Closed Block (Tables)

12 Months Ended

Dec. 31, 2011

Closed Block [Abstract]

Information regarding the closed block liabilities and assets

	December 31,
	2011			2010
	(In millions)
Closed Block Liabilities
Future policy benefits	$	43,169		$	43,456
Other policy-related balances		358			316
Policyholder dividends payable		514			579
Policyholder dividend obligation		2,919			876
Current income tax payable		—			178
Other liabilities		613			627
Total closed block liabilities		47,573			46,032
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value		30,407			28,768
Equity securities available-for-sale, at estimated fair value		35			102
Mortgage loans		6,206			6,253
Policy loans		4,657			4,629
Real estate and real estate joint ventures held-for-investment		364			328
Short-term investments		—			1
Other invested assets		857			729
Total investments		42,526			40,810
Cash and cash equivalents		249			236
Accrued investment income		509			518
Premiums, reinsurance and other receivables		109			95
Current income tax recoverable		53			—
Deferred income tax assets		362			474
Total assets designated to the closed block		43,808			42,133
Excess of closed block liabilities over assets designated to the closed block		3,765			3,899
Amounts included in accumulated other comprehensive income (loss):
Unrealized investment gains (losses), net of income tax		2,394			1,101
Unrealized gains (losses) on derivative instruments, net of income tax		11			10
Allocated to policyholder dividend obligation, net of income tax		(1,897	)		(569	)
Total amounts included in accumulated other comprehensive income (loss)		508			542
Maximum future earnings to be recognized from closed block assets and liabilities	$	4,273		$	4,441

Closed block policyholder dividend obligation

	Years Ended December 31,
	2011		2010		2009
	(In millions)
Balance at January 1,	$	876	$	—	$	—
Change in unrealized investment and derivative gains (losses)		2,043		876		—
Balance at December 31,	$	2,919	$	876	$	—

Information regarding the closed block revenues and expenses

	Years Ended December 31,
	2011			2010			2009
	(In millions)
Revenues
Premiums	$	2,306		$	2,461		$	2,708
Net investment income		2,233			2,294			2,197
Net investment gains (losses):
Other-than-temporary impairments on fixed maturity securities		(14	)		(32	)		(107	)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss)		3			—			40
Other net investment gains (losses)		43			71			327
Total net investment gains (losses)		32			39			260
Net derivative gains (losses)		8			(27	)		(128	)
Total revenues		4,579			4,767			5,037
Expenses
Policyholder benefits and claims		2,991			3,115			3,329
Policyholder dividends		1,137			1,235			1,394
Other expenses		193			199			203
Total expenses		4,321			4,549			4,926
Revenues, net of expenses before provision for income tax expense (benefit)		258			218			111
Provision for income tax expense (benefit)		90			72			36
Revenues, net of expenses and provision for income tax expense (benefit)	$	168		$	146		$	75

Change in the maximum future earnings of the closed block

	Years Ended December 31,
	2011			2010			2009
	(In millions)
Balance at December 31,	$	4,273		$	4,441		$	4,587
Less:
Closed block adjustment (1)		—			—			144
Balance at January 1,		4,441			4,587			4,518
Change during year	$	(168	)	$	(146	)	$	(75	)

(1) The closed block adjustment represents an intra-company reallocation of assets which affected the closed block. The adjustment had no impact on the Company’s consolidated financial statements.