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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2012
Derivative Financial Instruments [Abstract]  
Settlement Payments by Hedge Classification and Income Statement Location
                                 
    Three Months
Ended
June 30,		     Six Months
Ended
June 30,		  
    2012     2011     2012     2011  
    (In millions)  

Qualifying hedges:

                                

Net investment income

   $ 31     $ 20     $ 55     $ 42  

Interest credited to policyholder account balances

     38       57       83       118  

Other expenses

     (1 )      —       (2 )      (1 ) 
         

Non-qualifying hedges:

                                

Net investment income

     (2 )      (3 )      (3 )      (4 ) 

Other revenues

     15       18       33       33  

Net derivative gains (losses)

     240       32       229       5  

Policyholder benefits and claims

     52       (2 )      (10 )      —  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 373     $ 122     $ 385     $ 193  
   

 

 

    

 

 

    

 

 

    

 

 

  
Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items
                             

Derivatives in Fair Value

Hedging Relationships

  

Hedged Items in Fair Value

Hedging Relationships

   Net Derivative
Gains  (Losses)
Recognized
for Derivatives		     Net Derivative
Gains  (Losses)
Recognized for
Hedged Items		     Ineffectiveness
Recognized  in
Net Derivative
Gains (Losses)		  
        (In millions)  

For the Three Months Ended June 30, 2012:

                        

Interest rate swaps:

  

Fixed maturity securities

   $ (10 )    $ 9     $ (1 ) 
    PABs (1)     414       (406 )      8  

Foreign currency swaps:

   Foreign-denominated fixed maturity securities     (1 )      1       —  
    Foreign-denominated PABs (2)     (133 )      124       (9 ) 

Foreign currency forwards:

   Foreign-denominated fixed maturity securities     51       (50 )      1  
       

 

 

    

 

 

    

 

 

  

Total

   $ 321     $ (322 )    $ (1 ) 
       

 

 

    

 

 

    

 

 

  

For the Three Months Ended June 30, 2011:

                        

Interest rate swaps:

   Fixed maturity securities   $ (16 )    $ 15     $ (1 ) 
    PABs (1)     157       (150 )      7  

Foreign currency swaps:

   Foreign-denominated fixed maturity securities     —       —       —  
    Foreign-denominated PABs (2)     158       (155 )      3  

Foreign currency forwards:

   Foreign-denominated fixed maturity securities     —       —       —  
       

 

 

    

 

 

    

 

 

  

Total

   $ 299     $ (290 )    $ 9  
       

 

 

    

 

 

    

 

 

  

For the Six Months Ended June 30, 2012:

                        

Interest rate swaps:

   Fixed maturity securities   $ (4 )    $ 3     $ (1 ) 
    PABs (1)     114       (105 )      9  

Foreign currency swaps:

   Foreign-denominated fixed maturity securities     1       (1 )      —  
    Foreign-denominated PABs (2)     (76 )      61       (15 ) 

Foreign currency forwards:

   Foreign-denominated fixed maturity securities     (7 )      6       (1 ) 
       

 

 

    

 

 

    

 

 

  

Total

   $ 28     $ (36 )    $ (8 ) 
       

 

 

    

 

 

    

 

 

  

For the Six Months Ended June 30, 2011:

                        

Interest rate swaps:

   Fixed maturity securities   $ (5 )    $ 5     $ —  
    PABs (1)     43       (34 )      9  

Foreign currency swaps:

   Foreign-denominated fixed maturity securities     (1 )      1       —  
    Foreign-denominated PABs (2)     235       (242 )      (7 ) 

Foreign currency forwards:

   Foreign-denominated fixed maturity securities     —       —       —  
       

 

 

    

 

 

    

 

 

  

Total

   $ 272     $ (270 )    $ 2  
       

 

 

    

 

 

    

 

 

  

 

 

(1)

Fixed rate liabilities.

 

(2)

Fixed rate or floating rate liabilities.

