Fair Value (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value [Abstract]

Recurring Fair Value Measurements

	June 30, 2013
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated  Fair Value
	(In millions)
Assets:
Fixed maturity securities:
U.S. corporate	$	—	$	103,090	$	5,918	$	109,008
Foreign corporate		—		58,178		6,008		64,186
Foreign government		—		50,326		1,971		52,297
U.S. Treasury and agency		25,535		21,809		82		47,426
RMBS		984		32,722		2,735		36,441
CMBS		—		16,213		1,050		17,263
ABS		—		11,897		3,758		15,655
State and political subdivision		—		14,197		41		14,238
Total fixed maturity securities		26,519		308,432		21,563		356,514
Equity securities:
Common stock		1,017		1,031		183		2,231
Non-redeemable preferred stock		—		592		408		1,000
Total equity securities		1,017		1,623		591		3,231
FVO and trading securities:
Actively Traded Securities		4		729		11		744
FVO general account securities		5		138		46		189
FVO contractholder-directed unit-linked investments		9,443		5,114		593		15,150
FVO securities held by CSEs		—		27		—		27
Total FVO and trading securities		9,452		6,008		650		16,110
Short-term investments (1)		4,240		6,033		344		10,617
Mortgage loans:
Residential mortgage loans — FVO		—		—		150		150
Commercial mortgage loans held by CSEs		—		2,268		—		2,268
Mortgage loans held-for-sale (2)		—		—		—		—
Total mortgage loans		—		2,268		150		2,418
Other invested assets:
Other investments		163		87		—		250
Derivative assets: (3)
Interest rate		11		6,500		118		6,629
Foreign currency exchange rate		—		1,422		27		1,449
Credit		—		75		30		105
Equity market		11		1,946		294		2,251
Total derivative assets		22		9,943		469		10,434
Total other invested assets		185		10,030		469		10,684
Net embedded derivatives within asset host contracts (4)		—		—		339		339
Separate account assets (5)		34,193		210,155		1,225		245,573
Total assets	$	75,606	$	544,549	$	25,331	$	645,486
Liabilities:
Derivative liabilities: (3)
Interest rate	$	13	$	2,466	$	20	$	2,499
Foreign currency exchange rate		2		1,229		21		1,252
Credit		—		40		5		45
Equity market		53		631		465		1,149
Total derivative liabilities		68		4,366		511		4,945
Net embedded derivatives within liability host contracts (4)		—		8		1,017		1,025
Long-term debt of CSEs		—		2,095		31		2,126
Trading liabilities (6)		236		—		—		236
Total liabilities	$	304	$	6,469	$	1,559	$	8,332

	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:
Residential mortgage loans — FVO		—		—		—		—
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 assets are presented within other invested assets in the consolidated balance sheets and 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 June 30, 2013 and December 31, 2012, equity securities also included embedded derivatives of ($143) million 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

