x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 90-0226248 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
1290 Avenue of the Americas, New York, New York | 10104 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ¨ | Accelerated filer | ¨ | |||
Non-accelerated filer | x (Do not check if a smaller reporting company) | Smaller reporting company | ¨ | |||
Emerging growth company | ¨ | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ¨ |
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PART I | |||
Item 1. | |||
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Item 2. | |||
Item 3. | |||
Item 4. | |||
PART II | OTHER INFORMATION | ||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5. | |||
Item 6. | |||
• | Adverse conditions in the global capital markets and the economy; |
• | Variable annuity guaranteed benefits features within certain of our products; |
• | Inadequacy of our reinsurance and hedging programs; |
• | Competition from other insurance companies, banks, asset managers and other financial institutions; |
• | The failure of our new business strategy in accomplishing our objectives; |
• | Risks related to our Investment Management and Research segment, including significant fluctuations in AB’s assets under management (“AUM”), the industry-wide shift from actively-managed investment services to passive services, termination of investment advisory agreement, inability to deliver consistent performance, the quantitative models AB uses in certain of its investment services containing errors, and fluctuations in exchange rates; |
• | Inability to recruit, motivate and retain key employees and experienced and productive financial professionals; |
• | The amount of statutory capital we have and must hold to meet our statutory capital requirements and our financial strength and credit ratings varying significantly from time to time; |
• | Holdings’ dependence on the ability of its subsidiaries to pay dividends and other distributions to Holdings, and the failure of its insurance subsidiaries to generate sufficient statutory earnings or have sufficient statutory surplus to enable them to pay ordinary dividends; |
• | Operational failures, failure of information systems or failure to protect the confidentiality of customer information, including by service providers, or losses due to defaults, errors or omissions by third parties and affiliates; |
• | Risks related to strategic transactions; |
• | The occurrence of a catastrophe, including natural or man-made disasters; |
• | Failure to protect our intellectual property and infringement claims by a third party; |
• | Our investment advisory agreements with clients, and selling and distribution agreements with various financial intermediaries and consultants, being subject to termination or non-renewal on short notice; |
• | Failure of our insurance to fully cover potential exposures; |
• | Changes in accounting standards; |
• | Risks and increased compliance and regulatory costs due to certain of our administrative operations and offices being located internationally; |
• | Our counterparties’ requirements to pledge collateral or make payments related to declines in estimated fair value of specified assets and changes in the actual or perceived soundness or condition of other financial institutions and market participants; |
• | Gross unrealized losses on fixed maturity and equity securities, illiquid investments and defaults on investments; |
• | Changes to policyholder behavior assumptions under the contracts reinsured to our affiliated captives, the performance of their hedging program, their liquidity needs, their overall financial results and changes in regulatory requirements regarding the use of captives; |
• | The failure to administer or meet any of the complex product and regulatory requirements of our retirement and protection products; |
• | Changes in statutory reserve or other requirements; |
• | A downgrade in our financial strength and claims-paying ratings; |
• | Consolidation of or a loss of, or significant change in, key product distribution relationships; |
• | The failure of our risk management policies and procedures to be adequate to identify, monitor and manage risks; |
• | Inadequate reserves due to differences between our actual experience and management’s estimates and assumptions; |
• | Mortality, longevity and morbidity rates or persistency rates differing significantly from our pricing expectations; |
• | The acceleration of the amortization of deferred acquisition costs (“DAC”); |
• | Inherent uncertainty in our financial models that rely on a number of estimates, assumptions and projections; |
• | Subjective determination of the amount of allowances and impairments taken on our investments; |
• | Changes in the partnership structure of AB Holding and ABLP or changes in the tax law governing partnerships; |
• | U.S. federal and state legislative and regulatory action affecting financial institutions and changes in supervisory and enforcement policies; |
• | The Tax Cuts and Jobs Act, enacted on December 22, 2017 (the “Tax Reform Act”) and future changes in U.S. tax laws and regulations or interpretations thereof; |
• | Adverse outcomes of legal or regulatory actions; |
• | Conflicts of interest that arise because our controlling stockholder and its affiliates have continuing agreements and business relationships with us; |
• | Our failure to effectively remediate the material weaknesses in our internal control over financial reporting; |
• | Costs associated with any rebranding that we expect to undertake after AXA S.A. (“AXA”) ceases to own at least a majority of our outstanding common stock; |
• | Failure to replicate or replace functions, systems and infrastructure provided by AXA or certain of its affiliates and loss of benefits from AXA’s global contracts; and |
• | Future sales of shares by existing stockholders could cause our stock price to decline. |
March 31, 2018 | December 31, 2017 | ||||||
(Unaudited) | |||||||
(in millions, except share amounts) | |||||||
ASSETS | |||||||
Investments: | |||||||
Fixed maturities available for sale, at fair value (amortized cost of $43,268 and $45,068) | $ | 43,484 | $ | 46,941 | |||
Mortgage loans on real estate (net of valuation allowance of $7 and $8) | 11,333 | 10,952 | |||||
Real estate held for production of income(1) | 52 | 390 | |||||
Policy loans | 3,776 | 3,819 | |||||
Other equity investments(1) | 1,258 | 1,392 | |||||
Trading securities, at fair value | 14,919 | 14,170 | |||||
Other invested assets(1) | 4,061 | 4,118 | |||||
Total investments | 78,883 | 81,782 | |||||
Cash and cash equivalents(1) | 6,091 | 4,814 | |||||
Cash and securities segregated, at fair value | 1,025 | 825 | |||||
Broker-dealer related receivables | 2,300 | 2,158 | |||||
Deferred policy acquisition costs | 6,288 | 5,969 | |||||
Goodwill and other intangible assets, net | 4,813 | 4,824 | |||||
Amounts due from reinsurers | 4,953 | 5,023 | |||||
Loans to affiliates | 885 | 1,230 | |||||
GMIB reinsurance contract asset, at fair value | 1,734 | 1,894 | |||||
Current and deferred tax assets | 225 | 67 | |||||
Other assets(1) | 3,239 | 2,510 | |||||
Separate Accounts assets | 121,858 | 124,552 | |||||
Total assets | $ | 232,294 | $ | 235,648 | |||
LIABILITIES | |||||||
Policyholders’ account balances | $ | 47,666 | $ | 47,171 | |||
Future policy benefits and other policyholders’ liabilities | 29,586 | 30,299 | |||||
Broker-dealer related payables | 466 | 783 | |||||
Securities sold under agreements to repurchase | 1,904 | 1,887 | |||||
Customers related payables | 2,549 | 2,229 | |||||
Amounts due to reinsurers | 1,396 | 1,436 | |||||
Short-term and Long-term debt(1) | 2,373 | 2,408 |
March 31, 2018 | December 31, 2017 | ||||||
(Unaudited) | |||||||
(in millions, except share amounts) | |||||||
Loans from affiliates | 2,530 | 3,622 | |||||
Other liabilities(1) | 4,342 | 4,053 | |||||
Separate Accounts liabilities | 121,858 | 124,552 | |||||
Total liabilities | $ | 214,670 | $ | 218,440 | |||
Redeemable noncontrolling interest(1) | $ | 1,024 | $ | 626 | |||
Commitments and contingent liabilities (Note 14) | |||||||
EQUITY | |||||||
Equity attributable to Holdings: | |||||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized and 561,000,000 issued and outstanding | $ | 6 | $ | 6 | |||
Capital in excess of par value | 2,050 | 1,298 | |||||
Retained earnings | 12,455 | 12,289 | |||||
Accumulated other comprehensive income (loss) | (946 | ) | (108 | ) | |||
Total equity attributable to Holdings | 13,565 | 13,485 | |||||
Noncontrolling interest | 3,035 | 3,097 | |||||
Total equity | 16,600 | 16,582 | |||||
Total Liabilities, Redeemable Noncontrolling Interest and Equity | $ | 232,294 | $ | 235,648 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions, except earnings per share amounts) | |||||||
REVENUES | |||||||
Policy charges and fee income | $ | 972 | $ | 956 | |||
Premiums | 279 | 281 | |||||
Net derivative gains (losses) | (281 | ) | (235 | ) | |||
Net investment income (loss) | 591 | 780 | |||||
Investment gains (losses), net: | |||||||
Total other-than-temporary impairment losses | — | (1 | ) | ||||
Other investment gains (losses), net | 102 | (23 | ) | ||||
Total investment gains (losses), net | 102 | (24 | ) | ||||
Investment management and service fees | 1,055 | 954 | |||||
Other income | 117 | 118 | |||||
Total revenues | 2,835 | 2,830 | |||||
BENEFITS AND OTHER DEDUCTIONS | |||||||
Policyholders’ benefits | 608 | 1,093 | |||||
Interest credited to policyholders’ account balances | 271 | 246 | |||||
Compensation and benefits (includes $40 and $41 of deferred acquisition costs) | 620 | 539 | |||||
Commissions and distribution related payments (includes $120 and $132 of deferred acquisition costs) | 411 | 395 | |||||
Interest expense | 46 | 35 | |||||
Amortization of deferred policy acquisition costs, net (net of capitalization of $160 and $173) | 15 | (55 | ) | ||||
Other operating costs and expenses | 494 | 744 | |||||
Total benefits and other deductions | 2,465 | 2,997 | |||||
Income (loss) from continuing operations, before income taxes | 370 | (167 | ) | ||||
Income tax (expense) benefit | (79 | ) | (30 | ) | |||
Net income (loss) | 291 | (197 | ) | ||||
Less: net (income) loss attributable to the noncontrolling interest | (123 | ) | (93 | ) | |||
Net income (loss) attributable to Holdings | $ | 168 | $ | (290 | ) | ||
EARNINGS PER SHARE | |||||||
Earnings per share - Common stock | |||||||
Basic | $ | 0.30 | $ | (0.52 | ) | ||
Diluted | $ | 0.30 | $ | (0.52 | ) | ||
Weighted average common shares outstanding | 561 | 561 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
COMPREHENSIVE INCOME (LOSS) | |||||||
Net income (loss) | $ | 291 | $ | (197 | ) | ||
Other comprehensive income (loss) net of income taxes: | |||||||
Foreign currency translation adjustment | (5 | ) | 8 | ||||
Change in unrealized gains (losses), net of reclassification adjustment | (960 | ) | 104 | ||||
Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment | 133 | 25 | |||||
Total other comprehensive income (loss), net of income taxes | (832 | ) | 137 | ||||
Comprehensive income (loss) | (541 | ) | (60 | ) | |||
Less: Comprehensive (income) loss attributable to noncontrolling interest | (129 | ) | (100 | ) | |||
Comprehensive income (loss) attributable to Holdings | $ | (670 | ) | $ | (160 | ) |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Equity attributable to Holdings: | |||||||
Common stock, at par value, beginning of year and end of period | $ | 6 | $ | 6 | |||
Capital in excess of par value, beginning of year | $ | 1,298 | $ | 931 | |||
Capital contribution from parent | 695 | — | |||||
Changes in capital in excess of par value | 57 | 11 | |||||
Capital in excess of par value, end of period | $ | 2,050 | $ | 942 | |||
Retained earnings, beginning of year | $ | 12,289 | $ | 11,439 | |||
Impact of adoption of revenue recognition standard ASC 606 | 13 | — | |||||
Net income (loss) | 168 | (290 | ) | ||||
Stockholder dividends | (15 | ) | — | ||||
Retained earnings, end of period | $ | 12,455 | $ | 11,149 | |||
Accumulated other comprehensive income (loss), beginning of year | $ | (108 | ) | $ | (921 | ) | |
Other comprehensive income (loss) | (838 | ) | 130 | ||||
Accumulated other comprehensive income (loss), end of period | (946 | ) | (791 | ) | |||
Total Holdings’ equity, end of period | $ | 13,565 | $ | 11,306 | |||
Noncontrolling interest, beginning of year | $ | 3,097 | $ | 3,142 | |||
Impact of adoption of revenue recognition standard ASC 606 | 19 | — | |||||
Repurchase of AB Holding units | (1 | ) | — | ||||
Net income (loss) attributable to noncontrolling interest | 103 | 77 | |||||
Dividends paid to noncontrolling interest | (135 | ) | (108 | ) | |||
Other comprehensive income (loss) attributable to noncontrolling interest | 6 | 7 | |||||
Other changes in noncontrolling interest | (54 | ) | (13 | ) | |||
Noncontrolling interest, end of period | 3,035 | 3,105 | |||||
Total Equity, End of Period | $ | 16,600 | $ | 14,411 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Net income (loss) | $ | 291 | $ | (197 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Interest credited to policyholders’ account balances | 271 | 246 | |||||
Policy charges and fee income | (972 | ) | (956 | ) | |||
Realized and unrealized gains (losses) on trading securities | 120 | (91 | ) | ||||
Net derivative (gains) losses | 281 | 235 | |||||
Investment (gains) losses, net | (102 | ) | 24 | ||||
Non-cash pension restructuring | 102 | — | |||||
Amortization of deferred compensation | 12 | 8 | |||||
Amortization of deferred sales commission | 7 | 9 | |||||
Other depreciation and amortization | (20 | ) | (42 | ) | |||
Amortization of deferred cost of reinsurance asset | 5 | 5 | |||||
Change in goodwill | — | 369 | |||||
Distribution from joint ventures and limited partnerships | 25 | 26 | |||||
Changes in: | |||||||
Net broker-dealer and customer related receivables/payables | 283 | 297 | |||||
Reinsurance recoverable | 32 | 27 | |||||
Segregated cash and securities, net | (208 | ) | (310 | ) | |||
Deferred policy acquisition costs | 15 | (55 | ) | ||||
Future policy benefits | (254 | ) | 296 | ||||
Current and deferred income taxes | 103 | 252 | |||||
Other, net | (255 | ) | (71 | ) | |||
Net cash provided by (used in) operating activities | (264 | ) | 72 | ||||
Cash flows from investing activities: | |||||||
Proceeds from the sale/maturity/prepayment of: | |||||||
Fixed maturities, available for sale | 4,288 | 1,033 | |||||
Mortgage loans on real estate | 68 | 209 | |||||
Trading account securities | 1,629 | 2,844 | |||||
Other | 54 | 56 | |||||
Payment for the purchase/origination of: | |||||||
Fixed maturities, available for sale | (3,245 | ) | (1,428 | ) | |||
Mortgage loans on real estate | (447 | ) | (632 | ) | |||
Trading account securities | (2,613 | ) | (3,928 | ) | |||
Other | (48 | ) | (28 | ) | |||
Cash settlements related to derivative instruments | (54 | ) | (1,400 | ) | |||
Decrease in loans to affiliates | 346 | 12 | |||||
Change in short-term investments | 876 | 573 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Investment in capitalized software, leasehold improvements and EDP equipment | (24 | ) | (19 | ) | |||
Other, net | (371 | ) | (191 | ) | |||
Net cash provided by (used in) investing activities | 459 | (2,899 | ) | ||||
Cash flows from financing activities: | |||||||
Policyholders’ account balances: | |||||||
Deposits | 2,532 | 2,790 | |||||
Withdrawals | (1,384 | ) | (1,342 | ) | |||
Transfer (to) from Separate Accounts | (102 | ) | 186 | ||||
Change in short-term financings | 167 | 95 | |||||
Repayment of loans from affiliates | — | (56 | ) | ||||
Proceeds from loans from affiliates | — | 109 | |||||
Change in collateralized pledged assets | 17 | 347 | |||||
Change in collateralized pledged liabilities | 56 | 967 | |||||
(Decrease) increase in overdrafts payable | 7 | 50 | |||||
Cash Contribution from Parent | 8 | — | |||||
Shareholder dividend paid | (15 | ) | — | ||||
Repurchase of AB Holding units | (1 | ) | (31 | ) | |||
Redemptions of non-controlling interests of consolidated VIEs, net | 373 | (3 | ) | ||||
Distribution to noncontrolling interests in consolidated subsidiaries | (135 | ) | (112 | ) | |||
Increase (decrease) in Securities sold under agreement to repurchase | 17 | (370 | ) | ||||
Increase (decrease) in loans from affiliates | (470 | ) | — | ||||
Other, net | 4 | — | |||||
Net cash provided by (used in) financing activities | 1,074 | 2,630 | |||||
Effect of exchange rate changes on cash and cash equivalents | 8 | 8 | |||||
Change in cash and cash equivalents | 1,277 | (189 | ) | ||||
Cash and cash equivalents, beginning of year | 4,814 | 5,654 | |||||
Cash and Cash Equivalents, End of Period | $ | 6,091 | $ | 5,465 | |||
Non-cash transactions during the Period | |||||||
Capital contribution from Parent | $ | 630 | $ | — | |||
Repayment of Loans from affiliates | $ | (622 | ) | $ | — | ||
Contribution of 0.5% minority interest in AXF | $ | 65 | $ | — | |||
Repayment of long-term debt | $ | 202 | $ | — |
• | The Individual Retirement segment offers a diverse suite of variable annuity products which are primarily sold to affluent and high net worth individuals saving for retirement or seeking retirement income. |
• | The Group Retirement segment offers tax-deferred investment and retirement plans sponsored by educational entities, municipalities and not-for-profit entities as well as small and medium-sized businesses. |
• | The Investment Management and Research segment provides diversified investment management, research and related solutions globally to a broad range of clients through three main client channels—Institutional, Retail and Private Wealth Management—and distributes its institutional research products and solutions through Bernstein Research Services. The Investment Management and Research segment reflects the business of AllianceBernstein Holding L.P. (“AB Holding”), AllianceBernstein L.P. (“ABLP”) and their subsidiaries (collectively, “AB”). |
• | The Protection Solutions segment includes the Company’s life insurance and group employee benefits businesses. The life insurance business offers a variety of variable universal life, indexed universal life and term life products to help affluent and high net worth individuals, as well as small and medium-sized business owners, with their wealth protection, wealth transfer and corporate needs. Our group employee benefits business offers a suite of life, short- and long-term disability, dental and vision insurance products to small and medium-size businesses across the United States. |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | OTTI in AOCI (3) | |||||||||||||||
(in millions) | |||||||||||||||||||
March 31, 2018: | |||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||
Public corporate | $ | 18,513 | $ | 501 | $ | 298 | $ | 18,716 | $ | — | |||||||||
Private corporate | 7,394 | 117 | 107 | 7,404 | — | ||||||||||||||
U.S. Treasury, government and agency | 14,772 | 387 | 506 | 14,653 | — | ||||||||||||||
States and political subdivisions | 422 | 56 | 1 | 477 | — | ||||||||||||||
Foreign governments | 405 | 23 | 9 | 419 | — | ||||||||||||||
Residential mortgage-backed(1) | 614 | 16 | 3 | 627 | — | ||||||||||||||
Asset-backed(2) | 675 | 4 | 4 | 675 | 2 | ||||||||||||||
Redeemable preferred stock | 473 | 44 | 4 | 513 | — | ||||||||||||||
Total at March 31, 2018 | $ | 43,268 | $ | 1,148 | $ | 932 | $ | 43,484 | $ | 2 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | OTTI in AOCI (3) | |||||||||||||||
(in millions) | |||||||||||||||||||
December 31, 2017: | |||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||
Public corporate | $ | 17,181 | $ | 806 | $ | 33 | $ | 17,954 | $ | — | |||||||||
Private corporate | 7,299 | 225 | 32 | 7,492 | — | ||||||||||||||
U.S. Treasury, government and agency | 17,759 | 1,000 | 251 | 18,508 | — | ||||||||||||||
States and political subdivisions | 422 | 67 | — | 489 | — | ||||||||||||||
Foreign governments | 395 | 29 | 5 | 419 | — | ||||||||||||||
Residential mortgage-backed(1) | 797 | 22 | 1 | 818 | — | ||||||||||||||
Asset-backed(2) | 745 | 5 | 1 | 749 | 2 | ||||||||||||||
Redeemable preferred stock | 470 | 43 | 1 | 512 | — | ||||||||||||||
Total Fixed Maturities | 45,068 | 2,197 | 324 | 46,941 | 2 | ||||||||||||||
Equity securities | 188 | 2 | — | 190 | — | ||||||||||||||
Total at December 31, 2017 | $ | 45,256 | $ | 2,199 | $ | 324 | $ | 47,131 | $ | 2 |
(1) | Includes publicly traded agency pass-through securities and collateralized obligations. |
(2) | Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. |
(3) | Amounts represent OTTI losses in AOCI, which were not included in income (loss) in accordance with current accounting guidance. |
Amortized Cost | Fair Value | ||||||
(in millions) | |||||||
Due in one year or less | $ | 2,499 | $ | 2,517 | |||
Due in years two through five | 8,727 | 8,862 | |||||
Due in years six through ten | 13,290 | 13,114 | |||||
Due after ten years | 16,990 | 17,176 | |||||
Subtotal | 41,506 | 41,669 | |||||
Residential mortgage-backed securities | 614 | 627 | |||||
Asset-backed securities | 675 | 675 | |||||
Redeemable preferred stock | 473 | 513 | |||||
Total | $ | 43,268 | $ | 43,484 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Proceeds from sales | $ | 3,880 | $ | 440 | |||
Gross gains on sales | $ | 155 | $ | 25 | |||
Gross losses on sales | $ | (52 | ) | $ | (23 | ) | |
Total OTTI | $ | — | $ | — | |||
Non-credit losses recognized in OCI | — | — | |||||
Credit losses recognized in net income (loss) | $ | — | $ | — |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Balances, beginning of period | $ | (18 | ) | $ | (239 | ) | |
Previously recognized impairments on securities that matured, paid, prepaid or sold | — | 55 | |||||
Recognized impairments on securities impaired to fair value this period(1) | — | — | |||||
Impairments recognized this period on securities not previously impaired | — | — | |||||
Additional impairments this period on securities previously impaired | — | — | |||||
Increases due to passage of time on previously recorded credit losses | — | — | |||||
Accretion of previously recognized impairments due to increases in expected cash flows | — | — | |||||
