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Investments (Tables) | 3 Months Ended
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Mar. 31, 2013
Investments [Abstract] |
Net investment income | Net Investment Income
Three months ended March 31 |  |  |
(In millions) | 2013 |  | 2012
Fixed maturity securities | $ | 499 |  |  | $ | 516 |
Short term investments | 1 |  |  | 1 |
Limited partnership investments | 131 |  |  | 130 |
Equity securities | 3 |  |  | 4 |
Mortgage loans | 5 |  |  | 3 |
Trading portfolio (a) | 5 |  |  | 7 |
Other | 1 |  |  | 1 |
Gross investment income | 645 |  |  | 662 |
Investment expense | (12 | ) |  | (14 | )
Net investment income | $ | 633 |  |  | $ | 648 |
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(a) | There were $1 million of net unrealized gains for the three months ended March 31, 2013 and no net unrealized gains (losses) for the three months ended March 31, 2012 related to changes in fair value of trading securities still held included in net investment income.
Net realized investment gains (losses) | Net Realized Investment Gains (Losses)
Three months ended March 31 |  |  |
(In millions) | 2013 |  | 2012
Net realized investment gains (losses): |  |  |
Fixed maturity securities: |  |  |
Gross realized gains | $ | 44 |  |  | $ | 69 |
Gross realized losses | (12 | ) |  | (39 | )
Net realized investment gains (losses) on fixed maturity securities | 32 |  |  | 30 |
Equity securities: |  |  |  |
Gross realized gains | 2 |  |  | 3 |
Gross realized losses | (15 | ) |  | (2 | )
Net realized investment gains (losses) on equity securities | (13 | ) |  | 1 |
Derivatives | 2 |  |  | (1 | )
Short term investments and other | 7 |  |  | 6 |
Net realized investment gains (losses) | $ | 28 |  |  | $ | 36 |
Components of other-than-temporary impairment losses recognized in earnings | The components of net other-than-temporary impairment (OTTI) losses recognized in earnings by asset type are summarized in the following table.
Three months ended March 31 |  |  |
(In millions) | 2013 |  | 2012
Fixed maturity securities available-for-sale: |  |  |
Corporate and other bonds | $ | 3 |  |  | $ | 10 |
Asset-backed - residential mortgage-backed | — |  |  | 14 |
U.S. Treasury and obligations of government-sponsored enterprises | — |  |  | 1 |
Total fixed maturity securities available-for-sale | 3 |  |  | 25 |
Equity securities available-for-sale: |  |  |
Common stock | — |  |  | 2 |
Preferred stock | 15 |  |  | — |
Total equity securities available-for-sale | 15 |  |  | 2 |
Net OTTI losses recognized in earnings | $ | 18 |  |  | $ | 27 |
Summary of fixed maturity and equity securities | Summary of Fixed Maturity and Equity Securities
March 31, 2013 | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Unrealized OTTI Losses (Gains)
(In millions) |  |  |  |
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |  |  |
Corporate and other bonds | $ | 19,747 |  |  | $ | 2,562 |  |  | $ | 18 |  |  | $ | 22,291 |  |  | $ | — |
States, municipalities and political subdivisions | 9,599 |  |  | 1,408 |  |  | 59 |  |  | 10,948 |  |  | — |
Asset-backed: |  |  |  |  |  |  |  |  |
Residential mortgage-backed | 5,518 |  |  | 235 |  |  | 70 |  |  | 5,683 |  |  | (49 | )
Commercial mortgage-backed | 1,853 |  |  | 147 |  |  | 10 |  |  | 1,990 |  |  | (3 | )
Other asset-backed | 932 |  |  | 23 |  |  | — |  |  | 955 |  |  | — |
Total asset-backed | 8,303 |  |  | 405 |  |  | 80 |  |  | 8,628 |  |  | (52 | )
U.S. Treasury and obligations of government-sponsored enterprises | 170 |  |  | 11 |  |  | — |  |  | 181 |  |  | — |
Foreign government | 528 |  |  | 24 |  |  | — |  |  | 552 |  |  | — |
Redeemable preferred stock | 123 |  |  | 14 |  |  | 1 |  |  | 136 |  |  | — |
Total fixed maturity securities available-for-sale | 38,470 |  |  | 4,424 |  |  | 158 |  |  | 42,736 |  |  | $ | (52 | )
Total fixed maturity securities trading | 63 |  |  | — |  |  | — |  |  | 63 |  |  |
Equity securities available-for-sale: |  |  |  |  |  |  |  |  |
Common stock | 38 |  |  | 17 |  |  | — |  |  | 55 |  |  |
Preferred stock | 139 |  |  | 7 |  |  | — |  |  | 146 |  |  |
Total equity securities available-for-sale | 177 |  |  | 24 |  |  | — |  |  | 201 |  |  |
Total | $ | 38,710 |  |  | $ | 4,448 |  |  | $ | 158 |  |  | $ | 43,000 |  |  |
December 31, 2012 | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Unrealized OTTI Losses (Gains)
(In millions) |  |  |  |
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |  |  |
Corporate and other bonds | $ | 19,530 |  |  | $ | 2,698 |  |  | $ | 21 |  |  | $ | 22,207 |  |  | $ | — |
