Investments (Tables)

3 Months Ended

Mar. 31, 2016

Investment [Line Items]

Realized Investment Gains and Losses

	Three Months Ended
	March 31,
(In millions)	2016		2015
Fixed maturities	$	(18)	$	7
Equity securities		(10)		13
Commercial mortgage loans		-		5
Other investments, including derivatives		(4)		48
Realized investment gains (losses) before income taxes		(32)		73
Less income taxes (benefits)		(11)		25
Net realized investment gains (losses)	$	(21)	$	48

Asset write-downs and changes in valuation reserves

	Three Months Ended
	March 31,
(In millions)	2016		2015
Other-than-temporary impairments on debt securities:
Credit-related	$	(18)	$	-
Non credit-related (1)		(9)		(5)
Total other-than-temporary impairments on debt securities		(27)		(5)
Other asset write-downs (2)		(9)		(6)
Total	$	(36)	$	(11)
(1) These write-downs pertain to other-than-temporary declines in fair values due to increases in market yields (widening of credit spreads), particularly within the energy sector, for certain below investment grade fixed maturities with an increased probability of sales activity prior to recovery of amortized cost basis.
(2) Other asset write-downs include other-than-temporary declines in fair values of equity securities and asset writedowns related to real estate investments.

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

	Three Months Ended
	March 31,
(In millions)	2016		2015
Proceeds from sales	$	361	$	393
Gross gains on sales	$	12	$	27
Gross losses on sales	$	5	$	2

Amortized cost and fair value by maturity period for fixed maturities

		Amortized		Fair
(In millions)		Cost		Value
Due in one year or less	$	1,533	$	1,541
Due after one year through five years		6,359		6,652
Due after five years through ten years		6,888		7,216
Due after ten years		3,352		4,085
Mortgage and other asset-backed securities		552		593
Total	$	18,684	$	20,087

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, 2016
Federal government and agency	$	463	$	289	$	-	$	752
State and local government		1,451		153		(1)		1,603
Foreign government		1,890		183		(1)		2,072
Corporate		14,328		869		(130)		15,067
Mortgage-backed		40		2		(1)		41
Other asset-backed		512		48		(8)		552
Total	$	18,684	$	1,544	$	(141)	$	20,087
(In millions)	December 31, 2015
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

Fixed maturities in an unrealized loss position

	March 31, 2016
	Fair		Amortized		Unrealized		Number
(Dollars in millions)	Value		Cost		Depreciation		of Issues
One year or less:
Investment grade	$	1,787	$	1,840	$	(53)	292
Below investment grade	$	350	$	374	$	(24)	145
More than one year:
Investment grade	$	311	$	340	$	(29)	74
Below investment grade	$	168	$	203	$	(35)	34

Credit risk profile of commercial mortgage loans

		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
(In millions)				March 31, 2016
Below 50%	$	259	$	2	$	-	$	60	$	-	$	321
50% to 59%		672		-		-		31		-		703
60% to 69%		589		14		-		19		-		622
70% to 79%		-		-		-		30		36		66
80% to 89%		40		-		-		-		-		40
90% to 100%		-		-		-		-		96		96
Total	$	1,560	$	16	$	-	$	140	$	132	$	1,848
		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
(In millions)					December 31, 2015
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

Impaired commercial mortgage loans and related valuation reserves

(In millions)		March 31, 2016					December 31, 2015
		Gross		Reserves		Net		Gross		Reserves		Net
Impaired commercial mortgage loans with valuation reserves	$	111	$	(15)	$	96	$	113	$	(15)	$	98
Impaired commercial mortgage loans with no valuation reserves		-		-		-		-		-		-
Total	$	111	$	(15)	$	96	$	113	$	(15)	$	98