Investments (Tables)

6 Months Ended

Jun. 30, 2016

Investment [Line Items]

Realized Investment Gains and Losses

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2016		2015		2016		2015
Fixed maturities	$	6	$	12	$	(12)	$	19
Equity securities		11		1		1		14
Commercial mortgage loans		4		(3)		4		2
Other investments, including derivatives		46		11		42		59
Realized investment gains before income taxes		67		21		35		94
Less income taxes		23		8		12		33
Net realized investment gains	$	44	$	13	$	23	$	61

Asset write-downs and changes in valuation reserves

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2016		2015		2016		2015
Other-than-temporary impairments on debt securities:
Credit-related	$	(1)	$	(1)	$	(19)	$	(1)
Non credit-related (1)		(2)		(9)		(11)		(14)
Total other-than-temporary impairments on debt securities		(3)		(10)		(30)		(15)
Other asset write-downs (2)		(4)		(5)		(13)		(11)
Total	$	(7)	$	(15)	$	(43)	$	(26)
(1) These write-downs pertain to other-than-temporary declines in fair values due to increases in market yields (widening of credit spreads), particularly within the energy sector, for certain below investment grade fixed maturities with an increased probability of sales activity prior to recovery of their amortized cost basis.
(2) Other asset write-downs include other-than-temporary declines in fair values of equity securities, increases in valuation reserves on commercial mortgage loans and asset write-downs related to real estate investments and security partnerships.

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2016		2015		2016		2015
Proceeds from sales	$	351	$	784	$	712	$	1,177
Gross gains on sales	$	22	$	24	$	34	$	51
Gross losses on sales	$	1	$	2	$	6	$	4

Amortized cost and fair value by maturity period for fixed maturities

		Amortized		Fair
(In millions)		Cost		Value
Due in one year or less	$	1,473	$	1,480
Due after one year through five years		6,449		6,813
Due after five years through ten years		6,996		7,477
Due after ten years		3,331		4,239
Mortgage and other asset-backed securities		496		529
Total	$	18,745	$	20,538

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

				Gross		Gross
				Unrealized		Unrealized
		Amortized		Appre-		Depre-		Fair
		Cost		ciation		ciation		Value
(In millions)	June 30, 2016
Federal government and agency	$	448	$	303	$	-	$	751
State and local government		1,411		165		-		1,576
Foreign government		2,062		209		(1)		2,270
Corporate		14,328		1,145		(61)		15,412
Mortgage-backed		37		1		-		38
Other asset-backed		459		37		(5)		491
Total	$	18,745	$	1,860	$	(67)	$	20,538
(In millions)	December 31, 2015
Federal government and agency	$	528	$	251	$	-	$	779
State and local government		1,496		147		(2)		1,641
Foreign government		1,870		147		(3)		2,014
Corporate		14,022		632		(206)		14,448
Mortgage-backed		48		2		(1)		49
Other asset-backed		492		39		(7)		524
Total	$	18,456	$	1,218	$	(219)	$	19,455

Fixed maturities in an unrealized loss position

	June 30, 2016
	Fair		Amortized		Unrealized		Number
(Dollars in millions)	Value		Cost		Depreciation		of Issues
One year or less:
Investment grade	$	471	$	479	$	(8)	107
Below investment grade	$	274	$	281	$	(7)	148
More than one year:
Investment grade	$	382	$	406	$	(24)	56
Below investment grade	$	283	$	311	$	(28)	39

Credit risk profile of commercial mortgage loans

		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
(In millions)				June 30, 2016
Below 50%	$	482	$	16	$	-	$	-	$	-	$	498
50% to 59%		502		24		19		38		-		583
60% to 69%		542		14		-		-		-		556
70% to 79%		-		-		30		-		35		65
80% to 89%		-		-		-		40		-		40
90% to 100%		-		-		-		-		72		72
Total	$	1,526	$	54	$	49	$	78	$	107	$	1,814
		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
(In millions)					December 31, 2015
Below 50%	$	261	$	2	$	-	$	67	$	-	$	330
50% to 59%		683		-		-		24		-		707
60% to 69%		590		14		-		19		-		623
70% to 79%		-		-		-		30		36		66
80% to 89%		40		-		-		-		-		40
90% to 100%		-		-		-		-		98		98
Total	$	1,574	$	16	$	-	$	140	$	134	$	1,864

Impaired commercial mortgage loans and related valuation reserves

(In millions)		June 30, 2016					December 31, 2015
		Gross		Reserves		Net		Gross		Reserves		Net
Impaired commercial mortgage loans with valuation reserves	$	83	$	(11)	$	72	$	113	$	(15)	$	98
Impaired commercial mortgage loans without valuation reserves		-		-		-		-		-		-
Total	$	83	$	(11)	$	72	$	113	$	(15)	$	98