Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 25, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Document Period End Date | Sep. 30, 2019 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000060086 | |
Entity Registrant Name | LOEWS CORP | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | L | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-2646102 | |
Entity File Number | 1-6541 | |
Entity Address, Address Line One | 667 Madison Avenue | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10065-8087 | |
City Area Code | 212 | |
Local Phone Number | 521-2000 | |
Title of 12(b) Security | Common stock | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Address, City or Town | NY | |
Entity Common Stock, Shares Outstanding | 297,438,996 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Fixed maturities, amortized cost of $38,287 and $38,234 | $ 42,489 | $ 39,699 |
Equity securities, cost of $1,315 and $1,479 | 1,317 | 1,293 |
Limited partnership investments | 2,012 | 2,424 |
Other invested assets, primarily mortgage loans | 995 | 901 |
Short term investments | 4,574 | 3,869 |
Total investments | 51,387 | 48,186 |
Cash | 442 | 405 |
Receivables | 7,622 | 7,960 |
Property, plant and equipment | 15,561 | 15,511 |
Goodwill | 772 | 665 |
Deferred non-insurance warranty acquisition expenses | 2,772 | 2,513 |
Deferred acquisition costs of insurance subsidiaries | 668 | 633 |
Other assets | 3,275 | 2,443 |
Total assets | 82,499 | 78,316 |
Liabilities and Equity: | ||
Claim and claim adjustment expense | 21,596 | 21,984 |
Future policy benefits | 12,305 | 10,597 |
Unearned premiums | 4,608 | 4,183 |
Total insurance reserves | 38,509 | 36,764 |
Payable to brokers | 242 | 42 |
Short term debt | 87 | 17 |
Long term debt | 11,395 | 11,359 |
Deferred income taxes | 1,141 | 841 |
Deferred non-insurance warranty revenue | 3,707 | 3,402 |
Other liabilities | 5,160 | 4,505 |
Total liabilities | 60,241 | 56,930 |
Commitments and contingent liabilities | ||
Preferred stock, $0.10 par value: | ||
Common stock, $0.01 par value: | 3 | 3 |
Additional paid-in capital | 3,620 | 3,627 |
Retained earnings | 16,427 | 15,773 |
Accumulated other comprehensive income (loss) | 17 | (880) |
Shareholders' equity before treasury stock, total | 20,067 | 18,523 |
Less treasury stock, at cost (13,324,637 and 100,000 shares) | (647) | (5) |
Total shareholders' equity | 19,420 | 18,518 |
Noncontrolling interests | 2,838 | 2,868 |
Total equity | 22,258 | 21,386 |
Total liabilities and equity | $ 82,499 | $ 78,316 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 38,287 | $ 38,234 |
Equity securities, cost | $ 1,315 | $ 1,479 |
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 | 312,550,764 | 312,169,189 |
Treasury stock, shares | 13,324,637 | 100,000 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Insurance premiums | $ 1,890 | $ 1,853 | $ 5,517 | $ 5,453 |
Net investment income | 525 | 494 | 1,733 | 1,551 |
Investment gains (losses): | ||||
Other-than-temporary impairment losses | (14) | (3) | (34) | (9) |
Other net investment gains | 22 | 18 | 75 | 30 |
Total investment gains | 8 | 15 | 41 | 21 |
Non-insurance warranty revenue | 292 | 258 | 858 | 744 |
Operating revenues and other | 960 | 988 | 2,906 | 3,010 |
Total | 3,675 | 3,608 | 11,055 | 10,779 |
Expenses: | ||||
Insurance claims and policyholders' benefits | 1,614 | 1,312 | 4,323 | 3,978 |
Amortization of deferred acquisition costs | 345 | 337 | 1,025 | 992 |
Non-insurance warranty expense | 278 | 235 | 801 | 676 |
Operating expenses and other | 1,234 | 1,224 | 3,614 | 3,637 |
Interest | 144 | 146 | 449 | 430 |
Total | 3,615 | 3,254 | 10,212 | 9,713 |
Income before income tax | 60 | 354 | 843 | 1,066 |
Income tax expense | (21) | (65) | (183) | (149) |
Net income | 39 | 289 | 660 | 917 |
Amounts attributable to noncontrolling interests | 33 | (11) | 55 | (116) |
Net income attributable to Loews Corporation | $ 72 | $ 278 | $ 715 | $ 801 |
Basic net income per share | $ 0.24 | $ 0.88 | $ 2.34 | $ 2.50 |
Diluted net income per share | $ 0.24 | $ 0.88 | $ 2.34 | $ 2.49 |
Weighted average shares outstanding: | ||||
Shares of common stock | 301,650 | 315,900 | 305,080 | 320,810 |
Dilutive potential shares of common stock | 700 | 910 | 650 | 920 |
Total weighted average shares outstanding assuming dilution | 302,350 | 316,810 | 305,730 | 321,730 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 39 | $ 289 | $ 660 | $ 917 |
Other comprehensive income (loss), after tax Changes in: | ||||
Net unrealized gains (losses) on investments with other-than-temporary impairments | (1) | 4 | (11) | |
Net other unrealized gains (losses) on investments | 41 | (158) | 1,003 | (746) |
Total unrealized gains (losses) on investments | 41 | (159) | 1,007 | (757) |
Unrealized gains (losses) on cash flow hedges | (4) | (16) | 14 | |
Pension liability | 10 | 8 | 25 | 27 |
Foreign currency translation | (31) | (11) | (41) | |
Other comprehensive income (loss) | 16 | (151) | 1,005 | (757) |
Comprehensive income | 55 | 138 | 1,665 | 160 |
Amounts attributable to noncontrolling interests | 31 | 7 | (53) | (34) |
Total comprehensive income attributable to Loews Corporation | $ 86 | $ 145 | $ 1,612 | $ 126 |
Consolidated Condensed Statem_3
Consolidated Condensed 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, 2017 | $ 24,566 | $ 3 | $ 3,151 | $ 16,096 | $ (26) | $ (20) | $ 5,362 |
Cumulative effect adjustments from changes in accounting standards at Dec. 31, 2017 | (91) | (43) | (28) | (20) | |||
Balance, as adjusted at Dec. 31, 2017 | 24,475 | 3 | 3,151 | 16,053 | (54) | (20) | 5,342 |
Net income | 917 | 801 | 116 | ||||
Other comprehensive income | (757) | (675) | (82) | ||||
Dividends paid | (170) | (60) | (110) | ||||
Purchase of Boardwalk Pipelines common units | (1,718) | 658 | (29) | (2,347) | |||
Purchases of Loews treasury stock | (876) | (876) | |||||
Stock-based compensation | 19 | 10 | 9 | ||||
Other | (4) | (6) | (4) | 6 | |||
Ending Balance at Sep. 30, 2018 | 21,886 | 3 | 3,813 | 16,790 | (758) | (896) | 2,934 |
Beginning Balance at Jun. 30, 2018 | 21,858 | 3 | 3,809 | 16,532 | (625) | (808) | 2,947 |
Net income | 289 | 278 | 11 | ||||
Other comprehensive income | (151) | (133) | (18) | ||||
Dividends paid | (30) | (20) | (10) | ||||
Purchases of Loews treasury stock | (88) | (88) | |||||
Stock-based compensation | 11 | 9 | 2 | ||||
Other | (3) | (5) | 2 | ||||
Ending Balance at Sep. 30, 2018 | 21,886 | 3 | 3,813 | 16,790 | (758) | (896) | 2,934 |
Beginning Balance at Dec. 31, 2018 | 21,386 | 3 | 3,627 | 15,773 | (880) | (5) | 2,868 |
Net income | 660 | 715 | (55) | ||||
Other comprehensive income | 1,005 | 897 | 108 | ||||
Dividends paid | (145) | (57) | (88) | ||||
Purchases of Loews treasury stock | (642) | (642) | |||||
Purchases of subsidiary stock from noncontrolling interests | (18) | (18) | |||||
Stock-based compensation | 17 | (5) | 22 | ||||
Other | (5) | (2) | (4) | 1 | |||
Ending Balance at Sep. 30, 2019 | 22,258 | 3 | 3,620 | 16,427 | 17 | (647) | 2,838 |
Beginning Balance at Jun. 30, 2019 | 22,394 | 3 | 3,612 | 16,374 | 3 | (478) | 2,880 |
Net income | 39 | 72 | (33) | ||||
Other comprehensive income | 16 | 14 | 2 | ||||
Dividends paid | (29) | (19) | (10) | ||||
Purchases of Loews treasury stock | (169) | (169) | |||||
Purchases of subsidiary stock from noncontrolling interests | (2) | (2) | |||||
Stock-based compensation | 9 | 8 | 1 | ||||
Ending Balance at Sep. 30, 2019 | $ 22,258 | $ 3 | $ 3,620 | $ 16,427 | $ 17 | $ (647) | $ 2,838 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid per share | $ 0.0625 | $ 0.0625 | $ 0.1875 | $ 0.1875 |
Consolidated Condensed Statem_5
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities: | ||
Net income | $ 660 | $ 917 |
Adjustments to reconcile net income to net cash provided (used) by operating activities, net | 747 | 1,121 |
Changes in operating assets and liabilities, net: | ||
Receivables | 179 | 18 |
Deferred acquisition costs | (37) | (24) |
Insurance reserves | 337 | 108 |
Other assets | (386) | (169) |
Other liabilities | 315 | (75) |
Trading securities | (544) | 1,499 |
Net cash flow provided by operating activities | 1,271 | 3,395 |
Investing Activities: | ||
Purchases of fixed maturities | (7,053) | (8,244) |
Proceeds from sales of fixed maturities | 4,872 | 6,622 |
Proceeds from maturities of fixed maturities | 2,116 | 1,838 |
Purchases of limited partnership investments | (167) | (381) |
Proceeds from sales of limited partnership investments | 680 | 382 |
Purchases of property, plant and equipment | (743) | (731) |
Acquisitions | (257) | (14) |
Dispositions | 137 | 110 |
Change in short term investments | 26 | (126) |
Other, net | (95) | (173) |
Net cash flow used by investing activities | (484) | (717) |
Financing Activities: | ||
Dividends paid | (57) | (60) |
Dividends paid to noncontrolling interests | (88) | (110) |
Purchases of Loews treasury stock | (643) | (889) |
Purchases of subsidiary stock from noncontrolling interests | (18) | |
Purchase of Boardwalk Pipelines common units | (1,504) | |
Principal payments on debt | (1,796) | (780) |
Issuance of debt | 1,870 | 693 |
Other, net | (15) | 75 |
Net cash flow used by financing activities | (747) | (2,575) |
Effect of foreign exchange rate on cash | (3) | (4) |
Net change in cash | 37 | 99 |
Cash, beginning of period | 405 | 472 |
Cash, end of period | $ 442 | $ 571 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Loews Corporation is a holding company. Its subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an 89% owned subsidiary); the operation of offshore oil and gas drilling rigs (Diamond Offshore Drilling, Inc. (“Diamond Offshore”), a 53% owned subsidiary); transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary); the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary); and the manufacture of rigid plastic packaging solutions (Consolidated Container Company LLC (“Consolidated Container”), a 99% owned subsidiary). Unless the context otherwise requires, the terms “Company,” “Loews” and “Registrant” as used herein mean Loews Corporation excluding its subsidiaries and the term “Net income attributable to Loews Corporation” as used herein means Net income attributable to Loews Corporation shareholders. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of September 30, 2019 and December 31, 2018 and results of operations, comprehensive income and changes in shareholders’ equity for the three and nine months ended September 30, 2019 and 2018 and cash flows for the nine months ended September 30, 2019 and 2018. Net income for the third quarter and first nine months of each of the years is not necessarily indicative of net income for that entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K The Company presents basic and diluted net income per share on the Consolidated Condensed Statements of Income. Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. There were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts for the three and nine months ended September 30, 2019 and 2018 because the effect would have been antidilutive. Accounting changes 2016-02, 2016-02”). For leases where we are a lessee we have elected to account for lease and non-lease non-lease At adoption, the cumulative effect adjustment increased Other assets and Other liabilities by $642 million reflecting operating lease right of use assets, lease liabilities and the derecognition of deferred rent related primarily to lease agreements for office space and machinery and equipment. Subsequent to the adoption of ASU 2016-02, Recently issued ASUs 2016-13, mortgage loans, reinsurance and insurance receivables and other financing receivables and the use of the allowance method rather than the write-down method for credit losses within the available-for-sale available-for-sale The Company is currently in the process of evaluating existing impairment methodology, developing models to comply with the new guidance and accumulating the necessary internal and external information required to measure credit losses under the expected credit loss model. The Company is implementing changes to the information systems to assist with the accounting, including the recording of the allowance. The Company is also evaluating additional changes to processes to meet the reporting and disclosure requirements of the new guidance. In August of 2018, the FASB issued ASU 2018-12, This guidance is effective for interim and annual periods beginning after December 15, 2020; however, the FASB has approved are |
Acquisitions and Divestiture
