Investments (Tables)

12 Months Ended

Dec. 31, 2015

Investments

Fixed Maturities and Equity Securities Available-for-Sale (Table)

	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value		Other-than- temporary impairments in AOCI (1)
	(in millions)
December 31, 2015
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,488.4	$	23.4	$	8.3	$	1,503.5	$	—
Non-U.S. governments		669.8		128.5		5.0		793.3		—
States and political subdivisions		4,501.8		234.7		19.4		4,717.1		—
Corporate		30,245.5		1,532.9		638.2		31,140.2		5.9
Residential mortgage-backed pass-through securities		2,549.4		90.0		11.9		2,627.5		—
Commercial mortgage-backed securities		3,932.5		65.3		78.0		3,919.8		80.7
Collateralized debt obligations		692.7		1.4		26.6		667.5		1.3
Other debt obligations		4,594.2		39.2		35.8		4,597.6		58.2
Total fixed maturities, available-for-sale	$	48,674.3	$	2,115.4	$	823.2	$	49,966.5	$	146.1
Total equity securities, available-for-sale	$	111.2	$	7.5	$	14.2	$	104.5
December 31, 2014
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,085.6	$	39.1	$	2.9	$	1,121.8	$	—
Non-U.S. governments		704.4		188.3		1.6		891.1		—
States and political subdivisions		3,916.8		291.3		4.1		4,204.0		—
Corporate		29,308.3		2,442.6		215.9		31,535.0		18.4
Residential mortgage-backed pass-through securities		2,702.9		126.3		6.3		2,822.9		—
Commercial mortgage-backed securities		3,896.9		141.5		62.9		3,975.5		88.9
Collateralized debt obligations		521.2		3.5		20.6		504.1		1.3
Other debt obligations		4,583.4		57.5		24.5		4,616.4		66.9
Total fixed maturities, available-for-sale	$	46,719.5	$	3,290.1	$	338.8	$	49,670.8	$	175.5
Total equity securities, available-for-sale	$	125.1	$	7.7	$	9.8	$	123.0

(1) Excludes $131.5 million and $167.5 million as of December 31, 2015 and December 31, 2014, respectively, of net unrealized gains on impaired fixed maturities, available-for-sale related to changes in fair value subsequent to the impairment date, which are included in gross unrealized gains and gross unrealized losses.

Fixed Maturities Available-for-Sale by Contractual Maturity (Table)

	Amortized cost		Fair value
	(in millions)
Due in one year or less	$	2,674.0	$	2,695.0
Due after one year through five years		13,074.3		13,379.1
Due after five years through ten years		8,333.4		8,460.7
Due after ten years		12,823.8		13,619.3
Subtotal		36,905.5		38,154.1
Mortgage-backed and other asset-backed securities		11,768.8		11,812.4
Total	$	48,674.3	$	49,966.5

Net Investment Income (Table)

	For the year ended December 31,
	2015			2014			2013
	(in millions)
Fixed maturities, available-for-sale	$	2,131.8		$	2,283.8		$	2,321.3
Fixed maturities, trading		21.4			27.9			22.5
Equity securities, available-for-sale		15.0			7.0			7.6
Equity securities, trading		35.2			61.4			19.8
Mortgage loans		575.1			630.9			611.5
Real estate		97.1			103.8			61.2
Policy loans		46.3			49.4			49.9
Cash and cash equivalents		8.5			6.5			14.0
Derivatives		(66.6	)		(88.0	)		(115.2	)
Other		265.3			252.1			222.0
Total		3,129.1			3,334.8			3,214.6
Investment expenses		(77.0	)		(76.9	)		(76.2	)
Net investment income	$	3,052.1		$	3,257.9		$	3,138.4

Net Realized Capital Gains and Losses (Table)

	For the year ended December 31,
	2015			2014			2013
	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	20.9		$	61.3		$	30.5
Gross losses		(6.7	)		(24.1	)		(15.9	)
Net impairment losses		(30.5	)		(88.0	)		(115.7	)
Hedging, net		(58.3	)		(21.5	)		(115.5	)
Fixed maturities, trading		(12.3	)		31.2			(7.1	)
Equity securities, available-for-sale:
Gross gains		1.2			0.2			0.8
Gross losses		(1.8	)		(0.2	)		—
Net impairment recoveries (losses)		0.3			10.0			(0.3	)
Equity securities, trading		(3.4	)		21.7			26.9
Mortgage loans		(0.1	)		(9.4	)		(15.8	)
Derivatives		38.1			13.1			(23.0	)
Other		1.5			20.4			9.9
Net realized capital gains (losses)	$	(51.1	)	$	14.7		$	(225.2	)

