Fair Value (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value (Tables) [Abstract]

Recurring Fair Value Measurements

	June 30, 2011
	Fair Value Measurements at Reporting Date Using
	Quoted Prices in
	Active Markets for		Significant Other		Significant		Total
	Identical Assets		Observable		Unobservable		Estimated
	and Liabilities		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
	(In millions)
Assets:
Fixed maturity securities:
U.S. corporate securities	$	—	$	89,926	$	6,871	$	96,797
Foreign corporate securities		—		64,694		5,844		70,538
Foreign government securities		82		46,003		3,161		49,246
RMBS		—		43,116		434		43,550
U.S. Treasury and agency securities		19,812		15,727		26		35,565
CMBS		—		18,737		781		19,518
ABS		—		12,406		2,451		14,857
State and political subdivision securities		—		11,580		89		11,669
Other fixed maturity securities		—		2		2		4
Total fixed maturity securities		19,894		302,191		19,659		341,744
Equity securities:
Common stock		685		1,100		305		2,090
Non-redeemable preferred stock		—		494		654		1,148
Total equity securities		685		1,594		959		3,238
Trading and other securities:
Actively Traded Securities		—		558		2		560
FVO general account securities		—		249		54		303
FVO contractholder-directed unit-linked investments		7,622		10,445		623		18,690
FVO securities held by consolidated securitization entities		—		147		—		147
Total trading and other securities		7,622		11,399		679		19,700
Short-term investments (1)		4,265		6,764		732		11,761
Mortgage loans:
Mortgage loans held by consolidated securitization entities		—		6,697		—		6,697
Mortgage loans held-for-sale (2)		—		1,831		32		1,863
Total mortgage loans		—		8,528		32		8,560
Other invested assets:
MSRs		—		—		964		964
Other investments		362		122		—		484
Derivative assets: (3)
Interest rate contracts		55		4,087		44		4,186
Foreign currency contracts		4		1,451		49		1,504
Credit contracts		—		114		47		161
Equity market contracts		14		1,581		247		1,842
Total derivative assets		73		7,233		387		7,693
Total other invested assets		435		7,355		1,351		9,141
Net embedded derivatives within asset host contracts (4)		—		2		196		198
Separate account assets (5)		28,099		172,447		1,836		202,382
Total assets	$	61,000	$	510,280	$	25,444	$	596,724
Liabilities:
Derivative liabilities: (3)
Interest rate contracts	$	54	$	1,472	$	111	$	1,637
Foreign currency contracts		4		1,476		—		1,480
Credit contracts		—		92		5		97
Equity market contracts		95		320		192		607
Total derivative liabilities		153		3,360		308		3,821
Net embedded derivatives within liability host contracts (4)		—		15		2,270		2,285
Long-term debt of consolidated securitization entities		—		6,413		134		6,547
Trading liabilities (6)		54		—		—		54
Total liabilities	$	207	$	9,788	$	2,712	$	12,707

	December 31, 2010
	Fair Value Measurements at Reporting Date Using
	Quoted Prices in
	Active Markets for		Significant Other		Significant		Total
	Identical Assets		Observable		Unobservable		Estimated
	and Liabilities		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
	(In millions)
Assets:
Fixed maturity securities:
U.S. corporate securities	$	—	$	84,623	$	7,149	$	91,772
Foreign corporate securities		—		62,162		5,726		67,888
Foreign government securities		149		38,719		3,134		42,002
RMBS		274		43,037		1,422		44,733
U.S. Treasury and agency securities		14,602		18,623		79		33,304
CMBS		—		19,664		1,011		20,675
ABS		—		10,142		4,145		14,287
State and political subdivision securities		—		10,083		46		10,129
Other fixed maturity securities		—		3		4		7
Total fixed maturity securities		15,025		287,056		22,716		324,797
Equity securities:
Common stock		831		1,094		268		2,193
Non-redeemable preferred stock		—		504		905		1,409
Total equity securities		831		1,598		1,173		3,602
Trading and other securities:
Actively Traded Securities		—		453		10		463
FVO general account securities		—		54		77		131
FVO contractholder-directed unit-linked investments		6,270		10,789		735		17,794
FVO securities held by consolidated securitization entities		—		201		—		201
Total trading and other securities		6,270		11,497		822		18,589
Short-term investments (1)		3,026		4,681		858		8,565
Mortgage loans:
Mortgage loans held by consolidated securitization entities		—		6,840		—		6,840
Mortgage loans held-for-sale (2)		—		2,486		24		2,510
Total mortgage loans		—		9,326		24		9,350
Other invested assets:
MSRs		—		—		950		950
Other investments		373		121		—		494
Derivative assets: (3)
Interest rate contracts		131		3,583		39		3,753
Foreign currency contracts		2		1,711		74		1,787
Credit contracts		—		125		50		175
Equity market contracts		23		1,757		282		2,062
Total derivative assets		156		7,176		445		7,777
Total other invested assets		529		7,297		1,395		9,221
Net embedded derivatives within asset host contracts (4)		—		—		185		185
Separate account assets (5)		25,566		155,589		1,983		183,138
Total assets	$	51,247	$	477,044	$	29,156	$	557,447
Liabilities:
Derivative liabilities: (3)
Interest rate contracts	$	35	$	1,598	$	125	$	1,758
Foreign currency contracts		—		1,372		1		1,373
Credit contracts		—		101		6		107
Equity market contracts		10		1,174		140		1,324
Total derivative liabilities		45		4,245		272		4,562
Net embedded derivatives within liability host contracts (4)		—		11		2,623		2,634
Long-term debt of consolidated securitization entities		—		6,636		184		6,820
Trading liabilities (6)		46		—		—		46
Total liabilities	$	91	$	10,892	$	3,079	$	14,062

