Investments (Tables)

9 Months Ended

Sep. 30, 2017

Investment [Line Items]

Schedule of short-term investments and cash equivalents

		September 30,		December 31,
(In millions)		2017		2016
Corporate securities	$	1,442	$	2,234
Federal government securities	$	953	$	378
Foreign government securities	$	145	$	94
Money market funds	$	14	$	11

Realized gains and losses on investments

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2017		2016		2017		2016
Fixed maturities	$	20	$	7	$	36	$	(5)
Equity securities		6		(1)		40		-
Commercial mortgage loans		-		-		(1)		4
Other investments, including derivatives		91		69		139		111
Realized investment gains before income taxes		117		75		214		110
Less income taxes		42		27		74		39
Net realized investment gains	$	75	$	48	$	140	$	71

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2017		2016		2017		2016
Proceeds from sales	$	446	$	300	$	1,376	$	1,012
Gross gains on sales	$	26	$	9	$	85	$	43
Gross losses on sales	$	3	$	-	$	7	$	6

Fixed Maturities [Member]

Investment [Line Items]

Investment maturities

		Amortized		Fair
(In millions)		Cost		Value
Due in one year or less	$	1,365	$	1,377
Due after one year through five years		6,894		7,135
Due after five years through ten years		9,260		9,528
Due after ten years		3,705		4,425
Mortgage and other asset-backed securities		446		479
Total fixed maturities	$	21,670	$	22,944

Gross unrealized appreciation (depreciation) on fixed maturities

(In millions)
				Gross		Gross
				Unrealized		Unrealized
		Amortized		Appre-		Depre-		Fair
		Cost		ciation		ciation		Value
As of September 30, 2017
Federal government and agency	$	666	$	238	$	(2)	$	902
State and local government		1,223		102		(2)		1,323
Foreign government		2,205		119		(17)		2,307
Corporate		17,130		876		(73)		17,933
Mortgage and other asset-backed		446		34		(1)		479
Total fixed maturities	$	21,670	$	1,369	$	(95)	$	22,944
Investments supporting liabilities of the Company's run-off settlement annuity business (included in above total) (1)	$	2,172	$	630	$	(3)	$	2,799
(1) Net unrealized appreciation for these investments is excluded from accumulated other comprehensive income.
				Gross		Gross
				Unrealized		Unrealized
		Amortized		Appre-		Depre-		Fair
		Cost		ciation		ciation		Value
As of 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
Investments supporting liabilities of the Company's run-off settlement annuity business (included in above total) (1)	$	2,196	$	539	$	(15)	$	2,720
(1) Net unrealized appreciation for these investments is excluded from accumulated other comprehensive income.

Fixed maturities with a decline in fair value from amortized cost

	September 30, 2017
	Fair		Amortized		Unrealized		Number
(Dollars in millions)	Value		Cost		Depreciation		of Issues
One year or less:
Investment grade	$	3,559	$	3,617	$	(58)	761
Below investment grade	$	504	$	517	$	(13)	436
More than one year:
Investment grade	$	533	$	551	$	(18)	170
Below investment grade	$	112	$	118	$	(6)	22

Commercial Mortgage Loans [Member]

Investment [Line Items]

Credit risk profile of commercial mortgage loan portfolio

(In millions)
		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
As of September 30, 2017
Below 50%	$	304	$	14	$	-	$	-	$	45	$	363
50% to 59%		651		27		-		-		-		678
60% to 69%		524		-		-		-		-		524
70% to 79%		84		-		-		-		35		119
80% to 89%		-		-		-		-		-		-
90% to 100%		-		-		-		-		-		-
Total	$	1,563	$	41	$	-	$	-	$	80	$	1,684
As of 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