Investments (Tables)

3 Months Ended

Mar. 31, 2012

Investments Tables [Abstract]

Realized gains and losses on investments table

	Three Months Ended
	March 31,
(In millions)	2012		2011
Fixed maturities	$	12	$	21
Equity securities		4		3
Commercial mortgage loans		(3)		-
Real estate		(1)		-
Other investments, including derivatives		1		2
Realized investment gains before income taxes		13		26
Less income taxes		1		9
Net realized investment gains	$	12	$	17

Impairment on investments table

	Three Months Ended
	March 31,
(In millions)	2012		2011
Credit-related (1)	$	5	$	-
Other		1		-
Total	$	6	$	-
(1) Credit related losses include other-than-temporary declines in fair value of fixed maturities and changes in valuation reserves related to commercial mortgage loans.

Fixed maturities and equity securities table

	As of March 31,		As of December 31,
(In millions)	2012		2011
Included in fixed maturities:
Trading securities (amortized cost: $2; $2)	$	2	$	2
Hybrid securities (amortized cost: $27; $26)		29		28
Total	$	31	$	30
Included in equity securities:
Hybrid securities (amortized cost: $92; $90)	$	72	$	65

Amortized cost and fair value for fixed maturities table

		Amortized		Fair
(In millions)		Cost		Value
Due in one year or less	$	966	$	977
Due after one year through five years		5,177		5,540
Due after five years through ten years		5,204		5,809
Due after ten years		2,756		3,499
Mortgage and other asset-backed securities		1,038		1,193
Total	$	15,141	$	17,018

Gross unrealized appreciation (depreciation) fixed maturities table

	March 31, 2012
				Unrealized		Unrealized
		Amortized		Appre-		Depre-		Fair
(In millions)		Cost		ciation		ciation		Value
Federal government and agency	$	509	$	339	$	-	$	848
State and local government		2,267		261		(4)		2,524
Foreign government		1,182		95		(2)		1,275
Corporate		10,145		1,064		(31)		11,178
Federal agency mortgage-backed		157		1		-		158
Other mortgage-backed		84		10		(5)		89
Other asset-backed		797		158		(9)		946
Total	$	15,141	$	1,928	$	(51)	$	17,018
(In millions)	December 31, 2011
Federal government and agency	$	552	$	406	$	-	$	958
State and local government		2,185		274		(3)		2,456
Foreign government		1,173		103		(2)		1,274
Corporate		9,460		1,070		(45)		10,485
Federal agency mortgage-backed		9		-		-		9
Other mortgage-backed		73		10		(4)		79
Other asset-backed		777		160		(11)		926
Total	$	14,229	$	2,023	$	(65)	$	16,187

Sales of AFS fixed maturities table

	Three Months Ended
	March 31,
(In millions)	2012		2011
Proceeds from sales	$	221	$	155
Gross gains on sales	$	15	$	14
Gross losses on sales	$	-	$	-

Declines in fair value table

	Fair		Amortized		Unrealized		Number
(In millions)	Value		Cost		Depreciation		of Issues
Fixed maturities:
One year or less:
Investment grade	$	963	$	974	$	(11)	470
Below investment grade	$	87	$	90	$	(3)	44
More than one year:
Investment grade	$	245	$	275	$	(30)	49
Below investment grade	$	11	$	18	$	(7)	12

Credit Risk Profile of Commercial Loan Portfolio Table

(In millions)					March 31, 2012
		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%	$	223	$	55	$	3	$	50	$	9	$	340
50% to 59%		562		47		26		-		53		688
60% to 69%		633		159		41		-		77		910
70% to 79%		98		132		88		136		33		487
80% to 89%		99		81		78		94		100		452
90% to 99%		36		34		30		69		107		276
100% or above		-		10		50		24		22		106
Total	$	1,651	$	518	$	316	$	373	$	401	$	3,259
(In millions)					December 31, 2011
		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%	$	225	$	55	$	3	$	50	$	9	$	342
50% to 59%		444		47		26		-		53		570
60% to 69%		646		140		42		-		77		905
70% to 79%		117		132		120		159		33		561
80% to 89%		99		81		79		72		71		402
90% to 99%		36		35		30		58		116		275
100% or above		-		10		50		51		135		246
Total	$	1,567	$	500	$	350	$	390	$	494	$	3,301

Impaired commercial mortgage loans and related valuation reserves table

(In millions)		March 31, 2012					December 31, 2011
		Gross		Reserves		Net		Gross		Reserves		Net
Impaired commercial mortgage loans with valuation reserves	$	28	$	(6)	$	22	$	154	$	(19)	$	135
Impaired commercial mortgage loans with no valuation reserves		160		-		160		60		-		60
Total	$	188	$	(6)	$	182	$	214	$	(19)	$	195

Schedule of Changes in Valuation Reserves For Commercial Mortgage Loans Table

(In millions)	2012		2011
Reserve balance, January 1,	$	19	$	12
Increase in valuation reserves		3		-
Charge-offs upon sales and repayments, net of recoveries		-		(1)
Transfers to Other long-term investments		(16)		-
Reserve balance, March 31,	$	6	$	11