Derivatives and Non-Derivative Hedging Instruments in Net Investment Hedging Relationships
         

Derivatives and Non-Derivative Hedging Instruments in Net

Investment Hedging Relationships (1), (2)

   Amount of Gains  (Losses)
Deferred in Accumulated
Other Comprehensive Income (Loss)
(Effective Portion)		  
    (In millions)  

For the Three Months Ended June 30, 2012:

        

Foreign currency forwards

   $ 42  

Foreign currency options

     (25 ) 

Non-derivative hedging instruments

     —  
   

 

 

  

Total

   $ 17  
   

 

 

  

For the Three Months Ended June 30, 2011:

        

Foreign currency forwards

   $ (57 ) 

Foreign currency options

     —  

Non-derivative hedging instruments

     —  
   

 

 

  

Total

   $ (57 ) 
   

 

 

  

For the Six Months Ended June 30, 2012:

        

Foreign currency forwards

   $ (10 ) 

Foreign currency options

     (24 ) 

Non-derivative hedging instruments

     —  
   

 

 

  

Total

   $ (34 ) 
   

 

 

  

For the Six Months Ended June 30, 2011:

        

Foreign currency forwards

   $ (113 ) 

Foreign currency options

     —  

Non-derivative hedging instruments

     6  
   

 

 

  

Total

   $ (107 ) 
   

 

 

  

 

 

(1)

During the three months and six months ended June 30, 2012, there were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into earnings during the periods presented. During the six months ended June 30, 2011, the Company sold its interest in MSI MetLife, which was a hedged item in a net investment hedging relationship. See Note 2 of the Notes to the Consolidated Financial Statements included in the 2011 Annual Report.

 

(2)

There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. All components of each derivative and non-derivative hedging instrument’s gain or loss were included in the assessment of hedge effectiveness.

Amount and location of gains (losses) recognized in income for derivatives that are not designated or qualifying as hedging instruments
                                 
    Net
Derivative
Gains (Losses)		     Net
Investment
Income (1)		     Policyholder
Benefits and
Claims (2)		     Other
Revenues (3)		  
    (In millions)  

For the Three Months Ended June 30, 2012:

                                

Interest rate swaps

   $ 1,288     $ —     $ —     $ 129  

Interest rate floors

     219       —       —       —  

Interest rate caps

     (51 )      —       —       —  

Interest rate futures

     242       —       —       (2 ) 

Equity futures

     135       (9 )      42       —  

Foreign currency swaps

     106       —       —       —  

Foreign currency forwards

     210       —       —       —  

Currency futures

     18       —       —       —  

Currency options

     (14 )      —       —       —  

Equity options

     555       (6 )      12       —  

Interest rate options

     471       —       —       —  

Interest rate forwards

     8       —       —       (8 ) 

Variance swaps

     77       —       (4 )      —  

Credit default swaps

     (36 )      2       —       —  

TRRs

     25       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 3,253     $ (13 )    $ 50     $ 119  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

For the Three Months Ended June 30, 2011:

                                

Interest rate swaps

   $ 644     $ (1 )    $ —     $ 72  

Interest rate floors

     107       —       —       —  

Interest rate caps

     (73 )      —       —       —  

Interest rate futures

     (47 )      —       —       (4 ) 

Equity futures

     1       10       (6 )      —  

Foreign currency swaps

     (71 )      —       —       —  

Foreign currency forwards

     29       —       —       —  

Currency futures

     —       —       —       —  

Currency options

     (13 )      —       —       —  

Equity options

     52       (4 )      —       —  

Interest rate options

     13       —       —       6  

Interest rate forwards

     —       —       —       (31 ) 

Variance swaps

     (14 )      —       —       —  

Credit default swaps

     31       (1 )      —       —  

TRRs

     1       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 660     $ 4     $ (6 )    $ 43  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

                                 
    Net
Derivative
Gains (Losses)		     Net
Investment
Income (1)		     Policyholder
Benefits and
Claims (2)		     Other
Revenues (3)		  
    (In millions)  

For the Six Months Ended June 30, 2012:

                                

Interest rate swaps

   $ 489     $ —     $ —     $ 81  

Interest rate floors

     39       —       —       —  

Interest rate caps

     (62 )      —       —       —  

Interest rate futures

     121       —       —       (2 ) 

