|
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 |
|