Investments (Tables)

12 Months Ended

Dec. 31, 2015

Investment [Line Items]

Amortized cost and fair value by maturity period for fixed maturities

	Amortized		Fair
(In millions)	Cost		Value
Due in one year or less	$	1,397	$	1,403
Due after one year through five years		6,251		6,504
Due after five years through ten years		6,905		7,058
Due after ten years		3,363		3,917
Mortgage and other asset-backed securities		540		573
Total	$	18,456	$	19,455

Gross unrealized appreciation (depreciation) fixed maturities by type of issuer

(In millions)				December 31, 2015
			Unrealized		Unrealized
	Amortized		Appre-		Depre-		Fair
	Cost		ciation		ciation		Value
Federal government and agency	$	528	$	251	$	-	$	779
State and local government		1,496		147		(2)		1,641
Foreign government		1,870		147		(3)		2,014
Corporate		14,022		632		(206)		14,448
Mortgage-backed		48		2		(1)		49
Other asset-backed		492		39		(7)		524
Total	$	18,456	$	1,218	$	(219)	$	19,455
(In millions)		December 31, 2014
Federal government and agency	$	608	$	346	$	-	$	954
State and local government		1,682		176		(2)		1,856
Foreign government		1,824		121		(5)		1,940
Corporate		12,517		1,014		(33)		13,498
Mortgage-backed		83		3		(1)		85
Other asset-backed		564		87		(1)		650
Total	$	17,278	$	1,747	$	(42)	$	18,983

Fixed maturities with a decline in fair value from amortized cost

(Dollars in millions)	December 31, 2015
	Fair		Amortized		Unrealized		Number
	Value		Cost		Depreciation		of Issues
Fixed maturities:
One year or less:
Investment grade	$	4,411	$	4,558	$	(147)	721
Below investment grade	$	534	$	557	$	(23)	228
More than one year:
Investment grade	$	180	$	204	$	(24)	56
Below investment grade	$	124	$	149	$	(25)	29

Commercial mortgage loans by property type and geographic region

(In millions)	2015		2014
Property type
Office buildings	$	697	$	700
Apartment buildings		366		264
Industrial		322		466
Hotels		259		351
Retail facilities		213		272
Other		7		28
Total	$	1,864	$	2,081
Geographic region
Pacific	$	738	$	637
South Atlantic		366		572
New England		276		277
Central		205		214
Middle Atlantic		227		287
Mountain		52		94
Total	$	1,864	$	2,081

Credit risk profile of commercial mortgage loans

(In millions)	Debt Service Coverage Ratio
				December 31, 2015
		1.30x or		1.20x to		1.10x to		1.00x to		Less than
Loan-to-Value Ratios		Greater		1.29x		1.19x		1.09x		1.00x		Total
Below 50%	$	261	$	2	$	-	$	67	$	-	$	330
50% to 59%		683		-		-		24		-		707
60% to 69%		590		14		-		19		-		623
70% to 79%		-		-		-		30		36		66
80% to 89%		40		-		-		-		-		40
90% to 100%		-		-		-		-		98		98
Total	$	1,574	$	16	$	-	$	140	$	134	$	1,864
	December 31, 2014
Below 50%	$	340	$	17	$	-	$	6	$	-	$	363
50% to 59%		681		38		-		-		-		719
60% to 69%		394		-		15		-		60		469
70% to 79%		68		36		33		-		80		217
80% to 89%		6		41		-		-		58		105
90% to 100%		-		-		55		-		153		208
Total	$	1,489	$	132	$	103	$	6	$	351	$	2,081

Impaired commercial mortgage loans and related valuation reserves

(In millions)		2015					2014
		Gross		Reserves		Net		Gross		Reserves		Net
Impaired commercial mortgage loans with valuation reserves	$	113	$	(15)	$	98	$	147	$	(12)	$	135
Impaired commercial mortgage loans with no valuation reserves		-		-		-		31		-		31
Total	$	113	$	(15)	$	98	$	178	$	(12)	$	166

Other long-term investments

(In millions)	2015		2014
Real estate investments	$	814	$	916
Securities partnerships		501		456
Other		89		116
Total	$	1,404	$	1,488