Investments (Tables)

3 Months Ended

Mar. 31, 2014

Investment [Line Items]

Realized Investment Gains and Losses

	Three Months Ended
	March 31,
(In millions)	2014		2013
Fixed maturities	$	8	$	67
Equity securities		17		3
Real estate		13		-
Other investments, including derivatives		4		69
Realized investment gains before income taxes		42		139
Less income taxes		15		46
Net realized investment gains	$	27	$	93

Asset write-downs and changes in valuation reserves

	Three Months Ended
	March 31,
(In millions)	2014		2013
Credit-related	$	(6)	$	-
Other		-		-
Total	$	(6)	$	-

Amortized cost and fair value by maturity period for fixed maturities

		Amortized		Fair
(In millions)		Cost		Value
Due in one year or less	$	1,093	$	1,112
Due after one year through five years		5,439		5,829
Due after five years through ten years		5,909		6,253
Due after ten years		2,794		3,427
Mortgage and other asset-backed securities		921		1,029
Total	$	16,156	$	17,650

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

				Gross		Gross
				Unrealized		Unrealized
		Amortized		Appre-		Depre-		Fair
		Cost		ciation		ciation		Value
(In millions)	March 31, 2014
Federal government and agency	$	835	$	294	$	(1)	$	1,128
State and local government		1,922		178		(4)		2,096
Foreign government		1,517		74		(8)		1,583
Corporate		10,962		888		(36)		11,814
Federal agency mortgage-backed		71		-		-		71
Other mortgage-backed		78		4		(2)		80
Other asset-backed		771		107		-		878
Total	$	16,156	$	1,545	$	(51)	$	17,650
(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		10,301		749		(74)		10,976
Federal agency mortgage-backed		77		-		(1)		76
Other mortgage-backed		76		3		(2)		77
Other asset-backed		798		87		(2)		883
Total	$	15,267	$	1,312	$	(99)	$	16,480

Sales of available-for-sale fixed maturities and equity securities

	Three Months Ended
	March 31,
(In millions)	2014		2013
Proceeds from sales	$	194	$	961
Gross gains on sales	$	22	$	60
Gross losses on sales	$	-	$	2

Fixed maturities with a decline in fair value from amortized cost

(Dollars in millions)	March 31, 2014
	Fair		Amortized		Unrealized		Number
(In millions)	Value		Cost		Depreciation		of Issues
Fixed maturities:
One year or less:
Investment grade	$	1,389	$	1,418	$	(29)	416
Below investment grade	$	205	$	208	$	(3)	132
More than one year:
Investment grade	$	254	$	270	$	(16)	72
Below investment grade	$	33	$	36	$	(3)	11

Credit risk profile of commercial mortgage loans

(In millions)				March 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%	$	270	$	-	$	-	$	6	$	-	$	276
50% to 59%		579		131		-		18		-		728
60% to 69%		436		97		-		-		24		557
70% to 79%		34		32		34		-		-		100
80% to 89%		65		42		-		27		143		277
90% to 99%		-		-		58		50		79		187
100% or above		-		-		-		-		-		-
Total	$	1,384	$	302	$	92	$	101	$	246	$	2,125
(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 99%		-		-		58		50		67		175
100% or above		-		-		-		-		16		16
Total	$	1,477	$	302	$	121	$	102	$	250	$	2,252

Impaired commercial mortgage loans and related valuation reserves

(In millions)		March 31, 2014					December 31, 2013
		Gross		Reserves		Net		Gross		Reserves		Net
Impaired commercial mortgage loans with valuation reserves	$	89	$	(8)	$	81	$	89	$	(8)	$	81
Impaired commercial mortgage loans with no valuation reserves		31		-		31		31		-		31
Total	$	120	$	(8)	$	112	$	120	$	(8)	$	112