Investments (Tables)

3 Months Ended

Mar. 31, 2014

Investments

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

									Other-than-
			Gross		Gross				temporary
	Amortized		unrealized		unrealized				impairments in
	cost		gains		losses		Fair value		AOCI (1)
	(in millions)
March 31, 2014
Fixed maturities, available-for-sale:
U.S. government and agencies	$	798.2	$	13.9	$	31.6	$	780.5	$	—
Non-U.S. government and agencies	872.4		157.3		5.1		1,024.6		—
States and political subdivisions	3,837.6		177.3		41.8		3,973.1		—
Corporate	30,542.6		2,291.1		209.9		32,623.8		17.1
Residential mortgage-backed pass-through securities	2,834.4		98.8		32.3		2,900.9		—
Commercial mortgage-backed securities	4,064.0		173.0		149.9		4,087.1		155.5
Collateralized debt obligations	407.1		5.5		31.7		380.9		0.7
Other debt obligations	4,252.1		57.4		32.3		4,277.2		74.1
Total fixed maturities, available-for-sale	$	47,608.4	$	2,974.3	$	534.6	$	50,048.1	$	247.4
Total equity securities, available-for-sale	$	139.4	$	6.9	$	10.2	$	136.1
December 31, 2013
Fixed maturities, available-for-sale:
U.S. government and agencies	$	818.2	$	12.7	$	50.4	$	780.5	$	—
Non-U.S. government and agencies	853.2		148.8		5.2		996.8		—
States and political subdivisions	3,622.8		120.9		85.7		3,658.0		—
Corporate	30,280.6		1,958.8		320.4		31,919.0		17.1
Residential mortgage-backed pass-through securities	2,799.1		92.8		46.7		2,845.2		—
Commercial mortgage-backed securities	4,078.0		170.6		222.2		4,026.4		183.4
Collateralized debt obligations	391.9		6.0		34.5		363.4		0.7
Other debt obligations	4,157.5		51.8		41.5		4,167.8		76.3
Total fixed maturities, available-for-sale	$	47,001.3	$	2,562.4	$	806.6	$	48,757.1	$	277.5
Total equity securities, available-for-sale	$	113.8	$	10.0	$	13.3	$	110.5

(1) Excludes $177.0 million and $148.6 million as of March 31, 2014 and December 31, 2013, respectively, of net unrealized gains on impaired fixed maturities, available-for-sale related to changes in fair value subsequent to the impairment date, which are included in gross unrealized gains and gross unrealized losses.

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

	Amortized cost		Fair value
	(in millions)
Due in one year or less	$	3,152.6	$	3,200.9
Due after one year through five years	12,725.3		13,374.6
Due after five years through ten years	8,687.4		9,215.8
Due after ten years	11,485.5		12,610.7
Subtotal	36,050.8		38,402.0
Mortgage-backed and other asset-backed securities	11,557.6		11,646.1
Total	$	47,608.4	$	50,048.1

Net Realized Capital Gains and Losses (Table)

	For the three months ended March 31,
	2014			2013
	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	12.3		$	15.5
Gross losses	(6.9		)	(50.7		)
Other-than-temporary impairment losses reclassified to (from) OCI	(30.1		)	20.2
Hedging, net	4.5			(29.0		)
Fixed maturities, trading	14.2			0.1
Equity securities, available-for-sale:
Gross gains	5.8			—
Equity securities, trading	3.6			6.3
Mortgage loans	1.4			(6.2		)
Derivatives	(11.3		)	18.2
Other	7.1			(25.3		)
Net realized capital gains (losses)	$	0.6		$	(50.9	)

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

	For the three months ended March 31,
	2014			2013
	(in millions)
Fixed maturities, available-for-sale	$	5.0		$	(44.7	)
Equity securities, available-for-sale	5.9			—
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities	10.9			(44.7		)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) OCI (1)	(30.1		)	20.2
Net impairment losses on available-for-sale securities	$	(19.2	)	$	(24.5	)

(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 March 31,
	2014			2013
	(in millions)
Beginning balance	$	(235.4	)	$	(335.2	)
Credit losses for which an other-than-temporary impairment was not previously recognized	(0.3		)	(4.3		)
Credit losses for which an other-than-temporary impairment was previously recognized	(24.1		)	(18.3		)
Reduction for credit losses previously recognized on fixed maturities now sold or intended to be sold	33.6			35.8
Net reduction for positive changes in cash flows expected to be collected and amortization (1)	2.0			3.4
Ending balance	$	(224.2	)	$	(318.6	)

(1) Amounts are recognized in net investment income.