Equity futures

     (511 )      —       (206 )      —  

Foreign currency swaps

     23       —       —       —  

Foreign currency forwards

     (30 )      —       —       —  

Currency futures

     (11 )      —       —       —  

Currency options

     (4 )      —       —       —  

Equity options

     (387 )      (8 )      (19 )      —  

Interest rate options

     113       —       —       —  

Interest rate forwards

     18       —       —       (74 ) 

Variance swaps

     (259 )      —       12       —  

Credit default swaps

     (120 )      (7 )      —       —  

TRRs

     11       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ (570 )    $ (15 )    $ (213 )    $ 5  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

For the Six Months Ended June 30, 2011:

                                

Interest rate swaps

   $ 374     $ (2 )    $ —     $ 24  

Interest rate floors

     (18 )      —       —       —  

Interest rate caps

     (82 )      —       —       —  

Interest rate futures

     (49 )      1       —       (4 ) 

Equity futures

     55       3       (108 )      —  

Foreign currency swaps

     (192 )      —       —       —  

Foreign currency forwards

     (140 )      (9 )      —       —  

Currency futures

     9       —       —       —  

Currency options

     (45 )      —       —       —  

Equity options

     (367 )      (11 )      —       —  

Interest rate options

     (14 )      —       —       (3 ) 

Interest rate forwards

     —       —       —       (39 ) 

Variance swaps

     (91 )      (3 )      —       —  

Credit default swaps

     (14 )      (1 )      —       —  

TRRs

     (1 )      —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ (575 )    $ (22 )    $ (108 )    $ (22 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

 

 

(1)

Changes in estimated fair value related to economic hedges of equity method investments in joint ventures; changes in estimated fair value related to derivatives held in relation to trading portfolios; and changes in estimated fair value related to derivatives held within contractholder-directed unit-linked investments.

 

(2)

Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.

 

(3)

Changes in estimated fair value related to derivatives held in connection with the Company’s mortgage banking activities.

Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps
                                                 
    June 30, 2012     December 31, 2011  

Rating Agency Designation of Referenced

Credit Obligations (1)

   Estimated
Fair Value
of Credit
Default
Swaps		     Maximum
Amount
of Future
Payments under
Credit Default
Swaps (2)		     Weighted
Average
Years to
Maturity (3)		     Estimated
Fair Value
of Credit
Default
Swaps		     Maximum
Amount
of Future
Payments under
Credit Default
Swaps (2)		     Weighted
Average
Years to
Maturity (3)		  
    (In millions)           (In millions)        

Aaa/Aa/A

                                                

Single name credit default swaps (corporate)

   $ 6     $ 727       3.1     $ 5     $ 737       3.5  

Credit default swaps referencing indices

     24       2,813       2.5       (1 )      2,813       3.0  
   

 

 

    

 

 

            

 

 

    

 

 

          

Subtotal

     30       3,540       2.6       4       3,550       3.1  
   

 

 

    

 

 

            

 

 

    

 

 

          

Baa

                                                

Single name credit default swaps (corporate)

     (14 )      1,479       3.8       (17 )      1,234       4.0  

Credit default swaps referencing indices

     (21 )      3,455       5.0       (26 )      2,847       4.9  
   

 

 

    

 

 

            

 

 

    

 

 

          

Subtotal

     (35 )      4,934       4.7       (43 )      4,081       4.6  
   

 

 

    

 

 

            

 

 

    

 

 

          

Ba

                                                

Single name credit default swaps (corporate)

     —       25       3.0       —       25       3.5  

Credit default swaps referencing indices

     —       —       —       —       —       —  
   

 

 

    

 

 

            

 

 

    

 

 

          

Subtotal

     —       25       3.0       —       25       3.5  
   

 

 

    

 

 

            

 

 

    

 

 

          

B

                                                

Single name credit default swaps (corporate)

     —       —       —       —       —       —  

Credit default swaps referencing indices

     (9 )      273       5.0       (2 )      25       4.8  
   

 

 

    

 

 

            

 

 

    

 

 

          

Subtotal

     (9 )      273       5.0       (2 )      25       4.8  
   

 

 

    

 

 

            

 

 

    

 

 

          

Total

   $ (14 )    $ 8,772       3.9     $ (41 )    $ 7,681       3.9  
   

 

 

    

 

 

            

 

 

    

 

 

          

 

 

(1)

The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.

