Fair Value (Tables)

9 Months Ended

Sep. 30, 2015

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below.



	September 30, 2015
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	93,922	$	7,035	$	100,957
Foreign corporate	—		52,737		5,667		58,404
U.S. Treasury and agency	34,085		25,569		17		59,671
Foreign government	—		49,832		691		50,523
RMBS	32		34,538		5,480		40,050
State and political subdivision	—		15,433		46		15,479
CMBS	—		11,515		847		12,362
ABS	—		11,926		2,206		14,132
Total fixed maturity securities	34,117		295,472		21,989		351,578
Equity securities:
Common stock	1,347		843		126		2,316
Non-redeemable preferred stock	—		759		324		1,083
Total equity securities	1,347		1,602		450		3,399
FVO and trading securities:
Actively Traded securities	—		656		40		696
FVO general account securities	460		31		91		582
FVO contractholder-directed unit-linked investments	10,665		3,147		257		14,069
FVO securities held by CSEs	—		4		10		14
Total FVO and trading securities	11,125		3,838		398		15,361
Short-term investments (1)	3,634		9,006		1,313		13,953
Mortgage loans:
Residential mortgage loans — FVO	—		—		315		315
Commercial mortgage loans held by CSEs — FVO	—		204		—		204
Total mortgage loans	—		204		315		519
Other invested assets:
Other investments	167		—		—		167
Derivative assets: (2)
Interest rate	3		10,249		26		10,278
Foreign currency exchange rate	1		2,964		26		2,991
Credit	—		79		6		85
Equity market	23		1,753		385		2,161
Total derivative assets	27		15,045		443		15,515
Total other invested assets	194		15,045		443		15,682
Net embedded derivatives within asset host contracts (3)	—		—		409		409
Separate account assets (4)	76,074		221,493		1,682		299,249
Total assets	$	126,491	$	546,660	$	26,999	$	700,150
Liabilities
Derivative liabilities: (2)
Interest rate	$	9	$	2,651	$	1	$	2,661
Foreign currency exchange rate	1		2,788		171		2,960
Credit	—		43		2		45
Equity market	82		898		708		1,688
Total derivative liabilities	92		6,380		882		7,354
Net embedded derivatives within liability host contracts (3)	—		2		1,575		1,577
Long-term debt of CSEs — FVO	—		61		11		72
Trading liabilities (5)	164		34		2		200
Total liabilities	$	256	$	6,477	$	2,470	$	9,203



	December 31, 2014
	Fair Value Hierarchy
	Level 1		Level 2		Level 3			Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	99,012	$	6,942		$	105,954
Foreign corporate	—		55,185		6,490			61,675
U.S. Treasury and agency	36,879		24,637		—			61,516
Foreign government	—		51,355		1,311			52,666
RMBS	—		35,463		4,383			39,846
State and political subdivision	—		15,187		—			15,187
CMBS	—		13,567		765			14,332
ABS	—		12,005		2,244			14,249
Total fixed maturity securities	36,879		306,411		22,135			365,425
Equity securities:
Common stock	1,558		863		95			2,516
Non-redeemable preferred stock	—		865		250			1,115
Total equity securities	1,558		1,728		345			3,631
FVO and trading securities:
Actively Traded securities	22		627		5			654
FVO general account securities	552		57		95			704
FVO contractholder-directed unit-linked investments	11,064		3,797		455			15,316
FVO securities held by CSEs	—		3		12			15
Total FVO and trading securities	11,638		4,484		567			16,689
Short-term investments (1)	2,104		5,223		336			7,663
Mortgage loans:
Residential mortgage loans — FVO	—		—		308			308
Commercial mortgage loans held by CSEs — FVO	—		280		—			280
Total mortgage loans	—		280		308			588
Other invested assets:
Other investments	203		61		—			264
Derivative assets: (2)
Interest rate	4		8,988		63			9,055
Foreign currency exchange rate	2		2,472		25			2,499
Credit	—		175		14			189
Equity market	65		1,287		357			1,709
Total derivative assets	71		12,922		459			13,452
Total other invested assets	274		12,983		459			13,716
Net embedded derivatives within asset host contracts (3)	—		—		377			377
Separate account assets (4)	83,533		231,539		1,922			316,994
Total assets	$	135,986	$	562,648	$	26,449		$	725,083
Liabilities
Derivative liabilities: (2)
Interest rate	$	9	$	2,347	$	—		$	2,356
Foreign currency exchange rate	—		2,755		93			2,848
Credit	—		38		2			40
Equity market	2		1,112		664			1,778
Total derivative liabilities	11		6,252		759			7,022
Net embedded derivatives within liability host contracts (3)	—		7		(53		)	(46		)
Long-term debt of CSEs — FVO	—		138		13			151
Trading liabilities (5)	215		24		—			239
Total liabilities	$	226	$	6,421	$	719		$	7,366

