Investments (Tables)

3 Months Ended

Mar. 31, 2013

Investments [Abstract]

Analysis Of Cost Or Amortized Cost, Gross Unrealized Gains And Losses And Fair Value for Investments

The following table provides cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value for our invested assets:

(In millions)	Cost or
	amortized		Gross unrealized				Fair
At March 31, 2013	cost		gains		losses		value
Fixed maturities:
States, municipalities and political subdivisions	$	3,006	$	233	$	1	$	3,238
Convertibles and bonds with warrants attached	27		—		—		27
United States government	7		1		—		8
Government-sponsored enterprises	168		—		1		167
Foreign government	13		—		—		13
Commercial mortgage-backed securities	38		1		—		39
Corporate securities	5,064		615		2		5,677
Subtotal	8,323		850		4		9,169
Equity securities:
Common equities	2,331		1,346		2		3,675
Preferred equities	85		41		—		126
Subtotal	2,416		1,387		2		3,801
Total	$	10,739	$	2,237	$	6	$	12,970
At December 31, 2012
Fixed maturities:
States, municipalities and political subdivisions	$	3,040	$	250	$	1	$	3,289
Convertibles and bonds with warrants attached	31		—		—		31
United States government	7		1		—		8
Government-sponsored enterprises	164		—		—		164
Foreign government	3		—		—		3
Commercial mortgage-backed securities	27		1		—		28
Corporate securities	4,950		622		2		5,570
Subtotal	8,222		874		3		9,093
Equity securities:
Common equities	2,270		977		9		3,238
Preferred equities	99		37		1		135
Subtotal	2,369		1,014		10		3,373
Total	$	10,591	$	1,888	$	13	$	12,466

Fair Values And Unrealized Losses by Investment Category And By The Duration Of The Securities' Continuous Unrealized Loss Position

The table below provides fair values and unrealized losses by investment category and by the duration of the securities’ continuous unrealized loss position:

(In millions)	Less than 12 months				12 months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
At March 31, 2013	value		losses		value		losses		value		losses
Fixed maturities:
States, municipalities and political subdivisions	$	103	$	1	$	—	$	—	$	103	$	1
Government-sponsored enterprises	107		1		—		—		107		1
Commercial mortgage-backed securities	16		—		—		—		16		—
Corporate securities	118		1		13		1		131		2
Subtotal	344		3		13		1		357		4
Equity securities:
Common equities	74		2		—		—		74		2
Preferred equities	1		—		—		—		1		—
Subtotal	75		2		—		—		75		2
Total	$	419	$	5	$	13	$	1	$	432	$	6
At December 31, 2012
Fixed maturities:
States, municipalities and political subdivisions	$	53	$	1	$	—	$	—	$	53	$	1
Government-sponsored enterprises	1		—		—		—		1		—
Corporate securities	58		1		17		1		75		2
Subtotal	112		2		17		1		129		3
Equity securities:
Common equities	107		9		—		—		107		9
Preferred equities	4		1		—		—		4		1
Subtotal	111		10		—		—		111		10
Total	$	223	$	12	$	17	$	1	$	240	$	13

Investment Income, Realized Investment Gains And Losses And Change In Unrealized Investment Gains And Losses

The following table provides realized investment gains and losses and the change in unrealized investment gains and losses and other items:

(In millions)	Three months ended March 31,
	2013			2012
Investment income summary:
Interest on fixed maturities	$	102		$	106
Dividends on equity securities	27			26
Other investment income	1			1
Total	130			133
Less investment expenses	2			2
Total	$	128		$	131
Realized investment gains and losses summary:
Fixed maturities:
Gross realized gains	$	2		$	3
Gross realized losses	—			—
Other-than-temporary impairments	(2		)	—
Equity securities:
Gross realized gains	37			23
Gross realized losses	—			—
Other-than-temporary impairments	—			(16		)
Securities with embedded derivatives	1			4
Other	3			(1		)
Total	$	41		$	13
Change in unrealized gains and losses summary:
Fixed maturities	$	(25	)	$	49
Equity securities	381			179
Adjustment to deferred acquisition costs and life policy reserves	3			(7		)
Amortization of pension actuarial loss and prior service cost	2			2
Other	(3		)	2
Income taxes on above	(125		)	(79		)
Total	$	233		$	146