Balances at March 31, | $ | (18 | ) | $ | (184 | ) |
(1) | Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost. |
March 31, 2018 | December 31, 2017 | ||||||
(in millions) | |||||||
AFS Securities: | |||||||
Fixed maturities: | |||||||
With OTTI loss | $ | — | $ | 2 | |||
All other | 216 | 1,871 | |||||
Equity securities | — | 2 | |||||
Net Unrealized Gains (Losses) | $ | 216 | $ | 1,875 |
Net Unrealized Gains (Losses) on Investments | DAC | Policyholders’ Liabilities | Deferred Income Tax Asset (Liability) | AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) | |||||||||||||||
(in millions) | |||||||||||||||||||
Balance, January 1, 2018 | $ | 2 | $ | — | $ | (1 | ) | $ | (7 | ) | $ | (6 | ) | ||||||
Net investment gains (losses) arising during the period | — | — | — | — | — | ||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||
Included in Net income (loss) | (2 | ) | — | — | — | (2 | ) | ||||||||||||
Excluded from Net income (loss)(1) | — | — | — | — | — | ||||||||||||||
Impact of net unrealized investment gains (losses) on: | |||||||||||||||||||
DAC | — | — | — | — | — | ||||||||||||||
Deferred income taxes | — | — | — | 7 | 7 | ||||||||||||||
Policyholders’ liabilities | — | — | 1 | — | 1 | ||||||||||||||
Balance, March 31, 2018 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Balance, January 1, 2017 | $ | 19 | $ | 1 | $ | (10 | ) | $ | (4 | ) | $ | 6 | |||||||
Net investment gains (losses) arising during the period | 63 | — | — | — | 63 | ||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||
Included in Net income (loss) | (65 | ) | — | — | — | (65 | ) | ||||||||||||
Excluded from Net income (loss)(1) | — | — | — | — | — | ||||||||||||||
Impact of net unrealized investment gains (losses) on: | |||||||||||||||||||
DAC | — | (4 | ) | — | — | (4 | ) | ||||||||||||
Deferred income taxes | — | — | — | — | — | ||||||||||||||
Policyholders’ liabilities | — | — | 6 | — | 6 | ||||||||||||||
Balance, March 31, 2017 | $ | 17 | $ | (3 | ) | $ | (4 | ) | $ | (4 | ) | $ | 6 |
(1) | Represents “transfers in” related to the portion of OTTI losses recognized during the period that were not recognized in income (loss) for securities with no prior OTTI loss. |
Net Unrealized Gains (Losses) on Investments | DAC | Policyholders’ Liabilities | Deferred Income Tax Asset (Liability) | AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) | |||||||||||||||
(in millions) | |||||||||||||||||||
Balance, January 1, 2018 | $ | 1,871 | $ | (358 | ) | $ | (238 | ) | $ | (383 | ) | $ | 892 | ||||||
Net investment gains (losses) arising during the period | (109 | ) | — | — | — | (109 | ) | ||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||
Included in Net income (loss) | (1,546 | ) | — | — | — | (1,546 | ) | ||||||||||||
Excluded from Net income (loss)(1) | — | — | — | — | — | ||||||||||||||
Impact of net unrealized investment gains (losses) on: | |||||||||||||||||||
DAC | — | 341 | — | — | 341 | ||||||||||||||
Deferred income taxes | — | — | — | 239 | 239 | ||||||||||||||
Policyholders’ liabilities | — | — | 110 | — | 110 | ||||||||||||||
Balance, March 31, 2018 | $ | 216 | $ | (17 | ) | $ | (128 | ) | $ | (144 | ) | $ | (73 | ) | |||||
Balance, January 1, 2017 | $ | 528 | $ | (45 | ) | $ | (192 | ) | $ | (95 | ) | $ | 196 | ||||||
Net investment gains (losses) arising during the period | 176 | — | — | — | 176 | ||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||
Included in Net income (loss) | 29 | — | — | — | 29 | ||||||||||||||
Excluded from Net income (loss)(1) | — | — | — | — | |||||||||||||||
Impact of net unrealized investment gains (losses) on: | |||||||||||||||||||
DAC | — | (68 | ) | — | — | (68 | ) | ||||||||||||
Deferred income taxes | — | — | — | (60 | ) | (60 | ) | ||||||||||||
Policyholders’ liabilities | — | — | 14 | — | 14 | ||||||||||||||
Balance, March 31, 2017 | $ | 733 | $ | (113 | ) | $ | (178 | ) | $ | (155 | ) | $ | 287 |
(1) | Represents “transfers out” related to the portion of OTTI losses during the period that were not recognized in income (loss) for securities with no prior OTTI loss. |
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
March 31, 2018: | |||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||
Public corporate | $ | 8,539 | $ | 263 | $ | 605 | $ | 35 | $ | 9,144 | $ | 298 | |||||||||||
Private corporate | 2,457 | 63 | 660 | 44 | 3,117 | 107 | |||||||||||||||||
U.S. Treasury, government and agency | 3,129 | 81 | 4,325 | 425 | 7,454 | 506 | |||||||||||||||||
States and political subdivisions | 19 | 1 | — | — | 19 | 1 | |||||||||||||||||
Foreign governments | 57 | 2 | 70 | 7 | 127 | 9 | |||||||||||||||||
Residential mortgage-backed | 145 | 2 | 76 | 1 | 221 | 3 | |||||||||||||||||
Asset-backed | 81 | 4 | 1 | — | 82 | 4 | |||||||||||||||||
Redeemable preferred stock | 116 | 2 | 12 | 2 | 128 | 4 | |||||||||||||||||
Total | $ | 14,543 | $ | 418 | $ | 5,749 | $ | 514 | $ | 20,292 | $ | 932 | |||||||||||
December 31, 2017: | |||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||
Public corporate | $ | 2,123 | $ | 15 | $ | 690 | $ | 18 | $ | 2,813 | $ | 33 | |||||||||||
Private corporate | 780 | 8 | 641 | 24 | 1,421 | 32 | |||||||||||||||||
U.S. Treasury, government and agency | 2,718 | 6 | 4,506 | 245 | 7,224 | 251 | |||||||||||||||||
States and political subdivisions | 20 | — | — | — | 20 | — | |||||||||||||||||
Foreign governments | 11 | — | 73 | 5 | 84 | 5 | |||||||||||||||||
Residential mortgage-backed | 62 | — | 76 | 1 | 138 | 1 | |||||||||||||||||
Asset-backed | 15 | 1 | 12 | — | 27 | 1 | |||||||||||||||||
Redeemable preferred stock | 10 | — | 13 | 1 | 23 | 1 | |||||||||||||||||
Total | $ | 5,739 | $ | 30 | $ | 6,011 | $ | 294 | $ | 11,750 | $ | 324 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Net investment gains (losses) recognized during the period on securities held at the end of the period | $ | (121 | ) | $ | 87 | ||
Net investment gains (losses) recognized on securities sold during the period | 1 | 4 | |||||
Unrealized and realized gains (losses) on trading securities arising during the period | (120 | ) | 91 | ||||
Interest and dividend income from trading securities | 76 | 63 | |||||
Net investment income (loss) from trading securities | $ | (44 | ) | $ | 154 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Allowance for credit losses: | |||||||
Beginning balance, January 1, | $ | 8 | $ | 8 | |||
Charge-offs | — | — | |||||
Recoveries | (1 | ) | — | ||||
Provision | — | — | |||||
Ending balance, March 31, | $ | 7 | $ | 8 | |||
March 31, Individually Evaluated for Impairment | $ | 7 | $ | 8 |
Debt Service Coverage Ratio(1) | |||||||||||||||||||||||||||
Loan-to-Value Ratio:(2) | Greater than 2.0x | 1.8x to 2.0x | 1.5x to 1.8x | 1.2x to 1.5x | 1.0x to 1.2x | Less than 1.0x | Total Mortgage Loans | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Commercial Mortgage Loans(1) | |||||||||||||||||||||||||||
0% - 50% | $ | 737 | $ | 21 | $ | 321 | $ | 73 | $ | — | $ | — | $ | 1,152 | |||||||||||||
50% - 70% | 4,477 | 643 | 1,122 | 399 | 178 | — | 6,819 | ||||||||||||||||||||
70% - 90% | 169 | 110 | 144 | 307 | 27 | — | 757 | ||||||||||||||||||||
90% plus | — | — | 27 | — | — | — | 27 | ||||||||||||||||||||
Total Commercial Mortgage Loans | $ | 5,383 | $ | 774 | $ | 1,614 | $ | 779 | $ | 205 | $ | — | $ | 8,755 | |||||||||||||
Agricultural Mortgage Loans(1) | |||||||||||||||||||||||||||
0% - 50% | $ | 275 | $ | 153 | $ | 276 | $ | 496 | $ | 321 | $ | 29 | $ | 1,550 | |||||||||||||
50% - 70% | 111 | 46 | 219 | 360 | 228 | 48 | 1,012 | ||||||||||||||||||||
70% - 90% | — | — | — | 23 | — | — | 23 | ||||||||||||||||||||
90% plus | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Agricultural Mortgage Loans | $ | 386 | $ | 199 | $ | 495 | $ | 879 | $ | 549 | $ | 77 | $ | 2,585 | |||||||||||||
Total Mortgage Loans(1) | |||||||||||||||||||||||||||
0% - 50% | $ | 1,012 | $ | 174 | $ | 597 | $ | 569 | $ | 321 | $ | 29 | $ | 2,702 | |||||||||||||
50% - 70% | 4,588 | 689 | 1,341 | 759 | 406 | 48 | 7,831 | ||||||||||||||||||||
70% - 90% | 169 | 110 | 144 | 330 | 27 | — | 780 | ||||||||||||||||||||
90% plus | — | — | 27 | — | — | — | 27 | ||||||||||||||||||||
Total Mortgage Loans | $ | 5,769 | $ | 973 | $ | 2,109 | $ | 1,658 | $ | 754 | $ | 77 | $ | 11,340 |
(1) | The debt service coverage ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service. |
(2) | The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually. |
Debt Service Coverage Ratio(1) | |||||||||||||||||||||||||||
Loan-to-Value Ratio:(2) | Greater than 2.0x | 1.8x to 2.0x | 1.5x to 1.8x | 1.2x to1.5x | 1.0x to 1.2x | Less than 1.0x | Total Mortgage Loans | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Commercial Mortgage Loans(1) | |||||||||||||||||||||||||||
0% - 50% | $ | 759 | $ | — | $ | 320 | $ | 74 | $ | — | $ | — | $ | 1,153 | |||||||||||||
50% - 70% | 4,088 | 682 | 1,066 | 428 | 145 | — | 6,409 | ||||||||||||||||||||
70% - 90% | 169 | 110 | 196 | 272 | 50 | — | 797 | ||||||||||||||||||||
90% plus | — | — | 27 | — | — | — | 27 | ||||||||||||||||||||
Total Commercial Mortgage Loans | $ | 5,016 | $ | 792 | $ | 1,609 | $ | 774 | $ | 195 | $ | — | $ | 8,386 | |||||||||||||
Agricultural Mortgage Loans(1) | |||||||||||||||||||||||||||
0% - 50% | $ | 272 | $ | 149 | $ | 275 | $ | 515 | $ | 316 | $ | 30 | $ | 1,557 | |||||||||||||
50% - 70% | 111 | 46 | 227 | 359 | 221 | 49 | 1,013 | ||||||||||||||||||||
70% - 90% | — | — | — | 4 | — | — | 4 | ||||||||||||||||||||
90% plus | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Agricultural Mortgage Loans | $ | 383 | $ | 195 | $ | 502 | $ | 878 | $ | 537 | $ | 79 | $ | 2,574 | |||||||||||||
Total Mortgage Loans(1) | |||||||||||||||||||||||||||
0% - 50% | $ | 1,031 | $ | 149 | $ | 595 | $ | 589 | $ | 316 | $ | 30 | $ | 2,710 | |||||||||||||
50% - 70% | 4,199 | 728 | 1,293 | 787 | 366 | 49 | 7,422 | ||||||||||||||||||||
70% - 90% | 169 | 110 | 196 | 276 | 50 | — | 801 | ||||||||||||||||||||
90% plus | — | — | 27 | — | — | — | 27 | ||||||||||||||||||||
Total Mortgage Loans | $ | 5,399 | $ | 987 | $ | 2,111 | $ | 1,652 | $ | 732 | $ | 79 | $ | 10,960 |
(1) | The debt service coverage ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service. |
(2) | The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually. |
30-59 Days | 60-89 Days | 90 Days or > | Total | Current | Total Financing Receivables | Recorded Investment 90 Days or > and Accruing | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
March 31, 2018 | |||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | 27 | $ | 27 | $ | 8,728 | $ | 8,755 | $ | — | |||||||||||||
Agricultural | 10 | 5 | 39 | 54 | 2,531 | 2,585 | 39 | ||||||||||||||||||||
Total Mortgage Loans | $ | 10 | $ | 5 | $ | 66 | $ | 81 | $ | 11,259 | $ | 11,340 | $ | 39 | |||||||||||||
December 31, 2017 | |||||||||||||||||||||||||||
Commercial | $ | 27 | $ | — | $ | — | $ | 27 | $ | 8,359 | $ | 8,386 | $ | — | |||||||||||||
Agricultural | 49 | 3 | 22 | 74 | 2,500 | 2,574 | 22 | ||||||||||||||||||||
Total Mortgage Loans | $ | 76 | $ | 3 | $ | 22 | $ | 101 | $ | 10,859 | $ | 10,960 | $ | 22 |
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment(1) | Interest Income Recognized | |||||||||||||||
(in millions) | |||||||||||||||||||
March 31, 2018: | |||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Commercial mortgage loans - other | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Agricultural mortgage loans | — | — | — | — | — | ||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
With related allowance recorded: | |||||||||||||||||||
Commercial mortgage loans - other | $ | 27 | $ | 27 | $ | (7 | ) | $ | 27 | $ | — | ||||||||
Agricultural mortgage loans | — | — | — | — | — | ||||||||||||||
Total | $ | 27 | $ | 27 | $ | (7 | ) | $ | 27 | $ | — | ||||||||
December 31, 2017: | |||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Commercial mortgage loans - other | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Agricultural mortgage loans | — | — | — | — | — | ||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
With related allowance recorded: | |||||||||||||||||||
Commercial mortgage loans - other | $ | 27 | $ | 27 | $ | (8 | ) | $ | 27 | $ | 2 | ||||||||
Agricultural mortgage loans | — | — | — | — | — | ||||||||||||||
Total | $ | 27 | $ | 27 | $ | (8 | ) | $ | 27 | $ | 2 |
(1) | Represents a two-quarter average of recorded amortized cost. |
At March 31, 2018 | Gains (Losses) Reported In Net Income (Loss) Three Months Ended March 31, 2018 | ||||||||||||||
Fair Value | |||||||||||||||
Notional Amount | Asset Derivatives | Liability Derivatives | |||||||||||||
(in millions) | |||||||||||||||
Freestanding derivatives: | |||||||||||||||
Equity contracts:(1) | |||||||||||||||
Futures | $ | 6,629 | $ | 2 | $ | 1 | $ | (23 | ) | ||||||
Swaps | 8,017 | 255 | 16 | 114 | |||||||||||
Options | 23,013 | 3,350 | 1,411 | (18 | ) | ||||||||||
Interest rate contracts:(1) | |||||||||||||||
Swaps | 29,331 | 555 | 395 | (671 | ) | ||||||||||
Futures | 24,015 | — | — | 40 | |||||||||||
Credit contracts:(1) | |||||||||||||||
Credit default swaps | 2,136 | 32 | 3 | — | |||||||||||
Other freestanding contracts:(1) | |||||||||||||||
Foreign currency contracts | 1,781 | 10 | 52 | (51 | ) | ||||||||||
Margin | — | 62 | 57 | — | |||||||||||
Collateral | — | 17 | 2,208 | — | |||||||||||
Embedded derivatives: | |||||||||||||||
GMIB reinsurance contracts(6) | — | 1,734 | — | (159 | ) | ||||||||||
GMxB derivative features liability(3,6) | — | — | 3,977 | 460 | |||||||||||
SCS, SIO, MSO and IUL indexed features(5,6) | — | — | 1,683 | 27 | |||||||||||
Net derivative investment gains (loss) | (281 | ) | |||||||||||||
Cross currency swaps (2,4) | — | — | — | 9 | |||||||||||
Total | $ | 94,922 | $ | 6,017 | $ | 9,803 | $ | (272 | ) |
(1) | Reported in Other invested assets in the consolidated balance sheets. |
(2) | Reported in Other assets or Other liabilities in the consolidated balance sheets. |
(3) | Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. |
(4) | Reported in Other income in the consolidated statements of income (loss). |
(5) | SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in the Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. |
(6) | Reported in Net derivative gains (losses) in the consolidated statements of income (loss). |
At December 31, 2017 | Gains (Losses) Reported In Net Income (Loss) Three Months Ended March 31, 2017 | ||||||||||||||
Fair Value | |||||||||||||||
Notional Amount | Asset Derivatives | Liability Derivatives | |||||||||||||
(in millions) | |||||||||||||||
Freestanding derivatives: | |||||||||||||||
Equity contracts:(1) | |||||||||||||||
Futures | $ | 6,716 | $ | 1 | $ | 2 | $ | (396 | ) | ||||||
Swaps | 7,623 | 4 | 201 | (405 | ) | ||||||||||
Options | 22,223 | 3,456 | 1,457 | 318 | |||||||||||
Interest rate contracts:(1) | |||||||||||||||
Swaps | 26,769 | 604 | 193 | 143 | |||||||||||
Futures | 20,675 | — | — | (19 | ) | ||||||||||
Credit contracts:(1) | |||||||||||||||
Credit default swaps | 2,131 | 35 | 3 | 6 | |||||||||||
Other freestanding contracts:(1) | |||||||||||||||
Foreign currency contracts | 1,423 | 19 | 10 | (1 | ) | ||||||||||
Margin | — | 24 | 4 | — | |||||||||||
Collateral | — | 4 | 2,123 | — | |||||||||||
Embedded derivatives: | |||||||||||||||
GMIB reinsurance contracts(6) | — | 1,894 | — | (71 | ) | ||||||||||
GMxB derivative features liability(3,6) | — | — | 4,358 | 507 | |||||||||||
SCS, SIO, MSO and IUL indexed features(5,6) | — | — | 1,786 | (317 | ) | ||||||||||
Net derivative investment gains (loss) | (235 | ) | |||||||||||||
Cross currency swaps(2,4) | 354 | 5 | — | (7 | ) | ||||||||||
Total | $ | 87,914 | $ | 6,046 | $ | 10,137 | $ | (242 | ) |
(1) | Reported in Other invested assets in the consolidated balance sheets. |
(2) | Reported in Other assets or Other liabilities in the consolidated balance sheets. |
(3) | Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. |
(4) | Reported in Other income in the consolidated statements of income (loss). |
(5) | SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in the Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. |
(6) | Reported in Net derivative gains (losses) in the consolidated statements of income (loss). |
Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheets | Net Amounts Presented in the Balance Sheets | |||||||||
(in millions) | |||||||||||
ASSETS(1) | |||||||||||
Description | |||||||||||
Derivatives: | |||||||||||
Equity contracts | $ | 3,606 | $ | 1,429 | $ | 2,177 | |||||
Interest rate contracts | 555 | 395 | 160 | ||||||||
Credit contracts | 32 | 3 | 29 | ||||||||
Currency | 10 | 52 | (42 | ) | |||||||
Collateral | 17 | 2,208 | (2,191 | ) | |||||||
Margin | 62 | 57 | 5 | ||||||||
Total Derivatives, subject to an ISDA Master Agreement | 4,282 | 4,144 | 138 | ||||||||
Other financial instruments | 3,923 | — | 3,923 | ||||||||
Other invested assets | $ | 8,205 | $ | 4,144 | $ | 4,061 | |||||
LIABILITIES(2) | |||||||||||
Description | |||||||||||
Derivatives: | |||||||||||
Equity contracts | $ | 1,429 | $ | 1,429 | $ | — | |||||
Interest rate contracts | 395 | 395 | — | ||||||||
Credit contracts | 3 | 3 | — | ||||||||
Currency | 52 | 52 | — | ||||||||
Collateral | 2,208 | 2,208 | — | ||||||||
Margin | 57 | 57 | — | ||||||||
Total Derivatives, subject to an ISDA Master Agreement | 4,144 | 4,144 | — | ||||||||
Other financial liabilities | 4,342 | — | 4,342 | ||||||||
Other liabilities | $ | 8,486 | $ | 4,144 | $ | 4,342 | |||||
Securities sold under agreement to repurchase(3) | $ | 1,897 | $ | — | $ | 1,897 |
(1) | Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs. |
(2) | Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs. |
(3) | Excludes expense of $7 million in securities sold under agreement to repurchase. |
Net Amounts Presented in the Balance Sheets | Collateral (Received)/Held | ||||||||||||||
Financial Instruments | Cash | Net Amounts | |||||||||||||
(in millions) | |||||||||||||||
Assets(1) | |||||||||||||||
Total derivatives | $ | 2,324 | $ | — | $ | (2,186 | ) | $ | 138 | ||||||
Other financial instruments | 3,923 | — | — | 3,923 | |||||||||||
Other invested assets | $ | 6,247 | $ | — | $ | (2,186 | ) | $ | 4,061 | ||||||
Liabilities:(2) | |||||||||||||||
Securities sold under agreement to repurchase(3)(4)(5) | $ | 1,897 | $ | (1,923 | ) | $ | — | $ | (26 | ) |
(1) | Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs. |
(2) | Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs. |
(3) | Excludes expense of $7 million included in Securities sold under agreements to repurchase on the consolidated balance sheet. |
(4) | US Treasury and agency securities are included in Fixed maturities available for sale on the consolidated balance sheet. |
(5) | Cash is reported in Cash and cash equivalents on the consolidated balance sheet. |
At March 31, 2018 | |||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||
Overnight and Continuous | Up to 30 days | 30–90 days | Greater Than 90 days | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
Securities sold under agreement to repurchase(1) | |||||||||||||||||||
U.S. Treasury and agency securities | $ | — | $ | 1,897 | $ | — | $ | — | $ | 1,897 | |||||||||
Total | $ | — | $ | 1,897 | $ | — | $ | — | $ | 1,897 |
(1) | Excludes expense accrual of $7 million included in Securities sold under agreements to repurchase on the consolidated balance sheet. |
Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheets | Net Amounts Presented in the Balance Sheets | |||||||||
(in millions) | |||||||||||
ASSETS(1) | |||||||||||
Description | |||||||||||
Derivatives: | |||||||||||
Equity contracts | $ | 3,461 | $ | 1,660 | $ | 1,801 | |||||
Interest rate contracts | 604 | 193 | 411 | ||||||||
Credit contracts | 35 | 3 | 32 | ||||||||
Currency | 19 | 10 | 9 | ||||||||
Collateral | 4 | 2,123 | (2,119 | ) | |||||||
Margin | 24 | 4 | 20 | ||||||||
Total Derivatives, subject to an ISDA Master Agreement | 4,147 | 3,993 | 154 | ||||||||
Other financial instruments | 3,964 | — | 3,964 | ||||||||
Other invested assets | $ | 8,111 | $ | 3,993 | $ | 4,118 | |||||
Total Derivatives, not subject to an ISDA Master Agreement(4) | $ | 5 | $ | — | $ | 5 | |||||
LIABILITIES(2) | |||||||||||
Description | |||||||||||
Derivatives: | |||||||||||
Equity contracts | $ | 1,660 | $ | 1,660 | $ | — | |||||
Interest rate contracts | 193 | 193 | — | ||||||||
Credit contracts | 3 | 3 | — | ||||||||
Currency | 10 | 10 | — | ||||||||
Collateral | 2,123 | 2,123 | — | ||||||||
Margin | 4 | 4 | — | ||||||||
Total Derivatives, subject to an ISDA Master Agreement | 3,993 | 3,993 | — | ||||||||
Other financial liabilities | 4,053 | — | 4,053 | ||||||||
Other liabilities | $ | 8,046 | $ | 3,993 | $ | 4,053 | |||||
Securities sold under agreement to repurchase(3) | $ | 1,882 | $ | — | $ | 1,882 |
(1) | Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs. |
(2) | Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs. |
(3) | Excludes expense of $5 million included in Securities sold under agreements to repurchase on the consolidated balance sheets. |
(4) | This amount is reflected in Other assets. |
Net Amounts Presented in the Balance Sheets | Collateral (Received)/Held | ||||||||||||||
Financial Instruments | Cash | Net Amounts | |||||||||||||
(in millions) | |||||||||||||||
Assets(1) | |||||||||||||||
Total Derivatives | $ | 2,253 | $ | — | $ | (2,099 | ) | $ | 154 | ||||||
Other financial assets | 3,964 | — | — | 3,964 | |||||||||||
Other invested assets | $ | 6,217 | $ | — | $ | (2,099 | ) | $ | 4,118 | ||||||
Liabilities:(2) | |||||||||||||||
Other financial liabilities | $ | 4,053 | $ | — | $ | — | $ | 4,053 | |||||||
Other liabilities | $ | 4,053 | $ | — | $ | — | $ | 4,053 | |||||||
Securities sold under agreement to repurchase(3)(4)(5) | $ | 1,882 | $ | (1,988 | ) | $ | (21 | ) | $ | (127 | ) |
(1) | Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs. |
(2) | Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs. |
(3) | Excludes expense of $5 million in securities sold under agreement to repurchase. |
(4) | US Treasury and agency securities are in fixed maturities available for sale on consolidated balance sheet. |
(5) | Cash is included in cash and cash equivalents on consolidated balance sheet. |
At December 31, 2017 | |||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||
