Fair Value (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value [Abstract]

Recurring Fair Value Measurements

	June 30, 2012
	Fair Value Measurements at Reporting Date Using						Total Estimated Fair Value
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
Assets:
Fixed maturity securities:
U.S. corporate securities	$	—	$	102,979	$	7,394	$	110,373
Foreign corporate securities		—		58,532		4,813		63,345
Foreign government securities		—		53,807		2,386		56,193
U.S. Treasury and agency securities		24,916		22,851		74		47,841
RMBS		—		38,701		2,363		41,064
CMBS		—		17,979		1,038		19,017
State and political subdivision securities		—		14,538		76		14,614
ABS		—		11,212		2,680		13,892
Total fixed maturity securities		24,916		320,599		20,824		366,339
Equity securities:
Common stock		820		992		282		2,094
Non-redeemable preferred stock		—		356		432		788
Total equity securities		820		1,348		714		2,882
Trading and other securities:
Actively Traded Securities		—		522		13		535
FVO general account securities		—		238		26		264
FVO contractholder-directed unit-linked investments		8,372		7,991		1,096		17,459
FVO securities held by CSEs		—		70		—		70
Total trading and other securities		8,372		8,821		1,135		18,328
Short-term investments (1)		11,418		5,557		717		17,692
Mortgage loans:
Commercial mortgage loans held by CSEs		—		2,932		—		2,932
Mortgage loans held-for-sale (2), (3)		—		250		211		461
Total mortgage loans		—		3,182		211		3,393
Other invested assets:
Mortgage Servicing Rights (“MSRs”)		—		—		564		564
Other investments		286		127		—		413
Derivative assets: (4)
Interest rate contracts		16		11,394		264		11,674
Foreign currency contracts		2		1,139		53		1,194
Credit contracts		—		136		32		168
Equity market contracts		1		2,846		719		3,566
Total derivative assets		19		15,515		1,068		16,602
Total other invested assets		305		15,642		1,632		17,579
Net embedded derivatives within asset host contracts (5)		—		1		411		412
Separate account assets (6)		30,963		187,909		1,445		220,317
Total assets	$	76,794	$	543,059	$	27,089	$	646,942
Liabilities:
Derivative liabilities: (4)
Interest rate contracts	$	52	$	2,466	$	36	$	2,554
Foreign currency contracts		1		1,072		13		1,086
Credit contracts		—		72		8		80
Equity market contracts		236		253		144		633
Total derivative liabilities		289		3,863		201		4,353
Net embedded derivatives within liability host contracts (5)		—		19		4,372		4,391
Long-term debt of CSEs		—		2,740		81		2,821
Liability related to securitized reverse residential mortgage loans (3), (7)		—		159		98		257
Trading liabilities (7)		140		—		—		140
Total liabilities	$	429	$	6,781	$	4,752	$	11,962

	December 31, 2011
	Fair Value Measurements at Reporting Date Using						Total Estimated Fair Value
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(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: (4)
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 (5)		—		1		362		363
Separate account assets (6)		28,191		173,507		1,325		203,023
Total assets	$	65,093	$	532,229	$	25,642	$	622,964
Liabilities:
Derivative liabilities: (4)
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 (5)		—		19		4,565		4,584
Long-term debt of CSEs		—		2,952		116		3,068
Liability related to securitized reverse residential mortgage loans (7)		—		6,451		1,175		7,626
Trading liabilities (7)		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) In connection with the pending dispositions of certain operations of MetLife Bank, the Company is exiting the businesses of originating forward and reverse residential mortgage loans. Additionally, as a result of the sale of the majority of MetLife Bank’s reverse mortgage servicing rights, the Company de-recognized the majority of the securitized reverse residential mortgage loans and corresponding liabilities presented in the table above and related fair value disclosures. See Note 2.

(4) 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.

(5) 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 June 30, 2012, fixed maturity securities and equity securities also included embedded derivatives of $0 and ($103) million, respectively. At December 31, 2011, fixed maturity securities and equity securities included embedded derivatives of $2 million and ($72) million, respectively.

(6) 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.