(1) Short-term investments as presented in the tables above differ from the amounts presented in the consolidated balance sheets because certain short-term investments are not measured at estimated fair value (e.g., time deposits, etc.), and therefore are excluded from the tables presented above.

(2)	Mortgage loans held-for-sale as presented in the tables above differ from the amount presented in the consolidated balance sheets as these tables only include residential mortgage loans held-for-sale measured at estimated fair value on a recurring basis.
(3)	Derivative liabilities are presented within other liabilities in the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation in 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 which follow. At June 30, 2011 and December 31, 2010, certain non-derivative hedging instruments of $0 and $185 million, respectively, which are carried at amortized cost, are included with the liabilities total in Note 4 but excluded from derivative liabilities in the tables above as they are not derivative instruments.
(4)	Net embedded derivatives within asset host contracts are presented primarily within premiums, reinsurance and other receivables in the consolidated balance sheets. Net embedded derivatives within liability host contracts are presented primarily within policyholder account balances in the consolidated balance sheets. At June 30, 2011, fixed maturity securities and equity securities also included embedded derivatives of $6 million and ($74) million, respectively. At December 31, 2010, fixed maturity securities and equity securities included embedded derivatives of $5 million and ($62) million, respectively.
(5)	Separate account assets are measured at estimated fair value. 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.
(6)	Trading liabilities are presented within other liabilities in the consolidated balance sheets.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
													U.S.									State and			Other
	U.S.			Foreign			Foreign						Treasury									Political			Fixed
	Corporate			Corporate			Government						and Agency									Subdivision			Maturity
	Securities			Securities			Securities			RMBS			Securities			CMBS			ABS			Securities			Securities
	(In millions)
Three Months Ended June 30, 2011:
Balance, beginning of period	$	6,861		$	5,534		$	3,186		$	271		$	76		$	791		$	4,506		$	46		$	4
Total realized/unrealized gains (losses) included in:
Earnings: (1),(2)
Net investment income		2			(3	)		(1	)		—			—			18			8			—			—
Net investment gains (losses)		(15	)		(30	)		(5	)		(1	)		—			22			(10	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		91			105			(50	)		8			—			(12	)		(2	)		(6	)		—
Purchases (3)		434			1,553			178			21			1			171			139			43			—
Sales (3)		(313	)		(960	)		(129	)		(37	)		(1	)		(116	)		(263	)		—			(2	)
Issuances (3)		—			—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		64			53			199			298			—			24			108			10			—
Transfers out of Level 3 (4)		(253	)		(408	)		(217	)		(126	)		(50	)		(117	)		(2,035	)		(4	)		—
Balance, end of period	$	6,871		$	5,844		$	3,161		$	434		$	26		$	781		$	2,451		$	89		$	2
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2011 included in earnings:
Net investment income	$	2		$	7		$	9		$	—		$	—		$	17		$	8		$	—		$	—
Net investment gains (losses)	$	(27	)	$	(18	)	$	(1	)	$	(1	)	$	—		$	—		$	(7	)	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:						Trading and Other Securities:
													FVO
				Non-						FVO			Contractholder-
				redeemable			Actively			General			directed						Mortgage
	Common			Preferred			Traded			Account			Unit-linked			Short-term			Loans Held-			MSRs
	Stock			Stock			Securities			Securities			Investments			Investments			for-sale			(5),(6)
	(In millions)
Three Months Ended June 30, 2011:
Balance, beginning of period	$	359		$	946		$	40		$	62		$	566		$	742		$	25		$	1,029
Total realized/unrealized gains (losses) included in:
Earnings: (1),(2)
Net investment income		—			—			—			4			22			2			—			—
Net investment gains (losses)		3			(70	)		—			—			—			—			—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			(1	)		(75	)
Policyholder benefits and claims		—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		8			71			—			—			—			3			—			—
Purchases (3)		27			2			—			—			315			333			1			—
Sales (3)		(12	)		(295	)		(23	)		(12	)		(305	)		(351	)		—			—
Issuances (3)		—			—			—			—			—			—			—			37
Settlements (3)		—			—			—			—			—			—			—			(27	)
Transfers into Level 3 (4)		2			—			—			—			35			3			9			—
Transfers out of Level 3 (4)		(82	)		—			(15	)		—			(10	)		—			(2	)		—
Balance, end of period	$	305		$	654		$	2		$	54		$	623		$	732		$	32		$	964
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2011 included in earnings:
Net investment income	$	—		$	—		$	—		$	2		$	23		$	2		$	—		$	—
Net investment gains (losses)	$	(4	)	$	(32	)	$	—		$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	(1	)	$	(73	)
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (7)
																		Long-term Debt
	Interest			Foreign					Equity			Net			Separate			of Consolidated
	Rate			Currency		Credit			Market			Embedded			Account			Securitization