			June 30, 2013				December 31, 2012				Impact of
	Valuation Techniques	Significant Unobservable Inputs	Range			Weighted Average (1)	Range			Weighted Average (1)	Increase in Input on Estimated Fair Value (2)
Fixed maturity securities: (3)
U.S. corporate and foreign corporate	• Matrix pricing	• Delta spread adjustments (4)	(40)	–	240	65	(50)	–	500	90	Decrease
		• Illiquidity premium (4)	30	–	30	30	30	–	30	30	Decrease
		• Credit spreads (4)	(1,445)	–	720	200	(1,416)	–	876	272	Decrease
		• Offered quotes (5)	—	–	127	101	—	–	348	115	Increase
	• Consensus pricing	• Offered quotes (5)	50	–	120	91	—	–	555	92	Increase
Foreign government	• Matrix pricing	• Credit spreads (4)	9	–	1,434	584	(58)	–	150	72	Decrease
	• Market pricing	• Quoted prices (5)	51	–	146	100	77	–	146	99	Increase
	• Consensus pricing	• Offered quotes (5)	85	–	187	120	82	–	200	117	Increase
RMBS	• Matrix pricing and discounted cash flow	• Credit spreads (4)	(148)	–	2,984	284	9	–	2,980	521	Decrease (6)
	• Market pricing	• Quoted prices (5)	13	–	109	96	13	–	109	100	Increase (6)
	• Consensus pricing	• Offered quotes (5)	72	–	100	83	28	–	100	75	Increase (6)
CMBS	• Matrix pricing and discounted cash flow	• Credit spreads (4)	6	–	1,412	328	1	–	9,164	374	Decrease (6)
	• Market pricing	• Quoted prices (5)	2	–	104	97	1	–	106	99	Increase (6)
	• Consensus pricing	• Offered quotes (5)	100	–	100	100					Increase (6)
ABS	• Matrix pricing and discounted cash flow	• Credit spreads (4)	30	–	1,828	117	—	–	1,829	109	Decrease (6)
	• Market pricing	• Quoted prices (5)	—	–	109	101	40	–	105	100	Increase (6)
	• Consensus pricing	• Offered quotes (5)	—	–	111	97	—	–	111	97	Increase (6)
Derivatives:
Interest rate	• Present value techniques	• Swap yield (7)	238	–	402		186	–	353		Increase (12)
Foreign currency exchange rate	• Present value techniques	• Swap yield (7)	192	–	770		228	–	795		Increase (12)
		• Correlation (8)	31%	–	50%		43%	–	57%
Credit	• Present value techniques	• Credit spreads (9)	99	–	100		100	–	100		Decrease (9)
	• Consensus pricing	• Offered quotes (10)
Equity market	• Present value techniques or option pricing models	• Volatility (11)	16%	–	31%		13%	–	32%		Increase (12)
		• Correlation (8)	50%	–	50%		65%	–	65%
Embedded derivatives:
Direct and assumed guaranteed minimum benefits	• Option pricing techniques	• Mortality rates:
		Ages 0 - 40	0%	–	0.14%		0%	–	0.14%		Decrease (13)
		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	0.07%	–	20%		0.07%	–	20%		(16)
		• Long-term equity volatilities	15.18%	–	40%		15.18%	–	40%		Increase (17)
		• Nonperformance risk spread	0.01%	–	1.30%		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. For embedded derivatives, changes are based on liability positions.