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

	March 31, 2014
	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	$	464.6	$	30.5	$	15.8	$	1.1	$	480.4	$	31.6
Non-U.S. governments	75.4		4.8		5.9		0.3		81.3		5.1
States and political subdivisions	915.4		32.5		79.2		9.3		994.6		41.8
Corporate	3,213.9		71.4		1,123.3		138.5		4,337.2		209.9
Residential mortgage-backed pass- through securities	936.5		24.4		112.7		7.9		1,049.2		32.3
Commercial mortgage-backed securities	545.1		9.1		472.8		140.8		1,017.9		149.9
Collateralized debt obligations	113.3		1.5		52.5		30.2		165.8		31.7
Other debt obligations	866.2		8.5		304.3		23.8		1,170.5		32.3
Total fixed maturities, available-for-sale	$	7,130.4	$	182.7	$	2,166.5	$	351.9	$	9,296.9	$	534.6
Total equity securities, available-for-sale	$	—	$	—	$	51.0	$	10.2	$	51.0	$	10.2

	December 31, 2013
	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	$	526.8	$	49.6	$	9.2	$	0.8	$	536.0	$	50.4
Non-U.S. governments	78.1		5.1		5.8		0.1		83.9		5.2
States and political subdivisions	1,338.6		75.3		46.1		10.4		1,384.7		85.7
Corporate	4,087.9		155.4		1,278.1		165.0		5,366.0		320.4
Residential mortgage-backed pass- through securities	1,150.3		38.2		85.9		8.5		1,236.2		46.7
Commercial mortgage-backed securities	683.7		15.3		495.6		206.9		1,179.3		222.2
Collateralized debt obligations	88.8		1.4		47.4		33.1		136.2		34.5
Other debt obligations	1,359.0		16.1		287.9		25.4		1,646.9		41.5
Total fixed maturities, available-for-sale	$	9,313.2	$	356.4	$	2,256.0	$	450.2	$	11,569.2	$	806.6
Total equity securities, available-for-sale	$	16.7	$	0.3	$	48.3	$	13.0	$	65.0	$	13.3

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

	March 31, 2014			December 31, 2013
	(in millions)
Net unrealized gains on fixed maturities, available-for-sale (1)	$	2,712.7		$	2,067.4
Noncredit component of impairment losses on fixed maturities, available-for-sale	(247.4		)	(277.5		)
Net unrealized losses on equity securities, available-for-sale	(3.3		)	(3.3		)
Adjustments for assumed changes in amortization patterns	(323.6		)	(265.9		)
Adjustments for assumed changes in policyholder liabilities	(921.2		)	(621.2		)
Net unrealized gains on derivative instruments	75.4			56.0
Net unrealized gains on equity method subsidiaries and noncontrolling interest adjustments	79.3			87.1
Provision for deferred income taxes	(452.6		)	(342.0		)
Net unrealized gains on available-for-sale securities and derivative instruments	$	919.3		$	700.6

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

Mortgage Loans (Table)

	March 31, 2014			December 31, 2013
	(in millions)
Commercial mortgage loans	$	10,299.0		$	10,327.7
Residential mortgage loans	1,245.9			1,275.7
Total amortized cost	11,544.9			11,603.4
Valuation allowance	(66.5		)	(69.8		)
Total carrying value	$	11,478.4		$	11,533.6

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

	March 31, 2014				December 31, 2013
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total
	($ in millions)
Geographic distribution
New England	$	501.4	4.9	%	$	528.5	5.1	%
Middle Atlantic	2,615.4		25.4		2,489.0		24.1
East North Central	509.6		4.9		519.9		5.0
West North Central	276.8		2.7		302.9		2.9
South Atlantic	1,944.2		18.9		1,949.5		18.9
East South Central	194.6		1.9		192.8		1.9
West South Central	881.1		8.6		830.3		8.0
Mountain	742.6		7.2		747.1		7.2
Pacific	2,590.0		25.1		2,722.5		26.5
International	43.3		0.4		45.2		0.4
Total	$	10,299.0	100.0	%	$	10,327.7	100.0	%
Property type distribution
Office	$	3,364.0	32.7	%	$	3,360.5	32.6	%
Retail	2,625.8		25.5		2,668.5		25.8
Industrial	1,683.7		16.3		1,766.2		17.1
Apartments	1,990.6		19.3		1,911.2		18.5
Hotel	340.3		3.3		333.1		3.2
Mixed use/other	294.6		2.9		288.2		2.8
Total	$	10,299.0	100.0	%	$	10,327.7	100.0	%

