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Investments (Tables) | 12 Months Ended
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Dec. 31, 2018
Investments [Abstract] |
Schedule of Investments | Total investments at December 31, 2018 were as follows:
In millions | Current |  | Long-term |  | Total
Debt securities available for sale | $ | 2,359 |  |  | $ | 12,896 |  |  | $ | 15,255 |
Mortgage loans | 145 |  |  | 1,216 |  |  | 1,361 |
Other investments | 18 |  |  | 1,620 |  |  | 1,638 |
Total investments | $ | 2,522 |  |  | $ | 15,732 |  |  | $ | 18,254 |
Schedule of Debt Securities AFS | Debt securities available for sale at December 31, 2018 were as follows:
In millions | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2018 |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | $ | 1,662 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 1,688 |
States, municipalities and political subdivisions | 2,370 |  |  | 30 |  |  | (1 | ) |  | 2,399 |
U.S. corporate securities | 6,444 |  |  | 61 |  |  | (16 | ) |  | 6,489 |
Foreign securities | 2,355 |  |  | 31 |  |  | (3 | ) |  | 2,383 |
Residential mortgage-backed securities | 567 |  |  | 10 |  |  | — |  |  | 577 |
Commercial mortgage-backed securities | 594 |  |  | 11 |  |  | — |  |  | 605 |
Other asset-backed securities | 1,097 |  |  | 3 |  |  | (15 | ) |  | 1,085 |
Redeemable preferred securities | 30 |  |  | — |  |  | (1 | ) |  | 29 |
Total debt securities (1) | $ | 15,119 |  |  | $ | 172 |  |  | $ | (36 | ) |  | $ | 15,255 |
_____________________________________________
(1) | Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated results of operations. At December 31, 2018, debt securities with a fair value of $916 million, gross unrealized capital gains of $12 million and gross unrealized capital losses of $2 million were included in total debt securities, but support experience-rated products.
Investments Classified by Contractual Maturity Date | The fair value of debt securities at December 31, 2018 is shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
In millions | Amortized Cost |  | Fair Value
Due to mature: |  |  |
Less than one year | $ | 901 |  |  | $ | 902 |
One year through five years | 5,489 |  |  | 5,521 |
After five years through ten years | 2,973 |  |  | 2,999 |
Greater than ten years | 3,498 |  |  | 3,566 |
Residential mortgage-backed securities | 567 |  |  | 577 |
Commercial mortgage-backed securities | 594 |  |  | 605 |
Other asset-backed securities | 1,097 |  |  | 1,085 |
Total | $ | 15,119 |  |  | $ | 15,255 |
Schedule of AFS In Unrealized Capital Loss Position | Summarized below are the debt securities the Company held at December 31, 2018 that were in an unrealized capital loss position:
In millions, except number of securities | Number of Securities |  | Fair Value |  | Unrealized Losses
Debt securities: |  |  |  |  |
U.S. government securities | 8 |  |  | $ | 26 |  |  | $ | — |
States, municipalities and political subdivisions | 54 |  |  | 86 |  |  | 1 |
U.S. corporate securities | 1,399 |  |  | 1,431 |  |  | 16 |
Foreign securities | 243 |  |  | 314 |  |  | 3 |
Residential mortgage-backed securities | 45 |  |  | 1 |  |  | — |
Other asset-backed securities | 516 |  |  | 528 |  |  | 15 |
Redeemable preferred securities | 14 |  |  | 23 |  |  | 1 |
Total debt securities | 2,279 |  |  | $ | 2,409 |  |  | $ | 36 |
The maturity dates for debt securities in an unrealized capital loss position at December 31, 2018 were as follows:
| Supporting experience-rated products |  | Supporting remaining products |  | Total
In millions | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Due to mature: |  |  |  |  |  |  |  |  |  |  |
Less than one year | $ | 21 |  |  | $ | — |  |  | $ | 308 |  |  | $ | — |  |  | $ | 329 |  |  | $ | — |
One year through five years | 36 |  |  | 2 |  |  | 557 |  |  | 5 |  |  | 593 |  |  | 7 |
After five years through ten years | 47 |  |  | — |  |  | 492 |  |  | 9 |  |  | 539 |  |  | 9 |
Greater than ten years | 49 |  |  | — |  |  | 370 |  |  | 5 |  |  | 419 |  |  | 5 |
Residential mortgage-backed securities | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Other asset-backed securities | 4 |  |  | — |  |  | 524 |  |  | 15 |  |  | 528 |  |  | 15 |
Total | $ | 157 |  |  | $ | 2 |  |  | $ | 2,252 |  |  | $ | 34 |  |  | $ | 2,409 |  |  | $ | 36 |
Activity in Mortgage Loan Portfolio | The Company’s mortgage loans are collateralized by commercial real estate. From the Aetna Acquisition Date through December 31, 2018, the Company had the following activity in its mortgage loan portfolio:
In millions |
New mortgage loans | $ | 4 |
Mortgage loans fully-repaid | 27 |
Mortgage loans foreclosed | — |
Based upon the most recent assessments at December 31, 2018, the Company’s mortgage loans were given the following credit quality indicators:
In millions, except credit ratings indicator |
1 | $ | 42 |
2 to 4 | 1,301 |
5 and 6 | 18 |
7 | — |
Total | $ | 1,361 |
At December 31, 2018 scheduled mortgage loan principal repayments were as follows:
In millions |
2019 | $ | 145 |
2020 | 109 |
2021 | 269 |
2022 | 228 |
2023 | 83 |
Thereafter | 527 |
Total | $ | 1,361 |
Investment Income | Sources of net investment income for the year ended December 31, 2018 were as follows:
In millions |
Debt securities | $ | 637 |
Mortgage loans | 6 |
Other investments | 17 |
Gross investment income | 660 |
Investment expenses | (3 | )
Net investment income (excluding net realized capital gains or losses) | 657 |
Net realized capital gains | 3 |
Net investment income (1) | $ | 660 |
_____________________________________________
(1) | Net investment income in 2018 includes $4 million related to investments supporting experience-rated products.
Realized Gain (Loss) on Investments | Excluding amounts related to experience-rated products, proceeds from the sale of available for sale debt securities and the related gross realized capital gains and losses from the Aetna Acquisition Date through December 31, 2018 were as follows:(1)
In millions |
Proceeds from sales | $ | 389 |
Gross realized capital gains | 2 |
Gross realized capital losses | (2 | )
_____________________________________________
(1) | The proceeds from sales and gross realized capital gains and losses exclude the impact of the sales of short-term debt securities which primarily relate to the Company’s investments in mutual funds. These investments were excluded from the disclosed amounts because they represent an immaterial amount of aggregate gross realized capital gains or losses and have a high volume of sales activity.

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