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Insurance (Tables)

12 Months Ended

Dec. 31, 2012

Insurance [Abstract]

Insurance Liabilities


		December 31,
		2012				2011
		(In millions)
Retail		$	138,082			$	138,872
Group, Voluntary & Worksite Benefits			29,996				28,899
Corporate Benefit Funding			117,065				106,225
Latin America			16,055				13,890
Asia			103,064				98,267
EMEA			20,200				22,348
Corporate & Other			9,173				9,073

Total		$	433,635			$	417,574

Liabilities for Guarantees


		Annuity Contracts								Universal and Variable Life Contracts
		GMDB				GMIB				Secondary Guarantees				Paid-Up Guarantees				Total
		(In millions)
Direct and Assumed
Balance at January 1, 2010		$	168			$	402			$	504			$	174			$	1,248
Acquisitions			46				110				2,952				—				3,108
Incurred guaranteed benefits			149				111				536				24				820
Paid guaranteed benefits			(91	)			—				(1	)			—				(92	)

Balance at December 31, 2010			272				623				3,991				198				5,084
Incurred guaranteed benefits			273				269				496				23				1,061
Paid guaranteed benefits			(113	)			(10	)			(24	)			—				(147	)

Balance at December 31, 2011			432				882				4,463				221				5,998
Incurred guaranteed benefits			252				771				348				25				1,396
Paid guaranteed benefits			(117	)			(18	)			(26	)			—				(161	)

Balance at December 31, 2012		$	567			$	1,635			$	4,785			$	246			$	7,233

Ceded
Balance at January 1, 2010		$	6			$	—			$	182			$	122			$	310
Acquisitions			30				—				—				—				30
Incurred guaranteed benefits			18				(1	)			412				17				446
Paid guaranteed benefits			(15	)			—				—				—				(15	)

Balance at December 31, 2010			39				(1	)			594				139				771
Incurred guaranteed benefits			35				9				20				16				80
Paid guaranteed benefits			(20	)			—				—				—				(20	)

Balance at December 31, 2011			54				8				614				155				831
Incurred guaranteed benefits			22				1				139				18				180
Paid guaranteed benefits			(20	)			—				—				—				(20	)

Balance at December 31, 2012		$	56			$	9			$	753			$	173			$	991

Net
Balance at January 1, 2010		$	162			$	402			$	322			$	52			$	938
Acquisitions			16				110				2,952				—				3,078
Incurred guaranteed benefits			131				112				124				7				374
Paid guaranteed benefits			(76	)			—				(1	)			—				(77	)

Balance at December 31, 2010			233				624				3,397				59				4,313
Incurred guaranteed benefits			238				260				476				7				981
Paid guaranteed benefits			(93	)			(10	)			(24	)			—				(127	)

Balance at December 31, 2011			378				874				3,849				66				5,167
Incurred guaranteed benefits			230				770				209				7				1,216
Paid guaranteed benefits			(97	)			(18	)			(26	)			—				(141	)

Balance at December 31, 2012		$	511			$	1,626			$	4,032			$	73			$	6,242


		December 31,
		2012				2011
		(In millions)
Fund Groupings:
Balanced		$	67,230			$	52,823
Equity			64,209				57,750
Bond			11,188				9,838
Specialty			2,260				2,034
Money Market			1,291				1,521

Total		$	146,178			$	123,966

Guarantees related to Annuity, Universal and Variable Life Contracts


		December 31,
		2012								2011
		In the Event of Death				At Annuitization				In the Event of Death				At Annuitization
		(In millions)
*Annuity Contracts (1)*
Variable Annuity Guarantees
Total contract account value (3)		$	184,095			$	89,137			$	163,845			$	72,016
Separate account value		$	143,893			$	84,354			$	121,841			$	66,739
Net amount at risk		$	9,501			$	4,593	(2)		$	16,641			$	2,686	(2)
Average attained age of contractholders			62 years				62 years				62 years				61 years

Two Tier Annuities
General account value			N/A			$	848				N/A			$	386
Net amount at risk			N/A			$	232				N/A			$	60
Average attained age of contractholders			N/A				51 years				N/A				60 years