Other-Than-Temporary Impairment Losses, Net of Recoveries (Table)

	For the year ended December 31,
	2015			2014			2013
	(in millions)
Fixed maturities, available-for-sale	$	(1.1	)	$	13.8		$	(91.2	)
Equity securities, available-for-sale		0.3			10.0			(0.3	)
Total other-than-temporary impairment losses, net of recoveries from the sale of previously impaired securities		(0.8	)		23.8			(91.5	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from OCI (1)		(29.4	)		(101.8	)		(24.5	)
Net impairment losses on available-for-sale securities	$	(30.2	)	$	(78.0	)	$	(116.0	)

(1) Represents the net impact of (a) gains resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI and (b) losses resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold.

Other-Than-Temporary Impairment, Credit Losses Recognized in Earnings (Table)

	For the year ended December 31,
	2015			2014			2013
	(in millions)
Beginning balance	$	(144.4	)	$	(235.4	)	$	(335.2	)
Credit losses for which an other-than-temporary impairment was not previously recognized		(6.1	)		(11.3	)		(15.1	)
Credit losses for which an other-than-temporary impairment was previously recognized		(13.8	)		(67.4	)		(75.9	)
Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold		24.7			163.1			177.6
Net reduction for positive changes in cash flows expected to be collected and amortization (1)		7.5			6.6			12.6
Foreign currency translation adjustment		0.6			—			0.6
Ending balance	$	(131.5	)	$	(144.4	)	$	(235.4	)

(1) Amounts are recognized in net investment income.

Gross Unrealized Losses for Fixed Maturities and Equity Securities (Table)

	December 31, 2015
	Less than twelve months				Greater than or equal to twelve months				Total
	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	590.4	$	7.6	$	40.5	$	0.7	$	630.9	$	8.3
Non-U.S. governments		86.3		3.1		16.1		1.9		102.4		5.0
States and political subdivisions		692.0		19.0		6.5		0.4		698.5		19.4
Corporate		7,975.7		309.3		1,375.0		328.9		9,350.7		638.2
Residential mortgage-backed pass-through securities		656.7		6.7		147.9		5.2		804.6		11.9
Commercial mortgage-backed securities		1,480.8		27.3		299.5		50.7		1,780.3		78.0
Collateralized debt obligations		426.9		3.8		164.0		22.8		590.9		26.6
Other debt obligations		2,512.7		19.1		403.5		16.7		2,916.2		35.8
Total fixed maturities, available-for-sale	$	14,421.5	$	395.9	$	2,453.0	$	427.3	$	16,874.5	$	823.2
Total equity securities, available-for-sale	$	0.8	$	1.0	$	32.7	$	13.2	$	33.5	$	14.2

	December 31, 2014
	Less than twelve months				Greater than or equal to twelve months				Total
	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	211.5	$	0.7	$	95.0	$	2.2	$	306.5	$	2.9
Non-U.S. governments		20.3		1.4		7.5		0.2		27.8		1.6
States and political subdivisions		208.1		0.7		210.5		3.4		418.6		4.1
Corporate		3,072.1		76.8		1,238.3		139.1		4,310.4		215.9
Residential mortgage-backed pass-through securities		18.0		—		395.3		6.3		413.3		6.3
Commercial mortgage-backed securities		375.3		3.0		395.0		59.9		770.3		62.9
Collateralized debt obligations		114.8		1.0		112.0		19.6		226.8		20.6
Other debt obligations		971.2		3.5		432.7		21.0		1,403.9		24.5
Total fixed maturities, available-for-sale	$	4,991.3	$	87.1	$	2,886.3	$	251.7	$	7,877.6	$	338.8
Total equity securities, available-for-sale	$	10.0	$	—	$	36.0	$	9.8	$	46.0	$	9.8

Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table)

	December 31, 2015			December 31, 2014
	(in millions)
Net unrealized gains on fixed maturities, available-for-sale (1)	$	1,376.0		$	3,079.1
Noncredit component of impairment losses on fixed maturities, available-for-sale		(146.1	)		(175.5	)
Net unrealized losses on equity securities, available-for-sale		(6.7	)		(2.1	)
Adjustments for assumed changes in amortization patterns		(127.0	)		(346.8	)
Adjustments for assumed changes in policyholder liabilities		(309.7	)		(1,078.6	)
Net unrealized gains on derivative instruments		181.6			160.1
Net unrealized gains on equity method subsidiaries and noncontrolling interest adjustments		98.0			88.9
Provision for deferred income taxes		(350.2	)		(576.8	)
Net unrealized gains on available-for-sale securities and derivative instruments	$	715.9		$	1,148.3

(1) Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.