__________________


(1)	Short-term investments as presented in the tables above differ from the amounts presented on the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.

(2)

Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(3)

Net embedded derivatives within asset host contracts are presented primarily within premiums, reinsurance and other receivables on the consolidated balance sheets. Net embedded derivatives within liability host contracts are presented within policyholder account balances, future policy benefits and other liabilities on the consolidated balance sheets. At September 30, 2015 and December 31, 2014, debt and equity securities also included embedded derivatives of ($269) million and ($217) million, respectively.


(4)	Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets.


(5)	Trading liabilities are presented within other liabilities on the consolidated balance sheets.

Fair Value Inputs, Quantitative Information

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:



					September 30, 2015				December 31, 2014				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)	Impact of Increase in Input on Estimated Fair Value (2)
Fixed maturity securities (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Delta spread adjustments (4)	(50)	-	240	40	(40)	-	240	46	Decrease
	•	Market pricing	•	Quoted prices (5)	1	-	780	149	—	-	750	151	Increase
	•	Consensus pricing	•	Offered quotes (5)	68	-	119	98	31	-	126	99	Increase
Foreign government	•	Market pricing	•	Quoted prices (5)	81	-	197	113	92	-	189	106	Increase
RMBS	•	Market pricing	•	Quoted prices (5)	22	-	165	93	22	-	120	97	Increase (6)
ABS	•	Market pricing	•	Quoted prices (5)	15	-	112	101	15	-	110	100	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	66	-	106	100	56	-	106	102	Increase (6)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (7)	293	-	583		278	-	297		Increase (12)
Foreign currency exchange rate	•	Present value techniques	•	Swap yield (7)	5	-	330		62	-	2,430		Increase (12)
			•	Correlation (8)	—	-	—		40%	-	55%
Credit	•	Present value techniques	•	Credit spreads (9)	99	-	100		98	-	100		Decrease (9)
	•	Consensus pricing	•	Offered quotes (10)
Equity market	•	Present value techniques or option pricing models	•	Volatility (11)	20%	-	35%		15%	-	27%		Increase (12)
			•	Correlation (8)	70%	-	70%		70%	-	70%
Embedded derivatives
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.28%		0%	-	0.28%		Decrease (13)
				Ages 41 - 60	0.01%	-	0.75%		0.04%	-	0.88%		Decrease (13)
				Ages 61 - 115	0.04%	-	100%		0.26%	-	100%		Decrease (13)
			•	Lapse rates:
				Durations 1 - 10	0.25%	-	100%		0.50%	-	100%		Decrease (14)
				Durations 11 - 20	2%	-	100%		2%	-	100%		Decrease (14)
				Durations 21 - 116	2%	-	100%		2%	-	100%		Decrease (14)
			•	Utilization rates	0%	-	25%		20%	-	50%		Increase (15)
			•	Withdrawal rates	0%	-	20%		0%	-	20%		(16)
			•	Long-term equity volatilities	8.65%	-	33%		7.30%	-	33%		Increase (17)
			•	Nonperformance risk spread	(0.22)%	-	1.17%		(0.35)%	-	0.81%		Decrease (18)

______________


(1)	The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.


(2)	The impact of a decrease in input would have the opposite impact on the estimated fair value. For embedded derivatives, changes are based on liability positions.


(3)	Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.


(4)	Range and weighted average are presented in basis points.


(5)	Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.


(6)	Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(7)

Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curve is utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.


(8)	Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.


(9)	Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.


(10)	At both September 30, 2015 and December 31, 2014, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.


(11)	Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.


(12)	Changes are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.


(13)	Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(14)

Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(15)

The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(16)

The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.


(17)	Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.


