Fair Value (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value [Abstract]

Recurring Fair Value Measurements

	March 31, 2013
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets:
Fixed maturity securities:
U.S. corporate	$	—	$	106,580	$	6,426	$	113,006
Foreign corporate		—		60,261		5,825		66,086
Foreign government		—		53,232		2,203		55,435
U.S. Treasury and agency		30,283		24,059		115		54,457
RMBS		1,148		32,773		2,426		36,347
CMBS		—		16,813		1,084		17,897
ABS		—		12,348		3,766		16,114
State and political subdivision		—		14,899		53		14,952
Total fixed maturity securities		31,431		320,965		21,898		374,294
Equity securities:
Common stock		1,041		1,052		189		2,282
Non-redeemable preferred stock		—		505		401		906
Total equity securities		1,041		1,557		590		3,188
FVO and trading securities:
Actively Traded Securities		6		772		14		792
FVO general account securities		—		145		44		189
FVO contractholder-directed unit-linked investments		9,593		5,148		831		15,572
FVO securities held by CSEs		—		35		—		35
Total FVO and trading securities		9,599		6,100		889		16,588
Short-term investments (1)		4,986		5,630		2,130		12,746
Mortgage loans:
Commercial mortgage loans held by CSEs		—		2,407		—		2,407
Mortgage loans held-for-sale (2)		—		—		2		2
Total mortgage loans		—		2,407		2		2,409
Other invested assets:
Other investments		165		100		—		265
Derivative assets: (3)
Interest rate		1		8,989		163		9,153
Foreign currency exchange rate		1		1,245		39		1,285
Credit		—		67		38		105
Equity market		1		1,904		375		2,280
Total derivative assets		3		12,205		615		12,823
Total other invested assets		168		12,305		615		13,088
Net embedded derivatives within asset host contracts (4)		—		1		419		420
Separate account assets (5)		33,790		214,211		1,219		249,220
Total assets	$	81,015	$	563,176	$	27,762	$	671,953
Liabilities:
Derivative liabilities: (3)
Interest rate	$	16	$	2,765	$	19	$	2,800
Foreign currency exchange rate		—		1,251		9		1,260
Credit		—		45		—		45
Equity market		7		668		514		1,189
Total derivative liabilities		23		4,729		542		5,294
Net embedded derivatives within liability host contracts (4)		—		15		2,003		2,018
Long-term debt of CSEs		—		2,237		31		2,268
Trading liabilities (6)		155		—		—		155
Total liabilities	$	178	$	6,981	$	2,576	$	9,735

	December 31, 2012
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets:
Fixed maturity securities:
U.S. corporate	$	—	$	106,693	$	7,433	$	114,126
Foreign corporate		—		60,976		6,208		67,184
Foreign government		—		55,522		1,814		57,336
U.S. Treasury and agency		27,441		20,455		71		47,967
RMBS		—		35,442		2,037		37,479
CMBS		—		17,982		1,147		19,129
ABS		—		12,341		3,656		15,997
State and political subdivision		—		14,994		54		15,048
Total fixed maturity securities		27,441		324,405		22,420		374,266
Equity securities:
Common stock		932		1,040		190		2,162
Non-redeemable preferred stock		—		310		419		729
Total equity securities		932		1,350		609		2,891
FVO and trading securities:
Actively Traded Securities		7		646		6		659
FVO general account securities		—		151		32		183
FVO contractholder-directed unit-linked investments		9,103		5,425		937		15,465
FVO securities held by CSEs		—		41		—		41
Total FVO and trading securities		9,110		6,263		975		16,348
Short-term investments (1)		9,426		6,295		429		16,150
Mortgage loans:
Commercial mortgage loans held by CSEs		—		2,666		—		2,666
Mortgage loans held-for-sale (2)		—		—		49		49
Total mortgage loans		—		2,666		49		2,715
Other invested assets:
Other investments		303		123		—		426
Derivative assets: (3)
Interest rate		1		9,648		206		9,855
Foreign currency exchange rate		4		819		44		867
Credit		—		47		43		90
Equity market		14		2,478		473		2,965
Total derivative assets		19		12,992		766		13,777
Total other invested assets		322		13,115		766		14,203
Net embedded derivatives within asset host contracts (4)		—		1		505		506
Separate account assets (5)		31,620		202,568		1,205		235,393
Total assets	$	78,851	$	556,663	$	26,958	$	662,472
Liabilities:
Derivative liabilities: (3)
Interest rate	$	38	$	3,001	$	29	$	3,068
Foreign currency exchange rate		—		1,521		7		1,528
Credit		—		39		—		39
Equity market		132		424		345		901
Total derivative liabilities		170		4,985		381		5,536
Net embedded derivatives within liability host contracts (4)		—		17		3,667		3,684
Long-term debt of CSEs		—		2,483		44		2,527
Trading liabilities (6)		163		—		—		163
Total liabilities	$	333	$	7,485	$	4,092	$	11,910