Mortgage Loans (Table)

	December 31, 2015			December 31, 2014
	(in millions)
Commercial mortgage loans	$	11,265.3		$	10,723.8
Residential mortgage loans		1,125.7			1,144.3
Total amortized cost		12,391.0			11,868.1
Valuation allowance		(51.6	)		(56.5	)
Total carrying value	$	12,339.4		$	11,811.6

Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table)

	December 31, 2015					December 31, 2014
	Amortized cost		Percent of total			Amortized cost		Percent of total
	($ in millions)
Geographic distribution
New England	$	509.4		4.5	%	$	528.0		4.9	%
Middle Atlantic		3,075.6		27.3			2,951.0		27.5
East North Central		451.8		4.0			442.1		4.1
West North Central		264.3		2.3			233.3		2.2
South Atlantic		2,072.7		18.4			1,970.9		18.4
East South Central		215.1		1.9			197.4		1.8
West South Central		1,120.6		9.9			1,023.9		9.5
Mountain		898.8		8.0			772.0		7.2
Pacific		2,614.1		23.2			2,565.5		24.0
International		42.9		0.5			39.7		0.4
Total	$	11,265.3		100.0	%	$	10,723.8		100.0	%
Property type distribution
Office	$	4,010.0		35.6	%	$	3,646.1		34.0	%
Retail		2,521.6		22.4			2,512.1		23.4
Industrial		1,840.9		16.3			1,918.7		17.9
Apartments		2,474.2		22.0			2,200.5		20.5
Hotel		320.5		2.7			331.5		3.1
Mixed use/other		98.1		1.0			114.9		1.1
Total	$	11,265.3		100.0	%	$	10,723.8		100.0	%

Commercial Mortgage Loan Portfolio by Credit Risk (Table)

	December 31, 2015
	Brick and mortar		CTL		Total
	(in millions)
A– and above	$	9,844.2	$	224.0	$	10,068.2
BBB+ thru BBB–		892.4		119.5		1,011.9
BB+ thru BB–		159.6		0.1		159.7
B+ and below		24.8		0.7		25.5
Total	$	10,921.0	$	344.3	$	11,265.3

	December 31, 2014
	Brick and mortar		CTL		Total
	(in millions)
A– and above	$	9,115.8	$	168.8	$	9,284.6
BBB+ thru BBB–		1,041.0		178.5		1,219.5
BB+ thru BB–		148.3		—		148.3
B+ and below		69.8		1.6		71.4
Total	$	10,374.9	$	348.9	$	10,723.8

Performing and Non-Performing Residential Mortgage Loans (Table)

	December 31, 2015
	Home equity		First liens		Total
	(in millions)
Performing	$	208.0	$	895.6	$	1,103.6
Nonperforming		10.8		11.3		22.1
Total	$	218.8	$	906.9	$	1,125.7

	December 31, 2014
	Home equity		First liens		Total
	(in millions)
Performing	$	268.4	$	847.6	$	1,116.0
Nonperforming		15.0		13.3		28.3
Total	$	283.4	$	860.9	$	1,144.3

Non-Accrual Mortgage Loans (Table)

	December 31, 2015		December 31, 2014
	(in millions)
Commercial:
Brick and mortar	$	—	$	9.6
Residential:
Home equity		10.8		15.0
First liens		7.9		8.8
Total	$	18.7	$	33.4

Mortgage Loans Aging (Table)

	December 31, 2015
	30 - 59 days past due		60 - 89 days past due		90 days or more past due		Total past due		Current		Total loans		Recorded investment 90 days or more and accruing
	(in millions)
Commercial-brick and mortar	$	—	$	—	$	—	$	—	$	10,921.0	$	10,921.0	$	—
Commercial-CTL		—		—		—		—		344.3		344.3		—
Residential-home equity		2.0		1.0		0.6		3.6		215.2		218.8		—
Residential-first liens		20.5		5.5		10.0		36.0		870.9		906.9		3.4
Total	$	22.5	$	6.5	$	10.6	$	39.6	$	12,351.4	$	12,391.0	$	3.4

