Investments (Tables)

9 Months Ended

Sep. 30, 2011

Investments

Fixed Maturities and Equity Securities Available-for-Sale (Table)

	Amortized cost		Gross unrealized gains		Gross unrealized losses		Other-than- temporary impairments in AOCI (1)		Fair value
	(in millions)
September 30, 2011
Fixed maturities, available-for-sale:
U.S. government and agencies	$	758.5	$	34.3	$	0.1	$	—	$	792.7
Non-U.S. governments	673.1		119.6		1.0		—		791.7
States and political subdivisions	2,734.9		208.1		5.7		—		2,937.3
Corporate	32,155.4		2,426.1		716.2		21.3		33,844.0
Residential mortgage-backed pass-through securities	3,089.3		189.3		0.3		—		3,278.3
Commercial mortgage-backed securities	4,069.1		112.4		467.3		138.9		3,575.3
Collateralized debt obligations	396.6		1.9		57.8		8.5		332.2
Other debt obligations	3,552.5		97.9		50.1		82.3		3,518.0
Total fixed maturities, available-for-sale	$	47,429.4	$	3,189.6	$	1,298.5	$	251.0	$	49,069.5
Total equity securities, available-for-sale	$	120.9	$	8.8	$	9.2			$	120.5
December 31, 2010
Fixed maturities, available-for-sale:
U.S. government and agencies	$	748.5	$	21.0	$	0.2	$	—	$	769.3
Non-U.S. governments	744.7		127.9		—		—		872.6
States and political subdivisions	2,615.0		64.7		23.3		—		2,656.4
Corporate	32,523.8		1,913.7		527.0		18.0		33,892.5
Residential mortgage-backed pass-through securities	3,077.9		124.2		5.9		—		3,196.2
Commercial mortgage-backed securities	4,424.9		118.0		506.1		194.6		3,842.2
Collateralized debt obligations	380.5		1.7		51.8		37.4		293.0
Other debt obligations	3,184.9		53.7		40.0		84.5		3,114.1
Total fixed maturities, available-for-sale	$	47,700.2	$	2,424.9	$	1,154.3	$	334.5	$	48,636.3
Total equity securities, available-for-sale	$	180.0	$	8.1	$	18.2			$	169.9

(1)Excludes $55.8 million and $58.6 million as of September 30, 2011 and December 31, 2010, respectively, of net unrealized gains on impaired fixed maturities, available-for-sale related to changes in fair value subsequent to the impairment date.

Fixed Maturities Available-for-Sale by Contractual Maturity (Table)

	Amortized  cost		Fair value
	(in millions)
Due in one year or less	$	2,799.0	$	2,844.7
Due after one year through five years	13,175.9		13,615.4
Due after five years through ten years	9,050.8		9,676.1
Due after ten years	11,296.2		12,229.5
Subtotal	36,321.9		38,365.7
Mortgage-backed and other asset-backed securities	11,107.5		10,703.8
Total	$	47,429.4	$	49,069.5

Net Realized Capital Gains and Losses (Table)

	For the three months endedSeptember 30,						For the nine months endedSeptember 30,
	2011			2010			2011			2010
	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	5.4		$	10.5		$	23.6		$	51.3
Gross losses	(13.3		)	(62.3		)	(74.5		)	(285.3		)
Other-than-temporary impairment losses reclassified to (from) OCI	(34.9		)	6.3			(83.0		)	64.3
Hedging, net	110.1			80.8			139.6			257.4
Fixed maturities, trading	(11.2		)	11.8			(12.5		)	26.3
Equity securities, available-for-sale:
Gross gains	0.1			0.9			2.3			8.7
Gross losses	—			(0.7		)	(4.5		)	(2.8		)
Equity securities, trading	(35.8		)	(1.7		)	20.8			6.1
Mortgage loans	(13.0		)	(19.7		)	(35.0		)	(128.1		)
Derivatives	(105.7		)	(25.4		)	(161.4		)	(232.3		)
Other	67.6			(21.2		)	133.6			101.8
Net realized capital losses	$	(30.7	)	$	(20.7	)	$	(51.0	)	$	(132.6	)

Other-Than-Temporary Impairment Losses, Net of Recoveries (Table)

	For the three months endedSeptember 30,						For the nine months endedSeptember 30,
	2011			2010			2011			2010
	(in millions)
Fixed maturities, available-for-sale	$	(12.8	)	$	(56.2	)	$	(65.4	)	$	(251.7	)
Equity securities, available-for-sale	0.1			0.3			(2.2		)	4.1
Total other-than-temporary impairment losses, net of recoveries from the sale of previously impaired securities	(12.7		)	(55.9		)	(67.6		)	(247.6		)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) OCI (1)	(34.9		)	6.3			(83.0		)	64.3
Net impairment losses on available-for-sale securities	$	(47.6	)	$	(49.6	)	$	(150.6	)	$	(183.3	)

(1) Represents the net impact of (1) gains resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI and (2) losses resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold.