 

(2)

Assumes the value of the referenced credit obligations is zero.

 

(3)

The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

Derivatives, Fair Value [Line Items]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
                                                     
        June 30, 2012     December 31, 2011  

Primary Underlying

Risk Exposure

  

Instrument Type

   Notional
Amount		     Estimated Fair
Value (1)		     Notional
Amount		     Estimated Fair
Value (1)		  
      Assets     Liabilities       Assets     Liabilities  
        (In millions)  

Interest rate

  

Interest rate swaps

   $ 95,755     $ 9,189     $ 2,314     $ 79,733     $ 8,241     $ 2,199  
   

Interest rate floors

     23,866       1,291       172       23,866       1,246       165  
   

Interest rate caps

     46,045       54       —       49,665       102       —  
   

Interest rate futures

     14,350       16       51       14,965       25       19  
   

Interest rate options

     16,002       927       5       16,988       896       6  
   

Interest rate forwards

     1,377       197       12       14,033       286       91  
   

Synthetic GICs

     4,506       —       —       4,454       —       —  

Foreign currency

  

Foreign currency swaps

     16,841       984       1,012       16,461       1,172       1,060  
   

Foreign currency forwards

     9,237       205       51       10,149       200       60  
   

Currency futures

     934       2       1       633       —       —  
   

Currency options

     2,551       3       22       1,321       6       —  

Credit

  

Credit default swaps

     13,803       168       80       13,136       326       113  
   

Credit forwards

     —       —       —       20       4       —  

Equity market

  

Equity futures

     7,682       1       236       7,053       26       10  
   

Equity options

     20,315       3,315       209       17,099       3,263       179  
   

Variance swaps

     19,833       216       144       18,801       397       75  
   

Total rate of return swaps (“TRRs”)

     2,007       34       44       1,644       10       34  
       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   

Total

   $ 295,104     $ 16,602     $ 4,353     $ 290,021     $ 16,200     $ 4,011  
       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

(1)

The estimated fair value of all derivatives in an asset position is reported within other invested assets in the consolidated balance sheets and the estimated fair value of all derivatives in a liability position is reported within other liabilities in the consolidated balance sheets.

Derivative Instruments, Gain (Loss) [Line Items]  
Components of Net Derivatives Gains (Losses)
                                 
    Three Months
Ended
June 30,		     Six Months
Ended
June 30,		  
    2012     2011     2012     2011  
    (In millions)  

Derivatives and hedging gains (losses) (1)

   $ 3,470     $ 746     $ (332 )    $ (512 ) 

Embedded derivatives

     (1,378 )      (394 )      446       549  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total net derivative gains (losses)

   $ 2,092     $ 352     $ 114     $ 37  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

 

(1)

Includes foreign currency transaction gains (losses) on hedged items in cash flow and non-qualifying hedging relationships, which are not presented elsewhere in this note.

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
                                         

Derivatives in Cash Flow

Hedging Relationships

   Amount of  Gains
(Losses) Deferred in
Accumulated Other
Comprehensive
Income (Loss)
on Derivatives		     Amount and Location
of Gains (Losses)
Reclassified from
Accumulated Other Comprehensive
Income (Loss) into Income (Loss)		     Amount and Location
of Gains (Losses)
Recognized in
Income (Loss)
on Derivatives		  
    (Effective Portion)     (Effective Portion)     (Ineffective Portion  and
Amount Excluded from
Effectiveness Testing)		  
          Net Derivative
Gains (Losses)		     Net  Investment
Income		     Other
Expenses		     Net Derivative
Gains (Losses)		  
    (In millions)  

For the Three Months Ended June 30, 2012:

                                        

Interest rate swaps

   $ 491     $ (2 )    $ —     $ (1 )    $ (4 ) 

Foreign currency swaps

     214       (6 )      (2 )      1       2  

Interest rate forwards

     100       —       1       —       (1 ) 

Credit forwards

     —       —       1       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 805     $ (8 )    $ —     $ —     $ (3 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

