Fair Value (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value [Abstract]

Recurring Fair Value Measurements

	March 31, 2012
	Fair Value Measurements at Reporting Date Using
	Quoted Prices  in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
			(In millions)
Assets:
Fixed maturity securities:
U.S. corporate securities	$	—	$	97,968	$	7,305	$	105,273
Foreign corporate securities		—		60,708		4,646		65,354
Foreign government securities		—		53,125		2,213		55,338
U.S. Treasury and agency securities		20,804		20,588		24		41,416
RMBS		—		39,033		2,246		41,279
CMBS		—		17,970		762		18,732
State and political subdivision securities		—		13,834		82		13,916
ABS		—		10,945		2,198		13,143
Total fixed maturity securities		20,804		314,171		19,476		354,451
Equity securities:
Common stock		902		1,072		268		2,242
Non-redeemable preferred stock		—		355		446		801
Total equity securities		902		1,427		714		3,043
Trading and other securities:
Actively Traded Securities		—		531		13		544
FVO general account securities		—		244		30		274
FVO contractholder-directed unit-linked investments		8,536		8,346		1,237		18,119
FVO securities held by CSEs		—		89		—		89
Total trading and other securities		8,536		9,210		1,280		19,026
Short-term investments (1)		5,602		5,243		462		11,307
Mortgage loans:
Commercial mortgage loans held by CSEs		—		3,024		—		3,024
Mortgage loans held-for-sale (2)		—		7,496		1,708		9,204
Total mortgage loans		—		10,520		1,708		12,228
Other invested assets:
MSRs		—		—		727		727
Other investments		322		120		—		442
Derivative assets: (3)
Interest rate contracts		23		8,197		165		8,385
Foreign currency contracts		1		1,059		59		1,119
Credit contracts		—		132		41		173
Equity market contracts		31		2,165		574		2,770
Total derivative assets		55		11,553		839		12,447
Total other invested assets		377		11,673		1,566		13,616
Net embedded derivatives within asset host contracts (4)		—		1		329		330
Separate account assets (5)		31,103		189,490		1,382		221,975
Total assets	$	67,324	$	541,735	$	26,917	$	635,976
Liabilities:
Derivative liabilities: (3)
Interest rate contracts	$	46	$	2,195	$	23	$	2,264
Foreign currency contracts		—		1,356		5		1,361
Credit contracts		—		48		3		51
Equity market contracts		11		339		181		531
Total derivative liabilities		57		3,938		212		4,207
Net embedded derivatives within liability host contracts (4)		—		16		2,742		2,758
Long-term debt of CSEs		—		2,834		82		2,916
Liability related to securitized reverse residential mortgage loans (6)		—		6,747		1,505		8,252
Trading liabilities (6)		167		2		—		169
Total liabilities	$	224	$	13,537	$	4,541	$	18,302

	December 31, 2011
	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
			(In millions)
Assets:
Fixed maturity securities:
U.S. corporate securities	$	—	$	99,001	$	6,784	$	105,785
Foreign corporate securities		—		59,648		4,370		64,018
Foreign government securities		76		50,138		2,322		52,536
U.S. Treasury and agency securities		19,911		20,070		31		40,012
RMBS		—		41,035		1,602		42,637
CMBS		—		18,316		753		19,069
State and political subdivision securities		—		13,182		53		13,235
ABS		—		11,129		1,850		12,979
Total fixed maturity securities		19,987		312,519		17,765		350,271
Equity securities:
Common stock		819		1,105		281		2,205
Non-redeemable preferred stock		—		380		438		818
Total equity securities		819		1,485		719		3,023
Trading and other securities:
Actively Traded Securities		—		473		—		473
FVO general account securities		—		244		23		267
FVO contractholder-directed unit-linked investments		7,572		8,453		1,386		17,411
FVO securities held by CSEs		—		117		—		117
Total trading and other securities		7,572		9,287		1,409		18,268
Short-term investments (1)		8,150		8,120		590		16,860
Mortgage loans:
Commercial mortgage loans held by CSEs		—		3,138		—		3,138
Mortgage loans held-for-sale (2)		—		9,302		1,414		10,716
Total mortgage loans		—		12,440		1,414		13,854
Other invested assets:
MSRs		—		—		666		666
Other investments		312		124		—		436
Derivative assets: (3)
Interest rate contracts		32		10,426		338		10,796
Foreign currency contracts		1		1,316		61		1,378
Credit contracts		—		301		29		330
Equity market contracts		29		2,703		964		3,696
Total derivative assets		62		14,746		1,392		16,200
Total other invested assets		374		14,870		2,058		17,302
Net embedded derivatives within asset host contracts (4)		—		1		362		363
Separate account assets (5)		28,191		173,507		1,325		203,023
Total assets	$	65,093	$	532,229	$	25,642	$	622,964
Liabilities:
Derivative liabilities: (3)
Interest rate contracts	$	91		2,351		38	$	2,480
Foreign currency contracts		—		1,103		17		1,120
Credit contracts		—		85		28		113
Equity market contracts		12		211		75		298
Total derivative liabilities		103		3,750		158		4,011
Net embedded derivatives within liability host contracts (4)		—		19		4,565		4,584
Long-term debt of CSEs		—		2,952		116		3,068
Liability related to securitized reverse residential mortgage loans (6)		—		6,451		1,175		7,626
Trading liabilities (6)		124		3		—		127
Total liabilities	$	227	$	13,175	$	6,014	$	19,416

