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Investment Income (Tables)

12 Months Ended

Dec. 31, 2013

Investment Income And Gains And Losses [Abstract]

(In millions)	2013		2012		2011
Fixed maturities	$	823	$	843	$	817
Equity securities		6		4		6
Commercial mortgage loans		174		192		218
Policy loans		74		74		86
Real estate		(1)		(2)		(2)
Other long-term investments		102		59		48
Short-term investments and cash		22		14		10
		1,200		1,184		1,183
Less investment expenses		36		40		37
Net investment income	$	1,164	$	1,144	$	1,146

Realized Investment Gains and Losses

(In millions)	2013		2012		2011
Fixed maturities	$	113	$	48	$	50
Equity securities		8		4		(1)
Commercial mortgage loans		(3)		(9)		(16)
Real estate		-		(1)		(6)
Other investments, including derivatives		95		2		35
Realized investment gains, before income taxes		213		44		62
Less income taxes		72		13		21
Net realized investment gains	$	141	$	31	$	41

Asset write-downs and changes in valuation reserves


(in millions)	2013		2012		2011
Credit related ⁽¹⁾	$	(8)	$	(20)	$	(28)
Other		(21)		(2)		(25)
Total	$	(29)	$	(22)	$	(53)

⁽¹⁾ There were no credit losses on fixed maturities for which a portion of the impairment was recognized in other comprehensive income.

Realized investment results not reflected in the Company's revenues

(In millions)	2013		2012		2011
Separate accounts	$	417	$	206	$	210
Investment gains required to adjust future policy benefits for the run-off settlement annuity business	$	9	$	21	$	8

Sales of available-for-sale fixed maturities and equity securities

(In millions)	2013		2012		2011
Proceeds from sales	$	1,775	$	591	$	876
Gross gains on sales	$	102	$	37	$	53
Gross losses on sales	$	4	$	2	$	7

- Definition

Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.

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