Fair Value (Tables)

9 Months Ended

Sep. 30, 2011

Fair Value [Abstract]

Recurring Fair Value Measurements

	September 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	$	—	$	99,204	$	7,371	$	106,575
Foreign corporate securities		—		58,793		4,729		63,522
Foreign government securities		68		49,002		3,889		52,959
RMBS		25		41,256		612		41,893
U.S. Treasury and agency securities		21,724		20,079		31		41,834
CMBS		—		18,753		832		19,585
ABS		—		11,649		2,769		14,418
State and political subdivision securities		—		13,088		53		13,141
Other fixed maturity securities		—		—		—		—
Total fixed maturity securities		21,817		311,824		20,286		353,927
Equity securities:
Common stock		875		1,097		239		2,211
Non-redeemable preferred stock		—		398		509		907
Total equity securities		875		1,495		748		3,118
Trading and other securities:
Actively Traded Securities		—		413		2		415
FVO general account securities		—		242		27		269
FVO contractholder-directed unit-linked investments		7,332		9,279		1,263		17,874
FVO securities held by CSEs		—		140		—		140
Total trading and other securities		7,332		10,074		1,292		18,698
Short-term investments (1)		4,507		10,159		626		15,292
Mortgage loans:
Mortgage loans held by CSEs		—		3,227		—		3,227
Mortgage loans held-for-sale (2)		—		2,560		30		2,590
Total mortgage loans		—		5,787		30		5,817
Other invested assets:
MSRs		—		—		686		686
Other investments		361		119		—		480
Derivative assets: (3)
Interest rate contracts		31		10,082		321		10,434
Foreign currency contracts		1		1,618		67		1,686
Credit contracts		—		370		16		386
Equity market contracts		164		2,697		917		3,778
Total derivative assets		196		14,767		1,321		16,284
Total other invested assets		557		14,886		2,007		17,450
Net embedded derivatives within asset host contracts (4)		—		2		354		356
Separate account assets (5)		27,622		162,169		1,708		191,499
Total assets	$	62,710	$	516,396	$	27,051	$	606,157
Liabilities:
Derivative liabilities: (3)
Interest rate contracts	$	109	$	2,267	$	23	$	2,399
Foreign currency contracts		1		1,096		—		1,097
Credit contracts		—		127		46		173
Equity market contracts		19		204		67		290
Total derivative liabilities		129		3,694		136		3,959
Net embedded derivatives within liability host contracts (4)		—		19		4,862		4,881
Long-term debt of CSEs		—		3,045		112		3,157
Trading liabilities (6)		64		3		—		67
Total liabilities	$	193	$	6,761	$	5,110	$	12,064

