Investments (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2011

Jun. 30, 2011

Investments Tables [Abstract]

Realized gains and losses on investments table

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2011		2010		2011		2010
Fixed maturities	$	29	$	19	$	50	$	34
Equity securities		1		(1)		4		3
Commercial mortgage loans		(16)		(4)		(16)		(15)
Other investments, including derivatives		3		8		5		(6)
Realized investment gains before income taxes		17		22		43		16
Less income taxes		6		8		15		5
Net realized investment gains	$	11	$	14	$	28	$	11

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2011		2010		2011		2010
Fixed maturities	$	29	$	19	$	50	$	34
Equity securities		1		(1)		4		3
Commercial mortgage loans		(16)		(4)		(16)		(15)
Other investments, including derivatives		3		8		5		(6)
Realized investment gains before income taxes		17		22		43		16
Less income taxes		6		8		15		5
Net realized investment gains	$	11	$	14	$	28	$	11

Impairment on investments table

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2011		2010		2011		2010
Credit-related (1)	$	16	$	5	$	16	$	30
Other		2		-		2		1
Total	$	18	$	5	$	18	$	31
(1) Credit related losses include changes in valuation reserves and asset write-downs related to commercial mortgage loans and investments in real estate entities.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2011		2010		2011		2010
Credit-related (1)	$	16	$	5	$	16	$	30
Other		2		-		2		1
Total	$	18	$	5	$	18	$	31
(1) Credit related losses include changes in valuation reserves and asset write-downs related to commercial mortgage loans and investments in real estate entities.

Fixed maturities and equity securities table

	As of June 30,		As of December 31,
(In millions)	2011		2010
Included in fixed maturities:
Trading securities (amortized cost: $3; $3)	$	3	$	3
Hybrid securities (amortized cost: $45; $45)		51		52
Total	$	54	$	55
Included in equity securities:
Hybrid securities (amortized cost: $112; $108)	$	95	$	86

	As of June 30,		As of December 31,
(In millions)	2011		2010
Included in fixed maturities:
Trading securities (amortized cost: $3; $3)	$	3	$	3
Hybrid securities (amortized cost: $45; $45)		51		52
Total	$	54	$	55
Included in equity securities:
Hybrid securities (amortized cost: $112; $108)	$	95	$	86

Amortized cost and fair value for fixed maturities table

		Amortized		Fair
(In millions)		Cost		Value
Due in one year or less	$	836	$	847
Due after one year through five years		4,711		5,053
Due after five years through ten years		5,153		5,615
Due after ten years		2,557		3,002
Other asset and mortgage-backed securities		813		934
Total	$	14,070	$	15,451

		Amortized		Fair
(In millions)		Cost		Value
Due in one year or less	$	836	$	847
Due after one year through five years		4,711		5,053
Due after five years through ten years		5,153		5,615
Due after ten years		2,557		3,002
Other asset and mortgage-backed securities		813		934
Total	$	14,070	$	15,451

Gross unrealized appreciation (depreciation) fixed maturities table

	June 30, 2011
				Unrealized		Unrealized
		Amortized		Appre-		Depre-		Fair
(In millions)		Cost		ciation		ciation		Value
Federal government and agency	$	542	$	226	$	(1)	$	767
State and local government		2,249		209		(8)		2,450
Foreign government		1,191		69		(4)		1,256
Corporate		9,275		802		(33)		10,044
Federal agency mortgage-backed		9		1		0		10
Other mortgage-backed		62		11		(3)		70
Other asset-backed		742		122		(10)		854
Total	$	14,070	$	1,440	$	(59)	$	15,451
(In millions)	December 31, 2010
Federal government and agency	$	459	$	229	$	(1)	$	687
State and local government		2,305		172		(10)		2,467
Foreign government		1,095		63		(4)		1,154
Corporate		8,697		744		(49)		9,392
Federal agency mortgage-backed		9		1		-		10
Other mortgage-backed		80		10		(3)		87
Other asset-backed		752		117		(12)		857
Total	$	13,397	$	1,336	$	(79)	$	14,654