States, municipalities and political subdivisions | 9,372 |  |  | 1,455 |  |  | 44 |  |  | 10,783 |  |  | — |
Asset-backed: |  |  |  |  |  |  |  |  |
Residential mortgage-backed | 5,745 |  |  | 246 |  |  | 71 |  |  | 5,920 |  |  | (28 | )
Commercial mortgage-backed | 1,692 |  |  | 147 |  |  | 17 |  |  | 1,822 |  |  | (3 | )
Other asset-backed | 929 |  |  | 23 |  |  | — |  |  | 952 |  |  | — |
Total asset-backed | 8,366 |  |  | 416 |  |  | 88 |  |  | 8,694 |  |  | (31 | )
U.S. Treasury and obligations of government-sponsored enterprises | 172 |  |  | 11 |  |  | 1 |  |  | 182 |  |  | — |
Foreign government | 588 |  |  | 25 |  |  | — |  |  | 613 |  |  | — |
Redeemable preferred stock | 113 |  |  | 13 |  |  | 1 |  |  | 125 |  |  | — |
Total fixed maturity securities available-for-sale | 38,141 |  |  | 4,618 |  |  | 155 |  |  | 42,604 |  |  | $ | (31 | )
Total fixed maturity securities trading | 29 |  |  | — |  |  | — |  |  | 29 |  |  |
Equity securities available-for-sale: |  |  |  |  |  |  |  |  |
Common stock | 38 |  |  | 14 |  |  | — |  |  | 52 |  |  |
Preferred stock | 190 |  |  | 7 |  |  | — |  |  | 197 |  |  |
Total equity securities available-for-sale | 228 |  |  | 21 |  |  | — |  |  | 249 |  |  |
Total | $ | 38,398 |  |  | $ | 4,639 |  |  | $ | 155 |  |  | $ | 42,882 |  |  |
Securities in a gross unrealized loss position | Securities in a Gross Unrealized Loss Position
| Less than 12 Months |  | 12 Months or Longer |  | Total
March 31, 2013 | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
(In millions) |  |  |  |  |
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds | $ | 951 |  |  | $ | 13 |  |  | $ | 50 |  |  | $ | 5 |  |  | $ | 1,001 |  |  | $ | 18 |
States, municipalities and political subdivisions | 683 |  |  | 16 |  |  | 121 |  |  | 43 |  |  | 804 |  |  | 59 |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed | 920 |  |  | 19 |  |  | 347 |  |  | 51 |  |  | 1,267 |  |  | 70 |
Commercial mortgage-backed | 155 |  |  | 2 |  |  | 141 |  |  | 8 |  |  | 296 |  |  | 10 |
Total asset-backed | 1,075 |  |  | 21 |  |  | 488 |  |  | 59 |  |  | 1,563 |  |  | 80 |
Redeemable preferred stock | 34 |  |  | 1 |  |  | — |  |  | — |  |  | 34 |  |  | 1 |
Total | $ | 2,743 |  |  | $ | 51 |  |  | $ | 659 |  |  | $ | 107 |  |  | $ | 3,402 |  |  | $ | 158 |
| Less than 12 Months |  | 12 Months or Longer |  | Total
December 31, 2012 | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
(In millions) |  |  |  |  |
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds | $ | 846 |  |  | $ | 13 |  |  | $ | 108 |  |  | $ | 8 |  |  | $ | 954 |  |  | $ | 21 |
States, municipalities and political subdivisions | 254 |  |  | 5 |  |  | 165 |  |  | 39 |  |  | 419 |  |  | 44 |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed | 583 |  |  | 5 |  |  | 452 |  |  | 66 |  |  | 1,035 |  |  | 71 |
Commercial mortgage-backed | 85 |  |  | 2 |  |  | 141 |  |  | 15 |  |  | 226 |  |  | 17 |
Total asset-backed | 668 |  |  | 7 |  |  | 593 |  |  | 81 |  |  | 1,261 |  |  | 88 |
U.S. Treasury and obligations of government-sponsored enterprises | 23 |  |  | 1 |  |  | — |  |  | — |  |  | 23 |  |  | 1 |
Redeemable preferred stock | 28 |  |  | 1 |  |  | — |  |  | — |  |  | 28 |  |  | 1 |
Total | $ | 1,819 |  |  | $ | 27 |  |  | $ | 866 |  |  | $ | 128 |  |  | $ | 2,685 |  |  | $ | 155 |
Activity related to the pretax fixed maturity credit loss component reflected within retained earnings for securities still held for which a portion of an OTTI loss was recognized in OCI |
Three months ended March 31 |  |  |
(In millions) | 2013 |  | 2012
Beginning balance of credit losses on fixed maturity securities | $ | 95 |  |  | $ | 92 |
Additional credit losses for securities for which an OTTI loss was previously recognized | — |  |  | 11 |
Credit losses for securities for which an OTTI loss was not previously recognized | — |  |  | 1 |
Reductions for securities sold during the period | (3 | ) |  | (4 | )
Ending balance of credit losses on fixed maturity securities | $ | 92 |  |  | $ | 100 |
Contractual maturity | Contractual Maturity
| March 31, 2013 |  | December 31, 2012
(In millions) | Cost or Amortized Cost |  | Estimated Fair Value |  | Cost or Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 1,783 |  |  | $ | 1,819 |  |  | $ | 1,648 |  |  | $ | 1,665 |
Due after one year through five years | 12,916 |  |  | 13,731 |  |  | 13,603 |  |  | 14,442 |
Due after five years through ten years | 9,430 |  |  | 10,267 |  |  | 8,726 |  |  | 9,555 |
Due after ten years | 14,341 |  |  | 16,919 |  |  | 14,164 |  |  | 16,942 |
Total | $ | 38,470 |  |  | $ | 42,736 |  |  | $ | 38,141 |  |  | $ | 42,604 |

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