	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 CSEs		—		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 CSEs		—		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 CSEs		—		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 September 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 September 30, 2011, fixed maturity securities and equity securities also included embedded derivatives of $3 million and ($65) 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 September 30, 2011:
Balance, beginning of period	$	6,871		$	5,844		$	3,161		$	434		$	26		$	781		$	2,451		$	89		$	2
Total realized/unrealized gains
(losses) included in:
Earnings: (1),(2)
Net investment income		4			9			9			—			—			5			8			—			—
Net investment gains (losses)		26			2			(206	)		—			—			(1	)		(5	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		227			(120	)		302			17			2			(1	)		(58	)		(1	)		—
Purchases (3)		455			199			427			170			—			115			469			11			—
Sales (3)		(185	)		(447	)		(30	)		(10	)		(3	)		(57	)		(133	)		(1	)		(2	)
Issuances (3)		—			—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		—			172			498			1			6			1			184			—			—
Transfers out of Level 3 (4)		(27	)		(930	)		(272	)		—			—			(11	)		(147	)		(45	)		—
Balance, end of period	$	7,371		$	4,729		$	3,889		$	612		$	31		$	832		$	2,769		$	53		$	—
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2011 included in earnings:
Net investment income	$	4		$	8		$	9		$	—		$	—		$	6		$	8		$	—		$	—
Net investment gains (losses)	$	(3	)	$	(5	)	$	(205	)	$	—		$	—		$	(2	)	$	(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 September 30, 2011:
Balance, beginning of period	$	305		$	654		$	2	$	54		$	623		$	732		$	32		$	964
Total realized/unrealized gains
(losses) included in:
Earnings: (1), (2)
Net investment income		—			—			—		(12	)		(5	)		(1	)		—			—
Net investment gains (losses)		3			7			—		—			—			(1	)		—			—
Net derivative gains (losses)		—			—			—		—			—			—			—			—
Other revenues		—			—			—		—			—			—			(1	)		(292	)
Policyholder benefits and claims		—			—			—		—			—			—			—			—
Other expenses		—			—			—		—			—			—			—			—
Other comprehensive income (loss)		(25	)		(69	)		—		—			—			(1	)		—			—
Purchases (3)		14			—			—		—			1,026			266			2			—
Sales (3)		(14	)		(84	)		—		—			(297	)		(368	)		—			—
Issuances (3)		—			—			—		—			—			—			—			46
Settlements (3)		—			—			—		—			—			—			(2	)		(32	)
Transfers into Level 3 (4)		—			1			—		—			—			—			4			—
Transfers out of Level 3 (4)		(44	)		—			—		(15	)		(84	)		(1	)		(5	)		—
Balance, end of period	$	239		$	509		$	2	$	27		$	1,263		$	626		$	30		$	686
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2011 included in earnings:
Net investment income	$	—		$	—		$	—	$	(11	)	$	(4	)	$	(1	)	$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—	$	—		$	—		$	(1	)	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—	$	—		$	—		$	—		$	(1	)	$	(280	)
Policyholder benefits and claims	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (7)
	Interest			Foreign					Equity			Net			Separate			Long-term
	Rate			Currency		Credit			Market			Embedded			Account			Debt of			Trading
	Contracts			Contracts		Contracts			Contracts			Derivatives (8)			Assets (9)			CSEs			Liabilities
	(In millions)
Three Months Ended September 30, 2011:
Balance, beginning of period	$	(67	)	$	49	$	42		$	55		$	(2,074	)	$	1,836		$	(134	)	$	—
Total realized/unrealized gains
(losses) included in:
Earnings: (1), (2)
Net investment income		—			—		—			—			—			—			—			—
Net investment gains (losses)		—			—		—			—			—			3			(1	)		—
Net derivative gains (losses)		21			2		(76	)		677			(2,314	)		—			—			—
Other revenues		68			—		—			—			—			—			—			—
Policyholder benefits and claims		—			—		—			—			115			—			—			—
Other expenses		—			—		—			—			—			—			—			—
Other comprehensive income (loss)		317			—		15			1			(114	)		—			—			—
Purchases (3)		(1	)		16		—			119			—			187			—			—
Sales (3)		—			—		—			—			—			(152	)		—			—
Issuances (3)		—			—		—			(4	)		—			—			—			—
Settlements (3)		(41	)		—		(11	)		2			(121	)		(1	)		23			—
Transfers into Level 3 (4)		1			—		—			—			—			11			—			—
Transfers out of Level 3 (4)		—			—		—			—			—			(176	)		—			—
Balance, end of period	$	298		$	67	$	(30	)	$	850		$	(4,508	)	$	1,708		$	(112	)	$	—
Changes in unrealized gains (losses)
relating to assets and liabilities still held
at September 30, 2011 included in earnings:
Net investment income	$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—	$	—		$	—		$	—		$	—		$	(1	)	$	—
Net derivative gains (losses)	$	17		$	2	$	(76	)	$	677		$	(2,319	)	$	—		$	—		$	—
Other revenues	$	79		$	—	$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—	$	—		$	—		$	115		$	—		$	—		$	—
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 September 30, 2010:
Balance, beginning of period	$	7,173		$	4,552		$	257	$	1,852		$	37	$	270		$	3,489		$	101		$	5
Total realized/unrealized gains (losses) included in:
Earnings: (1), (2)
Net investment income		6			7			2		(5	)		—		1			8			—			—
Net investment gains (losses)		(20	)		(25	)		1		(6	)		—		(2	)		(17	)		—			—
Net derivative gains (losses)		—			—			—		—			—		—			—			—			—
Other revenues		—			—			—		—			—		—			—			—			—
Policyholder benefits and claims		—			—			—		—			—		—			—			—			—
Other expenses		—			—			—		—			—		—			—			—			—
Other comprehensive income (loss)		196			301			25		68			1		13			104			(3	)		—