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

(4) Range and 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 June 30, 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 June 30, 2013:
Balance, beginning of period	$	6,426	$	5,825	$	2,203	$	115	$	2,426	$	1,084	$	3,766	$	53
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		4		4		2		—		2		—		5		—
Net investment gains (losses)		(29)		(3)		—		—		4		(2)		—		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		(169)		(168)		(48)		(2)		14		(6)		(37)		(1)
Purchases (3)		553		642		234		—		524		184		359		17
Sales (3)		(281)		(135)		(47)		(42)		(198)		(113)		(256)		(5)
Issuances (3)		—		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		—		—
Transfers into Level 3 (4)		121		201		3		16		49		46		—		—
Transfers out of Level 3 (4)		(707)		(358)		(376)		(5)		(86)		(143)		(79)		(23)
Balance, end of period	$	5,918	$	6,008	$	1,971	$	82	$	2,735	$	1,050	$	3,758	$	41
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	3	$	4	$	2	$	—	$	9	$	—	$	5	$	—
Net investment gains (losses)	$	(28)	$	—	$	—	$	—	$	(1)	$	(2)	$	—	$	—
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		Residential Mortgage Loans - FVO		Mortgage Loans Held- for-sale
	(In millions)
Three Months Ended June 30, 2013:
Balance, beginning of period	$	189	$	401	$	14	$	44	$	831	$	2,130	$	—	$	2
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—		—		—		2		(17)		2		—		—
Net investment gains (losses)		—		1		—		—		—		4		—		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		(4)		8		—		—		—		(38)		—		—
Purchases (3)		8		20		1		—		341		247		150		—
Sales (3)		(7)		(22)		(4)		—		(481)		(1,783)		—		(2)
Issuances (3)		—		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		—		—
Transfers into Level 3 (4)		1		—		2		—		36		—		—		—
Transfers out of Level 3 (4)		(4)		—		(2)		—		(117)		(218)		—		—
Balance, end of period	$	183	$	408	$	11	$	46	$	593	$	344	$	150	$	—
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	3	$	(9)	$	1	$	—	$	—
Net investment gains (losses)	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	—
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 June 30, 2013:
Balance, beginning of period	$	144		$	30		$	38		$	(139)		$	(1,584)		$	1,219	$	(31)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—			—			—			—		—
Net investment gains (losses)		—			—			—			—			—			(15)		—
Net derivative gains (losses)		(26)			(25)			(10)			(33)			1,031			—		—
Other revenues		—			—			—			—			—			—		—
Policyholder benefits and claims		—			—			—			(3)			(33)			—		—
Other expenses		—			—			—			—			—			—		—
OCI		(7)			2			(3)			—			105			—		—
Purchases (3)		—			2			—			4			—			117		—
Sales (3)		—			—			—			—			—			(39)		—
Issuances (3)		—			(1)			—			—			—			—		—
Settlements (3)		(12)			(2)			—			—			(197)			(19)		—
Transfers into Level 3 (4)		—			—			—			—			—			5		—
Transfers out of Level 3 (4)		(1)			—			—			—			—			(43)		—
Balance, end of period	$	98		$	6		$	25		$	(171)		$	(678)		$	1,225	$	(31)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—	$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—	$	—
Net derivative gains (losses)	$	(21	)	$	(26	)	$	(10	)	$	(34	)	$	1,024		$	—	$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—	$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	(3	)	$	(31	)	$	—	$	—
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 June 30, 2012:
Balance, beginning of period	$	7,305		$	4,646		$	2,213		$	24	$	2,246		$	762		$	2,198	$	82
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		2			5			(5)			—		6			1			4		—
Net investment gains (losses)		12			(14)			(6)			—		(4)			(18)			1		—
