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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2012
Derivative Financial Instruments [Abstract]  
Settlement Payments by Hedge Classification and Income Statement Location
                                 
    Three Months
Ended
September 30,		     Nine Months
Ended
September 30,		  
    2012     2011     2012     2011  
    (In millions)  

Qualifying hedges:

                                

Net investment income

   $ 27     $ 28     $ 82     $ 70  

Interest credited to policyholder account balances

     39       51       122       169  

Other expenses

     (2 )      (1 )      (4 )      (2 ) 
         

Non-qualifying hedges:

                                

Net investment income

     (1 )      (2 )      (4 )      (6 ) 

Other revenues

     11       22       44       55  

Net derivative gains (losses)

     109       352       338       357  

Policyholder benefits and claims

     (52 )      19       (62 )      19  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 131     $ 469     $ 516     $ 662  
   

 

 

    

 

 

    

 

 

    

 

 

  
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 September 30, 2012:

                        

Interest rate swaps:

  

Fixed maturity securities

   $ (9 )    $ 7     $ (2 ) 
    PABs (1)     (47 )      51       4  

Foreign currency swaps:

   Foreign-denominated fixed maturity securities     (2 )      2       —  
    Foreign-denominated PABs (2)     66       (68 )      (2 ) 

Foreign currency forwards:

   Foreign-denominated fixed maturity securities     18       (19 )      (1 ) 
       

 

 

    

 

 

    

 

 

  

Total

   $ 26     $ (27 )    $ (1 ) 
       

 

 

    

 

 

    

 

 

  

For the Three Months Ended September 30, 2011:

                        

Interest rate swaps:

   Fixed maturity securities   $ (26 )    $ 22     $ (4 ) 
    PABs (1)     957       (944 )      13  

Foreign currency swaps:

   Foreign-denominated fixed maturity securities     1       (1 )      —  
    Foreign-denominated PABs (2)     (221 )      189       (32 ) 

Foreign currency forwards:

   Foreign-denominated fixed maturity securities     —       —       —  
       

 

 

    

 

 

    

 

 

  

Total

   $ 711     $ (734 )    $ (23 ) 
       

 

 

    

 

 

    

 

 

  

For the Nine Months Ended September 30, 2012:

                        

Interest rate swaps:

   Fixed maturity securities   $ (13 )    $ 10     $ (3 ) 
    PABs (1)     67       (54 )      13  

Foreign currency swaps:

   Foreign-denominated fixed maturity securities     (1 )      1       —  
    Foreign-denominated PABs (2)     (10 )      (7 )      (17 ) 

Foreign currency forwards:

   Foreign-denominated fixed maturity securities     11       (13 )      (2 ) 
       

 

 

    

 

 

    

 

 

  

Total

   $ 54     $ (63 )    $ (9 ) 
       

 

 

    

 

 

    

 

 

  

For the Nine Months Ended September 30, 2011:

                        

Interest rate swaps:

   Fixed maturity securities   $ (31 )    $ 27     $ (4 ) 
    PABs (1)     1,000       (978 )      22  

Foreign currency swaps:

   Foreign-denominated fixed maturity securities     —       —       —  
    Foreign-denominated PABs (2)     14       (53 )      (39 ) 

Foreign currency forwards:

   Foreign-denominated fixed maturity securities     —       —       —  
       

 

 

    

 

 

    

 

 

  

Total

   $ 983     $ (1,004 )    $ (21 ) 
       

 

 

    

 

 

    

 

 

  

 

 

(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 September 30, 2012:

        

Foreign currency forwards

   $ (54 ) 

Foreign currency options

     (24 ) 

Non-derivative hedging instruments

     —  
   

 

 

  

Total

   $ (78 ) 
   

 

 

  

For the Three Months Ended September 30, 2011:

        

Foreign currency forwards

   $ 185  

Foreign currency options

     —  

Non-derivative hedging instruments

     —  
   

 

 

  

Total

   $ 185  
   

 

 

  

For the Nine Months Ended September 30, 2012:

        

Foreign currency forwards

   $ (64 ) 

Foreign currency options

     (48 ) 

Non-derivative hedging instruments

     —  
   

 

 

  

Total

   $ (112 ) 
   

 

 

  

For the Nine Months Ended September 30, 2011:

        

Foreign currency forwards

   $ 72  

Foreign currency options

     —  

Non-derivative hedging instruments

     6  
   

 

 

  

Total

   $ 78  
   

 