Overnight and Continuous | Up to 30 days | 30–90 days | Greater Than 90 days | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
Securities sold under agreement to repurchase(1) | |||||||||||||||||||
U.S. Treasury and agency securities | $ | — | $ | 1,882 | $ | — | $ | — | $ | 1,882 | |||||||||
Total | $ | — | $ | 1,882 | $ | — | $ | — | $ | 1,882 |
(1) | Excludes expense of $5 million in securities sold under agreement to repurchase. |
March 31, 2018 | December 31, 2017 | ||||||
(in millions) | |||||||
CLOSED BLOCK LIABILITIES: | |||||||
Future policy benefits, policyholders’ account balances and other | $ | 6,904 | $ | 6,958 | |||
Policyholder dividend obligation | — | 19 | |||||
Other liabilities | 269 | 271 | |||||
Total Closed Block liabilities | 7,173 | 7,248 | |||||
ASSETS DESIGNATED TO THE CLOSED BLOCK: | |||||||
Fixed maturities, available for sale, at fair value (amortized cost of $3,864 and $3,923) | 3,908 | 4,070 | |||||
Mortgage loans on real estate | 1,837 | 1,720 | |||||
Policy loans | 772 | 781 | |||||
Cash and other invested assets | 235 | 351 | |||||
Other assets | 192 | 182 | |||||
Total assets designated to the Closed Block | 6,944 | 7,104 | |||||
Excess of Closed Block liabilities over assets designated to the Closed Block | 229 | 144 | |||||
Amounts included in accumulated other comprehensive income (loss): | |||||||
Net unrealized investment gains (losses), net of policyholder dividend obligation of $0 and $19 | 55 | 138 | |||||
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities | $ | 284 | $ | 282 |
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
(in millions) | ||||||||
REVENUES: | ||||||||
Premiums and other income | $ | 51 | $ | 54 | ||||
Net investment income (loss) | 73 | 83 | ||||||
Net investment gains (losses) | 1 | (15 | ) | |||||
Total revenues | 125 | 122 | ||||||
BENEFITS AND OTHER DEDUCTIONS: | ||||||||
Policyholders’ benefits and dividends | 126 | 151 | ||||||
Other operating costs and expenses | 1 | — | ||||||
Total benefits and other deductions | 127 | 151 | ||||||
Net revenues (loss) before income taxes | (2 | ) | (29 | ) | ||||
Income tax (expense) benefit | — | 10 | ||||||
Net Revenues (Losses) | $ | (2 | ) | $ | (19 | ) |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Balances, beginning of year | $ | 19 | $ | 52 | |||
Unrealized investment gains (losses), net of DAC | (19 | ) | (14 | ) | |||
Balances, End of Period | $ | — | $ | 38 |
• | Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals); |
• | Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals); |
• | Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages; |
• | Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either a five year or an annual reset; or |
• | Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life. |
GMDB | GMIB | Total | |||||||||
(in millions) | |||||||||||
Balance at January 1, 2018 | $ | 4,085 | $ | 4,800 | $ | 8,885 | |||||
Paid guarantee benefits | (101 | ) | (32 | ) | (133 | ) | |||||
Other changes in reserve | 97 | (136 | ) | (39 | ) | ||||||
Balance at March 31, 2018 | $ | 4,081 | $ | 4,632 | $ | 8,713 | |||||
Balance at January 1, 2017 | $ | 3,170 | $ | 3,868 | $ | 7,038 | |||||
Paid guarantee benefits | (89 | ) | (32 | ) | (121 | ) | |||||
Other changes in reserve | 187 | 1,919 | 2,106 | ||||||||
Balance at March 31, 2017 | $ | 3,268 | $ | 5,755 | $ | 9,023 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Balance, beginning of year | $ | 108 | $ | 90 | |||
Paid guarantee benefits | (5 | ) | (3 | ) | |||
Other changes in reserve | 2 | 2 | |||||
Balance, End of Period | $ | 105 | $ | 89 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Balance, beginning of year | $ | 95 | $ | 121 | |||
Paid guarantee benefits | (6 | ) | (5 | ) | |||
Other changes in reserve | (7 | ) | (8 | ) | |||
Balance, End of Period | $ | 82 | $ | 108 |
March 31, 2018 | December 31, 2017 | ||||||
(in millions) | |||||||
GMIBNLG(1) | $ | 3,715 | $ | 4,056 | |||
SCS, SIO, MSO, IUL indexed features(2) | 1,683 | 1,786 | |||||
Assumed GMIB reinsurance Contracts(1) | 173 | 194 | |||||
GWBL/GMWB(1) | 121 | 130 | |||||
GIB(1) | (36 | ) | (27 | ) | |||
GMAB(1) | 4 | 5 | |||||
Total embedded and freestanding derivative liabilities | $ | 5,660 | $ | 6,144 | |||
GMIB reinsurance contract asset(3) | $ | 1,734 | $ | 1,894 |
(1) | Reported in Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. |
(2) | Reported in Policyholders’ account balances in the consolidated balance sheets. |
(3) | Reported in GMIB reinsurance contract asset, at fair value in the consolidated balance sheets. |
Return of Premium | Ratchet | Roll-Up | Combo | Total | |||||||||||||||
(Dollars in millions) | |||||||||||||||||||
GMDB: | |||||||||||||||||||
Account values invested in: | |||||||||||||||||||
General Account | $ | 13,848 | $ | 107 | $ | 64 | $ | 194 | $ | 14,213 | |||||||||
Separate Accounts | $ | 45,136 | $ | 9,319 | $ | 3,381 | $ | 34,668 | $ | 92,504 | |||||||||
Net amount at risk, gross | $ | 186 | $ | 117 | $ | 2,016 | $ | 16,388 | $ | 18,707 | |||||||||
Net amount at risk, net of amounts reinsured | $ | 186 | $ | 111 | $ | 1,378 | $ | 16,388 | $ | 18,063 | |||||||||
Average attained age of policyholders | 51 | 67 | 73 | 68 | 55 | ||||||||||||||
Percentage of policyholders over age 70 | 9.7 | % | 40.9 | % | 63.7 | % | 47.4 | % | 18.3 | % | |||||||||
Range of contractually specified interest rates | N/A | N/A | 3%-6% | 3%-6.5% | 3%-6.5% | ||||||||||||||
GMIB: | |||||||||||||||||||
Account values invested in: | |||||||||||||||||||
General Account | N/A | N/A | $ | 24 | $ | 285 | $ | 309 | |||||||||||
Separate Accounts | N/A | N/A | $ | 20,855 | $ | 39,604 | $ | 60,459 | |||||||||||
Net amount at risk, gross | N/A | N/A | $ | 883 | $ | 6,322 | $ | 7,205 | |||||||||||
Net amount at risk, net of amounts reinsured | N/A | N/A | $ | 268 | $ | 5,738 | $ | 6,006 | |||||||||||
Average attained age of policyholders | N/A | N/A | 70 | 69 | 69 | ||||||||||||||
Weighted average years remaining until annuitization | N/A | N/A | 1.7 | 0.7 | 0.8 | ||||||||||||||
Range of contractually specified interest rates | N/A | N/A | 3%-6% | 3%-6.5% | 3%-6.5% |
Return of Premium | Ratchet | Roll-Up | Combo | Total | |||||||||||||||
(Dollars in millions) | |||||||||||||||||||
GMDB: | |||||||||||||||||||
Reinsured Account values | $ | 1,023 | $ | 5,849 | $ | 302 | $ | 1,879 | $ | 9,053 | |||||||||
Net amount at risk assumed | $ | 7 | $ | 314 | $ | 24 | $ | 321 | $ | 666 | |||||||||
Average attained age of policyholders | 67 | 72 | 77 | 75 | 72 | ||||||||||||||
Percentage of policyholders over age 70 | 41.4 | % | 60.8 | % | 76.6 | % | 74.2 | % | 61.9 | % | |||||||||
Range of contractually specified interest rates | N/A | N/A | 3%-10% | 5%-10% | 3%-10% | ||||||||||||||
GMIB: | |||||||||||||||||||
Reinsured Account values | $ | 978 | $ | 52 | $ | 277 | $ | 1,338 | $ | 2,645 | |||||||||
Net amount at risk assumed | $ | 2 | $ | — | $ | 38 | $ | 215 | $ | 255 | |||||||||
Average attained age of policyholders | 71 | 74 | 71 | 68 | 70 | ||||||||||||||
Percentage of policyholders over age 70 | 61.6 | % | 63.7 | % | 55.9 | % | 48.1 | % | 54.2 | % | |||||||||
Range of contractually specified interest rates(1) | N/A | N/A | 3.3%-6.5% | 6%-6% | 3.3%-6.5% |
(1) | In general, for policies with the highest contractual interest rate shown (10%), the rate applied only for the first 10 years after issue, which have now elapsed. |
March 31, 2018 | December 31, 2017 (1) | ||||||
(in millions) | |||||||
GMDB: | |||||||
Equity | $ | 40,678 | $ | 41,658 | |||
Fixed income | 5,384 | 5,469 | |||||
Balanced | 45,485 | 46,577 | |||||
Other | 957 | 968 | |||||
Total | $ | 92,504 | $ | 94,672 | |||
GMIB: | |||||||
Equity | $ | 19,156 | $ | 19,928 | |||
Fixed income | 3,074 | 3,150 | |||||
Balanced | 37,918 | 38,890 | |||||
Other | 311 | 318 | |||||
Total | $ | 60,459 | $ | 62,286 |
(1) | Amounts previously reported were as follows in millions: (a) GMDB: Equity $78,069, Fixed Income $2,234, Balanced $14,084, and Other $283; (b) GMIB: Equity $50,429, Fixed Income $1,568, Balanced $10,165, and Other $124. |
Direct Liability(1) | |||
(in millions) | |||
Balance at January 1, 2018 | $ | 686 | |
Paid Guaranteed Benefits | (8 | ) | |
Other changes in reserves | 26 | ||
Balance at March 31, 2018 | $ | 704 | |
Balance at January 1, 2017 | $ | 1,307 | |
Other changes in reserves | 4 | ||
Balance at March 31, 2017 | $ | 1,311 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in millions) | |||||||||||||||
Assets | |||||||||||||||
Investments | |||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||
Public Corporate | $ | — | $ | 18,581 | $ | 135 | $ | 18,716 | |||||||
Private Corporate | — | 6,286 | 1,118 | 7,404 | |||||||||||
U.S. Treasury, government and agency | — | 14,653 | — | 14,653 | |||||||||||
States and political subdivisions | — | 438 | 39 | 477 | |||||||||||
Foreign governments | — | 419 | — | 419 | |||||||||||
Residential mortgage-backed(1) | — | 627 | — | 627 | |||||||||||
Asset-backed(2) | — | 135 | 540 | 675 | |||||||||||
Redeemable preferred stock | 180 | 333 | — | 513 | |||||||||||
Subtotal | 180 | 41,472 | 1,832 | 43,484 | |||||||||||
Other equity investments | 13 | — | 34 | 47 | |||||||||||
Trading securities | 448 | 14,427 | 44 | 14,919 | |||||||||||
Other invested assets: | |||||||||||||||
Short-term investments | — | 854 | — | 854 | |||||||||||
Assets of consolidated VIEs/VOEs | 1,691 | 291 | 32 | 2,014 | |||||||||||
Swaps | — | 356 | — | 356 | |||||||||||
Credit Default Swaps | — | 29 | — | 29 | |||||||||||
Options | — | 1,939 | — | 1,939 | |||||||||||
Subtotal | 1,691 | 3,469 | 32 | 5,192 | |||||||||||
Cash equivalents | 4,894 | — | — | 4,894 | |||||||||||
Segregated securities | — | 1,025 | — | 1,025 | |||||||||||
GMIB reinsurance contract asset | — | — | 1,734 | 1,734 | |||||||||||
Separate Accounts’ assets | 118,466 | 2,845 | 357 | 121,668 | |||||||||||
Total Assets | $ | 125,692 | $ | 63,238 | $ | 4,033 | $ | 192,963 | |||||||
Liabilities | |||||||||||||||
Other invested liabilities | |||||||||||||||
GMxB derivative features’ liability | $ | — | $ | — | $ | 3,977 | $ | 3,977 | |||||||
SCS, SIO, MSO and IUL indexed features’ liability | — | 1,683 | — | 1,683 | |||||||||||
Liabilities of consolidated VIEs/VOEs | 1,190 | 18 | — | 1,208 | |||||||||||
Contingent payment arrangements | — | — | 14 | 14 | |||||||||||
Total Liabilities | $ | 1,190 | $ | 1,701 | $ | 3,991 | $ | 6,882 |
(1) | Includes publicly traded agency pass-through securities and collateralized obligations. |
(2) | Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in millions) | |||||||||||||||
Assets | |||||||||||||||
Investments | |||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||
Public Corporate | $ | — | $ | 17,906 | $ | 48 | $ | 17,954 | |||||||
Private Corporate | — | 6,390 | 1,102 | 7,492 | |||||||||||
U.S. Treasury, government and agency | — | 18,508 | — | 18,508 | |||||||||||
States and political subdivisions | — | 449 | 40 | 489 | |||||||||||
Foreign governments | — | 419 | — | 419 | |||||||||||
Residential mortgage-backed(1) | — | 818 | — | 818 | |||||||||||
Asset-backed(2) | — | 208 | 541 | 749 | |||||||||||
Redeemable preferred stock | 184 | 327 | 1 | 512 | |||||||||||
Subtotal | 184 | 45,025 | 1,732 | 46,941 | |||||||||||
Other equity investments | 13 | — | 34 | 47 | |||||||||||
Trading securities | 485 | 13,647 | 38 | 14,170 | |||||||||||
Other invested assets: | |||||||||||||||
Short-term investments | — | 1,730 | — | 1,730 | |||||||||||
Assets of consolidated VIEs/VOEs | 1,060 | 215 | 27 | 1,302 | |||||||||||
Swaps | — | 222 | — | 222 | |||||||||||
Credit Default Swaps | — | 33 | — | 33 | |||||||||||
Futures | (2 | ) | — | — | (2 | ) | |||||||||
Foreign currency contract(3) | — | 5 | — | 5 | |||||||||||
Options | — | 1,999 | — | 1,999 | |||||||||||
Subtotal | 1,058 | 4,204 | 27 | 5,289 | |||||||||||
Cash equivalents | 3,608 | — | — | 3,608 | |||||||||||
Segregated securities | — | 825 | — | 825 | |||||||||||
GMIB reinsurance contract asset | — | — | 1,894 | 1,894 | |||||||||||
Separate Accounts’ assets | 121,000 | 2,997 | 349 | 124,346 | |||||||||||
Total Assets | $ | 126,348 | $ | 66,698 | $ | 4,074 | $ | 197,120 | |||||||
Liabilities | |||||||||||||||
Other invested liabilities | |||||||||||||||
GMxB derivative features’ liability | $ | — | $ | — | $ | 4,358 | $ | 4,358 | |||||||
SCS, SIO, MSO and IUL indexed features’ liability | — | 1,786 | — | 1,786 | |||||||||||
Liabilities of consolidated VIEs/VOEs | 670 | 22 | — | 692 | |||||||||||
Contingent payment arrangements | — | — | 15 | 15 | |||||||||||
Total Liabilities | $ | 670 | $ | 1,808 | $ | 4,373 | $ | 6,851 |
(1) | Includes publicly traded agency pass-through securities and collateralized obligations. |
(2) | Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. |
(3) | Reported in Other assets in the consolidated balance sheets. |
Corporate | State and Political Sub- divisions | Commercial Mortgage- backed | Asset- backed | ||||||||||||
(in millions) | |||||||||||||||
Balance, January 1, 2018 | $ | 1,150 | $ | 40 | $ | — | $ | 541 | |||||||
Total gains (losses), realized and unrealized, included in: | |||||||||||||||
Income (loss) as: | |||||||||||||||
Net investment income (loss) | 1 | — | — | — | |||||||||||
Investment gains (losses), net | — | — | — | — | |||||||||||
Subtotal | 1 | — | — | — | |||||||||||
Other comprehensive income (loss) | (21 | ) | (1 | ) | — | — | |||||||||
Purchases | 189 | — | — | — | |||||||||||
Sales | (117 | ) | — | — | (1 | ) | |||||||||
Settlements | — | — | — | — | |||||||||||
Transfers into Level 3(1) | 67 | — | — | — | |||||||||||
Transfers out of Level 3(1) | (16 | ) | — | — | — | ||||||||||
Balance, March 31, 2018 | $ | 1,253 | $ | 39 | $ | — | $ | 540 | |||||||
Balance, January 1, 2017 | $ | 857 | $ | 42 | $ | 373 | $ | 120 | |||||||
Total gains (losses), realized and unrealized, included in: | |||||||||||||||
Income (loss) as: | |||||||||||||||
Net investment income (loss) | 1 | — | — | — | |||||||||||
Investment gains (losses), net | — | — | (23 | ) | — | ||||||||||
Subtotal | 1 | — | (23 | ) | — | ||||||||||
Other comprehensive income (loss) | 45 | — | 25 | 5 | |||||||||||
Purchases | 171 | — | — | 195 | |||||||||||
Sales | (67 | ) | — | (35 | ) | (3 | ) | ||||||||
Transfers into Level 3(1) | 18 | — | — | 6 | |||||||||||
Transfers out of Level 3(1) | — | — | — | — | |||||||||||
Balance, March 31, 2017 | $ | 1,025 | $ | 42 | $ | 340 | $ | 323 |
Redeemable Preferred Stock | Other Equity Investments(2) | GMIB Reinsurance Contract Asset | Separate Accounts Assets | GMxB derivative features liability | Contingent Payment Arrangement | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, January 1, 2018 | $ | 1 | $ | 99 | $ | 1,894 | $ | 349 | $ | (4,358 | ) | $ | (15 | ) | |||||||||
Total gains (losses), realized and unrealized, included in: | |||||||||||||||||||||||
Income (loss) as: | |||||||||||||||||||||||
Net investment income (loss) | — | — | — | — | — | — | |||||||||||||||||
Investment gains (losses), net | — | — | — | 7 | — | — | |||||||||||||||||
Net derivative gains (losses) | — | — | (159 | ) | — | 460 | — | ||||||||||||||||
Subtotal | — | — | (159 | ) | 7 | 460 | — | ||||||||||||||||
Other comprehensive income (loss) | — | 1 | — | — | — | — | |||||||||||||||||
Purchases(2) | — | 4 | 10 | 3 | (84 | ) | — | ||||||||||||||||
Sales(3) | (1 | ) | — | (11 | ) | (1 | ) | 5 | — | ||||||||||||||
Settlements(4) | — | — | — | (1 | ) | — | 1 | ||||||||||||||||
Activity related to consolidated VIEs | — | 1 | — | — | — | — | |||||||||||||||||
Transfers into Level 3(1) | — | 5 | — | — | — | — | |||||||||||||||||
Transfers out of Level 3(1) | — | — | — | — | — | — | |||||||||||||||||
Balance, March 31, 2018 | $ | — | $ | 110 | $ | 1,734 | $ | 357 | $ | (3,977 | ) | $ | (14 | ) | |||||||||
Balance, January 1, 2017 | $ | 1 | $ | 88 | $ | 1,735 | $ | 313 | $ | (5,580 | ) | $ | (25 | ) | |||||||||
Total gains (losses), realized and unrealized, included in: | |||||||||||||||||||||||
Income (loss) as: | |||||||||||||||||||||||
Net investment income (loss) | — | — | — | — | — | — | |||||||||||||||||
Investment gains (losses), net | — | (9 | ) | — | 10 | — | — | ||||||||||||||||
Net derivative gains (losses) | — | — | (71 | ) | 507 | — | |||||||||||||||||
Subtotal | — | (9 | ) | (71 | ) | 10 | 507 | — | |||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | |||||||||||||||||
Purchases(2) | — | 4 | 9 | 3 | (81 | ) | — | ||||||||||||||||
Sales(3) | — | (1 | ) | (14 | ) | (1 | ) | 8 | — | ||||||||||||||
Settlements(4) | — | — | (1 | ) | — | 1 | |||||||||||||||||
Activity related to consolidated VIEs | — | (9 | ) | — | — | — | — | ||||||||||||||||
Transfers into Level 3(1) | — | 1 | — | 1 | — | — | |||||||||||||||||
Transfers out of Level 3(1) | — | — | — | — | — | ||||||||||||||||||
Balance, March 31, 2017 | $ | 1 | $ | 74 | $ | 1,659 | $ | 325 | $ | (5,146 | ) | $ | (24 | ) |
(1) | Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. |
(2) | For the GMIB reinsurance contract asset, and GMxB derivative features liability, represents attributed fee. |
(3) | For the GMIB reinsurance contract asset, represents recoveries from reinsurers and for GMxB derivative features liability represents benefits paid. |
(4) | For contingent payment arrangements, it represents payments under the arrangement. |
Income (Loss) | |||||||||||
Investment Gains (Losses), Net | Net Derivative Gains (losses) | OCI | |||||||||
(in millions) | |||||||||||
Level 3 Instruments | |||||||||||
First Quarter of 2018 | |||||||||||
Held at March 31, 2018: | |||||||||||
Change in unrealized gains (losses): | |||||||||||
Fixed maturities, available-for-sale: | |||||||||||
Corporate | $ | — | $ | — | $ | (19 | ) | ||||
State and political subdivisions | — | — | (1 | ) | |||||||
Asset-backed | — | — | — | ||||||||
Subtotal | $ | — | $ | — | $ | (20 | ) | ||||
GMIB reinsurance contracts | — | (159 | ) | — | |||||||
Separate Accounts’ assets(1) | 7 | — | — | ||||||||
GMxB derivative features’ liability | — | 460 | — | ||||||||
Total | $ | 7 | $ | 301 | $ | (20 | ) | ||||
Level 3 Instruments | |||||||||||
First Quarter of 2017 | |||||||||||
Held at March 31, 2017: | |||||||||||
Change in unrealized gains (losses): | |||||||||||
Fixed maturities, available-for-sale: | |||||||||||
Corporate | $ | — | $ | — | $ | 45 | |||||
Commercial mortgage-backed | — | — | 13 | ||||||||
Asset-backed | — | — | 5 | ||||||||
Subtotal | $ | — | $ | — | $ | 63 | |||||
GMIB reinsurance contracts | — | (71 | ) | — | |||||||
Separate Accounts’ assets(1) | 10 | — | — | ||||||||
GMxB derivative features’ liability | — | 507 | — | ||||||||
Total | $ | 10 | $ | 436 | $ | 63 |
(1) | There is an investment expense that offsets this investment gain (loss). |
Fair Value | Valuation Technique | Significant Unobservable Input | Range | Weighted Average | |||||||
(in millions) | |||||||||||
Assets: | |||||||||||
Investments: | |||||||||||
Fixed maturities, available-for-sale: | |||||||||||
Corporate | $ | 52 | Matrix pricing model | Spread over the industry-Specific benchmark yield curve | 0 - 565 bps | 112 bps | |||||
788 | Market comparable companies | EBITDA multiples Discount rate Cash flow multiples | 6.2x - 30.7x 7.2% - 17.0% 9.0x - 17.7x | 13x 11.3% 13.1x | |||||||
Other equity investments | 38 | Discounted cash flow | Earnings Multiple Discounts factor Discount years | 10.8x 10.0% 12 | |||||||
Separate Accounts’ assets | 332 | Third party appraisal | Capitalization Rate Exit capitalization Rate Discount Rate | 4.6% 5.6% 6.6% | |||||||
1 | Discounted cash flow | Spread over U.S. Treasury curve Discount factor | 228 bps 4.624% | ||||||||
GMIB reinsurance contract asset | 1,734 | Discounted cash flow | Lapse Rates Withdrawal Rates Utilization Rates Non-performance risk Volatility rates - Equity | 1% - 6.27% 0.63% -13.94% 0% - 16% 6 - 14 bps 11%-30% | |||||||
Liabilities: | |||||||||||
GMIBNLG | 3,715 | Discounted cash flow | Non-performance risk Lapse Rates Withdrawal Rates Annuitization NLG Forfeiture Rates Long-term equity Volatility | 1.0% 0.8% - 26.2% 0.0% - 12.4% 0.0% - 16.0% 0.55% - 2.1% 20.0% | |||||||
Assumed GMIB Reinsurance Contracts | 173 | Discounted cash flow | Lapse Rates Withdrawal Rates (Age 0-85) Withdrawal Rates (Age 86+) Utilization Rates Non-performance risk Volatility rates - Equity | 1.1% - 13.3% 0.7% - 22.2% 1.3% - 100% 0% - 30% 1.47% 11%-30% | |||||||
GWBL/GMWB | 121 | Discounted cash flow | Lapse Rates Withdrawal Rates Utilization Rates Volatility rates - Equity | 0.5%-5.7% 0.0%-7.0% 100% after delay 11%-30% | |||||||
GIB | (36 | ) | Discounted cash flow | Lapse Rates Withdrawal Rates Utilization Rates Volatility rates - Equity | 0.5%-5.7% 0%-8% 0% - 16% 11%-30% | ||||||
GMAB | 4 | Discounted cash flow | Lapse Rates Volatility rates - Equity | 0.5%-11.0% 11%-30% |
Fair Value | Valuation Technique | Significant Unobservable Input | Range | Weighted Average | ||||||||
(in millions) | ||||||||||||
Assets: | ||||||||||||
Investments: | ||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||
Corporate | $ | 53 | Matrix pricing model | Spread over the industry-specific benchmark yield curve | 0 bps-565 bps | 125 bps | ||||||
789 | Market comparable companies | EBITDA multiples Discount Rate Cash flow Multiples | 5.3x-27.9x 7.2% - 17.0% 9.0x - 17.7x | 12.9x 11.1% 13.1x | ||||||||
Other equity investments | 38 | Discounted cash flow | Earnings Multiple Discounts factor Discount years | 10.8x 10.0% 12 | ||||||||
Separate Accounts’ assets | 326 | Third party appraisal | Capitalization Rate Exit capitalization Rate Discount Rate | 4.6% 5.6% 6.6% | ||||||||
1 | Discounted cash flow | Spread over U.S. Treasury curve Discount factor | 243 bps 4.409% | |||||||||
GMIB reinsurance contract asset | 1,894 | Discounted Cash flow | Lapse Rates Withdrawal Rates Utilization Rates Non-performance risk Volatility rates - Equity | 1.0% - 6.3% 0.0% - 8.0% 0.0% - 16.0% 5bps - 10bps 9.9% - 30.9% | ||||||||
Liabilities: | ||||||||||||
GMIBNLG | 4,056 | Discounted cash flow | Non-performance risk Lapse Rates Withdrawal Rates Utilization Rates NLG Forfeiture Rates Long -term Equity Volatility | 1.0% 0.8% - 26.2% 0.0% - 12.4% 0.0% - 16.0% 0.55% - 2.1% 20.0% | ||||||||
Assumed GMIB Reinsurance Contracts | 194 | Discounted cash flow | Lapse Rates Withdrawal Rates (Age 0-85) Withdrawal Rates (Age 86+) Utilization Rates Non-performance risk Volatility rates - Equity | 1.1% - 13.3% 0.7% - 22.2% 1.3% - 100% 0 - 30% 1.3% 9.9% - 30.9% | ||||||||
