Investments (Tables)

9 Months Ended

Sep. 30, 2012

Investments.

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

								Other-than-
			Gross		Gross			temporary
	Amortized		unrealized		unrealized			impairments in
	cost		gains (1)		losses (1)			AOCI (2)		Fair value
	(in millions)
September 30, 2012
Fixed maturities, available-for-sale:
U.S. government and agencies	$	935.6	$	38.0	$	—		$	—	$	973.6
Non-U.S. government and agencies	975.3		227.9		1.6			—		1,201.6
States and political subdivisions	2,999.9		251.0		2.8			—		3,248.1
Corporate	32,210.4		3,076.1		390.6			19.5		34,876.4
Residential mortgage-backed pass-through securities	3,034.6		230.8		0.1			—		3,265.3
Commercial mortgage-backed securities	4,115.9		211.7		287.8			201.4		3,838.4
Collateralized debt obligations	439.9		4.7		57.1			6.7		380.8
Other debt obligations	3,745.6		69.8		(22.6		)	88.3		3,749.7
Total fixed maturities, available-for-sale	$	48,457.2	$	4,110.0	$	717.4		$	315.9	$	51,533.9
Total equity securities, available-for-sale	$	140.3	$	13.3	$	10.0				$	143.6
December 31, 2011
Fixed maturities, available-for-sale:
U.S. government and agencies	$	772.3	$	32.8	$	—		$	—	$	805.1
Non-U.S. government and agencies	917.6		180.5		1.4			—		1,096.7
States and political subdivisions	2,670.0		218.2		5.5			—		2,882.7
Corporate	31,954.2		2,321.3		699.5			19.5		33,556.5
Residential mortgage-backed pass-through securities	3,155.8		187.9		0.7			—		3,343.0
Commercial mortgage-backed securities	3,894.3		117.0		429.4			168.2		3,413.7
Collateralized debt obligations	399.7		1.9		55.8			7.0		338.8
Other debt obligations	3,606.9		100.3		47.0			90.0		3,570.2
Total fixed maturities, available-for-sale	$	47,370.8	$	3,159.9	$	1,239.3		$	284.7	$	49,006.7
Total equity securities, available-for-sale	$	75.2	$	8.4	$	6.5				$	77.1

(1)   Includes increases and decreases in asset values subsequent to an other-than-temporary impairment when a portion of the loss was recorded in AOCI.

(2)Excludes $66.0 million and $28.9 million as of September 30, 2012 and December 31, 2011, 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	$	3,829.6	$	3,892.5
Due after one year through five years	12,706.2		13,387.2
Due after five years through ten years	9,289.4		10,410.0
Due after ten years	11,296.0		12,610.0
Subtotal	37,121.2		40,299.7
Mortgage-backed and other asset-backed securities	11,336.0		11,234.2
Total	$	48,457.2	$	51,533.9

Net Realized Capital Gains and Losses (Table)

	For the three months ended September 30,						For the nine months ended September 30,
	2012			2011			2012			2011
	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	3.0		$	5.4		$	22.7		$	23.6
Gross losses	(44.1		)	(13.3		)	(131.0		)	(74.5		)
Other-than-temporary impairment losses reclassified to (from) OCI	9.2			(34.9		)	31.2			(83.0		)
Hedging, net	1.0			110.1			7.7			139.6
Fixed maturities, trading	4.7			(11.2		)	5.7			(12.5		)
Equity securities, available-for-sale:
Gross gains	0.5			0.1			0.6			2.3
Gross losses	(0.6		)	—			(0.6		)	(4.5		)
Equity securities, trading	(0.1		)	(35.8		)	30.6			20.8
Mortgage loans	(23.3		)	(13.0		)	(44.6		)	(35.0		)
Derivatives	(50.5		)	(105.7		)	(20.1		)	(161.4		)
Other	187.9			67.6			179.0			133.6
Net realized capital gains (losses)	$	87.7		$	(30.7	)	$	81.2		$	(51.0	)

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

	For the three months ended						For the nine months ended
	September 30,						September 30,
	2012			2011			2012			2011
	(in millions)
Fixed maturities, available-for-sale	$	(43.5	)	$	(12.8	)	$	(126.3	)	$	(65.4	)
Equity securities, available-for-sale	(0.1		)	0.1			(0.1		)	(2.2		)
Total other-than-temporary impairment losses, net of recoveries from the sale of previously impaired securities	(43.6		)	(12.7		)	(126.4		)	(67.6		)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) OCI (1)	9.2			(34.9		)	31.2			(83.0		)
Net impairment losses on available-for-sale securities	$	(34.4	)	$	(47.6	)	$	(95.2	)	$	(150.6	)