Net derivative gains (losses)		—			—			—			—		—			—			—		—
Other revenues		—			—			—			—		—			—			—		—
Policyholder benefits and claims		—			—			—			—		—			—			—		—
Other expenses		—			—			—			—		—			—			—		—
OCI		10			(7)			(29)			1		35			20			5		—
Purchases (3)		452			752			469			50		349			448			699		—
Sales (3)		(381)			(349)			(82)			(1)		(189)			(128)			(180)		(6)
Issuances (3)		—			—			—			—		—			—			—		—
Settlements (3)		—			—			—			—		—			—			—		—
Transfers into Level 3 (4)		92			129			37			—		37			21			1		—
Transfers out of Level 3 (4)		(98)			(349)			(211)			—		(117)			(68)			(48)		—
Balance, end of period	$	7,394		$	4,813		$	2,386		$	74	$	2,363		$	1,038		$	2,680	$	76
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	2		$	5		$	(5	)	$	—	$	6		$	1		$	4	$	—
Net investment gains (losses)	$	(1	)	$	(15	)	$	—		$	—	$	(3	)	$	(9	)	$	—	$	—
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		Residential Mortgage Loans - FVO		Mortgage Loans Held- for-sale
	(In millions)
Three Months Ended June 30, 2012:
Balance, beginning of period	$	268		$	446	$	13	$	30		$	1,237		$	462	$	—	$	1,708
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—		—		(4)			(46)			1		—		—
Net investment gains (losses)		1			—		—		—			—			—		—		—
Net derivative gains (losses)		—			—		—		—			—			—		—		—
Other revenues		—			—		—		—			—			—		—		(15)
Policyholder benefits and claims		—			—		—		—			—			—		—		—
Other expenses		—			—		—		—			—			—		—		—
OCI		(4)			(7)		—		—			—			(10)		—		—
Purchases (3)		36			5		13		—			833			571		—		—
Sales (3)		(22)			(12)		(13)		—			(897)			(307)		—		(1,608)
Issuances (3)		—			—		—		—			—			—		—		106
Settlements (3)		—			—		—		—			—			—		—		(31)
Transfers into Level 3 (4)		3			—		—		—			5			—		—		54
Transfers out of Level 3 (4)		—			—		—		—			(36)			—		—		(3)
Balance, end of period	$	282		$	432	$	13	$	26		$	1,096		$	717	$	—	$	211
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—	$	—	$	(4	)	$	(42	)	$	2	$	—	$	—
Net investment gains (losses)	$	(1	)	$	—	$	—	$	—		$	—		$	—	$	—	$	—
Net derivative gains (losses)	$	—		$	—	$	—	$	—		$	—		$	—	$	—	$	—
Other revenues	$	—		$	—	$	—	$	—		$	—		$	—	$	—	$	4
Policyholder benefits and claims	$	—		$	—	$	—	$	—		$	—		$	—	$	—	$	—
Other expenses	$	—		$	—	$	—	$	—		$	—		$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
				Net Derivatives: (6)
	MSRs (9)			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 June 30, 2012:
Balance, beginning of period	$	727		$	142	$	54		$	38		$	393		$	(2,413)		$	1,382	$	(82)	$	(1,505)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—		—			—			(1)			—			—		—		—
Net investment gains (losses)		—			—		—			—			—			—			23		1		—
Net derivative gains (losses)		—			22		(9)			(14)			225			(1,362)			—		—		—
Other revenues		(130)			(4)		—			—			—			—			—		—		1
Policyholder benefits and claims		—			—		—			—			(4)			42			—		—		—
Other expenses		—			—		—			—			—			—			—		—		—
OCI		—			98		—			—			1			(64)			—		—		—
Purchases (3)		—			—		—			—			10			—			191		—		—
Sales (3)		(49)			—		—			—			—			—			(116)		—		1,484
Issuances (3)		46			—		—			—			—			—			2		—		(98)
Settlements (3)		(30)			(30)		(5)			—			(49)			(164)			(1)		—		20
Transfers into Level 3 (4)		—			—		—			—			—			—			2		—		—
Transfers out of Level 3 (4)		—			—		—			—			—			—			(38)		—		—
Balance, end of period	$	564		$	228	$	40		$	24		$	575		$	(3,961)		$	1,445	$	(81)	$	(98)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—	$	—		$	—		$	(1	)	$	—		$	—	$	—	$	—
Net investment gains (losses)	$	—		$	—	$	—		$	—		$	—		$	—		$	—	$	1	$	—
Net derivative gains (losses)	$	—		$	15	$	(8	)	$	(14	)	$	198		$	(1,366	)	$	—	$	—	$	—
Other revenues	$	(121	)	$	—	$	—		$	—		$	—		$	—		$	—	$	—	$	—