Acquisitions and Divestiture | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Divestiture | 2 Consolidated Container During the first nine months of 2019, Consolidated Container paid approximately $260 million to complete three and nine months ended September 30, 2019 revenues for the three acquisitions since acquisition net Loews Hotels & Co Loews Hotels & Co sold an owned hotel for approximately $127 million in May of 2019. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 3. Investments Net investment income is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In millions) Fixed maturity securities $ 452 $ 449 $ 1,362 $ 1,339 Limited partnership investments 16 34 140 142 Short term investments 13 10 42 30 Equity securities 16 10 62 32 Income ( loss 34 (7 ) 144 13 Other 13 12 39 40 Total investment income 544 508 1,789 1,596 Investment expenses (19 ) (14 ) (56 ) (45 ) Net investment income $ 525 $ 494 $ 1,733 $ 1,551 (a) Net unrealized gains (losses) related to changes in fair value on securities still held were $17 and $(23) for the three months ended September 30, 2019 and 2018 and $55 and $(66) for the nine months ended September 30, 2019 and 2018. Investment gains (losses) are as follows: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (In millions) Fixed maturity securities $ 3 $ 10 $ (6 ) $ 32 Equity securities 7 2 60 (23 ) Derivative instruments (2 ) 1 (13 ) 10 Short term investments and other 2 2 Investment gains (a) $ 8 $ 15 $ 41 $ 21 (a) Gross investment gains on available-for-sale available-for-sale non-redeemable non-redeemable . The components of other-than-temporary impairment (“OTTI”) losses recognized in earnings by asset type are as follows: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (In millions) Fixed maturity securities available-for-sale: $ 12 $ 1 $ 24 $ 6 2 2 10 3 Net OTTI losses recognized in earnings $ 14 $ 3 $ 34 $ 9 The amortized cost and fair values of fixed maturity securities are as follows: September 30, 2019 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: $ 19,806 $ 2,263 $ 42 $ 22,027 9,154 1,641 10,795 Residential mortgage-backed 4,718 157 1 4,874 $ (23 ) Commercial mortgage-backed 2,066 117 3 2,180 1 Other asset-backed 1,884 46 4 1,926 (3 ) 8,668 320 8 8,980 (25 ) 124 7 131 491 20 511 10 10 Fixed maturities available-for-sale 38,253 4,251 50 42,454 (25 ) Fixed maturities trading 34 1 35 Total fixed maturity securities $ 38,287 $ 4,252 $ 50 $ 42,489 $ (25 ) December 31, 2018 Fixed maturity securities: $ 18,764 $ 791 $ 395 $ 19,160 9,681 1,076 9 10,748 Residential mortgage-backed 4,815 68 57 4,826 $ (20 ) Commercial mortgage-backed 2,200 28 32 2,196 Other asset-backed 1,975 11 24 1,962 8,990 107 113 8,984 (20 ) 156 3 159 480 5 4 481 10 10 Fixed maturities available-for-sale 38,081 1,982 521 39,542 (20 ) Fixed maturities trading 153 4 157 Total fixed maturities $ 38,234 $ 1,986 $ 521 $ 39,699 $ (20 ) The net unrealized gains on av ailable for sale The available-for-sale Less than 12 Months 12 Months or Longer Total September 30, 2019 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: $ 890 $ 26 $ 200 $ 16 $ 1,090 $ 42 20 2 22 Residential mortgage-backed 150 38 1 188 1 Commercial mortgage-backed 83 2 26 1 109 3 Other asset-backed 416 3 6 1 422 4 649 5 70 3 719 8 14 4 18 17 2 19 Total fixed maturity securities $ 1,590 $ 31 $ 278 $ 19 $ 1,868 $ 50 December 31, 2018 Fixed maturity securities: $ 8,543 $ 340 $ 825 $ 55 $ 9,368 $ 395 517 8 5 1 522 9 Residential mortgage-backed 1,932 23 1,119 34 3,051 57 Commercial mortgage-backed 728 10 397 22 1,125 32 Other asset-backed 834 21 125 3 959 24 3,494 54 1,641 59 5,135 113 21 19 40 114 2 124 2 238 4 Total fixed maturity securities $ 12,689 $ 404 $ 2,614 $ 117 $ 15,303 $ 521 Based on current facts and circumstances, the Company believes the unrealized losses presented in the September 30, 2019 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 as of September 30, 2019. The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held as of September 30, 2019 and 2018 for which a portion of an OTTI loss was recognized in OCI. Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In millions) Beginning balance of credit losses on fixed maturity securities $ 16 $ 21 $ 18 $ 27 Reductions for securities sold during the period (2 ) (2 ) (8 ) Ending balance of credit losses on fixed maturity securities $ 16 $ 19 $ 16 $ 19 Contractual Maturity The following table presents available-for-sale September 30, 2019 December 31, 2018 Cost or Estimated Cost or Estimated Amortized Fair Amortized Fair Cost Value Cost Value (In millions) Due in one year or less $ 1,071 $ 1,091 $ 1,350 $ 1,359 Due after one year through five years 10,992 11,470 7,979 8,139 Due after five years through ten years 13,694 14,711 16,859 16,870 Due after ten years 12,496 15,182 11,893 13,174 Total $ 38,253 $ 42,454 $ 38,081 $ 39,542 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. Derivative Financial Instruments A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under the agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. September 30, 2019 December 31, 2018 Contractual/ Contractual/ Notional Estimated Fair Value Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 715 $ (13 ) $ 500 $ 11 Without hedge designation: Equity markets: Options – purchased 150 $ 4 213 18 – written 98 (3 ) 239 $ (17 ) Commodity futures – long 32 Embedded derivative on funds withheld liability 170 (9 ) 172 4 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 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, foreign governments and redeemable preferred stock. September 30, 2019 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 161 $ 22,090 $ 428 $ 22,679 States, municipalities and political subdivisions 10,795 10,795 Asset-backed 8,784 196 8,980 Fixed maturities available-for-sale 161 41,669 624 42,454 Fixed maturities trading 31 4 35 Total fixed maturities $ 161 $ 41,700 $ 628 $ 42,489 Equity securities $ 641 $ 653 $ 23 $ 1,317 Short term and other 3,306 1,163 4,469 Payable to brokers (30 ) (14 ) (44 ) December 31, 2018 Fixed maturity securities: Corporate bonds and other $ 196 $ 19,392 $ 222 $ 19,810 States, municipalities and political subdivisions 10,748 10,748 Asset-backed 8,787 197 8,984 Fixed maturities available-for-sale 196 38,927 419 39,542 Fixed maturities trading 151 6 157 Total fixed maturities $ 196 $ 39,078 $ 425 $ 39,699 Equity securities $ 704 $ 570 $ 19 $ 1,293 Short term and other 2,647 1,111 3,758 Receivables 11 11 Payable to brokers (23 ) (23 ) The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2019 and 2018: Net Realized Unrealized Unrealized 2019 Balance, Included in Included OCI Purchases Sales Settlements Transfers Transfers Balance, Liabilities Liabilities (In millions) Fixed maturity securities: Corporate bonds and other $ 338 $ 14 $ 79 $ (3 ) $ 428 $ 14 Asset-backed 193 1 22 (4 ) $ (16 ) 196 2 Fixed maturities available-for-sale 531 $ - 15 101 $ - (7 ) $ - (16 ) 624 $ - 16 Fixed maturities trading 4 4 Total fixed maturities $ 535 $ - $ 15 $ 101 $ - $ (7 ) $ - $ (16 ) $ 628 $ - $ 16 Equity securities $ 23 $ 23 Net Realized Investment Gains Unrealized Unrealized 2018 Balance, Included in Included in OCI Purchases Sales Settlements Transfers Transfers Balance, Liabilities Held at Liabilities (In millions) Fixed maturity securities: Corporate bonds and other $ 94 $ 67 $ (3 ) $ 30 $ 188 States, 1 (1 ) - Asset-backed 273 $ (2 ) 55 (25 ) 29 $ (32 ) 298 $ (2 ) $ 1 Fixed maturities available-for-sale 368 (2 ) $ - 122 $ - (29 ) 59 (32 ) 486 (2 ) 1 Fixed maturities 7 (1 ) 6 Total fixed maturities $ 375 $ (2 ) $ - $ 122 $ (1 ) $ (29 ) $ 59 $ (32 ) $ 492 $ (2 ) $ 1 Equity securities $ 18 $ 1 $ 19 $ 1 Net Realized Unrealized Unrealized 2019 Balance, Included in Included in Purchases Sales Settlements Transfers Transfers Balance, Liabilities Liabilities (In millions) Fixed maturity Corporate bonds and other $ 222 $ 34 $ 211 $ (7 ) $ (32 ) $ 428 $ 29 Asset-backed 197 8 42 (12 ) $ 45 (84 ) 196 9 Fixed maturities available-for-sale 419 $ - 42 253 $ - (19 ) 45 (116 ) 624 $ - 38 Fixed maturities trading 6 (2 ) 4 (2 ) Total fixed maturities $ 425 $ (2 ) $ 42 $ 253 $ - $ (19 ) $ 45 $ (116 ) $ 628 $ (2 ) $ 38 Equity securities $ 19 $ 2 $ 2 $ 23 $ 2 Unrealized Gains Unrealized (Losses) Gains Recognized in (Losses) Other Net Realized Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and 2018 Balance, Included in Net (Loss) Included Purchases Sales Settlements Transfers Transfers Balance, Liabilities Held at Liabilities Held at (In millions) Fixed maturity securities: Corporate bonds and other $ 98 $ (1 ) $ (1 ) $ 69 $ (5 ) $ (7 ) $ 35 $ 188 $ (2 ) States, municipalities and political 1 (1 ) - Asset-backed 335 5 (6 ) 126 (72 ) (37 ) 42 $ (95 ) 298 $ (2 ) (2 ) Fixed maturities available-for-sale 434 4 (7 ) 195 (77 ) (45 ) 77 (95 ) 486 (2 ) (4 ) Fixed maturities trading 4 3 (1 ) 6 2 Total fixed maturities $ 438 $ 7 $ (7 ) $ 195 $ (78 ) $ (45 ) $ 77 $ (95 ) $ 492 $ - $ (4 ) Equity securities $ 22 $ (2 ) $ (1 ) $ 19 $ (2 ) Net investment gains and losses are reported in Net income as follows: Major Category of Assets and Liabilities Consolidated Condensed Statements of Income Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities trading Net investment income Equity securities Investment gains (losses) and 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 Operating revenues and other Life settlement contracts Operating revenues and other 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. 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, 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 securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with inputs that are not market observable. Derivative Financial Instruments Exchange traded derivatives are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy. Level 2 derivatives primarily include currency forwards valued using observable market forward rates. Over-the-counter 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 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 weighted average rate is calculated based on fair value. September 30, 2019 Estimated Valuation Unobservable Range (In millions) Fixed maturity securities $ 496 Discounted cash flow Credit spread 1% – December 31, 2018 Fixed maturity securities $ 228 Discounted cash flow Credit spread 1% – 12% (3%) 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 Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude capital lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items. Carrying Estimated Fair Value September 30, 2019 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 923 $ 950 $ 950 Liabilities: Short term debt 85 $ 9 76 85 Long term debt 11,383 10,638 595 11,233 December 31, 2018 Assets: Other invested assets, primarily mortgage loans $ 839 $ 827 $ 827 Liabilities: Short term debt 15 $ 14 14 Long term debt 11,345 10,111 653 10,764 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. |
Claim and Claim Adjustment Expe
Claim and Claim Adjustment Expense Reserves | 9 Months Ended |
Sep. 30, 2019 | |
Insurance [Abstract] | |
Claim and Claim Adjustment Expense Reserves | 5. Claim and Claim Adjustment Expense Reserves CNA’s property and casualty insurance claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims 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 historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, as well as court decisions and 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 an d 2018 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. Nine Months Ended September 30 2019 2018 (In millions) Reserves, beginning of year: Gross $ 21,984 $ 22,004 Ceded 4,019 3,934 Net reserves, beginning of year 17,965 18,070 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 3,968 3,866 Increase (decrease) in provision for insured events of prior years (65 ) (173 ) Amortization of discount 143 136 Total net incurred (a) 4,046 3,829 Net payments attributable to: Current year events (599 ) (658 ) Prior year events (3,547 ) (3,415 ) Total net payments (4,146 ) (4,073 ) Foreign currency translation adjustment and other 29 (80 ) Net reserves, end of period 17,894 17,746 Ceded reserves, end of period 3,702 3,858 Gross reserves, end of period $ 21,596 $ 21,604 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed 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. Net Prior Year Development Changes in estimates of claim and claim adjustment expense reserves net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable. CNA’s commercial property and casualty operations (“Property & Casualty Operations”) recorded unfavorable net prior year development of and fav orable net prior year development of September 30, 2019 and 2018, and favorable net prior year development of $ million and $ million for the nine months ended September 30, 2019 and 2018 . The following table and discussion present details of the net prior year claim and claim adjustment expense reserve development in CNA’s Property & Casualty Operations: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In millions) Medical professional liability $ 29 $ 15 $ 59 $ 38 Other professional liability and management liability (18 ) (45 ) (37 ) (113 ) Surety (43 ) (20 ) (83 ) (50 ) Commercial auto (16 ) 1 (24 ) General liability 43 (5 ) 36 13 Workers’ compensation 7 (2 ) 2 (14 ) Other 14 (6 ) 18 (34 ) Total pretax (favorable) unfavorable development $ 16 $ (62 ) $ (29 ) $ (160 ) Three Months 2019 Unfavorable development in medical professional liability was primarily due to higher than expected indemnity severity in accident years 2016 through 2018 in CNA’s aging services business. Favorable development in other professional liability and management liability was due to lower than expected large claim losses in recent accident years in CNA’s public company directors and officers liability (“D&O”) business. Favorable development in surety was due to lower than expected frequency for accident years 2015 through 2018. Favorable development in commercial auto was primarily due to a decline in bodily injury frequency in accident year 2018 and continued lower than expected severity across accident years 2013 through 2016. Unfavorable development in general liability was primarily due to higher than expected emergence in mass tort related to accident years 2009 and prior, 2015 and 2016. Unfavorable development in other was primarily due to higher than expected severity in aging services related to auto liability coverages. 