 

  

 

(1)

During the three months and nine months ended September 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 nine months ended September 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 September 30, 2012:

                                

Interest rate swaps

   $ (182 )    $ —     $ —     $ 31  

Interest rate floors

     11       —       —       —  

Interest rate caps

     (37 )      —       —       —  

Interest rate futures

     40       —       —       (1 ) 

Equity futures

     (196 )      7       (167 )      —  

Foreign currency swaps

     (118 )      —       —       —  

Foreign currency forwards

     (32 )      —       —       —  

Currency futures

     6       —       —       —  

Currency options

     (1 )      —       —       —  

Equity options

     (325 )      (5 )      (30 )      —  

Interest rate options

     (80 )      —       —       —  

Interest rate forwards

     (3 )      —       —       —  

Variance swaps

     (148 )      —       11       —  

Credit default swaps

     (12 )      (6 )      —       —  

TRRs

     (10 )      —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ (1,087 )    $ (4 )    $ (186 )    $ 30  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

For the Three Months Ended September 30, 2011:

                                

Interest rate swaps

   $ 1,805     $ —     $ —     $ 321  

Interest rate floors

     521       —       —       —  

Interest rate caps

     (127 )      —       —       —  

Interest rate futures

     43       —       —       (5 ) 

Equity futures

     338       (12 )      314       —  

Foreign currency swaps

     272       —       —       —  

Foreign currency forwards

     406       —       —       —  

Currency futures

     28       —       —       —  

Currency options

     (18 )      —       —       —  

Equity options

     1,432       5       —       —  

Interest rate options

     962       —       —       27  

Interest rate forwards

     (5 )      —       —       (49 ) 

Variance swaps

     325       —       —       —  

Credit default swaps

     163       15       —       —  

TRRs

     27       —       5       —  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 6,172     $ 8     $ 319     $ 294  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

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

For the Nine Months Ended September 30, 2012:

                                

Interest rate swaps

   $ 307     $ —     $ —     $ 112  

Interest rate floors

     50       —       —       —  

Interest rate caps

     (99 )      —       —       —  

Interest rate futures

     161       —       —       (3 ) 

Equity futures

     (707 )      7       (373 )      —  

Foreign currency swaps

     (95 )      —       —       —  

Foreign currency forwards

     (62 )      —       —       —  

Currency futures

     (5 )      —       —       —  

Currency options

     (5 )      —       —       —  

Equity options

     (712 )      (13 )      (49 )      —  

Interest rate options

     33       —       —       —  

Interest rate forwards

     15       —       —       (74 ) 

Variance swaps

     (407 )      —       23       —  

Credit default swaps

     (132 )      (13 )      —       —  

TRRs

     1       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ (1,657 )    $ (19 )    $ (399 )    $ 35  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

For the Nine Months Ended September 30, 2011:

                                

Interest rate swaps

   $ 2,179     $ (2 )    $ —     $ 345  

Interest rate floors

     503       —       —       —  

Interest rate caps

     (209 )      —       —       —  

Interest rate futures

     (6 )      1       —       (9 ) 

Equity futures

     393       (9 )      206       —  

Foreign currency swaps

     80       —       —       —  

Foreign currency forwards

     266       (9 )      —       —  

Currency futures

     37       —       —       —  

Currency options

     (63 )      —       —       —  

Equity options

     1,065       (6 )      —       —  

Interest rate options

     948       —       —       24  

Interest rate forwards

     (5 )      —       —       (88 ) 

Variance swaps

     234       (3 )      —       —  

Credit default swaps

     149       14       —       —  

TRRs

     26       —       5       —  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 5,597     $ (14 )    $ 211     $ 272  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

 

(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
                                                 
    September 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)

   $ 10     $ 742       2.8     $ 5     $ 737       3.5  

Credit default swaps referencing indices

     39       2,813       2.3       (1 )      2,813       3.0  
   

 

 

    

 

 

            

 

 

    

 

 

          

Subtotal

     49       3,555       2.4       4       3,550       3.1  
   

 

 

    

 

 

            

 

 

    

 

 

          

Baa

                                                

Single name credit default swaps (corporate)

     3       1,329       3.5       (17 )      1,234       4.0  

Credit default swaps referencing indices

     6       3,505       5.0       (26 )      2,847       4.9  
   

 

 

    

 

 

            

 

 

    

 

 

          

Subtotal

     9       4,834       4.6       (43 )      4,081       4.6  
   

 