(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 on a recurring basis.

(2) Mortgage loans held-for-sale are comprised of securitized reverse residential mortgage loans and other mortgage loans held-for-sale. The amounts in the preceding tables differ from the amount presented in the consolidated balance sheets as these tables do not include mortgage loans that are stated at lower of amortized cost or estimated fair value.

(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.

(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 PABs in the consolidated balance sheets. At March 31, 2012, fixed maturity securities and equity securities also included embedded derivatives of $0 and ($74) million, respectively. At December 31, 2011, fixed maturity securities and equity securities included embedded derivatives of $2 million and ($72) 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) The liability related to securitized reverse residential mortgage loans and trading liabilities are presented within other liabilities in the consolidated balance sheets.

Fair Value Inputs, Quantitative Information

	Valuation Techniques	Significant Unobservable Inputs	Range			Weighted Average
Fixed maturity securities:
U.S. corporate and foreign corporate securities	•   Matrix pricing	•   Delta spread adjustments (1)	(100)	-	420		52
		•   Illiquidity premium (1)	30	-	30
		•   Spreads from below investment grade curves (1)	—	-	889		395
		•   Offered quotes (2)	—	-	136
	•   Market pricing	•   Quoted prices (2)	54	-	133		94
	•   Consensus pricing	•   Offered quotes (2)	58	-	148
Foreign government securities	•   Market pricing	•   Quoted prices (2)	43	-	155		102
	•   Consensus pricing	•   Offered quotes (2)	10	-	267
RMBS	•   Matrix pricing and DCF	•   Spreads from below investment grade curves (1)	30	-	5,493		888
	•   Market pricing	•   Quoted prices (2)	92	-	108		103
	•   Consensus pricing	•   Offered quotes (2)	59	-	106
CMBS	•   Matrix pricing and DCF	•   Spreads from below investment grade curves (1)	—	-	8,127		3,566
	•   Consensus pricing	•   Offered quotes (2)	13	-	107
ABS	•   Matrix pricing and DCF	•   Spreads from below investment grade curves (1)	404	-	8,094		1,961
	•   Market pricing	•   Quoted prices (2)	97	-	101		100
	•   Consensus pricing	•   Offered quotes (2)	16	-	108
Derivatives:
Interest rate contracts	•   Present value techniques	•   Swap yield (1)	241	-	388
Foreign currency contracts	•   Present value techniques	•   Swap yield (1)	187	-	240
	•   Consensus pricing	•   Offered quotes (3)
Credit contracts	•   Present value techniques	•   Credit spreads (1)	—	-	100
	•   Consensus pricing	•   Offered quotes (3)
Equity market contracts	•   Present value techniques or option pricing models	•   Volatility	17%	-	36%
	•   Consensus pricing	•   Offered quotes (4)
Embedded derivatives:
Direct and assumed guaranteed minimum benefits	•   Option pricing techniques	•   Mortality rates:
		Ages 0 - 40	0%	-	0.13%
		Ages 41 - 60	0.05%	-	0.88%
		Ages 61 - 115	0.26%	-	100%
		•   Lapse rates:
		Durations 1 - 10	1%	-	36%
		Durations 11 - 20	5%	-	30%
		Durations 21 - 116	5%	-	65%
		•   Utilization rates (5)	20%	-	50%
		•   Withdrawal rates	0.07%	-	20%
		•   Long-term equity volatilities	14.70%	-	40%
		•   Nonperformance risk spread	0.24%	-	2.32%

(1) For this unobservable input, range and weighted average are presented in basis points.