(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 residential mortgage loans held-for-sale. See “— Fair Value Option” for additional information. The amounts in the preceding tables differ from the amounts 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) 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.

(4) 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 March 31, 2013, fixed maturity securities and equity securities also included embedded derivatives of $0 and ($147) million, respectively. At December 31, 2012, fixed maturity securities and equity securities included embedded derivatives of $0 and ($88) million, respectively.

(5) 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.

(6) Trading liabilities are presented within other liabilities in the consolidated balance sheets.

Fair Value Inputs, Quantitative Information

					March 31, 2013				December 31, 2012				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities: (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Delta spread adjustments (4)	(50)	–	250	86	(50)	–	500	90	Decrease
			•	Illiquidity premium (4)	30	–	30	30	30	–	30	30	Decrease
			•	Credit spreads (4)	(1,424)	–	716	259	(1,416)	–	876	272	Decrease
			•	Offered quotes (5)	—	–	127	100	—	–	348	115	Increase
	•	Consensus pricing	•	Offered quotes (5)	18	–	575	94	—	–	555	92	Increase
Foreign government	•	Matrix pricing	•	Credit spreads (4)	5	–	52	31	(58)	–	150	72	Decrease
	•	Market pricing	•	Quoted prices (5)	—	–	149	93	77	–	146	99	Increase
	•	Consensus pricing	•	Offered quotes (5)	82	–	187	120	82	–	200	117	Increase
RMBS	•	Matrix pricing and
		discounted cash flow	•	Credit spreads (4)	(123)	–	2,980	342	9	–	2,980	521	Decrease (6)
	•	Market pricing	•	Quoted prices (5)	73	–	110	97	13	–	109	100	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	22	–	100	75	28	–	100	75	Increase (6)
CMBS	•	Matrix pricing and
		discounted cash flow	•	Credit spreads (4)	383	–	14,811	874	1	–	9,164	374	Decrease (6)
	•	Market pricing	•	Quoted prices (5)	11	–	104	98	1	–	106	99	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	109	–	109	109					Increase (6)
ABS	•	Matrix pricing and
		discounted cash flow	•	Credit spreads (4)	35	–	1,828	183	—	–	1,829	109	Decrease (6)
	•	Market pricing	•	Quoted prices (5)	—	–	109	101	40	–	105	100	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	—	–	111	90	—	–	111	97	Increase (6)
Derivatives:
Interest rate	•	Present value techniques	•	Swap yield (7)	186	–	378		186	–	353		Increase (12)
Foreign currency exchange rate	•	Present value techniques	•	Swap yield (7)	230	–	762		228	–	795		Increase (12)
			•	Correlation (8)	43%	–	58%		43%	–	57%
Credit	•	Present value techniques	•	Credit spreads (9)	100	–	100		100	–	100		Decrease (9)
	•	Consensus pricing	•	Offered quotes (10)
Equity market	•	Present value techniques	•	Volatility (11)	14%	–	29%		13%	–	32%		Increase (12)
		or option pricing models	•	Correlation (8)	60%	–	60%		65%	–	65%
Embedded derivatives:
Direct and assumed	•	Option pricing	•	Mortality rates:
guaranteed		techniques		Ages 0 - 40	0%	–	0.14%		0%	–	0.14%		Decrease (13)
minimum benefits				Ages 41 - 60	0.05%	–	0.88%		0.05%	–	0.88%		Decrease (13)
				Ages 61 - 115	0.26%	–	100%		0.26%	–	100%		Decrease (13)
			•	Lapse rates:
				Durations 1 - 10	0.50%	–	100%		0.50%	–	100%		Decrease (14)
				Durations 11 - 20	2%	–	100%		2%	–	100%		Decrease (14)
				Durations 21 - 116	2%	–	100%		2%	–	100%		Decrease (14)
			•	Utilization rates	20%	–	50%		20%	–	50%		Increase (15)
			•	Withdrawal rates	0%	–	20%		0.07%	–	20%		(16)
			•	Long-term equity
				volatilities	13.69%	–	40%		15.18%	–	40%		Increase (17)
			•	Nonperformance risk
				spread	(0.08%)	–	1.42%		0.10%	–	1.72%		Decrease (18)

