Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2013	cost		gains		losses		value
Fixed maturities:
States, municipalities and political subdivisions	$	3,044	$	162	$	18	$	3,188
Convertibles and bonds with warrants attached	16		—		—		16
United States government	7		—		—		7
Government-sponsored enterprises	208		—		13		195
Foreign government	10		—		—		10
Commercial mortgage-backed securities	63		—		3		60
Corporate securities	5,080		459		23		5,516
Subtotal	8,428		621		57		8,992
Equity securities:
Common equities	2,375		1,398		12		3,761
Preferred equities	77		37		—		114
Subtotal	2,452		1,435		12		3,875
Total	$	10,880	$	2,056	$	69	$	12,867
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 June 30, 2013	value		losses		value		losses		value		losses
Fixed maturities:
States, municipalities and political    subdivisions	$	377	$	18	$	—	$	—	$	377	$	18
United States government	1		—		—		—		1		—
Foreign government	10		—		—		—		10		—
Government-sponsored enterprises	185		13		—		—		185		13
Commercial mortgage-backed securities	51		3		—		—		51		3
Corporate securities	580		22		13		1		593		23
Subtotal	1,204		56		13		1		1,217		57
Equity securities:
Common equities	202		12		—		—		202		12
Preferred equities	4		—		—		—		4		—
Subtotal	206		12		—		—		206		12
Total	$	1,410	$	68	$	13	$	1	$	1,423	$	69
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 investment income, realized investment gains and losses and the change in unrealized investment gains and losses and other items:

(In millions)	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Investment income summary:
Interest on fixed maturities	$	103		$	106		$	205		$	212
Dividends on equity securities	30			27			57			53
Other investment income	—			1			1			2
Total	133			134			263			267
Less investment expenses	2			2			4			4
Total	$	131		$	132		$	259		$	263
Realized investment gains and losses summary:
Fixed maturities:
Gross realized gains	$	2		$	13		$	4		$	16
Gross realized losses	—			—			—			—
Other-than-temporary impairments	—			—			(2		)	—
Equity securities:
Gross realized gains	12			6			49			29
Gross realized losses	—			(1		)	—			(1		)
Other-than-temporary impairments	—			(14		)	—			(30		)
Securities with embedded derivatives	—			1			1			5
Other	—			1			3			—
Total	$	14		$	6		$	55		$	19
Change in unrealized gains and losses summary:
Fixed maturities	$	(282	)	$	29		$	(307	)	$	78
Equity securities	38			(82		)	419			97
Adjustment to deferred acquisition costs and life policy reserves	26			(8		)	29			(15		)
Amortization of pension actuarial loss and prior service cost	3			1			5			3
Other	(2		)	3			(5		)	5
Income taxes on above	76			20			(49		)	(59		)
Total	$	(141	)	$	(37	)	$	92		$	109