For the Three Months Ended June 30, 2011:

                                        

Interest rate swaps

   $ 80     $ 1     $ 1     $ (2 )    $ 2  

Foreign currency swaps

     (36 )      (11 )      (1 )      —       (1 ) 

Interest rate forwards

     33       22       —       —       (13 ) 

Credit forwards

     5       —       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 82     $ 12     $ —     $ (2 )    $ (12 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

For the Six Months Ended June 30, 2012:

                                        

Interest rate swaps

   $ 198     $ (1 )    $ 1     $ (3 )    $ —  

Foreign currency swaps

     110       5       (3 )      1       1  

Interest rate forwards

     12       —       1       —       —  

Credit forwards

     —       —       1       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 320     $ 4     $ —     $ (2 )    $ 1  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

For the Six Months Ended June 30, 2011:

                                        

Interest rate swaps

   $ 17     $ 1     $ 1     $ (4 )    $ 2  

Foreign currency swaps

     (140 )      (15 )      (3 )      1       (2 ) 

Interest rate forwards

     18       22       1       (1 )      (11 ) 

Credit forwards

     2       —       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ (103 )    $ 8     $ (1 )    $ (4 )    $ (11 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Schedule of Derivative Instruments
                                         
    Estimated
Fair Value of
Derivatives in Net
Liability  Position (1)		     Estimated Fair Value of
Collateral Provided:		     Fair Value of Incremental
Collateral Provided Upon:		  
    Fixed Maturity
Securities (2)		     Cash (3)     One Notch
Downgrade
in the
Company’s
Credit
Rating		     Downgrade in the
Company’s Credit Rating
to a Level  that Triggers
Full Overnight
Collateralization or
Termination of
the Derivative Position		  
    (In millions)  

June 30, 2012:

                                        

Derivatives subject to credit-contingent provisions

   $ 538     $ 396     $ 4     $ 52     $ 131  

Derivatives not subject to
credit-contingent provisions

     6       —       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 544     $ 396     $ 4     $ 52     $ 131  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

December 31, 2011:

                                        

Derivatives subject to credit-contingent provisions

   $ 447     $ 405     $ 4     $ 48     $ 104  

Derivatives not subject to credit-contingent provisions

     28       11       4       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 475     $ 416     $ 8     $ 48     $ 104  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

(1)

After taking into consideration the existence of netting agreements.

 

(2)

Included in fixed maturity securities in the consolidated balance sheets. Subject to certain constraints, the counterparties are permitted by contract to sell or repledge this collateral.

 

(3)

Included in premiums, reinsurance and other receivables in the consolidated balance sheets.

Other Comprehensive Income (Loss) [Member]
  
Derivative Instruments, Gain (Loss) [Line Items]  
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
                                 
    Three Months
Ended
June 30,		     Six Months
Ended
June 30,		  
    2012     2011     2012     2011  
    (In millions)  

Accumulated other comprehensive income (loss), balance at beginning of period

   $ 1,019     $ (237 )    $ 1,514     $ (59 ) 

Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges

     805       82       320       (103 ) 

Amounts reclassified to net derivative gains (losses)

     8       (12 )      (4 )      (8 ) 

Amounts reclassified to net investment income

     —       —       —       1  

Amounts reclassified to other expenses

     —       2       2       4  
   

 

 

    

 

 

    

 

 

    

 

 

  

Accumulated other comprehensive income (loss), balance at end of period

   $ 1,832     $ (165 )    $ 1,832     $ (165 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  
Embedded Derivative Financial Instruments [Member]
  
Derivative Instruments, Gain (Loss) [Line Items]  
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
                                 
    Three Months
Ended
June 30,		     Six Months
Ended
June 30,		  
    2012     2011     2012     2011  
    (In millions)  

Net derivative gains (losses) (1)

   $ (1,378 )    $ (394 )    $ 446     $ 549  

Policyholder benefits and claims

   $ 42     $ 10     $ (5 )    $ (8 ) 

 

 

(1)

The valuation of guaranteed minimum benefits includes an adjustment for nonperformance risk. The amounts included in net derivative gains (losses), in connection with this adjustment, were $608 million and ($636) million for the three months and six months ended June 30, 2012, respectively, and $108 million and $34 million for the three months and six months ended June 30, 2011, respectively.