Policyholder benefits and claims	$	—		$	—	$	—		$	—		$	(4	)	$	42		$	—	$	—	$	—
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)
Six Months Ended June 30, 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		8			6			8			—			10			(1	)		8			—
Net investment gains (losses)		(32	)		(23	)		5			—			2			(2	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—
OCI		(9	)		(161	)		(47	)		(2	)		124			(49	)		(62	)		(1	)
Purchases (3)		684			794			352			—			803			404			985			17
Sales (3)		(659	)		(413	)		(74	)		(4	)		(168	)		(333	)		(420	)		(5	)
Issuances (3)		—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		241			185			91			17			21			139			—			—
Transfers out of Level 3 (4)		(1,748	)		(588	)		(178	)		—			(94	)		(255	)		(409	)		(24	)
Balance, end of period	$	5,918		$	6,008		$	1,971		$	82		$	2,735		$	1,050		$	3,758		$	41
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	7		$	5		$	8		$	—		$	17		$	(1	)	$	8		$	—
Net investment gains (losses)	$	(34	)	$	(3	)	$	—		$	—		$	(1	)	$	(2	)	$	—		$	—
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		Residential Mortgage Loans - FVO		Mortgage Loans Held- for-sale
								(In millions)
Six Months Ended June 30, 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		—		—			—		5		(24)			2		—		—
Net investment gains (losses)		—		(29)			—		—		—			(24)		—		—
Net derivative gains (losses)		—		—			—		—		—			—		—		—
Other revenues		—		—			—		—		—			—		—		—
Policyholder benefits and claims		—		—			—		—		—			—		—		—
Other expenses		—		—			—		—		—			—		—		—
OCI		(7)		65			—		—		—			11		—		—
Purchases (3)		12		23			3		—		340			332		150		—
Sales (3)		(9)		(70)			—		(5)		(427)			(400)		—		(45)
Issuances (3)		—		—			—		—		—			—		—		—
Settlements (3)		—		—			—		—		—			—		—		(4)
Transfers into Level 3 (4)		1		—			2		14		58			—		—		—
Transfers out of Level 3 (4)		(4)		—			—		—		(291)			(6)		—		—
Balance, end of period	$	183	$	408		$	11	$	46	$	593		$	344	$	150	$	—
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—		$	—	$	5	$	(12	)	$	1	$	—	$	—
Net investment gains (losses)	$	—	$	(20	)	$	—	$	—	$	—		$	1	$	—	$	—
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)
Six Months Ended June 30, 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)		—			—			—			—			—			—		(1)
Net derivative gains (losses)		(22)			(34)			(15)			(305)			2,721			—		—
Other revenues		—			—			—			—			—			—		—
Policyholder benefits and claims		—			—			—			9			(80)			—		—
Other expenses		—			—			—			—			—			—		—
OCI		(31)			1			(3)			—			209			—		—
Purchases (3)		—			2			—			4			—			175		—
Sales (3)		—			—			—			—			—			(78)		—
Issuances (3)		—			(1)			—			—			—			—		—
Settlements (3)		(25)			1			—			(7)			(366)			(28)		14
Transfers into Level 3 (4)		—			—			—			—			—			7		—
Transfers out of Level 3 (4)		(1)			—			—			—			—			(56)		—
Balance, end of period	$	98		$	6		$	25		$	(171)		$	(678)		$	1,225	$	(31)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—	$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—	$	(1	)
Net derivative gains (losses)	$	(17	)	$	(34	)	$	(15	)	$	(305	)	$	2,707		$	—	$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—	$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	10		$	(77	)	$	—	$	—
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)
Six Months Ended June 30, 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		4			10			1		—		12			7			10		—
Net investment gains (losses)		11			(55)			(7)		—		(4)			(36)			2		—
Net derivative gains (losses)		—			—			—		—		—			—			—		—
Other revenues		—			—			—		—		—			—			—		—
Policyholder benefits and claims		—			—			—		—		—			—			—		—
