expense) benefit | 232 | (61) | (46) | ||||||||
Net income (loss) | 525 | 237 | 181 | ||||||||
Amounts attributable to noncontrolling interests | (145) | (148) | (107) | ||||||||
Net income (loss) attributable to Loews Corporation | 380 | 89 | 74 | ||||||||
Total assets | 8,972 | 8,706 | 8,972 | 8,706 | |||||||
Loews Hotels And Co [Member] | Operating Segments [Member] | |||||||||||
Revenues: | |||||||||||
Other revenues | 682 | 667 | 604 | ||||||||
Total | 682 | 667 | 604 | ||||||||
Expenses: | |||||||||||
Other operating expenses | 589 | 621 | 555 | ||||||||
Interest | 28 | 24 | 21 | ||||||||
Total | 617 | 645 | 576 | ||||||||
Income (loss) before income tax | 65 | 22 | 28 | ||||||||
Income tax (expense) benefit | (1) | (10) | (16) | ||||||||
Net income (loss) | 64 | 12 | 12 | ||||||||
Net income (loss) attributable to Loews Corporation | 64 | 12 | 12 | ||||||||
Total assets | 1,558 | 1,498 | 1,558 | 1,498 | |||||||
Corporate [Member] | |||||||||||
Revenues: | |||||||||||
Net investment income | 146 | 146 | 22 | ||||||||
Other revenues | 499 | 3 | 6 | ||||||||
Total | 645 | 149 | 28 | ||||||||
Expenses: | |||||||||||
Other operating expenses | 618 | 131 | 116 | ||||||||
Interest | 95 | 72 | 74 | ||||||||
Total | 713 | 203 | 190 | ||||||||
Income (loss) before income tax | (68) | (54) | (162) | ||||||||
Income tax (expense) benefit | 14 | 19 | 59 | ||||||||
Net income (loss) | (54) | (35) | (103) | ||||||||
Net income (loss) attributable to Loews Corporation | (54) | (35) | $ (103) | ||||||||
Total assets | $ 6,266 | $ 4,812 | $ 6,266 | $ 4,812 |
Schedule I - Condensed Finan138
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Other assets | $ 2,555 | $ 1,736 |
Total assets | 79,586 | 76,594 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Total liabilities | 55,020 | 53,233 |
Shareholders' equity | 19,204 | 18,163 |
Total liabilities and equity | 79,586 | 76,594 |
Loews Corporation [Member] | ||
ASSETS | ||
Current assets, principally investment in short term instruments | 2,755 | 3,096 |
Investments in securities | 2,144 | 1,931 |
Investments in capital stocks of subsidiaries, at equity | 16,303 | 15,114 |
Other assets | 506 | 389 |
Total assets | 21,708 | 20,530 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Current liabilities | 182 | 140 |
Long term debt | 1,776 | 1,775 |
Deferred income tax and other | 546 | 452 |
Total liabilities | 2,504 | 2,367 |
Shareholders' equity | 19,204 | 18,163 |
Total liabilities and equity | $ 21,708 | $ 20,530 |
Schedule I - Condensed Finan139
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Statements of Income and Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||||||||||
Equity in income of subsidiaries | $ 81 | $ 41 | $ 43 | ||||||||
Total | $ 3,555 | $ 3,521 | $ 3,359 | $ 3,300 | $ 3,338 | $ 3,287 | $ 3,307 | $ 3,173 | 13,735 | 13,105 | 13,415 |
Expenses: | |||||||||||
Interest | 646 | 536 | 520 | ||||||||
Total | 12,153 | 12,169 | 13,171 | ||||||||
Income before income tax | 1,582 | 936 | 244 | ||||||||
Income tax (expense) benefit | (170) | (220) | 43 | ||||||||
Net income | 1,412 | 716 | 287 | ||||||||
Total comprehensive income (loss) attributable to Loews Corporation | 1,361 | 788 | (378) | ||||||||
Loews Corporation [Member] | |||||||||||
Revenues: | |||||||||||
Equity in income of subsidiaries | 1,199 | 655 | 302 | ||||||||
Interest and other | 167 | 165 | 74 | ||||||||
Total | 1,366 | 820 | 376 | ||||||||
Expenses: | |||||||||||
Administrative | 134 | 127 | 108 | ||||||||
Interest | 72 | 72 | 74 | ||||||||
Total | 206 | 199 | 182 | ||||||||
Income before income tax | 1,160 | 621 | 194 | ||||||||
Income tax (expense) benefit | 4 | 33 | 66 | ||||||||
Net income | 1,164 | 654 | 260 | ||||||||
Equity in other comprehensive income (loss) of subsidiaries | 197 | 134 | (638) | ||||||||
Total comprehensive income (loss) attributable to Loews Corporation | $ 1,361 | $ 788 | $ (378) |
Schedule I - Condensed Finan140