(1) The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.

(2) The impact of a decrease in input would have the opposite impact on the estimated fair value.

(3) Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.

(4) Range and, if applicable, weighted average are presented in basis points.

(5) Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.

(6) Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(7) Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curve is utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(8) Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.

(9) Represents the risk quoted in basis points of a credit default event on the underlying instrument. The range being provided is a single quoted spread in the valuation model. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.

(10) At both March 31, 2013 and December 31, 2012, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.

(11) Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(12) Changes are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(13) Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(14) Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(15) The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(16) The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(17) Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(18) Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

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		Foreign   Corporate		Foreign   Government		U.S. Treasury   and Agency		RMBS		CMBS		ABS		State and Political   Subdivision
	(In millions)
Three Months Ended March 31, 2013:
Balance, beginning of period	$	7,433	$	6,208	$	1,814	$	71	$	2,037	$	1,147	$	3,656	$	54
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		6		1		5		—		8		—		3		—
Net investment gains (losses)		(4)		(17)		5		—		(1)		—		—		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		171		1		(25)		—		112		(21)		(23)		—
Purchases (3)		288		313		395		45		432		392		805		—
Sales (3)		(326)		(275)		(41)		(1)		(77)		(315)		(275)		(1)
Issuances (3)		—		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		—		—
Transfers into Level 3 (4)		412		26		149		—		9		143		1		—
Transfers out of Level 3 (4)		(1,554)		(432)		(99)		—		(94)		(262)		(401)		—
Balance, end of period	$	6,426	$	5,825	$	2,203	$	115	$	2,426	$	1,084	$	3,766	$	53
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	4	$	4	$	6	$	—	$	8	$	(2)	$	3	$	—
Net investment gains (losses)	$	(5)	$	(18)	$	—	$	—	$	(1)	$	—	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:				FVO and Trading 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
	(In millions)
Three Months Ended March 31, 2013:
Balance, beginning of period	$	190	$	419	$	6	$	32	$	937	$	429	$	49
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—		—		—		4		(27)		1		—
Net investment gains (losses)		(1)		(22)		—		—		—		(23)		—
Net derivative gains (losses)		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—
OCI		(3)		48		—		—		—		21		—
Purchases (3)		5		3		8		—		578		2,048		—
Sales (3)		(2)		(47)		—		(7)		(628)		(341)		(43)
Issuances (3)		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		(4)
Transfers into Level 3 (4)		—		—		—		15		30		—		—
Transfers out of Level 3 (4)		—		—		—		—		(59)		(5)		—
Balance, end of period	$	189	$	401	$	14	$	44	$	831	$	2,130	$	2
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	3	$	(1)	$	2	$	—
Net investment gains (losses)	$	—	$	(20)	$	—	$	—	$	—	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)
	Interest     Rate		Foreign Currency   Exchange   Rate		Credit		Equity     Market		Net Embedded   Derivatives (7)		Separate     Account Assets (8)		Long-term   Debt of CSEs
	(In millions)
Three Months Ended March 31, 2013:
Balance, beginning of period	$	177	$	37	$	43	$	128	$	(3,162)	$	1,205	$	(44)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—		—		—		—		—		—		—
Net investment gains (losses)		—		—		—		—		—		16		(1)
Net derivative gains (losses)		5		(8)		(5)		(272)		1,690		—		—
Other revenues		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		13		(47)		—		—
Other expenses		—		—		—		—		—		—		—
OCI		(25)		—		—		(1)		104		—		—
Purchases (3)		—		—		—		—		—		92		—
Sales (3)		—		—		—		—		—		(49)		—
Issuances (3)		—		—		—		—		—		3		—
Settlements (3)		(13)		1		—		(7)		(169)		—		14
