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Investments (Tables)
 12 Months Ended
Dec. 31, 2014
Investments  
Schedule for fixed income securities at amortized cost, gross unrealized gains and losses and fair value

 
    
   Gross unrealized    
  
  Amortized
cost		   Fair
value		  
($ in millions)
 
   Gains   Losses  

December 31, 2014

                          

U.S. government and agencies

   $ 4,192   $ 139   $ (3 ) $ 4,328  

Municipal

     7,877     645     (25 )   8,497  

Corporate

     40,386     1,998     (240 )   42,144  

Foreign government

     1,543     102     —     1,645  

ABS

     3,971     38     (31 )   3,978  

RMBS

     1,108     112     (13 )   1,207  

CMBS

     573     44     (2 )   615  

Redeemable preferred stock

     22     4     —     26  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

   $ 59,672   $ 3,082   $ (314 ) $ 62,440  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

December 31, 2013

    
 		    
 		    
 		    
 		  

U.S. government and agencies

   $ 2,791   $ 129   $ (7 ) $ 2,913  

Municipal

     8,446     364     (87 )   8,723  

Corporate

     39,331     1,659     (387 )   40,603  

Foreign government

     1,736     99     (11 )   1,824  

ABS

     4,491     71     (44 )   4,518  

RMBS

     1,403     101     (30 )   1,474  

CMBS

     788     48     (7 )   829  

Redeemable preferred stock

     22     4     —     26  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

   $ 59,008   $ 2,475   $ (573 ) $ 60,910  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule for fixed income securities based on contractual maturities

The scheduled maturities for fixed income securities are as follows as of December 31, 2014:

($ in millions)
 
   Amortized
cost		   Fair
value		  

Due in one year or less

   $ 3,553   $ 3,593  

Due after one year through five years

     26,200     26,865  

Due after five years through ten years

     15,885     16,527  

Due after ten years

     8,382     9,655  
​ ​ ​ ​ ​ ​ ​ ​

 

     54,020     56,640  

ABS, RMBS and CMBS

     5,652     5,800  
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 59,672   $ 62,440  
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
Schedule of net investment income

 

 

($ in millions)
   2014   2013   2012  

Fixed income securities

   $ 2,447   $ 2,921   $ 3,234  

Equity securities

     117     149     127  

Mortgage loans

     265     372     374  

Limited partnership interests

     614     541     348  

Short-term investments

     7     5     6  

Other

     170     161     132  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investment income, before expense

     3,620     4,149     4,221  

Investment expense

     (161 )   (206 )   (211 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net investment income

   $ 3,459   $ 3,943   $ 4,010  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of realized capital gains and losses by asset type

 

 

($ in millions)
   2014   2013   2012  

Fixed income securities

   $ 130   $ 262   $ 107  

Equity securities

     582     327     183  

Mortgage loans

     2     20     8  

Limited partnership interests

     13     (5 )   13  

Derivatives

     (38 )   (10 )   23  

Other

     5     —     (7 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Realized capital gains and losses

   $ 694   $ 594   $ 327  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of realized capital gains and losses by transaction type

 

 

($ in millions)
   2014   2013   2012  

Impairment write-downs

   $ (32 ) $ (72 ) $ (185 )

Change in intent write-downs

     (213 )   (143 )   (48 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net other-than-temporary impairment losses recognized in earnings

     (245 )   (215 )   (233 )

Sales

     975     819     536  

Valuation and settlements of derivative instruments

     (36 )   (10 )   24  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Realized capital gains and losses

   $ 694   $ 594   $ 327  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of other-than-temporary impairment losses by asset type

 

 

($ in millions)
   2014   2013   2012  
 
   Gross   Included
in OCI		   Net   Gross   Included
in OCI		   Net   Gross   Included
in OCI		   Net  

Fixed income securities:

                                                        

Municipal

   $ (10 ) $ —   $ (10 ) $ (24 ) $ (5 ) $ (29 ) $ (42 ) $ 9   $ (33 )

Corporate

     (7 )   —     (7 )   —     —     —     (21 )   (2 )   (23 )

ABS

     (12 )   1     (11 )   —     (2 )   (2 )   —     —     —  

RMBS

     6     (4 )   2     (3 )   2     (1 )   (65 )   (4 )   (69 )

CMBS

     (1 )   —     (1 )   (32 )   (3 )   (35 )   (22 )   3     (19 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     (24 )   (3 )   (27 )   (59 )   (8 )   (67 )   (150 )   6     (144 )

Equity securities

     (196 )   —     (196 )   (137 )   —     (137 )   (75 )   —     (75 )

Mortgage loans

     5     —     5     11     —     11     5     —     5  

Limited partnership interests

     (27 )   —     (27 )   (18 )   —     (18 )   (8 )   —     (8 )

Other

     —     —     —     (4 )   —     (4 )   (11 )   —     (11 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other-than-temporary impairment losses

   $ (242 ) $ (3 ) $ (245 ) $ (207 ) $ (8 ) $ (215 ) $ (239 ) $ 6   $ (233 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of other-than-temporary impairment losses on fixed income securities included in Accumulated Other Comprehensive Income

 