	December 31, 2014
	30 - 59 days past due		60 - 89 days past due		90 days or more past due		Total past due		Current		Total loans		Recorded investment 90 days or more and accruing
	(in millions)
Commercial-brick and mortar	$	—	$	4.5	$	0.7	$	5.2	$	10,369.7	$	10,374.9	$	—
Commercial-CTL		—		—		—		—		348.9		348.9		—
Residential-home equity		2.3		1.2		3.4		6.9		276.5		283.4		—
Residential-first liens		24.2		7.0		12.1		43.3		817.6		860.9		4.5
Total	$	26.5	$	12.7	$	16.2	$	55.4	$	11,812.7	$	11,868.1	$	4.5

Mortgage Loan Valuation Allowance (Table)

	Commercial			Residential			Total
	(in millions)
For the year ended December 31, 2015
Beginning balance	$	26.9		$	29.6		$	56.5
Provision		3.9			—			3.9
Charge-offs		(3.4	)		(9.0	)		(12.4	)
Recoveries		0.1			3.6			3.7
Effect of exchange rates		—			(0.1	)		(0.1	)
Ending balance	$	27.5		$	24.1		$	51.6
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	—		$	7.5		$	7.5
Collectively evaluated for impairment		27.5			16.6			44.1
Allowance ending balance	$	27.5		$	24.1		$	51.6
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	—		$	23.2		$	23.2
Collectively evaluated for impairment		11,265.3			1,102.5			12,367.8
Loan ending balance	$	11,265.3		$	1,125.7		$	12,391.0
For the year ended December 31, 2014
Beginning balance	$	28.7		$	41.1		$	69.8
Provision		(0.9	)		7.7			6.8
Charge-offs		(0.9	)		(22.7	)		(23.6	)
Recoveries		—			3.6			3.6
Effect of exchange rates		—			(0.1	)		(0.1	)
Ending balance	$	26.9		$	29.6		$	56.5
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	2.4		$	9.0		$	11.4
Collectively evaluated for impairment		24.5			20.6			45.1
Allowance ending balance	$	26.9		$	29.6		$	56.5
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	4.4		$	27.1		$	31.5
Collectively evaluated for impairment		10,719.4			1,117.2			11,836.6
Loan ending balance	$	10,723.8		$	1,144.3		$	11,868.1
For the year ended December 31, 2013
Beginning balance	$	51.8		$	45.6		$	97.4
Provision		4.1			10.8			14.9
Charge-offs		(28.0	)		(18.3	)		(46.3	)
Recoveries		0.8			3.1			3.9
Effect of exchange rates		—			(0.1	)		(0.1	)
Ending balance	$	28.7		$	41.1		$	69.8
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	2.4		$	10.2		$	12.6
Collectively evaluated for impairment		26.3			30.9			57.2
Allowance ending balance	$	28.7		$	41.1		$	69.8
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	4.4		$	33.0		$	37.4
Collectively evaluated for impairment		10,323.3			1,242.7			11,566.0
Loan ending balance	$	10,327.7		$	1,275.7		$	11,603.4

Impaired Mortgage Loans (Table)

	December 31, 2015
	Recorded investment		Unpaid principal balance		Related allowance
	(in millions)
With no related allowance recorded:
Residential-first liens	$	3.6	$	3.6	$	—
With an allowance recorded:
Residential-home equity		13.7		14.8		7.0
Residential-first liens		5.9		5.8		0.5
Total:
Residential	$	23.2	$	24.2	$	7.5

	December 31, 2014
	Recorded investment		Unpaid principal balance		Related allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	5.2	$	6.7	$	—
Residential-first liens		3.4		3.4		—
With an allowance recorded:
Commercial-brick and mortar		4.4		4.4		2.4
Residential-home equity		16.5		17.1		8.2
Residential-first liens		7.2		7.2		0.8
Total:
Commercial	$	9.6	$	11.1	$	2.4
Residential	$	27.1	$	27.7	$	9.0

	Average recorded investment		Interest income recognized
	(in millions)
For the year ended December 31, 2015
With no related allowance recorded:
Commercial-brick and mortar	$	2.6	$	—
Residential-first liens		3.5		—
With an allowance recorded:
Commercial-brick and mortar		2.2		0.2
Residential-home equity		15.1		0.4
Residential-first liens		6.6		0.2
Total:
Commercial	$	4.8	$	0.2
Residential	$	25.2	$	0.6
For the year ended December 31, 2014
With no related allowance recorded:
Commercial-brick and mortar	$	13.4	$	—
Residential-first liens		4.0		—
With an allowance recorded:
Commercial-brick and mortar		4.4		0.2
Residential-home equity		18.0		0.6
Residential-first liens		8.1		0.2
Total:
Commercial	$	17.8	$	0.2
Residential	$	30.1	$	0.8
For the year ended December 31, 2013
With no related allowance recorded:
Commercial-brick and mortar	$	22.2	$	0.2
Residential-first liens		7.2		—
With an allowance recorded:
Commercial-brick and mortar		4.4		0.3
Residential-home equity		20.2		1.1
Residential-first liens		8.9		0.2
Total:
Commercial	$	26.6	$	0.5
Residential	$	36.3	$	1.3

