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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2014
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,
 
2014
 
2013
 
 
 
Estimated Fair Value
 
 
 
Estimated Fair Value
 
Gross
Notional
Amount
 
Assets
 
Liabilities
 
Gross
Notional
Amount
 
Assets
 
Liabilities
 
 
 
(In millions)
Derivatives Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
$
6,044

 
$
2,064

 
$
21

 
$
6,419

 
$
1,282

 
$
78

Foreign currency swaps
Foreign currency exchange rate
 
2,708

 
65

 
100

 
2,713

 
252

 
135

Foreign currency forwards
Foreign currency exchange rate
 
2,335

 
—

 
291

 
2,935

 
—

 
77

Subtotal
 
11,087

 
2,129

 
412

 
12,067

 
1,534

 
290

Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
2,560

 
528

 
—

 
3,121

 
83

 
141

Interest rate forwards
Interest rate
 
225

 
63

 
—

 
450

 
7

 
7

Foreign currency swaps
Foreign currency exchange rate
 
18,325

 
563

 
930

 
12,452

 
401

 
660

Subtotal
 
21,110

 
1,154

 
930

 
16,023

 
491

 
808

Foreign operations hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forwards
Foreign currency exchange rate
 
4,097

 
295

 
11

 
3,182

 
82

 
47

Currency options
Foreign currency exchange rate
 
6,419

 
415

 
—

 
7,362

 
318

 
—

Subtotal
 
10,516

 
710

 
11

 
10,544

 
400

 
47

Total qualifying hedges
 
42,713

 
3,993

 
1,353

 
38,634

 
2,425

 
1,145

Derivatives Not Designated or Not Qualifying as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
93,266

 
4,570

 
2,051

 
107,354

 
3,330

 
1,767

Interest rate floors
Interest rate
 
55,645

 
440

 
199

 
63,064

 
451

 
346

Interest rate caps
Interest rate
 
49,128

 
145

 
1

 
39,460

 
177

 
—

Interest rate futures
Interest rate
 
2,707

 
4

 
9

 
6,011

 
9

 
9

Interest rate options
Interest rate
 
48,078

 
1,241

 
75

 
40,978

 
255

 
243

Synthetic GICs
Interest rate
 
4,298

 
—

 
—

 
4,409

 
—

 
—

Foreign currency swaps
Foreign currency exchange rate
 
11,041

 
447

 
385

 
9,307

 
133

 
684

Foreign currency forwards
Foreign currency exchange rate
 
13,206

 
127

 
791

 
11,311

 
69

 
359

Currency futures
Foreign currency exchange rate
 
522

 
2

 
—

 
1,316

 
1

 
1

Currency options
Foreign currency exchange rate
 
8,324

 
585

 
340

 
2,265

 
53

 
48

Credit default swaps — purchased
Credit
 
2,830

 
8

 
34

 
3,725

 
7

 
51

Credit default swaps — written
Credit
 
10,527

 
181

 
6

 
9,055

 
166

 
1

Equity futures
Equity market
 
6,073

 
65

 
2

 
5,157

 
1

 
43

Equity index options
Equity market
 
39,345

 
1,426

 
1,036

 
37,411

 
1,344

 
1,068

Equity variance swaps
Equity market
 
24,598

 
196

 
639

 
21,636

 
174

 
577

TRRs
Equity market
 
3,297

 
22

 
101

 
3,802

 
—

 
179

Total non-designated or non-qualifying derivatives
 
372,885

 
9,459

 
5,669

 
366,261

 
6,170

 
5,376

Total
 
$
415,598

 
$
13,452

 
$
7,022

 
$
404,895

 
$
8,595

 
$
6,521
Components of Net Derivatives Gains (Losses)
The components of net derivative gains (losses) were as follows:
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
(In millions)
Derivatives and hedging gains (losses) (1)
$
1,638

 
$
(8,343
)
 
$
(3,158
)
Embedded derivatives
(321
)
 
5,104

 
1,239

Total net derivative gains (losses)
$
1,317

 
$
(3,239
)
 
$
(1,919
)
______________
(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,
 
2014
 
2013
 
2012
 
(In millions)
Qualifying hedges:
 
 
 
 
 
Net investment income
$
158

 
$
135

 
$
111

Interest credited to policyholder account balances
101

 
150

 
164

Other expenses
(3
)
 
(6
)
 
(5
)
Non-qualifying hedges:
 
 
 
 
 
Net investment income
(4
)
 
(6
)
 