Commercial Mortgage Loan Portfolio by Credit Risk (Table)

	March 31, 2014
	Brick and mortar		CTL		Total
	(in millions)
A- and above	$	8,204.0	$	187.3	$	8,391.3
BBB+ thru BBB-	1,390.8		222.0		1,612.8
BB+ thru BB-	167.7		—		167.7
B+ and below	125.3		1.9		127.2
Total	$	9,887.8	$	411.2	$	10,299.0

	December 31, 2013
	Brick and mortar		CTL		Total
	(in millions)
A- and above	$	8,091.9	$	194.5	$	8,286.4
BBB+ thru BBB-	1,463.7		250.0		1,713.7
BB+ thru BB-	155.4		0.1		155.5
B+ and below	170.1		2.0		172.1
Total	$	9,881.1	$	446.6	$	10,327.7

Performing and Non-Performing Residential Mortgage Loans (Table)

	March 31, 2014
	Home equity		First liens		Total
	(in millions)
Performing	$	361.0	$	851.4	$	1,212.4
Nonperforming	16.1		17.4		33.5
Total	$	377.1	$	868.8	$	1,245.9

	December 31, 2013
	Home equity		First liens		Total
	(in millions)
Performing	$	378.3	$	862.1	$	1,240.4
Nonperforming	16.6		18.7		35.3
Total	$	394.9	$	880.8	$	1,275.7

Non-Accrual Mortgage Loans (Table)

	March 31, 2014		December 31, 2013
	(in millions)
Commercial:
Brick and mortar	$	13.2	$	33.2
Residential:
Home equity	16.1		16.6
First liens	10.5		11.4
Total	$	39.8	$	61.2

Mortgage Loans Aging (Table)

	March 31, 2014
													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	$	0.5	$	—	$	8.3	$	8.8	$	9,879.0	$	9,887.8	$	—
Commercial-CTL	—		—		—		—		411.2		411.2		—
Residential-home equity	4.9		1.2		2.9		9.0		368.1		377.1		—
Residential-first liens	29.0		6.4		16.2		51.6		817.2		868.8		6.9
Total	$	34.4	$	7.6	$	27.4	$	69.4	$	11,475.5	$	11,544.9	$	6.9

	December 31, 2013
													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	$	—	$	—	$	16.7	$	16.7	$	9,864.4	$	9,881.1	$	—
Commercial-CTL	—		—		—		—		446.6		446.6		—
Residential-home equity	4.4		1.0		3.0		8.4		386.5		394.9		—
Residential-first liens	32.4		7.4		17.1		56.9		823.9		880.8		7.3
Total	$	36.8	$	8.4	$	36.8	$	82.0	$	11,521.4	$	11,603.4	$	7.3

Mortgage Loan Valuation Allowance (Table)

	Commercial			Residential			Total
	(in millions)
For the three months ended March 31, 2014
Beginning balance	$	28.7		$	41.1		$	69.8
Provision	(1.9		)	0.3			(1.6		)
Charge-offs	(0.3		)	(3.1		)	(3.4		)
Recoveries	—			1.7			1.7
Ending balance	$	26.5		$	40.0		$	66.5
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	2.4		$	9.5		$	11.9
Collectively evaluated for impairment	24.1			30.5			54.6
Allowance ending balance	$	26.5		$	40.0		$	66.5
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	4.4		$	32.0		$	36.4
Collectively evaluated for impairment	10,294.6			1,213.9			11,508.5
Loan ending balance	$	10,299.0		$	1,245.9		$	11,544.9
For the three months ended March 31, 2013
Beginning balance	$	51.8		$	45.6		$	97.4
Provision	(0.5		)	7.0			6.5
Charge-offs	(9.5		)	(5.9		)	(15.4		)
Recoveries	—			1.0			1.0
Ending balance	$	41.8		$	47.7		$	89.5
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	2.7		$	10.8		$	13.5
Collectively evaluated for impairment	39.1			36.9			76.0
Allowance ending balance	$	41.8		$	47.7		$	89.5
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	17.5		$	35.4		$	52.9
Collectively evaluated for impairment	10,269.0			1,345.5			11,614.5
Loan ending balance	$	10,286.5		$	1,380.9		$	11,667.4

Impaired Mortgage Loans (Table)

	March 31, 2014
			Unpaid
	Recorded		principal		Related
	investment		balance		allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	0.9	$	2.2	$	—
Residential-first liens	4.5		4.5		—
With an allowance recorded:
Commercial-brick and mortar	4.4		4.4		2.4
Residential-home equity	18.8		19.4		8.6
Residential-first liens	8.7		8.6		0.9
Total:
Commercial	$	5.3	$	6.6	$	2.4
Residential	$	32.0	$	32.5	$	9.5