(1)Represents the net impact of (a) gains resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI and (b) 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						For the nine months ended
	September 30,						September 30,
	2012			2011			2012			2011
	(in millions)
Beginning balance	$	(375.5	)	$	(359.7	)	$	(434.9	)	$	(325.7	)
Credit losses for which an other-than-temporary impairment was not previously recognized	(2.2		)	(9.1		)	(19.1		)	(24.1		)
Credit losses for which an other-than-temporary impairment was previously recognized	(20.9		)	(35.3		)	(60.8		)	(104.0		)
Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold	32.4			11.6			146.3			63.3
Net reduction (increase) for positive changes in cash flows expected to be collected and amortization (1)	2.8			(0.9		)	5.1			(2.9		)
Ending balance	$	(363.4	)	$	(393.4	)	$	(363.4	)	$	(393.4	)

(1)   Amounts are recognized in net investment income.

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

	September 30, 2012
	Less than				Greater than or
	twelve months				equal to twelve months				Total
			Gross				Gross				Gross
	Fair		unrealized		Fair		unrealized		Fair		unrealized
	value		losses		value		losses		value		losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	16.0	$	—	$	—	$	—	$	16.0	$	—
Non-U.S. governments	35.0		1.6		0.4		—		35.4		1.6
States and political subdivisions	196.1		1.9		13.8		0.9		209.9		2.8
Corporate	737.0		18.2		2,573.4		391.9		3,310.4		410.1
Residential mortgage-backed pass- through securities	6.5		—		2.4		0.1		8.9		0.1
Commercial mortgage-backed securities	113.5		4.0		840.6		485.2		954.1		489.2
Collateralized debt obligations	69.9		1.9		150.7		61.9		220.6		63.8
Other debt obligations	169.9		1.7		500.0		64.0		669.9		65.7
Total fixed maturities, available-for-sale	$	1,343.9	$	29.3	$	4,081.3	$	1,004.0	$	5,425.2	$	1,033.3
Total equity securities, available-for-sale	$	5.0	$	0.1	$	51.5	$	9.9	$	56.5	$	10.0

	December 31, 2011
	Less than				Greater than or
	twelve months				equal to twelve months				Total
			Gross				Gross				Gross
	Fair		unrealized		Fair		unrealized		Fair		unrealized
	value		losses		value		losses		value		losses
	(in millions)
Fixed maturities, available-for-sale:
Non-U.S. governments	$	68.5	$	1.4	$	0.3	$	—	$	68.8	$	1.4
States and political subdivisions	5.7		0.1		51.7		5.4		57.4		5.5
Corporate	3,445.6		140.9		2,403.9		578.1		5,849.5		719.0
Residential mortgage-backed pass-through securities	77.8		0.5		3.7		0.2		81.5		0.7
Commercial mortgage-backed securities	608.4		57.3		858.9		540.3		1,467.3		597.6
Collateralized debt obligations	107.2		2.5		204.4		60.3		311.6		62.8
Other debt obligations	708.1		13.0		508.1		124.0		1,216.2		137.0
Total fixed maturities, available-for-sale	$	5,021.3	$	215.7	$	4,031.0	$	1,308.3	$	9,052.3	$	1,524.0
Total equity securities, available-for-sale	$	14.3	$	3.2	$	15.6	$	3.3	$	29.9	$	6.5

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

	September 30, 2012			December 31, 2011
	(in millions)
Net unrealized gains on fixed maturities, available-for-sale (1)	$	3,407.6		$	1,920.6
Noncredit component of impairment losses on fixed maturities, available-for-sale	(315.9		)	(284.7		)
Net unrealized gains on equity securities, available-for-sale	3.3			1.9
Adjustments for assumed changes in amortization patterns	(566.6		)	(376.1		)
Adjustments for assumed changes in policyholder liabilities	(916.8		)	(442.7		)
Net unrealized gains on derivative instruments	129.0			113.2
Net unrealized gains on equity method subsidiaries and noncontrolling interest adjustments	195.1			150.3
Provision for deferred income taxes	(636.9		)	(354.1		)
Net unrealized gains on available-for-sale securities and derivative instruments	$	1,298.8		$	728.4