Other expenses		—			—			—		—		—			—			—		—
OCI		(20)			90			(8)		—		40			20			(14)		4
Purchases (3)		1,111			1,049			634		50		892			458			1,124		20
Sales (3)		(555)			(451)			(235)		(7)		(194)			(182)			(246)		(1)
Issuances (3)		—			—			—		—		—			—			—		—
Settlements (3)		—			—			—		—		—			—			—		—
Transfers into Level 3 (4)		203			132			60		—		27			18			2		—
Transfers out of Level 3 (4)		(144)			(332)			(381)		—		(12)			—			(48)		—
Balance, end of period	$	7,394		$	4,813		$	2,386	$	74	$	2,363		$	1,038		$	2,680	$	76
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	5		$	10		$	1	$	—	$	12		$	2		$	9	$	—
Net investment gains (losses)	$	(2	)	$	(26	)	$	—	$	—	$	(3	)	$	(9	)	$	—	$	—
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		Residential Mortgage Loans - FVO		Mortgage Loans Held- for-sale
								(In millions)
Six Months Ended June 30, 2012:
Balance, beginning of period	$	281		$	438	$	—	$	23	$	1,386		$	590	$	—	$	1,414
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—		—		3		(31)			—		—		—
Net investment gains (losses)		(9)			—		—		—		—			—		—		—
Net derivative gains (losses)		—			—		—		—		—			—		—		—
Other revenues		—			—		—		—		—			—		—		(3)
Policyholder benefits and claims		—			—		—		—		—			—		—		—
Other expenses		—			—		—		—		—			—		—		—
OCI		9			18		—		—		—			(10)		—		—
Purchases (3)		52			5		13		—		844			641		—		—
Sales (3)		(43)			(29)		—		—		(1,070)			(396)		—		(1,323)
Issuances (3)		—			—		—		—		—			—		—		113
Settlements (3)		—			—		—		—		—			—		—		(41)
Transfers into Level 3 (4)		5			—		—		—		5			—		—		54
Transfers out of Level 3 (4)		(13)			—		—		—		(38)			(108)		—		(3)
Balance, end of period	$	282		$	432	$	13	$	26	$	1,096		$	717	$	—	$	211
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—	$	—	$	3	$	(27	)	$	2	$	—	$	—
Net investment gains (losses)	$	(9	)	$	—	$	—	$	—	$	—		$	—	$	—	$	—
Net derivative gains (losses)	$	—		$	—	$	—	$	—	$	—		$	—	$	—	$	—
Other revenues	$	—		$	—	$	—	$	—	$	—		$	—	$	—	$	3
Policyholder benefits and claims	$	—		$	—	$	—	$	—	$	—		$	—	$	—	$	—
Other expenses	$	—		$	—	$	—	$	—	$	—		$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
				Net Derivatives: (6)
	MSRs (9)			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)
Six Months Ended June 30, 2012:
Balance, beginning of period	$	666		$	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		—			—		—			—		(1)			—			—		—			—
Net investment gains (losses)		—			—		—			—		—			—			78		(9)			—
Net derivative gains (losses)		—			24		7			29		(284)			511			—		—			—
Other revenues		(85)			(67)		—			—		—			—			—		—			2
Policyholder benefits and claims		—			—		—			—		12			(5)			—		—			—
Other expenses		—			—		—			—		—			—			—		—			—
OCI		—			11		—			—		(2)			39			—		—			—
Purchases (3)		—			—		—			—		10			—			293		—			—
Sales (3)		(49)			—		—			—		—			—			(255)		—			1,147
Issuances (3)		104			—		—			(3)		—			—			2		—			(98)
Settlements (3)		(72)			(40)		(11)			(3)		(49)			(303)			(4)		44			26
Transfers into Level 3 (4)		—			—		—			—		—			—			23		—			—
Transfers out of Level 3 (4)		—			—		—			—		—			—			(17)		—			—
Balance, end of period	$	564		$	228	$	40		$	24	$	575		$	(3,961)		$	1,445	$	(81)		$	(98)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—		$	—	$	—		$	—	$	(1	)	$	—		$	—	$	—		$	—
Net investment gains (losses)	$	—		$	—	$	—		$	—	$	—		$	—		$	—	$	(9	)	$	—
Net derivative gains (losses)	$	—		$	6	$	(5	)	$	27	$	(287	)	$	498		$	—	$	—		$	—
Other revenues	$	(70	)	$	—	$	—		$	—	$	—		$	—		$	—	$	—		$	—
Policyholder benefits and claims	$	—		$	—	$	—		$	—	$	12		$	(4	)	$	—	$	—		$	—
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 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