(2) For this unobservable input, range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.

(3) At March 31, 2012, excluding equity market contracts, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.

(4) The Company holds certain purchased options that are valued using term structure models dependent upon an unobservable market correlation input. This input is highly specific to the particular markets referenced by the option and is subjectively estimated by derivatives broker/dealers. The Company has elected to use independent non-binding broker quotations to value these positions, which are validated against the Company’s internal models using proprietary correlation assumptions. The correlation inputs used to validate the estimated fair values of these options provided by broker quotations range from 40% to 85%.

(5) This range is attributable to certain GMIB and lifetime withdrawal benefits.

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

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S. Corporate Securities			Foreign Corporate Securities			Foreign Government Securities			U.S. Treasury and Agency Securities			RMBS			CMBS			State and Political Subdivision Securities		ABS			Other Fixed Maturity Securities
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	6,784		$	4,370		$	2,322		$	31		$	1,602		$	753		$	53	$	1,850		$	—
Total realized/unrealized gains (losses) included in:
Earnings: (1), (2)
Net investment income		2			5			3			—			7			6			—		6			—
Net investment gains (losses)		(1	)		(41	)		(1	)		—			(1	)		(18	)		—		1			—
Net derivative gains (losses)		—			—			—			—			—			—			—		—			—
Other revenues		—			—			—			—			—			—			—		—			—
Policyholder benefits and claims		—			—			—			—			—			—			—		—			—
Other expenses		—			—			—			—			—			—			—		—			—
Other comprehensive income (loss)		2			107			34			(1	)		8			4			3		(18	)		—
Purchases (3)		730			435			256			—			794			66			26		542			—
Sales (3)		(313	)		(112	)		(141	)		(6	)		(128	)		(57	)		—		(135	)		—
Issuances (3)		—			—			—			—			—			—			—		—			—
Settlements (3)		—			—			—			—			—			—			—		—			—
Transfers into Level 3 (4)		118			44			36			—			—			8			—		—			—
Transfers out of Level 3 (4)		(17	)		(162	)		(296	)		—			(36	)		—			—		(48	)		—
Balance, end of period	$	7,305		$	4,646		$	2,213		$	24		$	2,246		$	762		$	82	$	2,198		$	—
Changes in unrealized gains (losses) relating to assets and liabilities still held at March 31, 2012 included in earnings:
Net investment income	$	2		$	5		$	3		$	—		$	7		$	6		$	—	$	6		$	—
Net investment gains (losses)	$	(1	)	$	(30	)	$	(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:
	Common Stock			Non- redeemable Preferred Stock			Actively Traded Securities		FVO General Account Securities		FVO Contractholder- directed Unit-linked Investments			Short- term Investments			Mortgage Loans  Held- for-sale			MSRs (5)
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	281		$	438		$	—	$	23	$	1,386		$	590		$	1,414		$	666
Total realized/unrealized gains (losses) included in:
Earnings: (1), (2)
Net investment income		1			—			—		7		17			2			—			—
Net investment gains (losses)		(1	)		(3	)		—		—		—			—			—			—
Net derivative gains (losses)		—			—			—		—		—			—			—			—
Other revenues		—			—			—		—		—			—			32			45
Policyholder benefits and claims		—			—			—		—		—			—			—			—
Other expenses		—			—			—		—		—			—			—			—
Other comprehensive income (loss)		6			28			—		—		—			2			—			—
Purchases (3)		20			—			13		—		870			213			—			—
Sales (3)		—			(17	)		—		—		(1,037	)		(100	)		—			—
Issuances (3)		—			—			—		—		—			—			277			59
Settlements (3)		—			—			—		—		—			—			(18	)		(43	)
Transfers into Level 3 (4)		15			—			—		—		4			—			12			—
Transfers out of Level 3 (4)		(54	)		—			—		—		(3	)		(245	)		(9	)		—
Balance, end of period	$	268		$	446		$	13	$	30	$	1,237		$	462		$	1,708		$	727
Changes in unrealized gains (losses) relating to assets and liabilities still held at March 31, 2012 included in earnings:
Net investment income	$	—		$	—		$	—	$	7	$	26		$	2		$	—		$	—
Net investment gains (losses)	$	—		$	(3	)	$	—	$	—	$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—	$	—	$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—	$	—	$	—		$	—		$	32		$	47
Policyholder benefits and claims	$	—		$	—		$	—	$	—	$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—	$	—	$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)												Net Embedded Derivatives (7)			Separate Account Assets (8)			Long-term Debt of CSEs			Liability Related to Securitized Reverse Residential Mortgage  Loans
	Interest Rate Contracts			Foreign Currency Contracts			Credit Contracts			Equity Market Contracts
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	300		$	44		$	1		$	889		$	(4,203	)	$	1,325		$	(116	)	$	(1,175	)
Total realized/unrealized gains (losses) included in:
Earnings: (1), (2)
Net investment income		—			—			—			—			—			—			—			—
Net investment gains (losses)		—			—			—			—			—			55			(10	)		—
Net derivative gains (losses)		1			17			43			(508	)		1,873			—			—			—
Other revenues		(63	)		—			—			—			—			—			—			(2	)
Policyholder benefits and claims		—			—			—			16			(47	)		—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		(86	)		—			—			(4	)		103			—			—			—
Purchases (3)		—			—			—			—			—			139			—			—
