Investments (Tables)

9 Months Ended

Sep. 30, 2013

Investments

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

									Other-than-
			Gross		Gross				temporary
	Amortized		unrealized		unrealized				impairments in
	cost		gains		losses		Fair value		AOCI (1)
	(in millions)
September 30, 2013
Fixed maturities, available-for-sale:
U.S. government and agencies	$	741.1	$	15.9	$	36.4	$	720.6	$	—
Non-U.S. government and agencies	843.1		175.3		3.8		1,014.6		—
States and political subdivisions	3,557.7		129.5		70.6		3,616.6		—
Corporate	30,805.8		2,021.7		383.8		32,443.7		17.0
Residential mortgage-backed pass-through securities	2,680.0		106.4		27.9		2,758.5		—
Commercial mortgage-backed securities	4,076.8		188.0		281.3		3,983.5		214.6
Collateralized debt obligations	358.5		7.3		33.5		332.3		0.6
Other debt obligations	4,040.3		51.2		46.4		4,045.1		78.6
Total fixed maturities, available-for-sale	$	47,103.3	$	2,695.3	$	883.7	$	48,914.9	$	310.8
Total equity securities, available-for-sale	$	116.8	$	10.1	$	12.9	$	114.0
December 31, 2012
Fixed maturities, available-for-sale:
U.S. government and agencies	$	911.4	$	33.2	$	0.3	$	944.3	$	—
Non-U.S. government and agencies	944.9		264.3		0.9		1,208.3		—
States and political subdivisions	2,940.4		241.1		2.7		3,178.8		—
Corporate	31,615.4		3,029.9		319.9		34,325.4		19.5
Residential mortgage-backed pass-through securities	3,022.7		204.4		0.4		3,226.7		—
Commercial mortgage-backed securities	4,094.8		241.7		439.1		3,897.4		195.4
Collateralized debt obligations	428.8		7.0		56.6		379.2		4.3
Other debt obligations	3,756.9		73.5		51.2		3,779.2		82.8
Total fixed maturities, available-for-sale	$	47,715.3	$	4,095.1	$	871.1	$	50,939.3	$	302.0
Total equity securities, available-for-sale	$	132.4	$	12.6	$	8.5	$	136.5

(1) Excludes $145.4 million and $95.0 million as of September 30, 2013 and December 31, 2012, 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	$	2,929.8	$	2,973.1
Due after one year through five years	13,024.2		13,658.8
Due after five years through ten years	8,659.6		9,127.7
Due after ten years	11,334.1		12,035.9
Subtotal	35,947.7		37,795.5
Mortgage-backed and other asset-backed securities	11,155.6		11,119.4
Total	$	47,103.3	$	48,914.9

Net Realized Capital Gains and Losses (Table)

	For the three months ended September 30,						For the nine months ended September 30,
	2013			2012			2013			2012
	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	5.8		$	3.0		$	27.6		$	22.7
Gross losses	(18.2		)	(44.1		)	(98.6		)	(131.0		)
Other-than-temporary impairment losses reclassified to (from) OCI	(9.3		)	9.2			8.8			31.2
Hedging, net	(9.6		)	1.0			(99.4		)	7.7
Fixed maturities, trading	2.1			4.7			(4.1		)	5.7
Equity securities, available-for-sale:
Gross gains	0.7			0.5			0.8			0.6
Gross losses	—			(0.6		)	(0.1		)	(0.6		)
Equity securities, trading	0.1			(0.1		)	11.6			30.6
Mortgage loans	(3.3		)	(23.3		)	(20.3		)	(44.6		)
Derivatives	(34.8		)	(50.5		)	(4.8		)	(20.1		)
Other	15.6			187.9			(3.4		)	179.0
Net realized capital gains (losses)	$	(50.9	)	$	87.7		$	(181.9	)	$	81.2

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

	For the three months ended						For the nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
	(in millions)
Fixed maturities, available-for-sale	$	(11.9	)	$	(43.5	)	$	(81.1	)	$	(126.3	)
Equity securities, available-for-sale	—			(0.1		)	(0.1		)	(0.1		)
Total other-than-temporary impairment losses, net of recoveries from the sale of previously impaired securities	(11.9		)	(43.6		)	(81.2		)	(126.4		)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) OCI (1)	(9.3		)	9.2			8.8			31.2
Net impairment losses on available-for-sale securities	$	(21.2	)	$	(34.4	)	$	(72.4	)	$	(95.2	)

