Investments (Tables)

3 Months Ended

Mar. 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	$	1,065	$	1,081
Due after one year through five years		5,736		6,123
Due after five years through ten years		6,537		6,981
Due after ten years		3,299		4,247
Mortgage and other asset-backed securities		615		709
Total	$	17,252	$	19,141

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

				Gross		Gross
				Unrealized		Unrealized
		Amortized		Appre-		Depre-		Fair
		Cost		ciation		ciation		Value
(In millions)	March 31, 2015
Federal government and agency	$	568	$	355	$	-	$	923
State and local government		1,662		172		(2)		1,832
Foreign government		1,807		153		(4)		1,956
Corporate		12,600		1,159		(38)		13,721
Mortgage-backed		62		3		(1)		64
Other asset-backed		553		94		(2)		645
Total	$	17,252	$	1,936	$	(47)	$	19,141
(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

	March 31, 2015
	Fair		Amortized		Unrealized		Number
(Dollars in millions)	Value		Cost		Depreciation		of Issues
Fixed maturities:
One year or less:
Investment grade	$	695	$	712	$	(17)	139
Below investment grade	$	245	$	262	$	(17)	143
More than one year:
Investment grade	$	146	$	151	$	(5)	64
Below investment grade	$	76	$	84	$	(8)	24

Credit risk profile of commercial mortgage loans

(In millions)				March 31, 2015
		Debt Service Coverage Ratio
		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%	$	338	$	18	$	-	$	6	$	-	$	362
50% to 59%		638		37		-		-		-		675
60% to 69%		457		-		15		-		60		532
70% to 79%		68		36		32		-		79		215
80% to 89%		6		41		-		-		62		109
90% to 100%		-		-		55		-		62		117
Total	$	1,507	$	132	$	102	$	6	$	263	$	2,010
(In millions)					December 31, 2014
		Debt Service Coverage Ratio
		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%	$	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)		March 31, 2015					December 31, 2014
		Gross		Reserves		Net		Gross		Reserves		Net
Impaired commercial mortgage loans with valuation reserves	$	83	$	(8)	$	75	$	147	$	(12)	$	135
Impaired commercial mortgage loans with no valuation reserves		31		-		31		31		-		31
Total	$	114	$	(8)	$	106	$	178	$	(12)	$	166