Investments (Tables)

12 Months Ended

Dec. 31, 2011


Year Ended December 31	2011			2010			2009
(In millions)

Fixed maturity securities	$	2,011		$	2,052		$	1,941
Short term investments		16			22			42
Limited partnerships		97			315			324
Equity securities		20			32			49
Income (loss) from trading portfolio (a)		(39	)		131			187
Other		16			10			6
Total investment income		2,121			2,562			2,549
Investment expenses		(58	)		(54	)		(50	)
Net investment income	$	2,063		$	2,508		$	2,499


(a)		Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(58), $88 and $94 for the years ended December 31, 2011, 2010 and 2009.

Schedule Of Investment Gains (Losses)


Year Ended December 31	2011			2010			2009
(In millions)

Fixed maturity securities	$	(22	)	$	92			$ (1,167)
Equity securities		(1	)		(2	)		243
Derivative instruments		(34	)		(31	)		51
Short term investments					7			14
Other		5			(10	)		6
Investment gains (losses) (a)	$	(52	)	$	56			$ (853)


(a)		Includes gross realized gains of $299, $525 and $973 and gross realized losses of $322, $435 and $1,897 on available-for-sale securities for the years ended December 31, 2011, 2010 and 2009.

Schedule Of Net Change In Unrealized Gains (Losses) Securities Available-For-Sale


Fixed maturity securities	$	1,442		$	1,140		$	5,278
Equity securities		(2	)		7			156
Other		(3	)		(1	)		(4	)
Total net change in unrealized gains on available-for-sale investments	$	1,437		$	1,146		$	5,430

Components Of Other-Than-Temporary Impairment ("OTTI") Losses Recognized In Earnings By Asset Type


Year Ended December 31	2011		2010		2009
(In millions)

Fixed maturity securities available-for-sale:
Corporate and other bonds	$	95	$	68	$	357
States, municipalities and political subdivisions				62		79
Asset-backed:
Residential mortgage-backed		105		71		461
Commercial mortgage-backed				3		193
Other asset-backed		6		3		31
Total asset-backed		111		77		685
Redeemable preferred stock						9
Total fixed maturity securities available-for-sale		206		207		1,130
Equity securities available-for-sale:
Common stock		8		11		5
Preferred stock		1		14		217
Total equity securities available-for-sale		9		25		222
Short term investments		1
Net OTTI losses recognized in earnings	$	216	$	232	$	1,352

Amortized Cost And Fair Values Of Securities


December 31, 2011	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Unrealized OTTI Losses (Gains)
(In millions)

Fixed maturity securities:
Corporate and other bonds	$	19,086	$	1,946	$	154	$	20,878
States, municipalities and political subdivisions		9,018		900		136		9,782
Asset-backed:
Residential mortgage-backed		5,786		172		183		5,775	$	99
Commercial mortgage-backed		1,365		48		59		1,354		(2	)
Other asset-backed		946		13		4		955
Total asset-backed		8,097		233		246		8,084		97
U.S. Treasury and obligations of government-sponsored enterprises		479		14				493
Foreign government		608		28				636
Redeemable preferred stock		51		7				58
Fixed maturities available-for-sale		37,339		3,128		536		39,931		97
Fixed maturities, trading		127				18		109
Total fixed maturities		37,466		3,128		554		40,040		97
Equity securities:
Common stock		30		17				47
Preferred stock		258		4		5		257
Equity securities available-for-sale		288		21		5		304		-
Equity securities, trading		614		76		67		623
Total equity securities		902		97		72		927		-
Total	$	38,368	$	3,225	$	626	$	40,967	$	97


December 31, 2010


Fixed maturity securities:
Corporate and other bonds	$	19,503	$	1,603	$	70	$	21,036
States, municipalities and political subdivisions		8,157		142		410		7,889
Asset-backed:
Residential mortgage-backed		6,255		101		265		6,091	$	114
Commercial mortgage-backed		994		40		41		993		(2	)
Other asset-backed		753		18		8		763
Total asset-backed		8,002		159		314		7,847		112
U.S. Treasury and obligations of government-sponsored enterprises		122		16		1		137
Foreign government		602		18				620
Redeemable preferred stock		47		7				54
Fixed maturities available-for-sale		36,433		1,945		795		37,583		112
Fixed maturities, trading		244				13		231
Total fixed maturities		36,677		1,945		808		37,814		112
Equity securities:
Common stock		90		25				115
Preferred stock		332		2		9		325
Equity securities available-for-sale		422		27		9		440		-
Equity securities, trading		557		123		34		646
Total equity securities		979		150		43		1,086		-
Total	$	37,656	$	2,095	$	851	$	38,900	$	112