2018 Unfavorable development in medical professional liability was primarily driven by higher than expected frequency and severity in aging services in accident years 2014 through 2017. Favorable development in other professional liability and management liability was primarily driven by favorable outcomes on individual claims in accident years 2013 and prior in financial institutions. Favorable development in surety was due to continued lower than expected loss emergence for accident years 2017 and prior. Nine Months 2019 Unfavorable development in medical professional liability was primarily due to higher than expected indemnity severity in accident years 2016 through 2018 in CNA’s aging services business, higher than expected severity in accident year 2013 in CNA’s allied healthcare business, unfavorable outcomes on individual claims and higher than expected severity in accident year 2017 in CNA’s dentists business. Favorable development in other professional liability and management liability was primarily due to lower than expected claim frequency and favorable outcomes on individual claims in accident years 2017 and prior related to financial institutions and lower than expected large claim losses in recent accident years in CNA’s public company D&O business. Favorable development in surety was due to lower than expected frequency for accident years 2018 and prior. Favorable development in commercial auto was primarily due to a decline in bodily injury frequency in accident year 2018 and continued lower than expected severity across accident years 2016 and prior. Unfavorable development in general liability was primarily due to higher than expected emergence in mass tort as well as higher than expected large loss experience in CNA’s excess and umbrella business in accident year 2017. Unfavorable development in other was primarily due to higher than expected severity in aging services related to auto liability coverages and higher than expected claims in Hardy on 2018 accident year catastrophes in property partially offset by favorable development in casualty driven by lower than expected large losses and claim severity in accident years 2014 and prior in Hardy and Europe. 2018 Unfavorable development in Favorable development in other professional liability and management liability was primarily due to lower than expected claim frequency for accident years 2013 through 2017 related to financial institutions and professional liability errors and omissions (“E&O”) , Favorable development in Favorable development for other coverages was due to lower than expected claim severity in catastrophes in accident year 2017 for property, better than expected frequency in the liability portion of the package business in Canada and general liability in Europe for casualty, better than expected large loss frequency in the energy book in recent accident years for energy and marine and lower than expected frequency in accident years 2015 and prior related to healthcare in Europe for healthcare and technology. This favorable development was partially offset by unfavorable development driven by higher than expected severity in Canada and higher than expected frequency in Hardy, both in accident year 2017, for property and increased severity in accident year 2017 related to professional indemnity. Asbestos and Environmental Pollution (“A&EP”) Reserves In 2010, Continental Casualty Company (“CCC”) together with several of CNA’s insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of CNA’s legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“loss portfolio transfer” or “LPT”). At the effective date of the transaction, CNA ceded approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. CNA paid NICO a reinsurance premium of $2.0 billion and transferred to NICO billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion. In years subsequent to the effective date of the LPT, CNA recognized adverse prior year development on its A&EP reserves resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which CNA recognizes a change in the estimate of A&EP reserves that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Income. The following table presents the impact of the loss portfolio transfer on the Consolidated Condensed Statements of Income. Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In millions) Additional amounts ceded under LPT: Net A&EP adverse development before consideration of LPT $ 113 Provision for uncollectible third-party reinsurance on A&EP (16 ) Total additional amounts ceded under LPT $ - $ - $ - 97 Retroactive reinsurance benefit recognized (7 ) (12 ) (43 ) (84 ) Pretax impact of deferred retroactive reinsurance $ (7 ) $ (12 ) $ (43 ) $ 13 CNA intends to complete its annual A&EP reserve review in the fourth quarter of 2019 and maintain this timing for all future annual A&EP reserve reviews. CNA completed A&EP reserve reviews in both the first and fourth quarters of 2018. Based upon CNA’s 2018 first quarter A&EP reserve review, net unfavorable prior year development of $113 million was recognized before consideration of cessions to the LPT for the nine months ended September 30, 2018. The 2018 unfavorable development was driven by higher than anticipated defense costs on direct asbestos and environmental accounts and paid losses on assumed reinsurance exposures. Additionally, in 2018, CNA released a portion of its provision for uncollectible third party reinsurance. As of September 30, 2019 and December 31, 2018, the cumulative amounts ceded under the LPT were $3.1 billion. The unrecognized deferred retroactive reinsurance benefit was $331 million and $374 million as of September 30, 2019 and December 31, 2018 and is included within Other liabilities on the Consolidated Condensed Balance Sheets. NICO established a collateral trust account as security for its obligations to CNA. The fair value of the collateral trust account was $3.3 billion and $2.7 billion as of September 30, 2019 and December 31, 2018. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to the majority of CNA’s A&EP claims. Long Term Care Policyholder Reserves CNA’s operations include its run-off long term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. Long term care policies provide benefits for nursing homes, assisted living facilities and home health care subject to various daily and lifetime caps. Generally, policyholders must continue to make periodic premium payments to keep the policy in force and CNA has the ability to increase policy premiums, subject to state regulatory approval. CNA maintains both claim and claim adjustment expense reserves as well as future policy benefit reserves for policyholder benefits for its long term care business. Claim and claim adjustment expense reserves consist of estimated reserves for long term care policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported. In developing the claim and claim adjustment expense reserve estimates for long term care policies, CNA’s actuaries perform a detailed claim experience study on an annual basis. The study reviews the sufficiency of existing reserves for policyholders currently on claim and includes an evaluation of expected benefit utilization and claim duration. CNA’s recorded claim and claim adjustment expense reserves reflect management’s best estimate after incorporating the results of the most recent study. In addition, claim and claim adjustment expense reserves are also maintained for the structured settlement obligations. CNA’s most recent annual long term care claim experience study was completed in the third quarter of 2019 and resulted in a $56 million pretax reduction in claim and claim adjustment expense reserves primarily due to lower claim severity than anticipated in the reserve estimates. CNA’s 2018 annual long term care claim experience study was completed in the third quarter of 2018 and resulted in a $31 million pretax reduction in claim and claim adjustment expense reserves. Future policy benefit reserves represent the active life reserves related to CNA’s long term care policies which are the present value of expected future benefit payments and expenses less expected future premium. The determination of these reserves is fundamental to CNA’s financial results and requires management to make estimates and assumptions about expected investment and policyholder experience over the life of the contract. Since many of these contracts may be in force for several decades, these assumptions are subject to significant estimation risk. The actuarial assumptions that management believes are subject to the most variability are morbidity, persistency, discount rate and anticipated future premium rate increases. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Discount rate is influenced by the investment yield on assets supporting long term care reserves which is subject to interest rate and market volatility and may also be affected by changes to the Internal Revenue Code. As future premium rate increases are generally subject to regulatory approval, the exact timing and size of the approved rate increases are unknown. As a result of this variability, CNA’s long term care reserves may be subject to material increases if actual experience develops adversely to CNA’s expectations. Annually, management assesses the adequacy of its long term care future policy benefit reserves by performing a gross premium valuation (“GPV”) to determine if there is a premium deficiency. Management also uses the GPV process to evaluate the adequacy of its claim and claim adjustment expense reserves for structured settlement obligations. Under the GPV, management estimates required reserves using best estimate assumptions as of the date of the assessment without provisions for adverse deviation. The GPV required reserves are then compared to the existing recorded reserves. If the GPV required reserves are greater than the existing recorded reserves, the existing assumptions are unlocked and future policy benefit reserves are increased to the greater amount. Any such increase is reflected in the Company’s results of operations in the period in which the need for such adjustment is determined. Periodically, management engages independent third parties to assess the appropriateness of its best estimate assumptions. The most recent third party assessment, performed earlier this year, validated the assumption setting process and confirmed the best estimate assumptions appropriately reflected the experience data at that time. In the third quarter of 2019, CNA performed the GPV for the long term care future policy benefit reserves. This GPV indicated a premium deficiency primarily driven by lower discount rate assumptions. Recognition of the premium deficiency resulted in a $216 million pretax increase in policyholders’ benefits reflected in the Company’s results of operations. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 6. Leases The Company’s lease agreements primarily cover office facilities and machinery and equipment and expire at various dates. The Company’s leases are predominantly operating leases, which are included in Other assets and Other liabilities on the Consolidated Condensed Balance Sheet. The Company’s lease agreements do not contain significant residual value guarantees, restrictions or covenants. Operating lease right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payments is the interest rate implicit in the lease, or when that is not readily determinable, the Company utilizes its incremental borrowing rate. The Company’s operating lease right of use asset was $612 million and the Company’s operating lease liability was $694 million at September 30, 2019. Operating lease cost was $31 million and $90 million, variable lease cost was $5 million and $14 million and short term lease cost was $1 million and $5 million for the three and nine months ended September 30, 2019. Cash paid for amounts included in operating lease liabilities was $28 million and $87 million for the three and nine months ended September 30, 2019. The table below presents the future minimum lease payments to be made under non-cancelable Year Ended December 31 (In millions) 2019 $ 75 2020 79 2021 79 2022 68 2023 57 Thereafter 344 Total $ 702 The table below presents the maturities of lease liabilities: Operating As of September 30, 2019 Leases (In millions) 2019 (a) $ 25 2020 111 2021 109 2022 98 2023 87 Thereafter 435 Total 865 Less: discount 171 Total lease liabilities $ 694 (a) For the three-month period beginning October 1, 2019. The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating the operating lease asset and liability. As of September 30, 2019 Weighted average remaining lease term 9.5 Weighted average discount rate 4.7 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt CNA Financial In May of 2019, CNA completed a public offering of $500 million aggregate principal amount of its 3.9% senior notes due May 1, 2029 and used the net proceeds to redeem the entire $500 million outstanding aggregate principal balance of its 5.9% senior notes due August 15, 2020. The redemption of the $500 million senior notes resulted in a loss of $21 million ($15 million after tax and noncontrolling interests) and is included in Interest expense on the Consolidated Condensed Statements of Income for the nine months ended September 30, 2019. Boardwalk Pipelines In May of 2019, Boardwalk Pipelines completed a public offering of $500 million aggregate principal amount of its 4.8% senior notes due May 3, 2029. T retire the outstanding $350 million aggregate principal amount of Boardwalk Pipeline s ’ % senior notes at maturity and reduce outstanding borrowings under its revolving credit facility. Consolidated Container In June of 2019, Consolidated Container entered into a credit agreement providing for a $250 million term loan in conjunction with the acquisitions 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% and matures on June 14, 2026. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | 8. Shareholders’ Equity Accumulated other comprehensive income (loss) The tables below present the changes in AOCI by component for the three and nine months ended September 30, 2018 and 2019: Total Accumulated OTTI Unrealized Foreign Other Gains Gains (Losses) Cash Flow Pension Currency Comprehensive (Losses) on Investments Hedges Liability Translation Income (Loss) (In millions) Balance, July 1, 2018 $ 17 $ 244 $ 13 $ (774 ) $ (125 ) $ (625 ) Other comprehensive income (loss) before reclassifications, after tax of $0, $40, $(2), $0 and $0 (1 ) (148 ) (149 ) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $2, $0, $(1) and $0 (10 ) 8 (2 ) Other comprehensive income (loss) (1 ) (158 ) - 8 - (151 ) Amounts attributable to noncontrolling interests 17 1 18 Balance, September 30, 2018 $ 16 $ 103 $ 13 $ (765 ) $ (125 ) $ (758 ) Balance, July 1, 2019 $ 18 $ 917 $ (7 ) $ (780 ) $ (145 ) $ 3 Other comprehensive income (loss) before reclassifications, after tax of $0, $(11), $1, $0 and $0 44 (4 ) (31 ) 9 Reclassification of (gains) (3 ) 10 7 Other comprehensive income (loss) - 41 (4 ) 10 (31 ) 16 Amounts attributable to noncontrolling interests (5 ) 3 (2 ) Balance, September 30, 2019 $ 18 $ 953 $ (11 ) $ (770 ) $ (173 ) $ 17 Total OTTI Gains Unrealized Gains Cash Flow Pension Foreign Currency Accumulated Other Comprehensive (Losses) on Investments Hedges Liability Translation Income (Loss) (In millions) Balance, January 1, 2018, as reported $ 22 $ 673 $ - $ (633 ) $ (88 ) $ (26 ) Cumulative effect adjustment from changes in 4 98 (130 ) (28 ) Balance, January 1, 2018, as adjusted 26 771 - (763 ) (88 ) (54 ) Other comprehensive income (loss) before reclassifications, after tax of $3, $190, $(4), $0 and $0 (12 ) (718 ) 12 (41 ) (759 ) Reclassification of (gains) losses from accumulated income, after tax of $0 , $7, $0, 1 (28 ) 2 27 2 Other comprehensive income (loss) (11 ) (746 ) 14 27 (41 ) (757 ) Amounts attributable to noncontrolling interests 1 78 (1 ) 4 82 Purchase of Boardwalk Pipelines common units (1 ) (28 ) (29 ) Balance, September 30, 2018 $ 16 $ 103 $ 13 $ (765 ) $ (125 ) $ (758 ) Balance, January 1, 2019 $ 14 $ 57 $ 5 $ (793 ) $ (163 ) $ (880 ) Other comprehensive income (loss) before 3 999 (16 ) (1 ) (11 ) 974 Reclassification of losses from accumulated other comprehensive income, after tax of $0, $(1), $0, $(7) and $0 1 4 26 31 Other comprehensive income (loss) 4 1,003 (16 ) 25 (11 ) 1,005 Amounts attributable to noncontrolling interests (107 ) (2 ) 1 (108 ) Balance, September 30, 2019 $ 18 $ 953 $ (11 ) $ (770 ) $ (173 ) $ 17 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 Operating revenues and other and Operating expenses and other Pension liability Operating expenses and other Treasury Stock The Company repurchased 13.2 million and 17.4 million shares of Loews common stock at an aggregate cost of $642 million and $876 million during the nine months ended September 30, 2019 and 2018. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 9. Revenue from Contracts with Customers Disaggregation of revenues Non-insurance Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In millions) Non-insurance $ $ $ 858 $ 744 Contract drilling – Diamond Offshore 254 287 704 851 Transportation and storage of natural gas and NGLs and other services – 287 274 947 886 Lodging and related services – Loews Hotels & Co 147 167 512 550 Rigid plastic packaging and recycled resin – Corporate 252 223 689 652 Total revenues from contracts with customers 940 951 2,852 2,939 Other revenues 20 37 54 71 Operating revenues and other $ 960 $ 988 $ 2,906 $ 3,010 Receivables from contracts with customers . Deferred revenue non-insurance Performance obligations non-insurance |
Benefit Plans
Benefit Plans | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Benefit Plans | 10. Benefit Plans The Company and its subsidiaries have several non-contributory The following table presents the components of net periodic (benefit) cost for the plans: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In millions) Service cost $ 2 $ 2 $ 5 $ 6 Interest cost 29 27 88 82 Expected return on plan assets (39 ) (44 ) (119 ) (134 ) Amortization of unrecognized net loss 10 11 33 32 Settlement charge 1 3 7 Curtailment gain (1 ) (1 ) Net periodic (benefit) cost $ 2 $ (4 ) $ 9 $ (7 ) Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2018 (In millions) Interest cost $ 1 $ 1 $ 2 $ 2 Expected return on plan assets (1 ) (2 ) (3 ) Amortization of unrecognized prior service benefit (1 ) (2 ) Amortization of unrecognized net gain (1 ) (1 ) (1 ) (1 ) Net periodic (benefit) cost $ - $ (2 ) $ (1 ) $ (4 ) |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 11. Legal Proceedings On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates. On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018 . On September 28, 2018, the Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding. The Defendants filed a motion to dismiss, which was heard by the Court in July of 2019. In October of 2019, the Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. The case will be set for trial in early 2021. 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 such 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 | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies CNA Guarantees In the course of selling business entities and assets to third parties, CNA indemnified purchasers for certain losses, some of which are not limited by a contractual monetary amount. As of September 30, 2019, CNA had outstanding unlimited indemnifications 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 September 30, 2019, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.7 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. |
Segments
Segments | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segments | 13. Segments The Company has five reportable segments comprised of four individual operating subsidiaries, CNA, Diamond Offshore, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment, which includes operations of Consolidated Container. 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. For additional disclosures regarding the composition of the Company’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K The following tables present the reportable segments of the Company and their contribution to the Consolidated Condensed Statements of Income. 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 by segment are presented in the following tables. CNA Diamond Boardwalk Loews Three Months Ended September 30, 2019 Financial Offshore Pipelines Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 1,890 $ 1,890 Net investment income 487 $ 2 $ 36 525 Investment gains 8 8 Non-insurance 292 292 Operating revenues and other 9 249 $ 296 $ 156 250 960 Total 2,686 251 296 156 286 3,675 Expenses: Insurance claims and policyholders’ benefits 1,614 1,614 Amortization of deferred acquisition costs 345 345 Non-insurance 278 278 Operating expenses and other 291 322 212 145 264 1,234 Interest 31 31 45 6 31 144 Total 2,559 353 257 151 295 3,615 Income (loss) before income tax 127 (102 ) 39 5 (9 ) 60 Income tax (expense) benefit (20 ) 10 (10 ) (2 ) 1 (21 ) Net income (loss) 107 (92 ) 29 3 (8 ) 39 Amounts attributable to noncontrolling interests (11 ) 44 33 Net income (loss) attributable to Loews Corporation $ 96 $ (48 ) $ 29 $ 3 $ (8 ) $ 72 CNA Diamond Boardwalk Loews Three Months Ended September 30, 2018 Financial Offshore Pipelines Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 1,853 $ 1,853 Net investment income 487 $ 2 $ 5 494 Investment gains 15 15 Non-insurance 258 258 Operating revenues and other 9 287 $ 279 $ 190 223 988 Total 2,622 289 279 190 228 3,608 Expenses: Insurance claims and policyholders’ benefits 1,312 1,312 Amortization of deferred acquisition costs 337 337 Non-insurance 235 235 Operating expenses and other 303 311 197 169 244 1,224 Interest 34 34 44 7 27 146 Total 2,221 345 241 176 271 3,254 Income (loss) before income tax 401 (56 ) 38 14 (43 ) 354 Income tax (expense) benefit (66 ) 5 (10 ) (3 ) 9 (65 ) Net income (loss) 335 (51 ) 28 11 (34 ) 289 Amounts attributable to noncontrolling interests (35 ) 24 (11 ) Net income (loss) attributable to Loews Corporation $ 300 $ (27 ) $ 28 $ 11 $ (34 ) $ 278 CNA Diamond Boardwalk Loews Nine Months Ended September 30, 2019 Financial Offshore Pipelines Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 5,517 $ 5,517 Net investment income 1,573 $ 6 $ 1 $ 153 1,733 Investment gains 41 41 Non-insurance 858 858 Operating revenues and other 22 705 $ 969 521 689 2,906 Total 8,011 711 969 522 842 11,055 Expenses: Insurance claims and policyholders’ benefits 4,323 4,323 Amortization of deferred acquisition costs 1,025 1,025 Non-insurance 801 801 Operating expenses and other 854 940 616 464 740 3,614 Interest 120 92 136 16 85 449 Total 7,123 1,032 752 480 825 10,212 Income (loss) before income tax 888 (321 ) 217 42 17 843 Income tax (expense) benefit (161 ) 52 (56 ) (14 ) (4 ) (183 ) Net income (loss) 727 (269 ) 161 28 13 660 Amounts attributable to noncontrolling interests (77 ) 132 55 Net income (loss) attributable to Loews Corporation $ 650 $ (137 ) $ 161 $ 28 $ 13 $ 715 CNA Diamond Boardwalk Loews Nine Months Ended September 30, 2018 Financial Offshore Pipelines Hotels & Co Corporate Total (In milli o Revenues: Insurance premiums $ 5,453 $ 5,453 Net investment income 1,483 $ 6 $ 1 $ 61 1,551 Investment gains 21 21 Non-insurance 744 744 Operating revenues and other 30 853 $ 901 573 653 3,010 Total 7,731 859 901 574 714 10,779 Expenses: Insurance claims and policyholders’ benefits 3,978 3,978 Amortization of deferred acquisition costs 992 992 Non-insurance 676 676 Operating expenses and other 904 927 598 494 714 3,637 Interest 104 92 131 22 81 430 Total 6,654 1,019 729 516 795 9,713 Income (loss) before income tax 1,077 (160 ) 172 58 (81 ) 1,066 Income tax (expense) benefit (181 ) 59 (24 ) (17 ) 14 (149 ) Net income (loss) 896 (101 ) 148 41 (67 ) 917 Amounts attributable to noncontrolling interests (95 ) 47 (68 ) (116 ) Net income (loss) attributable to Loews Corporation $ 801 $ (54 ) $ 80 $ 41 $ (67 ) $ 801 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Net Investment Income | Net investment income is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In millions) Fixed maturity securities $ 452 $ 449 $ 1,362 $ 1,339 Limited partnership investments 16 34 140 142 Short term investments 13 10 42 30 Equity securities 16 10 62 32 Income ( loss 34 (7 ) 144 13 Other 13 12 39 40 Total investment income 544 508 1,789 1,596 Investment expenses (19 ) (14 ) (56 ) (45 ) Net investment income $ 525 $ 494 $ 1,733 $ 1,551 (a) Net unrealized gains (losses) related to changes in fair value on securities still held were $17 and $(23) for the three months ended September 30, 2019 and 2018 and $55 and $(66) for the nine months ended September 30, 2019 and 2018. |
Summary of Investment Gains (Losses) | Investment gains (losses) are as follows: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (In millions) Fixed maturity securities $ 3 $ 10 $ (6 ) $ 32 Equity securities 7 2 60 (23 ) Derivative instruments (2 ) 1 (13 ) 10 Short term investments and other 2 2 Investment gains (a) $ 8 $ 15 $ 41 $ 21 (a) Gross investment gains on available-for-sale available-for-sale non-redeemable non-redeemable . |
Components of OTTI Losses Recognized in Earnings by Asset Type | The components of other-than-temporary impairment (“OTTI”) losses recognized in earnings by asset type are as follows: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (In millions) Fixed maturity securities available-for-sale: $ 12 $ 1 $ 24 $ 6 2 2 10 3 Net OTTI losses recognized in earnings $ 14 $ 3 $ 34 $ 9 |
Amortized Cost and Fair Values of Fixed Maturity and Equity Securities | The amortized cost and fair values of fixed maturity securities are as follows: September 30, 2019 Cost or Gross Gross Estimated Unrealized (In millions) Fixed maturity securities: $ 19,806 $ 2,263 $ 42 $ 22,027 9,154 1,641 10,795 Residential mortgage-backed 4,718 157 1 4,874 $ (23 ) Commercial mortgage-backed 2,066 117 3 2,180 1 Other asset-backed 1,884 46 4 1,926 (3 ) 8,668 320 8 8,980 (25 ) 124 7 131 491 20 511 10 10 Fixed maturities available-for-sale 38,253 4,251 50 42,454 (25 ) Fixed maturities trading 34 1 35 Total fixed maturity securities $ 38,287 $ 4,252 $ 50 $ 42,489 $ (25 ) December 31, 2018 Fixed maturity securities: $ 18,764 $ 791 $ 395 $ 19,160 9,681 1,076 9 10,748 Residential mortgage-backed 4,815 68 57 4,826 $ (20 ) Commercial mortgage-backed 2,200 28 32 2,196 Other asset-backed 1,975 11 24 1,962 8,990 107 113 8,984 (20 ) 156 3 159 480 5 4 481 10 10 Fixed maturities available-for-sale 38,081 1,982 521 39,542 (20 ) Fixed maturities trading 153 4 157 Total fixed maturities $ 38,234 $ 1,986 $ 521 $ 39,699 $ (20 ) |
Securities Available-for-Sale in Gross Unrealized Loss Position | The available-for-sale Less than 12 Months 12 Months or Longer Total September 30, 2019 Estimated Gross Estimated Gross Estimated Gross (In millions) Fixed maturity securities: $ 890 $ 26 $ 200 $ 16 $ 1,090 $ 42 20 2 22 Residential mortgage-backed 150 38 1 188 1 Commercial mortgage-backed 83 2 26 1 109 3 Other asset-backed 416 3 6 1 422 4 649 5 70 3 719 8 14 4 18 17 2 19 Total fixed maturity securities $ 1,590 $ 31 $ 278 $ 19 $ 1,868 $ 50 December 31, 2018 Fixed maturity securities: $ 8,543 $ 340 $ 825 $ 55 $ 9,368 $ 395 517 8 5 1 522 9 Residential mortgage-backed 1,932 23 1,119 34 3,051 57 Commercial mortgage-backed 728 10 397 22 1,125 32 Other asset-backed 834 21 125 3 959 24 3,494 54 1,641 59 5,135 113 21 19 40 114 2 124 2 238 4 Total fixed maturity securities $ 12,689 $ 404 $ 2,614 $ 117 $ 15,303 $ 521 |
Pretax Credit Loss Component Reflected in Retained Earnings on Fixed Maturity Securities | The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held as of September 30, 2019 and 2018 for which a portion of an OTTI loss was recognized in OCI. Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In millions) Beginning balance of credit losses on fixed maturity securities $ 16 $ 21 $ 18 $ 27 Reductions for securities sold during the period (2 ) (2 ) (8 ) Ending balance of credit losses on fixed maturity securities $ 16 $ 19 $ 16 $ 19 |
Available-for-Sale Fixed Maturity Securities by Contractual Maturity | The following table presents available-for-sale September 30, 2019 December 31, 2018 Cost or Estimated Cost or Estimated Amortized Fair Amortized Fair Cost Value Cost Value (In millions) Due in one year or less $ 1,071 $ 1,091 $ 1,350 $ 1,359 Due after one year through five years 10,992 11,470 7,979 8,139 Due after five years through ten years 13,694 14,711 16,859 16,870 Due after ten years 12,496 15,182 11,893 13,174 Total $ 38,253 $ 42,454 $ 38,081 $ 39,542 |