Purchases, sales, issuances and settlements (3)		67			132			6		379			—		(7	)		160			9			—
Transfers into Level 3 (4)		119			52			—		161			21		9			5			—			—
Transfers out of Level 3 (4)		(686	)		(240	)		—		(155	)		—		(3	)		(101	)		(55	)		—
Balance, end of period	$	6,855		$	4,779		$	291	$	2,294		$	59	$	281		$	3,648		$	52		$	5
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2010 included in earnings:
Net investment income	$	4		$	5		$	2	$	(5	)	$	—	$	1		$	8		$	—		$	—
Net investment gains (losses)	$	(30	)	$	(29	)	$	—	$	—		$	—	$	(3	)	$	(9	)	$	—		$	—
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 September 30, 2010:
Balance, beginning of period	$	161		$	845	$	7	$	29	$	—	$	52	$	26		$	660
Total realized/unrealized gains (losses) included in:
Earnings: (1), (2)
Net investment income		—			—		—		9		—		2		—			—
Net investment gains (losses)		(1	)		1		—		—		—		—		—			—
Net derivative gains (losses)		—			—		—		—		—		—		—			—
Other revenues		—			—		—		—		—		—		(1	)		(91	)
Policyholder benefits and claims		—			—		—		—		—		—		—			—
Other expenses		—			—		—		—		—		—		—			—
Other comprehensive income (loss)		14			56		—		—		—		—		—			—
Purchases, sales, issuances and settlements (3)		(6	)		7		13		—		—		156		—			138
Transfers into Level 3 (4)		2			—		—		35		—		—		4			—
Transfers out of Level 3 (4)		—			—		—		—		—		—		(2	)		—
Balance, end of period	$	170		$	909	$	20	$	73	$	—	$	210	$	27		$	707
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2010 included in earnings:
Net investment income	$	—		$	—	$	—	$	9	$	—	$	2	$	—		$	—
Net investment gains (losses)	$	(1	)	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Net derivative gains (losses)	$	—		$	—	$	—	$	—	$	—	$	—	$	—		$	—
Other revenues	$	—		$	—	$	—	$	—	$	—	$	—	$	(1	)	$	(74	)
Policyholder benefits and claims	$	—		$	—	$	—	$	—	$	—	$	—	$	—		$	—
Other expenses	$	—		$	—	$	—	$	—	$	—	$	—	$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (7)
	Interest		Foreign						Equity			Net			Separate			Long-term
	Rate		Currency			Credit			Market			Embedded			Account			Debt of			Trading
	Contracts		Contracts			Contracts			Contracts			Derivatives (8)			Assets (9)			CSEs (10)			Liabilities
	(In millions)
Three Months Ended September 30, 2010:
Balance, beginning of period	$	61	$	28		$	31		$	633		$	(3,296	)	$	1,604		$	(221	)	$	—
Total realized/unrealized gains (losses) included in:
Earnings: (1), (2)
Net investment income		—		—			—			(2	)		—			—			—			—
Net investment gains (losses)		—		—			—			—			—			47			37			—
Net derivative gains (losses)		2		46			12			(169	)		134			—			—			—
Other revenues		14		—			—			—			—			—			—			—
Policyholder benefits and claims		—		—			—			—			—			—			—			—
Other expenses		—		(1	)		—			—			—			—			—			—
Other comprehensive income (loss)		16		—			10			4			(98	)		—			—			—
Purchases, sales, issuances and settlements (3)		12		(5	)		(7	)		8			(74	)		62			—			(2	)
Transfers into Level 3 (4)		—		—			—			—			—			9			—			—
Transfers out of Level 3 (4)		—		(8	)		—			—			—			(75	)		—			—
Balance, end of period	$	105	$	60		$	46		$	474		$	(3,334	)	$	1,647		$	(184	)	$	(2	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2010 included in earnings:
Net investment income	$	—	$	—		$	—		$	(2	)	$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—	$	—		$	—		$	—		$	—		$	—		$	37		$	—
Net derivative gains (losses)	$	1	$	37		$	12		$	(169	)	$	126		$	—		$	—		$	—
Other revenues	$	63	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—	$	—		$	—		$	—		$	—		$	—		$	—		$	—
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)
Nine Months Ended September 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		8			22			38			(1	)		—			21			27			—			—
Net investment gains (losses)		14			(20	)		(220	)		(1	)		—			67			(34	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		372			44			332			33			2			50			46			(8	)		—
Purchases (3)		1,016			1,571			1,164			206			—			287			799			11			—
Sales (3)		(674	)		(1,770	)		(411	)		(127	)		(1	)		(584	)		(591	)		(4	)		—
Issuances (3)		—			—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		43			165			91			81			6			85			123			10			—
Transfers out of Level 3 (4)		(557	)		(1,009	)		(239	)		(1,001	)		(55	)		(105	)		(1,746	)		(2	)		(4	)
Balance, end of period	$	7,371		$	4,729		$	3,889		$	612		$	31		$	832		$	2,769		$	53		$	—
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2011 included in earnings:
Net investment income	$	7		$	22		$	36		$	(1	)	$	—		$	19		$	27		$	—		$	—
Net investment gains (losses)	$	(30	)	$	(20	)	$	(209	)	$	(1	)	$	—		$	(2	)	$	(22	)	$	—		$	—
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)
Nine Months Ended September 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		—			—			—			(3	)		61			3			—			—
Net investment gains (losses)		7			(63	)		—			—			—			(2	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			(2	)		(310	)
Policyholder benefits and claims		—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		(12	)		31			—			—			—			7			—			—
Purchases (3)		53			4			—			1			1,032			562			3			—
Sales (3)		(21	)		(379	)		(8	)		(33	)		(447	)		(798	)		—			—
Issuances (3)		—			—			—			—			—			—			1			138
Settlements (3)		—			—			—			—			—			—			(3	)		(92	)
Transfers into Level 3 (4)		1			11			—			—			123			—			9			—
Transfers out of Level 3 (4)		(57	)		—			—			(15	)		(241	)		(4	)		(2	)		—
Balance, end of period	$	239		$	509		$	2		$	27		$	1,263		$	626		$	30		$	686