Securities Available-For-Sale In A Gross Unrealized Loss Position


	Less than 12 Months				12 Months or Longer				Total
December 31, 2011	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

Fixed maturity securities:
Corporate and other bonds		$2,552		$ 126		$ 159		$ 28		$2,711		$ 154
States, municipalities and political subdivisions		67		1		721		135		788		136
Asset-backed:
Residential mortgage-backed		719		36		874		147		1,593		183
Commercial mortgage-backed		431		39		169		20		600		59
Other asset-backed		389		4						389		4
Total asset-backed		1,539		79		1,043		167		2,582		246
Total fixed maturities available-for-sale		4,158		206		1,923		330		6,081		536
Equity securities available-for-sale:
Preferred stock		117		5						117		5
Total		$4,275		$ 211		$1,923		$ 330		$6,198		$ 541



December 31, 2010


Fixed maturity securities:
Corporate and other bonds		$1,719		$ 34		$ 405		$ 36		$ 2,124		$ 70
States, municipalities and political subdivisions		3,339		164		745		246		4,084		410
Asset-backed:
Residential mortgage-backed		1,800		52		1,801		213		3,601		265
Commercial mortgage-backed		164		3		333		38		497		41
Other asset-backed		122		1		60		7		182		8
Total asset-backed		2,086		56		2,194		258		4,280		314
U.S. Treasury and obligations of government-sponsored enterprises		8		1						8		1
Total fixed maturities available-for-sale		7,152		255		3,344		540		10,496		795
Equity securities available-for-sale:
Preferred stock		175		5		70		4		245		9
Total		$7,327		$ 260		$3,414		$ 544		$10,741		$ 804

Schedule Of Activity In Other Than Temporary Credit Losses


	Year ended December 31,		Period from April 1, 2009 to December 31, 2009
	2011	2010	Period from April 1, 2009 to December 31, 2009
(In millions)

Beginning balance of credit losses on fixed maturity securities	$ 141	$ 164	$ 192

Additional credit losses for securities for which an OTTI loss was previously recognized	39	37	93
Credit losses for securities for which an OTTI loss was not previously recognized	11	11	183
Reductions for securities sold during the period	(67)	(62)	(239)
Reductions for securities the Company intends to sell or more likely than not will be required to sell	(32)	(9)	(65)
Ending balance of credit losses on fixed maturity securities	$ 92	$ 141	$ 164

Corporate And Other Taxable Bonds In A Gross Unrealized Loss Position By Ratings Distribution


December 31, 2011	Amortized Cost	Estimated Fair Value	Gross Unrealized Losses
(In millions)

AAA	$ 112	$ 111	$ 1
AA	97	94	3
A	895	853	42
BBB	1,275	1,196	79
Non-investment grade	486	457	29
Total	$ 2,865	$ 2,711	$ 154

Asset-Backed Securities In Gross Unrealized Loss Position By Ratings Distribution


December 31, 2011	Amortized Cost	Estimated Fair Value	Gross Unrealized Losses
(In millions)

U.S. Government, Government Agencies and Government-Sponsored Enterprises	$ 382	$ 347	$ 35
AAA	364	355	9
AA	409	388	21
A	370	357	13
BBB	319	294	25
Non-investment grade	984	841	143
Total	$ 2,828	$ 2,582	$ 246

Contractual Maturity


December 31	2011		2010
	Amortized Cost	Estimated Fair Value	Amortized Cost	Estimated Fair Value
(In millions)

Due in one year or less	$ 1,802	$ 1,812	$ 1,515	$ 1,506
Due after one year through five years	13,110	13,537	11,198	11,653
Due after five years through ten years	8,410	8,890	10,034	10,437
Due after ten years	14,017	15,692	13,686	13,987
Total	$ 37,339	$ 39,931	$ 36,433	$ 37,583