Income Tax (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax [Abstract]

Provision for income tax from continuing operations

	Years Ended December 31,
	2012			2011			2010
	(In millions)
Current:
Federal	$	(29	)	$	(200	)	$	121
State and local		6			(1	)		21
Foreign		846			614			203
Subtotal		823			413			345
Deferred:
Federal		(244	)		2,241			643
State and local		(1	)		(3	)		(7	)
Foreign		(450	)		142			129
Subtotal		(695	)		2,380			765
Provision for income tax expense (benefit)	$	128		$	2,793		$	1,110

Income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations

	Years Ended December 31,
	2012			2011		2010
	(In millions)
Income (loss) from continuing operations:
Domestic	$	(1,496	)	$	6,869	$	3,126
Foreign		2,938			2,315		603
Total	$	1,442		$	9,184	$	3,729

Income tax for continuing operations effective rate reconciliation

	Years Ended December 31,
	2012			2011			2010
	(In millions)
Tax provision at U.S. statutory rate	$	505		$	3,215		$	1,306
Tax effect of:
Tax-exempt investment income		(256	)		(246	)		(242	)
State and local income tax		(3	)		(4	)		9
Prior year tax		23			(4	)		59
Tax credits		(178	)		(138	)		(82	)
Foreign tax rate differential		(45	)		(41	)		37
Goodwill impairment		408			—			—
Deferred tax benefit of converting Japan branch to subsidiary		(324	)		—			—
Change in valuation allowance		15			16			7
Other, net		(17	)		(5	)		16
Provision for income tax expense (benefit)	$	128		$	2,793		$	1,110

Components of deferred tax assets and liabilities

	December 31,
	2012			2011
	(In millions)
Deferred income tax assets:
Policyholder liabilities and receivables	$	6,233		$	5,939
Net operating loss carryforwards		1,408			1,595
Employee benefits		1,234			916
Capital loss carryforwards		160			449
Tax credit carryforwards		545			1,692
Litigation-related and government mandated		197			207
Other		484			483
Total gross deferred income tax assets		10,261			11,281
Less: Valuation allowance		368			1,083
Total net deferred income tax assets		9,893			10,198
Deferred income tax liabilities:
Investments, including derivatives		3,149			3,371
Intangibles		2,668			5,309
Net unrealized investment gains		7,854			4,453
DAC		4,775			3,268
Other		140			192
Total deferred income tax liabilities		18,586			16,593
Net deferred income tax asset (liability)	$	(8,693	)	$	(6,395	)

Summary of 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	$	3,249		Beginning in 2018	$	405		Beginning in 2014
State	$	453		Beginning in 2013	$	—		N/A
Foreign	$	1,438		Beginning in 2013	$	52		Beginning in 2014

Rollforward of the deferred tax asset valuation allowance associated with branch restructuring

	Year Ended December 31, 2012
	Japan			U.K.			Greece			Other Non-U.S. Branches			Total
							(In millions)
Balance, January 1,	$	566		$	3		$	128		$	23		$	720
Income tax expense (benefit)		(1	)		55			(34	)		12			32
Deferred income tax expense (benefit) related to unrealized investment gains (losses)		320			(11	)		(50	)		(10	)		249
Offsetting reduction in gross deferred tax asset related to the branch transfer to subsidiary		(885	)		(47	)		(44	)		—			(976	)
Balance, December 31,	$	—		$	—		$	—		$	25		$	25

Reconciliation of unrecognized tax benefits

	Years Ended December 31,
	2012			2011			2010
	(In millions)
Balance at January 1,	$	679		$	810		$	773
Additions for tax positions of prior years (1)		105			30			186
Reductions for tax positions of prior years		(82	)		(161	)		(84	)
Additions for tax positions of current year		32			13			13
Reductions for tax positions of current year		(9	)		(8	)		(8	)
Settlements with tax authorities		(15	)		(5	)		(59	)
Lapses of statutes of limitations		(2	)		—			(11	)
Balance at December 31,	$	708		$	679		$	810
Unrecognized tax benefits that, if recognized would impact the effective rate	$	566		$	527		$	536

(1) An increase of $169 million in 2010 resulted from the acquisition of American Life.

	Years Ended December 31,
	2012		2011		2010
	(In millions)
Interest recognized in the consolidated statements of operations	$	2	$	31	$	6
			December 31,
			2012		2011
			(In millions)
Interest included in other liabilities in the consolidated balance sheets			$	237	$	235