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

Mortgage Loans (Table)

	September 30, 2012			December 31, 2011
	(in millions)
Commercial mortgage loans	$	9,988.1		$	9,461.4
Residential mortgage loans	1,405.5			1,367.9
Total amortized cost	11,393.6			10,829.3
Valuation allowance	(95.7		)	(102.1		)
Total carrying value	$	11,297.9		$	10,727.2

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

	September 30, 2012				December 31, 2011
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total
	(in millions)
Geographic distribution
New England	$	480.3	4.8	%	$	454.0	4.8	%
Middle Atlantic	2,143.3		21.5		1,744.4		18.4
East North Central	649.3		6.5		774.8		8.2
West North Central	402.1		4.0		407.8		4.3
South Atlantic	2,149.1		21.5		2,099.8		22.2
East South Central	248.5		2.5		231.8		2.4
West South Central	797.4		8.0		648.6		6.9
Mountain	744.3		7.5		643.2		6.8
Pacific	2,360.5		23.6		2,446.4		25.9
International	13.3		0.1		10.6		0.1
Total	$	9,988.1	100.0	%	$	9,461.4	100.0	%
Property type distribution
Office	$	2,945.6	29.5	%	$	2,753.8	29.1	%
Retail	2,850.5		28.5		2,580.2		27.3
Industrial	1,804.2		18.1		2,070.7		21.9
Apartments	1,629.7		16.3		1,242.9		13.1
Hotel	449.7		4.5		467.7		4.9
Mixed use/other	308.4		3.1		346.1		3.7
Total	$	9,988.1	100.0	%	$	9,461.4	100.0	%

Commercial Mortgage Loan Portfolio by Credit Risk (Table)

	September 30, 2012
	Brick and mortar		CTL		Total
	(in millions)
A- and above	$	6,874.2	$	236.0	$	7,110.2
BBB+ thru BBB-	1,911.5		288.6		2,200.1
BB+ thru BB-	321.1		16.6		337.7
B+ and below	337.7		2.4		340.1
Total	$	9,444.5	$	543.6	$	9,988.1

	December 31, 2011
	Brick and mortar		CTL		Total
	(in millions)
A- and above	$	5,682.5	$	308.6	$	5,991.1
BBB+ thru BBB-	2,112.3		238.8		2,351.1
BB+ thru BB-	403.7		16.4		420.1
B+ and below	693.3		5.8		699.1
Total	$	8,891.8	$	569.6	$	9,461.4

Performing and Non-Performing Residential Mortgage Loans (Table)

	September 30, 2012
	Home equity		First liens		Total
	(in millions)
Performing	$	494.0	$	863.9	$	1,357.9
Nonperforming	25.5		22.1		47.6
Total	$	519.5	$	886.0	$	1,405.5

	December 31, 2011
	Home equity		First liens		Total
	(in millions)
Performing	$	597.8	$	733.7	$	1,331.5
Nonperforming	13.2		23.2		36.4
Total	$	611.0	$	756.9	$	1,367.9

Non-Accrual Mortgage Loans (Table)

	September 30, 2012		December 31, 2011
	(in millions)
Commercial:
Brick and mortar	$	31.1	$	46.8
Residential:
Home equity	25.5		13.2
First liens	14.6		15.7
Total	$	71.2	$	75.7

Mortgage Loans Aging (Table)

	September 30, 2012
													Recorded
													investment
					90 days or								90 days or
	30-59 days		60-89 days		more past		Total past						more and
	past due		past due		due		due		Current		Total loans		accruing
	(in millions)
Commercial-brick and mortar	$	—	$	—	$	2.4	$	2.4	$	9,442.1	$	9,444.5	$	—
Commercial-CTL	—		—		—		—		543.6		543.6		—
Residential-home equity	8.7		3.1		3.6		15.4		504.1		519.5		—
Residential-first liens	24.4		5.4		21.1		50.9		835.1		886.0		7.5
Total	$	33.1	$	8.5	$	27.1	$	68.7	$	11,324.9	$	11,393.6	$	7.5
	December 31, 2011
													Recorded
													investment
					90 days or								90 days or
	30-59 days		60-89 days		more past		Total past						more and
	past due		past due		due		due		Current		Total loans		accruing
	(in millions)
Commercial-brick and mortar	$	61.4	$	4.4	$	22.5	$	88.3	$	8,803.5	$	8,891.8	$	—
Commercial-CTL	—		—		—		—		569.6		569.6		—
Residential-home equity	7.8		2.6		6.2		16.6		594.4		611.0		—
Residential-first liens	15.8		6.0		22.2		44.0		712.9		756.9		7.5
Total	$	85.0	$	13.0	$	50.9	$	148.9	$	10,680.4	$	10,829.3	$	7.5

