v2.4.0.6
Investments (Tables)
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12 Months Ended |
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Short-Term and Long-Term Investments [Table Text Block] |
A summary of short-term and long-term investments by major security type is as follows: | | | | | | | | | | | | | | | | | | (in millions) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | U.S. government and agency obligations | | $ | 2,501 |
| | $ | 38 |
| | $ | (1 | ) | | $ | 2,538 |
| State and municipal obligations | | 6,282 |
| | 388 |
| | (3 | ) | | 6,667 |
| Corporate obligations | | 6,930 |
| | 283 |
| | (4 | ) | | 7,209 |
| U.S. agency mortgage-backed securities | | 2,168 |
| | 70 |
| | — |
| | 2,238 |
| Non-U.S. agency mortgage-backed securities | | 538 |
| | 36 |
| | — |
| | 574 |
| Total debt securities - available-for-sale | | 18,419 |
| | 815 |
| | (8 | ) | | 19,226 |
| Equity securities - available-for-sale | | 668 |
| | 10 |
| | (1 | ) | | 677 |
| Debt securities - held-to-maturity: | | | | | | | | | U.S. government and agency obligations | | 168 |
| | 6 |
| | — |
| | 174 |
| State and municipal obligations | | 30 |
| | — |
| | — |
| | 30 |
| Corporate obligations | | 641 |
| | 2 |
| | — |
| | 643 |
| Total debt securities - held-to-maturity | | 839 |
| | 8 |
| | — |
| | 847 |
| Total investments | | $ | 19,926 |
| | $ | 833 |
| | $ | (9 | ) | | $ | 20,750 |
| | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | U.S. government and agency obligations | | $ | 2,319 |
| | $ | 54 |
| | $ | — |
| | $ | 2,373 |
| State and municipal obligations | | 6,363 |
| | 403 |
| | (1 | ) | | 6,765 |
| Corporate obligations | | 5,825 |
| | 205 |
| | (23 | ) | | 6,007 |
| U.S. agency mortgage-backed securities | | 2,279 |
| | 74 |
| | — |
| | 2,353 |
| Non-U.S. agency mortgage-backed securities | | 476 |
| | 28 |
| | — |
| | 504 |
| Total debt securities - available-for-sale | | 17,262 |
| | 764 |
| | (24 | ) | | 18,002 |
| Equity securities - available-for-sale | | 529 |
| | 23 |
| | (8 | ) | | 544 |
| Debt securities - held-to-maturity: | | | | | | | | | U.S. government and agency obligations | | 166 |
| | 7 |
| | — |
| | 173 |
| State and municipal obligations | | 13 |
| | — |
| | — |
| | 13 |
| Corporate obligations | | 18 |
| | — |
| | — |
| | 18 |
| Total debt securities - held-to-maturity | | 197 |
| | 7 |
| | — |
| | 204 |
| Total investments | | $ | 17,988 |
| | $ | 794 |
| | $ | (32 | ) | | $ | 18,750 |
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Fair Value of Available-for-Sale Investments with Gross Unrealized Losses by Investment Type and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position [Table Text Block] |
The fair value of available-for-sale investments with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or Greater | | Total | (in millions) | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | | | | | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | | | | | U.S. Government and Agency Obligations | | $ | 183 |
| | $ | (1 | ) | | $ | — |
| | $ | — |
| | $ | 183 |
| | $ | (1 | ) | State and municipal obligations | | 362 |
| | (3 | ) | | — |
| | — |
| | 362 |
| | (3 | ) | Corporate obligations | | 695 |
| | (4 | ) | | — |
| | — |
| | 695 |
| | (4 | ) | Total debt securities - available-for-sale | | $ | 1,240 |
| | $ | (8 | ) | | $ | — |
| | $ | — |
| | $ | 1,240 |
| | $ | (8 | ) | Equity securities - available-for-sale | | $ | 13 |
| | $ | (1 | ) | | $ | — |
| | $ | — |
| | $ | 13 |
| | $ | (1 | ) | | | | | | | | | | | | | | Debt securities - available-for-sale: | | | | | | | | | | | | | State and municipal obligations | | $ | 85 |
| | $ | (1 | ) | | $ | 21 |
| | $ | — |
| | $ | 106 |
| | $ | (1 | ) | Corporate obligations | | 1,496 |
| | (22 | ) | | 28 |
| | (1 | ) | | 1,524 |
| | (23 | ) | Total debt securities - available-for-sale | | $ | 1,581 |
| | $ | (23 | ) | | $ | 49 |
| | $ | (1 | ) | | $ | 1,630 |
| | $ | (24 | ) | Equity securities - available-for-sale | | $ | 24 |
