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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table presents the gross notional amount, estimated fair value and primary underlying risk exposure of the Company’s derivatives, excluding embedded derivatives, held at:
 
Primary Underlying Risk Exposure
 
December 31,
 
2013
 
2012
 
 
 
Estimated Fair Value
 
 
 
Estimated Fair Value
 
Notional
Amount
 
Assets
 
Liabilities
 
Notional
Amount
 
Assets
 
Liabilities
 
 
 
(In millions)
Derivatives Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
$
6,419

 
$
1,282

 
$
78

 
$
5,397

 
$
1,921

 
$
90

Foreign currency swaps
Foreign currency exchange rate
 
2,713

 
252

 
135

 
3,187

 
332

 
85

Foreign currency forwards
Foreign currency exchange rate
 
2,935

 
—

 
77

 
—

 
—

 
—

Subtotal
 
12,067

 
1,534

 
290

 
8,584

 
2,253

 
175

Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
3,121

 
83

 
141

 
3,642

 
705

 
—

Interest rate forwards
Interest rate
 
450

 
7

 
7

 
675

 
139

 
—

Foreign currency swaps
Foreign currency exchange rate
 
12,452

 
401

 
660

 
9,038

 
219

 
355

Subtotal
 
16,023

 
491

 
808

 
13,355

 
1,063

 
355

Foreign operations hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forwards
Foreign currency exchange rate
 
3,182

 
82

 
47

 
2,552

 
43

 
61

Currency options
Foreign currency exchange rate
 
7,362

 
318

 
—

 
4,375

 
43

 
3

Subtotal
 
10,544

 
400

 
47

 
6,927

 
86

 
64

Total qualifying hedges
 
38,634

 
2,425

 
1,145

 
28,866

 
3,402

 
594

Derivatives Not Designated or Not Qualifying as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
107,354

 
3,330

 
1,767

 
83,250

 
5,201

 
2,043

Interest rate floors
Interest rate
 
63,064

 
451

 
346

 
56,246

 
1,174

 
837

Interest rate caps
Interest rate
 
39,460

 
177

 
—

 
49,465

 
74

 
—

Interest rate futures
Interest rate
 
6,011

 
9

 
9

 
11,684

 
1

 
38

Interest rate options
Interest rate
 
40,978

 
255

 
243

 
16,328

 
640

 
60

Synthetic GICs
Interest rate
 
4,409

 
—

 
—

 
4,162

 
—

 
—

Foreign currency swaps
Foreign currency exchange rate
 
9,307

 
133

 
684

 
8,208

 
199

 
736

Foreign currency forwards
Foreign currency exchange rate
 
11,311

 
69

 
359

 
9,202

 
26

 
288

Currency futures
Foreign currency exchange rate
 
1,316

 
1

 
1

 
1,408

 
4

 
—

Currency options
Foreign currency exchange rate
 
2,265

 
53

 
48

 
129

 
1

 
—

Credit default swaps - purchased
Credit
 
3,725

 
7

 
51

 
3,674

 
11

 
34

Credit default swaps - written
Credit
 
9,055

 
166

 
1

 
8,879

 
79

 
5

Equity futures
Equity market
 
5,157

 
1

 
43

 
7,008

 
14

 
132

Equity options
Equity market
 
37,411

 
1,344

 
1,068

 
22,920

 
2,825

 
356

Variance swaps
Equity market
 
21,636

 
174

 
577

 
19,830

 
122

 
310

TRRs
Equity market
 
3,802

 
—

 
179

 
3,092

 
4

 
103

Total non-designated or non-qualifying derivatives
 
366,261

 
6,170

 
5,376

 
305,485

 
10,375

 
4,942

Total
 
$
404,895

 
$
8,595

 
$
6,521

 
$
334,351

 
$
13,777

 
$
5,536
Components of Net Derivatives Gains (Losses)
The components of net derivative gains (losses) were as follows:
 
Years Ended December 31,
 
2013
 
2012
 
2011
 
(In millions)
Derivatives and hedging gains (losses) (1)
$
(8,343
)
 
$
(3,158
)
 
$
6,108

Embedded derivatives
5,104

 
1,239

 
(1,284
)
Total net derivative gains (losses)
$
(3,239
)
 
$
(1,919
)
 
$
4,824

______________
(1)
Includes foreign currency transaction gains (losses) on hedged items in cash flow and non-qualifying hedging relationships, which are not presented elsewhere in this note.
Earned Income On Derivatives And Income Statement Location
The following table presents earned income on derivatives:
 