(18)	Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Fair Value Inputs, Quantitative Information



					September 30, 2015				December 31, 2014				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)	Impact of Increase in Input on Estimated Fair Value (2)
Fixed maturity securities (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Delta spread adjustments (4)	(50)	-	240	40	(40)	-	240	46	Decrease
	•	Market pricing	•	Quoted prices (5)	1	-	780	149	—	-	750	151	Increase
	•	Consensus pricing	•	Offered quotes (5)	68	-	119	98	31	-	126	99	Increase
Foreign government	•	Market pricing	•	Quoted prices (5)	81	-	197	113	92	-	189	106	Increase
RMBS	•	Market pricing	•	Quoted prices (5)	22	-	165	93	22	-	120	97	Increase (6)
ABS	•	Market pricing	•	Quoted prices (5)	15	-	112	101	15	-	110	100	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	66	-	106	100	56	-	106	102	Increase (6)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (7)	293	-	583		278	-	297		Increase (12)
Foreign currency exchange rate	•	Present value techniques	•	Swap yield (7)	5	-	330		62	-	2,430		Increase (12)
			•	Correlation (8)	—	-	—		40%	-	55%
Credit	•	Present value techniques	•	Credit spreads (9)	99	-	100		98	-	100		Decrease (9)
	•	Consensus pricing	•	Offered quotes (10)
Equity market	•	Present value techniques or option pricing models	•	Volatility (11)	20%	-	35%		15%	-	27%		Increase (12)
			•	Correlation (8)	70%	-	70%		70%	-	70%
Embedded derivatives
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.28%		0%	-	0.28%		Decrease (13)
				Ages 41 - 60	0.01%	-	0.75%		0.04%	-	0.88%		Decrease (13)
				Ages 61 - 115	0.04%	-	100%		0.26%	-	100%		Decrease (13)
			•	Lapse rates:
				Durations 1 - 10	0.25%	-	100%		0.50%	-	100%		Decrease (14)
				Durations 11 - 20	2%	-	100%		2%	-	100%		Decrease (14)
				Durations 21 - 116	2%	-	100%		2%	-	100%		Decrease (14)
			•	Utilization rates	0%	-	25%		20%	-	50%		Increase (15)
			•	Withdrawal rates	0%	-	20%		0%	-	20%		(16)
			•	Long-term equity volatilities	8.65%	-	33%		7.30%	-	33%		Increase (17)
			•	Nonperformance risk spread	(0.22)%	-	1.17%		(0.35)%	-	0.81%		Decrease (18)

______________


(1)	The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.


(2)	The impact of a decrease in input would have the opposite impact on the estimated fair value. For embedded derivatives, changes are based on liability positions.


(3)	Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.


(4)	Range and weighted average are presented in basis points.


(5)	Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.


(6)	Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(7)


(8)	Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.


(9)	Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.


(10)	At both September 30, 2015 and December 31, 2014, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.


(11)	Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.


(12)	Changes are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.


(13)	Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(14)

(15)

(16)


(17)	Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.


