Income Tax (Tables)

12 Months Ended

Dec. 31, 2011

Income Tax [Abstract]

Provision for income tax from continuing operations

	Years Ended December 31,
	2011			2010			2009
	(In millions)
Current:
Federal	$	(200	)	$	121		$	(239	)
State and local		(1	)		21			12
Foreign		614			203			227
Subtotal		413			345			—
Deferred:
Federal		2,241			643			(2,205	)
State and local		(3	)		(7	)		26
Foreign		142			129			73
Subtotal		2,380			765			(2,106	)
Provision for income tax expense (benefit)	$	2,793		$	1,110		$	(2,106	)

Income tax expense benefit continuing operations income tax reconciliation

	Years Ended December 31,
	2011			2010			2009
	(In millions)
Tax provision at U.S. statutory rate	$	3,215		$	1,306		$	(1,615	)
Tax effect of:
Tax-exempt investment income		(246	)		(242	)		(288	)
State and local income tax		(4	)		9			17
Prior year tax		(4	)		59			(26	)
Tax credits		(138	)		(82	)		(87	)
Foreign tax rate differential		(41	)		37			(130	)
Change in valuation allowance		16			7			20
Other, net		(5	)		16			3
Provision for income tax expense (benefit)	$	2,793		$	1,110		$	(2,106	)

Components of deferred tax assets and liabilities

	December 31,
	2011			2010
	(In millions)
Deferred income tax assets:
Policyholder liabilities and receivables	$	5,939		$	8,450
Net operating loss carryforwards		1,595			1,971
Employee benefits		916			664
Capital loss carryforwards		449			408
Tax credit carryforwards		1,692			1,007
Litigation-related and government mandated		207			227
Other		483			336
		11,281			13,063
Less: Valuation allowance		1,083			932
		10,198			12,131
Deferred income tax liabilities:
Investments, including derivatives		3,371			2,261
Intangibles		5,309			5,814
Net unrealized investment gains		4,453			1,560
DAC		3,268			3,338
Other		192			125
		16,593			13,098
Net deferred income tax asset (liability)	$	(6,395	)	$	(967	)

Summary of domestic, state, and foreign net operating and capital loss carryforwards for tax purposes

	Net Operating Loss Carryforwards			Capital Loss Carryforwards
	Amount		Expiration	Amount		Expiration
	(In millions)			(In millions)
Domestic	$	1,958	Beginning in 2018	$	1,248	Beginning in 2013
State	$	251	Beginning in 2012	$	—	N/A
Foreign	$	3,056	Beginning in 2015	$	37	Beginning in 2014

Reconciliation of unrecognized tax benefits

	Years Ended December 31,
	2011			2010			2009
	(In millions)
Balance at January 1,	$	810		$	773		$	766
Additions for tax positions of prior years		30			186	(1)		43
Reductions for tax positions of prior years		(161	)		(84	)		(33	)
Additions for tax positions of current year		13			13			52
Reductions for tax positions of current year		(8	)		(8	)		(9	)
Settlements with tax authorities		(5	)		(59	)		(46	)
Lapses of statutes of limitations		—			(11	)		—
Balance at December 31,	$	679		$	810		$	773
Unrecognized tax benefits that, if recognized would impact the effective rate	$	527		$	536		$	583

(1) An increase of $169 million resulted from the acquisition of American Life.

	Years Ended December 31,
	2011		2010		2009
	(In millions)
Interest and penalties recognized in the consolidated statements of operations	$	31	$	6	$	21
			December 31,
			2011		2010
			(In millions)
Interest and penalties included in other liabilities in the consolidated balance sheets			$	235	$	221(1)

(1) An increase of $20 million resulted from the acquisition of American Life.