(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 three months ended						For the nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
	(in millions)
Beginning balance	$	(301.5	)	$	(375.5	)	$	(335.2	)	$	(434.8	)
Credit losses for which an other-than-temporary impairment was not previously recognized	(4.9		)	(2.2		)	(11.1		)	(19.1		)
Credit losses for which an other-than-temporary impairment was previously recognized	(18.9		)	(20.9		)	(54.0		)	(60.8		)
Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold	14.6			32.4			83.1			146.2
Net reduction for positive changes in cash flows expected to be collected and amortization (1)	2.7			2.8			9.2			5.1
Ending balance	$	(308.0	)	$	(363.4	)	$	(308.0	)	$	(363.4	)

(1) Amounts are recognized in net investment income.

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

	September 30, 2013
	Less than				Greater than or
	twelve months				equal to twelve months				Total
			Gross				Gross				Gross
	Fair		unrealized		Fair		unrealized		Fair		unrealized
	value		losses		value		losses		value		losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	399.5	$	36.4	$	—	$	—	$	399.5	$	36.4
Non-U.S. governments	79.6		3.7		4.3		0.1		83.9		3.8
States and political subdivisions	1,221.6		61.2		45.0		9.4		1,266.6		70.6
Corporate	4,189.8		163.3		1,369.5		220.5		5,559.3		383.8
Residential mortgage-backed pass- through securities	795.6		27.8		3.0		0.1		798.6		27.9
Commercial mortgage-backed securities	563.2		12.9		543.2		268.4		1,106.4		281.3
Collateralized debt obligations	53.2		0.6		47.3		32.9		100.5		33.5
Other debt obligations	1,273.2		16.8		252.0		29.6		1,525.2		46.4
Total fixed maturities, available-for-sale	$	8,575.7	$	322.7	$	2,264.3	$	561.0	$	10,840.0	$	883.7
Total equity securities, available-for-sale	$	27.3	$	0.1	$	48.5	$	12.8	$	75.8	$	12.9

	December 31, 2012
	Less than				Greater than or
	twelve months				equal to twelve months				Total
			Gross				Gross				Gross
	Fair		unrealized		Fair		unrealized		Fair		unrealized
	value		losses		value		losses		value		losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	115.4	$	0.3	$	—	$	—	$	115.4	$	0.3
Non-U.S. governments	17.3		0.2		13.4		0.7		30.7		0.9
States and political subdivisions	235.3		2.1		8.8		0.6		244.1		2.7
Corporate	831.8		10.6		1,961.7		309.3		2,793.5		319.9
Residential mortgage-backed pass-through securities	70.4		0.3		2.4		0.1		72.8		0.4
Commercial mortgage-backed securities	98.9		3.3		785.0		435.8		883.9		439.1
Collateralized debt obligations	72.2		1.0		133.8		55.6		206.0		56.6
Other debt obligations	235.6		2.0		414.9		49.2		650.5		51.2
Total fixed maturities, available-for-sale	$	1,676.9	$	19.8	$	3,320.0	$	851.3	$	4,996.9	$	871.1
Total equity securities, available-for-sale	$	5.8	$	0.1	$	52.9	$	8.4	$	58.7	$	8.5

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

	September 30, 2013			December 31, 2012
	(in millions)
Net unrealized gains on fixed maturities, available-for-sale (1)	$	2,155.8		$	3,562.5
Noncredit component of impairment losses on fixed maturities, available-for-sale	(310.8		)	(302.0		)
Net unrealized gains (losses) on equity securities, available-for-sale	(2.8		)	4.1
Adjustments for assumed changes in amortization patterns	(278.7		)	(515.2		)
Adjustments for assumed changes in policyholder liabilities	(676.9		)	(1,198.7		)
Net unrealized gains on derivative instruments	60.6			90.7
Net unrealized gains on equity method subsidiaries and noncontrolling interest adjustments	93.3			191.3
Provision for deferred income taxes	(345.0		)	(597.0		)
Net unrealized gains on available-for-sale securities and derivative instruments	$	695.5		$	1,235.7