(7) 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			51
		• Illiquidity premium (1)		30		–	30
		• Spreads from below investment grade curves (1)		(158	)	–	1,212			356
		• Offered quotes (2)		82		–	279
	• Market pricing	• Quoted prices (2)		99		–	100			100
	• Consensus pricing	• Offered quotes (2)		—		–	675
Foreign government securities	• Market pricing	• Quoted prices (2)		100		–	198			149
	• Consensus pricing	• Offered quotes (2)		(3	)	–	201
RMBS	• Matrix pricing and DCF	• Spreads from below investment grade curves (1)		—		–	3,295			923
	• Market pricing	• Quoted prices (2)		—		–	100			52
	• Consensus pricing	• Offered quotes (2)		59		–	110
CMBS	• Matrix pricing and DCF	• Spreads from below investment grade curves (1)		—		–	6,460			1,066
	• Consensus pricing	• Offered quotes (2)		—		–	96
ABS	• Matrix pricing and DCF	• Spreads from below investment grade curves (1)		—		–	10,469			1,217
	• Market pricing	• Quoted prices (2)		—		–	101			85
	• Consensus pricing	• Offered quotes (2)		—		–	108
Derivatives:
Interest rate contracts	• Present value techniques	• Swap yield (1)		174		–	364
Foreign currency contracts	• Present value techniques	• Swap yield (1)		202		–	828
	• 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	• Volatility		19	%	–	37	%
	or option pricing models
	• 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		0.50	%	–	100	%
		Durations 11 - 20		2	%	–	100	%
		Durations 21 - 116		1.25	%	–	100	%
		• Utilization rates (5)		20	%	–	50	%
		• Withdrawal rates		0.07	%	–	20	%
		• Long-term equity volatilities		11.40	%	–	40	%
		• Nonperformance risk spread		0.35	%	–	2.80	%

(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 June 30, 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 equity options that are valued using models dependent on 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 100%.