Mortgage Loan Valuation Allowance (Table)

	For the three months ended September 30, 2012
	Commercial			Residential			Total
	(in millions)
Beginning balance	$	49.3		$	36.9		$	86.2
Provision	3.9			19.0			22.9
Charge-offs	(0.8		)	(13.3		)	(14.1		)
Recoveries	—			0.6			0.6
Effect of exchange rates	—			0.1			0.1
Ending balance	$	52.4		$	43.3		$	95.7

	For the nine months ended September 30, 2012
	Commercial			Residential			Total
	(in millions)
Beginning balance	$	64.8		$	37.3		$	102.1
Provision	14.3			32.2			46.5
Charge-offs	(26.7		)	(28.9		)	(55.6		)
Recoveries	—			2.6			2.6
Effect of exchange rates	—			0.1			0.1
Ending balance	$	52.4		$	43.3		$	95.7
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	4.8		$	7.8		$	12.6
Collectively evaluated for impairment	47.6			35.5			83.1
Allowance ending balance	$	52.4		$	43.3		$	95.7
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	28.7		$	35.3		$	64.0
Collectively evaluated for impairment	9,959.4			1,370.2			11,329.6
Loan ending balance	$	9,988.1		$	1,405.5		$	11,393.6

	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, 2012
			Unpaid
	Recorded		principal		Related
	investment		balance		allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	10.6	$	10.9	$	—
Residential-first liens	4.9		4.8		—
With an allowance recorded:
Commercial-brick and mortar	18.1		20.3		4.8
Residential-home equity	22.9		22.6		6.7
Residential-first liens	7.5		7.5		1.1
Total:
Commercial	$	28.7	$	31.2	$	4.8
Residential	$	35.3	$	34.9	$	7.8

	December 31, 2011
			Unpaid
	Recorded		principal		Related
	investment		balance		allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	—	$	0.3	$	—
Residential-first liens	4.4		4.2		—
With an allowance recorded:
Commercial-brick and mortar	114.0		114.0		16.3
Residential-home equity	14.5		14.2		1.9
Residential-first liens	8.5		8.5		1.3
Total:
Commercial	$	114.0	$	114.3	$	16.3
Residential	$	27.4	$	26.9	$	3.2

	For the three months ended				For the nine months ended
	September 30, 2012				September 30, 2012
	Average				Average
	recorded		Interest income		recorded		Interest income
	investment		recognized		investment		recognized
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	27.0	$	0.1	$	5.3	$	1.1
Residential-first liens	5.2		—		4.6		—
With an allowance recorded:
Commercial-brick and mortar	20.2		0.5		22.2		1.5
Residential-home equity	20.2		0.2		18.7		0.7
Residential-first liens	8.1		—		8.2		0.1
Total:
Commercial	$	47.2	$	0.6	$	27.5	$	2.6
Residential	$	33.5	$	0.2	$	31.5	$	0.8

	For the three months ended				For the nine months ended
	September 30, 2011				September 30, 2011
	Average				Average
	recorded		Interest income		recorded		Interest income
	investment		recognized		investment		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, 2012
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	Contracts	investment		Contracts	investment
		(in millions)			(in millions)
Commercial-brick and mortar	2	$	8.2	—	$	—
Residential-home equity	134	6.4		1	—
Total	136	$	14.6	1	$	—

	For the three months ended September 30, 2011
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	Contracts	investment		Contracts	investment
		(in millions)			(in millions)
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, 2012
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	Contracts	investment		Contracts	investment
		(in millions)			(in millions)
Commercial-brick and mortar	3	$	22.0	—	$	—
Residential-home equity	237	10.8		4	—
Total	240	$	32.8	4	$	—

	For the nine months ended September 30, 2011
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	Contracts	investment		Contracts	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