 

($ in millions)
   December 31,
2014		   December 31,
2013		  

Municipal

   $ (8 ) $ (9 )

ABS

     (2 )   (10 )

RMBS

     (108 )   (152 )

CMBS

     (5 )   (12 )
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ (123 ) $ (183 )
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
Schedule of credit losses on fixed income securities recognized in earnings

 

 

($ in millions)
   2014   2013   2012  

Beginning balance

   $ (513 ) $ (617 ) $ (944 )

Additional credit loss for securities previously other-than-temporarily impaired

     (6 )   (30 )   (58 )

Additional credit loss for securities not previously other-than-temporarily impaired

     (18 )   (19 )   (50 )

Reduction in credit loss for securities disposed or collected

     95     150     427  

Reduction in credit loss for securities the Company has made the decision to sell or more likely than not will be required to sell

     —     2     7  

Change in credit loss due to accretion of increase in cash flows

     3     1     1  

Reduction in credit loss for securities sold in LBL disposition

     59     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending balance (1)

   $ (380 ) $ (513 ) $ (617 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
The December 31, 2013 ending balance includes $60 million of cumulative credit losses recognized in earnings for fixed income securities that are classified as held for sale.
Schedule of unrealized net capital gains and losses

 

 

 
    
   Gross unrealized    
  
 
   Fair
value		   Unrealized net
gains (losses)		  
($ in millions)
December 31, 2014
   Gains   Losses  

Fixed income securities

   $ 62,440   $ 3,082   $ (314 ) $ 2,768  

Equity securities

     4,104     467     (55 )   412  

Short-term investments

     2,540     —     —     —  

Derivative instruments (1)

     2     3     (5 )   (2 )

Equity method ("EMA") limited partnerships (2)

                       (5 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized net capital gains and losses, pre-tax

                       3,173  

Amounts recognized for:

                          

Insurance reserves (3)

                       (28 )

DAC and DSI (4)

                       (179 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Amounts recognized

                       (207 )

Deferred income taxes

                       (1,040 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized net capital gains and losses, after-tax

                     $ 1,926  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Included in the fair value of derivative instruments are $3 million classified as assets and $1 million classified as liabilities.
(2)
Unrealized net capital gains and losses for limited partnership interests represent the Company's share of EMA limited partnerships' other comprehensive income. Fair value and gross unrealized gains and losses are not applicable.
(3)
The insurance reserves adjustment represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product portfolios were realized and reinvested at current lower interest rates, resulting in a premium deficiency. Although the Company evaluates premium deficiencies on the combined performance of life insurance and immediate annuities with life contingencies, the adjustment primarily relates to structured settlement annuities with life contingencies, in addition to annuity buy-outs and certain payout annuities with life contingencies.
(4)
The DAC and DSI adjustment balance represents the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized.

 
    
   Gross unrealized    
  
 
   Fair
value		   Unrealized net
gains (losses)		  
($ in millions)
December 31, 2013
   Gains   Losses  

Fixed income securities

   $ 60,910   $ 2,475   $ (573 ) $ 1,902  

Equity securities

     5,097     658     (34 )   624  

Short-term investments

     2,393     —     —     —  

Derivative instruments (1)

     (13 )   1     (19 )   (18 )

EMA limited partnerships

                       (3 )

Investments classified as held for sale

                       190  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized net capital gains and losses, pre-tax

                       2,695  

Amounts recognized for:

                          

Insurance reserves

                       —  

DAC and DSI

                       (158 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Amounts recognized

                       (158 )

Deferred income taxes

                       (891 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized net capital gains and losses, after-tax

                     $ 1,646  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Included in the fair value of derivative instruments are $1 million classified as assets and $14 million classified as liabilities.
Schedule of change in unrealized net capital gains and losses

 

 

($ in millions)
   2014   2013   2012  

Fixed income securities

   $ 866   $ (3,200 ) $ 2,368  

Equity securities

     (212 )   164     300  

Derivative instruments

     16     4     (5 )

EMA limited partnerships

     (2 )   (10 )   5  

Investments classified as held for sale

     (190 )   190     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

     478     (2,852 )   2,668  

Amounts recognized for:

                    

Insurance reserves

     (28 )   771     (177 )

DAC and DSI

     (21 )   254     (288 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Amounts recognized

     (49 )   1,025     (465 )

Deferred income taxes

     (149 )   639     (769 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Increase (decrease) in unrealized net capital gains and losses, after-tax

   $ 280   $ (1,188 ) $ 1,434  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of gross unrealized losses and fair value of available for sale securities by length of time

 

 

($ in millions)
   Less than 12 months   12 months or more    
  
 
   Number
of issues		   Fair
value		   Unrealized
losses		   Number
of issues		   Fair
value		   Unrealized
losses		   Total
unrealized
losses		  

December 31, 2014

                                            

Fixed income securities

                                            

U.S. government and agencies

     21   $ 1,501   $ (3 )   —   $ —   $ —   $ (3 )

Municipal

     252     1,008     (9 )   19     116     (16 )   (25 )

Corporate

     576     7,545     (147 )   119     1,214     (93 )   (240 )