(18)	Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize the change of all assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	U.S. Corporate			Foreign Corporate			U.S Treasury and Agency			Foreign Government			RMBS			State and Political Subdivision			CMBS			ABS
	(In millions)
Three Months Ended September 30, 2015
Balance, beginning of period	$	7,133		$	6,387		$	55		$	1,336		$	4,136		$	55		$	729		$	2,153
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income	7			2			—			4			32			—			—			—
Net investment gains (losses)	16			—			—			—			(3		)	—			—			—
Net derivative gains (losses)	—			—			—			—			—			—			—			—
Policyholder benefits and claims	—			—			—			—			—			—			—			—
OCI	(59		)	(237		)	—			(1		)	(47		)	1			8			(7		)
Purchases (3)	694			261			—			17			1,583			20			165			796
Sales (3)	(301		)	(50		)	(1		)	(17		)	(262		)	—			(39		)	(117		)
Issuances (3)	—			—			—			—			—			—			—			—
Settlements (3)	—			—			—			—			—			—			—			—
Transfers into Level 3 (4)	552			147			18			11			359			—			2			—
Transfers out of Level 3 (4)	(1,007		)	(843		)	(55		)	(659		)	(318		)	(30		)	(18		)	(619		)
Balance, end of period	$	7,035		$	5,667		$	17		$	691		$	5,480		$	46		$	847		$	2,206
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	7		$	3		$	—		$	4		$	32		$	—		$	—		$	1
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities						FVO and Trading Securities
	Common Stock			Non- redeemable Preferred Stock			Actively Traded Securities			FVO General Account Securities			FVO Contractholder- directed Unit-linked Investments			FVO Securities Held by CSEs		Short-term Investments			Residential Mortgage Loans - FVO
	(In millions)
Three Months Ended September 30, 2015
Balance, beginning of period	$	157		$	332		$	13		$	88		$	364		$	10	$	1,809		$	345
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income	—			—			—			(9		)	(7		)	—		—			(2		)
Net investment gains (losses)	8			(2		)	—			—			—			—		—			—
Net derivative gains (losses)	—			—			—			—			—			—		—			—
Policyholder benefits and claims	—			—			—			—			—			—		—			—
OCI	(11		)	(3		)	—			—			—			—		—			—
Purchases (3)	12			—			32			13			46			—		1,296			18
Sales (3)	(12		)	(1		)	—			(1		)	(40		)	—		(11		)	(37		)
Issuances (3)	—			—			—			—			—			—		—			—
Settlements (3)	—			—			—			—			—			—		—			(9		)
Transfers into Level 3 (4)	—			—			—			—			80			—		5			—
Transfers out of Level 3 (4)	(28		)	(2		)	(5		)	—			(186		)	—		(1,786		)	—
Balance, end of period	$	126		$	324		$	40		$	91		$	257		$	10	$	1,313		$	315
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—		$	—		$	(9	)	$	(7	)	$	—	$	—		$	(2	)
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives (6)
	Interest Rate			Foreign Currency Exchange Rate			Credit			Equity Market			Net Embedded Derivatives (7)			Separate Account Assets (8)			Long-term Debt of CSEs — FVO			Trading Liabilities
	(In millions)
Three Months Ended September 30, 2015
Balance, beginning of period	$	18		$	(76	)	$	9		$	(323	)	$	841		$	1,925		$	(12	)	$	(4	)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income	—			—			—			—			—			—			—			—
Net investment gains (losses)	—			—			—			—			—			24			—			—
Net derivative gains (losses)	1			(93		)	(5		)	—			(1,812		)	—			—			—
Policyholder benefits and claims	—			—			—			—			59			—			—			—
OCI	7			—			—			—			(38		)	—			—			—
Purchases (3)	—			—			—			—			—			95			—			(2		)
Sales (3)	—			—			—			—			—			(93		)	—			—
Issuances (3)	(1		)	—			—			—			—			—			—			—
Settlements (3)	—			24			—			—			(216		)	—			1			—
Transfers into Level 3 (4)	—			—			—			—			—			2			—			—
Transfers out of Level 3 (4)	—			—			—			—			—			(271		)	—			4
Balance, end of period	$	25		$	(145	)	$	4		$	(323	)	$	(1,166	)	$	1,682		$	(11	)	$	(2	)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	(99	)	$	(4	)	$	—		$	(1,803	)	$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	60		$	—		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	U.S. Corporate			Foreign Corporate			U.S. Treasury and Agency			Foreign Government			RMBS			State and Political Subdivision			CMBS			ABS