(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 June 30, 2012:
Balance, beginning of period	$	7,305		$	4,646		$	2,213		$	24		$	2,246		$	762		$	82		$	2,198		$	—
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		2			5			(5	)		—			6			1			—			4			—
Net investment gains (losses)		12			(14	)		(6	)		—			(4	)		(18	)		—			1			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		10			(7	)		(29	)		1			35			20			—			5			—
Purchases (3)		452			752			469			50			349			448			—			699			—
Sales (3)		(381	)		(349	)		(82	)		(1	)		(189	)		(128	)		(6	)		(180	)		—
Issuances (3)		—			—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		92			129			37			—			37			21			—			1			—
Transfers out of Level 3 (4)		(98	)		(349	)		(211	)		—			(117	)		(68	)		—			(48	)		—
Balance, end of period	$	7,394		$	4,813		$	2,386		$	74		$	2,363		$	1,038		$	76		$	2,680		$	—
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2012 included in net income (loss):
Net investment income	$	2		$	5		$	(5	)	$	—		$	6		$	1		$	—		$	4		$	—
Net investment gains (losses)	$	(1	)	$	(15	)	$	—		$	—		$	(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:
	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 June 30, 2012:
Balance, beginning of period	$	268		$	446		$	13		$	30		$	1,237		$	462		$	1,708		$	727
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—			(4	)		(46	)		1			—			—
Net investment gains (losses)		1			—			—			—			—			—			—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			(15	)		(130	)
Policyholder benefits and claims		—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		(4	)		(7	)		—			—			—			(10	)		—			—
Purchases (3)		36			5			13			—			833			571			—			—
Sales (3)		(22	)		(12	)		(13	)		—			(897	)		(307	)		(1,608	)		(49	)
Issuances (3)		—			—			—			—			—			—			106			46
Settlements (3)		—			—			—			—			—			—			(31	)		(30	)
Transfers into Level 3 (4)		3			—			—			—			5			—			54			—
Transfers out of Level 3 (4)		—			—			—			—			(36	)		—			(3	)		—
Balance, end of period	$	282		$	432		$	13		$	26		$	1,096		$	717		$	211		$	564
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2012 included in net income (loss):
Net investment income	$	—		$	—		$	—		$	(4	)	$	(42	)	$	2		$	—		$	—
Net investment gains (losses)	$	(1	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	4		$	(121	)
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 June 30, 2012:
Balance, beginning of period	$	142		$	54		$	38		$	393		$	(2,413	)	$	1,382		$	(82	)	$	(1,505	)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—			(1	)		—			—			—			—
Net investment gains (losses)		—			—			—			—			—			23			1			—
Net derivative gains (losses)		22			(9	)		(14	)		225			(1,362	)		—			—			—
Other revenues		(4	)		—			—			—			—			—			—			1
Policyholder benefits and claims		—			—			—			(4	)		42			—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		98			—			—			1			(64	)		—			—			—
Purchases (3)		—			—			—			10			—			191			—			—
Sales (3)		—			—			—			—			—			(116	)		—			1,484
Issuances (3)		—			—			—			—			—			2			—			(98	)
Settlements (3)		(30	)		(5	)		—			(49	)		(164	)		(1	)		—			20
Transfers into Level 3 (4)		—			—			—			—			—			2			—			—
Transfers out of Level 3 (4)		—			—			—			—			—			(38	)		—			—
Balance, end of period	$	228		$	40		$	24		$	575		$	(3,961	)	$	1,445		$	(81	)	$	(98	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2012 included in net income (loss):
Net investment income	$	—		$	—		$	—		$	(1	)	$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	1		$	—
Net derivative gains (losses)	$	15		$	(8	)	$	(14	)	$	198		$	(1,366	)	$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	(4	)	$	42		$	—		$	—		$	—
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 June 30, 2011:
Balance, beginning of period	$	6,861		$	5,534		$	3,186		$	76		$	1,384		$	791		$	46		$	3,393		$	4
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		2			(3	)		(1	)		—			3			18			—			5			—
Net investment gains (losses)		(15	)		(30	)		(5	)		—			(6	)		22			—			(5	)		—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		91			105			(50	)		—			(4	)		(12	)		(6	)		10			—
Purchases (3)		434			1,553			178			1			30			171			43			130			—
Sales (3)		(313	)		(960	)		(129	)		(1	)		(76	)		(116	)		—			(224	)		(2	)
Issuances (3)		—			—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		64			53			199			—			298			24			10			108			—
Transfers out of Level 3 (4)		(253	)		(408	)		(217	)		(50	)		(130	)		(117	)		(4	)		(2,031	)		—
Balance, end of period	$	6,871		$	5,844		$	3,161		$	26		$	1,499		$	781		$	89		$	1,386		$	2
Changes in unrealized gains (losses) relating to assets and liabilities still held at  June 30, 2011 included in net income (loss):
Net investment income	$	2		$	7		$	9		$	—		$	3		$	17		$	—		$	5		$	—
Net investment gains (losses)	$	(27	)	$	(18	)	$	(1	)	$	—		$	(6	)	$	—		$	—		$	(2	)	$	—
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:									Short-term Investments			Mortgage Loans Held- for-sale			MSRs (5)
	Common Stock			Non- redeemable Preferred Stock			Actively Traded Securities			FVO General Account Securities			FVO Contractholder- directed Unit-linked Investments
	(In millions)
Three Months Ended June 30, 2011:
Balance, beginning of period	$	359		$	946		$	40		$	62		$	566		$	742		$	25		$	1,029
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—			4			22			2			—			—
Net investment gains (losses)		3			(70	)		—			—			—			—			—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			(1	)		(75	)
Policyholder benefits and claims		—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		8			71			—			—			—			3			—			—
Purchases (3)		27			2			—			—			315			333			1			—
Sales (3)		(12	)		(295	)		(23	)		(12	)		(305	)		(351	)		—			—
Issuances (3)		—			—			—			—			—			—			—			37
Settlements (3)		—			—			—			—			—			—			—			(27	)
Transfers into Level 3 (4)		2			—			—			—			35			3			9			—
Transfers out of Level 3 (4)		(82	)		—			(15	)		—			(10	)		—			(2	)		—
Balance, end of period	$	305		$	654		$	2		$	54		$	623		$	732		$	32		$	964
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2011 included in net income (loss):
Net investment income	$	—		$	—		$	—		$	2		$	23		$	2		$	—		$	—
Net investment gains (losses)	$	(4	)	$	(32	)	$	—		$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	(1	)	$	(73	)
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
	Interest Rate Contracts			Foreign Currency Contracts		Credit Contracts			Equity Market Contracts
	(In millions)
Three Months Ended June 30, 2011:
Balance, beginning of period	$	(89	)	$	39	$	43		$	(16	)	$	(1,538	)	$	2,004		$	(138	)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—		—			—			—			—			—
Net investment gains (losses)		—			—		—			—			—			(4	)		(53	)
Net derivative gains (losses)		5			1		(2	)		(17	)		(383	)		—			—
Other revenues		(2	)		—		—			—			—			—			—
Policyholder benefits and claims		—			—		—			—			10			—			—
Other expenses		—			—		—			—			—			—			—
Other comprehensive income (loss)		19			—		6			—			(50	)		—			—
Purchases (3)		—			—		—			88			—			160			—
Sales (3)		—			—		—			—			—			(203	)		—
Issuances (3)		—			—		—			—			—			—			—
Settlements (3)		—			—		(5	)		—			(113	)		—			57
Transfers into Level 3 (4)		—			9		—			—			—			1			—
Transfers out of Level 3 (4)		—			—		—			—			—			(122	)		—
Balance, end of period	$	(67	)	$	49	$	42		$	55		$	(2,074	)	$	1,836		$	(134	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2011 included in net income (loss):
Net investment income	$	—		$	—	$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—	$	—		$	—		$	—		$	—		$	(53	)
Net derivative gains (losses)	$	4		$	1	$	(3	)	$	(17	)	$	(387	)	$	—		$	—
Other revenues	$	11		$	—	$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—	$	—		$	—		$	10		$	—		$	—
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			CMBS			State and Political Subdivision Securities			ABS			Other Fixed Maturity Securities
	(In millions)
Six Months Ended June 30, 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:
Net income (loss): (1), (2)
Net investment income		4			10			1			—			12			7			—			10			—
Net investment gains (losses)		11			(55	)		(7	)		—			(4	)		(36	)		—			2			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		(20	)		90			(8	)		—			40			20			4			(14	)		—
Purchases (3)		1,111			1,049			634			50			892			458			20			1,124			—
Sales (3)		(555	)		(451	)		(235	)		(7	)		(194	)		(182	)		(1	)		(246	)		—
Issuances (3)		—			—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		203			132			60			—			27			18			—			2			—
Transfers out of Level 3 (4)		(144	)		(332	)		(381	)		—			(12	)		—			—			(48	)		—
Balance, end of period	$	7,394		$	4,813		$	2,386		$	74		$	2,363		$	1,038		$	76		$	2,680		$	—
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2012 included in net income (loss):
Net investment income	$	5		$	10		$	1		$	—		$	12		$	2		$	—		$	9		$	—
Net investment gains (losses)	$	(2	)	$	(26	)	$	—		$	—		$	(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:
	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)
Six Months Ended June 30, 2012:
Balance, beginning of period	$	281		$	438		$	—	$	23	$	1,386		$	590		$	1,414		$	666
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—		3		(31	)		—			—			—
Net investment gains (losses)		(9	)		—			—		—		—			—			—			—
Net derivative gains (losses)		—			—			—		—		—			—			—			—
Other revenues		—			—			—		—		—			—			(3	)		(85	)
Policyholder benefits and claims		—			—			—		—		—			—			—			—
Other expenses		—			—			—		—		—			—			—			—
Other comprehensive income (loss)		9			18			—		—		—			(10	)		—			—
Purchases (3)		52			5			13		—		844			641			—			—
Sales (3)		(43	)		(29	)		—		—		(1,070	)		(396	)		(1,323	)		(49	)
Issuances (3)		—			—			—		—		—			—			113			104
Settlements (3)		—			—			—		—		—			—			(41	)		(72	)
Transfers into Level 3 (4)		5			—			—		—		5			—			54			—
Transfers out of Level 3 (4)		(13	)		—			—		—		(38	)		(108	)		(3	)		—
Balance, end of period	$	282		$	432		$	13	$	26	$	1,096		$	717		$	211		$	564
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2012 included in net income (loss):
Net investment income	$	—		$	—		$	—	$	3	$	(27	)	$	2		$	—		$	—
Net investment gains (losses)	$	(9	)	$	—		$	—	$	—	$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—	$	—	$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—	$	—	$	—		$	—		$	3		$	(70	)