GWBL/GMWB | 130 | Discounted cash flow | Lapse Rates Withdrawal Rates Utilization Rates Volatility rates - Equity | 0.9% - 5.7% 0.0% - 7.0% 100% after delay 9.9% - 30.9% | ||||||||
GIB | (27 | ) | Discounted cash flow | Lapse Rates Withdrawal Rates Utilization Rates Volatility rates - Equity | 0.9% - 5.7% 0.0% - 7.0% 0.0% - 16.0% 9.9% - 30.9% | |||||||
GMAB | 5 | Discounted cash flow | Lapse Rates Volatility rates - Equity | 0.5% - 11.0% 9.9% - 30.9% |
Carrying Value | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(in millions) | |||||||||||||||||||
March 31, 2018: | |||||||||||||||||||
Mortgage loans on real estate | $ | 11,333 | $ | — | $ | — | $ | 11,128 | $ | 11,128 | |||||||||
Loans to affiliates | 885 | — | 885 | — | 885 | ||||||||||||||
Policyholders’ liabilities: Investment contracts | 2,222 | — | — | 2,283 | 2,283 | ||||||||||||||
FHLBNY Funding Agreements | 3,014 | — | 2,962 | — | 2,962 | ||||||||||||||
Short term and long-term debt | 2,373 | — | 2,449 | — | 2,449 | ||||||||||||||
Loans from affiliates | 2,530 | — | 2,530 | — | 2,530 | ||||||||||||||
Policy loans | 3,776 | — | — | 4,330 | 4,330 | ||||||||||||||
Separate Account Liabilities | 7,647 | — | — | 7,647 | 7,647 | ||||||||||||||
December 31, 2017: | |||||||||||||||||||
Mortgage loans on real estate | $ | 10,952 | $ | — | $ | — | $ | 10,912 | $ | 10,912 | |||||||||
Loans to affiliates | 1,230 | — | 1,230 | — | 1,230 | ||||||||||||||
Policyholders’ liabilities: Investment contracts | 2,224 | — | — | 2,329 | 2,329 | ||||||||||||||
FHLBNY Funding Agreements | 3,014 | — | 3,020 | — | 3,020 | ||||||||||||||
Short term and long-term debt | 2,408 | — | 2,500 | — | 2,500 | ||||||||||||||
Loans from affiliates | 3,622 | — | 3,622 | — | 3,622 | ||||||||||||||
Policy loans | 3,819 | — | — | 4,754 | 4,754 | ||||||||||||||
Separate Account Liabilities | 7,537 | — | — | 7,537 | 7,537 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Investment management, advisory and service fees: | |||||||
Base fees | $ | 724 | $ | 643 | |||
Performance-based fees | 6 | 6 | |||||
Research services | 114 | 113 | |||||
Distribution services | 180 | 166 | |||||
Other revenues: | |||||||
Shareholder services | 20 | 18 | |||||
Other | 6 | 4 | |||||
Total investment management and service fees | $ | 1,050 | $ | 950 | |||
Other income | $ | 112 | $ | 101 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Net Periodic Pension Expense: | |||||||
(Qualified and Non-qualified Plans) | |||||||
Service cost | $ | 2 | $ | 3 | |||
Interest cost | 25 | 26 | |||||
Expected return on assets | (45 | ) | (43 | ) | |||
Net amortization | 29 | 32 | |||||
Partial settlement | 100 | — | |||||
Total | $ | 111 | $ | 18 | |||
Net Postretirement Benefits Costs: | |||||||
Service cost | $ | — | $ | — | |||
Interest cost | 4 | 4 | |||||
Net amortization | 2 | 2 | |||||
Total | $ | 6 | $ | 6 | |||
Net Postemployment Benefits Costs: | |||||||
Service cost | $ | 1 | $ | 1 | |||
Interest cost | — | — | |||||
Net amortization | — | — | |||||
Total | $ | 1 | $ | 1 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in thousands) | |||||||
Performance Shares | $ | 55 | $ | 5,710 | |||
Stock Options (Other than AB stock options) | 114 | 19 | |||||
Restricted Awards | 12,484 | 7,693 | |||||
Other compensation plans(1) | (904 | ) | 293 | ||||
Total Compensation Expenses | $ | 11,749 | $ | 13,715 |
(1) | Other compensation plans include Restricted Stock and Stock Appreciation Rights. |
March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Unrealized gains (losses) on investments | $ | (130 | ) | $ | 244 | ||
Foreign currency translation adjustments | (40 | ) | (69 | ) | |||
Defined benefit pension plans | (822 | ) | (1,030 | ) | |||
Total accumulated other comprehensive income (loss) | (992 | ) | (855 | ) | |||
Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest | 46 | 64 | |||||
Accumulated other comprehensive income (loss) attributable to Holdings | $ | (946 | ) | $ | (791 | ) |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Foreign currency translation adjustments: | |||||||
Foreign currency translation gains (losses) arising during the period | $ | (5 | ) | $ | 8 | ||
(Gains) losses reclassified into net income (loss) during the period | — | — | |||||
Foreign currency translation adjustment | (5 | ) | 8 | ||||
Net unrealized gains (losses) on investments: | |||||||
Net unrealized gains (losses) arising during the period | (86 | ) | 155 | ||||
(Gains) losses reclassified into net income (loss) during the period(1) | (1,223 | ) | (23 | ) | |||
Net unrealized gains (losses) on investments | (1,309 | ) | 132 | ||||
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other | 349 | (28 | ) | ||||
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(255) and $56) | (960 | ) | 104 | ||||
Change in defined benefit plans: | |||||||
Less: reclassification adjustments to net income (loss) for: | |||||||
Amortization of net actuarial (gains) losses included in: | |||||||
Amortization of net prior service cost included in net periodic cost | 133 | 25 | |||||
Change in defined benefit plans (net of deferred income tax expense (benefit) of $35 and $12) | 133 | 25 | |||||
Total other comprehensive income (loss), net of income taxes | (832 | ) | 137 | ||||
Less: Other comprehensive (income) loss attributable to noncontrolling interest | (6 | ) | (7 | ) | |||
Other comprehensive income (loss) attributable to Holdings | $ | (838 | ) | $ | 130 |
(1) | See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $(325) million and $(13) million, for the three months ended March 31, 2018 and 2017, respectively. |
Three Months Ended March 31, | Twelve Months Ended December 31, | ||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Severance | |||||||
Balance, beginning of year | $ | 23 | $ | 22 | |||
Additions | 7 | 17 | |||||
Cash payments | (3 | ) | (14 | ) | |||
Other reductions | — | (2 | ) | ||||
Balance, end of Year | $ | 27 | $ | 23 |
Three Months Ended March 31, | Twelve Months Ended December 31, | ||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Leases | |||||||
Balance, beginning of year | $ | 165 | $ | 170 | |||
Expense incurred | — | 29 | |||||
Deferred rent | 2 | 10 | |||||
Payments made | (11 | ) | (48 | ) | |||
Interest accretion | 1 | 4 | |||||
Balance, end of year | $ | 157 | $ | 165 |
Outstanding balance at end of period | Maturity of Outstanding balance | Issued during the period | Repaid during the period | ||||||||||
March 31, 2018: | (in millions) | ||||||||||||
Short-term FHLBNY funding agreements | $ | 500 | less than one month | $ | 1,500 | $ | 1,500 | ||||||
Long-term FHLBNY funding agreements | 1,417 | less than 4 years | — | — | |||||||||
204 | Less than 5 years | — | — | ||||||||||
879 | greater than five years | — | — | ||||||||||
Total long-term funding agreements | 2,500 | — | — | ||||||||||
Total FHLBNY funding agreements at March 31, 2018 | $ | 3,000 | $ | 1,500 | $ | 1,500 | |||||||
December 31, 2017: | |||||||||||||
Short-term FHLBNY funding agreements | $ | 500 | Less than one month | $ | 6,000 | $ | 6,000 | ||||||
Long-term FHLBNY funding agreements | 1,244 | Less than 4 years | 324 | — | |||||||||
377 | Less than 5 years | 303 | — | ||||||||||
879 | Greater than five years | 135 | — | ||||||||||
Total long-term funding agreements | 2,500 | 762 | — | ||||||||||
Total FHLBNY funding agreements at December 31, 2017 | $ | 3,000 | $ | 6,762 | $ | 6,000 |
• | The Individual Retirement segment offers a diverse suite of variable annuity products which are primarily sold to affluent and high net worth individuals saving for retirement or seeking retirement income. |
• | The Group Retirement segment offers tax-deferred investment and retirement plans to be sponsored by educational entities, municipalities and not-for-profit entities as well as small and medium-sized businesses. |
• | The Investment Management and Research segment provides diversified investment management, research and related solutions globally to a broad range of clients through three main client channels- Institutional, Retail and Private Wealth Management-and distributes its institutional research products and solutions through Bernstein Research Services. |
• | The Protection Solutions segment includes our life insurance and group employee benefits businesses. Our life insurance business offers a variety of variable universal life, universal life and term life products to help affluent and high net worth individuals, as well as small and medium-sized business owners, with their wealth protection, wealth transfer and corporate needs. Our group employee benefits business offers a suite of dental, vision, life, and short- and long-term disability and other insurance products to small and medium-size businesses across the United States. |
• | Items related to Variable annuity product features which include certain changes in the fair value of the derivatives and other securities we use to hedge these features and changes in the fair value of the embedded derivatives of our GMxB riders reflected within Variable annuity products’ net derivative results; |
• | Investment (gains) losses, which includes other-than-temporary impairments of securities, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances; |
• | Goodwill impairment, which includes a write-down of goodwill in first quarter of 2017. |
• | Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations and one time settlement of gains and losses; |
• | Other adjustments, which includes restructuring costs related to severance, lease write-offs related to non-recurring restructuring activities and separation costs; and |
• | Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period, and permanent differences due to goodwill impairment and the Tax Reform Act. |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Net income (loss) attributable to Holdings | $ | 168 | $ | (290 | ) | ||
Adjustments related to: | |||||||
Variable annuity product features | 212 | 291 | |||||
Investment (gains) losses | (102 | ) | 24 | ||||
Goodwill impairment | — | 369 | |||||
Net actuarial (gains) losses related to pension and other postretirement benefit obligations | 131 | 34 | |||||
Other adjustments | 90 | (21 | ) | ||||
Income tax expense (benefit) related to above adjustments | (63 | ) | (235 | ) | |||
Non-recurring tax items | 28 | 132 | |||||
Non-GAAP Operating Earnings | $ | 464 | $ | 304 | |||
Operating earnings (loss) by segment: | |||||||
Individual Retirement | $ | 360 | $ | 202 | |||
Group Retirement | 76 | 59 | |||||
Investment Management and Research | 81 | 32 | |||||
Protection Solutions | 23 | 39 | |||||
Corporate and Other(1) | (76 | ) | (28 | ) |
(1) | Includes interest expense of $44 million and $31 million, for the three months ended March 31, 2018 and 2017, respectively. |
• | Items related to variable annuity product features, which include certain changes in the fair value of the derivatives and other securities we use to hedge these features and changes in the fair value of the embedded derivatives reflected within the net derivative results of variable annuity product features; |
• | Investment gains (losses), which include other-than-temporary impairments of securities, sales or disposals of securities/investments, realized capital gains/losses, and valuation allowances; and |
• | Other adjustments, which includes the impact of adoption of revenue recognition standard ASC 606. |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Segment revenues: | |||||||
Individual Retirement(1) | $ | 729 | $ | 1,019 | |||
Group Retirement(1) | 238 | 227 | |||||
Investment Management and Research(2) | 909 | 743 | |||||
Protection Solutions(1) | 809 | 789 | |||||
Corporate and Other(1) | 288 | 340 | |||||
Adjustments related to: | |||||||
Variable annuity product features | (197 | ) | (287 | ) | |||
Investment gains (losses) | 102 | (24 | ) | ||||
Other adjustments to segment revenues | (43 | ) | 23 | ||||
Total revenues | $ | 2,835 | $ | 2,830 |
(1) | Includes investment expenses charged by AB of approximately $18 million and $17 million for the three months ended March 31, 2018 and 2017, respectively, for services provided to the Company. |
(2) | Inter-segment investment management and other fees of approximately $25 million and $24 million for the three months ended March 31, 2018 and 2017, respectively, are included in total revenues of the Investment Management and Research segment. |
March 31, 2018 | December 31, 2017 | ||||||
(in millions) | |||||||
Total assets by segment: | |||||||
Individual Retirement | $ | 103,786 | $ | 121,723 | |||
Group Retirement | 43,615 | 38,578 | |||||
Investment Management and Research | 11,809 | 8,297 | |||||
Protection Solutions | 51,457 | 43,116 | |||||
Corporate and Other | 21,627 | 23,934 | |||||
Total assets | $ | 232,294 | $ | 235,648 |
Three Months Ended March 31, | |||||
2018 | 2017 | ||||
(in millions) | |||||
Weighted Average Shares: | |||||
Weighted average common stock outstanding for basic and diluted earnings per common share | 561 | 561 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Net income (loss) attributable to Holdings common shareholders: | |||||||
Net income (loss) attributable to Holdings common shareholders (basic) | $ | 168 | $ | (290 | ) | ||
Less: Incremental dilution from AB(1) | — | 1 | |||||
Net income (loss) attributable to Holdings common shareholders (diluted) | $ | 168 | $ | (291 | ) |
(1) | The incremental dilution from AB represents the impact of AB’s dilutive units on the Company’s diluted earnings per share and is calculated based on the Company’s proportionate ownership interest in AB. |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(dollars per share) | |||||||
Net income (loss) attributable to Holdings per common share: | |||||||
Basic | $ | 0.30 | $ | (0.52 | ) | ||
Diluted | $ | 0.30 | $ | (0.52 | ) |
Six Months Ended June 30, 2017 | ||||||||||||
As Previously Reported | Impact of Revisions | As Revised | ||||||||||
(in millions) | ||||||||||||
Consolidated Statement of Income (Loss): | ||||||||||||
Revenues: | ||||||||||||
Net derivative gains (losses) | $ | 528 | $ | (34 | ) | $ | 494 | |||||
Total revenues | 6,746 | $ | (34 | ) | 6,712 | |||||||
Benefits and other deductions: | ||||||||||||
Interest credited to policyholders’ account balances | $ | 522 | $ | (34 | ) | $ | 488 | |||||
Total benefits and other deductions | 6,299 | $ | (34 | ) | 6,265 |
Six Months Ended June 30, 2017 | |||||||||||
As Previously Reported | Impact of Revisions | As Revised | |||||||||
(in millions) | |||||||||||
Consolidated Statement of Cash Flows: | |||||||||||
Cash flow from operating activities: | |||||||||||
Interest credited to policyholders’ account balances | $ | 522 | $ | (34 | ) | $ | 488 | ||||
Net derivative (gains) loss | (528 | ) | 34 | (494 | ) | ||||||
Net cash provided by (used in) operating activities | 666 | $ | — | 666 |
Nine Months Ended September 30, 2017 | ||||||||||||
As Previously Reported | Impact of Revisions | As Revised | ||||||||||
(in millions) | ||||||||||||
Consolidated Statement of Income (Loss): | ||||||||||||
Revenues: | ||||||||||||
Net derivative gains (losses) | $ | 172 | $ | (44 | ) | $ | 128 | |||||
Total revenues | 9,529 | $ | (44 | ) | 9,485 | |||||||
Benefits and other deductions: | ||||||||||||
Interest credited to Policyholders’ account balances | $ | 787 | $ | (44 | ) | $ | 743 | |||||
Total benefits and other deductions | 9,070 | $ | (44 | ) | 9,026 |
Nine Months Ended September 30, 2017 | |||||||||||
As Previously Reported | Impact of Revisions | As Revised | |||||||||
(in millions) | |||||||||||
Consolidated Statement of Cash Flows: | |||||||||||
Cash flow from operating activities: | |||||||||||
Interest credited to policyholders’ account balances | $ | 787 | $ | (44 | ) | $ | 743 | ||||
Net derivative (gains) loss | (172 | ) | 44 | (128 | ) | ||||||
Net cash provided by (used in) operating activities | 1,044 | $ | — | 1,044 |
December 31, 2017 | |||||||||||
As Previously Reported | Impact of Revisions | As Revised | |||||||||
(in millions) | |||||||||||
Consolidated Statement of Income (Loss): | |||||||||||
Revenues: | |||||||||||
Net derivative gains (losses) | $ | 228 | $ | (113 | ) | $ | 115 | ||||
Total revenues | 12,514 | $ | (113 | ) | 12,401 | ||||||
Benefits and other deductions: | |||||||||||
Interest credited to Policyholder’s account balances | 1,108 | $ | (113 | ) | 995 | ||||||
Total benefits and other deductions | 11,200 | $ | (113 | ) | 11,087 |
December 31, 2017 | |||||||||||
As Previously Reported | Impact of Revisions | As Revised | |||||||||
(in millions) | |||||||||||
Consolidated Statement of Cash Flows: | |||||||||||
Cash flow from operating activities: | |||||||||||
Interest credited to policyholders’ account balances | $ | 1,108 | $ | (113 | ) | $ | 995 | ||||
Net derivative (gains) loss | (228 | ) | 113 | (115 | ) | ||||||
Net cash provided by (used in) operating activities | 1,021 | $ | — | 1,021 |
December 31, 2016 | ||||||||||||
As Previously Reported | Impact of Revisions | As Revised | ||||||||||
(in millions) | ||||||||||||
Consolidated Statement of Income (Loss): | ||||||||||||
Revenues: | ||||||||||||
Net derivative gains (losses) | $ | (1,722 | ) | $ | (121 | ) | — | $ | (1,843 | ) | ||
Total revenues | 11,922 | $ | (121 | ) | 11,801 | |||||||
Benefits and other deductions: | ||||||||||||
Interest credited to Policyholder’s account balances | 1,091 | $ | (121 | ) | 970 | |||||||
Total benefits and other deductions | 9,868 | $ | (121 | ) | 9,747 |
December 31, 2016 | |||||||||||
As Previously Reported | Impact of Revisions | As Revised | |||||||||
(in millions) | |||||||||||
Consolidated Statement of Cash Flows: | |||||||||||
Cash flow from operating activities: | |||||||||||
Interest credited to policyholders’ account balances | $ | 1,091 | $ | (121 | ) | $ | 970 | ||||
Net derivative (gains) loss | 1,722 | 121 | 1,843 | ||||||||
Net cash provided by (used in) operating activities | (236 | ) | $ | — | (236 | ) |
• | issued $800 million aggregate principal amount of 3.900% Senior Notes due 2023, $1.5 billion aggregate principal amount of 4.350% Senior Notes due 2028 and $1.5 billion aggregate principal amount of 5.000% Senior Notes due 2048 (together, the “Notes”); |
• | delivered a termination notice, effective April 23, 2018, for its $3.9 billion two-year senior unsecured delayed draw term loan agreement; and |
• | settled certain loans issued to or received from AXA and its affiliates resulting in a net payment to AXA and its affiliates of $2,530 million in principal and $11 million of accrued interest. |
• | fee income derived from our retirement and protection products and our investment management and research services; |
• | premiums from our traditional life insurance and annuity products; and |
• | investment income from our General Account investment assets (“GAIA”). |
• | policyholders’ benefits and interest credited to policyholders’ account balances; |
• | sales commissions and compensation paid to intermediaries and advisors that distribute our products and services; and |
• | compensation and benefits provided to our employees and other operating expenses. |
• | Variable annuity hedging programs. We use a dynamic hedging program (within this program, we reevaluate our economic exposure at least daily and rebalance our hedge positions accordingly) to mitigate certain risks associated with the GMxB features that are embedded in our liabilities for our variable annuity products. This program utilizes various derivative instruments that are managed in an effort to reduce the economic impact of unfavorable changes in GMxB features’ exposures attributable to movements in the equity markets and interest rates. Although this program is designed to provide a measure of economic protection against the impact of adverse market conditions, it does not qualify for hedge accounting treatment. Accordingly, changes in value of the derivatives will be recognized in the period in which they occur with offsetting changes in reserves partially recognized in the current period, resulting in net income volatility. In addition to our dynamic hedging program, in the fourth quarter of 2017 and the first quarter of 2018, we implemented a new hedging program using static hedge positions (derivative positions intended to be held to maturity with less frequent rebalancing) to protect our statutory capital against stress scenarios. The implementation of this new program in addition to our dynamic hedge program is expected to increase the size of our derivative positions, resulting in an increase in net income volatility. The impacts are most pronounced for variable annuity products in our Individual Retirement segment. |
• | GMIB reinsurance contracts. Historically, GMIB reinsurance contracts were used to cede to affiliated and non-affiliated reinsurers a portion of our exposure to variable annuity products that offer a GMIB feature. We account for the GMIB reinsurance contracts as derivatives and report them at fair value. Gross reserves for GMIB reserves are calculated on the basis of assumptions related to projected benefits and related contract charges over the lives of the contracts. Accordingly, our gross reserves will not immediately reflect the offsetting impact on future claims exposure resulting from the same capital market or interest rate fluctuations that cause gains or losses on the fair value of the GMIB reinsurance contracts. Because changes in the fair value of the GMIB reinsurance contracts are recorded in the period in which they occur and a majority of the changes in gross reserves for GMIB are recognized over time, net income will be more volatile. |
• | Our GAIA portfolio consists predominantly of fixed income investments. In the near term, and absent further material change in yields available on investments, we expect the yield we earn on new investments will be lower than the yields we earn on maturing investments, which were generally purchased in environments where interest rates were higher than current levels. If interest rates were to rise, we expect the yield on our new money investments would also rise and gradually converge toward the yield of those maturing assets. |