(6
)
Other revenues
—

 
—

 
47

Net derivative gains (losses)
828

 
328

 
476

Policyholder benefits and claims
40

 
(292
)
 
(120
)
Total
$
1,120

 
$
309

 
$
667
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, 2014
 
 
 
 
 
 
 
Interest rate derivatives
$
1,545

 
$
—

 
$
42

 
$
—

Foreign currency exchange rate derivatives
(344
)
 
—

 
—

 
—

Credit derivatives — purchased
(12
)
 
—

 
—

 
—

Credit derivatives — written
21

 
—

 
—

 
—

Equity derivatives
(634
)
 
(18
)
 
(288
)
 
—

Total
$
576

 
$
(18
)
 
$
(246
)
 
$
—

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

______________
(1)
Changes in estimated fair value related to economic hedges of equity method investments in joint ventures, derivatives held in relation to trading portfolios and 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, 2014
 
 
 
 
 
 
Interest rate swaps:
 
Fixed maturity securities
 
$
5

 
$
(1
)
 
$
4

 
 
Policyholder liabilities (1)
 
681

 
(667
)
 
14

Foreign currency swaps:
 
Foreign-denominated fixed maturity securities
 
13

 
(11
)
 
2

 
 
Foreign-denominated PABs (2)
 
(283
)
 
270

 
(13
)
Foreign currency forwards:
 
Foreign-denominated fixed maturity securities
 
(359
)
 
330

 
(29
)
Total
 
$
57

 
$
(79
)
 
$
(22
)
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
)
______________
(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 in net investment hedging relationships on the consolidated statements of operations and the consolidated statements of equity:
Derivatives in Net Investment
Hedging Relationships (1), (2)
 
Amount of Gains (Losses) Deferred in 
AOCI (Effective Portion)
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
 
(In millions)
Foreign currency forwards
 
$
407

 
$
69

 
$
(50
)
Currency options
 
222

 
262

 
36

Total
 
$
629

 
$
331

 
$
(14
)
______________
(1)
In May 2014, the Company sold its interest in MAL, which was a hedged item in a net investment hedging relationship. See Note 3. As a result, during the year ended December 31, 2014, the Company released losses of $77 million from AOCI into earnings upon the sale. 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.
(2)
There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. All components of each derivative’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,
 
 
2014
 
2013
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

 
$
677

 
2.4

 
$
10

 
$
545

 
2.6

Credit default swaps referencing indices
 
10

 
1,700

 
2.6

 
26

 
2,739

 
1.5

Subtotal
 
20

 
2,377

 
2.6

 
36

 
3,284

 
1.6

Baa
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (corporate)
 
23

 
1,591

 
2.8

 
24

 
1,320

 
3.1

Credit default swaps referencing indices
 
94

 
5,774

 
4.7

 
73

 
4,071

 
4.7

Subtotal
 
117

 
7,365

 
4.3

 
97

 
5,391

 
4.3

Ba
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (corporate)
 
—

 
60

 
3.0

 
—

 
5

 
3.8

Credit default swaps referencing indices
 
(1
)
 
100

 
2.0

 
—

 
—

 
—

Subtotal
 
(1
)
 
160

 
2.4

 
—

 
5

 
3.8

B
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (corporate)
 
—

 
—

 
—

 
—

 
—

 
—

Credit default swaps referencing indices
 
39

 
625

 
4.9

 
32

 
375

 
4.9

Subtotal
 
39

 
625

 
4.9

 
32

 
375

 
4.9

Total
 
$
175

 
$
10,527

 
3.9

 
$
165

 
$
9,055

 
3.4

______________
(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 gross notional amounts.
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral
The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
 
 
December 31, 2014
 
December 31, 2013
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)
 
$
12,256

 
$
6,017

 
$
8,537

 
$
6,367

OTC-cleared (1)
 
1,380

 
1,054

 
302

 
129

Exchange-traded
 
71

 
11

 
11

 
53

Total gross estimated fair value of derivatives (1)
 
13,707

 
7,082

 
8,850

 
6,549

Amounts offset on the consolidated balance sheets
 
—

 
—

 
—

 
—

Estimated fair value of derivatives presented on the consolidated balance sheets (1)
 
13,707

 
7,082

 
8,850

 
6,549

Gross amounts not offset on the consolidated balance sheets:
 
 
 
 
 
 
 
 
Gross estimated fair value of derivatives: (2)
 
 
 
 
 
 
 
 
OTC-bilateral
 
(4,082
)
 
(4,082
)
 
(4,631
)
 