Years Ended December 31,
 
2013
 
2012
 
2011
 
(In millions)
Qualifying hedges:
 
 
 
 
 
Net investment income
$
135

 
$
111

 
$
98

Interest credited to policyholder account balances
150

 
164

 
214

Other expenses
(6
)
 
(5
)
 
(4
)
Non-qualifying hedges:
 
 
 
 
 
Net investment income
(6
)
 
(6
)
 
(8
)
Other revenues
—

 
47

 
75

Net derivative gains (losses)
328

 
476

 
411

Policyholder benefits and claims
(292
)
 
(120
)
 
17

Total
$
309

 
$
667

 
$
803
Amount and location of gains (losses) recognized in income for derivatives that are not designated or qualifying as hedging instruments
The following table presents the amount and location of gains (losses) recognized in income for derivatives that were not designated or qualifying as hedging instruments:
 
Net
Derivative
Gains (Losses)
 
Net
Investment
Income (1)
 
Policyholder
Benefits and
Claims (2)
 
Other
Revenues (3)
 
(In millions)
Year Ended December 31, 2013:
 
 
 
 
 
 
 
Interest rate derivatives
$
(3,458
)
 
$
—

 
$
(27
)
 
$
—

Foreign currency exchange rate derivatives
(1,716
)
 
—

 
—

 
—

Credit derivatives — purchased
(21
)
 
(14
)
 
—

 


Credit derivatives — written
130

 
1

 
—

 
—

Equity derivatives
(3,663
)
 
(25
)
 
(727
)
 
—

Total
$
(8,728
)
 
$
(38
)
 
$
(754
)
 
$
—

Year Ended December 31, 2012:
 
 
 
 
 
 
 
Interest rate derivatives
$
(296
)
 
$
—

 
$
—

 
$
28

Foreign currency exchange rate derivatives
(660
)
 
—

 
—

 
—

Credit derivatives — purchased
(298
)
 
(14
)
 
—

 
—

Credit derivatives — written
150

 
—

 
—

 
—

Equity derivatives
(2,556
)
 
(9
)
 
(419
)
 
—

Total
$
(3,660
)
 
$
(23
)
 
$
(419
)
 
$
28

Year Ended December 31, 2011:
 
 
 
 
 
 
 
Interest rate derivatives
$
3,940

 
$
(1
)
 
$
—

 
$
236

Foreign currency exchange rate derivatives
343

 
(9
)
 
—

 
—

Credit derivatives — purchased
250

 
6

 
—

 
—

Credit derivatives — written
(75
)
 
(1
)
 
—

 
—

Equity derivatives
1,178

 
(35
)
 
(87
)
 
—

Total
$
5,636

 
$
(40
)
 
$
(87
)
 
$
236

______________
(1)
Changes in estimated fair value related to economic hedges of equity method investments in joint ventures; changes in estimated fair value related to derivatives held in relation to trading portfolios; and changes in estimated fair value related to derivatives held within contractholder-directed unit-linked investments.
(2)
Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.
(3)
Changes in estimated fair value related to derivatives held in connection with the Company’s mortgage banking activities prior to the MetLife Bank Divestiture.
Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items
The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net derivative gains (losses). The following table presents the amount of such net derivative gains (losses):
Derivatives in Fair Value
Hedging Relationships
 
Hedged Items in Fair Value
Hedging Relationships
 
Net Derivative
Gains (Losses)
Recognized
for Derivatives
 
Net Derivative
Gains (Losses)
Recognized for
Hedged Items
 
Ineffectiveness
Recognized in
Net Derivative
Gains (Losses)
 
 
 
 
(In millions)
Year Ended December 31, 2013:
 
 
 
 
 
 
Interest rate swaps:
 
Fixed maturity securities
 
$
42

 
$
(43
)
 
$
(1
)
 
 
Policyholder liabilities (1)
 
(830
)
 
835

 
5

Foreign currency swaps:
 
Foreign-denominated fixed maturity securities
 
13

 
(12
)
 
1

 
 
Foreign-denominated PABs (2)
 
(97
)
 
110

 
13

Foreign currency forwards:
 
Foreign-denominated fixed maturity securities
 
(109
)
 
102

 
(7
)
Total
 
$
(981
)
 
$
992

 
$
11

Year Ended December 31, 2012:
 
 
 
 
 
 
Interest rate swaps:
 
Fixed maturity securities
 
$
(4
)
 
$
—

 
$
(4
)
 