	Contracts			Contracts		Contracts			Contracts			Derivatives (8)			Assets (9)			Entities
	(In millions)
Three Months Ended June 30, 2011:
Balance, beginning of period	$	(89	)	$	39	$	43		$	(16	)	$	(1,538	)	$	2,004		$	(138	)
Total realized/unrealized gains (losses) included in:
Earnings: (1),(2)
Net investment income		—			—		—			—			—			—			—
Net investment gains (losses)		—			—		—			—			—			(4	)		(53	)
Net derivative gains (losses)		5			1		(2	)		(17	)		(383	)		—			—
Other revenues		(2	)		—		—			—			—			—			—
Policyholder benefits and claims		—			—		—			—			10			—			—
Other expenses		—			—		—			—			—			—			—
Other comprehensive income (loss)		19			—		6			—			(50	)		—			—
Purchases (3)		—			—		—			88			—			160			—
Sales (3)		—			—		—			—			—			(203	)		—
Issuances (3)		—			—		—			—			—			—			—
Settlements (3)		—			—		(5	)		—			(113	)		—			57
Transfers into Level 3 (4)		—			9		—			—			—			1			—
Transfers out of Level 3 (4)		—			—		—			—			—			(122	)		—
Balance, end of period	$	(67	)	$	49	$	42		$	55		$	(2,074	)	$	1,836		$	(134	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2011 included in earnings:
Net investment income	$	—		$	—	$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—	$	—		$	—		$	—		$	—		$	(53	)
Net derivative gains (losses)	$	4		$	1	$	(3	)	$	(17	)	$	(387	)	$	—		$	—
Other revenues	$	11		$	—	$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—	$	—		$	—		$	10		$	—		$	—
Other expenses	$	—		$	—	$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
													U.S.									State and			Other
	U.S.			Foreign			Foreign						Treasury									Political			Fixed
	Corporate			Corporate			Government						and Agency									Subdivision			Maturity
	Securities			Securities			Securities			RMBS			Securities			CMBS			ABS			Securities			Securities
	(In millions)
Three Months Ended June 30, 2010:
Balance, beginning of period	$	6,339		$	5,330		$	199		$	1,927		$	36		$	225		$	2,813		$	101		$	6
Total realized/unrealized gains (losses) included in:
Earnings: (1),(2)
Net investment income		12			3			2			13			—			—			8			—			—
Net investment gains (losses)		—			(18	)		(5	)		—			—			1			(20	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		97			(139	)		16			(6	)		2			47			81			3			1
Purchases, sales, issuances and settlements (3)		362			(371	)		69			98			(1	)		(20	)		483			19			(2	)
Transfers into Level 3 (4)		518			292			—			31			—			117			130			—			—
Transfers out of Level 3 (4)		(155	)		(545	)		(24	)		(211	)		—			(100	)		(6	)		(22	)		—
Balance, end of period	$	7,173		$	4,552		$	257		$	1,852		$	37		$	270		$	3,489		$	101		$	5
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2010 included in earnings:
Net investment income	$	6		$	3		$	2		$	13		$	—		$	—		$	8		$	—		$	—
Net investment gains (losses)	$	(6	)	$	(16	)	$	—		$	—		$	—		$	1		$	(20	)	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:						Trading and Other Securities:
													FVO
				Non-						FVO			Contractholder-
				redeemable			Actively			General			directed					Mortgage
	Common			Preferred			Traded			Account			Unit-linked		Short-term			Loans Held-			MSRs
	Stock			Stock			Securities			Securities			Investments		Investments			for-sale			(5),(6)
	(In millions)
Three Months Ended June 30, 2010:
Balance, beginning of period	$	159		$	1,005		$	8		$	32		$	—	$	92		$	28		$	859
Total realized/unrealized gains (losses) included in:
Earnings: (1),(2)
Net investment income		—			—			—			(3	)		—		—			—			—
Net investment gains (losses)		3			46			—			—			—		—			—			—
Net derivative gains (losses)		—			—			—			—			—		—			—			—
Other revenues		—			—			—			—			—		—			(1	)		(183	)
Policyholder benefits and claims		—			—			—			—			—		—			—			—
Other expenses		—			—			—			—			—		—			—			—
Other comprehensive income (loss)		(15	)		(51	)		—			—			—		—			—			—
Purchases, sales, issuances and settlements (3)		22			(153	)		(1	)		—			—		46			1			(16	)
Transfers into Level 3 (4)		—			—			—			—			—		—			6			—
Transfers out of Level 3 (4)		(8	)		(2	)		—			—			—		(86	)		(8	)		—
Balance, end of period	$	161		$	845		$	7		$	29		$	—	$	52		$	26		$	660
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2010 included in earnings:
Net investment income	$	—		$	—		$	—		$	(3	)	$	—	$	—		$	—		$	—
Net investment gains (losses)	$	(1	)	$	—		$	—		$	—		$	—	$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—	$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—	$	—		$	(1	)	$	(155	)
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—	$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—	$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (7)
																		Long-term Debt
	Interest			Foreign						Equity		Net			Separate			of Consolidated
	Rate			Currency			Credit			Market		Embedded			Account			Securitization
	Contracts			Contracts			Contracts			Contracts		Derivatives (8)			Assets (9)			Entities (10)
	(In millions)
Three Months Ended June 30, 2010:
Balance, beginning of period	$	34		$	74		$	47		$	80	$	(994	)	$	1,702		$	(220	)
Total realized/unrealized gains (losses) included in:
Earnings: (1),(2)
Net investment income		—			—			—			12		—			—			—
Net investment gains (losses)		—			—			—			—		—			1			(1	)
Net derivative gains (losses)		21			(10	)		(22	)		535		(2,216	)		—			—
Other revenues		33			—			—			—		—			—			—
