XML 50 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2017
Investment [Line Items]  
Impaired commercial mortgage loans and related valuation reserves
  March 31, 2017 December 31, 2016
(In millions) Gross  Reserves Net  Gross  Reserves Net
Impaired commercial mortgage loans with valuation reserves$ 9$ (3)$ 6 $ 26$ (5)$ 21
Impaired commercial mortgage loans without valuation reserves  -  -  -   -  -  -
Total impaired commercial mortgage loans$ 9$ (3)$ 6 $ 26$ (5)$ 21
Realized gains and losses on investments
   Three Months Ended
   March 31,
(In millions)  20172016
Fixed maturities  $ 2$ (18)
Equity securities    33  (10)
Other investments, including derivatives    11  (4)
Realized investment gains (losses) before income taxes     46  (32)
Less income taxes (benefits)    15  (11)
Net realized investment gains (losses)  $ 31$ (21)
Pre-tax asset write-downs included in realized gains (losses) on investments
  Three Months Ended
  March 31,
(In millions) 20172016
Other-than-temporary impairments on debt securities:     
Credit-related  $ (5)$ (18)
Non credit-related (1)   (2)  (9)
Total other-than-temporary impairments on debt securities   (7)  (27)
Other asset write-downs (2)   (3)  (9)
Total write-downs $ (10)$ (36)
           
(1) These write-downs pertain to other-than-temporary declines in fair values due to increases in market yields (widening of credit spreads) 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 and asset write-downs related to real estate investments.
Sales information for available-for-sale fixed maturities and equity securities
   Three Months Ended
   March 31,
(In millions)  20172016
Proceeds from sales  $ 414$ 361
Gross gains on sales  $ 47$ 12
Gross losses on sales  $ 2$ 5
Fixed Maturities [Member]  
Investment [Line Items]  
Investment maturities
  Amortized Fair
(In millions) Cost Value
Due in one year or less$ 1,405$ 1,416
Due after one year through five years  6,717  6,976
Due after five years through ten years  8,481  8,667
Due after ten years  3,586  4,196
Mortgage and other asset-backed securities  450  479
Total fixed maturities$ 20,639$ 21,734
Gross unrealized appreciation (depreciation) on fixed maturities
    Gross Gross  
    Unrealized Unrealized  
  Amortized Appre- Depre- Fair
  Cost ciation ciation Value
(In millions)March 31, 2017
Federal government and agency$ 667$ 233$ (3)$ 897
State and local government  1,324  100  (5)  1,419
Foreign government  2,206  122  (16)  2,312
Corporate  15,992  744  (109)  16,627
Mortgage and other asset-backed  450  32  (3)  479
Total fixed maturities$ 20,639$ 1,231$ (136)$ 21,734
         
(In millions)December 31, 2016
Federal government and agency$ 658$ 223$ (4)$ 877
State and local government  1,342  99  (6)  1,435
Foreign government  1,998  129  (14)  2,113
Corporate  15,483  716  (149)  16,050
Mortgage and other asset-backed  461  29  (4)  486
Total fixed maturities$ 19,942$ 1,196$ (177)$ 20,961
Fixed maturities with a decline in fair value from amortized cost
 March 31, 2017
 Fair Amortized UnrealizedNumber
(Dollars in millions)ValueCostDepreciationof Issues
One year or less:       
Investment grade$ 3,960$ 4,067$ (107) 870
Below investment grade$ 619$ 630$ (11) 532
More than one year:       
Investment grade$ 265$ 276$ (11) 47
Below investment grade$ 116$ 123$ (7) 21
Commercial Mortgage Loans [Member]  
Investment [Line Items]  
Credit risk profile of commercial mortgage loan portfolio
  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)March 31, 2017
Below 50%$ 331$ 15$ -$ -$ -$ 346
50% to 59%  516  46  42  30  -  634
60% to 69%  687  14  -  -  -  701
70% to 79%  -  -  30  -  35  65
80% to 89%  -  -  -  -  -  -
90% to 100%  -  -  -  -  6  6
Total$ 1,534$ 75$ 72$ 30$ 41$ 1,752
             
(In millions)December 31, 2016
Below 50%$ 335$ 15$ -$ -$ -$ 350
50% to 59%  517  46  -  30  -  593
60% to 69%  624  14  -  -  -  638
70% to 79%  -  -  29  -  35  64
80% to 89%  -  -  -  -  -  -
90% to 100%  -  -  -  -  21  21
Total$ 1,476$ 75$ 29$ 30$ 56$ 1,666