 
Policyholder liabilities (1)
 
(82
)
 
96

 
14

Foreign currency swaps:
 
Foreign-denominated fixed maturity securities
 
(1
)
 
1

 
—

 
 
Foreign-denominated PABs (2)
 
3

 
(20
)
 
(17
)
Foreign currency forwards:
 
Foreign-denominated fixed maturity securities
 
(51
)
 
50

 
(1
)
Total
 
$
(135
)
 
$
127

 
$
(8
)
Year Ended December 31, 2011:
 
 
 
 
 
 
Interest rate swaps:
 
Fixed maturity securities
 
$
(25
)
 
$
22

 
$
(3
)
 
 
Policyholder liabilities (1)
 
1,054

 
(1,030
)
 
24

Foreign currency swaps:
 
Foreign-denominated fixed maturity securities
 
1

 
3

 
4

 
 
Foreign-denominated PABs (2)
 
(24
)
 
(25
)
 
(49
)
Foreign currency forwards:
 
Foreign-denominated fixed maturity securities
 
(25
)
 
25

 
—

Total
 
$
981

 
$
(1,005
)
 
$
(24
)
______________
(1)
Fixed rate liabilities reported in PABs or future policy benefits.
(2)
Fixed rate or floating rate liabilities.
Derivatives and Non-Derivative Hedging Instruments in Net Investment Hedging Relationships
The following table presents the effects of derivatives and non‑derivative financial instruments in net investment hedging relationships in the consolidated statements of operations and the consolidated statements of equity:
Derivatives and Non‑Derivative Hedging Instruments in Net Investment
Hedging Relationships (1), (2)
 
Amount of Gains (Losses) Deferred in 
AOCI (Effective Portion)
 
Years Ended December 31,
 
2013
 
2012
 
2011
 
 
(In millions)
Foreign currency forwards
 
$
69

 
$
(50
)
 
$
62

Currency options
 
262

 
36

 
—

Non‑derivative hedging instruments
 
—

 
—

 
6

Total
 
$
331

 
$
(14
)
 
$
68

______________
(1)
During the years ended December 31, 2013 and 2012, there were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into earnings. During the year ended December 31, 2011, the Company sold its interest in MSI MetLife, which was a hedged item in a net investment hedging relationship. As a result, the Company released losses of $71 million from AOCI upon the sale. This release did not impact net income for the year ended December 31, 2011 as such losses were considered in the overall impairment evaluation of the investment prior to sale. See Note 3.
(2)
There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. All components of each derivative and non‑derivative hedging instrument’s gain or loss were included in the assessment of hedge effectiveness.
Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:
 
 
December 31,
 
 
2013
 
2012
Rating Agency Designation of Referenced
Credit Obligations (1)
 
Estimated
Fair Value
of Credit
Default
Swaps
 
Maximum
Amount of Future
Payments under
Credit Default
Swaps (2)
 
Weighted
Average
Years to
Maturity (3)
 
Estimated
Fair Value
of Credit
Default
Swaps
 
Maximum
Amount of Future
Payments under
Credit Default
Swaps (2)
 
Weighted
Average
Years to
Maturity (3)
 
 
(In millions)
 
 
 
(In millions)
 
 
Aaa/Aa/A
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (corporate)
 
$
10

 
$
545

 
2.6

 
$
10

 
$
777

 
2.7

Credit default swaps referencing indices
 
26

 
2,739

 
1.5

 
42

 
2,713

 
2.1

Subtotal
 
36

 
3,284

 
1.6

 
52

 
3,490

 
2.2

Baa
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (corporate)
 
24

 
1,320

 
3.1

 
8

 
1,314

 
3.4

Credit default swaps referencing indices
 
73

 
4,071

 
4.7

 
11

 
3,750

 
4.9

Subtotal
 
97

 
5,391

 
4.3

 
19

 
5,064

 
4.5

Ba
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (corporate)
 
—

 
5

 
3.8

 
—

 
25

 
2.7

Credit default swaps referencing indices
 
—

 
—

 
—

 
—

 
—

 
—

Subtotal
 
—

 
5

 
3.8

 
—

 
25

 
2.7

B
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (corporate)
 
—

 
—

 
—

 
—

 
—

 
—

Credit default swaps referencing indices
 
32

 
375

 
4.9

 
3

 
300

 
4.9

Subtotal
 
32

 
375

 
4.9

 
3

 
300

 
4.9

Total
 
$
165

 
$
9,055

 
3.4

 
$
74

 
$
8,879

 
3.6

______________
(1)
The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.
(2)
Assumes the value of the referenced credit obligations is zero.
(3)
The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral
The estimated fair value of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral was as follows at:
 