 

    

 

 

            

 

 

    

 

 

          

Ba

                                                

Single name credit default swaps (corporate)

     —       25       2.9       —       25       3.5  

Credit default swaps referencing indices

     —       —       —       —       —       —  
   

 

 

    

 

 

            

 

 

    

 

 

          

Subtotal

     —       25       2.9       —       25       3.5  
   

 

 

    

 

 

            

 

 

    

 

 

          

B

                                                

Single name credit default swaps (corporate)

     —       —       —       —       —       —  

Credit default swaps referencing indices

     2       273       4.7       (2 )      25       4.8  
   

 

 

    

 

 

            

 

 

    

 

 

          

Subtotal

     2       273       4.7       (2 )      25       4.8  
   

 

 

    

 

 

            

 

 

    

 

 

          

Total

   $ 60     $ 8,687       3.7     $ (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
                                                     
        September 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

   $ 98,609     $ 8,930     $ 2,571     $ 79,733     $ 8,241     $ 2,199  
   

Interest rate floors

     23,366       1,304       174       23,866       1,246       165  
   

Interest rate caps

     49,547       78       —       49,665       102       —  
   

Interest rate futures

     12,469       10       20       14,965       25       19  
   

Interest rate options

     16,065       860       12       16,988       896       6  
   

Interest rate forwards

     770       178       —       14,033       286       91  
   

Synthetic GICs

     4,541       —       —       4,454       —       —  

Foreign currency exchange rate

  

Foreign currency swaps

     20,223       846       1,158       16,461       1,172       1,060  
   

Foreign currency forwards

     10,598       79       97       10,149       200       60  
   

Currency futures

     289       —       —       633       —       —  
   

Currency options

     2,851       1       46       1,321       6       —  

Credit

  

Credit default swaps

     13,326       100       41       13,136       326       113  
   

Credit forwards

     —       —       —       20       4       —  

Equity market

  

Equity futures

     7,367       65       2       7,053       26       10  
   

Equity options

     21,096       3,096       261       17,099       3,263       179  
   

Variance swaps

     20,056       171       239       18,801       397       75  
   

Total rate of return swaps (“TRRs”)

     2,073       10       90       1,644       10       34  
       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   

Total

   $ 303,246     $ 15,728     $ 4,711     $ 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
September 30,		     Nine Months
Ended
September 30,		  
    2012     2011     2012     2011  
    (In millions)  

Derivatives and hedging gains (losses) (1)

   $ (945 )    $ 6,504     $ (1,277 )    $ 5,992  

Embedded derivatives

     227       (2,308 )      673       (1,759 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total net derivative gains (losses)

   $ (718 )    $ 4,196     $ (604 )    $ 4,233  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

 

(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 September 30, 2012:

                                        

Interest rate swaps

   $ (93 )    $ 2     $ 2     $ 1     $ —  

Foreign currency swaps

     (215 )      (3 )      (1 )      —       (7 ) 

Interest rate forwards

     (16 )      —       —       (1 )      —  

Credit forwards

     —       —       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ (324 )    $ (1 )    $ 1     $ —     $ (7 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

For the Three Months Ended September 30, 2011:

                                        

Interest rate swaps

   $ 927     $ (42 )    $ —     $ (3 )    $ (1 ) 

Foreign currency swaps

     399       25       (2 )      —       5  

Interest rate forwards

     289       (1 )      —       —       27  

Credit forwards

     15       1       1       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 1,630     $ (17 )    $ (1 )    $ (3 )    $ 31  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

For the Nine Months Ended September 30, 2012:

                                        

Interest rate swaps

   $ 105     $ 1     $ 3     $ (2 )    $ —  

Foreign currency swaps

     (105 )      2       (4 )      1       (6 ) 

Interest rate forwards

     (4 )      —       1       (1 )      —  

Credit forwards

     —       —       1       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ (4 )    $ 3     $ 1     $ (2 )    $ (6 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

For the Nine Months Ended September 30, 2011:

                                        

Interest rate swaps

   $ 944     $ (41 )    $ 1     $ (7 )    $ 1  

Foreign currency swaps

     259       10       (5 )      1       3  

Interest rate forwards

     307       21       1       (1 )      16  

Credit forwards

     17       1       1       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 1,527     $ (9 )    $ (2 )    $ (7 )    $ 20  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
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)  

September 30, 2012:

                                        