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

Mortgage Loans (Table)

	September 30, 2013			December 31, 2012
	(in millions)
Commercial mortgage loans	$	10,658.3		$	10,235.1
Residential mortgage loans	1,297.7			1,382.0
Total amortized cost	11,956.0			11,617.1
Valuation allowance	(87.9		)	(97.4		)
Total carrying value	$	11,868.1		$	11,519.7

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

	September 30, 2013				December 31, 2012
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total
	($ in millions)
Geographic distribution
New England	$	551.2	5.2	%	$	536.6	5.2	%
Middle Atlantic	2,504.5		23.5		2,233.4		21.8
East North Central	567.5		5.3		635.6		6.2
West North Central	307.8		2.9		377.3		3.7
South Atlantic	2,043.9		19.2		2,135.0		20.9
East South Central	194.0		1.8		244.8		2.4
West South Central	828.4		7.8		767.9		7.5
Mountain	837.0		7.9		726.6		7.1
Pacific	2,783.2		26.0		2,562.3		25.0
International	40.8		0.4		15.6		0.2
Total	$	10,658.3	100.0	%	$	10,235.1	100.0	%
Property type distribution
Office	$	3,525.8	33.1	%	$	3,078.8	30.1	%
Retail	2,716.3		25.5		2,928.3		28.6
Industrial	1,834.3		17.2		1,765.5		17.2
Apartments	1,874.2		17.6		1,685.9		16.5
Hotel	429.7		4.0		445.8		4.4
Mixed use/other	278.0		2.6		330.8		3.2
Total	$	10,658.3	100.0	%	$	10,235.1	100.0	%

Commercial Mortgage Loan Portfolio by Credit Risk (Table)

	September 30, 2013
	Brick and mortar		CTL		Total
	(in millions)
A- and above	$	8,110.4	$	194.5	$	8,304.9
BBB+ thru BBB-	1,676.2		266.8		1,943.0
BB+ thru BB-	176.7		0.5		177.2
B+ and below	231.1		2.1		233.2
Total	$	10,194.4	$	463.9	$	10,658.3

	December 31, 2012
	Brick and mortar		CTL		Total
	(in millions)
A- and above	$	7,257.7	$	231.3	$	7,489.0
BBB+ thru BBB-	1,804.5		294.9		2,099.4
BB+ thru BB-	266.8		1.6		268.4
B+ and below	376.0		2.3		378.3
Total	$	9,705.0	$	530.1	$	10,235.1

Performing and Non-Performing Residential Mortgage Loans (Table)

	September 30, 2013
	Home equity		First liens		Total
	(in millions)
Performing	$	402.5	$	860.3	$	1,262.8
Nonperforming	14.3		20.6		34.9
Total	$	416.8	$	880.9	$	1,297.7

	December 31, 2012
	Home equity		First liens		Total
	(in millions)
Performing	$	472.6	$	865.0	$	1,337.6
Nonperforming	23.1		21.3		44.4
Total	$	495.7	$	886.3	$	1,382.0

Non-Accrual Mortgage Loans (Table)

	September 30, 2013		December 31, 2012
	(in millions)
Commercial:
Brick and mortar	$	110.7	$	44.5
Residential:
Home equity	14.3		23.1
First liens	12.4		13.2
Total	$	137.4	$	80.8

Mortgage Loans Aging (Table)

	September 30, 2013
													Recorded
													investment
					90 days or								90 days or
	30-59 days		60-89 days		more past		Total past						more and
	past due		past due		due		due		Current		Total loans		accruing
	(in millions)
Commercial-brick and mortar	$	—	$	10.2	$	36.2	$	46.4	$	10,148.0	$	10,194.4	$	—
Commercial-CTL	—		—		—		—		463.9		463.9		—
Residential-home equity	5.1		1.4		1.6		8.1		408.7		416.8		—
Residential-first liens	29.7		6.4		18.6		54.7		826.2		880.9		8.2
Total	$	34.8	$	18.0	$	56.4	$	109.2	$	11,846.8	$	11,956.0	$	8.2