Schedule of Derivative Instruments
                 
    June 30, 2012     December 31, 2011  
    (In millions)  

Net embedded derivatives within asset host contracts:

                

Ceded guaranteed minimum benefits

   $ 372     $ 327  

Funds withheld on assumed reinsurance

     39       35  

Options embedded in debt or equity securities

     (103 )      (70 ) 

Other

     1       1  
   

 

 

    

 

 

  

Net embedded derivatives within asset host contracts

   $ 309     $ 293  
   

 

 

    

 

 

  

Net embedded derivatives within liability host contracts:

                

Direct guaranteed minimum benefits

   $ 1,687     $ 2,104  

Funds withheld on ceded reinsurance

     126       122  

Assumed guaranteed minimum benefits

     2,560       2,340  

Other

     18       18  
   

 

 

    

 

 

  

Net embedded derivatives within liability host contracts

   $ 4,391     $ 4,584  
   

 

 

    

 

 

  
Derivatives Designated as Hedging Instruments [Member]
  
Derivatives, Fair Value [Line Items]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
                                                 
    June 30, 2012     December 31, 2011  

Derivatives Designated as Hedging Instruments

   Notional
Amount		     Estimated Fair Value     Notional
Amount		     Estimated Fair Value  
    Assets     Liabilities       Assets     Liabilities  
    (In millions)  

Fair value hedges:

                                                

Foreign currency swaps

   $ 3,125     $ 274     $ 104     $ 3,220     $ 500     $ 98  

Foreign currency forwards

     1,630       29       —       1,830       2       10  

Interest rate swaps

     5,163       2,056       93       4,580       1,884       92  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     9,918       2,359       197       9,630       2,386       200  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash flow hedges:

                                                

Foreign currency swaps

     6,506       423       273       6,370       352       306  

Interest rate swaps

     3,927       1,053       —       3,230       947       —  

Interest rate forwards

     1,295       197       12       965       210       —  

Credit forwards

     —       —       —       20       4       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     11,728       1,673       285       10,585       1,513       306  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Foreign operations hedges:

                                                

Foreign currency forwards

     2,034       36       16       1,689       53       12  

Currency options

     2,150       1       22       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     4,184       37       38       1,689       53       12  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total qualifying hedges

   $ 25,830     $ 4,069     $ 520     $ 21,904     $ 3,952     $ 518  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member]
  
Derivatives, Fair Value [Line Items]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
                                                 
    June 30, 2012     December 31, 2011  

Derivatives Not Designated or Not

Qualifying as Hedging Instruments

   Notional
Amount		     Estimated Fair Value     Notional
Amount		     Estimated Fair Value  
    Assets     Liabilities       Assets     Liabilities  
    (In millions)  

Interest rate swaps

   $ 86,665     $ 6,080     $ 2,221     $ 71,923     $ 5,410     $ 2,107  

Interest rate floors

     23,866       1,291       172       23,866       1,246       165  

Interest rate caps

     46,045       54       —       49,665       102       —  

Interest rate futures

     14,350       16       51       14,965       25       19  

Interest rate options

     16,002       927       5       16,988       896       6  

Interest rate forwards

     82       —       —       13,068       76       91  

Synthetic GICs

     4,506       —       —       4,454       —       —  

Foreign currency swaps

     7,210       287       635       6,871       320       656  

Foreign currency forwards

     5,573       140       35       6,630       145       38  

Currency futures

     934       2       1       633       —       —  

Currency options

     401       2       —       1,321       6       —  

Credit default swaps

     13,803       168       80       13,136       326       113  

Equity futures

     7,682       1       236       7,053       26       10  

Equity options

     20,315       3,315       209       17,099       3,263       179  

Variance swaps

     19,833       216       144       18,801       397       75  

TRRs

     2,007       34       44       1,644       10       34  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total non-designated or non-qualifying derivatives

   $ 269,274     $ 12,533     $ 3,833     $ 268,117     $ 12,248     $ 3,493