(4,631
)
OTC-cleared
 
(989
)
 
(989
)
 
(122
)
 
(122
)
Exchange-traded
 
(5
)
 
(5
)
 
(5
)
 
(5
)
Cash collateral: (3), (4)
 
 
 
 
 
 
 
 
OTC-bilateral
 
(4,153
)
 
(133
)
 
(1,679
)
 
(3
)
OTC-cleared
 
(386
)
 
(62
)
 
(169
)
 
(7
)
Exchange-traded
 
—

 
(4
)
 
—

 
(44
)
Securities collateral: (5)
 
 
 
 
 
 
 
 
OTC-bilateral
 
(3,768
)
 
(1,700
)
 
(2,105
)
 
(1,464
)
OTC-cleared
 
—

 
(3
)
 
—

 
—

Exchange-traded
 
—

 
(2
)
 
—

 
(4
)
Net amount after application of master netting agreements and collateral
 
$
324

 
$
102

 
$
139

 
$
269

______________
(1)
At both December 31, 2014 and 2013, derivative assets include income or expense accruals reported in accrued investment income or in other liabilities of $255 million. At December 31, 2014 and 2013, derivative liabilities include income or expense accruals reported in accrued investment income or in other liabilities of $60 million and $28 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 by the Company for OTC-bilateral and OTC-cleared derivatives 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 on the balance sheet. In certain instances, cash collateral pledged to the Company as initial margin for OTC-bilateral derivatives is held in separate custodial accounts and is not recorded on the Company’s balance sheet because the account title is in the name of the counterparty (but segregated for the benefit of the Company). The amount of this off-balance sheet collateral was $263 million and $0 at December 31, 2014 and 2013, respectively.
(4)
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 on the balance sheet. 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, 2014 and 2013, the Company received excess cash collateral of $87 million (including $36 million off-balance sheet cash collateral held in separate custodial accounts) and $104 million, respectively, and provided excess cash collateral of $192 million and $236 million, respectively, which is not included in the table above due to the foregoing limitation.
(5)
Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at December 31, 2014 none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge 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, 2014 and 2013, the Company received excess securities collateral with an estimated fair value of $395 million and $238 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2014 and 2013, the Company provided excess securities collateral with an estimated fair value of $117 million and $66 million, respectively, for its OTC-bilateral derivatives, $199 million and $141 million, respectively, for its OTC-cleared derivatives, and $245 million and $81 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, 2014
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
722

 
$
42

 
$
9

 
$
—

 
$
3

Interest rate forwards
 
86

 
(7
)
 
4

 
2

 
—

Foreign currency swaps
 
(139
)
 
(768
)
 
(2
)
 
2

 
1

Credit forwards
 
—

 
—

 
1

 
—

 
—

Total
 
$
669

 
$
(733
)
 
$
12

 
$
4

 
$
4

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
)
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, 2014
 
 
 
 
 
 
 
 
 
 
Derivatives subject to credit-contingent provisions
 
$
1,832

 
$
1,750

 
$
131

 
$
5

 
$
7

Derivatives not subject to credit-contingent provisions
 
84

 
65

 
2

 
—

 
—

Total
 
$
1,916

 
$
1,815

 
$
133

 
$
5

 
$
7

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

______________
(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,
 
2014
 
2013
 
2012
 
(In millions)
Net derivative gains (losses) (1)
$
(321
)
 
$
5,104

 
$
1,239

Policyholder benefits and claims
$
87

 
$
(139
)
 
$
75

______________
(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 $13 million, ($952) million and ($1.7) billion for the years ended December 31, 2014, 2013 and 2012, 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
 
2014
 
2013
 
 
 
(In millions)
Net embedded derivatives within asset host contracts:
 
 
 
 
 
Ceded guaranteed minimum benefits
Premiums, reinsurance and other receivables
 
$
324

 
$
247

Funds withheld on assumed reinsurance
Other invested assets
 
53

 
38

Options embedded in debt or equity securities
Investments
 
(217
)
 
(145
)
Net embedded derivatives within asset host contracts
 
$
160

 
$
140

Net embedded derivatives within liability host contracts:
 
 
 
 
Direct guaranteed minimum benefits
PABs and Future policy benefits
 
$
(1,126
)
 
$
(2,296
)
Assumed guaranteed minimum benefits
PABs
 
973

 
1,262

Funds withheld on ceded reinsurance
Other liabilities
 
83

 
60

Other
PABs
 
24

 
5

Net embedded derivatives within liability host contracts
 
$
(46
)
 
$
(969
)