Sales (3)		—			—			—			—			—			(143	)		—			—
Issuances (3)		—			—			(3	)		—			—			1			—			(340	)
Settlements (3)		(10	)		(7	)		(3	)		—			(139	)		(4	)		44			12
Transfers into Level 3 (4)		—			—			—			—			—			26			—			—
Transfers out of Level 3 (4)		—			—			—			—			—			(17	)		—			—
Balance, end of period	$	142		$	54		$	38		$	393		$	(2,413	)	$	1,382		$	(82	)	$	(1,505	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at March 31, 2012 included in earnings:
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	(10	)	$	—
Net derivative gains (losses)	$	2		$	7		$	41		$	(507)		$	1,864		$	—		$	—		$	—
Other revenues	$	3		$	—		$	—		$	—		$	—		$	—		$	—		$	(3	)
Policyholder benefits and claims	$	—		$	—		$	—		$	16		$	(46	)	$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S. Corporate Securities			Foreign Corporate Securities			Foreign Government Securities			U.S. Treasury and Agency Securities			RMBS (9)			CMBS			State and Political Subdivision Securities			ABS (9)			Other Fixed Maturity Securities
	(In millions)
Three Months Ended March 31, 2011:
Balance, beginning of period	$	7,149		$	5,726		$	3,134		$	79		$	2,541		$	1,011		$	46		$	3,026		$	4
Total realized/unrealized gains (losses) included in:
Earnings: (1), (2)
Net investment income		3			6			6			—			4			(6	)		—			10			—
Net investment gains (losses)		—			13			(14	)		—			(6	)		45			—			(8	)		—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		48			74			86			—			38			99			—			77			—
Purchases (3)		588			621			469			1			126			142			4			495			—
Sales (3)		(317	)		(646	)		(213	)		(3	)		(72	)		(497	)		—			(167	)		—
Issuances (3)		—			—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		88			3			13			—			—			92			—			—			—
Transfers out of Level 3 (4)		(698	)		(263	)		(295	)		(1	)		(1,247	)		(95	)		(4	)		(40	)		—
Balance, end of period	$	6,861		$	5,534		$	3,186		$	76		$	1,384		$	791		$	46		$	3,393		$	4
Changes in unrealized gains (losses) relating to assets and liabilities still held at March 31, 2011 included in earnings:
Net investment income	$	3		$	6		$	7		$	—		$	4		$	(7	)	$	—		$	10		$	—
Net investment gains (losses)	$	(2	)	$	—		$	(15	)	$	—		$	(6	)	$	45		$	—		$	(3	)	$	—
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:
	Common Stock			Non- redeemable Preferred Stock			Actively Traded Securities		FVO General Account Securities			FVO Contractholder- directed Unit-linked Investments			Short-term Investments			Mortgage Loans Held- for-sale			MSRs (5)
	(In millions)
Three Months Ended March 31, 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		—			—			1		5			30			2			—			—
Net investment gains (losses)		3			—			—		—			—			(1	)		—			—
Net derivative gains (losses)		—			—			—		—			—			—			—			—
Other revenues		—			—			—		—			—			—			(2	)		58
Policyholder benefits and claims		—			—			—		—			—			—			—			—
Other expenses		—			—			—		—			—			—			—			—
Other comprehensive income (loss)		18			37			—		—			—			7			—			—
Purchases (3)		41			1			22		—			62			371			—			—
Sales (3)		(35	)		(8	)		—		(20	)		(248	)		(492	)		—			—
Issuances (3)		—			—			—		—			—			—			—			54
Settlements (3)		—			—			—		—			—			—			—			(33	)
Transfers into Level 3 (4)		71			11			7		—			129			5			5			—
Transfers out of Level 3 (4)		(7	)		—			—		—			(142	)		(8	)		(2	)		—
Balance, end of period	$	359		$	946		$	40	$	62		$	566		$	742		$	25		$	1,029
Changes in unrealized gains (losses) relating to assets and liabilities still held at March 31, 2011 included in earnings:
Net investment income	$	—		$	—		$	1	$	8		$	(10	)	$	—		$	—		$	—
Net investment gains (losses)	$	1		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—	$	—		$	—		$	—		$	(2	)	$	57
Policyholder benefits and claims	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)
	Interest Rate Contracts			Foreign Currency Contracts			Credit Contracts			Equity Market Contracts			Net Embedded Derivatives (7)			Separate Account Assets (8)			Long-term Debt of CSEs
	(In millions)
Three Months Ended March 31, 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)		—			—			—			—			—			50			46
Net derivative gains (losses)		8			(8	)		6			(92	)		975			—			—
Other revenues		9			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			(18	)		—			—
Other expenses		—			—			—			—			—			—			—
Other comprehensive income (loss)		(13	)		—			(3	)		(1	)		48			—			—
Purchases (3)		—			—			—			18			—			375			—
Sales (3)		—			—			—			—			—			(227	)		—
Issuances (3)		—			—			(4	)		—			—			—			—
Settlements (3)		—			—			—			(5	)		(105	)		(1	)		—
Transfers into Level 3 (4)		—			—			—			—			—			20			—
Transfers out of Level 3 (4)		(7	)		(26	)		—			(75	)		—			(196	)		—
Balance, end of period	$	(89	)	$	39		$	43		$	(16	)	$	(1,538	)	$	2,004		$	(138	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at March 31, 2011 included in earnings:
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	46
Net derivative gains (losses)	$	7		$	(8	)	$	6		$	(92	)	$	968		$	—		$	—
Other revenues	$	14		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	(18	)	$	—		$	—
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 in net investment gains (losses) while changes in the estimated fair value of certain mortgage loans and MSRs are included in other revenues. Lapses associated with net embedded derivatives are included in net derivative gains (losses).