	December 31, 2012
													Recorded
													investment
					90 days or								90 days or
	30-59 days		60-89 days		more past		Total past						more and
	past due		past due		due		due		Current		Total loans		accruing
	(in millions)
Commercial-brick and mortar	$	32.8	$	13.7	$	—	$	46.5	$	9,658.5	$	9,705.0	$	—
Commercial-CTL	—		—		—		—		530.1		530.1		—
Residential-home equity	5.7		2.8		3.9		12.4		483.3		495.7		—
Residential-first liens	22.3		5.1		19.8		47.2		839.1		886.3		8.1
Total	$	60.8	$	21.6	$	23.7	$	106.1	$	11,511.0	$	11,617.1	$	8.1

Mortgage Loan Valuation Allowance (Table)

	For the three months ended September 30, 2013
	Commercial			Residential			Total
	(in millions)
Beginning balance	$	47.7		$	47.2		$	94.9
Provision	0.7			1.3			2.0
Charge-offs	(6.2		)	(3.7		)	(9.9		)
Recoveries	0.2			0.7			0.9
Ending balance	$	42.4		$	45.5		$	87.9

	For the nine months ended September 30, 2013
	Commercial			Residential			Total
	(in millions)
Beginning balance	$	51.8		$	45.6		$	97.4
Provision	6.7			12.6			19.3
Charge-offs	(16.9		)	(15.0		)	(31.9		)
Recoveries	0.8			2.4			3.2
Effect of exchange rates	—			(0.1		)	(0.1		)
Ending balance	$	42.4		$	45.5		$	87.9
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	8.5		$	10.4		$	18.9
Collectively evaluated for impairment	33.9			35.1			69.0
Allowance ending balance	$	42.4		$	45.5		$	87.9
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	30.7		$	34.7		$	65.4
Collectively evaluated for impairment	10,627.6			1,263.0			11,890.6
Loan ending balance	$	10,658.3		$	1,297.7		$	11,956.0

	For the three months ended September 30, 2012
	Commercial			Residential			Total
	(in millions)
Beginning balance	$	49.3		$	36.9		$	86.2
Provision	3.9			19.0			22.9
Charge-offs	(0.8		)	(13.3		)	(14.1		)
Recoveries	—			0.6			0.6
Effect of exchange rates	—			0.1			0.1
Ending balance	$	52.4		$	43.3		$	95.7

	For the nine months ended September 30, 2012
	Commercial			Residential			Total
	(in millions)
Beginning balance	$	64.8		$	37.3		$	102.1
Provision	14.3			32.2			46.5
Charge-offs	(26.7		)	(28.9		)	(55.6		)
Recoveries	—			2.6			2.6
Effect of exchange rates	—			0.1			0.1
Ending balance	$	52.4		$	43.3		$	95.7
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	4.8		$	7.8		$	12.6
Collectively evaluated for impairment	47.6			35.5			83.1
Allowance ending balance	$	52.4		$	43.3		$	95.7
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	28.7		$	35.3		$	64.0
Collectively evaluated for impairment	9,959.4			1,370.2			11,329.6
Loan ending balance	$	9,988.1		$	1,405.5		$	11,393.6

Impaired Mortgage Loans (Table)

	September 30, 2013
			Unpaid
	Recorded		principal		Related
	investment		balance		allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	9.5	$	16.0	$	—
Residential-first liens	6.0		6.0		—
With an allowance recorded:
Commercial-brick and mortar	30.7		30.6		8.5
Residential-home equity	19.8		20.2		9.3
Residential-first liens	8.9		8.8		1.1
Total:
Commercial	$	40.2	$	46.6	$	8.5
Residential	$	34.7	$	35.0	$	10.4

	December 31, 2012
			Unpaid
	Recorded		principal		Related
	investment		balance		allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	22.9	$	25.3	$	—
Residential-first liens	9.7		6.6		—
With an allowance recorded:
Commercial-brick and mortar	4.4		4.4		2.4
Residential-home equity	20.8		20.7		9.1
Residential-first liens	9.2		9.1		1.3
Total:
Commercial	$	27.3	$	29.7	$	2.4
Residential	$	39.7	$	36.4	$	10.4