		December 31,
		2012								2011
		Secondary Guarantees				Paid-Up Guarantees				Secondary Guarantees				Paid-Up Guarantees
		(In millions)
Universal and Variable Life Contracts (1)
Account value (general and separate account)		$	14,256			$	3,828			$	12,946			$	3,963
Net amount at risk		$	189,197			$	23,276			$	188,642			$	24,991
Average attained age of policyholders			54 years				60 years				53 years				59 years

(1)	The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)

The Company had previously disclosed the NAR based on the excess of the benefit base over the contractholder’s total contract account value on the balance sheet date. Such amounts were $9.7 billion and $12.1 billion at December 31, 2012 and 2011, respectively. The Company has provided, in the table above, the NAR as defined above. The Company believes that this definition is more representative of the potential economic exposures of these guarantees as the contractholders do not have access to this difference other than through annuitization.

(3)	Includes amounts, which are not reported in the consolidated balance sheets, from assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan.

Schedule of Federal Home Loan Bank, common stock holdings, by branch of FHLB Bank


		December 31,
		2012				2011
		(In millions)
FHLB of NY		$	736			$	658
FHLB of Des Moines		$	83			$	51
FHLB of Boston		$	67			$	70
FHLB of Pittsburgh		$	14				N/A

Schedule of liability recorded and collateral pledged for funding agreements


		Liability								Collateral
		December 31,
		2012				2011				2012				2011
		(In millions)
FHLB of NY (1)		$	13,512			$	11,655			$	14,611 (2)			$	13,002 (2)
Farmer Mac (3)		$	2,750			$	2,750			$	3,159			$	3,157
FHLB of Des Moines (1)		$	1,405			$	695			$	1,902 (2)			$	953 (2)
FHLB of Boston (1)		$	450			$	450			$	537 (2)			$	518 (2)
FHLB of Pittsburgh		$	—				N/A			$	810 (2)				N/A

(1)

Represents funding agreements issued to the FHLB in exchange for cash and for which the FHLB has been granted a lien on certain assets, some of which are in the custody of the FHLB, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under advances evidenced by funding agreements. The Company is permitted to withdraw any portion of the collateral in the custody of the FHLB as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, the FHLB’s recovery on the collateral is limited to the amount of the Company’s liability to the FHLB.

(2)	Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value.

(3)

Represents funding agreements issued to certain SPEs that have issued debt securities for which payment of interest and principal is secured by such funding agreements, and such debt securities are also guaranteed as to payment of interest and principal by the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The obligations under these funding agreements are secured by a pledge of certain eligible agricultural real estate mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value.

Liabilities for Unpaid Claims and Claim Expenses


		Years Ended December 31,
		2012				2011				2010
		(In millions)
Balance at January 1,		$	10,117			$	10,708			$	8,219
Less: Reinsurance recoverables			1,436				2,198				547

Net balance at January 1,			8,681				8,510				7,672

Acquisitions, net			—				—				583
Incurred related to:
Current year			8,399				9,028				6,482
Prior years			(69	)			(199	)			(75	)

Total incurred			8,330				8,829				6,407

Paid related to:
Current year			(5,689	)			(6,238	)			(4,050	)
Prior years			(2,467	)			(2,420	)			(2,102	)

Total paid			(8,156	)			(8,658	)			(6,152	)

Net balance at December 31,			8,855				8,681				8,510
Add: Reinsurance recoverables			1,581				1,436				2,198

Balance at December 31,		$	10,436			$	10,117			$	10,708

Tabular disclosure of the fair value of assets, by major investment asset category, supporting separate accounts with additional insurance benefits and minimum investment return guarantees as of each date for which a statement of financial position is presented. The taxonomy for investment disclosures is utilized to tag elements that represent more detailed breakdowns of the major investment categories specified in reporting regulations.

+ References+ Details

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References+ Details

Tabular disclosure of minimum guaranteed benefits to policyholders and contract holders, such as guaranteed minimum death benefit, guaranteed minimum income benefit, and guaranteed annuitization benefits, discloses the amount of liability reported for additional insurance benefits, annuitization benefits and other minimum guarantees, by type of benefit, for the most recent balance sheet date and the incurred and paid amounts for periods presented for traditional and nontraditional products.

+ References+ Details

Tabular disclosure of the guaranteed benefits in excess of the current account balance, quantifies such excesses (the net amounts at risk) and includes other relevant, pertinent information as of the most recent balance sheet date by product type.

+ References+ Details