	(In millions)
Three Months Ended September 30, 2014
Balance, beginning of period	$	7,369		$	6,612		$	320		$	1,672		$	3,945		$	35		$	595		$	3,786
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income	2			7			—			4			11			—			2			1
Net investment gains (losses)	(1		)	(5		)	—			—			—			—			(13		)	—
Net derivative gains (losses)	—			—			—			—			—			—			—			—
Policyholder benefits and claims	—			—			—			—			—			—			—			—
OCI	14			(179		)	—			(32		)	28			(1		)	9			(5		)
Purchases (3)	645			449			—			114			708			—			58			1,164
Sales (3)	(198		)	(145		)	—			(29		)	(340		)	(7		)	(64		)	(177		)
Issuances (3)	—			—			—			—			—			—			—			—
Settlements (3)	—			—			—			—			—			—			—			—
Transfers into Level 3 (4)	10			124			—			167			—			—			62			74
Transfers out of Level 3 (4)	(501		)	(630		)	(320		)	(618		)	(346		)	(23		)	(15		)	(1,564		)
Balance, end of period	$	7,340		$	6,233		$	—		$	1,278		$	4,006		$	4		$	634		$	3,279
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	2		$	7		$	—		$	4		$	10		$	—		$	—		$	1
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	(13	)	$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities						FVO and Trading Securities
	Common Stock			Non- redeemable Preferred Stock			Actively Traded Securities			FVO General Account Securities			FVO Contractholder- directed Unit-linked Investments			FVO Securities Held by CSEs		Short-term Investments			Residential Mortgage Loans - FVO
	(In millions)
Three Months Ended September 30, 2014
Balance, beginning of period	$	186		$	263		$	20		$	109		$	571		$	11	$	246		$	367
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income	—			—			—			(4		)	(22		)	—		1			4
Net investment gains (losses)	—			2			—			—			—			—		—			—
Net derivative gains (losses)	—			—			—			—			—			—		—			—
Policyholder benefits and claims	—			—			—			—			—			—		—			—
OCI	(37		)	(5		)	—			—			—			—		—			—
Purchases (3)	3			—			3			—			169			—		114			3
Sales (3)	(10		)	(13		)	(15		)	(6		)	(288		)	—		(131		)	(63		)
Issuances (3)	—			—			—			—			—			—		—			—
Settlements (3)	—			—			—			—			—			—		—			(13		)
Transfers into Level 3 (4)	1			—			—			—			89			1		—			—
Transfers out of Level 3 (4)	(42		)	—			—			—			(31		)	—		(75		)	—
Balance, end of period	$	101		$	247		$	8		$	99		$	488		$	12	$	155		$	298
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—		$	—		$	—		$	(16	)	$	—	$	1		$	4
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives (6)
	Interest Rate			Foreign Currency Exchange Rate			Credit			Equity Market			Net Embedded Derivatives (7)			Separate Account Assets (8)			Long-term Debt of CSEs — FVO			Trading Liabilities
	(In millions)
Three Months Ended September 30, 2014
Balance, beginning of period	$	36		$	(3	)	$	17		$	(395	)	$	1,020		$	1,691		$	(15	)	$	—
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income	—			—			—			—			—			—			—			—
Net investment gains (losses)	—			—			—			—			—			30			(1		)	—
Net derivative gains (losses)	(9		)	(68		)	(8		)	50			(58		)	—			—			—
Policyholder benefits and claims	—			—			—			(3		)	32			—			—			—
OCI	20			2			—			2			102			—			—			—
Purchases (3)	—			—			—			—			—			117			—			—
Sales (3)	—			—			—			—			—			(129		)	—			—
Issuances (3)	(2		)	—			(1		)	—			—			1			—			—
Settlements (3)	2			15			—			—			(231		)	—			1			—
Transfers into Level 3 (4)	—			—			—			—			—			219			—			—
Transfers out of Level 3 (4)	—			—			—			—			—			(38		)	—			—
Balance, end of period	$	47		$	(54	)	$	8		$	(346	)	$	865		$	1,891		$	(15	)	$	—
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	(1	)	$	—
Net derivative gains (losses)	$	1		$	(52	)	$	(8	)	$	50		$	(65	)	$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	(3	)	$	31		$	—		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	U.S. Corporate			Foreign Corporate			U.S. Treasury and Agency			Foreign Government			RMBS			State and Political Subdivision		CMBS			ABS
