Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investment [Line Items]

Amortized cost and fair value by maturity period for fixed maturities

	Amortized		Fair
(In millions)	Cost		Value
Due in one year or less	$	1,152	$	1,166
Due after one year through five years		5,681		6,051
Due after five years through ten years		6,531		6,891
Due after ten years		3,267		4,140
Mortgage and other asset-backed securities		647		735
Total	$	17,278	$	18,983

Gross unrealized appreciation (depreciation) fixed maturities by type of issuer

(In millions)				December 31, 2014
			Unrealized		Unrealized
	Amortized		Appre-		Depre-		Fair
	Cost		ciation		ciation		Value
Federal government and agency	$	608	$	346	$	-	$	954
State and local government		1,682		176		(2)		1,856
Foreign government		1,824		121		(5)		1,940
Corporate		12,517		1,014		(33)		13,498
Mortgage-backed		83		3		(1)		85
Other asset-backed		564		87		(1)		650
Total	$	17,278	$	1,747	$	(42)	$	18,983
(In millions)		December 31, 2013
Federal government and agency	$	640	$	242	$	(2)	$	880
State and local government		1,983		167		(6)		2,144
Foreign government		1,392		64		(12)		1,444
Corporate		10,306		749		(74)		10,981
Mortgage-backed		153		3		(3)		153
Other asset-backed		799		87		(2)		884
Total	$	15,273	$	1,312	$	(99)	$	16,486

Fixed maturities with a decline in fair value from amortized cost

(Dollars in millions)	December 31, 2014
	Fair		Amortized		Unrealized		Number
	Value		Cost		Depreciation		of Issues
Fixed maturities:
One year or less:
Investment grade	$	999	$	1,010	$	(11)	251
Below investment grade	$	293	$	307	$	(14)	236
More than one year:
Investment grade	$	256	$	264	$	(8)	93
Below investment grade	$	78	$	87	$	(9)	22

Commercial mortgage loans by property type and geographic region

(In millions)	2014		2013
Property type
Office buildings	$	700	$	761
Apartment buildings		264		321
Industrial		466		450
Hotels		351		407
Retail facilities		272		285
Other		28		28
Total	$	2,081	$	2,252
Geographic region
Pacific	$	637	$	805
South Atlantic		572		564
New England		277		379
Central		214		260
Middle Atlantic		287		201
Mountain		94		43
Total	$	2,081	$	2,252

Credit risk profile of commercial mortgage loans

(In millions)				December 31, 2014
	Debt Service Coverage Ratio
		1.30x or		1.20x to		1.10x to		1.00x to		Less than
Loan-to-Value Ratios		Greater		1.29x		1.19x		1.09x		1.00x		Total
Below 50%	$	340	$	17	$	-	$	6	$	-	$	363
50% to 59%		681		38		-		-		-		719
60% to 69%		394		-		15		-		60		469
70% to 79%		68		36		33		-		80		217
80% to 89%		6		41		-		-		58		105
90% to 100%		-		-		55		-		153		208
Total	$	1,489	$	132	$	103	$	6	$	351	$	2,081
(In millions)	December 31, 2013
	Debt Service Coverage Ratio
		1.30x or		1.20x to		1.10x to		1.00x to		Less than
Loan-to-Value Ratios		Greater		1.29x		1.19x		1.09x		1.00x		Total
Below 50%	$	314	$	-	$	-	$	6	$	-	$	320
50% to 59%		581		131		-		18		-		730
60% to 69%		438		16		29		-		24		507
70% to 79%		79		113		-		-		-		192
80% to 89%		65		42		34		28		143		312
90% to 100%		-		-		58		50		83		191
Total	$	1,477	$	302	$	121	$	102	$	250	$	2,252

Impaired commercial mortgage loans and related valuation reserves

(In millions)		2014					2013
		Gross		Reserves		Net		Gross		Reserves		Net
Impaired commercial mortgage loans with valuation reserves	$	147	$	(12)	$	135	$	89	$	(8)	$	81
Impaired commercial mortgage loans with no valuation reserves		31		-		31		31		-		31
Total	$	178	$	(12)	$	166	$	120	$	(8)	$	112

Changes in valuation reserves for commercial mortgage loans Table

(In millions)	2014		2013
Reserve balance, January 1,	$	8	$	7
Increase in valuation reserves		4		4
Charge-offs upon sales and repayments, net of recoveries		-		(3)
Reserve balance, December 31,	$	12	$	8

Other long-term investments

(In millions)	2014		2013
Real estate investments	$	916	$	909
Securities partnerships		456		357
Other		116		104
Total	$	1,488	$	1,370