Investments (Tables)

9 Months Ended

Sep. 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	$	1,120	$	1,127
Due after one year through five years		5,697		6,018
Due after five years through ten years		6,744		6,993
Due after ten years		3,354		4,014
Mortgage and other asset-backed securities		551		595
Total	$	17,466	$	18,747

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

				Gross		Gross
				Unrealized		Unrealized
		Amortized		Appre-		Depre-		Fair
		Cost		ciation		ciation		Value
(In millions)	September 30, 2015
Federal government and agency	$	553	$	308	$	-	$	861
State and local government		1,569		151		(3)		1,717
Foreign government		1,815		140		(5)		1,950
Corporate		12,978		772		(126)		13,624
Mortgage-backed		54		2		(1)		55
Other asset-backed		497		47		(4)		540
Total	$	17,466	$	1,420	$	(139)	$	18,747
(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

	September 30, 2015
	Fair		Amortized		Unrealized		Number
(Dollars in millions)	Value		Cost		Depreciation		of Issues
Fixed maturities:
One year or less:
Investment grade	$	2,233	$	2,312	$	(79)	417
Below investment grade	$	479	$	509	$	(30)	224
More than one year:
Investment grade	$	157	$	169	$	(12)	60
Below investment grade	$	105	$	123	$	(18)	34

Credit risk profile of commercial mortgage loans

(In millions)				September 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%	$	468	$	2	$	-	$	67	$	-	$	537
50% to 59%		677		-		-		24		-		701
60% to 69%		533		15		-		19		-		567
70% to 79%		-		-		-		30		36		66
80% to 89%		-		-		-		-		-		-
90% to 100%		41		-		-		-		103		144
Total	$	1,719	$	17	$	-	$	140	$	139	$	2,015
(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)		September 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