• | Certain of our variable annuity and life insurance products pay guaranteed minimum interest crediting rates. We are required to pay these guaranteed minimum rates even if earnings on our investment portfolio decline, with the resulting investment margin compression negatively impacting earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates longer (lower lapse rates) in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio should positively impact earnings. Similarly, we expect policyholders would be less likely to hold policies with existing guaranteed rates (higher lapse rates) as interest rates rise. |
• | A prolonged low interest rate environment also may subject us to increased hedging costs or an increase in the amount of statutory reserves that our insurance subsidiaries are required to hold for GMxB features, lowering their statutory surplus, which would adversely affect their ability to pay dividends to us. In addition, it may also increase the perceived value of GMxB features to our policyholders, which in turn may lead to a higher rate of annuitization and higher persistency of those products over time. Finally, low interest rates may continue to cause an acceleration of DAC amortization or reserve increase due to loss recognition for interest sensitive products, primarily for our Protection Solutions segment. |
• | National Association of Insurance Commissioners (“NAIC”). The NAIC is currently considering a proposal, which if adopted, could materially change the sensitivity of variable annuity reserves and capital requirements to capital markets including interest rate, equity markets and volatility as well as prescribed assumptions for policyholder behavior. In addition, the NAIC Financial Condition (E) Committee has established a working group to study and address, as appropriate, regulatory issues resulting from variable annuity captive reinsurance transactions, including reforms that would improve the current reserve and capital framework for insurance companies that sell variable annuity products. |
• | Department of Labor (“DOL”). In April 2016, the DOL issued a final rule (the “Rule”), which significantly expanded the range of activities considered to be fiduciary investment advice under the Employee Retirement Income Security Act of 1974 (“ERISA”) when our advisors and our employees provide investment-related information and support to retirement plan sponsors, participants and individual retirement account (“IRA”) holders. In February 2017, the DOL was directed by memorandum (the “President’s Memorandum”) to review the Rule and determine whether the Rule should be rescinded or revised, in light of the new administration’s policies and orientations. The Rule was partially implemented on June 9, 2017, with a special transition period for certain requirements that took effect on January 1, 2018. On November 29, 2017, the DOL finalized a delay in implementing certain portions of the Rule from January 1, 2018 to July 1, 2019. On March 15, 2018, a federal appeals court issued a decision vacating the Rule and subsequently denied motions by the Attorneys General of three states to intervene in the case. A final mandate has not been issued as of the date of this report, and there is a possibility that the DOL may appeal this decision to the U.S. Supreme Court. At this time, we do not currently plan any immediate changes to our approach to selling products and providing services to ERISA plans and IRAs. If the Rule remains in effect, we may need to make adverse changes to the level and type of services we provide as well as the nature and amount of compensation and fees that we and our affiliated advisors and firms receive for investment-related services to retirement plans and IRAs. |
• | Items related to Variable annuity product features which include certain changes in the fair value of the derivatives and other securities we use to hedge these features and changes in the fair value of the embedded derivatives reflected within Variable annuity products’ net derivative results; |
• | Investment (gains) losses, which includes other-than-temporary impairments of securities, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances; |
• | Goodwill impairment, which includes a write-down of goodwill in first quarter of 2017. |
• | Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation; |
• | Other adjustments, which includes restructuring costs related to severance, lease write-offs related to non-recurring restructuring activities, and separation costs; and |
• | Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period, permanent differences due to goodwill impairment, and the Tax Reform Act. |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Net income (loss) attributable to Holdings | $ | 168 | $ | (290 | ) | ||
Adjustments related to: | |||||||
Variable annuity product features (1) | 212 | 291 | |||||
Investment (gains) losses | (102 | ) | 24 | ||||
Goodwill impairment | — | 369 | |||||
Net actuarial (gains) losses related to pension and other postretirement benefit obligations | 131 | 34 | |||||
Other adjustments | 90 | (21 | ) | ||||
Income tax expense (benefit) related to above adjustments | (63 | ) | (235 | ) | |||
Non-recurring tax items | 28 | 132 | |||||
Non-GAAP Operating Earnings | $ | 464 | $ | 304 |
Trailing Twelve Months Ended March 31, 2018 | |||||||||||
Individual Retirement | Group Retirement | Protection Solutions | |||||||||
(in millions) | |||||||||||
Operating earnings | $ | 1,483 | $ | 298 | $ | 521 | |||||
Average capital(1) | 6,925 | 1,262 | 2,674 | ||||||||
Non-GAAP Operating ROC | 21.4 | % | 23.6 | % | 19.5 | % |
(1) | For average capital amounts by segment, capital components pertaining directly to specific segments such as DAC along with targeted capital are directly attributed to these segments. Targeted capital for each segment is established using assumptions supporting statutory capital adequacy levels necessary to be considered a going concern. |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(per share amounts) | |||||||
Net income (loss) attributable to Holdings | $ | 0.30 | $ | (0.52 | ) | ||
Adjustments related to: | |||||||
Variable annuity product features | 0.38 | 0.52 | |||||
Investment (gains) losses | (0.18 | ) | 0.04 | ||||
Goodwill impairment | — | 0.66 | |||||
Net actuarial (gains) losses related to pension and other postretirement benefit obligations | 0.23 | 0.06 | |||||
Other adjustments | 0.16 | (0.04 | ) | ||||
Income tax expense (benefit) related to above adjustments | (0.11 | ) | (0.42 | ) | |||
Non-recurring tax items | 0.05 | 0.24 | |||||
Non-GAAP Operating Earnings | $ | 0.83 | $ | 0.54 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions, except earnings per share amounts) | |||||||
REVENUES | |||||||
Policy charges and fee income | $ | 972 | $ | 956 | |||
Premiums | 279 | 281 | |||||
Net derivative gains (losses) | (281 | ) | (235 | ) | |||
Net investment income (loss) | 591 | 780 | |||||
Investment gains (losses), net: | |||||||
Total other-than-temporary impairment losses | — | (1 | ) | ||||
Other investment gains (losses), net | 102 | (23 | ) | ||||
Total investment gains (losses), net | 102 | (24 | ) | ||||
Investment management and service fees | 1,055 | 954 | |||||
Other income | 117 | 118 | |||||
Total revenues | 2,835 | 2,830 | |||||
BENEFITS AND OTHER DEDUCTIONS | |||||||
Policyholders’ benefits | 608 | 1,093 | |||||
Interest credited to policyholders’ account balances | 271 | 246 | |||||
Compensation and benefits (includes $40 and $41 of deferred acquisition costs) | 620 | 539 | |||||
Commissions and distribution related payments (includes $120 and $132 of deferred acquisition costs) | 411 | 395 | |||||
Interest expense | 46 | 35 | |||||
Amortization of deferred policy acquisition costs, net (net of capitalization of $160 and $173) | 15 | (55 | ) | ||||
Other operating costs and expenses | 494 | 744 | |||||
Total benefits and other deductions | 2,465 | 2,997 | |||||
Income (loss) from continuing operations, before income taxes | 370 | (167 | ) | ||||
Income tax (expense) benefit | (79 | ) | (30 | ) | |||
Net income (loss) | 291 | (197 | ) | ||||
Less: net (income) loss attributable to the noncontrolling interest | (123 | ) | (93 | ) | |||
Net income (loss) attributable to Holdings | $ | 168 | $ | (290 | ) | ||
EARNINGS PER SHARE | |||||||
Earnings per share - Common stock | |||||||
Basic | $ | 0.30 | $ | (0.52 | ) | ||
Diluted | $ | 0.30 | $ | (0.52 | ) | ||
Weighted average common shares outstanding | 561 | 561 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions, except earnings per share amounts) | |||||||
Non-GAAP Operating Earnings | $ | 464 | $ | 304 | |||
Non-GAAP Operating Earnings per share, Basic | $ | 0.83 | $ | 0.54 | |||
Non-GAAP Operating Earnings per share, Diluted | $ | 0.83 | $ | 0.54 |
• | Policyholders’ benefits decreased by $485 million, primarily due to a $441 million decrease in our Individual Retirement segment's GMxB reserves not carried at fair value, reflecting positive movement in interest rates in the first quarter of 2018 compared to the first quarter of 2017. The net improvement in GMxB margins was primarily driven by lower hedging losses related to equity (in the first quarter of 2017 equity market strongly increased while it slightly decreased in the first quarter of 2018) and reserve strengthening in 2017. The $41 million decrease in Corporate and Other was mainly driven by favorable claims experience in our Closed Block and assumed reinsurance block. |
• | Other investment gains increased by $125 million, primarily due to the sale of fixed maturity securities, mainly U.S. Treasury securities. |
• | Investment management and service fees increased by $102 million mainly driven by our Investment Management and Research segment, mainly due to higher base fees reflecting an increase in average AUM of 13% and a 2% increase in the overall portfolio return rate. |
• | Policy charges and fee income increased by $16 million due to higher average account values from net flows and higher equity markets. |
• | Other operating costs and expenses decreased by $250 million mainly due to a $369 million non-recurring goodwill impairment charge in the first quarter of 2017 resulting from the Company’s adoption of new accounting guidance for goodwill on January 1, 2017, partly offset by higher IPO related separation costs. |
• | Decrease in Net investment income of $189 million, mainly due to a change in market value of trading securities primarily driven by an increase in interest rates. |
• | Amortization of deferred acquisition costs, net increased by $70 million, mainly driven by our Protection Solutions and Individual Retirement segments, and Corporate and Other. DAC amortization in the Protection Solutions segment increased by $38 million, due to a $40 million increase in amortization before capitalization as we have remained in a loss recognition position in the first quarter of 2018 (loss recognition position started in the fourth quarter of 2017), which results in higher amortization. DAC amortization in our Individual Retirement segment was $13 million higher mainly due to $15 million lower capitalization due to a shift in sales towards SCS. |
• | Interest credited to policyholders’ account balances increased by $25 million, mainly driven by higher SCS AV in our Individual Retirement segment and Corporate and Other. |
• | Net derivative losses increased by $46 million driven by higher losses in our GMxB book carried at fair value and a change in market value of our freestanding derivatives. |
• | Income tax expense increased by $49 million driven by an increase in pre-tax earnings partially offset by a lower effective tax rate due to the Tax Reform Act as well as the permanent differences of a one-time goodwill impairment in the first quarter of 2017. |
• | Compensation and benefits increased by $81 million mainly due to the settlement of the pension benefit obligation of $100 million. |
• | Policyholders’ benefits decreased by $500 million primarily due to a $456 million decrease in our Individual Retirement segment and a $41 million decrease in Corporate and Other. The improvement in Individual Retirement was mainly driven by a $462 million decrease in GMxB reserves due to higher interest rates in the first quarter of 2018, offset by $384 million higher GMxB derivatives losses included in Investment gains (losses). The net improvement in GMxB margins was primarily driven by reserve strengthening in 2017. The $41 million improvement in Corporate and Other was mainly from favorable claims experience in our Closed Block and assumed reinsurance block. |
• | Investment management and service fees increased by $179 million mainly driven by our Investment Management and Research segment, mainly due to higher base fees reflecting an increase in average AUM of 13% and a 2% increase in the overall portfolio return rate. |
• | Policy charges, fee income and premiums increased by $13 million, due to higher average AV from net flows and higher equity markets. |
• | Net investment income increased by $13 million mainly due to the GA portfolio rebalancing. |
• | Interest expense increased by $14 million, primarily driven by higher cost of borrowings through securities repurchase agreements and higher interest rates in floating rate internal debt. |
• | Amortization of DAC, net increased by $52 million, mainly due to our Protection Solutions and Individual Retirement segments. DAC amortization in the Protection Solutions segment increased by $42 million, due to a $44 million increase in amortization before capitalization, as we have remained in a loss recognition position in the first quarter of 2018 (loss recognition position started in the fourth quarter of 2017), which results in higher amortization. DAC amortization in our Individual Retirement segment was $7 million higher mainly due to $15 million lower capitalization due to a shift in sales towards SCS. |
• | Higher Compensation, benefits, and other operating cost of $77 million, mainly due to an increase of $67 million in the Investment Management & Research segment, including $43 million related to the impact of adopting the new revenue recognition standard (ASC 606) in 2018, higher promotion and servicing of $17 million, higher incentive compensation and higher base compensation, which resulted from higher fringe benefits and higher commissions. Other operating expenses excluding the Investment Management & Research segment were slightly lower resulting from productivity programs. |
• | Interest credited to policyholders’ account balances increased by $25 million mainly from higher SCS AV in Individual Retirement, and from Corporate and Other. |
• | Income tax expense decreased by $20 million driven by a lower effective tax rate due to the Tax Reform Act. |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Operating earnings (loss): | |||||||
Individual Retirement | $ | 360 | $ | 202 | |||
Group Retirement | 76 | 59 | |||||
Investment Management and Research | 81 | 32 | |||||
Protection Solutions | 23 | 39 | |||||
Total segment operating earnings | 540 | 332 | |||||
Corporate and Other | (76 | ) | (28 | ) | |||
Non-GAAP Operating Earnings | $ | 464 | $ | 304 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Operating earnings | $ | 360 | $ | 202 | |||
Key components of Operating earnings are: | |||||||
REVENUES | |||||||
Policy charges, fee income and premiums | $ | 540 | $ | 519 | |||
Net investment income | 228 | 177 | |||||
Investment gains (losses), net including derivative gains (losses) | (227 | ) | 140 | ||||
Investment management, service fees and other income | 188 | 183 | |||||
Segment revenues | 729 | 1,019 | |||||
BENEFITS AND OTHER DEDUCTIONS | |||||||
Policyholders’ benefits | 5 | 461 | |||||
Interest credited to policyholders’ account balances | 59 | 47 | |||||
Commissions and distribution related payments(1) | 144 | 158 | |||||
Amortization of deferred policy acquisition costs, net(2) | (47 | ) | (54 | ) | |||
Compensation, benefits, interest expense and other operating costs and expenses(3) | 121 | 128 | |||||
Segment benefits and other deductions | $ | 282 | $ | 740 |
March 31, 2018 | December 31, 2017 | ||||||
(in millions) | |||||||
AV | |||||||
General Account | $ | 19,480 | $ | 19,059 | |||
Separate Accounts | 82,310 | 84,364 | |||||
Total AV | $ | 101,790 | $ | 103,423 |
March 31, 2018 | March 31, 2017 | ||||||
(in millions) | |||||||
Balance as of beginning of period | $ | 103,423 | $ | 93,604 | |||
Gross premiums | 1,787 | 2,010 | |||||
Surrenders, withdrawals and benefits | (2,249 | ) | (1,797 | ) | |||
Net flows | (462 | ) | 213 | ||||
Investment performance, interest credited and policy charges | (1,171 | ) | 2,862 | ||||
Balance as of end of period | $ | 101,790 | $ | 96,679 |
• | A net increase in Operating earnings of $78 million due to higher GMxB results from reserve strengthening in 2017. Higher interest rates were the primary driver of a $462 million decrease in GMxB Policyholders’ benefits which was partially offset by GMxB Net derivative losses of $384 million. |
• | Increase in Net investment income of $51 million, resulting from higher asset balances mainly driven by SCS sales. |
• | Increase in remaining Revenues of $26 million due to higher average Separate Account AV, primarily due to positive market performance in 2017 and higher premium income from payout annuities. |
• | A decrease in Commissions and distribution related payments of $14 million due to strong sales in the first quarter of 2017 in advance of the implementation of the DOL Rule. |
• | An increase in Amortization of DAC, net of $7 million primarily driven by $15 million lower DAC capitalization as a result of lower sales and a product shift towards SCS. |
• | An increase in Income tax expense of $9 million due to higher pre-tax operating earnings, partially offset by a lower effective tax rate due to the Tax Reform Act. |
• | The increase in AV of $5.1 billion year-over-year was driven by market appreciation. |
• | Net outflows were $462 million, primarily driven by $1.0 billion of outflows on our older fixed GMxB block which were partially offset by $579 million of inflows on our newer less capital intensive products. |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Operating earnings | $ | 76 | $ | 59 | |||
Key components of Operating earnings are: | |||||||
REVENUES | |||||||
Policy charges, fee income and premiums | $ | 64 | $ | 59 | |||
Net investment income | 131 | 130 | |||||
Investment gains (losses), net including derivative gains (losses) | (1 | ) | (5 | ) | |||
Investment Management, service fees and other income | 44 | 43 | |||||
Segment Revenues | 238 | 227 | |||||
BENEFITS AND OTHER DEDUCTIONS | |||||||
Policyholders’ benefits | — | — | |||||
Interest credited to policyholders’ account balances | 70 | 71 | |||||
Commissions and distribution related payments(1) | 24 | 23 | |||||
Amortization of deferred policy acquisition costs, net(2) | (11 | ) | (11 | ) | |||
Compensation, benefits, interest expense and other operating costs and expenses(3) | 62 | 62 | |||||
Segment benefits and other deductions | $ | 145 | $ | 145 |
March 31, 2018 | December 31, 2017 | ||||||
(in millions) | |||||||
AV | |||||||
General Account | $ | 11,393 | $ | 11,319 | |||
Separate Accounts | 22,525 | 22,587 | |||||
Total AV | $ | 33,918 | $ | 33,906 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Balance as of beginning of period | $ | 33,906 | $ | 30,138 | |||
Gross premiums | 837 | 824 | |||||
Surrenders, withdrawals and benefits | (736 | ) | (769 | ) | |||
Net flows | 101 | 55 | |||||
Investment performance, interest credited and policy charges | (89 | ) | 975 | ||||
Balance as of end of period | $ | 33,918 | $ | 31,168 |
• | Higher fee income from Policy charges, fee income and premiums and Investment management, service fees and other income of $6 million due to positive net flows and equity market performance. |
• | A decrease in Income tax expense of $6 million due to a lower effective tax rate as a result of the Tax Reform Act. |
• | The increase in AV of $2.8 billion from the first quarter of 2018 was primarily due to market appreciation and positive net flows. |
• | Net flows were $101 million, a $46 million increase for the first quarter of 2018, driven primarily by a $13 million increase in Gross premiums and a reduction of $33 million in Surrenders and withdrawals. |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Operating earnings | $ | 81 | $ | 32 | |||
Key components of Operating earnings are: | |||||||
REVENUES | |||||||
Policy charges, fee income and premiums | $ | — | $ | — | |||
Net investment income | 3 | 19 | |||||
Investment gains (losses), net including derivative gains (losses) | 2 | (10 | ) | ||||
Investment Management, service fees and other income | 904 | 734 | |||||
Segment Revenues | 909 | 743 | |||||
BENEFITS AND OTHER DEDUCTIONS | |||||||
Policyholders’ benefits | — | — | |||||
Interest credited to policyholders’ account balances | — | — | |||||
Commissions and distribution related payments | 110 | 96 | |||||
Amortization of deferred policy acquisition costs, net | — | — | |||||
Compensation, benefits, interest expense and other operating costs and expenses | 564 | 497 | |||||
Segment benefits and other deductions | $ | 674 | $ | 593 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in billions) | |||||||
Balance as of beginning of period | $ | 554.5 | $ | 480.2 | |||
Long-term flows: | |||||||
Sales/new accounts | 34.1 | 19.0 | |||||
Redemptions/terminations | (31.2 | ) | (18.4 | ) | |||
Cash flow/unreinvested dividends | (5.3 | ) | (0.8 | ) | |||
Net long-term (outflows) inflows | (2.4 | ) | (0.2 | ) | |||
Market appreciation (depreciation) | (2.6 | ) | 17.9 | ||||
Net change | (5.0 | ) | 17.7 | ||||
Balance as of end of period | $ | 549.5 | $ | 497.9 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in billions) | |||||||
Distribution Channel: | |||||||
Institutions | $ | 269.3 | $ | 243.8 | |||
Retail | 194.0 | 164.9 | |||||
Private Wealth Management | 93.8 | 82.5 | |||||
Total | $ | 557.1 | $ | 491.2 | |||
Investment Service: | |||||||
Equity Actively Managed | $ | 142.9 | $ | 115.7 | |||
Equity Passively Managed(1) | 54.3 | 48.7 | |||||