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2011 included in earnings:
Net investment income	$	—		$	—		$	—		$	(5	)	$	55		$	(2	)	$	—		$	—
Net investment gains (losses)	$	(4	)	$	(19	)	$	—		$	—		$	—		$	(1	)	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	(2	)	$	(298	)
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (7)
	Interest			Foreign						Equity			Net			Separate			Long-term
	Rate			Currency			Credit			Market			Embedded			Account			Debt of			Trading
	Contracts			Contracts			Contracts			Contracts			Derivatives (8)			Assets (9)			CSEs			Liabilities
	(In millions)
Nine Months Ended September 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)		—			—			—			—			—			48			(8	)		—
Net derivative gains (losses)		25			(1	)		(70	)		568			(1,722	)		—			—			—
Other revenues		75			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			107			—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		325			—			13			—			(116	)		—			—			—
Purchases (3)		(1	)		21			—			225			—			422			—			—
Sales (3)		—			—			—			—			—			(502	)		—			—
Issuances (3)		—			—			(3	)		(4	)		—			—			—			—
Settlements (3)		(40	)		—			(13	)		(3	)		(339	)		(3	)		80			—
Transfers into Level 3 (4)		—			—			(1	)		—			—			18			—			—
Transfers out of Level 3 (4)		—			(26	)		—			(75	)		—			(258	)		—			—
Balance, end of period	$	298		$	67		$	(30	)	$	850		$	(4,508	)	$	1,708		$	(112	)	$	—
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2011 included in earnings:
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	(8	)	$	—
Net derivative gains (losses)	$	14		$	(1	)	$	(70	)	$	569		$	(1,738	)	$	—		$	—		$	—
Other revenues	$	80		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	107		$	—		$	—		$	—
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)
Nine Months Ended September 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		21			10			2			21			—			1			27			—			—
Net investment gains (losses)		(15	)		(42	)		(5	)		(6	)		—			(3	)		(67	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		461			374			53			121			3			72			301			4			1
Purchases, sales, issuances and settlements (3)		(648	)		(619	)		19			195			(3	)		(24	)		831			9			(2	)
Transfers into Level 3 (4)		616			363			—			253			22			128			93			—			—
Transfers out of Level 3 (4)		(274	)		(551	)		(156	)		(130	)		—			(32	)		(240	)		(30	)		—
Balance, end of period	$	6,855		$	4,779		$	291		$	2,294		$	59		$	281		$	3,648		$	52		$	5
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2010 included in earnings:
Net investment income	$	11		$	9		$	6		$	21		$	—		$	1		$	26		$	—		$	—
Net investment gains (losses)	$	(44	)	$	(45	)	$	—		$	—		$	—		$	(3	)	$	(54	)	$	—		$	—
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)
Nine Months Ended September 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		—			—			—			3			—		2		—			—
Net investment gains (losses)		1			48			—			—			—		—		—			—
Net derivative gains (losses)		—			—			—			—			—		—		—			—
Other revenues		—			—			—			—			—		—		(1	)		(329	)
Policyholder benefits and claims		—			—			—			—			—		—		—			—
Other expenses		—			—			—			—			—		—		—			—
Other comprehensive income (loss)		4			24			—			—			—		—		—			—
Purchases, sales, issuances and settlements (3)		35			(259	)		(12	)		—			—		190		—			158
Transfers into Level 3 (4)		2			—			—			37			—		—		10			—
Transfers out of Level 3 (4)		(8	)		(6	)		—			(18	)		—		—		(7	)		—
Balance, end of period	$	170		$	909		$	20		$	73		$	—	$	210	$	27		$	707
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2010 included in earnings:
Net investment income	$	—		$	—		$	—		$	3		$	—	$	2	$	—		$	—
Net investment gains (losses)	$	(2	)	$	—		$	—		$	—		$	—	$	—	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—	$	—	$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—	$	—	$	(1	)	$	(294	)
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—	$	—	$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—	$	—	$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (7)
	Interest			Foreign						Equity		Net			Separate			Long-term
	Rate			Currency			Credit			Market		Embedded			Account			Debt of			Trading
	Contracts			Contracts			Contracts			Contracts		Derivatives (8)			Assets (9)			CSEs (10)			Liabilities
	(In millions)
Nine Months Ended September 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		—			—			—			6		—			—			—			—
Net investment gains (losses)		—			—			—			—		—			91			48			—
Net derivative gains (losses)		36			32			(10	)		243		(1,542	)		—			—			—
Other revenues		61			—			—			—		—			—			—			—
Policyholder benefits and claims		—			—			—			—		46			—			—			—
Other expenses		—			(4	)		—			—		—			—			—			—
Other comprehensive income (loss)		13			—			27			9		(163	)		—			—			—
Purchases, sales, issuances and
settlements (3)		(12	)		(54	)		(13	)		17		(220	)		(48	)		(232	)		(2	)
Transfers into Level 3 (4)		—			—			—			—		—			31			—			—
Transfers out of Level 3 (4)		—			(22	)		—			—		—			(224	)		—			—
Balance, end of period	$	105		$	60		$	46		$	474	$	(3,334	)	$	1,647		$	(184	)	$	(2	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2010 included in earnings:
Net investment income	$	—		$	—		$	—		$	5	$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—	$	—		$	—		$	48		$	—
Net derivative gains (losses)	$	36		$	31		$	(9	)	$	250	$	(1,556	)	$	—		$	—		$	—
Other revenues	$	66		$	—		$	—		$	—	$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—	$	46		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—

