Investments (Tables)

12 Months Ended

Dec. 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 cost		Gross unrealized				Fair value
At December 31, 2013			gains		losses
Fixed maturity securities:
States, municipalities and political subdivisions	$	3,107	$	125	$	21	$	3,211
Convertibles and bonds with warrants attached	17		—		—		17
United States government	7		—		—		7
Government-sponsored enterprises	227		—		27		200
Foreign government	10		—		—		10
Commercial mortgage-backed	148		—		5		143
Corporate	5,122		433		22		5,533
Subtotal	8,638		558		75		9,121
Equity securities:
Common equities	2,396		1,818		1		4,213
Nonredeemable preferred equities	127		38		3		162
Subtotal	2,523		1,856		4		4,375
Total	$	11,161	$	2,414	$	79	$	13,496
At December 31, 2012
Fixed maturity securities:
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	27		1		—		28
Corporate	4,950		622		2		5,570
Subtotal	8,222		874		3		9,093
Equity securities:
Common equities	2,270		977		9		3,238
Nonredeemable 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
At December 31, 2013	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Fixed maturity securities:
States, municipalities and political subdivisions	$	490	$	18	$	42	$	3	$	532	$	21
United States government	1		—		—		—		1		—
Government-sponsored enterprises	199		27		1		—		200		27
Foreign government	10		—		—		—		10		—
Commercial mortgage-backed	125		5		—		—		125		5
Corporate	572		20		43		2		615		22
Subtotal	1,397		70		86		5		1,483		75
Equity securities:
Common equities	77		1		—		—		77		1
Nonredeemable preferred equities	42		3		—		—		42		3
Subtotal	119		4		—		—		119		4
Total	$	1,516	$	74	$	86	$	5	$	1,602	$	79
At December 31, 2012
Fixed maturity securities:
States, municipalities and political subdivisions	$	53	$	1	$	—	$	—	$	53	$	1
Government-sponsored enterprises	1		—		—		—		1		—
Corporate	58		1		17		1		75		2
Subtotal	112		2		17		1		129		3
Equity securities:
Common equities	107		9		—		—		107		9
Nonredeemable preferred equities	4		1		—		—		4		1
Subtotal	111		10		—		—		111		10
Total	$	223	$	12	$	17	$	1	$	240	$	13

Contractual Maturity Dates For Fixed-Maturity And Short-Term Investments

ontractual maturity dates for fixed-maturity investments were:

(In millions)	Amortized cost		Fair value		% of fair value
At December 31, 2013
Maturity dates occurring:
Less than 1 year	$	545	$	556	6.1	%
Years 1 - 5	3,244		3,497		38.3
Years 6 - 10	3,485		3,674		40.3
Due after ten years	1,364		1,394		15.3
Total	$	8,638	$	9,121	100.0	%

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, by investment category:

(In millions)	Years ended December 31,
	2013			2012			2011
Investment income summary:
Interest on fixed maturities	$	413		$	420		$	424
Dividends on equity securities	122			115			104
Other investment income	3			3			4
Total	538			538			532
Less investment expenses	9			7			7
Total	$	529		$	531		$	525
Realized investment gains and losses summary:
Fixed maturities:
Gross realized gains	$	12		$	35		$	11
Gross realized losses	—			—			—
Other-than-temporary impairments	(2		)	(1		)	(5		)
Equity securities:
Gross realized gains	64			39			151
Gross realized losses	—			(2		)	(40		)
Other-than-temporary impairments	—			(32		)	(52		)
Securities with embedded derivatives	3			1			(1		)
Other	6			2			6
Total	$	83		$	42		$	70
Change in unrealized investment gains and losses and other summary:
Fixed maturities	$	(387	)	$	176		$	200
Equity securities	847			210			39
Pension obligations	83			(13		)	(25		)
Adjustment to deferred acquisition costs and life policy reserves	41			(28		)	(14		)
Other	(7		)	7			3
Income taxes on above	(202		)	(124		)	(71		)
Total	$	375		$	228		$	132