Derivatives subject to credit-contingent provisions

   $ 689     $ 600     $ 3     $ 54     $ 114  

Derivatives not subject to
credit-contingent provisions

     —       —       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 689     $ 600     $ 3     $ 54     $ 114  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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
September 30,		     Nine Months
Ended
September 30,		  
    2012     2011     2012     2011  
    (In millions)  

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

   $ 1,832     $ (165 )    $ 1,514     $ (59 ) 

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

     (324 )      1,630       (4 )      1,527  

Amounts reclassified to net derivative gains (losses)

     1       17       (3 )      9  

Amounts reclassified to net investment income

     (1 )      1       (1 )      2  

Amounts reclassified to other expenses

     —       3       2       7  
   

 

 

    

 

 

    

 

 

    

 

 

  

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

   $ 1,508     $ 1,486     $ 1,508     $ 1,486  
   

 

 

    

 

 

    

 

 

    

 

 

  
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
September 30,		     Nine Months
Ended
September 30,		  
    2012     2011     2012     2011  
    (In millions)  

Net derivative gains (losses) (1)

   $ 227     $ (2,308 )    $ 673     $ (1,759 ) 

Policyholder benefits and claims

   $ (4 )    $ 113     $ (9 )    $ 105  

 

 

(1)

The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses), in connection with this adjustment, were ($534) million and ($1.2) billion for the three months and nine months ended September 30, 2012, respectively, and $2.0 billion for both the three months and nine months ended September 30, 2011.

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

Net embedded derivatives within asset host contracts:

                

Ceded guaranteed minimum benefits

   $ 378     $ 327  

Funds withheld on assumed reinsurance

     50       35  

Options embedded in debt or equity securities

     (97 )      (70 ) 

Other

     1       1  
   

 

 

    

 

 

  

Net embedded derivatives within asset host contracts

   $ 332     $ 293  
   

 

 

    

 

 

  

Net embedded derivatives within liability host contracts:

                

Direct guaranteed minimum benefits

   $ 1,012     $ 2,104  

Assumed guaranteed minimum benefits

     3,180       2,340  

Funds withheld on ceded reinsurance

     158       122  

Other

     19       18  
   

 

 

    

 

 

  

Net embedded derivatives within liability host contracts

   $ 4,369     $ 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
                                                 
    September 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

   $ 3,187     $ 312     $ 79     $ 3,220     $ 500     $ 98  

Foreign currency forwards

     2,480       20       —       1,830       2       10  

Interest rate swaps

     5,306       2,036       100       4,580       1,884       92  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     10,973       2,368       179       9,630       2,386       200  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash flow hedges:

                                                

Foreign currency swaps

     8,903       281       363       6,370       352       306  

Interest rate swaps

     3,792       896       —       3,230       947       —  

Interest rate forwards

     770       178       —       965       210       —  

Credit forwards

     —       —       —       20       4       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     13,465       1,355       363       10,585       1,513       306  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Foreign operations hedges:

                                                

Foreign currency forwards

     2,374       4       53       1,689       53       12  

Currency options

     2,650       1       46       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     5,024       5       99       1,689       53       12  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total qualifying hedges

   $ 29,462     $ 3,728     $ 641     $ 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
                                                 
    September 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

   $ 89,511     $ 5,998     $ 2,471     $ 71,923     $ 5,410     $ 2,107  

Interest rate floors

     23,366       1,304       174       23,866       1,246       165  

Interest rate caps

     49,547       78       —       49,665       102       —  

Interest rate futures

     12,469       10       20       14,965       25       19  

Interest rate options

     16,065       860       12       16,988       896       6  

Interest rate forwards

     —       —       —       13,068       76       91  

Synthetic GICs

     4,541       —       —       4,454       —       —  

Foreign currency swaps

     8,133       253       716       6,871       320       656  

Foreign currency forwards

     5,744       55       44       6,630       145       38  

Currency futures

     289       —       —       633       —       —  

Currency options

     201       —       —       1,321       6       —  

Credit default swaps

     13,326       100       41       13,136       326       113  

Equity futures

     7,367       65       2       7,053       26       10  

Equity options

     21,096       3,096       261       17,099       3,263       179  

Variance swaps

     20,056       171       239       18,801       397       75  

TRRs

     2,073       10       90       1,644       10       34  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total non-designated or non-qualifying derivatives

   $ 273,784     $ 12,000     $ 4,070     $ 268,117     $ 12,248     $ 3,493