	June 30, 2011
				Unrealized		Unrealized
		Amortized		Appre-		Depre-		Fair
(In millions)		Cost		ciation		ciation		Value
Federal government and agency	$	542	$	226	$	(1)	$	767
State and local government		2,249		209		(8)		2,450
Foreign government		1,191		69		(4)		1,256
Corporate		9,275		802		(33)		10,044
Federal agency mortgage-backed		9		1		0		10
Other mortgage-backed		62		11		(3)		70
Other asset-backed		742		122		(10)		854
Total	$	14,070	$	1,440	$	(59)	$	15,451
(In millions)	December 31, 2010
Federal government and agency	$	459	$	229	$	(1)	$	687
State and local government		2,305		172		(10)		2,467
Foreign government		1,095		63		(4)		1,154
Corporate		8,697		744		(49)		9,392
Federal agency mortgage-backed		9		1		-		10
Other mortgage-backed		80		10		(3)		87
Other asset-backed		752		117		(12)		857
Total	$	13,397	$	1,336	$	(79)	$	14,654

Sales of AFS fixed maturities table

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2011		2010		2011		2010
Proceeds from sales	$	149	$	209	$	304	$	449
Gross gains on sales	$	14	$	12	$	28	$	27
Gross losses on sales	$	(1)	$	(2)	$	(1)	$	(3)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2011		2010		2011		2010
Proceeds from sales	$	149	$	209	$	304	$	449
Gross gains on sales	$	14	$	12	$	28	$	27
Gross losses on sales	$	(1)	$	(2)	$	(1)	$	(3)

Declines in fair value table

	Fair		Amortized		Unrealized		Number
(In millions)	Value		Cost		Depreciation		of Issues
Fixed maturities:
One year or less:
Investment grade	$	785	$	808	$	(23)	293
Below investment grade	$	175	$	178	$	(3)	107
More than one year:
Investment grade	$	243	$	272	$	(29)	57
Below investment grade	$	22	$	26	$	(4)	15

	Fair		Amortized		Unrealized		Number
(In millions)	Value		Cost		Depreciation		of Issues
Fixed maturities:
One year or less:
Investment grade	$	785	$	808	$	(23)	293
Below investment grade	$	175	$	178	$	(3)	107
More than one year:
Investment grade	$	243	$	272	$	(29)	57
Below investment grade	$	22	$	26	$	(4)	15

Credit Risk Profile of Commercial Loan Portfolio Table

(Dollars 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
Below 50%	$	389	$	-	$	4	$	15	$	9	$	417
50% to 59%		349		103		26		-		53		531
60% to 69%		443		140		36		-		74		693
70% to 79%		180		111		150		138		52		631
80% to 89%		112		82		115		94		72		475
90% to 99%		36		35		30		59		116		276
100% or above		-		10		50		88		144		292
Total	$	1,509	$	481	$	411	$	394	$	520	$	3,315

(Dollars 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
Below 50%	$	389	$	-	$	4	$	15	$	9	$	417
50% to 59%		349		103		26		-		53		531
60% to 69%		443		140		36		-		74		693
70% to 79%		180		111		150		138		52		631
80% to 89%		112		82		115		94		72		475
90% to 99%		36		35		30		59		116		276
100% or above		-		10		50		88		144		292
Total	$	1,509	$	481	$	411	$	394	$	520	$	3,315

Impaired commercial mortgage loans and related valuation reserves table

(In millions)		June 30, 2011					December 31, 2010
		Gross		Reserves		Net		Gross		Reserves		Net
Impaired commercial mortgage loans with valuation reserves	$	171	$	(27)	$	144	$	47	$	(12)	$	35
Impaired commercial mortgage loans with no valuation reserves		60		-		60		60		-		60
Total	$	231	$	(27)	$	204	$	107	$	(12)	$	95

(In millions)		June 30, 2011					December 31, 2010
		Gross		Reserves		Net		Gross		Reserves		Net
Impaired commercial mortgage loans with valuation reserves	$	171	$	(27)	$	144	$	47	$	(12)	$	35
Impaired commercial mortgage loans with no valuation reserves		60		-		60		60		-		60
Total	$	231	$	(27)	$	204	$	107	$	(12)	$	95

Schedule of Changes in Valuation Reserves For Commercial Mortgage Loans Table

(In millions)	2011		2010
Reserve balance, January 1,	$	12	$	17
Increase in valuation reserves		16		16
Charge-offs upon sales and repayments, net of recoveries		(1)		(11)
Transfers to real estate		-		(12)
Reserve balance, June 30,	$	27	$	10