Policyholder benefits and claims		—			—			—			—		67			—			—
Other expenses		—			—			—			—		—			—			—
Other comprehensive income (loss)		(15	)		—			15			4		(75	)		1			—
Purchases, sales, issuances and settlements (3)		(12	)		(36	)		(9	)		2		(78	)		70			—
Transfers into Level 3 (4)		—			—			—			—		—			12			—
Transfers out of Level 3 (4)		—			—			—			—		—			(182	)		—
Balance, end of period	$	61		$	28		$	31		$	633	$	(3,296	)	$	1,604		$	(221	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2010 included in earnings:
Net investment income	$	—		$	—		$	—		$	11	$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—	$	—		$	—		$	(1	)
Net derivative gains (losses)	$	22		$	(18	)	$	(23	)	$	534	$	(2,218	)	$	—		$	—
Other revenues	$	51		$	—		$	—		$	—	$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—	$	67		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—	$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
													U.S.									State and			Other
	U.S.			Foreign			Foreign						Treasury									Political			Fixed
	Corporate			Corporate			Government						and Agency									Subdivision			Maturity
	Securities			Securities			Securities			RMBS			Securities			CMBS			ABS			Securities			Securities
	(In millions)
Six Months Ended June 30, 2011:
Balance, beginning of period	$	7,149		$	5,726		$	3,134		$	1,422		$	79		$	1,011		$	4,145		$	46		$	4
Total realized/unrealized gains (losses) included in:
Earnings: (1),(2)
Net investment income		5			3			8			(1	)		—			11			19			—			—
Net investment gains (losses)		(12	)		(18	)		(23	)		(1	)		—			68			(24	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		138			186			24			16			—			87			103			(7	)		—
Purchases (3)		778			1,817			385			37			1			171			283			45			—
Sales (3)		(534	)		(1,463	)		(228	)		(57	)		(1	)		(508	)		(419	)		(3	)		(2	)
Issuances (3)		—			—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		54			39			133			263			—			45			109			10			—
Transfers out of Level 3 (4)		(707	)		(446	)		(272	)		(1,245	)		(53	)		(104	)		(1,765	)		(2	)		—
Balance, end of period	$	6,871		$	5,844		$	3,161		$	434		$	26		$	781		$	2,451		$	89		$	2
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2011 included in earnings:
Net investment income	$	5		$	13		$	16		$	(1	)	$	—		$	11		$	19		$	—		$	—
Net investment gains (losses)	$	(27	)	$	(19	)	$	(10	)	$	(1	)	$	—		$	—		$	(15	)	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:						Trading and Other Securities:
													FVO
				Non-						FVO			Contractholder-
				redeemable			Actively			General			directed						Mortgage
	Common			Preferred			Traded			Account			Unit-linked			Short-term			Loans Held-			MSRs
	Stock			Stock			Securities			Securities			Investments			Investments			for-sale			(5),(6)
	(In millions)
Six Months Ended June 30, 2011:
Balance, beginning of period	$	268		$	905		$	10		$	77		$	735		$	858		$	24		$	950
Total realized/unrealized gains (losses) included in:
Earnings: (1),(2)
Net investment income		—			—			—			8			54			4			—			—
Net investment gains (losses)		5			(70	)		—			—			—			(1	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			(3	)		(18	)
Policyholder benefits and claims		—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		(13	)		101			—			—			—			10			—			—
Purchases (3)		67			3			—			1			325			618			1			—
Sales (3)		(18	)		(296	)		(8	)		(32	)		(450	)		(754	)		—			—
Issuances (3)		—			—			—			—			—			—			1			92
Settlements (3)		—			—			—			—			—			—			—			(60	)
Transfers into Level 3 (4)		1			11			—			—			124			3			13			—
Transfers out of Level 3 (4)		(5	)		—			—			—			(165	)		(6	)		(4	)		—
Balance, end of period	$	305		$	654		$	2		$	54		$	623		$	732		$	32		$	964
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2011 included in earnings:
Net investment income	$	—		$	—		$	—		$	5		$	47		$	3		$	—		$	—
Net investment gains (losses)	$	(4	)	$	(32	)	$	—		$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	(3	)	$	(18	)
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (7)
																			Long-term Debt
	Interest			Foreign						Equity			Net			Separate			of Consolidated
	Rate			Currency			Credit			Market			Embedded			Account			Securitization
	Contracts			Contracts			Contracts			Contracts			Derivatives (8)			Assets (9)			Entities
	(In millions)
Six Months Ended June 30, 2011:
Balance, beginning of period	$	(86	)	$	73		$	44		$	142		$	(2,438	)	$	1,983		$	(184	)
Total realized/unrealized gains (losses) included in:
Earnings: (1),(2)
Net investment income		—			—			—			(3	)		—			—			—
Net investment gains (losses)		—			—			—			—			—			46			(7	)
Net derivative gains (losses)		12			(4	)		4			(110	)		592			—			—
Other revenues		7			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			(8	)		—			—
Other expenses		—			—			—			—			—			—			—
Other comprehensive income (loss)		7			—			2			—			(2	)		—			—
Purchases (3)		—			6			—			106			—			358			—
Sales (3)		—			—			—			—			—			(364	)		—
Issuances (3)		—			—			(3	)		—			—			—			—
Settlements (3)		—			—			(5	)		(5	)		(218	)		—			57
Transfers into Level 3 (4)		—			—			—			—			—			9			—
Transfers out of Level 3 (4)		(7	)		(26	)		—			(75	)		—			(196	)		—