 
December 31, 2013
 
December 31, 2012
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
 
(In millions)
Gross estimated fair value of derivatives:
 
 
 
 
 
 
 
 
OTC-bilateral (1)
 
$
8,537

 
$
6,367

 
$
14,048

 
$
5,480

OTC-cleared (1)
 
302

 
129

 
—

 
—

Exchange-traded
 
11

 
53

 
19

 
170

Total gross estimated fair value of derivatives (1)
 
8,850

 
6,549

 
14,067

 
5,650

Amounts offset in the consolidated balance sheets
 
—

 
—

 
—

 
—

Estimated fair value of derivatives presented in the consolidated balance sheets (1)
 
8,850

 
6,549

 
14,067

 
5,650

Gross amounts not offset in the consolidated balance sheets:
 
 
 
 
 
 
 
 
Gross estimated fair value of derivatives: (2)
 
 
 
 
 
 
 
 
OTC-bilateral
 
(4,631
)
 
(4,631
)
 
(4,562
)
 
(4,562
)
OTC-cleared
 
(122
)
 
(122
)
 
—

 
—

Exchange-traded
 
(5
)
 
(5
)
 
(19
)
 
(19
)
Cash collateral: (3)
 
 
 
 
 
 
 
 
OTC-bilateral
 
(1,679
)
 
(3
)
 
(5,960
)
 
(1
)
OTC-cleared
 
(169
)
 
(7
)
 
—

 
—

Exchange-traded
 
—

 
(44
)
 
—

 
(151
)
Securities collateral: (4)
 
 
 
 
 
 
 
 
OTC-bilateral
 
(2,105
)
 
(1,464
)
 
(3,526
)
 
(875
)
OTC-cleared
 
—

 
—

 
—

 
—

Exchange-traded
 
—

 
(4
)
 
—

 
—

Net amount after application of master netting agreements and collateral
 
$
139

 
$
269

 
$
—

 
$
42

__________________
(1)
At December 31, 2013 and 2012, derivative assets include income or expense accruals reported in accrued investment income or in other liabilities of $255 million and $290 million, respectively, and derivative liabilities include income or expense accruals reported in accrued investment income or in other liabilities of $28 million and $114 million, respectively.
(2)
Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.
(3)
Cash collateral received is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions in the consolidated balance sheets. The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables in the consolidated balance sheets. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At December 31, 2013 and 2012, the Company received excess cash collateral of $104 million and $0, respectively, and provided excess cash collateral of $236 million and $290 million, respectively, which is not included in the table above due to the foregoing limitation.
(4)
Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge this collateral, but at December 31, 2013 none of the collateral had been sold or repledged. Securities collateral pledged by the Company is reported in fixed maturity securities in the consolidated balance sheets. Subject to certain constraints, the counterparties are permitted by contract to sell or repledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At December 31, 2013 and 2012, the Company received excess securities collateral with an estimated fair value of $238 million and $161 million, respectively, for its OTC-bilateral derivatives which are not included in the table above due to the foregoing limitation. At December 31, 2013 and 2012, the Company provided excess securities collateral with an estimated fair value of $66 million and $0, respectively, for its OTC-bilateral derivatives, $141 million and $0, respectively, for its OTC-cleared derivatives, and $81 million and $40 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
Derivative Instruments, Gain (Loss) [Line Items]  
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of operations and the consolidated statements of equity:
 
 
 
 
 
 
 
 
 
 
 
Derivatives in Cash Flow
Hedging Relationships
 
Amount of Gains
(Losses)Deferred in
AOCI on Derivatives
 
Amount and Location
of Gains (Losses)
Reclassified from
AOCI into Income (Loss)
 
Amount and Location
of Gains (Losses)Recognized in Income
(Loss) on Derivatives
 
 
(Effective Portion)
 
(Effective Portion)
 
(Ineffective Portion)
 
 
 
 
Net Derivative
Gains (Losses)
 
Net Investment
Income
 
Other
Expenses
 
 Net Derivative
Gains (Losses)
 
 
(In millions)
Year Ended December 31, 2013:
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
(635
)
 
$
20

 
$
8

 
$
—

 
$
(3
)
Interest rate forwards
 
(59
)
 
10

 
3

 
(1
)
 
1

Foreign currency swaps
 
(165
)
 