(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 nine months ended September 30, 2011, fees attributed to net embedded derivatives are included within settlements. For the three months and nine months ended September 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/or 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 $46 million and ($32) million, respectively, for the three months ended September 30, 2011 and $138 million and ($92) million, respectively, for the nine months ended September 30, 2011. The additions for purchases, originations and issuances and the reductions for loan payments, sales and settlements, affecting MSRs were $169 million and ($31) million, respectively, for the three months ended September 30, 2010 and $275 million and ($117) million, respectively, for the nine months ended September 30, 2010.
(6)	The changes in estimated fair value due to changes in valuation model inputs or assumptions were ($292) million and ($310) million for the three months and nine months ended September 30, 2011, respectively. The changes in estimated fair value due to changes in valuation model inputs or assumptions were ($91) million and ($329) million for the three months and nine months ended September 30, 2010, respectively. For all periods, there was no other change in estimated fair value affecting MSRs.
(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

	September 30, 2011			December 31, 2010
	(In millions)
Unpaid principal balance	$	2,469		$	2,473
Excess of estimated fair value over unpaid principal balance		121			37
Carrying value at estimated fair value	$	2,590		$	2,510
Loans in non-accrual status	$	3		$	2
Loans more than 90 days past due	$	3		$	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	$	(1	)	$	(1	)

