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Investments | 6 Months Ended
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Jun. 30, 2013
Investments [Abstract] |
Investments | Note C. Investments The significant components of net investment income are presented in the following table. Net Investment Income
Periods ended June 30 | Three Months |  | Six Months
(In millions) | 2013 |  | 2012 |  | 2013 |  | 2012
Fixed maturity securities | $ | 498 |  |  | $ | 505 |  |  | $ | 997 |  |  | $ | 1,021 |
Short term investments | 1 |  |  | 2 |  |  | 2 |  |  | 3 |
Limited partnership investments | 79 |  |  | (35 | ) |  | 210 |  |  | 95 |
Equity securities | 3 |  |  | 2 |  |  | 6 |  |  | 6 |
Mortgage loans | 6 |  |  | 5 |  |  | 11 |  |  | 8 |
Trading portfolio (a) | 5 |  |  | 4 |  |  | 10 |  |  | 11 |
Other | — |  |  | 2 |  |  | 1 |  |  | 3 |
Gross investment income | 592 |  |  | 485 |  |  | 1,237 |  |  | 1,147 |
Investment expense | (14 | ) |  | (15 | ) |  | (26 | ) |  | (29 | )
Net investment income | $ | 578 |  |  | $ | 470 |  |  | $ | 1,211 |  |  | $ | 1,118 |
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(a) | There were no net unrealized gains (losses) related to changes in fair value of trading securities still held included in net investment income for the three or six months ended June 30, 2013 or 2012.
Net realized investment gains (losses) are presented in the following table. Net Realized Investment Gains (Losses)
Periods ended June 30 | Three Months |  | Six Months
(In millions) | 2013 |  | 2012 |  | 2013 |  | 2012
Net realized investment gains (losses): |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
Gross realized gains | $ | 37 |  |  | $ | 49 |  |  | $ | 81 |  |  | $ | 118 |
Gross realized losses | (42 | ) |  | (32 | ) |  | (54 | ) |  | (71 | )
Net realized investment gains (losses) on fixed maturity securities | (5 | ) |  | 17 |  |  | 27 |  |  | 47 |
Equity securities: |  |  |  |  |  |  |  |
Gross realized gains | 5 |  |  | 2 |  |  | 7 |  |  | 5 |
Gross realized losses | (7 | ) |  | (2 | ) |  | (22 | ) |  | (4 | )
Net realized investment gains (losses) on equity securities | (2 | ) |  | — |  |  | (15 | ) |  | 1 |
Derivatives | (5 | ) |  | 1 |  |  | (3 | ) |  | — |
Short term investments and other | (2 | ) |  | 4 |  |  | 5 |  |  | 10 |
Net realized investment gains (losses) | $ | (14 | ) |  | $ | 22 |  |  | $ | 14 |  |  | $ | 58 |
The components of net other-than-temporary impairment (OTTI) losses recognized in earnings by asset type are summarized in the following table.