	(In millions)
Nine Months Ended September 30, 2015
Balance, beginning of period	$	6,942		$	6,490		$	—		$	1,311		$	4,383		$	—	$	765		$	2,244
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income	14			11			—			10			88			—		—			3
Net investment gains (losses)	33			4			—			—			(1		)	—		—			(2		)
Net derivative gains (losses)	—			—			—			—			—			—		—			—
Policyholder benefits and claims	—			—			—			—			—			—		—			—
OCI	(301		)	(458		)	(1		)	1			(40		)	—		(3		)	(25		)
Purchases (3)	1,250			634			—			30			2,392			46		308			1,362
Sales (3)	(658		)	(306		)	(1		)	(39		)	(848		)	—		(168		)	(288		)
Issuances (3)	—			—			—			—			—			—		—			—
Settlements (3)	—			—			—			—			—			—		—			—
Transfers into Level 3 (4)	687			157			19			7			295			—		21			39
Transfers out of Level 3 (4)	(932		)	(865		)	—			(629		)	(789		)	—		(76		)	(1,127		)
Balance, end of period	$	7,035		$	5,667		$	17		$	691		$	5,480		$	46	$	847		$	2,206
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	13		$	8		$	—		$	10		$	88		$	—	$	—		$	2
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	(1	)	$	—	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities						FVO and Trading Securities
	Common Stock			Non- redeemable Preferred Stock			Actively Traded Securities		FVO General Account Securities			FVO Contractholder- directed Unit-linked Investments			FVO Securities Held by CSEs			Short-term Investments			Residential Mortgage Loans - FVO
	(In millions)
Nine Months Ended September 30, 2015
Balance, beginning of period	$	95		$	250		$	5	$	95		$	455		$	12		$	336		$	308
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income	—			—			—		(10		)	(17		)	—			1			18
Net investment gains (losses)	8			(1		)	—		—			—			—			—			—
Net derivative gains (losses)	—			—			—		—			—			—			—			—
Policyholder benefits and claims	—			—			—		—			—			—			—			—
OCI	(10		)	(12		)	—		—			—			—			—			—
Purchases (3)	54			3			35		14			81			—			1,313			114
Sales (3)	(19		)	(15		)	—		(8		)	(121		)	(1		)	(28		)	(100		)
Issuances (3)	—			—			—		—			—			—			—			—
Settlements (3)	—			—			—		—			—			—			—			(25		)
Transfers into Level 3 (4)	1			106			—		—			82			—			—			—
Transfers out of Level 3 (4)	(3		)	(7		)	—		—			(223		)	(1		)	(309		)	—
Balance, end of period	$	126		$	324		$	40	$	91		$	257		$	10		$	1,313		$	315
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—		$	—	$	(10	)	$	(15	)	$	—		$	—		$	18
Net investment gains (losses)	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives (6)
	Interest Rate			Foreign Currency Exchange Rate			Credit			Equity Market			Net Embedded Derivatives (7)			Separate Account Assets (8)			Long-term Debt of CSEs — FVO			Trading Liabilities
	(In millions)
Nine Months Ended September 30, 2015
Balance, beginning of period	$	63		$	(68	)	$	12		$	(307	)	$	430		$	1,922		$	(13	)	$	—
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income	—			—			—			—			—			—			—			—
Net investment gains (losses)	—			—			—			—			—			5			—			—
Net derivative gains (losses)	(8		)	(118		)	(8		)	(30		)	(1,004		)	—			—			—
Policyholder benefits and claims	—			—			—			1			40			—			—			—
OCI	2			1			—			—			(19		)	—			—			—
Purchases (3)	—			—			—			4			—			297			—			(2		)
Sales (3)	—			—			—			—			—			(232		)	—			—
Issuances (3)	(1		)	—			—			—			—			—			—			—
Settlements (3)	(31		)	40			—			9			(613		)	(2		)	2			—
Transfers into Level 3 (4)	—			—			—			—			—			3			—			—
Transfers out of Level 3 (4)	—			—			—			—			—			(311		)	—			—
Balance, end of period	$	25		$	(145	)	$	4		$	(323	)	$	(1,166	)	$	1,682		$	(11	)	$	(2	)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	(107	)	$	(6	)	$	(29	)	$	(1,016	)	$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	1		$	43		$	—		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	U.S. Corporate			Foreign Corporate			U.S. Treasury and Agency			Foreign Government			RMBS			State and Political Subdivision			CMBS			ABS