Balance, end of period	$	(67	)	$	49		$	42		$	55		$	(2,074	)	$	1,836		$	(134	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2011 included in earnings:
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	(7	)
Net derivative gains (losses)	$	11		$	(4	)	$	4		$	(110	)	$	581		$	—		$	—
Other revenues	$	12		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	(8	)	$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
													U.S.									State and		Other
	U.S.			Foreign			Foreign						Treasury									Political		Fixed
	Corporate			Corporate			Government						and Agency									Subdivision		Maturity
	Securities			Securities			Securities			RMBS			Securities			CMBS			ABS			Securities		Securities
	(In millions)
Six Months Ended June 30, 2010:
Balance, beginning of period	$	6,694		$	5,244		$	378		$	1,840		$	37		$	139		$	2,703		$	69	$	6
Total realized/unrealized gains (losses) included in:
Earnings: (1),(2)
Net investment income		17			3			—			26			—			—			19			—		—
Net investment gains (losses)		5			(12	)		(6	)		—			—			(1	)		(47	)		—		—
Net derivative gains (losses)		—			—			—			—			—			—			—			—		—
Other revenues		—			—			—			—			—			—			—			—		—
Policyholder benefits and claims		—			—			—			—			—			—			—			—		—
Other expenses		—			—			—			—			—			—			—			—		—
Other comprehensive income (loss)		322			76			20			13			2			58			197			9		1
Purchases, sales, issuances and settlements (3)		(270	)		(502	)		24			51			(2	)		(15	)		739			23		(2	)
Transfers into Level 3 (4)		602			345			—			54			—			122			91			—		—
Transfers out of Level 3 (4)		(197	)		(602	)		(159	)		(132	)		—			(33	)		(213	)		—		—
Balance, end of period	$	7,173		$	4,552		$	257		$	1,852		$	37		$	270		$	3,489		$	101	$	5
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2010 included in earnings:
Net investment income	$	10		$	4		$	4		$	26		$	—		$	—		$	19		$	—	$	—
Net investment gains (losses)	$	(17	)	$	(16	)	$	—		$	—		$	—		$	—		$	(47	)	$	—	$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:						Trading and Other Securities:
													FVO
				Non-						FVO			Contractholder-
				redeemable			Actively			General			directed				Mortgage
	Common			Preferred			Traded			Account			Unit-linked		Short-term		Loans Held-			MSRs
	Stock			Stock			Securities			Securities			Investments		Investments		for-sale			(5),(6)
	(In millions)
Six Months Ended June 30, 2010:
Balance, beginning of period	$	136		$	1,102		$	32		$	51		$	—	$	18	$	25		$	878
Total realized/unrealized gains (losses) included in:
Earnings: (1),(2)
Net investment income		—			—			—			(4	)		—		—		—			—
Net investment gains (losses)		3			47			—			—			—		—		—			—
Net derivative gains (losses)		—			—			—			—			—		—		—			—
Other revenues		—			—			—			—			—		—		(1	)		(238	)
Policyholder benefits and claims		—			—			—			—			—		—		—			—
Other expenses		—			—			—			—			—		—		—			—
Other comprehensive income (loss)		(10	)		(33	)		—			—			—		—		—			—
Purchases, sales, issuances and settlements (3)		42			(265	)		(25	)		—			—		34		1			20
Transfers into Level 3 (4)		—			—			—			—			—		—		7			—
Transfers out of Level 3 (4)		(10	)		(6	)		—			(18	)		—		—		(6	)		—
Balance, end of period	$	161		$	845		$	7		$	29		$	—	$	52	$	26		$	660
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2010 included in earnings:
Net investment income	$	—		$	—		$	—		$	(4	)	$	—	$	—	$	—		$	—
Net investment gains (losses)	$	(1	)	$	—		$	—		$	—		$	—	$	—	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—	$	—	$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—	$	—	$	(1	)	$	(224	)
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—	$	—	$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—	$	—	$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (7)																	Long-term Debt
	Interest			Foreign						Equity		Net			Separate			of Consolidated
	Rate			Currency			Credit			Market		Embedded			Account			Securitization
	Contracts			Contracts			Contracts			Contracts		Derivatives (8)			Assets (9)			Entities (10)
	(In millions)
Six Months Ended June 30, 2010:
Balance, beginning of period	$	7		$	108		$	42		$	199	$	(1,455	)	$	1,797		$	—
Total realized/unrealized gains (losses) included in:
Earnings: (1),(2)
Net investment income		—			—			—			8		—			—			—
Net investment gains (losses)		—			—			—			—		—			48			11
Net derivative gains (losses)		34			(27	)		(22	)		412		(1,676	)		—			—
Other revenues		47			—			—			—		—			—			—
Policyholder benefits and claims		—			—			—			—		46			—			—
Other expenses		—			(3	)		—			—		—			—			—
Other comprehensive income (loss)		(15	)		(1	)		17			5		(65	)		—			—
Purchases, sales, issuances and settlements (3)		(12	)		(49	)		(6	)		9		(146	)		(68	)		(232	)
Transfers into Level 3 (4)		—			—			—			—		—			49			—
Transfers out of Level 3 (4)		—			—			—			—		—			(222	)		—
Balance, end of period	$	61		$	28		$	31		$	633	$	(3,296	)	$	1,604		$	(221	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2010 included in earnings:
Net investment income	$	—		$	—		$	—		$	8	$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—	$	—		$	—		$	11
Net derivative gains (losses)	$	35		$	(29	)	$	(21	)	$	418	$	(1,682	)	$	—		$	—
Other revenues	$	51		$	—		$	—		$	—	$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—	$	46		$	—		$	—
Other expenses	$	—		$	(1	)	$	—		$	—	$	—		$	—		$	—