Summary of Aggregate Contractual or Notional Amount and Estimated Fair Value Related to Derivative Financial Instruments | Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. September 30, 2019 December 31, 2018 Contractual/ Contractual/ Notional Estimated Fair Value Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 715 $ (13 ) $ 500 $ 11 Without hedge designation: Equity markets: Options – purchased 150 $ 4 213 18 – written 98 (3 ) 239 $ (17 ) Commodity futures – long 32 Embedded derivative on funds withheld liability 170 (9 ) 172 4 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, foreign governments and redeemable preferred stock. September 30, 2019 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 161 $ 22,090 $ 428 $ 22,679 States, municipalities and political subdivisions 10,795 10,795 Asset-backed 8,784 196 8,980 Fixed maturities available-for-sale 161 41,669 624 42,454 Fixed maturities trading 31 4 35 Total fixed maturities $ 161 $ 41,700 $ 628 $ 42,489 Equity securities $ 641 $ 653 $ 23 $ 1,317 Short term and other 3,306 1,163 4,469 Payable to brokers (30 ) (14 ) (44 ) December 31, 2018 Fixed maturity securities: Corporate bonds and other $ 196 $ 19,392 $ 222 $ 19,810 States, municipalities and political subdivisions 10,748 10,748 Asset-backed 8,787 197 8,984 Fixed maturities available-for-sale 196 38,927 419 39,542 Fixed maturities trading 151 6 157 Total fixed maturities $ 196 $ 39,078 $ 425 $ 39,699 Equity securities $ 704 $ 570 $ 19 $ 1,293 Short term and other 2,647 1,111 3,758 Receivables 11 11 Payable to brokers (23 ) (23 ) |
Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2019 and 2018: Net Realized Unrealized Unrealized 2019 Balance, Included in Included OCI Purchases Sales Settlements Transfers Transfers Balance, Liabilities Liabilities (In millions) Fixed maturity securities: Corporate bonds and other $ 338 $ 14 $ 79 $ (3 ) $ 428 $ 14 Asset-backed 193 1 22 (4 ) $ (16 ) 196 2 Fixed maturities available-for-sale 531 $ - 15 101 $ - (7 ) $ - (16 ) 624 $ - 16 Fixed maturities trading 4 4 Total fixed maturities $ 535 $ - $ 15 $ 101 $ - $ (7 ) $ - $ (16 ) $ 628 $ - $ 16 Equity securities $ 23 $ 23 Net Realized Investment Gains Unrealized Unrealized 2018 Balance, Included in Included in OCI Purchases Sales Settlements Transfers Transfers Balance, Liabilities Held at Liabilities (In millions) Fixed maturity securities: Corporate bonds and other $ 94 $ 67 $ (3 ) $ 30 $ 188 States, 1 (1 ) - Asset-backed 273 $ (2 ) 55 (25 ) 29 $ (32 ) 298 $ (2 ) $ 1 Fixed maturities available-for-sale 368 (2 ) $ - 122 $ - (29 ) 59 (32 ) 486 (2 ) 1 Fixed maturities 7 (1 ) 6 Total fixed maturities $ 375 $ (2 ) $ - $ 122 $ (1 ) $ (29 ) $ 59 $ (32 ) $ 492 $ (2 ) $ 1 Equity securities $ 18 $ 1 $ 19 $ 1 Net Realized Unrealized Unrealized 2019 Balance, Included in Included in Purchases Sales Settlements Transfers Transfers Balance, Liabilities Liabilities (In millions) Fixed maturity Corporate bonds and other $ 222 $ 34 $ 211 $ (7 ) $ (32 ) $ 428 $ 29 Asset-backed 197 8 42 (12 ) $ 45 (84 ) 196 9 Fixed maturities available-for-sale 419 $ - 42 253 $ - (19 ) 45 (116 ) 624 $ - 38 Fixed maturities trading 6 (2 ) 4 (2 ) Total fixed maturities $ 425 $ (2 ) $ 42 $ 253 $ - $ (19 ) $ 45 $ (116 ) $ 628 $ (2 ) $ 38 Equity securities $ 19 $ 2 $ 2 $ 23 $ 2 Unrealized Gains Unrealized (Losses) Gains Recognized in (Losses) Other Net Realized Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and 2018 Balance, Included in Net (Loss) Included Purchases Sales Settlements Transfers Transfers Balance, Liabilities Held at Liabilities Held at (In millions) Fixed maturity securities: Corporate bonds and other $ 98 $ (1 ) $ (1 ) $ 69 $ (5 ) $ (7 ) $ 35 $ 188 $ (2 ) States, municipalities and political 1 (1 ) - Asset-backed 335 5 (6 ) 126 (72 ) (37 ) 42 $ (95 ) 298 $ (2 ) (2 ) Fixed maturities available-for-sale 434 4 (7 ) 195 (77 ) (45 ) 77 (95 ) 486 (2 ) (4 ) Fixed maturities trading 4 3 (1 ) 6 2 Total fixed maturities $ 438 $ 7 $ (7 ) $ 195 $ (78 ) $ (45 ) $ 77 $ (95 ) $ 492 $ - $ (4 ) Equity securities $ 22 $ (2 ) $ (1 ) $ 19 $ (2 ) Net investment gains and losses are reported in Net income as follows: Major Category of Assets and Liabilities Consolidated Condensed Statements of Income Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities trading Net investment income Equity securities Investment gains (losses) and 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 Operating revenues and other Life settlement contracts Operating revenues and other |
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 weighted average rate is calculated based on fair value. September 30, 2019 Estimated Valuation Unobservable Range (In millions) Fixed maturity securities $ 496 Discounted cash flow Credit spread 1% – December 31, 2018 Fixed maturity securities $ 228 Discounted cash flow Credit spread 1% – 12% (3%) |
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 Condensed Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items. Carrying Estimated Fair Value September 30, 2019 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 923 $ 950 $ 950 Liabilities: Short term debt 85 $ 9 76 85 Long term debt 11,383 10,638 595 11,233 December 31, 2018 Assets: Other invested assets, primarily mortgage loans $ 839 $ 827 $ 827 Liabilities: Short term debt 15 $ 14 14 Long term debt 11,345 10,111 653 10,764 |
Claim and Claim Adjustment Ex_2
Claim and Claim Adjustment Expense Reserves (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Insurance [Abstract] | |
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. Nine Months Ended September 30 2019 2018 (In millions) Reserves, beginning of year: Gross $ 21,984 $ 22,004 Ceded 4,019 3,934 Net reserves, beginning of year 17,965 18,070 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 3,968 3,866 Increase (decrease) in provision for insured events of prior years (65 ) (173 ) Amortization of discount 143 136 Total net incurred (a) 4,046 3,829 Net payments attributable to: Current year events (599 ) (658 ) Prior year events (3,547 ) (3,415 ) Total net payments (4,146 ) (4,073 ) Foreign currency translation adjustment and other 29 (80 ) Net reserves, end of period 17,894 17,746 Ceded reserves, end of period 3,702 3,858 Gross reserves, end of period $ 21,596 $ 21,604 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed 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. |
Details of the Net Prior Year Development in CNA's Property and Casualty Operations | The following table and discussion present details of the net prior year claim and claim adjustment expense reserve development in CNA’s Property & Casualty Operations: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In millions) Medical professional liability $ 29 $ 15 $ 59 $ 38 Other professional liability and management liability (18 ) (45 ) (37 ) (113 ) Surety (43 ) (20 ) (83 ) (50 ) Commercial auto (16 ) 1 (24 ) General liability 43 (5 ) 36 13 Workers’ compensation 7 (2 ) 2 (14 ) Other 14 (6 ) 18 (34 ) Total pretax (favorable) unfavorable development $ 16 $ (62 ) $ (29 ) $ (160 ) |
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 Condensed Statements of Income. Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In millions) Additional amounts ceded under LPT: Net A&EP adverse development before consideration of LPT $ 113 Provision for uncollectible third-party reinsurance on A&EP (16 ) Total additional amounts ceded under LPT $ - $ - $ - 97 Retroactive reinsurance benefit recognized (7 ) (12 ) (43 ) (84 ) Pretax impact of deferred retroactive reinsurance $ (7 ) $ (12 ) $ (43 ) $ 13 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 Year Ended December 31 (In millions) 2019 $ 75 2020 79 2021 79 2022 68 2023 57 Thereafter 344 Total $ 702 |
Lessee Lease Liability Maturity [Table Text Block] | The table below presents the maturities of lease liabilities: Operating As of September 30, 2019 Leases (In millions) 2019 (a) $ 25 2020 111 2021 109 2022 98 2023 87 Thereafter 435 Total 865 Less: discount 171 Total lease liabilities $ 694 |
Schedule of other information related to leases [Table Text Block] | The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating the operating lease asset and liability. As of September 30, 2019 Weighted average remaining lease term 9.5 Weighted average discount rate 4.7 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The tables below present the changes in AOCI by component for the three and nine months ended September 30, 2018 and 2019: Total Accumulated OTTI Unrealized Foreign Other Gains Gains (Losses) Cash Flow Pension Currency Comprehensive (Losses) on Investments Hedges Liability Translation Income (Loss) (In millions) Balance, July 1, 2018 $ 17 $ 244 $ 13 $ (774 ) $ (125 ) $ (625 ) Other comprehensive income (loss) before reclassifications, after tax of $0, $40, $(2), $0 and $0 (1 ) (148 ) (149 ) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $2, $0, $(1) and $0 (10 ) 8 (2 ) Other comprehensive income (loss) (1 ) (158 ) - 8 - (151 ) Amounts attributable to noncontrolling interests 17 1 18 Balance, September 30, 2018 $ 16 $ 103 $ 13 $ (765 ) $ (125 ) $ (758 ) Balance, July 1, 2019 $ 18 $ 917 $ (7 ) $ (780 ) $ (145 ) $ 3 Other comprehensive income (loss) before reclassifications, after tax of $0, $(11), $1, $0 and $0 44 (4 ) (31 ) 9 Reclassification of (gains) (3 ) 10 7 Other comprehensive income (loss) - 41 (4 ) 10 (31 ) 16 Amounts attributable to noncontrolling interests (5 ) 3 (2 ) Balance, September 30, 2019 $ 18 $ 953 $ (11 ) $ (770 ) $ (173 ) $ 17 Total OTTI Gains Unrealized Gains Cash Flow Pension Foreign Currency Accumulated Other Comprehensive (Losses) on Investments Hedges Liability Translation Income (Loss) (In millions) Balance, January 1, 2018, as reported $ 22 $ 673 $ - $ (633 ) $ (88 ) $ (26 ) Cumulative effect adjustment from changes in 4 98 (130 ) (28 ) Balance, January 1, 2018, as adjusted 26 771 - (763 ) (88 ) (54 ) Other comprehensive income (loss) before reclassifications, after tax of $3, $190, $(4), $0 and $0 (12 ) (718 ) 12 (41 ) (759 ) Reclassification of (gains) losses from accumulated income, after tax of $0 , $7, $0, 1 (28 ) 2 27 2 Other comprehensive income (loss) (11 ) (746 ) 14 27 (41 ) (757 ) Amounts attributable to noncontrolling interests 1 78 (1 ) 4 82 Purchase of Boardwalk Pipelines common units (1 ) (28 ) (29 ) Balance, September 30, 2018 $ 16 $ 103 $ 13 $ (765 ) $ (125 ) $ (758 ) Balance, January 1, 2019 $ 14 $ 57 $ 5 $ (793 ) $ (163 ) $ (880 ) Other comprehensive income (loss) before 3 999 (16 ) (1 ) (11 ) 974 Reclassification of losses from accumulated other comprehensive income, after tax of $0, $(1), $0, $(7) and $0 1 4 26 31 Other comprehensive income (loss) 4 1,003 (16 ) 25 (11 ) 1,005 Amounts attributable to noncontrolling interests (107 ) (2 ) 1 (108 ) Balance, September 30, 2019 $ 18 $ 953 $ (11 ) $ (770 ) $ (173 ) $ 17 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenues | The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 13: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In millions) Non-insurance $ $ $ 858 $ 744 Contract drilling – Diamond Offshore 254 287 704 851 Transportation and storage of natural gas and NGLs and other services – 287 274 947 886 Lodging and related services – Loews Hotels & Co 147 167 512 550 Rigid plastic packaging and recycled resin – Corporate 252 223 689 652 Total revenues from contracts with customers 940 951 2,852 2,939 Other revenues 20 37 54 71 Operating revenues and other $ 960 $ 988 $ 2,906 $ 3,010 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The following table presents the components of net periodic (benefit) cost for the plans: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In millions) Service cost $ 2 $ 2 $ 5 $ 6 Interest cost 29 27 88 82 Expected return on plan assets (39 ) (44 ) (119 ) (134 ) Amortization of unrecognized net loss 10 11 33 32 Settlement charge 1 3 7 Curtailment gain (1 ) (1 ) Net periodic (benefit) cost $ 2 $ (4 ) $ 9 $ (7 ) Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2018 (In millions) Interest cost $ 1 $ 1 $ 2 $ 2 Expected return on plan assets (1 ) (2 ) (3 ) Amortization of unrecognized prior service benefit (1 ) (2 ) Amortization of unrecognized net gain (1 ) (1 ) (1 ) (1 ) Net periodic (benefit) cost $ - $ (2 ) $ (1 ) $ (4 ) |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Consolidating Statement of Income and Total Assets by Segment | Statements of Income by segment are presented in the following tables. CNA Diamond Boardwalk Loews Three Months Ended September 30, 2019 Financial Offshore Pipelines Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 1,890 $ 1,890 Net investment income 487 $ 2 $ 36 525 Investment gains 8 8 Non-insurance 292 292 Operating revenues and other 9 249 $ 296 $ 156 250 960 Total 2,686 251 296 156 286 3,675 Expenses: Insurance claims and policyholders’ benefits 1,614 1,614 Amortization of deferred acquisition costs 345 345 Non-insurance 278 278 Operating expenses and other 291 322 212 145 264 1,234 Interest 31 31 45 6 31 144 Total 2,559 353 257 151 295 3,615 Income (loss) before income tax 127 (102 ) 39 5 (9 ) 60 Income tax (expense) benefit (20 ) 10 (10 ) (2 ) 1 (21 ) Net income (loss) 107 (92 ) 29 3 (8 ) 39 Amounts attributable to noncontrolling interests (11 ) 44 33 Net income (loss) attributable to Loews Corporation $ 96 $ (48 ) $ 29 $ 3 $ (8 ) $ 72 CNA Diamond Boardwalk Loews Three Months Ended September 30, 2018 Financial Offshore Pipelines Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 1,853 $ 1,853 Net investment income 487 $ 2 $ 5 494 Investment gains 15 15 Non-insurance 258 258 Operating revenues and other 9 287 $ 279 $ 190 223 988 Total 2,622 289 279 190 228 3,608 Expenses: Insurance claims and policyholders’ benefits 1,312 1,312 Amortization of deferred acquisition costs 337 337 Non-insurance 235 235 Operating expenses