Closed Block (Tables)

6 Months Ended

Jun. 30, 2011

Closed Block (Tables) [Abstract]

Information regarding the closed block liabilities and assets

	June 30, 2011			December 31, 2010
	(In millions)
Closed Block Liabilities
Future policy benefits	$	43,265		$	43,456
Other policy-related balances		297			316
Policyholder dividends payable		603			579
Policyholder dividend obligation		1,281			876
Current income tax payable		3			178
Other liabilities		765			627
Total closed block liabilities		46,214			46,032
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $27,199 and $27,067, respectively)		29,294			28,768
Equity securities available-for-sale, at estimated fair value (cost: $59 and $110, respectively)		61			102
Mortgage loans		6,021			6,253
Policy loans		4,623			4,629
Real estate and real estate joint ventures held-for-investment		337			328
Short-term investments		—			1
Other invested assets		682			729
Total investments		41,018			40,810
Cash and cash equivalents		310			236
Accrued investment income		520			518
Premiums, reinsurance and other receivables		87			95
Deferred income tax assets		452			474
Total assets designated to the closed block		42,387			42,133
Excess of closed block liabilities over assets designated to the closed block		3,827			3,899
Amounts included in accumulated other comprehensive income (loss):
Unrealized investment gains (losses), net of income tax of $736 and $594, respectively		1,366			1,101
Unrealized gains (losses) on derivative instruments, net of income tax of $0 and $5, respectively		—			10
Allocated to policyholder dividend obligation, net of income tax of ($449) and ($307), respectively		(832	)		(569	)
Total amounts included in accumulated other comprehensive income (loss)		534			542
Maximum future earnings to be recognized from closed block assets and liabilities	$	4,361		$	4,441

Closed block policyholder dividend obligation

	Six Months		Year
	Ended		Ended
	June 30, 2011		December 31, 2010
	(In millions)
Balance, beginning of period	$	876	$	—
Change in unrealized investment and derivative gains (losses)		405		876
Balance, end of period	$	1,281	$	876

Information regarding the closed block revenues and expenses

	Three Months						Six Months
	Ended						Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In millions)
Revenues
Premiums	$	568		$	608		$	1,103		$	1,183
Net investment income		581			560			1,145			1,143
Net investment gains (losses):
Other-than-temporary impairments on fixed maturity securities		(6	)		(18	)		(7	)		(18	)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss)		—			—			—			—
Other net investment gains (losses)		9			26			17			39
Total net investment gains (losses)		3			8			10			21
Net derivative gains (losses)		4			15			(14	)		14
Total revenues		1,156			1,191			2,244			2,361
Expenses
Policyholder benefits and claims		746			771			1,435			1,504
Policyholder dividends		296			324			593			645
Other expenses		49			51			98			101
Total expenses		1,091			1,146			2,126			2,250
Revenues, net of expenses before provision for income tax expense (benefit)		65			45			118			111
Provision for income tax expense (benefit)		21			15			38			37
Revenues, net of expenses and provision for income tax expense (benefit)	$	44		$	30		$	80		$	74

Change in the maximum future earnings of the closed block

	Three Months						Six Months
	Ended						Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In millions)
Balance, end of period	$	4,361		$	4,513		$	4,361		$	4,513
Balance, beginning of period		4,405			4,543			4,441			4,587
Change during period	$	(44	)	$	(30	)	$	(80	)	$	(74	)