(1)	Amortization of premium/discount is included within net investment income. Impairments charged to earnings on securities and certain mortgage loans are included within net investment gains (losses) while changes in estimated fair value of certain mortgage loans and MSRs are recorded in other revenues. Lapses associated with embedded derivatives are included within net derivative gains (losses).
(2)	Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(3)	The amount reported within purchases, sales, issuances and settlements is the purchase or issuance price and the sales or settlement proceeds based upon the actual date purchased or issued and sold or settled, respectively. Items purchased/issued and sold/settled in the same period are excluded from the rollforward. For the three months and six months ended June 30, 2011, fees attributed to net embedded derivatives are included within settlements. For the three months and six months ended June 30, 2010, fees attributed to net embedded derivatives are included within purchases, sales, issuances and settlements.
(4)	Total gains and losses (in earnings and other comprehensive income (loss)) are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and out of Level 3 in the same period are excluded from the rollforward.
(5)	The additions for purchases, originations and issuances and the reductions for loan payments, sales and settlements, affecting MSRs were $37 million and ($27) million, respectively, for the three months ended June 30, 2011 and $92 million and ($60) million, respectively, for the six months ended June 30, 2011. The additions for purchases, originations and issuances and the reductions for loan payments, sales and settlements, affecting MSRs were $47 million and ($63) million, respectively, for the three months ended June 30, 2010 and $106 million and ($86) million, respectively, for the six months ended June 30, 2010.
(6)	The changes in estimated fair value due to changes in valuation model inputs or assumptions and other changes in estimated fair value affecting MSRs were ($75) million and ($18) million for the three months and six months ended June 30, 2011, respectively. The changes in estimated fair value due to changes in valuation model inputs or assumptions and other changes in estimated fair value affecting MSRs were ($183) million and ($238) million for the three months and six months ended June 30, 2010, respectively.
(7)	Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
(8)	Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(9)	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).
(10)	The long-term debt of the CSEs at January 1, 2010 is reported within the purchases, sales, issuances and settlements caption of the rollforward.