	December 31, 2013
			Unpaid
	Recorded		principal		Related
	investment		balance		allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	21.5	$	32.7	$	—
Residential-first liens	4.6		4.6		—
With an allowance recorded:
Commercial-brick and mortar	4.4		4.4		2.4
Residential-home equity	19.5		19.7		9.2
Residential-first liens	8.9		7.8		1.0
Total:
Commercial	$	25.9	$	37.1	$	2.4
Residential	$	33.0	$	32.1	$	10.2

	Average
	recorded		Interest income
	investment		recognized
	(in millions)
For the three months ended March 31, 2014
With no related allowance recorded:
Commercial-brick and mortar	$	11.2	$	—
Residential-first liens	4.6		—
With an allowance recorded:
Commercial-brick and mortar	4.4		0.1
Residential-home equity	19.1		0.2
Residential-first liens	8.8		—
Total:
Commercial	$	15.6	$	0.1
Residential	$	32.5	$	0.2
For the three months ended March 31, 2013
With no related allowance recorded:
Commercial-brick and mortar	$	37.3	$	0.1
Residential-first liens	7.5		—
With an allowance recorded:
Commercial-brick and mortar	6.4		—
Residential-home equity	20.6		0.2
Residential-first liens	9.5		—
Total:
Commercial	$	43.7	$	0.1
Residential	$	37.6	$	0.2

Mortgage Loans Modified as a Troubled Debt Restructuring (Table)

	For the three months ended March 31, 2014
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	contracts	investment		contracts	investment
		(in millions)			(in millions)
Commercial-brick and mortar	1	$	4.4	1	$	0.2
Residential-home equity	13	0.5		—	—
Total	14	$	4.9	1	$	0.2

	For the three months ended March 31, 2013
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	contracts	investment		contracts	investment
		(in millions)			(in millions)
Commercial-brick and mortar	1	$	0.8	—	$	—
Residential-home equity	32	1.9		12	—
Residential-first liens	2	0.4		—	—
Total	35	$	3.1	12	$	—

Financial Assets Subject to Netting Agreements (Table)

			Gross amounts not offset in the
	Gross amount		Statement of Financial Position
	of recognized		Financial			Collateral
	assets (1)		instruments (2)			received			Net amount
	(in millions)
March 31, 2014
Derivative assets	$	607.9	$	(510.5	)	$	(84.6	)	$	12.8
Reverse repurchase agreements	43.8		—			(43.8		)	—
Total	$	651.7	$	(510.5	)	$	(128.4	)	$	12.8
December 31, 2013
Derivative assets	$	664.9	$	(581.5	)	$	(82.1	)	$	1.3
Reverse repurchase agreements	51.8		—			(51.8		)	—
Total	$	716.7	$	(581.5	)	$	(133.9	)	$	1.3

(1) The gross amount of recognized derivative and reverse repurchase agreement assets are reported with other investments and cash and cash equivalents on the consolidated statements of financial position. The above excludes $0.1 million and $0.2 million of derivative assets as of March 31, 2014 and December 31, 2013, respectively, that are not subject to master netting agreements or similar agreements. The gross amounts of derivative and reverse repurchase agreement assets are not netted against offsetting liabilities for presentation on the consolidated statements of financial position.

(2) Represents amount of offsetting derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets for presentation on the consolidated statements of financial position.

Financial Liabilities Subject to Netting Agreements (Table)

	Gross amount		Statement of Financial Position
	of recognized		Financial			Collateral
	liabilities (1)		instruments (2)			pledged			Net amount
	(in millions)
March 31, 2014
Derivative liabilities	$	903.9	$	(510.5	)	$	(298.5	)	$	94.9
December 31, 2013
Derivative liabilities	$	1,022.0	$	(581.5	)	$	(362.1	)	$	78.4

(1) The gross amount of recognized derivative liabilities are reported with other liabilities on the consolidated statements of financial position. The above excludes $257.7 million and $226.7 million of derivative liabilities as of March 31, 2014 and December 31, 2013, respectively, which are primarily embedded derivatives that are not subject to master netting agreements or similar agreements. The gross amount of recognized repurchase agreement liabilities are reported with short-term debt on the consolidated statements of financial position. The gross amounts of derivative and repurchase agreement liabilities are not netted against offsetting assets for presentation on the consolidated statements of financial position.

(2) Represents amount of offsetting derivative assets that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative liabilities for presentation on the consolidated statements of financial position.