Other-Than-Temporary Impairment, Credit Losses Recognized in Earnings (Table)

	For the three months ended September 30,						For the nine months endedSeptember 30,
	2011			2010			2011			2010
	(in millions)
Beginning balance	$	(359.7	)	$	(303.0	)	$	(325.7	)	$	(204.7	)
Credit losses for which an other-than-temporary impairment was not previously recognized	(9.1		)	(3.7		)	(24.1		)	(97.9		)
Credit losses for which an other-than-temporary impairment was previously recognized	(35.3		)	(32.3		)	(104.0		)	(78.4		)
Reduction for credit losses previously recognized on fixed maturities now sold or intended to be sold	11.6			—			63.3			39.7
Reduction for credit losses previously recognized on fixed maturities reclassified to trading (1)	—			44.4			—			44.4
Net reduction (increase) for positive changes in cash flows expected to be collected and amortization (2)	(0.9		)	0.6			(2.9		)	2.9
Ending balance	$	(393.4	)	$	(294.0	)	$	(393.4	)	$	(294.0	)

(1) Fixed maturities previously classified as available-for-sale have been reclassified to trading as a result of electing the fair value option upon adoption of accounting guidance related to the evaluation of credit derivatives embedded in beneficial interests in securitized financial assets.

(2) Amounts are recognized in net investment income.

Gross Unrealized Losses for Fixed Maturities and Equity Securities (Table)

	September 30, 2011
	Less than twelve months				Greater than or equal to twelve months				Total
	Carrying value		Gross unrealized losses		Carrying value		Gross unrealized losses		Carrying value		Gross unrealized losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	45.6	$	0.1	$	—	$	—	$	45.6	$	0.1
Non-U.S. governments	28.0		1.0		0.3		—		28.3		1.0
States and political subdivisions	75.8		0.7		56.6		5.0		132.4		5.7
Corporate	3,639.4		160.1		2,421.6		577.4		6,061.0		737.5
Residential mortgage-backed pass-through securities	35.9		0.1		4.4		0.2		40.3		0.3
Commercial mortgage-backed securities	855.2		73.1		921.5		533.1		1,776.7		606.2
Collateralized debt obligations	114.0		2.3		196.5		64.0		310.5		66.3
Other debt obligations	520.6		15.7		458.8		116.7		979.4		132.4
Total fixed maturities, available-for-sale	$	5,314.5	$	253.1	$	4,059.7	$	1,296.4	$	9,374.2	$	1,549.5
Total equity securities, available-for-sale	$	20.3	$	4.0	$	35.2	$	5.2	$	55.5	$	9.2

	December 31, 2010
	Less than twelve months				Greater than or equal to twelve months				Total
	Carrying value		Gross unrealized losses		Carrying value		Gross unrealized losses		Carrying value		Gross unrealized losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	224.5	$	0.2	$	—	$	—	$	224.5	$	0.2
Non-U.S. governments	7.9		—		—		—		7.9		—
States and political subdivisions	771.0		18.4		44.2		4.9		815.2		23.3
Corporate	2,457.4		69.1		3,948.9		475.9		6,406.3		545.0
Residential mortgage-backed pass-through securities	384.9		5.9		—		—		384.9		5.9
Commercial mortgage-backed securities	340.1		4.9		1,186.4		695.8		1,526.5		700.7
Collateralized debt obligations	10.4		0.5		233.0		88.7		243.4		89.2
Other debt obligations	401.5		8.4		578.4		116.1		979.9		124.5
Total fixed maturities, available-for-sale	$	4,597.7	$	107.4	$	5,990.9	$	1,381.4	$	10,588.6	$	1,488.8
Total equity securities, available-for-sale	$	47.3	$	7.2	$	77.0	$	11.0	$	124.3	$	18.2

Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table)

	September 30, 2011			December 31, 2010
	(in millions)
Net unrealized gains on fixed maturities, available-for-sale (1)	$	1,891.1		$	1,197.7
Noncredit component of impairment losses on fixed maturities, available-for-sale	(251.0		)	(334.5		)
Net unrealized losses on equity securities, available-for-sale	(0.4		)	(10.1		)
Adjustments for assumed changes in amortization patterns	(445.7		)	(273.8		)
Adjustments for assumed changes in policyholder liabilities	(245.8		)	(212.4		)
Net unrealized gains on derivative instruments	107.2			53.5
Net unrealized gains on equity method subsidiaries and noncontrolling interest adjustments	151.4			145.2
Provision for deferred income taxes	(395.2		)	(169.0		)
Effects of implementation of accounting change related to variable interest entities, net	—			10.7
Effects of electing fair value option for fixed maturities upon implementation of accounting changes related to embedded credit derivatives, net	—			25.4
Net unrealized gains on available-for-sale securities and derivative instruments	$	811.6		$	432.7

(1) Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.