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)
Six Months Ended June 30, 2012:
Balance, beginning of period	$	300		$	44		$	1		$	889		$	(4,203	)	$	1,325		$	(116	)	$	(1,175	)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—			(1	)		—			—			—			—
Net investment gains (losses)		—			—			—			—			—			78			(9	)		—
Net derivative gains (losses)		24			7			29			(284	)		511			—			—			—
Other revenues		(67	)		—			—			—			—			—			—			2
Policyholder benefits and claims		—			—			—			12			(5	)		—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		11			—			—			(2	)		39			—			—			—
Purchases (3)		—			—			—			10			—			293			—			—
Sales (3)		—			—			—			—			—			(255	)		—			1,147
Issuances (3)		—			—			(3	)		—			—			2			—			(98	)
Settlements (3)		(40	)		(11	)		(3	)		(49	)		(303	)		(4	)		44			26
Transfers into Level 3 (4)		—			—			—			—			—			23			—			—
Transfers out of Level 3 (4)		—			—			—			—			—			(17	)		—			—
Balance, end of period	$	228		$	40		$	24		$	575		$	(3,961	)	$	1,445		$	(81	)	$	(98	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2012 included in net income (loss):
Net investment income	$	—		$	—		$	—		$	(1	)	$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	(9	)	$	—
Net derivative gains (losses)	$	6		$	(5	)	$	27		$	(287	)	$	498		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	12		$	(4	)	$	—		$	—		$	—
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)
Six Months Ended June 30, 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:
Net income (loss): (1), (2)
Net investment income		5			3			8			—			6			11			—			12			—
Net investment gains (losses)		(12	)		(18	)		(23	)		—			(12	)		68			—			(13	)		—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		138			186			24			—			41			87			(7	)		78			—
Purchases (3)		778			1,817			385			1			42			171			45			278			—
Sales (3)		(534	)		(1,463	)		(228	)		(1	)		(137	)		(508	)		(3	)		(339	)		(2	)
Issuances (3)		—			—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		54			39			133			—			263			45			10			109			—
Transfers out of Level 3 (4)		(707	)		(446	)		(272	)		(53	)		(1,245	)		(104	)		(2	)		(1,765	)		—
Balance, end of period	$	6,871		$	5,844		$	3,161		$	26		$	1,499		$	781		$	89		$	1,386		$	2
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2011 included in net income (loss):
Net investment income	$	5		$	13		$	16		$	—		$	6		$	11		$	—		$	12		$	—
Net investment gains (losses)	$	(27	)	$	(19	)	$	(10	)	$	—		$	(12	)	$	—		$	—		$	(4	)	$	—
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)
Six Months Ended June 30, 2011:
Balance, beginning of period	$	268		$	905		$	10		$	77		$	735		$	858		$	24		$	950
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—			8			54			4			—			—
Net investment gains (losses)		5			(70	)		—			—			—			(1	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			(3	)		(18	)
Policyholder benefits and claims		—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		(13	)		101			—			—			—			10			—			—
Purchases (3)		67			3			—			1			325			618			1			—
Sales (3)		(18	)		(296	)		(8	)		(32	)		(450	)		(754	)		—			—
Issuances (3)		—			—			—			—			—			—			1			92
Settlements (3)		—			—			—			—			—			—			—			(60	)
Transfers into Level 3 (4)		1			11			—			—			124			3			13			—
Transfers out of Level 3 (4)		(5	)		—			—			—			(165	)		(6	)		(4	)		—
Balance, end of period	$	305		$	654		$	2		$	54		$	623		$	732		$	32		$	964
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2011 included in net income (loss):
Net investment income	$	—		$	—		$	—		$	5		$	47		$	3		$	—		$	—
Net investment gains (losses)	$	(4	)	$	(32	)	$	—		$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	(3	)	$	(18	)
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
	Interest Rate Contracts			Foreign Currency Contracts			Credit Contracts			Equity Market Contracts
	(In millions)
Six Months Ended June 30, 2011:
Balance, beginning of period	$	(86	)	$	73		$	44		$	142		$	(2,438	)	$	1,983		$	(184	)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—			(3	)		—			—			—
Net investment gains (losses)		—			—			—			—			—			46			(7	)
Net derivative gains (losses)		12			(4	)		4			(110	)		592			—			—
Other revenues		7			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			(8	)		—			—
Other expenses		—			—			—			—			—			—			—
Other comprehensive income (loss)		7			—			2			—			(2	)		—			—
Purchases (3)		—			6			—			106			—			358			—
Sales (3)		—			—			—			—			—			(364	)		—
Issuances (3)		—			—			(3	)		—			—			—			—
Settlements (3)		—			—			(5	)		(5	)		(218	)		—			57
Transfers into Level 3 (4)		—			—			—			—			—			9			—
Transfers out of Level 3 (4)		(7	)		(26	)		—			(75	)		—			(196	)		—
Balance, end of period	$	(67	)	$	49		$	42		$	55		$	(2,074	)	$	1,836		$	(134	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at June 30, 2011 included in net income (loss):
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	(7	)
Net derivative gains (losses)	$	11		$	(4	)	$	4		$	(110	)	$	581		$	—		$	—
Other revenues	$	12		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	(8	)	$	—		$	—
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 and six months ended June 30, 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