Transfers into Level 3 (4)		—		—		—		—		—		3		—
Transfers out of Level 3 (4)		—		—		—		—		—		(51)		—
Balance, end of period	$	144	$	30	$	38	$	(139)	$	(1,584)	$	1,219	$	(31)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Net investment gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	(1)
Net derivative gains (losses)	$	5	$	(7)	$	(5)	$	(272)	$	1,683	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	13	$	(46)	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S.     Corporate		Foreign     Corporate		Foreign   Government		U.S. Treasury   and Agency		RMBS		CMBS		ABS		State and Political   Subdivision
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	6,784	$	4,370	$	2,322	$	31	$	1,602	$	753	$	1,850	$	53
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		2		5		3		—		7		6		6		—
Net investment gains (losses)		(1)		(41)		(1)		—		(1)		(18)		1		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		2		107		34		(1)		8		4		(18)		3
Purchases (3)		730		435		256		—		794		66		542		26
Sales (3)		(313)		(112)		(141)		(6)		(128)		(57)		(135)		—
Issuances (3)		—		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		—		—
Transfers into Level 3 (4)		118		44		36		—		—		8		—		—
Transfers out of Level 3 (4)		(17)		(162)		(296)		—		(36)		—		(48)		—
Balance, end of period	$	7,305	$	4,646	$	2,213	$	24	$	2,246	$	762	$	2,198	$	82
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	2	$	5	$	3	$	—	$	7	$	6	$	6	$	—
Net investment gains (losses)	$	(1)	$	(30)	$	(1)	$	—	$	—	$	(15)	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:				FVO and Trading 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 (9)
	(In millions)
Three Months Ended March 31, 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		1		—		—		7		17		2		—		—
Net investment gains (losses)		(1)		(3)		—		—		—		—		—		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		32		45
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		6		28		—		—		—		2		—		—
Purchases (3)		20		—		13		—		870		213		—		—
Sales (3)		—		(17)		—		—		(1,037)		(100)		—		—
Issuances (3)		—		—		—		—		—		—		277		59
Settlements (3)		—		—		—		—		—		—		(18)		(43)
Transfers into Level 3 (4)		15		—		—		—		4		—		12		—
Transfers out of Level 3 (4)		(54)		—		—		—		(3)		(245)		(9)		—
Balance, end of period	$	268	$	446	$	13	$	30	$	1,237	$	462	$	1,708	$	727
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	7	$	26	$	2	$	—	$	—
Net investment gains (losses)	$	—	$	(3)	$	—	$	—	$	—	$	—	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	32	$	47
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)
	Interest     Rate		Foreign   Currency   Exchange Rate		Credit		Equity     Market		Net Embedded   Derivatives (7)		Separate Account     Assets (8)		Long-term   Debt of CSEs		Liability Related to     Securitized     Reverse Mortgage Loans (9)
	(In millions)
Three Months Ended March 31, 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		—		—		—		—		—		—		—		—
Net investment gains (losses)		—		—		—		—		—		55		(10)		—
Net derivative gains (losses)		1		17		43		(508)		1,873		—		—		—
Other revenues		(63)		—		—		—		—		—		—		(2)
Policyholder benefits and claims		—		—		—		16		(47)		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		(86)		—		—		(4)		103		—		—		—
Purchases (3)		—		—		—		—		—		139		—		—
Sales (3)		—		—		—		—		—		(143)		—		—
Issuances (3)		—		—		(3)		—		—		1		—		(340)
Settlements (3)		(10)		(7)		(3)		—		(139)		(4)		44		12
Transfers into Level 3 (4)		—		—		—		—		—		26		—		—
Transfers out of Level 3 (4)		—		—		—		—		—		(17)		—		—
Balance, end of period	$	142	$	54	$	38	$	393	$	(2,413)	$	1,382	$	(82)	$	(1,505)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Net investment gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	(10)	$	—
Net derivative gains (losses)	$	2	$	7	$	41	$	(507)	$	1,864	$	—	$	—	$	—
Other revenues	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	(3)
Policyholder benefits and claims	$	—	$	—	$	—	$	16	$	(46)	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1) Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) 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 mortgage servicing rights (“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) Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4) Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