	Residential Mortgage Loans – FVO (1)				Mortgage Loans  Held-for-Sale (2)				Certain Assets and Liabilities of CSEs (3)
	June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012
	(In millions)
Assets:
Unpaid principal balance	$	202	$	—	$	—	$	80	$	2,177	$	2,539
Difference between estimated fair value and unpaid principal balance		(52)		—		—		(31)		91		127
Carrying value at estimated fair value	$	150	$	—	$	—	$	49	$	2,268	$	2,666
Loans in non-accrual status	$	—	$	—	$	—	$	3	$	—	$	—
Loans more than 90 days past due	$	—	$	—	$	—	$	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	$	—	$	—	$	—	$	(14)	$	—	$	—
Liabilities:
Contractual principal balance									$	2,076	$	2,430
Difference between estimated fair value and contractual principal balance										50		97
Carrying value at estimated fair value									$	2,126	$	2,527

(1) Interest income, changes in estimated fair value and gains or losses on sales are recognized in net investment income. There were no changes in estimated fair value for the three months and six months ended June 30, 2013.

(2) Interest income 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 June  30,					Six Months Ended June 30,
	2013		2012			2013			2012
	(In millions)
Instrument-specific credit risk based on changes in credit spreads for non-agency loans and adjustments in individual loan quality	$	—	$	4		$	(1	)	$	2
Other changes in estimated fair value		1		(72	)		1			98
Total gains (losses) recognized in other revenues	$	1	$	(68	)	$	—		$	100

(3) 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 June 30,
	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	$	232	$	242	$	10	$	197	$	209	$	12
Held-for-sale	$	—	$	—	$	—	$	254	$	239	$	(15)
Other limited partnership interests (2)	$	108	$	69	$	(39)	$	38	$	27	$	(11)
Real estate joint ventures (3)	$	—	$	—	$	—	$	10	$	8	$	(2)

	Six Months Ended June 30,
	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	$	225	$	242	$	17	$	197	$	210	$	13
Held-for-sale	$	—	$	—	$	—	$	270	$	239	$	(31)
Other limited partnership interests (2)	$	109	$	70	$	(39)	$	48	$	34	$	(14)
Real estate joint ventures (3)	$	5	$	3	$	(2)	$	15	$	10	$	(5)

(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 June 30, 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 and mezzanine debt. 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 June 30, 2013 and 2012 were not significant.

Fair value of financial instruments

	June 30, 2013
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	53,218	$	—	$	—	$	55,875	$	55,875
Held-for-sale		—		—		—		—		—
Mortgage loans, net	$	53,218	$	—	$	—	$	55,875	$	55,875
Policy loans	$	11,722	$	—	$	1,646	$	11,962	$	13,608
Real estate joint ventures	$	106	$	—	$	—	$	174	$	174
Other limited partnership interests	$	1,064	$	—	$	—	$	1,246	$	1,246
Other invested assets	$	892	$	250	$	314	$	328	$	892
Premiums, reinsurance and other receivables	$	2,799	$	—	$	404	$	2,543	$	2,947
Other assets	$	260	$	—	$	211	$	78	$	289
Liabilities:
PABs	$	142,852	$	—	$	—	$	149,632	$	149,632
Bank deposits	$	—	$	—	$	—	$	—	$	—
Long-term debt	$	16,421	$	—	$	18,021	$	—	$	18,021
Collateral financing arrangements	$	4,196	$	—	$	—	$	3,937	$	3,937
Junior subordinated debt securities	$	3,193	$	—	$	3,874	$	—	$	3,874
Other liabilities	$	5,781	$	—	$	4,532	$	1,252	$	5,784
Separate account liabilities	$	61,122	$	—	$	61,122	$	—	$	61,122
Commitments: (1)
Mortgage loan commitments	$	—	$	—	$	—	$	(34)	$	(34)
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	—	$	(21)	$	—	$	(21)
	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 14 for additional information on these off-balance sheet obligations.