Residential mortgage loans held-for-sale carried under the fair value option

	June 30, 2011			December 31, 2010
	(In millions)
Unpaid principal balance	$	1,799		$	2,473
Excess of estimated fair value over unpaid principal balance		64			37
Carrying value at estimated fair value	$	1,863		$	2,510
Loans in non-accrual status	$	3		$	2
Loans more than 90 days past due	$	2		$	3
Loans in non-accrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance	$	(2	)	$	(1	)

Changes in estimated fair value residential mortgage loans held-for-sale

	Three Months						Six Months
	Ended						Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In millions)
Instrument-specific credit risk based on changes in credit spreads for non-agency loans and adjustments in individual loan quality	$	(2	)	$	(1	)	$	(3	)	$	—
Other changes in estimated fair value		115			134			179			261
Total gains (losses) recognized in other revenues	$	113		$	133		$	176		$	261

Mortgage Loans Held by Consolidated Securitization Entities carried under the Fair Value Option

	June 30, 2011		December 31, 2010
	(In millions)
Unpaid principal balance	$	6,468	$	6,636
Excess of estimated fair value over unpaid principal balance		229		204
Carrying value at estimated fair value	$	6,697	$	6,840

Commercial mortgage loans and securities classified as trading securities the related long-term debt carried under fair value option

	June 30, 2011		December 31, 2010
	(In millions)
Contractual principal balance	$	6,329	$	6,619
Excess of estimated fair value over contractual principal balance		218		201
Carrying value at estimated fair value	$	6,547	$	6,820

Estimated fair value of certain investments

	Three Months Ended June 30,
	2011							2010
			Estimated		Net					Estimated		Net
	Carrying		Fair		Investment			Carrying		Fair		Investment
	Value Prior to		Value After		Gains			Value Prior to		Value After		Gains
	Measurement		Measurement		(Losses)			Measurement		Measurement		(Losses)
	(In millions)
Mortgage loans: (1)
Held-for-investment	$	174	$	182	$	8		$	69	$	83	$	14
Held-for-sale		47		47		—			90		84		(6	)
Mortgage loans, net	$	221	$	229	$	8		$	159	$	167	$	8
Other limited partnership interests (2)	$	13	$	10	$	(3	)	$	25	$	17	$	(8	)
Real estate joint ventures (3)	$	—	$	—	$	—		$	7	$	3	$	(4	)

	Six Months Ended June 30,
	2011							2010
			Estimated		Net					Estimated		Net
	Carrying		Fair		Investment			Carrying		Fair		Investment
	Value Prior to		Value After		Gains			Value Prior to		Value After		Gains
	Measurement		Measurement		(Losses)			Measurement		Measurement		(Losses)
	(In millions)
Mortgage loans: (1)
Held-for-investment	$	165	$	182	$	17		$	148	$	138	$	(10	)
Held-for-sale		48		47		(1	)		89		83		(6	)
Mortgage loans, net	$	213	$	229	$	16		$	237	$	221	$	(16	)
Other limited partnership interests (2)	$	13	$	10	$	(3	)	$	25	$	17	$	(8	)
Real estate joint ventures (3)	$	—	$	—	$	—		$	33	$	8	$	(25	)