and other 303 311 197 169 244 1,224 Interest 34 34 44 7 27 146 Total 2,221 345 241 176 271 3,254 Income (loss) before income tax 401 (56 ) 38 14 (43 ) 354 Income tax (expense) benefit (66 ) 5 (10 ) (3 ) 9 (65 ) Net income (loss) 335 (51 ) 28 11 (34 ) 289 Amounts attributable to noncontrolling interests (35 ) 24 (11 ) Net income (loss) attributable to Loews Corporation $ 300 $ (27 ) $ 28 $ 11 $ (34 ) $ 278 CNA Diamond Boardwalk Loews Nine Months Ended September 30, 2019 Financial Offshore Pipelines Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 5,517 $ 5,517 Net investment income 1,573 $ 6 $ 1 $ 153 1,733 Investment gains 41 41 Non-insurance 858 858 Operating revenues and other 22 705 $ 969 521 689 2,906 Total 8,011 711 969 522 842 11,055 Expenses: Insurance claims and policyholders’ benefits 4,323 4,323 Amortization of deferred acquisition costs 1,025 1,025 Non-insurance 801 801 Operating expenses and other 854 940 616 464 740 3,614 Interest 120 92 136 16 85 449 Total 7,123 1,032 752 480 825 10,212 Income (loss) before income tax 888 (321 ) 217 42 17 843 Income tax (expense) benefit (161 ) 52 (56 ) (14 ) (4 ) (183 ) Net income (loss) 727 (269 ) 161 28 13 660 Amounts attributable to noncontrolling interests (77 ) 132 55 Net income (loss) attributable to Loews Corporation $ 650 $ (137 ) $ 161 $ 28 $ 13 $ 715 CNA Diamond Boardwalk Loews Nine Months Ended September 30, 2018 Financial Offshore Pipelines Hotels & Co Corporate Total (In milli o Revenues: Insurance premiums $ 5,453 $ 5,453 Net investment income 1,483 $ 6 $ 1 $ 61 1,551 Investment gains 21 21 Non-insurance 744 744 Operating revenues and other 30 853 $ 901 573 653 3,010 Total 7,731 859 901 574 714 10,779 Expenses: Insurance claims and policyholders’ benefits 3,978 3,978 Amortization of deferred acquisition costs 992 992 Non-insurance 676 676 Operating expenses and other 904 927 598 494 714 3,637 Interest 104 92 131 22 81 430 Total 6,654 1,019 729 516 795 9,713 Income (loss) before income tax 1,077 (160 ) 172 58 (81 ) 1,066 Income tax (expense) benefit (181 ) 59 (24 ) (17 ) 14 (149 ) Net income (loss) 896 (101 ) 148 41 (67 ) 917 Amounts attributable to noncontrolling interests (95 ) 47 (68 ) (116 ) Net income (loss) attributable to Loews Corporation $ 801 $ (54 ) $ 80 $ 41 $ (67 ) $ 801 |
Basis of presentation - Additio
Basis of presentation - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Other assets | $ 3,275 | $ 2,443 | |
Other liabilities | $ 5,160 | 4,505 | |
cumulative effect adjustment on other assets and other liabilities | $ 642 | ||
CNA Financial [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Subsidiary ownership percentage | 89.00% | ||
Diamond Offshore Drilling, Inc. [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Subsidiary ownership percentage | 53.00% | ||
Consolidated Container [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Subsidiary ownership percentage | 99.00% | ||
Subsequent to Adoption of Accounting Standards Update 2016-02 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Other assets | 3,100 | 2,400 | |
Other liabilities | $ 5,100 | $ 4,500 |
Acquisitions and Divestiture -
Acquisitions and Divestiture - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
May 31, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Estimated goodwill recognized | $ 772 | $ 772 | $ 665 | |
Loews Hotels And Co [Member] | ||||
Proceeds from sale of hotels | $ 127 | |||
Plastic Packaging Manufacturers Business Acquisition [Member] | ||||
Payments for acquisition | 260 | |||
Revenue of acquiree | 35 | 43 | ||
Consolidated Container [Member] | ||||
Debt financing proceeds | 250 | |||
Consolidated Container [Member] | Plastic Packaging Manufacturers Business Acquisition [Member] | ||||
Estimated goodwill recognized | 106 | 106 | ||
Consolidated Container [Member] | Plastic Packaging Manufacturers Business Acquisition [Member] | Customer Relationships [Member] | ||||
Estimated intangible assets recognized | $ 90 | $ 90 |
Investments - Net Investment In
Investments - Net Investment Income and Investment Gains (Losses) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Investment Income [Line Items] | ||||
Total investment income | $ 544 | $ 508 | $ 1,789 | $ 1,596 |
Investment expenses | (19) | (14) | (56) | (45) |
Investment gains (losses) | 8 | 15 | 41 | 21 |
Net investment income | 525 | 494 | 1,733 | 1,551 |
Fixed Maturity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 452 | 449 | 1,362 | 1,339 |
Investment gains (losses) | 3 | 10 | (6) | 32 |
Limited Partnership Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 16 | 34 | 140 | 142 |
Short term investments and other [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 13 | 10 | 42 | 30 |
Investment gains (losses) | 2 | 2 | ||
Equity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 16 | 10 | 62 | 32 |
Investment gains (losses) | 7 | 2 | 60 | (23) |
Income (loss) From Trading Portfolio [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 34 | (7) | 144 | 13 |
Other [Member] | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 13 | 12 | 39 | 40 |
Derivative Instruments [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment gains (losses) | $ (2) | $ 1 | $ (13) | $ 10 |
Investments - Net Investment _2
Investments - Net Investment Income and Investment Gains (Losses) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Investment Income [Line Items] | ||||
Net unrealized gains (losses) on trading securities | $ 17 | $ (23) | $ 55 | $ (66) |
Fixed Maturity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Gross realized gains on available-for-sale securities | 34 | 42 | 98 | 148 |
Gross realized losses on available-for-sale securities | 31 | 32 | 104 | 116 |
Fixed Maturity Securities [Member] | Nonredeemable Preferred Stock [Member] | ||||
Net Investment Income [Line Items] | ||||
Net realized gains (losses) on trading securities | $ 7 | $ 2 | $ 60 | $ (23) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Shadow Adjustments | $ 2,000,000,000 | $ 964,000,000 |
Additional other than temporary impairment losses | $ 0 |
Investments - Components of OTT
Investments - Components of OTTI Losses Recognized in Earnings by Asset Type (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Net OTTI losses recognized in earnings | $ 14 | $ 3 | $ 34 | $ 9 |
Corporate Bonds and Other [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Net OTTI losses recognized in earnings | 12 | 1 | 24 | 6 |
Total Asset-Backed [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Net OTTI losses recognized in earnings | $ 2 | $ 2 | $ 10 | $ 3 |
Investments - Amortized Cost an
Investments - Amortized Cost and Fair Values of Fixed Maturity and Equity Securities (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | $ 38,287 | $ 38,234 |
Gross Unrealized Gains | 4,252 | 1,986 |
Gross Unrealized Losses | 50 | 521 |
Estimated Fair Value | 42,489 | 39,699 |
Unrealized OTTI Losses (Gains) | (25) | (20) |
Corporate Bonds and Other [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 19,806 | 18,764 |
Gross Unrealized Gains | 2,263 | 791 |
Gross Unrealized Losses | 42 | 395 |
Estimated Fair Value | 22,027 | 19,160 |
States, Municipalities and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 9,154 | 9,681 |
Gross Unrealized Gains | 1,641 | 1,076 |
Gross Unrealized Losses | 9 | |
Estimated Fair Value | 10,795 | 10,748 |
Residential Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 4,718 | 4,815 |
Gross Unrealized Gains | 157 | 68 |
Gross Unrealized Losses | 1 | 57 |
Estimated Fair Value | 4,874 | 4,826 |
Unrealized OTTI Losses (Gains) | (23) | (20) |
Commercial Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 2,066 | 2,200 |
Gross Unrealized Gains | 117 | 28 |
Gross Unrealized Losses | 3 | 32 |
Estimated Fair Value | 2,180 | 2,196 |
Unrealized OTTI Losses (Gains) | 1 | |
Other Asset-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 1,884 | 1,975 |
Gross Unrealized Gains | 46 | 11 |
Gross Unrealized Losses | 4 | 24 |
Estimated Fair Value | 1,926 | 1,962 |
Unrealized OTTI Losses (Gains) | (3) | |
Total Asset-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 8,668 | 8,990 |
Gross Unrealized Gains | 320 | 107 |
Gross Unrealized Losses | 8 | 113 |
Estimated Fair Value | 8,980 | 8,984 |
Unrealized OTTI Losses (Gains) | (25) | (20) |
U.S. Treasury and obligations of government-sponsored enterprises [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 124 | 156 |
Gross Unrealized Gains | 7 | 3 |
Estimated Fair Value | 131 | 159 |
Foreign Government [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 491 | 480 |
Gross Unrealized Gains | 20 | 5 |
Gross Unrealized Losses | 4 | |
Estimated Fair Value | 511 | 481 |
Redeemable Preferred Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 10 | 10 |
Estimated Fair Value | 10 | 10 |
Total Fixed Maturities Available-for-Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 38,253 | 38,081 |
Gross Unrealized Gains | 4,251 | 1,982 |
Gross Unrealized Losses | 50 | 521 |
Estimated Fair Value | 42,454 | 39,542 |
Unrealized OTTI Losses (Gains) | (25) | (20) |
Fixed Maturities Trading [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost or Amortized Cost | 34 | 153 |
Gross Unrealized Gains | 1 | 4 |
Estimated Fair Value | $ 35 | $ 157 |
Investments - Securities Availa
Investments - Securities Available-for-Sale in Gross Unrealized Loss Position (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Corporate Bonds and Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $ 890 | $ 8,543 |
Gross Unrealized Losses, Less than 12 Months | 26 | 340 |
Estimated Fair Value, 12 Months or Longer | 200 | 825 |
Gross Unrealized Losses, 12 Months or Longer | 16 | 55 |
Total Estimated Fair Value | 1,090 | 9,368 |
Total Gross Unrealized Losses | 42 | 395 |
States, Municipalities and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 20 | 517 |
Gross Unrealized Losses, Less than 12 Months | 8 | |
Estimated Fair Value, 12 Months or Longer | 2 | 5 |
Gross Unrealized Losses, 12 Months or Longer | 1 | |
Total Estimated Fair Value | 22 | 522 |
Total Gross Unrealized Losses | 9 | |
Residential Mortgage-Backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 150 | 1,932 |
Gross Unrealized Losses, Less than 12 Months | 23 | |
Estimated Fair Value, 12 Months or Longer | 38 | 1,119 |
Gross Unrealized Losses, 12 Months or Longer | 1 | 34 |
Total Estimated Fair Value | 188 | 3,051 |
Total Gross Unrealized Losses | 1 | 57 |
Commercial Mortgage-Backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 83 | 728 |
Gross Unrealized Losses, Less than 12 Months | 2 | 10 |
Estimated Fair Value, 12 Months or Longer | 26 | 397 |
Gross Unrealized Losses, 12 Months or Longer | 1 | 22 |
Total Estimated Fair Value | 109 | 1,125 |
Total Gross Unrealized Losses | 3 | 32 |
Other Asset-Backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 416 | 834 |
Gross Unrealized Losses, Less than 12 Months | 3 | 21 |
Estimated Fair Value, 12 Months or Longer | 6 | 125 |
Gross Unrealized Losses, 12 Months or Longer | 1 | 3 |
Total Estimated Fair Value | 422 | 959 |
Total Gross Unrealized Losses | 4 | 24 |
Total Asset-Backed [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 649 | 3,494 |
Gross Unrealized Losses, Less than 12 Months | 5 | 54 |
Estimated Fair Value, 12 Months or Longer | 70 | 1,641 |
Gross Unrealized Losses, 12 Months or Longer | 3 | 59 |
Total Estimated Fair Value | 719 | 5,135 |
Total Gross Unrealized Losses | 8 | 113 |
U.S. Treasury and obligations of government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 14 | 21 |
Estimated Fair Value, 12 Months or Longer | 4 | 19 |
Total Estimated Fair Value | 18 | 40 |
Foreign Government [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 17 | 114 |
Gross Unrealized Losses, Less than 12 Months | 2 | |
Estimated Fair Value, 12 Months or Longer | 2 | 124 |
Gross Unrealized Losses, 12 Months or Longer | 2 | |
Total Estimated Fair Value | 19 | 238 |
Total Gross Unrealized Losses | 4 | |
Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 1,590 | 12,689 |
Gross Unrealized Losses, Less than 12 Months | 31 | 404 |
Estimated Fair Value, 12 Months or Longer | 278 | 2,614 |
Gross Unrealized Losses, 12 Months or Longer | 19 | 117 |
Total Estimated Fair Value | 1,868 | 15,303 |
Total Gross Unrealized Losses | $ 50 | $ 521 |
Investments - Pretax Credit Los
Investments - Pretax Credit Loss Component Reflected in Retained Earnings on Fixed Maturity Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Beginning balance of credit losses on fixed maturity securities | $ 16 | $ 21 | $ 18 | $ 27 |
Reductions for securities sold during the period | (2) | (2) | (8) | |
Ending balance of credit losses on fixed maturity securities | $ 16 | $ 19 | $ 16 | $ 19 |
Investments - Available-for-Sal
Investments - Available-for-Sale Fixed Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Cost or Amortized Cost, Due in one year or less | $ 1,071 | $ 1,350 |
Cost or Amortized Cost, Due after one year through five years | 10,992 | 7,979 |
Cost or Amortized Cost, Due after five years through ten years | 13,694 | 16,859 |
Cost or Amortized Cost, Due after ten years | 12,496 | 11,893 |
Cost or Amortized Cost, Total | 38,253 | 38,081 |
Estimated Fair Value, Due in one year or less | 1,091 | 1,359 |
Estimated Fair Value, Due after one year through five years | 11,470 | 8,139 |
Estimated Fair Value, Due after five years through ten years | 14,711 | 16,870 |
Estimated Fair Value, Due after ten years | 15,182 | 13,174 |
Estimated Fair Value, Total | $ 42,454 | $ 39,542 |
Investments - Summary of Aggreg
Investments - Summary of Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Embedded Derivative on Funds Withheld Liability [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | $ 170 | $ 172 |
Estimated Fair Value, Asset | 4 | |
Estimated Fair Value, (Liability) | (9) | |
With Hedge Designation [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 715 | 500 |
Estimated Fair Value, Asset | 11 | |