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

(3) 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. Fees attributed to embedded derivatives are included in 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) Other revenues represent the changes in estimated fair value due to changes in valuation model inputs or assumptions. For the three months ended March 31, 2012 and 2011, there was no other change in estimated fair value affecting MSRs. The additions for purchases, originations and issuances are presented within issuances and the reductions for loan payments, sales and settlements, affecting MSRs are presented within settlements.

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

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

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

(9) See Note 3 of the Notes to the Consolidated Financial Statements included in the 2011 Annual Report for discussion of a reclassification from the ABS sector to the RMBS sector for securities backed by sub-prime residential mortgage loans.

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

	March 31, 2012			December 31, 2011
	(In millions)
Unpaid principal balance	$	882		$	2,935
Excess of estimated fair value over unpaid principal balance		39			129
Carrying value at estimated fair value	$	921		$	3,064
Loans in non-accrual status	$	3		$	3
Loans more than 90 days past due	$	29		$	20
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	)	$	(2	)

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

	Three Months Ended March 31,
	2012			2011
	(In millions)
Instrument-specific credit risk based on changes in credit spreads for non-agency loans and adjustments in individual loan quality	$	(2	)	$	(1	)
Other changes in estimated fair value		170			63
Total gains (losses) recognized in other revenues	$	168		$	62

Securitized reverse residential mortgage loans

	March 31, 2012		December 31, 2011
	(In millions)
Unpaid principal balance	$	7,509	$	6,914
Excess of estimated fair value over unpaid principal balance		774		738
Carrying value at estimated fair value	$	8,283	$	7,652
Loans more than 90 days past due	$	69	$	59
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	$	—

Fair value liabilities measured on recurring basis liability related to securitized reverse residential mortgage loans

	March 31, 2012		December 31, 2011
	(In millions)
Contractual principal balance	$	7,509	$	6,914
Excess of estimated fair value over contractual principal balance		743		712
Carrying value at estimated fair value	$	8,252	$	7,626

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

	March 31, 2012		December 31, 2011
	(In millions)
Unpaid principal balance	$	2,899	$	3,019
Excess of estimated fair value over unpaid principal balance		125		119
Carrying value at estimated fair value	$	3,024	$	3,138

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

	March 31, 2012		December 31, 2011
	(In millions)
Contractual principal balance	$	2,791	$	2,954
Excess of estimated fair value over contractual principal balance		125		114
Carrying value at estimated fair value	$	2,916	$	3,068

