Investments (Tables)

6 Months Ended

Jun. 30, 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	$	1,126	$	1,136
Due after one year through five years		5,670		6,015
Due after five years through ten years		6,650		6,904
Due after ten years		3,327		3,938
Mortgage and other asset-backed securities		534		576
Total	$	17,307	$	18,569

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

				Gross		Gross
				Unrealized		Unrealized
		Amortized		Appre-		Depre-		Fair
		Cost		ciation		ciation		Value
(In millions)	June 30, 2015
Federal government and agency	$	545	$	284	$	-	$	829
State and local government		1,629		145		(3)		1,771
Foreign government		1,842		120		(5)		1,957
Corporate		12,757		773		(94)		13,436
Mortgage-backed		56		2		(1)		57
Other asset-backed		478		44		(3)		519
Total	$	17,307	$	1,368	$	(106)	$	18,569
(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

	June 30, 2015
	Fair		Amortized		Unrealized		Number
(Dollars in millions)	Value		Cost		Depreciation		of Issues
Fixed maturities:
One year or less:
Investment grade	$	2,722	$	2,786	$	(64)	515
Below investment grade	$	400	$	420	$	(20)	207
More than one year:
Investment grade	$	158	$	166	$	(8)	70
Below investment grade	$	90	$	104	$	(14)	28

Credit risk profile of commercial mortgage loans

(In millions)				June 30, 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%	$	522	$	3	$	-	$	67	$	-	$	592
50% to 59%		677		-		-		24		-		701
60% to 69%		484		15		-		19		-		518
70% to 79%		-		32		-		30		36		98
80% to 89%		-		-		-		-		-		-
90% to 100%		41		-		-		-		104		145
Total	$	1,724	$	50	$	-	$	140	$	140	$	2,054
(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)		June 30, 2015					December 31, 2014
		Gross		Reserves		Net		Gross		Reserves		Net
Impaired commercial mortgage loans with valuation reserves	$	83	$	(10)	$	73	$	147	$	(12)	$	135
Impaired commercial mortgage loans with no valuation reserves		31		-		31		31		-		31
Total	$	114	$	(10)	$	104	$	178	$	(12)	$	166