(1)	Mortgage loans — The impaired mortgage loans presented above were written down to their estimated fair values at the date the impairments were recognized and are reported as losses above. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains above. Estimated fair values for impaired mortgage loans are based on observable market prices or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, on the estimated fair value of the underlying collateral, or the present value of the expected future cash flows. Impairments to estimated fair value and decreases in previous impairments from subsequent improvements in estimated fair value represent non-recurring fair value measurements that have been categorized as Level 3 due to the lack of price transparency inherent in the limited markets for such mortgage loans.
(2)	Other limited partnership interests — The impaired investments presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined from information provided in the financial statements of the underlying entities in the period in which the impairment was incurred. These impairments to estimated fair value represent non-recurring fair value measurements that have been classified as Level 3 due to the limited activity and price transparency inherent in the market for such investments. This category includes several private equity and debt funds that typically invest primarily in a diversified pool of investments using certain investment 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. The estimated fair values of these investments have been determined using the NAV of the Company’s ownership interest in the partners’ capital. Distributions from these investments 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 2 to 10 years. Unfunded commitments for these investments were less than $1 million and $23 million at June 30, 2011 and 2010, respectively.
(3)	Real estate joint ventures — The impaired investments presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined from information provided in the financial statements of the underlying entities in the period in which the impairment was incurred. These impairments to estimated fair value represent non-recurring fair value measurements that have been classified as Level 3 due to the limited activity and price transparency inherent in the market for such investments. This category includes several real estate funds that typically invest primarily in commercial real estate. The estimated fair values of these investments have been determined using the NAV of the Company’s ownership interest in the partners’ capital. Distributions from these investments 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 2 to 10 years. There were no unfunded commitments for these investments at June 30, 2011. Unfunded commitments for these investments were $11 million at June 30, 2010.

Fair value of financial instruments

	June 30, 2011							December 31, 2010
					Estimated							Estimated
	Notional		Carrying		Fair			Notional		Carrying		Fair
	Amount		Value		Value			Amount		Value		Value
	(In millions)
Assets:
Mortgage loans: (1)
Held-for-investment			$	54,122	$	56,641				$	52,136	$	53,927
Held-for-sale				942		942					811		811
Mortgage loans, net			$	55,064	$	57,583				$	52,947	$	54,738
Policy loans			$	11,858	$	13,381				$	11,761	$	13,253
Real estate joint ventures (2)			$	505	$	558				$	451	$	482
Other limited partnership interests (2)			$	1,364	$	1,651				$	1,539	$	1,619
Short-term investments (3)			$	658	$	658				$	819	$	819
Other invested assets (2)			$	1,480	$	1,480				$	1,490	$	1,490
Cash and cash equivalents			$	9,628	$	9,628				$	12,957	$	12,957
Accrued investment income			$	4,341	$	4,341				$	4,328	$	4,328
Premiums, reinsurance and other receivables (2)			$	3,090	$	3,314				$	3,752	$	4,048
Other assets (2)			$	527	$	501				$	466	$	453
Assets of subsidiaries held-for-sale (2)			$	3,204	$	3,204				$	3,068	$	3,068
Liabilities:
Policyholder account balances (2)			$	151,345	$	158,635				$	146,822	$	152,745
Payables for collateral under securities loaned and other transactions			$	30,079	$	30,079				$	27,272	$	27,272
Bank deposits			$	10,022	$	10,078				$	10,316	$	10,371
Short-term debt			$	102	$	102				$	306	$	306
Long-term debt (2),(4)			$	21,683	$	22,962				$	20,734	$	21,892
Collateral financing arrangements			$	5,297	$	4,867				$	5,297	$	4,757
Junior subordinated debt securities			$	3,192	$	3,588				$	3,191	$	3,461
Other liabilities (2)			$	2,959	$	2,962				$	2,777	$	2,777
Separate account liabilities (2)			$	48,925	$	48,925				$	42,160	$	42,160
Liabilities of subsidiaries held-for-sale (2)			$	127	$	127				$	105	$	105
Commitments: (5)
Mortgage loan commitments	$	4,362	$	—	$	(20	)	$	3,754	$	—	$	(17	)
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	2,342	$	—	$	(22	)	$	2,437	$	—	$	—

(1)	Mortgage loans held-for-investment as presented in the table above differs from the amounts presented in the consolidated balance sheets because this table does not include commercial mortgage loans held by CSEs, which are accounted for under the FVO. Mortgage loans held-for-sale as presented in the table above differs from the amounts presented in the consolidated balance sheets because this table does not include residential mortgage loans held-for-sale that are accounted for under the FVO.
(2)	Carrying values presented herein differ from those presented in the consolidated balance sheets because certain items within the respective financial statement caption are not considered financial instruments. Financial statement captions excluded from the table above are not considered financial instruments.
(3)	Short-term investments as presented in the table above differ from the amounts presented in the consolidated balance sheets because this table does not include short-term investments that meet the definition of a security, which are measured at estimated fair value on a recurring basis.
(4)	Long-term debt as presented in the table above does not include long-term debt of CSEs, which are accounted for under the FVO.
(5)	Commitments are off-balance sheet obligations. Negative estimated fair values represent off-balance sheet liabilities.