Periods ended June 30 | Three Months |  | Six Months
(In millions) | 2013 |  | 2012 |  | 2013 |  | 2012
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |
Corporate and other bonds | $ | 5 |  |  | $ | 6 |  |  | $ | 8 |  |  | $ | 16 |
Asset-backed: |  |  |  |  |  |  |
Residential mortgage-backed | 3 |  |  | 15 |  |  | 3 |  |  | 29 |
Other asset-backed | 1 |  |  | — |  |  | 1 |  |  | — |
Total asset-backed | 4 |  |  | 15 |  |  | 4 |  |  | 29 |
U.S. Treasury and obligations of government-sponsored enterprises | — |  |  | — |  |  | — |  |  | 1 |
Total fixed maturity securities available-for-sale | 9 |  |  | 21 |  |  | 12 |  |  | 46 |
Equity securities available-for-sale: |  |  |  |  |  |  |
Common stock | 2 |  |  | 2 |  |  | 2 |  |  | 4 |
Preferred stock | 5 |  |  | — |  |  | 20 |  |  | — |
Total equity securities available-for-sale | 7 |  |  | 2 |  |  | 22 |  |  | 4 |
Net OTTI losses recognized in earnings | $ | 16 |  |  | $ | 23 |  |  | $ | 34 |  |  | $ | 50 |
The following tables provide a summary of fixed maturity and equity securities. Summary of Fixed Maturity and Equity Securities
June 30, 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 | $ | 20,079 |  |  | $ | 1,826 |  |  | $ | 147 |  |  | $ | 21,758 |  |  | $ | — |
States, municipalities and political subdivisions | 10,098 |  |  | 814 |  |  | 173 |  |  | 10,739 |  |  | — |
Asset-backed: |  |  |  |  |  |  |  |  |
Residential mortgage-backed | 5,031 |  |  | 153 |  |  | 88 |  |  | 5,096 |  |  | (37 | )
Commercial mortgage-backed | 1,941 |  |  | 95 |  |  | 27 |  |  | 2,009 |  |  | (3 | )
Other asset-backed | 933 |  |  | 16 |  |  | 2 |  |  | 947 |  |  | — |
Total asset-backed | 7,905 |  |  | 264 |  |  | 117 |  |  | 8,052 |  |  | (40 | )
U.S. Treasury and obligations of government-sponsored enterprises | 167 |  |  | 9 |  |  | — |  |  | 176 |  |  | — |
Foreign government | 528 |  |  | 17 |  |  | 1 |  |  | 544 |  |  | — |
Redeemable preferred stock | 121 |  |  | 13 |  |  | 2 |  |  | 132 |  |  | — |
Total fixed maturity securities available-for-sale | 38,898 |  |  | 2,943 |  |  | 440 |  |  | 41,401 |  |  | $ | (40 | )
Total fixed maturity securities trading | 30 |  |  | — |  |  | — |  |  | 30 |  |  |
Equity securities available-for-sale: |  |  |  |  |  |  |  |  |
Common stock | 47 |  |  | 10 |  |  | — |  |  | 57 |  |  |
Preferred stock | 138 |  |  | 4 |  |  | — |  |  | 142 |  |  |
Total equity securities available-for-sale | 185 |  |  | 14 |  |  | — |  |  | 199 |  |  |
Total | $ | 39,113 |  |  | $ | 2,957 |  |  | $ | 440 |  |  | $ | 41,630 |  |  |
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 |  |  |
The net unrealized gains on investments included in the tables above are recorded as a component of Accumulated other comprehensive income (AOCI). When presented in AOCI, these amounts are net of tax and any required Shadow Adjustments. At June 30, 2013 and December 31, 2012, the net unrealized gains on investments included in AOCI were net of after-tax Shadow Adjustments of $883 million and $1,511 million. To the extent that unrealized gains on fixed income securities supporting certain products within the Life & Group Non-Core segment would result in a premium deficiency if realized, a related decrease in Deferred acquisition costs and/or increase in Insurance reserves are recorded, net of tax, as a reduction of net unrealized gains through Other comprehensive income (loss) (Shadow Adjustments). The following tables summarize the estimated fair value and gross unrealized losses of available-for-sale fixed maturity and equity securities in a gross unrealized loss position by the length of time in which the securities have continuously been in that position. Securities in a Gross Unrealized Loss Position
| Less than 12 Months |  | 12 Months or Longer |  | Total
June 30, 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 | $ | 3,478 |  |  | $ | 143 |  |  | $ | 33 |  |  | $ | 4 |  |  | $ | 3,511 |  |  | $ | 147 |
States, municipalities and political subdivisions | 2,075 |  |  | 130 |  |  | 119 |  |  | 43 |  |  | 2,194 |  |  | 173 |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed | 1,462 |  |  | 33 |  |  | 321 |  |  | 55 |  |  | 1,783 |  |  | 88 |
Commercial mortgage-backed | 593 |  |  | 23 |  |  | 79 |  |  | 4 |  |  | 672 |  |  | 27 |
Other asset-backed | 235 |  |  | 2 |  |  | — |  |  | — |  |  | 235 |  |  | 2 |