Estimated Fair Value, (Liability) | (13) | |
Without Hedge Designation [Member] | Equity Markets, Options - Purchased [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 150 | 213 |
Estimated Fair Value, Asset | 4 | 18 |
Without Hedge Designation [Member] | Equity Markets, Options - Written [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | 98 | 239 |
Estimated Fair Value, (Liability) | $ (3) | (17) |
Without Hedge Designation [Member] | Commodity Futures [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Contractual/Notional Amount | $ 32 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
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 | $ (44) | $ (23) |
Corporate Bonds and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 22,679 | 19,810 |
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 | 10,795 | 10,748 |
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 | 8,980 | 8,984 |
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 | 42,454 | 39,542 |
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 | 35 | 157 |
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 | 42,489 | 39,699 |
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 | 1,317 | 1,293 |
Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 11 | |
Short Term and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 4,469 | 3,758 |
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 | (30) | (23) |
Level 1 [Member] | Corporate Bonds and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 161 | 196 |
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 | 161 | 196 |
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 | 161 | 196 |
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 | 641 | 704 |
Level 1 [Member] | Short Term and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 3,306 | 2,647 |
Level 2 [Member] | Payable to Brokers [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities, measured on a recurring basis | (14) | |
Level 2 [Member] | Corporate Bonds and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 22,090 | 19,392 |
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 | 10,795 | 10,748 |
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 | 8,784 | 8,787 |
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 | 41,669 | 38,927 |
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 | 31 | 151 |
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 | 41,700 | 39,078 |
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 | 653 | 570 |
Level 2 [Member] | Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 11 | |
Level 2 [Member] | Short Term and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 1,163 | 1,111 |
Level 3 [Member] | Corporate Bonds and Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets, measured on a recurring basis | 428 | 222 |
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 | 196 | 197 |
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 | 624 | 419 |
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 | 628 | 425 |
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 | $ 23 | $ 19 |
Fair Value - Reconciliations of
Fair Value - Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Corporate Bonds and Other [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 338 | $ 94 | $ 222 | $ 98 |
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses), Included in Net Income (Loss) | (1) | |||
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses), Included in OCI | 14 | 34 | (1) | |
Purchases | 79 | 67 | 211 | 69 |
Sales | (5) | |||
Settlements | (3) | (3) | (7) | (7) |
Transfers into Level 3 | 30 | 35 | ||
Transfers out of Level 3 | (32) | |||
Ending balance | 428 | 188 | 428 | 188 |
Unrealized Gains (Losses) Recognized in other Comprehensive Income (Loss) on Level 3 Assets and Liabilities | 14 | 29 | (2) | |
States, Municipalities and Political Subdivisions [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 1 | 1 | ||
Settlements | (1) | (1) | ||
Total Asset-Backed [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 193 | 273 | 197 | 335 |
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses), Included in Net Income (Loss) | (2) | 5 | ||
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses), Included in OCI | 1 | 8 | (6) | |
Purchases | 22 | 55 | 42 | 126 |
Sales | (72) | |||
Settlements | (4) | (25) | (12) | (37) |
Transfers into Level 3 | 29 | 45 | 42 | |
Transfers out of Level 3 | (16) | (32) | (84) | (95) |
Ending balance | 196 | 298 | 196 | 298 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | (2) | (2) | ||
Unrealized Gains (Losses) Recognized in other Comprehensive Income (Loss) on Level 3 Assets and Liabilities | 2 | 1 | 9 | (2) |
Total Fixed Maturities Available-for-Sale [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 531 | 368 | 419 | 434 |
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses), Included in Net Income (Loss) | (2) | 4 | ||
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses), Included in OCI | 15 | 42 | (7) | |
Purchases | 101 | 122 | 253 | 195 |
Sales | (77) | |||
Settlements | (7) | (29) | (19) | (45) |
Transfers into Level 3 | 59 | 45 | 77 | |
Transfers out of Level 3 | (16) | (32) | (116) | (95) |
Ending balance | 624 | 486 | 624 | 486 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | (2) | (2) | ||
Unrealized Gains (Losses) Recognized in other Comprehensive Income (Loss) on Level 3 Assets and Liabilities | 16 | 1 | 38 | (4) |
Fixed Maturities Trading [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 4 | 7 | 6 | 4 |
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses), Included in Net Income (Loss) | (2) | 3 | ||
Sales | (1) | (1) | ||
Ending balance | 4 | 6 | 4 | 6 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | (2) | 2 | ||
Fixed Maturity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 535 | 375 | 425 | 438 |
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses), Included in Net Income (Loss) | (2) | (2) | 7 | |
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses), Included in OCI | 15 | 42 | (7) | |
Purchases | 101 | 122 | 253 | 195 |
Sales | (1) | (78) | ||
Settlements | (7) | (29) | (19) | (45) |
Transfers into Level 3 | 59 | 45 | 77 | |
Transfers out of Level 3 | (16) | (32) | (116) | (95) |
Ending balance | 628 | 492 | 628 | 492 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | (2) | (2) | ||
Unrealized Gains (Losses) Recognized in other Comprehensive Income (Loss) on Level 3 Assets and Liabilities | 16 | 1 | 38 | (4) |
Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 23 | 18 | 19 | 22 |
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses), Included in Net Income (Loss) | 1 | 2 | (2) | |
Purchases | 2 | |||
Sales | (1) | |||
Ending balance | $ 23 | 19 | 23 | 19 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities | $ 1 | $ 2 | $ (2) |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information about Significant Unobservable Inputs Utilized by Company in Fair Value Measurements of Level 3 Assets (Detail) $ in Millions | Sep. 30, 2019USD ($)Segment | Dec. 31, 2018USD ($)Segment |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated fair value | $ | $ 42,454 | $ 39,542 |
Level 3 [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated fair value | $ | $ 496 | $ 228 |
Minimum [Member] | Level 3 [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Measurement input | 1 | 1 |
Maximum [Member] | Level 3 [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Measurement input | 6 | 12 |
Weighted Average [Member] | Level 3 [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Measurement input | 2 | (3) |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Estimate Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | $ 950 | $ 827 |
Short term debt | 85 | 14 |
Long term debt | 11,233 | 10,764 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 923 | 839 |
Short term debt | 85 | 15 |
Long term debt | 11,383 | 11,345 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short term debt | 14 | |
Long term debt | 10,111 | |
Level 2 [Member] | Estimate Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short term debt | 9 | |
Long term debt | 10,638 | |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 827 | |
Long term debt | $ 653 | |
Level 3 [Member] | Estimate Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, primarily mortgage loans | 950 | |
Short term debt | 76 | |
Long term debt | $ 595 |
Claim and Claim Adjustment Ex_3
Claim and Claim Adjustment Expense Reserves - Additional Information (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2010 | Dec. 31, 2018 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||
Catastrophe losses, net of reinsurance | $ 32 | $ 46 | $ 128 | $ 106 | ||
Net A&EP adverse development before consideration of LPT | 113 | |||||
Fair value of the collateral trust account | 3,300 | 3,300 | $ 2,700 | |||
Changes In Claims And Claims Adjustment Reserve | 56 | 31 | ||||
Additions To Long-Duration Insurance at Original Discount Rate | 216 | 216 | ||||
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 | (3,100) | (3,100) | (3,100) | |||
Remaining unrecognized retroactive reinsurance benefit | 331 | 331 | $ 374 | |||
Property and Casualty Operations [Member] | ||||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||
Unfavorable net prior development | $ 16 | |||||
Favorable net prior year development | $ 62 | $ 29 | $ 160 |
Claim and Claim Adjustment Ex_4
Claim and Claim Adjustment Expense Reserves - Reconciliation of Claim and Claim Adjustment Expense Reserves (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Gross reserves, beginning of year | $ 21,984 | $ 22,004 |
Ceded reserves, beginning of year | 4,019 | 3,934 |
Net reserves, beginning of year | 17,965 | 18,070 |
Net incurred claim and claim adjustment expenses: | ||
Provision for insured events of current year | 3,968 | 3,866 |
Increase (decrease) in provision for insured events of prior years | (65) | (173) |
Amortization of discount | 143 | 136 |
Total net incurred | 4,046 | 3,829 |
Net payments attributable to: | ||
Current year events | (599) | (658) |
Prior year events | (3,547) | (3,415) |
Total net payments | (4,146) | (4,073) |
Foreign currency translation adjustment and other | 29 | (80) |
Net reserves, end of period | 17,894 | 17,746 |
Ceded reserves, end of period | 3,702 | 3,858 |
Gross reserves, end of period | $ 21,596 | $ 21,604 |
Claim and Claim Adjustment Ex_5
Claim and Claim Adjustment Expense Reserves - Net Prior Year Development in CNA's Property and Casualty Operations (Detail) - CNA Financial [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Medical professional liability | $ 29 | $ 15 | $ 59 | $ 38 |
Other professional liability and management liability | (18) | (45) | (37) | (113) |
Surety | (43) | (20) | (83) | (50) |
Commercial auto | (16) | 1 | (24) | |
General liability | 43 | (5) | 36 | 13 |
Workers' compensation | 7 | (2) | 2 | (14) |
Other | 14 | (6) | 18 | (34) |
Total pretax (favorable) unfavorable development | $ 16 | $ (62) | $ (29) | $ (160) |
Claim and Claim Adjustment Ex_6
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Additional amounts ceded under LPT: | ||||
Net A&EP adverse development before consideration of LPT | $ 113 | |||
Provision for uncollectible third-party reinsurance on A&EP | (16) | |||
Total additional amounts ceded under LPT | $ 0 | $ 0 | $ 0 | 97 |
Retroactive reinsurance benefit recognized | (7) | (12) | (43) | (84) |
Pretax impact of deferred retroactive reinsurance | $ (7) | $ (12) | $ (43) | $ 13 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating lease asset | $ 612 | $ 612 |
Operating lease liability | 694 | 694 |
Operating lease cost | 31 | 90 |
Variable lease cost | 5 | 14 |
Short term lease cost | 1 | 5 |
Lease liability cash payments | $ 28 | $ 87 |
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, 2018USD ($) |
Leases [Abstract] | |
Operating leases, Future Minimum Lease Payments, 2019 | $ 75 |
Operating leases, Future Minimum Lease Payments, 2020 | 79 |
Operating leases, Future Minimum Lease Payments, 2021 | 79 |
Operating leases, Future Minimum Lease Payments, 2022 | 68 |
Operating leases, Future Minimum Lease Payments, 2023 | 57 |
Operating leases, Future Minimum Lease Payments, Thereafter | 344 |
Operating leases, Future Minimum Lease Payments, Total | $ 702 |
Leases - Presents the maturitie
Leases - Presents the maturities of lease liabilities (Detail) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, 2019 | $ 25 |
Lessee, Operating Lease, Liability, Payments, 2020 | 111 |
Lessee, Operating Lease, Liability, Payments, 2021 | 109 |
Lessee, Operating Lease, Liability, Payments, 2022 | 98 |
Lessee, Operating Lease, Liability, Payments, 2023 | 87 |
Lessee, Operating Lease, Liability, Payments, Thereafter | 435 |
Lessee, Operating Lease, Liability, Payments, Lessee, Operating Lease, Total | 865 |
Discount on Operating Less: discount | 171 |
Operating Lease, Total lease liabilities | $ 694 |
Leases - other information rela
Leases - other information related to leases (Detail) | Sep. 30, 2019 |
Weighted Average Remaining Lease Term [Abstract] | |
Operating leases | 9 years 6 months |
Weighted Average Discount Rate [Abstract] | |
Operating leases | 4.70% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 9 Months Ended |
May 31, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | |
CNA Financial [Member] | Three Point Nine Percentage Notes Due Two Thousand Twenty Nine [Member] | |||
Aggregate principal amount | $ 500 | ||
Percentage of senior notes | 3.90% | ||
Senior notes due date | May 1, 2029 | ||
Debt Instrument, Maturity Date | May 1, 2029 | ||
CNA Financial [Member] | Five Point Nine Percentage Notes Due Two Zero Two Zero [Member] | |||
Percentage of senior notes | 5.90% | ||
Senior notes due date | Aug. 15, 2020 | ||
Aggregate outstanding principal amount | $ 500 | ||
Gain (Loss) on Extinguishment of Debt | $ (21) | ||