Mortgage Loans (Table)

	September 30, 2011			December 31, 2010
	(in millions)
Commercial mortgage loans	$	9,576.2		$	9,689.6
Residential mortgage loans	1,395.4			1,556.6
Total amortized cost	10,971.6			11,246.2
Valuation allowance	(111.2		)	(121.1		)
Total carrying value	$	10,860.4		$	11,125.1

Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table)

	September 30, 2011				December 31, 2010
	Amortized cost		Percent of total		Amortized cost		Percent of total
	($ in millions)
Geographic distribution
New England	$	457.9	4.8	%	$	430.3	4.5	%
Middle Atlantic	1,640.9		17.1		1,648.4		17.0
East North Central	789.4		8.2		841.1		8.7
West North Central	418.9		4.4		466.7		4.8
South Atlantic	2,263.7		23.7		2,358.1		24.3
East South Central	233.9		2.4		231.5		2.4
West South Central	627.3		6.6		548.6		5.7
Mountain	641.3		6.7		691.0		7.1
Pacific	2,492.4		26.0		2,464.5		25.4
International	10.5		0.1		9.4		0.1
Total	$	9,576.2	100.0	%	$	9,689.6	100.0	%
Property type distribution
Office	$	2,887.7	30.3	%	$	2,886.2	29.8	%
Retail	2,502.2		26.1		2,503.0		25.8
Industrial	2,174.8		22.7		2,334.5		24.1
Apartments	1,192.0		12.4		1,138.1		11.7
Hotel	460.4		4.8		471.8		4.9
Mixed use/other	359.1		3.7		356.0		3.7
Total	$	9,576.2	100.0	%	$	9,689.6	100.0	%

Commercial Mortgage Loan Portfolio by Credit Risk (Table)

	September 30, 2011
	Brick and mortar		CTL		Total
	(in millions)
A- and above	$	5,443.1	$	314.8	$	5,757.9
BBB+ thru BBB-	2,254.9		243.2		2,498.1
BB+ thru BB-	598.9		19.3		618.2
B+ and below	698.4		3.6		702.0
Total	$	8,995.3	$	580.9	$	9,576.2

	December 31, 2010
	Brick and mortar		CTL		Total
	(in millions)
A- and above	$	4,781.8	$	324.7	$	5,106.5
BBB+ thru BBB-	2,636.1		249.5		2,885.6
BB+ thru BB-	726.1		38.5		764.6
B+ and below	929.0		3.9		932.9
Total	$	9,073.0	$	616.6	$	9,689.6

Performing and Non-Performing Residential Mortgage Loans (Table)

	September 30, 2011
	Home equity		First liens		Total
	(in millions)
Performing	$	626.9	$	733.1	$	1,360.0
Nonperforming	13.5		21.9		35.4
Total	$	640.4	$	755.0	$	1,395.4

	December 31, 2010
	Home equity		First liens		Total
	(in millions)
Performing	$	705.0	$	811.6	$	1,516.6
Nonperforming	14.3		25.7		40.0
Total	$	719.3	$	837.3	$	1,556.6

Non-Accrual Mortgage Loans (Table)

	September 30, 2011		December 31, 2010
	(in millions)
Commercial:
Brick and mortar	$	74.1	$	67.1
Residential:
Home equity	13.5		14.3
First liens	15.0		15.7
Total	$	102.6	$	97.1

Mortgage Loans Aging (Table)

	September 30, 2011
	30-59 days past due		60-89 days past due		90 days or more past due		Total past due		Current		Total loans		Recorded investment 90 days or more and accruing
	(in millions)
Commercial-brick and mortar	$	18.4	$	—	$	27.0	$	45.4	$	8,949.9	$	8,995.3	$	—
Commercial-CTL	—		—		—		—		580.9		580.9		—
Residential-home equity	15.1		5.1		6.7		26.9		613.5		640.4		—
Residential-first liens	16.5		6.1		20.9		43.5		711.5		755.0		6.9
Total	$	50.0	$	11.2	$	54.6	$	115.8	$	10,855.8	$	10,971.6	$	6.9