(3
)
 
(3
)
 
1

 
3

Credit forwards
 
(4
)
 
—

 
1

 
—

 
—

Total
 
$
(863
)
 
$
27

 
$
9

 
$
—

 
$
1

Year Ended December 31, 2012:
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
(34
)
 
$
1

 
$
4

 
$
(3
)
 
$
2

Interest rate forwards
 
(17
)
 
1

 
2

 
(1
)
 
—

Foreign currency swaps
 
(164
)
 
23

 
(5
)
 
1

 
(6
)
Credit forwards
 
—

 
—

 
1

 
—

 
—

Total
 
$
(215
)
 
$
25

 
$
2

 
$
(3
)
 
$
(4
)
Year Ended December 31, 2011:
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
1,023

 
$
(42
)
 
$
1

 
$
(10
)
 
$
1

Interest rate forwards
 
336

 
31

 
1

 
(1
)
 
2

Foreign currency swaps
 
175

 
—

 
(6
)
 
2

 
2

Credit forwards
 
18

 
2

 
1

 
—

 
—

Total
 
$
1,552

 
$
(9
)
 
$
(3
)
 
$
(9
)
 
$
5
Schedule of Derivative Instruments
The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that are in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged. The table also presents the incremental collateral that the Company would be required to provide if there was a one notch downgrade in the Company’s credit rating at the reporting date or if the Company’s credit rating sustained a downgrade to a level that triggered full overnight collateralization or termination of the derivative position at the reporting date. OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table.
 
 
 
Estimated Fair Value of
Collateral Provided:
 
Fair Value of Incremental
Collateral Provided Upon:
 
Estimated
Fair Value of Derivatives in
Net Liability
Position (1)
 
Fixed Maturity
Securities
 
Cash
 
One Notch
Downgrade in
the Company’s
Credit Rating
 
Downgrade in the Company’s
Credit Rating to a Level
that Triggers Full Overnight
Collateralization or Termination
of the Derivative Position
 
(In millions)
December 31, 2013:
 
 
 
 
 
 
 
 
 
Derivatives subject to credit-contingent provisions
$
1,674

 
$
1,530

 
$
—

 
$
27

 
$
34

Derivatives not subject to credit-contingent provisions
20

 
—

 
3

 
—

 
—

Total
$
1,694

 
$
1,530

 
$
3

 
$
27

 
$
34

December 31, 2012:
 
 
 
 
 
 
 
 
 
Derivatives subject to credit-contingent provisions
$
771

 
$
775

 
$
—

 
$
35

 
$
73

Derivatives not subject to credit-contingent provisions
79

 
100

 
1

 
—

 
—

Total
$
850

 
$
875

 
$
1

 
$
35

 
$
73

______________
(1)
After taking into consideration the existence of netting agreements.
Embedded Derivative Financial Instruments [Member]
  
Derivative Instruments, Gain (Loss) [Line Items]  
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents changes in estimated fair value related to embedded derivatives:
 
Years Ended December 31,
  
2013
 
2012
 
2011
 
(In millions)
Net derivative gains (losses) (1)
$
5,104

 
$
1,239

 
$
(1,284
)
Policyholder benefits and claims
$
(139
)
 
$
75

 
$
86

______________
(1)
The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses), in connection with this adjustment, were ($952) million, ($1.7) billion and $1.8 billion for the years ended December 31, 2013, 2012 and 2011, respectively.
Schedule of Derivative Instruments
The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:
 
 
 
December 31,
 
Balance Sheet Location
 
2013
 
2012
 
 
 
(In millions)
Net embedded derivatives within asset host contracts:
 
 
 
 
 
Ceded guaranteed minimum benefits
Premiums, reinsurance and other receivables
 
$
247

 
$
439

Funds withheld on assumed reinsurance
Other invested assets
 
38

 
66

Options embedded in debt or equity securities
Investments
 
(145
)
 
(88
)
Other
Other invested assets
 
—

 
1

Net embedded derivatives within asset host contracts
 
$
140

 
$
418

Net embedded derivatives within liability host contracts:
 
 
 
 
Direct guaranteed minimum benefits
PABs
 
$
(2,296
)
 
$
923

Assumed guaranteed minimum benefits
PABs
 
1,262

 
2,582

Funds withheld on ceded reinsurance
Other liabilities
 
60

 
162

Other
PABs
 
5

 
17

Net embedded derivatives within liability host contracts
 
$
(969
)
 
$
3,684