Extinguishment of Debt, Gain (Loss), Net of Tax | $ (15) | ||
Debt Instrument, Maturity Date | Aug. 15, 2020 | ||
Boardwalk Pipeline [Member] | Five Point Eight Percentage Notes Due Two Zero One Nine [Member] | |||
Percentage of senior notes | 5.80% | ||
Aggregate outstanding principal amount | $ 350 | ||
Senior notes due year | 2019 | ||
Boardwalk Pipeline [Member] | Four Point Eight Percentage Due Two Thousand Twenty Nine [Member] | |||
Aggregate principal amount | $ 500 | ||
Percentage of senior notes | 4.80% | ||
Senior notes due date | May 3, 2029 | ||
Debt Instrument, Maturity Date | May 3, 2029 | ||
Consolidated Container [Member] | Term Loan [Member] | |||
Senior notes due date | Jun. 14, 2026 | Jun. 14, 2026 | |
Credit agreement term loan | $ 250 | ||
Debt Instrument, Description of Variable Rate Basis | London Interbank Offered Rate (“LIBOR”) plus an applicable margin of 3.5% | ||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Debt Instrument, Maturity Date | Jun. 14, 2026 | Jun. 14, 2026 |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 22,394 | $ 21,858 | $ 21,386 | $ 24,566 |
Cumulative effect adjustments from changes in accounting standards | (91) | |||
Balance, as adjusted | 24,475 | |||
Other comprehensive income (loss) | 16 | (151) | 1,005 | (757) |
Purchase of Boardwalk Pipelines common units | (1,718) | |||
Ending Balance | 22,258 | 21,886 | 22,258 | 21,886 |
OTTI Gains (Losses) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 18 | 17 | 14 | 22 |
Cumulative effect adjustments from changes in accounting standards | 4 | |||
Balance, as adjusted | 26 | |||
Other comprehensive income (loss) before reclassifications, after tax | (1) | 3 | (12) | |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 1 | 1 | ||
Other comprehensive income (loss) | (1) | 4 | (11) | |
Amounts attributable to noncontrolling interests | 1 | |||
Ending Balance | 18 | 16 | 18 | 16 |
Unrealized Gains (Losses) on Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 917 | 244 | 57 | 673 |
Cumulative effect adjustments from changes in accounting standards | 98 | |||
Balance, as adjusted | 771 | |||
Other comprehensive income (loss) before reclassifications, after tax | 44 | (148) | 999 | (718) |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | (3) | (10) | 4 | (28) |
Other comprehensive income (loss) | 41 | (158) | 1,003 | (746) |
Amounts attributable to noncontrolling interests | (5) | 17 | (107) | 78 |
Ending Balance | 953 | 103 | 953 | 103 |
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (7) | 13 | 5 | |
Other comprehensive income (loss) before reclassifications, after tax | (4) | (16) | 12 | |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 2 | |||
Other comprehensive income (loss) | (4) | (16) | 14 | |
Purchase of Boardwalk Pipelines common units | (1) | |||
Ending Balance | (11) | 13 | (11) | 13 |
Pension Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (780) | (774) | (793) | (633) |
Cumulative effect adjustments from changes in accounting standards | (130) | |||
Balance, as adjusted | (763) | |||
Other comprehensive income (loss) before reclassifications, after tax | (1) | |||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 10 | 8 | 26 | 27 |
Other comprehensive income (loss) | 10 | 8 | 25 | 27 |
Amounts attributable to noncontrolling interests | 1 | (2) | (1) | |
Purchase of Boardwalk Pipelines common units | (28) | |||
Ending Balance | (770) | (765) | (770) | (765) |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (145) | (125) | (163) | (88) |
Balance, as adjusted | (88) | |||
Other comprehensive income (loss) before reclassifications, after tax | (31) | (11) | (41) | |
Other comprehensive income (loss) | (31) | (11) | (41) | |
Amounts attributable to noncontrolling interests | 3 | 1 | 4 | |
Ending Balance | (173) | (125) | (173) | (125) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 3 | (625) | (880) | (26) |
Cumulative effect adjustments from changes in accounting standards | (28) | |||
Balance, as adjusted | (54) | |||
Other comprehensive income (loss) before reclassifications, after tax | 9 | (149) | 974 | (759) |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | 7 | (2) | 31 | 2 |
Other comprehensive income (loss) | 16 | (151) | 1,005 | (757) |
Amounts attributable to noncontrolling interests | (2) | 18 | (108) | 82 |
Purchase of Boardwalk Pipelines common units | (29) | |||
Ending Balance | $ 17 | $ (758) | $ 17 | $ (758) |
Shareholders' Equity - Compon_2
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2018 | |
OTTI Gains (Losses) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Tax on change in other comprehensive income (loss) before reclassifications | $ 0 | $ 0 | $ (2) | $ 3 | |
Tax on reclassification from accumulated other comprehensive income | 0 | 0 | 0 | 0 | |
Unrealized Gains (Losses) on Investments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Tax on change in other comprehensive income (loss) before reclassifications | (11) | 40 | (265) | 190 | |
Tax on reclassification from accumulated other comprehensive income | 0 | 2 | (1) | 7 | |
Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Tax on change in other comprehensive income (loss) before reclassifications | 1 | (2) | 5 | (4) | |
Tax on reclassification from accumulated other comprehensive income | 0 | 0 | 0 | 0 | |
Pension Liability [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | |
Tax on reclassification from accumulated other comprehensive income | (2) | (1) | (7) | (6) | |
Foreign Currency Translation [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | |
Tax on reclassification from accumulated other comprehensive income | $ 0 | $ 0 | $ 0 | $ 0 | |
Accounting Standards Update 2016-01 [Member] | OTTI Gains (Losses) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Tax on cumulative effect adjustment for adoption of ASU 2016-01 | $ 0 | ||||
Accounting Standards Update 2016-01 [Member] | Unrealized Gains (Losses) on Investments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Tax on cumulative effect adjustment for adoption of ASU 2016-01 | 8 | ||||
Accounting Standards Update 2016-01 [Member] | Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Tax on cumulative effect adjustment for adoption of ASU 2016-01 | 0 | ||||
Accounting Standards Update 2016-01 [Member] | Pension Liability [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Tax on cumulative effect adjustment for adoption of ASU 2016-01 | 0 | ||||
Accounting Standards Update 2016-01 [Member] | Foreign Currency Translation [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Tax on cumulative effect adjustment for adoption of ASU 2016-01 | $ 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Equity [Abstract] | ||||
Treasury stock repurchased, shares | 13.2 | 17.4 | ||
Purchase of Loews treasury stock | $ 169 | $ 88 | $ 642 | $ 876 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenues (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenues and other | $ 960 | $ 988 | $ 2,906 | $ 3,010 |
Total revenues from contracts with customers | 940 | 951 | 2,852 | 2,939 |
Other revenues | 20 | 37 | 54 | 71 |
CNA Financial [Member] | Non-insurance Warranty [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 292 | 258 | 858 | 744 |
Diamond Offshore [Member] | Drilling Contracts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 254 | 287 | 704 | 851 |
Boardwalk Pipeline [Member] | Transportation and Storage of Natural Gas and NGLs and Other Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 287 | 274 | 947 | 886 |
Loews Hotels And Co [Member] | Lodging and Related Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 147 | 167 | 512 | 550 |
Corporate [Member] | Rigid Plastic Packaging and Recycled Resin [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | $ 252 | $ 223 | $ 689 | $ 652 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Receivables from contracts with customers, included within Receivables | $ 428 | $ 434 | |
Deferred revenue, included within Other liabilities | 3,707 | 3,402 | |
Revenue recognized | 778 | $ 685 | |
Performance obligations | 13,100 | ||
Deferred NonInsurance Warranty Revenue and Other Liabilities [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Deferred revenue, included within Other liabilities | 3,800 | $ 3,500 | |
2019 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Performance obligations | 600 | ||
2020 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Performance obligations | $ 2,100 |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2 | $ 2 | $ 5 | $ 6 |
Interest cost | 29 | 27 | 88 | 82 |
Expected return on plan assets | (39) | (44) | (119) | (134) |
Amortization of unrecognized net gain (loss) | 10 | 11 | 33 | 32 |
Settlement charge | 1 | 3 | 7 | |
Curtailment gain | (1) | (1) | ||
Net periodic (benefit) cost | 2 | (4) | 9 | (7) |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 1 | 1 | 2 | 2 |
Expected return on plan assets | (1) | (2) | (3) | |
Amortization of unrecognized net gain (loss) | $ (1) | (1) | (1) | (1) |
Amortization of unrecognized prior service benefit | (1) | (2) | ||
Net periodic (benefit) cost | $ (2) | $ (1) | $ (4) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Billions | Sep. 30, 2019USD ($) |
CNA Financial [Member] | |
Commitments [Line Items] | |
Potential amount of future payments under guarantees | $ 1.7 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Number of individual operating subsidiaries | 4 |
Segments - Consolidating Statem
Segments - Consolidating Statement of Income and Total Assets by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Insurance premiums | $ 1,890 | $ 1,853 | $ 5,517 | $ 5,453 |
Net investment income | 525 | 494 | 1,733 | 1,551 |
Investment gains (losses) | 8 | 15 | 41 | 21 |
Non-insurance warranty revenue | 292 | 258 | 858 | 744 |
Operating revenues and other | 960 | 988 | 2,906 | 3,010 |
Total | 3,675 | 3,608 | 11,055 | 10,779 |
Expenses: | ||||
Insurance claims and policyholders' benefits | 1,614 | 1,312 | 4,323 | 3,978 |
Amortization of deferred acquisition costs | 345 | 337 | 1,025 | 992 |
Non-insurance warranty expense | 278 | 235 | 801 | 676 |
Operating expenses and other | 1,234 | 1,224 | 3,614 | 3,637 |
Interest | 144 | 146 | 449 | 430 |
Total | 3,615 | 3,254 | 10,212 | 9,713 |
Income (loss) before income tax | 60 | 354 | 843 | 1,066 |
Income tax (expense) benefit | (21) | (65) | (183) | (149) |
Net income (loss) | 39 | 289 | 660 | 917 |
Amounts attributable to noncontrolling interests | 33 | (11) | 55 | (116) |
Net income (loss) attributable to Loews Corporation | 72 | 278 | 715 | 801 |
CNA Financial [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Insurance premiums | 1,890 | 1,853 | 5,517 | 5,453 |
Net investment income | 487 | 487 | 1,573 | 1,483 |
Investment gains (losses) | 8 | 15 | 41 | 21 |
Non-insurance warranty revenue | 292 | 258 | 858 | 744 |
Operating revenues and other | 9 | 9 | 22 | 30 |
Total | 2,686 | 2,622 | 8,011 | 7,731 |
Expenses: | ||||
Insurance claims and policyholders' benefits | 1,614 | 1,312 | 4,323 | 3,978 |
Amortization of deferred acquisition costs | 345 | 337 | 1,025 | 992 |
Non-insurance warranty expense | 278 | 235 | 801 | 676 |
Operating expenses and other | 291 | 303 | 854 | 904 |
Interest | 31 | 34 | 120 | 104 |
Total | 2,559 | 2,221 | 7,123 | 6,654 |
Income (loss) before income tax | 127 | 401 | 888 | 1,077 |
Income tax (expense) benefit | (20) | (66) | (161) | (181) |
Net income (loss) | 107 | 335 | 727 | 896 |
Amounts attributable to noncontrolling interests | (11) | (35) | (77) | (95) |
Net income (loss) attributable to Loews Corporation | 96 | 300 | 650 | 801 |
Diamond Offshore [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Net investment income | 2 | 2 | 6 | 6 |
Operating revenues and other | 249 | 287 | 705 | 853 |
Total | 251 | 289 | 711 | 859 |
Expenses: | ||||
Operating expenses and other | 322 | 311 | 940 | 927 |
Interest | 31 | 34 | 92 | 92 |
Total | 353 | 345 | 1,032 | 1,019 |
Income (loss) before income tax | (102) | (56) | (321) | (160) |
Income tax (expense) benefit | 10 | 5 | 52 | 59 |
Net income (loss) | (92) | (51) | (269) | (101) |
Amounts attributable to noncontrolling interests | 44 | 24 | 132 | 47 |
Net income (loss) attributable to Loews Corporation | (48) | (27) | (137) | (54) |
Boardwalk Pipeline [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Operating revenues and other | 296 | 279 | 969 | 901 |
Total | 296 | 279 | 969 | 901 |
Expenses: | ||||
Operating expenses and other | 212 | 197 | 616 | 598 |
Interest | 45 | 44 | 136 | 131 |
Total | 257 | 241 | 752 | 729 |
Income (loss) before income tax | 39 | 38 | 217 | 172 |
Income tax (expense) benefit | (10) | (10) | (56) | (24) |
Net income (loss) | 29 | 28 | 161 | 148 |
Amounts attributable to noncontrolling interests | (68) | |||
Net income (loss) attributable to Loews Corporation | 29 | 28 | 161 | 80 |
Loews Hotels And Co [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Net investment income | 1 | 1 | ||
Operating revenues and other | 156 | 190 | 521 | 573 |
Total | 156 | 190 | 522 | 574 |
Expenses: | ||||
Operating expenses and other | 145 | 169 | 464 | 494 |
Interest | 6 | 7 | 16 | 22 |
Total | 151 | 176 | 480 | 516 |
Income (loss) before income tax | 5 | 14 | 42 | 58 |
Income tax (expense) benefit | (2) | (3) | (14) | (17) |
Net income (loss) | 3 | 11 | 28 | 41 |
Net income (loss) attributable to Loews Corporation | 3 | 11 | 28 | 41 |
Corporate [Member] | ||||
Revenues: | ||||
Net investment income | 36 | 5 | 153 | 61 |
Operating revenues and other | 250 | 223 | 689 | 653 |
Total | 286 | 228 | 842 | 714 |
Expenses: | ||||
Operating expenses and other | 264 | 244 | 740 | 714 |
Interest | 31 | 27 | 85 | 81 |
Total | 295 | 271 | 825 | 795 |
Income (loss) before income tax | (9) | (43) | 17 | (81) |
Income tax (expense) benefit | 1 | 9 | (4) | 14 |
Net income (loss) | (8) | (34) | 13 | (67) |
Net income (loss) attributable to Loews Corporation | $ (8) | $ (34) | $ 13 | $ (67) |