| | $ | (7 | ) | | $ | 3 |
| | $ | (1 | ) | | $ | 27 |
| | $ | (8 | ) |
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Net Realized Gains, Included in Investment and Other Income [Table Text Block] |
Net realized gains included in Investment and Other Income on the Consolidated Statements of Operations were from the following sources: | | | | | | | | | | | | | | | | For the Year Ended December 31, | (in millions) | | 2012 | | 2011 | | 2010 | Total OTTI | | $ | (6 | ) | | $ | (12 | ) | | $ | (23 | ) | Portion of loss recognized in other comprehensive income | | — |
| | — |
| | — |
| Net OTTI recognized in earnings | | (6 | ) | | (12 | ) | | (23 | ) | Gross realized losses from sales | | (13 | ) | | (11 | ) | | (6 | ) | Gross realized gains from sales | | 175 |
| | 136 |
| | 100 |
| Net realized gains | | $ | 156 |
| | $ | 113 |
| | $ | 71 |
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U.S. Agency Mortgage-Backed Securities [Member]
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Investments by Contractual Maturity [Table Text Block] |
The fair values of the Company’s mortgage-backed securities by credit rating (when multiple credit ratings are available for an individual security, the average of the available ratings is used) and origination as of December 31, 2012 were as follows: | | | | | | | | | | | | | | | | | | | | | | (in millions) | | AAA | | AA | | A | | Non-Investment Grade | | Total Fair Value | 2012 | | $ | 123 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 123 |
| 2011 | | 27 |
| | — |
| | — |
| | — |
| | 27 |
| 2010 | | — |
| | 3 |
| | — |
| | — |
| | 3 |
| 2007 | | 88 |
| | — |
| | — |
| | 2 |
| | 90 |
| 2006 | | 137 |
| | — |
| | 11 |
| | 8 |
| | 156 |
| Pre - 2006 | | 167 |
| | 5 |
| | — |
| | 3 |
| | 175 |
| U.S. agency mortgage-backed securities | | 2,238 |
| | — |
| | — |
| | — |
| | 2,238 |
| Total | | $ | 2,780 |
| | $ | 8 |
| | $ | 11 |
| | $ | 13 |
| | $ | 2,812 |
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Held-to-maturity Securities [Member]
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Investments by Contractual Maturity [Table Text Block] |
The amortized cost and fair value of held-to-maturity debt securities as of December 31, 2012, by contractual maturity, were as follows: | | | | | | | | | | (in millions) | | Amortized Cost | | Fair Value | Due in one year or less | | $ | 435 |
| | $ | 436 |
| Due after one year through five years | | 126 |
| | 129 |
| Due after five years through ten years | | 177 |
| | 180 |
| Due after ten years | | 101 |
| | 102 |
| Total debt securities - held-to-maturity | | $ | 839 |
| | $ | 847 |
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Available-for-sale Securities [Member]
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Investments by Contractual Maturity [Table Text Block] |
The amortized cost and fair value of available-for-sale debt securities as of December 31, 2012, by contractual maturity, were as follows: | | | | | | | | | | (in millions) | | Amortized Cost | | Fair Value | Due in one year or less | | $ | 3,107 |
| | $ | 3,120 |
| Due after one year through five years | | 6,249 |
| | 6,471 |
| Due after five years through ten years | | 4,695 |
| | 5,039 |
| Due after ten years | | 1,662 |
| | 1,784 |
| U.S. agency mortgage-backed securities | | 2,168 |
| | 2,238 |
| Non-U.S. agency mortgage-backed securities | | 538 |
| | 574 |
| Total debt securities - available-for-sale | | $ | 18,419 |
| | $ | 19,226 |
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- Definition
Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities.
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Tabular disclosure of realized gains and losses on investments reported in the statement of income.
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Tabular disclosure of unrealized gains and losses on investments.
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