Fixed Income Actively Managed – Taxable | 243.3 | 226.0 | |||||
Fixed Income Actively Managed – Tax-exempt | 40.6 | 37.3 | |||||
Fixed Income Passively Managed(1) | 10.0 | 11.1 | |||||
Other(2) | 66.0 | 52.4 | |||||
Total | $ | 557.1 | $ | 491.2 |
• | Increase in Investment management, service fees, and other income of $170 million primarily due to higher base fees of $75 million resulting from a 13% increase in average AUM and a 2% increase in the overall portfolio rate. Operating earnings includes an increase in revenues of $78 million from the impact of adopting the new revenue recognition standard (ASC 606) in 2018. |
• | Income tax expense decreased $8 million driven by a lower effective tax rate due to the Tax Reform Act. |
• | Higher Compensation, benefits, interest expense and other operating costs of $67 million, including $43 million related to the impact of adoption of revenue recognition standard (ASC 606) in 2018, higher promotion and servicing expenses of $17 million, higher incentive compensation, higher base compensation, higher fringe benefits and higher commissions. |
• | Total AUM as of March 31, 2018 was $549.5 billion, up $51.6 billion, or 10%, compared to first quarter of 2017. The increase was driven by market appreciation of $40.7 billion and net flows of $10.9 billion (primarily due to Retail and Institutional inflows of $8.7 billion). |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Operating earnings (loss) | $ | 23 | $ | 39 | |||
Key components of Operating earnings are: | |||||||
REVENUES | |||||||
Policy charges, fee income and premiums | $ | 535 | $ | 529 | |||
Net investment income | 220 | 208 | |||||
Investment gains (losses), net including derivative gains (losses) | (1 | ) | — | ||||
Investment management, service fees and other income | 55 | 52 | |||||
Segment Revenues | 809 | 789 | |||||
BENEFITS AND OTHER DEDUCTIONS | |||||||
Policyholders’ benefits | 409 | 412 | |||||
Interest credited to policyholders’ account balances | 122 | 116 | |||||
Commissions and distribution related payments(1) | 66 | 68 | |||||
Amortization of deferred policy acquisition costs, net(2) | 71 | 29 | |||||
Compensation, benefits, interest expense and other operating costs and expenses(3) | 114 | 109 | |||||
Segment benefits and other deductions | $ | 782 | $ | 734 |
March 31, 2018 | December 31, 2017 | ||||||
(in millions) | |||||||
Protection Solutions Reserves(1) | |||||||
General Account | $ | 16,128 | $ | 16,007 | |||
Separate Accounts | 12,396 | 12,643 | |||||
Total Protection Solutions Reserves | $ | 28,524 | $ | 28,650 |
(1) | Does not include Protection Solutions Reserves for our employee benefits business as it is a start-up business and therefore has immaterial in-force policies. |
March 31, 2018 | December 31, 2017 | ||||||
(in billions) | |||||||
In-force Face Amounts for Protection Solutions(1) | |||||||
Universal life(2) | $ | 58.3 | $ | 59.0 | |||
Indexed universal life | 21.0 | 20.5 | |||||
Variable universal life(3) | 128.5 | 128.9 | |||||
Term | 234.7 | 235.9 | |||||
Whole life | 1.6 | 1.6 | |||||
Total in-force face amount | $ | 444.1 | $ | 445.9 |
(1) | Includes individual life insurance and does not include employee benefits as it is a start-up business and therefore has immaterial in-force policies. |
(2) | Universal Life includes Guaranteed Universal Life. |
(3) | Variable Universal Life includes VL and COLI. |
• | Amortization of DAC, net increased by $42 million, due to a $44 million increase in DAC amortization before capitalization, as we have remained in a loss recognition position in the first quarter of 2018 (loss recognition position started in the fourth quarter of 2017) which results in higher amortization. |
• | Increase of $6 million in Interest credited to policyholders' account balances mainly due to higher AV in our Indexed Universal Life products. |
• | Increase in Net investment income of $12 million due to the General Account portfolio rebalancing and higher asset balances. |
• | Increase of $6 million in Policy charges, fee income and premiums, mainly due to an increase in cost of insurance charges. |
• | Increase of $3 million in Investment management, service fees, and other income, mainly due to higher Separate Account reserves. |
• | Decrease in income tax expense of $12 million due to a lower effective tax rate as a result of the Tax Reform Act. |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Operating earnings (loss) | $ | (76 | ) | $ | (28 | ) |
GAIA | Other(1) | Balance Sheet Total | |||||||||
(in millions) | |||||||||||
Balance Sheet Captions: | |||||||||||
Fixed maturities, available for sale, at fair value | $ | 43,953 | $ | (469 | ) | $ | 43,484 | ||||
Mortgage loans on real estate | 11,333 | — | 11,333 | ||||||||
Policy Loans | 3,776 | — | 3,776 | ||||||||
Real Estate held for production of income | 52 | — | 52 | ||||||||
Other equity investments | 1,128 | 130 | 1,258 | ||||||||
Other invested assets | 170 | 3,891 | 4,061 | ||||||||
Sub-total investments | 60,412 | 3,552 | 63,964 | ||||||||
Trading Securities | 12,907 | (2) | 2,012 | 14,919 | |||||||
Total investments | 73,319 | 5,564 | 78,883 | ||||||||
Cash and cash equivalents | 4,220 | 1,871 | 6,091 | ||||||||
Repurchase and funding agreements(3) | (4,397 | ) | — | (4,397 | ) | ||||||
Total | $ | 73,142 | $ | 7,435 | $ | 80,577 |
(1) | Assets listed in the “Other” category principally consist of our loans to affiliates and other miscellaneous assets or liabilities related to GAIA that are reclassified from various balance sheet lines held in portfolios other than the General Account and which are not managed as part of GAIA, including: (i) related accrued income or expense, (ii) certain reclassifications and intercompany adjustments, (iii) certain trading securities that are associated with hedging programs for variable annuity products with guarantee features, (iv) assets and income of AB and (v) for fixed maturities, the reversal of net unrealized gains (losses). The “Other” category is deducted in arriving at GAIA. |
(2) | Primarily related to SCS and consists of corporate bonds (83%), U.S. Treasury securities (6%), other government securities (10%) and other trading securities (1%). |
(3) | Includes Securities purchased under agreements to resell, Securities sold under agreements to repurchase and Federal Home Loan Bank funding agreements which are reported in policyholders’ account balances. |
Balance Sheet Captions: | GAIA | Other(1) | Balance Sheet Total | ||||||||
(in millions) | |||||||||||
Fixed maturities, available for sale, at fair value | $ | 45,751 | $ | 1,190 | $ | 46,941 | |||||
Mortgage loans on real estate | 10,952 | — | 10,952 | ||||||||
Policy loans | 3,819 | — | 3,819 | ||||||||
Real estate held for the production of Income | 390 | — | 390 | ||||||||
Other equity investments | 1,264 | 128 | 1,392 | ||||||||
Other invested assets | 25 | 4,093 | 4,118 | ||||||||
Subtotal investment assets | $ | 62,201 | $ | 5,411 | $ | 67,612 | |||||
Trading securities | 12,050 | (2) | 2,120 | 14,170 | |||||||
Total investments | $ | 74,251 | $ | 7,531 | $ | 81,782 | |||||
Cash and cash equivalent | 4,539 | 275 | 4,814 | ||||||||
Repurchase and funding agreements(3) | (4,382 | ) | — | (4,382 | ) | ||||||
Total | $ | 74,408 | $ | 7,806 | $ | 82,214 |
(1) | Assets listed in the “Other” category principally consist of our loans to affiliates and other miscellaneous assets or liabilities related to GAIA that are reclassified from various balance sheet lines held in portfolios other than the General Account and which are not managed as part of GAIA, including: (i) related accrued income or expense, (ii) certain reclassifications and intercompany adjustments, (iii) certain trading securities that are associated with hedging programs for variable annuity products with guarantee features, (iv) assets and income of AB and (v) for fixed maturities, the reversal of net unrealized gains (losses). The “Other” category is deducted in arriving at GAIA. |
(2) | Primarily related to SCS and consists of corporate bonds (83%), U.S. Treasury securities (8%), other government securities (8%) and other trading securities (1%). |
(3) | Includes Securities purchased under agreements to resell, Securities sold under agreements to repurchase and Federal Home Loan Bank funding agreements which are reported in policyholders’ account balances. |
Three Months Ended, March 31, | Year Ended December 31, 2017 | ||||||||||||||||
2018 | 2017 | ||||||||||||||||
Yield | Amount | Yield | Amount | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Fixed Maturities(1): | |||||||||||||||||
Investment grade | |||||||||||||||||
Income (loss) | 3.64 | % | $ | 396 | 3.67 | % | $ | 374 | $ | 1,515 | |||||||
Ending assets | 42,620 | 40,970 | 44,384 | ||||||||||||||
Below investment grade | |||||||||||||||||
Income (loss) | 6.52 | % | 22 | 7.32 | % | 30 | 113 | ||||||||||
Ending assets | 1,333 | 1,646 | 1,367 | ||||||||||||||
Mortgages: | |||||||||||||||||
Income (loss) | 4.18 | % | 116 | 4.66 | % | 116 | 454 | ||||||||||
Ending assets | 11,333 | 10,197 | 10,952 | ||||||||||||||
Real Estate Held for Production of Income: | |||||||||||||||||
Interest expense and other | (1.91 | )% | (4 | ) | (1.19 | )% | (1 | ) | 2 | ||||||||
Ending assets (liabilities) | 52 | 56 | 390 | ||||||||||||||
Other Equity Investments(2): | |||||||||||||||||
Income (loss) | 12.59 | % | 41 | 12.76 | % | 41 | 169 | ||||||||||
Ending assets | 1,298 | 1,410 | 1,289 | ||||||||||||||
Policy Loans: | |||||||||||||||||
Income (loss) | 5.71 | % | 54 | 5.76 | % | 55 | 221 | ||||||||||
Ending assets | 3,776 | 3,818 | 3,819 | ||||||||||||||
Cash and Short-term Investments: | |||||||||||||||||
Income (loss) | 0.71 | % | 8 | 0.67 | % | 6 | 32 | ||||||||||
Ending assets | 4,220 | 2,881 | 4,539 | ||||||||||||||
Repurchase and Funding agreements: | |||||||||||||||||
Interest expense and other | (9 | ) | (4 | ) | (21 | ) | |||||||||||
Ending (liabilities) | (4,397 | ) | (3,790 | ) | (4,382 | ) | |||||||||||
Total Invested Assets: | |||||||||||||||||
Income (loss) | 4.07 | % | 624 | 4.28 | % | 617 | 2,485 | ||||||||||
Ending assets | 60,235 | 57,188 | 62,358 | ||||||||||||||
Trading Securities: | |||||||||||||||||
Income (loss) | (0.94 | )% | (29 | ) | 5.19 | % | 119 | 231 | |||||||||
Ending assets | 12,907 | 9,689 | 12,050 | ||||||||||||||
Total: | |||||||||||||||||
Investment Income (loss) | 3.22 | % | 595 | 4.42 | % | 736 | 2,716 |
Less: investment fees | (0.10 | )% | (18 | ) | (0.11 | )% | (18 | ) | (68 | ) | |||||||
Investment Income, Net | 3.12 | % | $ | 577 | 4.31 | % | $ | 718 | $ | 2,648 | |||||||
Ending Net Assets | $ | 73,142 | $ | 66,877 | $ | 74,408 |
(1) | Fixed Maturities Investment Grade and Below Investment Grade are based on Moody’s Equivalent ratings. |
(2) | Includes, as of March 31, 2018 and December 31, 2017, respectively, $170 million, and $25 million of other invested assets. |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Percentage of Total (%) | ||||||||||||||
(in millions) | ||||||||||||||||||
At March 31, 2018: | ||||||||||||||||||
Corporate Securities: | ||||||||||||||||||
Finance | $ | 6,064 | $ | 113 | $ | 60 | $ | 6,117 | 14 | % | ||||||||
Manufacturing | 8,026 | 166 | 133 | 8,059 | 18 | % | ||||||||||||
Utilities | 4,206 | 134 | 75 | 4,265 | 10 | % | ||||||||||||
Services | 3,639 | 78 | 55 | 3,662 | 8 | % | ||||||||||||
Energy | 2,084 | 66 | 36 | 2,114 | 5 | % | ||||||||||||
Retail and wholesale | 1,365 | 20 | 21 | 1,364 | 3 | % | ||||||||||||
Transportation | 1,078 | 36 | 24 | 1,090 | 2 | % | ||||||||||||
Other | 145 | 5 | 1 | 149 | — | % | ||||||||||||
Total corporate securities | 26,607 | 618 | 405 | 26,820 | 60 | % | ||||||||||||
U.S. government and agency | 14,757 | 387 | 506 | 14,638 | 34 | % | ||||||||||||
Residential mortgage-backed(2) | 614 | 16 | 3 | 627 | 1 | % | ||||||||||||
Preferred stock | 473 | 44 | 4 | 513 | 1 | % | ||||||||||||
State & municipal | 422 | 56 | 1 | 477 | 1 | % | ||||||||||||
Foreign governments | 405 | 23 | 9 | 419 | 1 | % | ||||||||||||
Asset-backed securities | 675 | 4 | 4 | 675 | 2 | % | ||||||||||||
Total | $ | 43,953 | $ | 1,148 | $ | 932 | $ | 44,169 | 100 | % | ||||||||
At December 31, 2017 | ||||||||||||||||||
Corporate Securities: | ||||||||||||||||||
Finance | $ | 5,824 | $ | 200 | $ | 7 | $ | 6,017 | 13 | % | ||||||||
Manufacturing | 7,546 | 289 | 15 | 7,820 | 17 | % | ||||||||||||
Utilities | 4,032 | 210 | 13 | 4,229 | 9 | % | ||||||||||||
Services | 3,307 | 130 | 15 | 3,422 | 7 | % | ||||||||||||
Energy | 1,980 | 101 | 9 | 2,072 | 4 | % | ||||||||||||
Retail and wholesale | 1,404 | 36 | 3 | 1,437 | 3 | % | ||||||||||||
Transportation | 957 | 58 | 3 | 1,012 | 2 | % | ||||||||||||
Other | 128 | 7 | — | 135 | — | % | ||||||||||||
Total corporate securities | 25,178 | 1,031 | 65 | 26,144 | 55 | % | ||||||||||||
U.S. government and agency | 17,744 | 1,000 | 251 | 18,493 | 39 | % | ||||||||||||
Residential mortgage-backed(2) | 797 | 22 | 1 | 818 | 2 | % | ||||||||||||
Preferred stock | 470 | 43 | 1 | 512 | 1 | % | ||||||||||||
State & municipal | 422 | 67 | — | 489 | 1 | % | ||||||||||||
Foreign governments | 395 | 29 | 5 | 419 | 1 | % | ||||||||||||
Asset-backed securities | 745 | 5 | 1 | 749 | 1 | % | ||||||||||||
Total | $ | 45,751 | $ | 2,197 | $ | 324 | $ | 47,624 | 100 | % |
(1) | Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings. |
(2) | Includes publicly traded agency pass-through securities and collateralized obligations. |
NAIC Designation(1) | Rating Agency Equivalent | Amortized Costs | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(in millions) | ||||||||||||||||||
At March 31, 2018: | ||||||||||||||||||
1 | Aaa, Aa, A | $ | 26,432 | $ | 713 | $ | 690 | $ | 26,455 | |||||||||
2 | Baa | 8,127 | 288 | 123 | 8,292 | |||||||||||||
Investment grade | 34,559 | 1,001 | 813 | 34,747 | ||||||||||||||
3 | Ba | 250 | 1 | 1 | 250 | |||||||||||||
4 | B | 120 | — | 6 | 114 | |||||||||||||
5 | C and lower | 4 | — | — | 4 | |||||||||||||
6 | In or near default | 3 | — | — | 3 | |||||||||||||
Below investment grade | 377 | 1 | 7 | 371 | ||||||||||||||
Total Public Fixed Maturities | $ | 34,936 | $ | 1,002 | $ | 820 | $ | 35,118 | ||||||||||
At December 31, 2017 | ||||||||||||||||||
1 | Aaa, Aa, A | $ | 29,137 | $ | 1,506 | $ | 274 | $ | 30,369 | |||||||||
2 | Baa | 7,521 | 434 | 10 | 7,945 | |||||||||||||
Investment grade | 36,658 | 1,940 | 284 | 38,314 | ||||||||||||||
3 | Ba | 304 | 5 | 6 | 303 | |||||||||||||
4 | B | 119 | — | 1 | 118 | |||||||||||||
5 | C and lower | 3 | — | — | 3 | |||||||||||||
6 | In or near default | 9 | — | — | 9 | |||||||||||||
Below investment grade | 435 | 5 | 7 | 433 | ||||||||||||||
Total Public Fixed Maturities | $ | 37,093 | $ | 1,945 | $ | 291 | $ | 38,747 |
(1) | Includes, as of March 31, 2018 and December 31, 2017, respectively, two securities with amortized cost of $4 million (fair value of $4 million) and two securities with amortized cost of $14 million (fair value of $14 million) that have been categorized based on expected NAIC designation pending receipt of SVO ratings. |
NAIC Designation(1) | Rating Agency Equivalent | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(in millions) | |||||||||||||||||
At March 31, 2018: | |||||||||||||||||
1 | Aaa, Aa, A | $ | 4,638 | $ | 71 | $ | 44 | $ | 4,665 | ||||||||
2 | Baa | 3,683 | 71 | 52 | 3,702 | ||||||||||||
Investment grade | 8,321 | 142 | 96 | 8,367 | |||||||||||||
3 | Ba | 346 | 1 | 6 | 341 | ||||||||||||
4 | B | 331 | 1 | 10 | 322 | ||||||||||||
5 | C and lower | 18 | — | — | 18 | ||||||||||||
6 | In or near default | 1 | 2 | — | 3 | ||||||||||||
Below investment grade | 696 | 4 | 16 | 684 | |||||||||||||
Total Private Fixed Maturities | $ | 9,017 | $ | 146 | $ | 112 | $ | 9,051 | |||||||||
At December 31, 2017: | |||||||||||||||||
1 | Aaa, Aa, A | $ | 4,356 | $ | 122 | $ | 12 | $ | 4,466 | ||||||||
2 | Baa | 3,610 | 123 | 10 | 3,723 | ||||||||||||
Investment grade | 7,966 | 245 | 22 | 8,189 | |||||||||||||
3 | Ba | 358 | 2 | 4 | 356 | ||||||||||||
4 | B | 315 | 2 | 7 | 310 | ||||||||||||
5 | C and lower | 17 | 1 | — | 18 | ||||||||||||
6 | In or near default | 2 | 2 | — | 4 | ||||||||||||
Below investment grade | 692 | 7 | 11 | 688 | |||||||||||||
Total Private Fixed Maturities | $ | 8,658 | $ | 252 | $ | 33 | $ | 8,877 |
(1) | Includes, as of March 31, 2018 and December 31, 2017, respectively, 23 securities with amortized cost of $377 million (fair value, $368 million) and 24 securities with amortized cost of $541 million (fair value, $543 million) that have been categorized based on expected NAIC designation pending receipt of SVO ratings. |
NAIC Designation(1) | Rating Agency Equivalent | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(in millions) | |||||||||||||||||
At March 31, 2018: | |||||||||||||||||
1 | Aaa, Aa, A | $ | 14,329 | $ | 300 | $ | 214 | $ | 14,415 | ||||||||
2 | Baa | 11,211 | 313 | 168 | 11,356 | ||||||||||||
Investment grade | 25,540 | 613 | 382 | 25,771 | |||||||||||||
3 | Ba | 594 | 2 | 8 | 588 | ||||||||||||
4 | B | 449 | 1 | 15 | 435 | ||||||||||||
5 | C and lower | 21 | — | — | 21 | ||||||||||||
6 | In or near default | 2 | 2 | — | 4 | ||||||||||||
Below investment grade | 1,066 | 5 | 23 | 1,048 | |||||||||||||
Total Corporate Fixed Maturities | $ | 26,606 | $ | 618 | $ | 405 | $ | 26,819 | |||||||||
At December 31, 2017: | |||||||||||||||||
1 | Aaa, Aa, A | $ | 13,517 | $ | 508 | $ | 29 | $ | 13,996 | ||||||||
2 | Baa | 10,543 | 510 | 19 | 11,034 | ||||||||||||
Investment grade | 24,060 | 1,018 | 48 | 25,030 | |||||||||||||
3 | Ba | 660 | 7 | 9 | 658 | ||||||||||||
4 | B | 432 | 3 | 8 | 427 | ||||||||||||
5 | C and lower | 19 | — | — | 19 | ||||||||||||
6 | In or near default | 7 | 3 | — | 10 | ||||||||||||
Below investment grade | 1,118 | 13 | 17 | 1,114 | |||||||||||||
Total Corporate Fixed Maturities | $ | 25,178 | $ | 1,031 | $ | 65 | $ | 26,144 |
(1) | Includes, as of March 31, 2018 and December 31, 2017, respectively, 24 securities with amortized cost of $310 million (fair value, $304 million) and 25 securities with amortized cost of $484 million (fair value, $484 million) that have been categorized based on expected NAIC designation pending receipt of SVO ratings. |
March 31, 2018 | December 31, 2017 | ||||||
(in millions) | |||||||
Commercial mortgage loans | $ | 8,755 | $ | 8,386 | |||
Agricultural mortgage loans | 2,585 | 2,574 | |||||
Total mortgage loans | $ | 11,340 | $ | 10,960 |
March 31, 2018 | December 31, 2017 | ||||||||||||
Amortized Cost | % of Total | Amortized Cost | % of Total | ||||||||||
(Dollars in millions) | |||||||||||||
By Region: | |||||||||||||
U.S. Regions: | |||||||||||||
Pacific | $ | 3,308 | 29.2 | % | $ | 3,264 | 29.8 | % | |||||
Middle Atlantic | 3,108 | 27.4 | 2,958 | 27.0 | |||||||||
South Atlantic | 1,266 | 11.2 | 1,096 | 10.0 | |||||||||
East North Central | 929 | 8.2 | 917 | 8.4 | |||||||||
Mountain | 812 | 7.1 | 800 | 7.3 | |||||||||
West North Central | 769 | 6.8 | 778 | 7.1 | |||||||||
West South Central | 507 | 4.5 | 499 | 4.5 | |||||||||
New England | 459 | 4.0 | 460 | 4.2 | |||||||||
East South Central | 182 | 1.6 | 188 | 1.7 | |||||||||
Total Mortgage Loans | $ | 11,340 | 100.0 | % | $ | 10,960 | 100.0 | % | |||||
By Property Type: | |||||||||||||
Office Buildings | $ | 3,767 | 33.2 | % | $ | 3,639 | 33.2 | % | |||||
Apartment Complexes | 3,200 | 28.2 | 3,014 | 27.5 | |||||||||
Agricultural properties | 2,585 | 22.8 | 2,574 | 23.5 | |||||||||
Retail stores | 695 | 6.1 | 647 | 5.9 | |||||||||
Hospitality | 426 | 3.8 | 417 | 3.8 | |||||||||
Industrial | 325 | 2.9 | 326 | 3.0 | |||||||||
Other | 342 | 3.0 | 343 | 3.1 | |||||||||
Total mortgage loans | $ | 11,340 | 100.0 | % | $ | 10,960 | 100.0 | % |
Debt Service Coverage Ratio(1) | |||||||||||||||||||||||||||
Loan-to-Value Ratio(2) | Greater than 2.0x | 1.8x to 2.0x | 1.5x to 1.8x | 1.2x to 1.5x | 1.0x to 1.2x | Less than 1.0x | Total Mortgage Loans | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
0% - 50% | $ | 1,012 | $ | 174 | $ | 597 | $ | 569 | $ | 321 | $ | 29 | $ | 2,702 | |||||||||||||
50% - 70% | 4,588 | 689 | 1,341 | 759 | 406 | 48 | 7,831 | ||||||||||||||||||||
70% - 90% | 169 | 110 | 144 | 330 | 27 | — | 780 | ||||||||||||||||||||
90% plus | — | — | 27 | — | — | — | 27 | ||||||||||||||||||||
Total commercial and agricultural mortgage loans | $ | 5,769 | $ | 973 | $ | 2,109 | $ | 1,658 | $ | 754 | $ | 77 | $ | 11,340 |
(1) | The debt service coverage ratio is calculated using actual results from property operations. |
(2) | The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually. |
Debt Service Coverage Ratio(1) | |||||||||||||||||||||||||||
Loan-to-Value Ratio(2) | Greater than 2.0x | 1.8x to 2.0x | 1.5x to 1.8x | 1.2x to 1.5x | 1.0x to 1.2x | Less than 1.0x | Total Mortgage Loans | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
0% - 50% | $ | 1,031 | $ | 149 | $ | 595 | $ | 589 | $ | 316 | $ | 30 | $ | 2,710 | |||||||||||||
50% - 70% | 4,199 | 728 | 1,293 | 787 | 366 | 49 | 7,422 | ||||||||||||||||||||
70% - 90% | 169 | 110 | 196 | 276 | 50 | — | 801 | ||||||||||||||||||||
90% plus | — | — | 27 | — | — | — | 27 | ||||||||||||||||||||
Total commercial and agricultural mortgage loans | $ | 5,399 | $ | 987 | $ | 2,111 | $ | 1,652 | $ | 732 | $ | 79 | $ | 10,960 |
(1) | The debt service coverage ratio is calculated using actual results from property operations. |
(2) | The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually. |
March 31, 2018 | ||||||
Year of Origination | Amortized Cost | % of Total | ||||
(in millions) | ||||||
2018 | $ | 391 | 3.5 | % | ||
2017 | 2,043 | 18.0 | ||||
2016 | 3,305 | 29.1 | ||||
2015 | 1,556 | 13.7 | ||||
2014 | 1,174 | 10.4 | ||||
2013 and prior | 2,871 | 25.3 | ||||
Total mortgage loans | $ | 11,340 | 100.0 | % |
December 31, 2017 | ||||||
Year of Origination | Amortized Cost | % of Total | ||||
(in millions) | ||||||
2017 | $ | 2,026 | 18.5 | % | ||
2016 | 3,298 | 30.1 | ||||
2015 | 1,551 | 14.2 | ||||
2014 | 1,170 | 10.7 | ||||
2013 | 1,485 | 13.5 | ||||
2012 and prior | 1,430 | 13.0 | ||||
Total mortgage loans | $ | 10,960 | 100.0 | % |
2018 | 2017 | ||||||
Allowance for credit losses: | (in millions) | ||||||
Beginning Balance, January 1 | $ | 8 | $ | 8 | |||
Charge-offs | — | — | |||||
Recoveries | (1 | ) | — | ||||
Provision | — | — | |||||