Estimated fair value of certain investments

	Three Months Ended March 31,
	2012							2011
	Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Net Investment Gains (Losses)			Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Net Investment Gains (Losses)
	(In millions)
Mortgage loans: (1)
Held-for-investment	$	166	$	167	$	1		$	176	$	184	$	8
Held-for-sale		320		304		(16	)		43		43		—
Mortgage loans, net	$	486	$	471	$	(15	)	$	219	$	227	$	8
Other limited partnership interests (2)	$	10	$	7	$	(3	)	$	—	$	—	$	—
Real estate joint ventures (3)	$	5	$	2	$	(3	)	$	—	$	—	$	—

(1) Mortgage loans — These impaired mortgage loans are written down to their estimated fair values which are reported as losses. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains. 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.

(2) Other limited partnership interests — These impaired investments were accounted for using the cost method. Impairments were recognized at estimated fair value determined from information provided in the financial statements of the underlying entities. These investments include private equity and debt funds that typically invest primarily in various strategies including domestic and international leveraged buyout funds; power, energy, timber and infrastructure development funds; venture capital funds; and below investment grade debt and mezzanine debt funds. The estimated fair values of these investments have been determined using NAV data. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next two to 10 years. Unfunded commitments for these investments were $3 million at March 31, 2012. There were no unfunded commitments for these investments at March 31, 2011.

(3) Real estate joint ventures — These impaired investments were accounted for using the cost method. Impairments were recognized at estimated fair value determined from information provided in the financial statements of the underlying entities. These investments include several real estate funds that typically invest primarily in commercial real estate. The estimated fair values of these investments have been determined using NAV data. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next two to 10 years. Unfunded commitments for these investments were $3 million at March 31, 2012. There were no unfunded commitments for these investments at March 31, 2011.

Fair value of financial instruments

	March 31, 2012
	Carrying Value		Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	53,617	$	—	$	—	$	56,188	$	56,188
Held-for-sale		2,743		—		—		2,743		2,743
Mortgage loans, net	$	56,360	$	—	$	—	$	58,931	$	58,931
Policy loans	$	11,896	$	—	$	1,695	$	12,374	$	14,069
Real estate joint ventures	$	122	$	—	$	—	$	181	$	181
Other limited partnership interests	$	1,272	$	—	$	—	$	1,464	$	1,464
Other invested assets	$	924	$	65	$	—	$	859	$	924
Premiums, reinsurance and other receivables	$	4,484	$	—	$	447	$	4,455	$	4,902
Other assets	$	314	$	—	$	279	$	73	$	352
Liabilities:
PABs	$	150,903	$	—	$	—	$	160,074	$	160,074
Bank deposits	$	10,478	$	—	$	5,573	$	4,905	$	10,478
Long-term debt	$	20,437	$	—	$	18,422	$	4,139	$	22,561
Collateral financing arrangements	$	4,647	$	—	$	—	$	4,156	$	4,156
Junior subordinated debt securities	$	3,192	$	—	$	3,582	$	—	$	3,582
Other liabilities	$	5,965	$	—	$	3,195	$	2,773	$	5,968
Separate account liabilities	$	52,769	$	—	$	52,769	$	—	$	52,769
Commitments: (1)
Mortgage loan commitments	$	—	$	—	$	—	$	—	$	—
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	—	$	44	$	—	$	44

	December 31, 2011
	Carrying Value		Estimated Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	53,777	$	56,422
Held-for-sale		4,462		4,462
Mortgage loans, net	$	58,239	$	60,884
Policy loans	$	11,892	$	14,213
Real estate joint ventures	$	130	$	183
Other limited partnership interests	$	1,318	$	1,656
Other invested assets	$	1,434	$	1,434
Premiums, reinsurance and other receivables	$	4,639	$	5,232
Other assets	$	310	$	308
Liabilities:
PABs	$	146,890	$	153,304
Bank deposits	$	10,507	$	10,507
Long-term debt	$	20,587	$	22,514
Collateral financing arrangements	$	4,647	$	4,136
Junior subordinated debt securities	$	3,192	$	3,491
Other liabilities	$	4,087	$	4,087
Separate account liabilities	$	49,610	$	49,610
Commitments: (1)
Mortgage loan commitments	$	—	$	3
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	51

(1) Commitments are off-balance sheet obligations. Negative estimated fair values represent off-balance sheet liabilities. See Note 10 for additional information on these off-balance sheet obligations.