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

	Three Months					Nine Months
	Ended					Ended
	September 30,					September 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	$	—	$	(1	)	$	(3	)	$	(1	)
Other changes in estimated fair value		174		139			353			400
Total gains (losses) recognized in other revenues	$	174	$	138		$	350		$	399

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

	September 30, 2011		December 31, 2010
	(In millions)
Unpaid principal balance	$	3,063	$	6,636
Excess of estimated fair value over unpaid principal balance		164		204
Carrying value at estimated fair value	$	3,227	$	6,840

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

	September 30, 2011		December 31, 2010
	(In millions)
Contractual principal balance	$	2,993	$	6,619
Excess of estimated fair value over contractual principal balance		164		201
Carrying value at estimated fair value	$	3,157	$	6,820

Estimated fair value of certain investments

	Three Months Ended September 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	$	289	$	245	$	(44	)	$	93	$	93	$	—
Held-for-sale		71		68		(3	)		27		28		1
Mortgage loans, net	$	360	$	313	$	(47	)	$	120	$	121	$	1
Other limited partnership interests (2)	$	5	$	3	$	(2	)	$	3	$	1	$	(2	)
Real estate joint ventures (3)	$	—	$	—	$	—		$	—	$	—	$	—
Goodwill (4)	$	65	$	—	$	(65	)	$	—	$	—	$	—

	Nine Months Ended September 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	$	273	$	245	$	(28	)	$	90	$	93	$	3
Held-for-sale		72		68		(4	)		28		28		—
Mortgage loans, net	$	345	$	313	$	(32	)	$	118	$	121	$	3
Other limited partnership interests (2)	$	18	$	13	$	(5	)	$	28	$	18	$	(10	)
Real estate joint ventures (3)	$	—	$	—	$	—		$	33	$	8	$	(25	)
Goodwill (4)	$	65	$	—	$	(65	)	$	—	$	—	$	—

(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 $1 million and $25 million at September 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 September 30, 2011. Unfunded commitments for these investments were $7 million at September 30, 2010.
(4)	Goodwill — As discussed in Note 6, the Company recorded an impairment of goodwill associated with MetLife Bank, National Association (“MetLife Bank”). This impairment has been categorized as Level 3 due to the significant unobservable inputs used in the determination of the estimated fair value.

Fair value of financial instruments

	September 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			$	55,982	$	58,397			$	52,136	$	53,927
Held-for-sale				1,150		1,150				811		811
Mortgage loans, net			$	57,132	$	59,547			$	52,947	$	54,738
Policy loans			$	11,932	$	13,889			$	11,761	$	13,253
Real estate joint ventures (2)			$	532	$	603			$	451	$	482
Other limited partnership interests (2)			$	1,340	$	1,658			$	1,539	$	1,619
Short-term investments (3)			$	621	$	621			$	819	$	819
Other invested assets (2)			$	1,453	$	1,453			$	1,490	$	1,490
Cash and cash equivalents			$	10,001	$	10,001			$	12,957	$	12,957
Accrued investment income			$	4,793	$	4,793			$	4,328	$	4,328
Premiums, reinsurance and other receivables (2)			$	4,849	$	5,376			$	3,752	$	4,048
Other assets (2)			$	433	$	482			$	466	$	453
Assets of subsidiaries held-for-sale (2)			$	3,291	$	3,291			$	3,068	$	3,068
Liabilities:
Policyholder account balances (2)			$	146,652	$	153,778			$	146,822	$	152,745
Payables for collateral under securities loaned and other transactions			$	34,933	$	34,933			$	27,272	$	27,272
Bank deposits			$	10,685	$	10,754			$	10,316	$	10,371
Short-term debt			$	451	$	451			$	306	$	306
Long-term debt (2),(4)			$	21,560	$	22,991			$	20,734	$	21,892
Collateral financing arrangements			$	5,297	$	4,647			$	5,297	$	4,757
Junior subordinated debt securities			$	3,192	$	3,219			$	3,191	$	3,461
Other liabilities (2)			$	4,790	$	4,793			$	2,777	$	2,777
Separate account liabilities (2)			$	48,650	$	48,650			$	42,160	$	42,160
Liabilities of subsidiaries held-for-sale (2)			$	130	$	130			$	105	$	105
Commitments: (5)
Mortgage loan commitments	$	3,743	$	—	$	4	$	3,754	$	—	$	(17	)
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	1,855	$	—	$	33	$	2,437	$	—	$	—

(1)	Mortgage loans held-for-investment as presented in the table above differ 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 differ 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 is accounted for under the FVO.
(5)	Commitments are off-balance sheet obligations. Negative estimated fair values represent off-balance sheet liabilities.