Ending Balance, March 31 | $ | 7 | $ | 8 | |||
Ending Balance, March 31: | |||||||
Individually Evaluated for Impairment | $ | 7 | $ | 8 |
March 31, 2018 | December 31, 2017 | ||||||
(in millions) | |||||||
Common stock | $ | 13 | $ | 158 | |||
Joint ventures and limited partnerships: | |||||||
Private equity | 963 | 927 | |||||
Hedge funds | 152 | 179 | |||||
Total Other Equity Investments | $ | 1,128 | $ | 1,264 |
• | the net duration of our General Account economic liability and assets; |
• | expected income from fees on Separate Account AUM against declines in equity markets; |
• | the economic impact of lower interest-rates on expected variable annuity product sales; |
• | the equity exposure of General Account assets; and |
• | the credit exposure of General Account assets. |
At March 31, 2018 | |||||||||||||||
Fair Value | Gains (Losses) Reported in Net Earnings (Loss) Three Months Ended March 31, 2018 | ||||||||||||||
Notional Amount | Asset Derivatives | Liability Derivatives | |||||||||||||
(in millions) | |||||||||||||||
Freestanding derivatives | |||||||||||||||
Equity contracts:(1) | |||||||||||||||
Futures | $ | 6,450 | $ | — | $ | — | $ | (24 | ) | ||||||
Swaps | 7,881 | 253 | 15 | 112 | |||||||||||
Options | 23,013 | 3,350 | 1,411 | (18 | ) | ||||||||||
Interest rate contracts:(1) | |||||||||||||||
Floors | — | — | — | — | |||||||||||
Swaps | 29,281 | 555 | 394 | (672 | ) | ||||||||||
Futures | 24,015 | — | — | 40 | |||||||||||
Swaptions | — | — | — | — | |||||||||||
Credit contracts:(1) | |||||||||||||||
Credit default swaps | 2,057 | 30 | 1 | — | |||||||||||
Other freestanding contracts:(1) | |||||||||||||||
Foreign currency contracts | 1,623 | 1 | 44 | (51 | ) | ||||||||||
Margin | 59 | 57 | |||||||||||||
Collateral | 16 | 2,207 | |||||||||||||
Embedded derivatives: | |||||||||||||||
GMIB reinsurance contracts(4) | — | 1,734 | — | (161 | ) | ||||||||||
GMxB derivative features liability(2,4) | — | — | 3,977 | (460 | ) | ||||||||||
SCS, SIO, MSO and IUL indexed features(3,4) | — | — | 1,683 | (279 | ) | ||||||||||
Total | $ | 94,320 | $ | 5,998 | $ | 9,789 | $ | (1,513 | ) |
(1) | Reported in Other invested assets in the consolidated balance sheets. |
(2) | Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. |
(3) | SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in the Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. |
(4) | Reported in Net derivative gains (losses) in the consolidated statements of income (loss). |
At December 31, 2017 | Gains (Losses) Reported in Net Earnings (Loss) March 31, 2017 | ||||||||||||||
Fair Value | |||||||||||||||
Notional Amount | Asset Derivatives | Liability Derivatives | |||||||||||||
(in millions) | |||||||||||||||
Freestanding derivatives | |||||||||||||||
Equity contracts:(1) | |||||||||||||||
Futures | $ | 6,552 | $ | — | $ | — | $ | (391 | ) | ||||||
Swaps | 7,555 | 3 | 200 | (403 | ) | ||||||||||
Options | 22,223 | 3,456 | 1,457 | 318 | |||||||||||
Interest rate contracts:(1) | |||||||||||||||
Floors | — | — | — | — | |||||||||||
Swaps | 26,725 | 603 | 192 | 143 | |||||||||||
Futures | 20,675 | — | — | (19 | ) | ||||||||||
Credit contracts:(1) | |||||||||||||||
Credit default swaps | 2,057 | 34 | 2 | 6 | |||||||||||
Other freestanding contracts:(1) | |||||||||||||||
Foreign currency contracts | 1,297 | 11 | 2 | — | |||||||||||
Margin | — | 18 | 4 | — | |||||||||||
Collateral | — | 4 | 2,123 | — | |||||||||||
Embedded derivatives: | |||||||||||||||
GMIB reinsurance contracts(4) | — | 1,894 | — | (514 | ) | ||||||||||
GMxB derivative features liability(2,4) | — | — | 4,358 | (58 | ) | ||||||||||
SCS, SIO, MSO and IUL indexed features(3,4) | — | — | 1,786 | (301 | ) | ||||||||||
Total | $ | 87,084 | $ | 6,023 | $ | 10,124 | $ | (1,219 | ) |
(1) | Reported in Other invested assets in the consolidated balance sheets. |
(2) | Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. |
(3) | SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in the Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. |
(4) | Reported in Net derivative gains (losses) in the consolidated statements of income (loss). |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Fixed maturities | $ | 109 | $ | (6 | ) | ||
Other equity investments | — | 4 | |||||
Other | — | — | |||||
Total | $ | 109 | $ | (2 | ) |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Gross realized investment gains: | |||||||
Gross gains on sales and maturities | $ | 161 | $ | 20 | |||
Other | — | — | |||||
Total gross realized investment gains | 161 | 20 | |||||
Gross realized investment losses: | |||||||
Other-than-temporary impairments recognized in income (loss) | — | — | |||||
Gross losses on sales and maturities | (52 | ) | (26 | ) | |||
Total gross realized investment losses | (52 | ) | (26 | ) | |||
Total | $ | 109 | $ | (6 | ) |
AXA and its subsidiaries | 63.0 | % |
AB Holding | 35.8 | |
Unaffiliated holders | 1.2 | |
100.0 | % |
• | issuing debt securities to third party investors: (i) $800 million aggregate principal amount of 3.900% Senior Notes due 2023, (ii) $1.5 billion aggregate principal amount of 4.350% Senior Notes due 2028 and (iii) $1.5 billion aggregate principal amount of 5.000% Senior Notes due 2048, to replace intercompany financing that is provided or guaranteed by AXA and its affiliates, among other things; |
• | arranging additional contingent financing facilities, including (i) letter of credit facilities with an aggregate principal amount of $1.9 billion, primarily to be used to support our life insurance business reinsured to EQ AZ Life Re following the GMxB Unwind, (ii) a five-year senior unsecured revolving credit facility for an amount of approximately $2.5 billion, and (iii) a three-year senior unsecured term loan facility of up to $500 million; |
• | borrowing $300 million under our three-year term loan agreement; |
• | terminating the outstanding balance issued under AXA Financial’s commercial paper program; |
• | (i) a capital contribution of $318 million and (ii) the $622 million loan from AXA, which was set off against AXA’s payment obligation to Holdings with respect to the sale of AXA CS shares; |
• | increasing the statutory capital and reserves of our retirement and protection businesses by approximately $2.3 billion in 2017; |
• | selling AXA Equitable Life’s interest in two real estate joint ventures to AXA France for a total purchase price of $143 million, which resulted in the elimination of $203 million of long-term debt on Holdings’ consolidated balance sheet for the first quarter of 2018 and a corresponding reduction of our debt-to-capital ratio; and |
• | implementing the Reorganization Transactions (as defined in the Prospectus) which included the direct or indirect acquisition of an additional 18.7% economic interest in AB and the GMxB Unwind. |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Cash and Cash Equivalents, beginning of period | $ | 4,814 | $ | 5,654 | |||
Net cash provided by (used in) operating activities | (264 | ) | 72 | ||||
Net cash provided by (used in) investing activities | 459 | (2,899 | ) | ||||
Net cash provided by financing activities | 1,074 | 2,630 | |||||
Effect of exchange rates | 8 | 8 | |||||
Cash and Cash Equivalents, end of period | $ | 6,091 | $ | 5,465 |
March 31, 2018 | December 31, 2017 | ||||||||||||||||||||||||||||||
Holdings and AXA Financial | AXA Equitable Life(1) | AB | Consolidated | Holdings and AXA Financial | AXA Equitable Life | AB | Consolidated | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Short-term and long-term debt | |||||||||||||||||||||||||||||||
Commercial paper | $ | 1,534 | $ | — | $ | 490 | $ | 2,024 | $ | 1,290 | $ | — | $ | 491 | $ | 1,781 | |||||||||||||||
AB Revolver | — | — | — | — | — | — | 75 | 75 | |||||||||||||||||||||||
Long-term debt | 349 | — | — | 349 | 349 | 203 | — | 552 | |||||||||||||||||||||||
Total short-term and long-term debt | 1,883 | — | 490 | 2,373 | 1,639 | 203 | 566 | 2,408 | |||||||||||||||||||||||
Loans from affiliates | |||||||||||||||||||||||||||||||
Loans from affiliates | 2,530 | — | — | 2,530 | 3,622 | — | — | 3,622 | |||||||||||||||||||||||
Total borrowings | $ | 4,413 | $ | — | $ | 490 | $ | 4,903 | $ | 5,261 | $ | 203 | $ | 566 | $ | 6,030 |
(1) | In March 2018, AXA Equitable Life sold its interest in two real estate joint ventures to AXA France for a total purchase price of approximately $143 million, which resulted in the elimination of the $203 million long-term debt shown in this column on Holdings’ consolidated balance sheet for the first quarter of 2018. |
AM Best | S&P | Moody’s | |||
Last review date | 3/7/2018 | 3/6/2018 | 4/11/2018 | ||
Financial Strength Ratings: | |||||
AXA Equitable Life | A | A+ | A2 | ||
MLOA | A | A+ | A2 | ||
Credit Ratings: | |||||
Holdings | — | BBB+ | Baa2 | ||
AXA Financial | bbb+ | BBB+ | Baa2 | ||
Last Review Date | 12/29/2017 | 5/17/2017 | |||
AB | — | A | A2 |
• | liabilities for future policy benefits; |
• | accounting for reinsurance; |
• | capitalization and amortization of DAC; |
• | estimated fair values of investments in the absence of quoted market values and investment impairments; |
• | estimated fair values of freestanding derivatives and the recognition and estimated fair value of embedded derivatives requiring bifurcation; |
• | goodwill and related impairment; |
• | measurement of income taxes and the valuation of deferred tax assets; and |
• | liabilities for litigation and regulatory matters. |
Number | Description and Method of Filing |
Number | Description and Method of Filing |
10.21†# | |
10.25†# | |
31.1# | |
31.2# | |
32.1# | |
32.2# | |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
Date: June 19, 2018 | AXA Equitable Holdings, Inc. | |||
By: | /s/ Anders Malmström | |||
Name: | Anders Malmström | |||
Title: | Senior Executive Vice President | |||
and Chief Financial Officer | ||||
Date: June 19, 2018 | /s/ Andrea Nitzan | |||
Name: | Andrea Nitzan | |||
Title: | Senior Vice President, | |||
Chief Accounting Officer and Controller |
AXA Equitable Holdings, Inc. | ||||
By: | /s/ Dave S. Hattem | |||
Name: | Dave S. Hattem | |||
Title: | Senior Executive Vice President | |||
and General Counsel |
ARTICLE I | ||
MEETINGS OF STOCKHOLDERS | ||
Section 1.01. | Annual Meetings | 1 |
Section 1.02. | Special Meetings | 1 |
Section 1.03. | Participation in Meetings by Remote Communication | 1 |
Section 1.04. | Notice of Meetings; Waiver of Notice | 2 |
Section 1.05. | Proxies | 3 |
Section 1.06. | Voting Lists | 3 |
Section 1.07. | Quorum | 4 |
Section 1.08. | Voting | 4 |
Section 1.09. | Adjournment | 4 |
Section 1.10. | Organization; Procedure; Inspection of Elections | 5 |
Section 1.11. | Notice of Stockholder Proposals and Nominations | 6 |
ARTICLE II | ||
BOARD OF DIRECTORS | ||
Section 2.01. | General Powers | 11 |
Section 2.02. | Number and Term of Office | 11 |
Section 2.03. | Election of Directors | 11 |
Section 2.04. | Regular Meetings | 11 |
Section 2.05. | Special Meetings | 11 |
Section 2.06. | Notice of Meetings; Waiver of Notice | 11 |
Section 2.07. | Quorum; Voting | 12 |
Section 2.08. | Action by Telephonic Communications | 12 |
Section 2.09. | Adjournment | 12 |
Section 2.10. | Action Without a Meeting | 12 |
Section 2.11. | Regulations | 12 |
Section 2.12. | Resignations of Directors | 12 |
Section 2.13. | Removal of Directors | 12 |
Section 2.14. | Vacancies and Newly Created Directorships | 12 |
Section 2.15. | Compensation | 13 |
Section 2.16. | Reliance on Accounts and Reports, etc | 13 |
Section 2.17. | Chairman of the Board | 13 |
ARTICLE III | ||
COMMITTEES | ||
Section 3.01. | How Constituted | 13 |
Section 3.02. | Members and Alternate Members | 13 |
Section 3.03. | Committee Procedures | 14 |
Section 3.04. | Meetings and Actions of Committees | 14 |
Section 3.05. | Resignations and Removals | 14 |
Section 3.06. | Vacancies | 14 |
Section 3.07. | Executive Committee | 15 |
ARTICLE IV | ||
OFFICERS | ||
Section 4.01. | Officers | 15 |
Section 4.02. | Election | 15 |
Section 4.03. | Compensation | 15 |
Section 4.04. | Removal and Resignation; Vacancies | 15 |
Section 4.05. | Authority and Duties of Officers | 15 |
Section 4.06. | Chief Executive Officer and President | 16 |
Section 4.07. | Vice Presidents | 16 |
Section 4.08. | Secretary | 16 |
Section 4.09. | Treasurer | 17 |
ARTICLE V | ||
CAPITAL STOCK | ||
Section 5.01. | Certificates of Stock; Uncertificated Shares | 18 |
Section 5.02. | Facsimile Signatures | 18 |
Section 5.03. | Lost, Stolen or Destroyed Certificates | 18 |
Section 5.04. | Transfer of Stock | 18 |
Section 5.05. | Registered Stockholders | 19 |
Section 5.06. | Transfer Agent and Registrar | 19 |
ARTICLE VI | ||
INDEMNIFICATION | ||
Section 6.01. | Indemnification | 19 |
Section 6.02. | Advance of Expenses | 20 |
Section 6.03. | Procedure for Indemnification | 20 |
Section 6.04. | Burden of Proof | 21 |
Section 6.05. | Contract Right; Non-Exclusivity; Survival | 21 |
Section 6.06. | Insurance | 22 |
Section 6.07. | Employees and Agents | 22 |
Section 6.08. | Interpretation; Severability | 22 |
ARTICLE VII | ||
OFFICES | ||
Section 7.01. | Registered Office | 22 |
Section 7.02. | Other Offices | 22 |
ARTICLE VIII | ||
GENERAL PROVISIONS | ||
Section 8.01. | Dividends | 22 |
Section 8.02. | Reserves | 23 |
Section 8.03. | Execution of Instruments | 23 |
Section 8.04. | Voting as Stockholder | 23 |
Section 8.05. | Fiscal Year | 23 |
Section 8.06. | Seal | 23 |
Section 8.07. | Books and Records; Inspection | 24 |
Section 8.08. | Electronic Transmission | 24 |
ARTICLE IX | ||
AMENDMENT OF BY-LAWS | ||
Section 9.01. | Amendment | 24 |
ARTICLE X | ||
CONSTRUCTION | ||
Section 10.01. | Construction | 25 |
ARTICLE I | ||
DEFINITIONS | ||
1.1 | Definitions. | 1 |
1.2 | Beneficial Ownership. | 6 |
1.3 | Timing of Provisions. | 6 |
ARTICLE II | ||
BOARD OF DIRECTORS AND CORPORATE GOVERNANCE | ||
2.1 | Charter and By-Laws. | 7 |
2.2 | Board of Directors. | 7 |
2.3 | Audit Committee of the Board of Directors. | 8 |
2.4 | Compensation Committee of the Board of Directors. | 9 |
2.5 | Nominating and Governance Committee of the Board of Directors. | 10 |
2.6 | Finance and Risk Committee of the Board of Directors. | 11 |
2.7 | Executive Committee of the Board of Directors. | 11 |
2.8 | Management Risk Committee. | 12 |
2.9 | Asset Liability Management Committee. | 12 |
2.10 | Implementation. | 13 |
ARTICLE III | ||
AXA APPROVAL AND CONSENT RIGHTS | ||
3.1 | AXA Approval and Consent Rights at Thirty Percent Threshold. | 13 |
3.2 | Implementation. | 16 |
ARTICLE IV | ||
INFORMATION, DISCLOSURE AND FINANCIAL ACCOUNTING | ||
4.1 | Information Rights During Equity Accounting Periods. | 16 |
4.2 | Information Rights During Full Consolidation Periods. | 17 |
4.3 | General Information Requirements. | 18 |
4.4 | Reporting Coordination Committee. | 19 |
4.5 | Matters Concerning Auditors. | 19 |
4.6 | Release of Information and Public Filings. | 20 |
4.7 | Information in Connection with Regulatory or Supervisory Requirements. | 21 |
4.8 | Implementation with Respect to Legal Disclosures. | 22 |
4.9 | Expenses. | 23 |
ARTICLE V | ||
SUBSEQUENT SALES OF COMMON STOCK | ||
5.1 | Registration Rights. | 23 |
5.2 | Lock-Up Provisions. | 23 |
ARTICLE VI | ||
OTHER PROVISIONS | ||
6.1 | Other Agreements. | 24 |
6.2 | Related Party Transaction Policy. | 24 |
6.3 | Certain Policies and Procedures. | 24 |
6.4 | Access to Personnel and Data. | 25 |
6.5 | Access to Historical Records. | 25 |
6.6 | Indemnification; Liability Insurance. | 26 |
ARTICLE VII | ||
REQUIREMENTS WITH RESPECT | ||
TO AXA-GUARANTEED OBLIGATIONS | ||
7.1 | Reimbursement Obligations with Respect to AXA Guarantees. | 29 |
ARTICLE VIII | ||
INDEMNIFICATION | ||
8.1 | General Cross Indemnification. | 30 |
8.2 | Procedure. | 30 |
8.3 | Other Matters. | 31 |
ARTICLE IX | ||
DISPUTE RESOLUTION | ||
9.1 | Negotiation and Mediation. | 31 |
9.2 | Arbitration. | 32 |
9.3 | Confidentiality. | 33 |
ARTICLE X | ||
GENERAL PROVISIONS | ||
10.1 | Obligations Subject to Applicable Law. | 34 |
10.2 | Notices. | 34 |
10.3 | Specific Performance; Remedies. | 34 |
10.4 | Applicable Law. | 35 |
10.5 | Severability. | 35 |
10.6 | Confidential Information. | 35 |
10.7 | Amendment, Modification and Waiver. | 35 |
10.8 | Assignment. | 36 |
10.9 | Further Assurances. | 36 |
10.10 | Third Party Beneficiaries. | 36 |
10.11 | Discretion of Parties. | 36 |
10.12 | Entire Agreement. | 36 |
10.13 | Term. | 36 |
10.14 | Counterparts. | 37 |
Schedules and Annexes |
Schedule 1.1A - AXA Guarantees |
Schedule 1.1B - Other Agreements |
Schedule 2.2(a) - Board of Directors |
Schedule 4.6(b) - Public Reporting Protocol Prior to Majority Holder Date |
Annex A - Registration Rights Agreement |
Annex B - Form of Amended and Restated Certificate of Incorporation |
Annex C - Form of Amended and Restated By-Laws |
(i) | the CEO; |
(ii) | five AXA Directors; and |
(iii) | three Independent Directors. |
(i) | Until the Majority Holder Date, a majority of the Directors on the Board of Directors (or such lower number as AXA shall determine); |
(ii) | After the Majority Holder Date and until the First Threshold Date: three; |
(iii) | After the First Threshold Date and until the Fourth Threshold Date: two; and |
(iv) | After the Fourth Threshold Date, none. |
(i) | cause there to be on the Board of Directors at all times that number of AXA Directors for which AXA maintains designation rights pursuant to Section 2.2(e); |
(ii) | fill any vacancy on the Board of Directors created by the resignation, removal or incapacity of any AXA Director with another AXA Director candidate identified by AXA, to the extent AXA would at such time have designation rights for such AXA Director candidate pursuant to Section 2.2(e); and |
(iii) | not permit the removal of any AXA Director without AXA’s consent, to the extent AXA would at such time have designation rights for such AXA Director pursuant to Section 2.2(e). |
(i) | the compensation committee of the Board of Directors shall be responsible for: |
(A) | reviewing and approving the compensation of each of the Executive Officers; |
(B) | reviewing the equity compensation plans and other compensation plans of the Company, and making recommendations to the Board of Directors as to any changes to such plans; |
(C) | making recommendations to the Board of Directors as to performance-based awards and target levels under performance-based compensation arrangements; |
(D) | preparing, or supervising the preparation of, the report required by Item 407(e)(5) of Regulation S-K for inclusion in the Company’s proxy statement; and |
(E) | such other responsibilities, not inconsistent with this Agreement, as shall be delegated to it by the Board of Directors from time to time; and |
(ii) | the Board of Directors shall be responsible for: |
(A) | approving and adopting the equity compensation plans and other compensation plans of the Company; and |
(B) | approving performance-based awards and target levels under performance-based compensation arrangements. |
(i) | approving any grants of equity or equity-based compensation awards to an Executive Officer or Director of the Company; and |
(ii) | such other matters as shall be delegated to the subcommittee by the compensation committee or as shall be required by Applicable Law to be approved or determined by Qualified Compensation Directors. |
(i) | the CEO; |
(ii) | one Independent Director who is not an AXA Director; and |
(iii) | two AXA Directors. |
(i) | Any merger, consolidation or similar transaction (or any amendment to or termination of an agreement to enter into such a transaction) involving the Company or any Subsidiary of the Company, on the one hand, and any other Person, on the other hand; other than (A) an acquisition of 100% of the Capital Stock of such other Person or (B) disposition of 100% of the Capital Stock of a Subsidiary of the Company, in each case involving consideration not exceeding $250 million; |
(ii) | Any acquisition or disposition of securities, assets or liabilities (including through reinsurance on a proportional or non-proportional basis whether involving full or partial risk transfer or for other purposes of surplus or capital relief) involving consideration or book value greater than $250 million, other than transactions involving assets invested in the Company’s consolidated general account and approved in accordance with the Company’s established policies and procedures to monitor invested assets; |
(iii) | Any increase or decrease in the authorized Capital Stock of the Company, or the creation of any new class or series of Capital Stock of the Company; |
(iv) | Any issuance or acquisition (including stock buy-backs, redemptions, and other reductions of capital) of Capital Stock, or securities convertible into or exchangeable or exercisable for Capital Stock or equity-linked securities, of the Company or any of its Subsidiaries (including any partnership interests or units of AllianceBernstein Holding L.P. or AllianceBernstein L.P.), except: |
(A) | issuances of Equity Awards; |
(B) | issuances of Capital Stock of a Subsidiary to a Wholly Owned Subsidiary, or acquisitions of Capital Stock (other than any partnership interests or units of AllianceBernstein Holding L.P. or AllianceBernstein L.P.) of a Subsidiary by a Wholly Owned Subsidiary; |
(C) | issuances or acquisitions of Capital Stock that, in the express judgment of the Board of Directors as stated in the authorizing resolutions thereof, are necessary to maintain compliance with covenants contained in any instrument under which the Company or any Subsidiary has issued indebtedness; and |
(D) | acquisitions of Capital Stock in connection with the funding of Equity Awards or to prevent shareholder dilution from the issuance of Equity Awards. |
(v) | Any issuance or acquisition (including redemptions, prepayments, open-market or negotiated repurchases or other transactions reducing the outstanding debt of the Company or any Subsidiary) of any debt security of the Company or any Subsidiary to or |