	December 31, 2010
	30-59 days past due		60-89 days past due		90 days or more past due		Total past due		Current		Total loans		Recorded investment 90 days or more and accruing
	(in millions)
Commercial-brick and mortar	$	—	$	22.5	$	9.1	$	31.6	$	9,041.4	$	9,073.0	$	—
Commercial-CTL	—		—		—		—		616.6		616.6		—
Residential-home equity	9.3		4.5		9.2		23.0		696.3		719.3		—
Residential-first liens	19.1		8.5		23.0		50.6		786.7		837.3		10.0
Total	$	28.4	$	35.5	$	41.3	$	105.2	$	11,141.0	$	11,246.2	$	10.0

Mortgage Loan Valuation Allowance (Table)

	For the three months ended September 30, 2011
	Commercial			Residential			Total
	(in millions)
Beginning balance	$	75.6		$	38.7		$	114.3
Provision	0.4			7.4			7.8
Charge-offs	(4.2		)	(7.6		)	(11.8		)
Recoveries	—			1.1			1.1
Effect of exchange rates	—			(0.2		)	(0.2		)
Ending balance	$	71.8		$	39.4		$	111.2

	For the nine months ended, September 30, 2011
	Commercial			Residential			Total
	(in millions)
Beginning balance	$	80.6		$	40.5		$	121.1
Provision	13.5			21.3			34.8
Charge-offs	(22.4		)	(24.8		)	(47.2		)
Recoveries	0.1			2.6			2.7
Effect of exchange rates	—			(0.2		)	(0.2		)
Ending balance	$	71.8		$	39.4		$	111.2
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	4.1		$	3.8		$	7.9
Collectively evaluated for impairment	67.7			35.6			103.3
Allowance ending balance	$	71.8		$	39.4		$	111.2
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	19.1		$	25.8		$	44.9
Collectively evaluated for impairment	9,557.1			1,369.6			10,926.7
Loan ending balance	$	9,576.2		$	1,395.4		$	10,971.6

Impaired Mortgage Loans (Table)

	September 30, 2011
	Recorded  investment		Unpaid principal balance		Related allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	40.7	$	51.2	$	—
Residential-first liens	4.1		4.0		—
With an allowance recorded:
Commercial-brick and mortar	19.1		19.1		4.1
Residential-home equity	12.9		12.5		2.2
Residential-first liens	8.9		8.8		1.6
Total:
Commercial	$	59.8	$	70.3	$	4.1
Residential	$	25.9	$	25.3	$	3.8

	December 31, 2010
	Recorded investment		Unpaid principal balance		Related allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	22.5	$	28.9	$	—
Residential-first liens	5.3		5.2		—
With an allowance recorded:
Commercial-brick and mortar	29.8		29.7		9.1
Residential-home equity	11.5		11.2		2.3
Residential-first liens	10.0		9.9		3.0
Total:
Commercial	$	52.3	$	58.6	$	9.1
Residential	$	26.8	$	26.3	$	5.3

	For the three months endedSeptember 30, 2011				For the nine months endedSeptember 30, 2011
	Average recorded investment		Interest income recognized		Average recorded investment		Interest income recognized
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	45.0	$	0.2	$	31.6	$	0.7
Residential-first liens	4.0		—		4.5		—
With an allowance recorded:
Commercial-brick and mortar	22.4		0.3		28.5		0.9
Residential-home equity	12.6		0.2		12.4		0.5
Residential-first liens	9.5		—		9.7		0.1
Total:
Commercial	$	67.4	$	0.5	$	60.1	$	1.6
Residential	$	26.1	$	0.2	$	26.6	$	0.6

Mortgage Loans Modified as a Troubled Debt Restructuring (Table)

	For the three months ended September 30, 2011
	TDRs			TDRs in payment default
	Number of  contracts	Recorded  investment		Number of  contracts	Recorded  investment
		(in millions)			(in millions)
Commercial-brick and mortar	—	$	—	—	$	—
Residential-home equity	20	0.8		1	—
Residential-first liens	1	0.2		1	0.3
Total	21	$	1.0	2	$	0.3

	For the nine months ended September 30, 2011
	TDRs			TDRs in payment default
	Number of  contracts	Recorded  investment		Number of  contracts	Recorded investment
		(in millions)			(in millions)
Commercial-brick and mortar	4	$	28.5	2	$	17.6
Residential-home equity	80	4.1		4	—
Residential-first liens	5	1.3		1	0.3
Total	89	$	33.9	7	$	17.9