(5) Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods.

(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 2012 Annual Report for a discussion of the MetLife Bank Divestiture. See Note 10 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for discussion of the valuation techniques and key inputs. Other revenues related to MSRs represent the changes in estimated fair value due to changes in valuation model inputs or assumptions.

Fair Value, Option, Quantitative Disclosures

	Mortgage Loans Held-for-Sale (1)				Certain Assets and Liabilities of CSEs (2)
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(In millions)
Assets:
Unpaid principal balance	$	4	$	80	$	2,293	$	2,539
Difference between estimated fair value and unpaid principal balance		(2)		(31)		114		127
Carrying value at estimated fair value	$	2	$	49	$	2,407	$	2,666
Loans in non-accrual status	$	1	$	3	$	—	$	—
Loans more than 90 days past due	$	1	$	23	$	—	$	—
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)	$	(14)	$	—	$	—
Liabilities:
Contractual principal balance					$	2,191	$	2,430
Difference between estimated fair value and contractual principal balance						77		97
Carrying value at estimated fair value					$	2,268	$	2,527

(1) Interest income on residential mortgage loans held-for-sale is recorded based on the stated rate of the loan and is included in net investment income. Gains and losses from initial measurement, subsequent changes in estimated fair value and gains or losses on sales are recognized in other revenues. Changes in estimated fair value for these loans were due to the following:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Instrument-specific credit risk based on changes in credit spreads for non-agency loans and adjustments in individual loan quality	$	(1)	$	(2)
Other changes in estimated fair value		—		170
Total gains (losses) recognized in other revenues	$	(1)	$	168

(2) These assets and liabilities are comprised of the commercial mortgage loans and the long-term debt. Changes in estimated fair value on these assets and liabilities and gains or losses on sales of these assets are recognized in net investment gains (losses). Interest income on commercial mortgage loans held by CSEs is recognized in net investment income. Interest expense from long-term debt of CSEs is recognized in other expenses.

Estimated fair value of certain investments

	Three Months Ended March 31,
	2013						2012
	Carrying Value Prior to     Measurement		Carrying Value After     Measurement		Gains         (Losses)		Carrying Value Prior to     Measurement		Carrying Value After     Measurement		Gains         (Losses)
	(In millions)
Mortgage loans: (1)
Held-for-investment	$	248	$	255	$	7	$	166	$	167	$	1
Held-for-sale	$	288	$	267	$	(21)	$	320		304	$	(16)
Other limited partnership interests (2)	$	1	$	1	$	—	$	10	$	7	$	(3)
Real estate joint ventures (3)	$	5	$	3	$	(2)	$	5	$	2	$	(3)

(1) The carrying value after measurement has been adjusted for the excess of the carrying value prior to measurement over the estimated fair value. Estimated fair values for impaired mortgage loans are based on independent broker quotations or valuation models using unobservable inputs or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, are based on the estimated fair value of the underlying collateral or the present value of the expected future cash flows.