	(In millions)
Nine Months Ended September 30, 2014
Balance, beginning of period	$	7,148		$	6,704		$	62		$	2,235		$	2,957		$	10		$	972		$	4,210
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income	7			16			—			106			34			—			2			6
Net investment gains (losses)	(6		)	(8		)	—			(4		)	8			—			(14		)	(39		)
Net derivative gains (losses)	—			—			—			—			—			—			—			—
Policyholder benefits and claims	—			—			—			—			—			—			—			—
OCI	276			277			—			(104		)	96			—			(21		)	56
Purchases (3)	1,213			893			—			265			1,278			—			133			2,369
Sales (3)	(746		)	(516		)	—			(160		)	(443		)	—			(270		)	(793		)
Issuances (3)	—			—			—			—			—			—			—			—
Settlements (3)	—			—			—			—			—			—			—			—
Transfers into Level 3 (4)	261			281			—			189			146			4			73			37
Transfers out of Level 3 (4)	(813		)	(1,414		)	(62		)	(1,249		)	(70		)	(10		)	(241		)	(2,567		)
Balance, end of period	$	7,340		$	6,233		$	—		$	1,278		$	4,006		$	4		$	634		$	3,279
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	4		$	15		$	—		$	7		$	34		$	—		$	(1	)	$	2
Net investment gains (losses)	$	(7	)	$	(2	)	$	—		$	—		$	(1	)	$	—		$	(13	)	$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities						FVO and Trading Securities
	Common Stock			Non- redeemable Preferred Stock			Actively Traded Securities			FVO General Account Securities			FVO Contractholder- directed Unit-linked Investments			FVO Securities Held by CSEs			Short-term Investments			Residential Mortgage Loans - FVO
	(In millions)
Nine Months Ended September 30, 2014
Balance, beginning of period	$	177		$	395		$	12		$	29		$	603		$	—		$	254		$	338
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income	—			—			—			7			6			—			3			15
Net investment gains (losses)	13			4			—			—			—			—			(2		)	—
Net derivative gains (losses)	—			—			—			—			—			—			—			—
Policyholder benefits and claims	—			—			—			—			—			—			—			—
OCI	(78		)	6			—			—			—			—			(1		)	—
Purchases (3)	28			—			8			—			290			—			126			49
Sales (3)	(40		)	(58		)	(7		)	(6		)	(449		)	(2		)	(205		)	(78		)
Issuances (3)	—			—			—			—			—			—			—			—
Settlements (3)	—			—			—			—			—			—			—			(26		)
Transfers into Level 3 (4)	1			—			—			69			60			14			—			—
Transfers out of Level 3 (4)	—			(100		)	(5		)	—			(22		)	—			(20		)	—
Balance, end of period	$	101		$	247		$	8		$	99		$	488		$	12		$	155		$	298
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—		$	—		$	11		$	—		$	—		$	1		$	15
Net investment gains (losses)	$	(2	)	$	(3	)	$	—		$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives (6)
	Interest Rate			Foreign Currency Exchange Rate			Credit			Equity Market			Net Embedded Derivatives (7)			Separate Account Assets (8)			Long-term Debt of CSEs — FVO			Trading Liabilities
	(In millions)
Nine Months Ended September 30, 2014
Balance, beginning of period	$	13		$	(11	)	$	29		$	(317	)	$	1,258		$	1,465		$	(28	)	$	—
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income	—			—			—			—			—			—			—			—
Net investment gains (losses)	—			—			—			—			—			99			(1		)	—
Net derivative gains (losses)	16			(59		)	(17		)	(39		)	102			—			—			—
Policyholder benefits and claims	—			—			—			4			55			—			—			—
OCI	69			2			—			2			78			—			—			—
Purchases (3)	—			—			—			4			—			510			—			—
Sales (3)	—			—			—			—			—			(337		)	—			—
Issuances (3)	(2		)	—			(4		)	—			—			82			—			—
Settlements (3)	(49		)	14			—			—			(628		)	(28		)	14			—
Transfers into Level 3 (4)	—			—			—			—			—			147			—			—
Transfers out of Level 3 (4)	—			—			—			—			—			(47		)	—			—
Balance, end of period	$	47		$	(54	)	$	8		$	(346	)	$	865		$	1,891		$	(15	)	$	—
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	(1	)	$	—
Net derivative gains (losses)	$	1		$	(45	)	$	(15	)	$	(38	)	$	103		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	4		$	55		$	—		$	—		$	—