	For the three months ended				For the nine months ended
	September 30, 2013				September 30, 2013
	Average				Average
	recorded		Interest income		recorded		Interest income
	investment		recognized		investment		recognized
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	6.4	$	0.1	$	16.2	$	0.2
Residential-first liens	6.2		—		7.9		—
With an allowance recorded:
Commercial-brick and mortar	28.4		0.1		17.5		0.2
Residential-home equity	20.2		0.4		20.3		0.8
Residential-first liens	9.3		—		9.0		0.1
Total:
Commercial	$	34.8	$	0.2	$	33.7	$	0.4
Residential	$	35.7	$	0.4	$	37.2	$	0.9

	For the three months ended				For the nine months ended
	September 30, 2012				September 30, 2012
	Average				Average
	recorded		Interest income		recorded		Interest income
	investment		recognized		investment		recognized
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	27.0	$	0.1	$	5.3	$	1.1
Residential-first liens	5.2		—		4.6		—
With an allowance recorded:
Commercial-brick and mortar	20.2		0.5		66.1		1.5
Residential-home equity	20.2		0.2		18.7		0.7
Residential-first liens	8.1		—		8.2		0.1
Total:
Commercial	$	47.2	$	0.6	$	71.4	$	2.6
Residential	$	33.5	$	0.2	$	31.5	$	0.8

Mortgage Loans Modified as a Troubled Debt Restructuring (Table)

	For the three months ended September 30, 2013
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	contracts	investment		contracts	investment
		(in millions)			(in millions)
Residential-home equity	12	$	0.8	—	$	—
Residential-first liens	—	—		1	0.1
Total	12	$	0.8	1	$	0.1

	For the three months ended September 30, 2012
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	contracts	investment		contracts	investment
		(in millions)			(in millions)
Commercial-brick and mortar	2	$	8.2	—	$	—
Residential-home equity	134	6.4		1	—
Total	136	$	14.6	1	$	—

	For the nine months ended September 30, 2013
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	contracts	investment		contracts	investment
		(in millions)			(in millions)
Commercial-brick and mortar	2	$	0.9	—	$	—
Residential-home equity	60	3.1		13	—
Residential-first liens	3	0.6		3	0.8
Total	65	$	4.6	16	$	0.8

	For the nine months ended September 30, 2012
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	contracts	investment		contracts	investment
		(in millions)			(in millions)
Commercial-brick and mortar	3	$	22.0	—	$	—
Residential-home equity	237	10.8		4	—
Total	240	$	32.8	4	$	—

Financial Assets Subject to Netting Agreements (Table)

			Gross amounts not offset in the
	Gross amount		Statement of Financial Position
	of recognized		Financial			Collateral
	assets (1)		instruments (2)			received			Net amount
	(in millions)
September 30, 2013
Derivative assets	$	684.3	$	(593.2	)	$	(91.1	)	$	—
Reverse repurchase agreements	54.8		—			(54.8		)	—
Total	$	739.1	$	(593.2	)	$	(145.9	)	$	—
December 31, 2012
Derivative assets	$	1,016.3	$	(779.3	)	$	(225.5	)	$	11.5
Reverse repurchase agreements	148.2		—			(148.2		)	—
Total	$	1,164.5	$	(779.3	)	$	(373.7	)	$	11.5

(1) The gross amount of recognized derivative and reverse repurchase agreement assets are reported with other investments on the consolidated statements of financial position. The above excludes $0.3 million and $0.4 million of derivative assets as of September 30, 2013 and December 31, 2012, respectively, 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
	Gross amount		Statement of Financial Position
	of recognized		Financial			Collateral
	liabilities (1)		instruments (2)			pledged			Net amount
	(in millions)
September 30, 2013
Derivative liabilities	$	1,020.5	$	(593.2	)	$	(342.3	)	$	85.0
December 31, 2012
Derivative liabilities	$	1,198.2	$	(779.3	)	$	(279.1	)	$	139.8

(1) The gross amount of recognized derivative liabilities are reported with other liabilities and contractholder funds on the consolidated statements of financial position. The above excludes $241.8 million and $329.8 million of derivative liabilities as of September 30, 2013 and December 31, 2012, respectively, which are primarily embedded derivatives that are not subject to master netting agreements or similar agreements. The gross amount of recognized repurchase agreement liabilities are reported with short-term debt on the consolidated statements of financial position. The gross amounts of derivative and repurchase agreement 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.