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Statements of Income and Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loews Corporation [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends paid to the Company by affiliates | $ 804 | $ 780 | $ 816 |
Schedule I - Condensed Finan141
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities: | |||
Net income | $ 1,412 | $ 716 | $ 287 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Equity method investees | 25 | 221 | 182 |
Provision for deferred income taxes | (47) | 102 | (225) |
Changes in operating assets and liabilities, net: | |||
Receivables | 93 | 24 | 120 |
Trading securities | 108 | (528) | 674 |
Investing Activities: | |||
Change in investments, primarily short term | (167) | 158 | 120 |
Acquisition | (1,218) | (79) | (157) |
Other | (373) | 158 | (172) |
Financing Activities: | |||
Dividends paid | (84) | (84) | (90) |
Issuance of common stock | 7 | ||
Purchases of treasury shares | (216) | (134) | (1,265) |
Principal payments in debt | (2,411) | (3,418) | (1,929) |
Issuance of debt | 3,067 | 3,614 | 1,828 |
Other | (16) | (2) | 4 |
Net change in cash | 145 | (113) | 76 |
Cash, beginning of year | 327 | 440 | 364 |
Cash, end of year | 472 | 327 | 440 |
Loews Corporation [Member] | |||
Operating Activities: | |||
Net income | 1,164 | 654 | 260 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Equity method investees | (405) | 115 | 488 |
Provision for deferred income taxes | 77 | 10 | 113 |
Changes in operating assets and liabilities, net: | |||
Receivables | 4 | 2 | (6) |
Accounts payable and accrued liabilities | (20) | 52 | 71 |
Trading securities | 100 | (614) | 718 |
Other, net | (41) | (15) | (8) |
Net cash flow operating activities | 879 | 204 | 1,636 |
Investing Activities: | |||
Investments in and advances to subsidiaries | 12 | 50 | (285) |
Change in investments, primarily short term | 30 | (127) | |
Acquisition | (620) | ||
Other | (1) | (2) | (4) |
Net cash flow investing activities | (579) | (79) | (289) |
Financing Activities: | |||
Dividends paid | (84) | (84) | (90) |
Issuance of common stock | 7 | ||
Purchases of treasury shares | (216) | (134) | (1,265) |
Principal payments in debt | (400) | ||
Issuance of debt | 495 | ||
Other | (2) | 1 | |
Net cash flow financing activities | (300) | (125) | (1,347) |
Net change in cash | 0 | 0 | 0 |
Cash, beginning of year | 0 | 0 | 0 |
Cash, end of year | $ 0 | $ 0 | $ 0 |
Schedule II - Valuation and 142
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 90 | $ 96 | $ 117 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 10 | 6 | 21 |
Balance at End of Period | 80 | 90 | 96 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 90 | 96 | 117 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 10 | 6 | 21 |
Balance at End of Period | $ 80 | $ 90 | $ 96 |
Schedule V - Supplemental In143
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | |||
Deferred acquisition costs | $ 632 | $ 599 | |
Reserves for unpaid claim and claim adjustment expenses | 22,004 | 22,343 | |
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 8.0%) | 1,434 | 1,572 | |
Unearned premiums | 4,029 | 3,762 | |
Net written premiums | 7,069 | 6,988 | $ 6,962 |
Net earned premiums | 6,988 | 6,924 | 6,921 |
Net investment income | 1,992 | 1,952 | 1,807 |
Incurred claim and claim adjustment expenses related to current year | 5,201 | 5,025 | 4,934 |
Incurred claim and claim adjustment expenses related to prior years | (381) | (342) | (255) |
Amortization of deferred acquisition costs | 1,233 | 1,235 | 1,540 |
Paid claim and claim adjustment expenses | $ 5,341 | $ 5,134 | $ 4,945 |
Schedule V - Supplemental In144
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations (Parenthetical) (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Minimum [Member] | ||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ||
Discount deducted from claim and claim adjustment expense reserves interest rates | 3.50% | 3.50% |
Maximum [Member] | ||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ||
Discount deducted from claim and claim adjustment expense reserves interest rates | 8.00% | 8.00% |