	June 30, 2012			December 31, 2011
	(In millions)
Unpaid principal balance	$	203		$	2,935
Difference between estimated fair value and unpaid principal balance		(1	)		129
Carrying value at estimated fair value	$	202		$	3,064
Loans in non-accrual status	$	3		$	3
Loans more than 90 days past due	$	33		$	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 June 30,						Six Months Ended June 30,
	2012			2011			2012		2011
	(In millions)
Instrument-specific credit risk based on changes in credit spreads for non-agency loans and adjustments in individual loan quality	$	4		$	(2	)	$	2	$	(3	)
Other changes in estimated fair value		(72	)		115			98		179
Total gains (losses) recognized in other revenues	$	(68	)	$	113		$	100	$	176

Securitized reverse residential mortgage loans

	June 30, 2012		December 31, 2011
	(In millions)
Unpaid principal balance	$	235	$	6,914
Difference between estimated fair value and unpaid principal balance		24		738
Carrying value at estimated fair value	$	259	$	7,652
Loans more than 90 days past due	$	—	$	59
Loans more than 90 days past due — difference between aggregate estimated fair value and unpaid principal balance	$	—	$	—

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

	June 30, 2012		December 31, 2011
	(In millions)
Contractual principal balance	$	235	$	6,914
Difference between estimated fair value and unpaid principal balance		22		712
Carrying value at estimated fair value	$	257	$	7,626

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

	June 30, 2012		December 31, 2011
	(In millions)
Unpaid principal balance	$	2,814	$	3,019
Difference between estimated fair value and unpaid principal balance		118		119
Carrying value at estimated fair value	$	2,932	$	3,138

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

	June 30, 2012		December 31, 2011
	(In millions)
Contractual principal balance	$	2,707	$	2,954
Difference between estimated fair value and unpaid principal balance		114		114
Carrying value at estimated fair value	$	2,821	$	3,068

Estimated fair value of certain investments

	Three Months Ended June 30,
	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	$	197	$	209	$	12		$	174	$	182	$	8
Held-for-sale		254		239		(15	)		47		47		—
Mortgage loans, net	$	451	$	448	$	(3	)	$	221	$	229	$	8
Other limited partnership interests (2)	$	38	$	27	$	(11	)	$	13	$	10	$	(3	)
Real estate joint ventures (3)	$	10	$	8	$	(2	)	$	—	$	—	$	—

	Six Months Ended June 30,
	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	$	197	$	210	$	13		$	165	$	182	$	17
Held-for-sale		270		239		(31	)		48		47		(1	)
Mortgage loans, net	$	467	$	449	$	(18	)	$	213	$	229	$	16
Other limited partnership interests (2)	$	48	$	34	$	(14	)	$	13	$	10	$	(3	)
Real estate joint ventures (3)	$	15	$	10	$	(5	)	$	—	$	—	$	—

(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 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 $5 million and less than $1 million at June 30, 2012 and 2011, respectively.

(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 $7 million at June 30, 2012. There were no unfunded commitments for these investments at June 30, 2011.

Fair value of financial instruments

	June 30, 2012
	Carrying Value		Fair Value Measurements at Reporting Date Using						Total Estimated Fair Value
			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	54,269	$	—	$	—	$	57,129	$	57,129
Held-for-sale		1,279		—		—		1,279		1,279
Mortgage loans, net	$	55,548	$	—	$	—	$	58,408	$	58,408
Policy loans	$	11,912	$	—	$	1,699	$	12,733	$	14,432
Real estate joint ventures	$	117	$	—	$	—	$	175	$	175
Other limited partnership interests	$	1,246	$	—	$	—	$	1,426	$	1,426
Other invested assets	$	1,472	$	77	$	—	$	1,395	$	1,472
Premiums, reinsurance and other receivables	$	4,413	$	—	$	552	$	4,331	$	4,883
Other assets	$	253	$	—	$	211	$	71	$	282
Liabilities:
PABs	$	153,131	$	—	$	—	$	160,388	$	160,388
Bank deposits	$	6,832	$	—	$	2,101	$	4,731	$	6,832
Long-term debt	$	16,023	$	—	$	18,144	$	—	$	18,144
Collateral financing arrangements	$	4,196	$	—	$	—	$	3,792	$	3,792
Junior subordinated debt securities	$	3,192	$	—	$	3,620	$	—	$	3,620
Other liabilities	$	6,430	$	—	$	2,850	$	3,582	$	6,432
Separate account liabilities	$	54,769	$	—	$	54,769	$	—	$	54,769
Commitments: (1)
Mortgage loan commitments	$	—	$	—	$	—	$	35	$	35
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	—	$	22	$	—	$	22

	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 11 for additional information on these off-balance sheet obligations.