Total asset-backed | 2,290 |  |  | 58 |  |  | 400 |  |  | 59 |  |  | 2,690 |  |  | 117 |
Foreign government | 65 |  |  | 1 |  |  | — |  |  | — |  |  | 65 |  |  | 1 |
Redeemable preferred stock | 39 |  |  | 2 |  |  | — |  |  | — |  |  | 39 |  |  | 2 |
Total | $ | 7,947 |  |  | $ | 334 |  |  | $ | 552 |  |  | $ | 106 |  |  | $ | 8,499 |  |  | $ | 440 |
| 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 |
The amount of pretax net realized losses on available-for-sale securities reclassified out of AOCI into earnings was $7 million for the three months ended June 30, 2013, and the amount of pretax net realized gains on available-for-sale securities reclassified out of AOCI into earnings was $12 million for the six months ended June 30, 2013. The amount of pretax net realized gains on available-for-sale securities reclassified out of AOCI into earnings was $15 million and $47 million for the three and six months ended June 30, 2012. Based on current facts and circumstances, the Company believes the unrealized losses presented in the June 30, 2013 Securities in a Gross Unrealized Loss Position table above, are primarily attributable to broader economic conditions, changes in interest rates and credit spreads, market illiquidity and other market factors, but are not indicative of the ultimate collectibility of the current amortized cost of the securities. The investments with longer duration, primarily included within the states, municipalities and political subdivision asset category, were more significantly impacted by changes in market interest rates. The Company has no current intent to sell these securities, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional OTTI losses to be recorded at June 30, 2013. The following table summarizes the activity for the three and six months ended June 30, 2013 and 2012 related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held at June 30, 2013 and 2012 for which a portion of an OTTI loss was recognized in Other comprehensive income (loss).
Periods ended June 30 | Three Months |  | Six Months
(In millions) | 2013 |  | 2012 |  | 2013 |  | 2012
Beginning balance of credit losses on fixed maturity securities | $ | 92 |  |  | $ | 100 |  |  | $ | 95 |  |  | $ | 92 |
Additional credit losses for securities for which an OTTI loss was previously recognized | 1 |  |  | 10 |  |  | 1 |  |  | 21 |
Credit losses for securities for which an OTTI loss was not previously recognized | — |  |  | 1 |  |  | — |  |  | 2 |
Reductions for securities sold during the period | (4 | ) |  | (4 | ) |  | (7 | ) |  | (8 | )
Reductions for securities the Company intends to sell or more likely than not will be required to sell | — |  |  | (8 | ) |  | — |  |  | (8 | )
Ending balance of credit losses on fixed maturity securities | $ | 89 |  |  | $ | 99 |  |  | $ | 89 |  |  | $ | 99 |
Contractual Maturity The following table summarizes available-for-sale fixed maturity securities by contractual maturity at June 30, 2013 and December 31, 2012. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid with or without call or prepayment penalties. Securities not due at a single date are allocated based on weighted average life. Contractual Maturity
| June 30, 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 | $ | 2,105 |  |  | $ | 2,153 |  |  | $ | 1,648 |  |  | $ | 1,665 |
Due after one year through five years | 11,450 |  |  | 12,078 |  |  | 13,603 |  |  | 14,442 |
Due after five years through ten years | 10,613 |  |  | 10,981 |  |  | 8,726 |  |  | 9,555 |
Due after ten years | 14,730 |  |  | 16,189 |  |  | 14,164 |  |  | 16,942 |
Total | $ | 38,898 |  |  | $ | 41,401 |  |  | $ | 38,141 |  |  | $ | 42,604 |
Investment Commitments As of June 30, 2013, the Company had committed approximately $372 million to future capital calls from various third-party limited partnership investments in exchange for an ownership interest in the related partnerships. The Company invests in various privately placed debt securities, including bank loans, as part of its overall investment strategy and has committed to additional future purchases, sales and funding. As of June 30, 2013, the Company had commitments to purchase or fund additional amounts of $160 million and sell $150 million under the terms of such securities.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 + Details
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