Mortgage Loans Modified as a Troubled Debt Restructuring (Table)

	For the year ended December 31, 2015
	TDRs				TDRs in payment default
	Number of contracts		Recorded investment		Number of contracts		Recorded investment
			(in millions)				(in millions)
Residential-home equity		14	$	0.6		2	$	—
Total		14	$	0.6		2	$	—

	For the year ended December 31, 2014
	TDRs				TDRs in payment default
	Number of contracts		Recorded investment		Number of contracts		Recorded investment
			(in millions)				(in millions)
Commercial-brick and mortar		2	$	5.1		1	$	0.7
Residential-home equity		75		3.0		3		—
Residential-first liens		1		0.1		—		—
Total		78	$	8.2		4	$	0.7

	For the year ended December 31, 2013
	TDRs				TDRs in payment default
	Number of contracts		Recorded investment		Number of contracts		Recorded investment
			(in millions)				(in millions)
Commercial-brick and mortar		2	$	0.9		—	$	—
Residential-home equity		69		3.8		19		—
Residential-first liens		3		0.6		1		0.3
Total		74	$	5.3		20	$	0.3

Minority Interests in Unconsolidated Entities-Balance Sheet (Table)

	December 31,
	2015		2014
	(in millions)
Total assets	$	101,099.0	$	60,190.2
Total liabilities		52,839.3		47,468.3
Total equity	$	48,259.7	$	12,721.9
Net investment in unconsolidated entities (1)	$	1,098.3	$	1,159.4

Minority Interests in Unconsolidated Entities-Income Statement (Table)

	For the year ended December 31,
	2015		2014		2013
	(in millions)
Total revenues	$	13,171.0	$	6,297.0	$	3,002.9
Net income		4,866.0		1,152.7		738.6
Our share of net income of unconsolidated entities (1)		165.3		148.4		133.4

(1) Primarily relates to Brasilprev Seguros e Previdencia, a co-managed joint venture in Brazil.

Financial Assets Subject to Netting Agreements (Table)

			Gross amounts not offset in the consolidated statements of financial position
	Gross amount of recognized assets (1)		Financial instruments (2)			Collateral received			Net amount
	(in millions)
December 31, 2015
Derivative assets	$	665.4	$	(409.7	)	$	(233.6	)	$	22.1
Reverse repurchase agreements		79.7		—			(79.7	)		—
Total	$	745.1	$	(409.7	)	$	(313.3	)	$	22.1
December 31, 2014
Derivative assets	$	661.8	$	(479.5	)	$	(169.0	)	$	13.3
Reverse repurchase agreements		51.5		—			(51.5	)		—
Total	$	713.3	$	(479.5	)	$	(220.5	)	$	13.3

(1)

The gross amount of recognized derivative and reverse repurchase agreement assets are reported with other investments and cash and cash equivalents on the consolidated statements of financial position. The above excludes $1.2 million and $0.0 million of derivative assets as of December 31, 2015 and December 31, 2014, that are not subject to master netting agreements or similar agreements. The gross amounts of derivative and reverse repurchase agreement assets are not netted against offsetting liabilities for presentation on the consolidated statements of financial position.

(2)

Represents amount of offsetting derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets for presentation on the consolidated statements of financial position.

Financial Liabilities Subject to Netting Agreements (Table)

			Gross amounts not offset in the consolidated statements of financial position
	Gross amount of recognized liabilities (1)		Financial instruments (2)			Collateral pledged			Net amount
	(in millions)
December 31, 2015
Derivative liabilities	$	758.6	$	(409.7	)	$	(253.9	)	$	95.0
December 31, 2014
Derivative liabilities	$	786.0	$	(479.5	)	$	(220.6	)	$	85.9

(1)

The gross amount of recognized derivative liabilities are reported with other liabilities on the consolidated statements of financial position. The above excludes $421.5 million and $421.3 million of derivative liabilities as of December 31, 2015 and December 31, 2014, respectively, which are primarily embedded derivatives that are not subject to master netting agreements or similar agreements. The gross amounts of derivative liabilities are not netted against offsetting assets for presentation on the consolidated statements of financial position.

(2)

Represents amount of offsetting derivative assets that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative liabilities for presentation on the consolidated statements of financial position.