(2) For these cost method investments, estimated fair value is determined from information provided in the financial statements of the underlying entities including NAV data. 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. 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 at both March 31, 2013 and 2012 were not significant.

(3) For these cost method investments, estimated fair value is determined from information provided in the financial statements of the underlying entities including NAV data. These investments include several real estate funds that typically invest primarily in commercial real estate. 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 one to 10 years. Unfunded commitments for these investments at both March 31, 2013 and 2012 were not significant.

Fair value of financial instruments

	March 31, 2013
			Fair Value Hierarchy
	Carrying         Value		Level 1		Level 2		Level 3		Total Estimated     Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	52,936	$	—	$	—	$	56,652	$	56,652
Held-for-sale		269		—		—		269		269
Mortgage loans, net	$	53,205	$	—	$	—	$	56,921	$	56,921
Policy loans	$	11,781	$	—	$	1,690	$	12,376	$	14,066
Real estate joint ventures	$	108	$	—	$	—	$	169	$	169
Other limited partnership interests	$	1,132	$	—	$	—	$	1,265	$	1,265
Other invested assets	$	882	$	232	$	301	$	349	$	882
Premiums, reinsurance and other receivables	$	2,894	$	—	$	408	$	2,756	$	3,164
Other assets	$	259	$	—	$	214	$	77	$	291
Liabilities:
PABs	$	149,851	$	—	$	—	$	157,571	$	157,571
Bank deposits	$	—	$	—	$	—	$	—	$	—
Long-term debt	$	16,422	$	—	$	18,603	$	—	$	18,603
Collateral financing arrangements	$	4,196	$	—	$	—	$	3,879	$	3,879
Junior subordinated debt securities	$	3,193	$	—	$	4,066	$	—	$	4,066
Other liabilities	$	4,547	$	—	$	3,303	$	1,247	$	4,550
Separate account liabilities	$	60,219	$	—	$	60,219	$	—	$	60,219
Commitments: (1)
Mortgage loan commitments	$	—	$	—	$	—	$	16	$	16
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	—	$	26	$	—	$	26

	December 31, 2012
			Fair Value Hierarchy
	Carrying         Value		Level 1		Level 2		Level 3		Total Estimated     Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	53,926	$	—	$	—	$	57,381	$	57,381
Held-for-sale		365		—		—		365		365
Mortgage loans, net	$	54,291	$	—	$	—	$	57,746	$	57,746
Policy loans	$	11,884	$	—	$	1,690	$	12,567	$	14,257
Real estate joint ventures	$	113	$	—	$	—	$	171	$	171
Other limited partnership interests	$	1,154	$	—	$	—	$	1,277	$	1,277
Other invested assets	$	815	$	305	$	144	$	366	$	815
Premiums, reinsurance and other receivables	$	3,287	$	—	$	745	$	2,960	$	3,705
Other assets	$	260	$	—	$	214	$	78	$	292
Liabilities:
PABs	$	149,928	$	—	$	—	$	158,040	$	158,040
Bank deposits	$	6,416	$	—	$	2,018	$	4,398	$	6,416
Long-term debt	$	16,502	$	—	$	18,978	$	—	$	18,978
Collateral financing arrangements	$	4,196	$	—	$	—	$	3,839	$	3,839
Junior subordinated debt securities	$	3,192	$	—	$	3,984	$	—	$	3,984
Other liabilities	$	1,913	$	—	$	673	$	1,243	$	1,916
Separate account liabilities	$	58,726	$	—	$	58,726	$	—	$	58,726
Commitments: (1)
Mortgage loan commitments	$	—	$	—	$	—	$	12	$	12
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	—	$	22	$	—	$	22

(1) Commitments are off-balance sheet obligations. Negative estimated fair values represent off-balance sheet liabilities. See Note 13 for additional information on these off-balance sheet obligations.