__________________


(1)	Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities are included in net investment gains (losses), while changes in estimated fair value of residential mortgage loans - FVO are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses).


(2)	Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.


(3)	Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.


(4)	Gains and losses in net income (loss) and OCI are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.


(5)	Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods.


(6)	Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.


(7)	Embedded derivative assets and liabilities are presented net for purposes of the rollforward.


(8)	Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income. For the purpose of this disclosure, these changes are presented within net investment gains (losses).

Fair Value Option

The following table presents information for certain assets and liabilities accounted for under the FVO. These assets and liabilities were initially measured at fair value.



	Residential Mortgage Loans — FVO						Certain Assets and Liabilities of CSEs — FVO (1)
	September 30, 2015			December 31, 2014			September 30, 2015			December 31, 2014
	(In millions)
Assets
Unpaid principal balance	$	445		$	436		$	152		$	223
Difference between estimated fair value and unpaid principal balance	(130		)	(128		)	52			57
Carrying value at estimated fair value	$	315		$	308		$	204		$	280
Loans in non-accrual status	$	125		$	125		$	—		$	—
Liabilities
Contractual principal balance							$	83		$	159
Difference between estimated fair value and contractual principal balance							(11		)	(8		)
Carrying value at estimated fair value							$	72		$	151

__________________

(1)

These assets and liabilities are comprised of commercial mortgage loans and long-term debt. Changes in estimated fair value on these assets and liabilities and gains or losses on sales of these assets are recognized in net investment gains (losses). Interest income on commercial mortgage loans held by CSEs — FVO is recognized in net investment income. Interest expense from long-term debt of CSEs — FVO is recognized in other expenses.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3).



	At September 30,				Three Months Ended September 30,						Nine Months Ended September 30,
	2015		2014		2015			2014			2015			2014
	Carrying Value After Measurement				Gains (Losses)
	(In millions)
Mortgage loans (1)	$	44	$	106	$	—		$	4		$	(1	)	$	3
Other limited partnership interests (2)	$	53	$	92	$	(8	)	$	(14	)	$	(27	)	$	(51	)

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(1)	Estimated fair values for impaired mortgage loans are based on independent broker quotations or valuation models using unobservable inputs or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, are based on the estimated fair value of the underlying collateral or the present value of the expected future cash flows.

(2)

For these cost method investments, estimated fair value is determined from information provided in the financial statements of the underlying entities including NAV data. These investments include private equity and debt funds that typically invest primarily in various strategies including domestic and international leveraged buyout funds; power, energy, timber and infrastructure development funds; venture capital funds; and below investment grade debt and mezzanine debt funds. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next two to 10 years. Unfunded commitments for these investments at both September 30, 2015 and 2014 were not significant.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:



	September 30, 2015
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	63,034	$	—	$	—	$	65,631	$	65,631
Policy loans	$	11,549	$	—	$	1,592	$	12,324	$	13,916
Real estate joint ventures	$	41	$	—	$	—	$	114	$	114
Other limited partnership interests	$	580	$	—	$	—	$	729	$	729
Other invested assets	$	541	$	162	$	2	$	377	$	541
Premiums, reinsurance and other receivables	$	5,578	$	—	$	3,264	$	2,416	$	5,680
Other assets	$	365	$	—	$	337	$	61	$	398
Liabilities
Policyholder account balances	$	124,476	$	—	$	—	$	129,880	$	129,880
Long-term debt	$	16,674	$	—	$	18,226	$	—	$	18,226
Collateral financing arrangements	$	4,152	$	—	$	—	$	3,925	$	3,925
Junior subordinated debt securities	$	3,194	$	—	$	4,036	$	—	$	4,036
Other liabilities	$	6,730	$	—	$	5,396	$	1,336	$	6,732
Separate account liabilities	$	111,427	$	—	$	111,427	$	—	$	111,427



	December 31, 2014
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	59,530	$	—	$	—	$	62,554	$	62,554
Policy loans	$	11,618	$	—	$	1,647	$	12,287	$	13,934
Real estate joint ventures	$	67	$	—	$	—	$	139	$	139
Other limited partnership interests	$	704	$	—	$	—	$	906	$	906
Other invested assets	$	562	$	172	$	70	$	320	$	562
Premiums, reinsurance and other receivables	$	3,070	$	—	$	713	$	2,444	$	3,157
Other assets	$	251	$	—	$	175	$	68	$	243
Liabilities
Policyholder account balances	$	134,219	$	—	$	—	$	139,359	$	139,359
Long-term debt	$	16,128	$	—	$	18,357	$	—	$	18,357
Collateral financing arrangements	$	4,196	$	—	$	—	$	3,961	$	3,961
Junior subordinated debt securities	$	3,193	$	—	$	4,173	$	—	$	4,173
Other liabilities	$	2,544	$	—	$	1,223	$	1,323	$	2,546
Separate account liabilities	$	116,665	$	—	$	116,665	$	—	$	116,665

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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