Foreign government

     2     13     —     1     19     —     —  

ABS

     81     1,738     (11 )   26     315     (20 )   (31 )

RMBS

     75     70     (1 )   188     156     (12 )   (13 )

CMBS

     8     33     —     3     32     (2 )   (2 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     1,015     11,908     (171 )   356     1,852     (143 )   (314 )

Equity securities

     258     866     (53 )   1     11     (2 )   (55 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income and equity securities

     1,273   $ 12,774   $ (224 )   357   $ 1,863   $ (145 ) $ (369 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investment grade fixed income securities

     754   $ 9,951   $ (71 )   281   $ 1,444   $ (87 ) $ (158 )

Below investment grade fixed income securities

     261     1,957     (100 )   75     408     (56 )   (156 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     1,015   $ 11,908   $ (171 )   356   $ 1,852   $ (143 ) $ (314 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

December 31, 2013

                                            

Fixed income securities

                                            

U.S. government and agencies

     22   $ 700   $ (7 )   —   $ —   $ —   $ (7 )

Municipal

     315     2,065     (41 )   38     208     (46 )   (87 )

Corporate

     796     10,375     (308 )   54     550     (79 )   (387 )

Foreign government

     36     262     (9 )   1     18     (2 )   (11 )

ABS

     85     1,715     (10 )   43     429     (34 )   (44 )

RMBS

     134     149     (4 )   175     247     (26 )   (30 )

CMBS

     8     22     —     7     52     (7 )   (7 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     1,396     15,288     (379 )   318     1,504     (194 )   (573 )

Equity securities

     158     982     (34 )   1     —     —     (34 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income and equity securities

     1,554   $ 16,270   $ (413 )   319   $ 1,504   $ (194 ) $ (607 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investment grade fixed income securities

     1,217   $ 14,019   $ (340 )   221   $ 975   $ (116 ) $ (456 )

Below investment grade fixed income securities

     179     1,269     (39 )   97     529     (78 )   (117 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     1,396   $ 15,288   $ (379 )   318   $ 1,504   $ (194 ) $ (573 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Principal geographic distribution of commercial real estate represented in the mortgage portfolio

 

 

(% of mortgage loan portfolio carrying value)
   2014   2013  

California

     23.9 %   23.0 %

Illinois

     9.4     10.0  

New Jersey

     8.0     6.8  

Texas

     8.0     6.3  

New York

     5.9     6.0  

Florida

     5.0     5.7  

District of Columbia

     2.4     5.3  
Types of property collateralizing the mortgage loans

 

 

(% of mortgage loan portfolio carrying value)
   2014   2013  

Office buildings

     24.3 %   26.5 %

Apartment complex

     23.3     23.2  

Retail

     22.2     21.0  

Warehouse

     17.8     18.0  

Other

     12.4     11.3  
​ ​ ​ ​ ​ ​ ​ ​

Total

     100.0 %   100.0 %
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
Contractual maturities of the commercial mortgage loan portfolio

 

 

($ in millions)
 
   Number of
loans		   Carrying
value		   Percent  

2015

     21   $ 249     5.9 %

2016

     37     398     9.5  

2017

     37     419     10.0  

2018

     36     459     11.0  

Thereafter

     190     2,663     63.6  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

     321   $ 4,188     100.0 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Carrying value of non-impaired fixed and variable rate mortgage loans by debt service coverage ratio distribution

 

 

($ in millions)
   2014   2013  
Debt service coverage ratio distribution
   Fixed rate
mortgage
loans		   Variable rate
mortgage
loans		   Total   Fixed rate
mortgage
loans		   Variable rate
mortgage
loans		   Total  

Below 1.0

   $ 110   $ —   $ 110   $ 153   $ —   $ 153  

1.0 - 1.25

     424     —     424     613     —     613  

1.26 - 1.50

     1,167     1     1,168     1,233     2     1,235  

Above 1.50

     2,450     20     2,470     2,562     77     2,639  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total non-impaired mortgage loans

   $ 4,151   $ 21   $ 4,172   $ 4,561   $ 79   $ 4,640  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net carrying value of impaired mortgage loans

 

 

($ in millions)
   2014   2013  

Impaired mortgage loans with a valuation allowance

   $ 16   $ 81  

Impaired mortgage loans without a valuation allowance

     —     —  
​ ​ ​ ​ ​ ​ ​ ​

Total impaired mortgage loans

   $ 16   $ 81  
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​

Valuation allowance on impaired mortgage loans

   $ 8   $ 21  
Valuation allowance on impaired mortgage loans

 

 

($ in millions)
   2014   2013   2012  

Beginning balance

   $ 21   $ 42   $ 63  

Net decrease in valuation allowance

     (5 )   (11 )   (5 )

Charge offs

     (8 )   (8 )   (16 )

Mortgage loans classified as held for sale

     —     (2 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending balance

   $ 8   $ 21   $ 42  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Principal geographic distribution of municipal bond

 

 

(% of municipal bond portfolio carrying value)
   2014   2013  

Texas

     9.1 %   8.7 %

California

     9.1     8.0  

New York

     6.7     6.3  

Florida

     5.9     6.3