(vi) | Any other incurrence of a debt obligation of the Company or any Subsidiary to a third party having a principal amount greater than $250 million, except the Debt Exchange Offer and the roll-over of existing amounts of debt or other obligations (A) incurred in connection with repurchase agreements and securities lending, (B) owed to a Federal Home Loan Bank, or (C) to the extent the proceeds of which are used directly or indirectly (including for the purpose of funding portfolios that are used to fund trusts) in order to support AXXX, XXX and other similar insurance reserve requirements. |
(vii) | Entry into or termination of any joint venture or cooperation arrangements involving assets having a book value exceeding $250 million; |
(viii) | The listing or delisting of securities of the Company or any of its Subsidiaries on a securities exchange, other than the listing or delisting of debt securities on the Exchange or any other securities exchange located solely in the United States; |
(ix) | (A) The formation of, or delegation of authority to, any new committee, or subcommittee thereof, of the Board of Directors, (B) the delegation of authority to any existing committee or subcommittee thereof not set forth in the committee’s charter or authorized by the Board of Directors prior to the Completion of the IPO or (C) any amendments to the charter (or equivalent authorizing document) of any committee, including any action to increase or decrease size of any committee (whether by amendment or otherwise), except in each case as required by Applicable Law; |
(x) | The amendment (or approval or recommendation of the amendment) of the Company’s certificate of incorporation or by-laws; |
(xi) | With respect to the Company or any Subsidiary, any filing or the making of any petition under Bankruptcy Laws, any general assignment for the benefit of creditors, any admission of an inability to meet obligations generally as they become due or any other act the consequence of which is to subject the Company or any Subsidiary to a proceeding under Bankruptcy Laws; |
(xii) | Any commencement or settlement of material litigation or any regulatory proceedings if such litigation or regulatory proceeding is material to AXA or could reasonably be expected to have a material adverse effect on AXA’s reputation; |
(xiii) | Entry into any material written agreement or settlement with, or any material written commitment to, a regulatory agency, or any settlement of a material enforcement action if such agreement, settlement or commitment is material to AXA or could reasonably be expected to have a material adverse effect on AXA’s reputation; |
(xiv) | Any dissolution or winding-up of the Company; |
(xv) | The election, appointment, hiring, dismissal or removal (other than for Cause) of the Company’s CEO or CFO; |
(xvi) | The entry into, termination of or material amendment of any material contract with a third party, excluding, in each case, (A) any employment agreement, (B) any contract involving aggregate cumulative payments of $50 million or less or (C) any contract where entry into, termination of or material amendment of is otherwise expressly permitted by this Agreement or by any of the Other Agreements; |
(xvii) | Any material change to the nature or scope of the Company’s business immediately prior to the Completion of the IPO; or |
(xviii) | Any material change in hedging strategy. |
(i) | maintain Disclosure Controls and Procedures; |
(ii) | maintain Internal Control Over Financial Reporting; |
(iii) | provide quarterly certifications from its relevant officers and employees regarding Disclosure Controls and Procedures and Internal Control Over Financial Reporting; and |
(iv) | maintain Sign Off Procedures. |
(i) | General Principles. The Company shall continue to provide AXA with (A) information and data relating to the business and financial results of the Company and its Subsidiaries and (B) access to the Company’s personnel, data and systems, in each case in the same manner as it does immediately prior to the Completion of the IPO and on or prior to any deadline set by AXA for receipt of such information, data or access; |
(ii) | Solvency II. The Company shall, and, where applicable, shall cause each of its Subsidiaries to: |
(A) | produce calculations in respect of the Company (and its Subsidiaries if applicable) for the purposes of AXA’s Solvency II calculations and reporting requirements in line with AXA’s internal model including validation reports produced in line with AXA’s approved validation policy; |
(B) | provide all information required or requested by AXA in respect of the Company (and its Subsidiaries if applicable) in order for AXA to comply with its Solvency II obligations, including without limitation detailed reports on assets and liabilities in the form required for AXA’s Quantitative Reporting Templates, supervisory reporting and Solvency & Financial Condition Report in addition to assets and liabilities valued in accordance with local rules to calculate available capital for the Company’s risk-based capital requirement for so long as the United States is regarded as equivalent for the purposes of Solvency II; |
(C) | provide all reasonable assistance to AXA in relation to its Solvency II calculations and regulatory reporting at a group level, including without limitation with respect to AXA’s group-wide recovery and resolution planning, in the timescales required; and |
(D) | provide all reasonable assistance to AXA in connection with its reporting requirements as a Globally Systemic Insurance Company; |
(iii) | Actuarial Indicators. The Company shall, and, where applicable, shall cause each of its Subsidiaries to continue to provide AXA with all data, information and calculations necessary for AXA to produce any requested actuarial indicators, including embedded value, new business value, free cash flow and internal rate of return; |
(iv) | Accounting Systems and Principles. The Company shall maintain accounting principles, systems and reporting formats that are consistent with AXA’s financial accounting practices in effect as of the Completion of the IPO, and shall thereafter in good faith consider any changes to such principles, systems or reporting formats requested by AXA; |
(v) | Controls and Procedures. The Company shall, and shall cause each of its Subsidiaries, to: |
(A) | maintain Disclosure Controls and Procedures; |
(B) | maintain Internal Control Over Financial Reporting; |
(C) | provide quarterly certifications from its relevant officers and employees regarding Disclosure Controls and Procedures and Internal Control Over Financial Reporting, in accordance with AXA’s internal standards; and |
(D) | maintain Sign Off Procedures; and |
(vi) | Advance Notice. The Company shall inform AXA promptly of any events or developments that might reasonably be expected to materially affect the Company’s financial results. |
(i) | the Company shall provide AXA with reasonable access to the Company Auditor and to the Company’s internal audit function (through the Company’s head of internal audit) and shall extend all reasonably requested cooperation with the AXA Auditor in connection with AXA’s internal and external audit function as necessary for AXA to fulfill its financial reporting obligations; |
(ii) | the Company shall use its reasonable best efforts to enable the Company Auditor to complete its quarterly review and annual audit such that it shall date its report on such quarterly review or opinion on the Company’s audited annual financial statements on or before the date that the AXA Auditor date their report or opinion on AXA’s financial statements, and to enable AXA to meet its timetable for the printing, filing and public dissemination of its financial statements. The Company shall instruct the Company Auditor to perform the work requested by the AXA Auditor pursuant to this Agreement and the Company shall use its reasonable best efforts to enable the Company Auditor to comply with the instruction received; |
(iii) | upon reasonable notice, the Company shall authorize the Company Auditor to make available to the AXA Auditor both the personnel responsible for conducting the Company’s quarterly reviews and annual audit and, consistent with customary professional practice and courtesy of such auditors with respect to the furnishing of work papers, work papers related to the quarterly review or annual audit of the Company, in all cases within a reasonable time after the Company Auditor’s opinion date, so that the AXA Auditor are able to perform the procedures they consider necessary to take responsibility for the work of the Company Auditor as it relates to the AXA Auditor’s report on AXA’s financial statements, all within sufficient time to enable AXA to meet its timetable for the printing, filing and public dissemination of its financial statements; and |
(iv) | subject to Applicable Law (including Rule 10A-3 under the Exchange Act), the Company shall not change the Company Auditor without the approval of AXA. |
(i) | the Company and its Subsidiaries shall coordinate with AXA with respect to the public release of any material information relating to the Company or its Subsidiaries, as applicable. The Company and its Subsidiaries, as applicable, shall, to the extent practicable, provide AXA with a copy of any such proposed public release no later than two Business Days prior to publication, and shall consider in good faith incorporating any comments provided thereon by AXA prior to such publication; |
(ii) | The Company and its Subsidiaries and AXA shall consult on the timing of their annual and quarterly earnings releases and, to the extent practicable, each Party shall give the other Party an opportunity to review the information therein relating to the Company and its Subsidiaries and to comment thereon. In the event that the Company or any of its Subsidiaries is required by Applicable Law to publicly release information concerning the |
(iii) | each of AXA and the Company and its Subsidiaries shall take reasonable steps to cooperate with each other in connection with the preparation, printing, filing, and public dissemination of their respective annual and quarterly statutory statements, their respective audited annual financial statements, their respective annual reports to stockholders, their respective annual, quarterly and current reports under the Securities Act and the Exchange Act, any prospectuses and other filings made with the SEC, AMF or ACPR, federal or state insurance requirements or any other required regulatory filings. |
(i) | AXA shall have the rights with respect to all public communications and filings by the Company set forth in Schedule 4.6(b) hereto; provided, however, that such rights shall not apply to the extent that they would prevent the Company from complying with its disclosure or other obligations under Applicable Law. |
(i) | the Company shall: |
(A) | provide, as promptly as reasonably possible but in any case within three business days of any request from AXA (unless not reasonably available within such time, in which case as soon as possible thereafter), any information, records or documents (x) requested or demanded by any governmental, regulatory, judicial, supra-national or self-regulatory authority having jurisdiction or oversight authority over AXA or any of its Subsidiaries (including, for the avoidance of doubt, ACPR, AMF and the European Commission) or (y) deemed necessary or advisable by AXA in connection with any filing, report, response or communication made by AXA or its Subsidiaries with or to an authority referred to in clause (x) of this Section 4.7(a)(i)(A) (whether made pursuant to specific request from such authority or in the ordinary course); and |
(B) | upon reasonable notice, provide access to any governmental, regulatory, judicial, supra-national or self-regulatory authority having jurisdiction or oversight authority over AXA or any of its Subsidiaries (including, for the avoidance of doubt, ACPR, AMF and the European Commission) to its offices, employees and management in a reasonable manner where and as required under Applicable Law; and |
(ii) | AXA shall provide, as promptly as reasonably possible but in any case within three business days of any request from the Company (unless not reasonably available within such time, in which case as soon as possible thereafter), any information, records or documents (A) requested or demanded by any governmental, regulatory, judicial, supra-national or self-regulatory authority having jurisdiction or oversight authority over the Company or any of its Subsidiaries; or (B) deemed necessary or advisable by the Company in connection with any filing, report, response or communication by the |
(i) | any transaction that would be reportable by the Company pursuant to Item 404(a) of Regulation S-K in the Company’s subsequent Annual Report on Form 10-K; and |
(ii) | any material amendment to this Agreement or the Other Agreements. |
(i) | shall not adopt or implement any policies or procedures, and at AXA’s reasonable request, shall refrain from taking any actions, that would cause AXA to violate any Applicable Law to which AXA is subject; |
(ii) | shall, prior to implementing, amending or rescinding any Critical Policy, consult with AXA (though one or more AXA Directors, if any shall be in office at such time, or else through the General Counsel of AXA); and, to the extent consistent with its fiduciary duties, the Board of Directors shall take into account the reasonable interests of AXA with respect thereto; and |
(iii) | shall maintain and observe the policies of AXA to the extent necessary for AXA to comply with its legal and regulatory obligations; |
(i) | the Company shall continue to provide representatives of AXA with reasonable access to the Company’s personnel (including senior-level management and other employees) and data, in a manner consistent with the status of the Company as a consolidated Subsidiary of AXA; provided that AXA shall comply with the Company’s reasonable data privacy and data security policies and procedures with respect to any personally identifiable information received; and |
(ii) | AXA shall continue to provide representatives of the Company with reasonable access to AXA’s personnel (including senior-level management and other employees) and data, in a manner consistent with the status of AXA as the corporate parent of the Company; provided that the Company shall comply with the AXA’s reasonable data privacy and data security policies and procedures with respect to any personally identifiable information received. |
1. | Guarantee by Colisée Re SA of AXA Corporate Solutions Life Reinsurance Company’s obligations under a reinsurance agreement with Genworth Life and Annuity Insurance Company |
2. | Guarantee by Colisée Re SA of AXA Corporate Solutions Life Reinsurance Company’s obligations under a reinsurance agreement with American General Life Insurance Company |
3. | Guarantees by Colisée Re SA of AXA Corporate Solutions Life Reinsurance Company’s obligations under reinsurance agreements with Metropolitan Life Insurance Company |
4. | Guarantees by Colisée Re SA of AXA Corporate Solutions Life Reinsurance Company’s obligations under reinsurance agreements with Brighthouse Life Insurance Company |
5. | Guarantee by Colisée Re SA of AXA Corporate Solutions Life Reinsurance Company’s obligations under a reinsurance agreement with John Hancock Life Insurance Company |
6. | Guarantee by Colisée Re SA of AXA Corporate Solutions Life Reinsurance Company’s guarantee of obligations of United of Omaha Life Insurance Company under certain Qualified Assignment and Release Agreements and Colisée Re SA’s related obligations under a Substitute Reinsurance and Trust Agreement with United of Omaha Life Insurance Company |
1. | Guarantee by Colisée Re SA of AXA Corporate Solutions Life Reinsurance Company’s obligations under a reinsurance agreement with Genworth Life and Annuity Insurance Company |
2. | Guarantee by Colisée Re SA of AXA Corporate Solutions Life Reinsurance Company’s obligations under a reinsurance agreement with American General Life Insurance Company |
3. | Guarantee by Colisée Re SA of AXA Corporate Solutions Life Reinsurance Company’s guarantee of obligations of United of Omaha Life Insurance Company under certain Qualified Assignment and Release Agreements and Colisée Re SA’s related obligations under a Substitute Reinsurance and Trust Agreement with United of Omaha Life Insurance Company |
1. | Guarantee by Colisée Re SA of AXA Corporate Solutions Life Reinsurance Company’s obligations under a reinsurance agreement with Genworth Life and Annuity Insurance Company |
2. | Guarantee by Colisée Re SA of AXA Corporate Solutions Life Reinsurance Company’s guarantee of obligations of United of Omaha Life Insurance Company under certain Qualified Assignment and Release Agreements and Colisée Re SA’s related obligations under a Substitute Reinsurance and Trust Agreement with United of Omaha Life Insurance Company |
3. | This Schedule 1.1A(c)(ii) shall be deemed automatically updated to include any AXA Guarantee which a counterparty declines to novate or terminate after the Company uses continuous reasonable best efforts to novate or terminate such AXA Guarantee as promptly as practicable after the Completion of the IPO pursuant to Section 7.1(c). |
4. |
Item / Principle | Principal Contact/ addressee | Lead time |
The Board of Directors has oversight and sign-off on communications strategy, timing and content | The heads of corporate communications, investor relations and other functions of the Company to contact the heads of corporate communications and investor relations of AXA or other relevant AXA personnel | As needed |
Inform AXA reasonably timely and adequately of any development/ information that the Company, acting reasonably, believes may be considered price sensitive for AXA or may have a significant adverse effect on AXA, its financial condition or reputation so that AXA can, should it consider that necessary, issue a press release. | The head of corporate communications of the Company to contact the head of corporate communications of AXA | At least one week in advance of public announcement to the extent practicable and reasonable |
Inform AXA timely and adequately of considerations, strategy, content and timing of the Company’s press releases | The head of corporate communications of the Company to contact the head of corporate communications of AXA | At least one week in advance of public announcement to the extent practicable and reasonable |
Any internal communications that the Company, acting reasonably, considers material to AXA | The head of corporate communications of the Company to contact the head of corporate communications of AXA | At least one week in advance of wide internal distribution to the extent practicable and reasonable |
TABLE OF CONTENTS | ||
Page | ||
ARTICLE I | ||
DEFINITIONS | ||
1.1 | Definitions | 1 |
1.2 | Interpretation | 5 |
ARTICLE II | ||
REGISTRATION RIGHTS | ||
2.1 | Shelf Registration | 5 |
2.2 | Demand Registrations | 7 |
2.3 | Priority | 8 |
2.4 | Piggyback Registrations | 8 |
2.5 | Lock-up Agreements | 9 |
2.6 | Registration Procedures | 10 |
2.7 | Registration Expenses | 16 |
2.8 | Underwritten Offering | 17 |
2.9 | Suspension of Registration | 17 |
2.10 | Indemnification | 18 |
2.11 | Conversion of Other Securities | 22 |
2.12 | Rule 144; Rule 144A | 22 |
2.13 | Transfer of Registration Rights | 22 |
ARTICLE III | ||
PROVISIONS APPLICABLE TO ALL DISPOSITIONS OF REGISTRABLE SECURITIES BY AXA | ||
3.1 | Underwriter Selection | 22 |
3.2 | Cooperation with Sales | 23 |
3.3 | Expenses of Offerings | 23 |
3.4 | Further Assurances | 23 |
ARTICLE IV | ||
MISCELLANEOUS | ||
4.1 | Term | 23 |
4.2 | Other Holder Activities | 24 |
4.3 | No Inconsistent Agreements | 24 |
4.4 | Amendments and Waivers | 24 |
4.5 | No Third Party Beneficiaries | 24 |
4.6 | Entire Agreement | 24 |
4.7 | Severability | 24 |
4.8 | Counterparts | 25 |
4.9 | Remedies; Attorney’s Fees | 25 |
4.10 | GOVERNING LAW | 25 |
4.11 | CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL | 25 |
4.12 | Notice | 26 |
1. | The Parties are entering into this Agreement to confirm their mutual intention that all privileged and/or protected information that the Parties have exchanged in the past or will exchange in the future concerning the [Designation for Specific Legal Matter] shall retain its privileged and/or protected status, and that no Privilege is intended to be or shall be waived by virtue of any sharing pursuant to the terms of this Agreement. |
2. | The Parties agree that they share a common legal interest related to their consideration or defense of the [Designation for Specific Legal Matter], which has been and will continue to be furthered by the disclosure of communications between the Parties and their counsel protected by the attorney-client privilege or the attorney work product immunity doctrine. Accordingly, the Parties agree that the Parties and their counsel may continue to exchange material related to [Designation for Specific Legal Matter] without waiver of any privileges, immunities or protections that attach to such material. |
3. | In order to effectively pursue and protect their common legal interests, the Parties have concluded that their interests may be best served by sharing certain documents, factual material, mental impressions, memoranda, strategies, legal theories, interview reports, and other information, communications, and confidences related to the [Designation for |
4. | It is the intention and understanding of the Parties and their respective counsel that all Common Interest Materials, including (a) any memoranda of or communications made in, and the content and results of, all joint conferences of counsel or discussions between representatives of a Party and counsel for either Party, (b) any and all correspondence or exchanges of documents and other information concerning the [Designation for Specific Legal Matter], and (c) all other Common Interest Materials of whatever nature, are intended to be confidential and protected from disclosure to any third party by one or more Privileges, to the same extent and degree as if such communications, correspondence and exchanges of documents and other information had been solely between or among each of the Parties and its own respective counsel. |
5. | The Parties and their counsel shall not disclose Common Interest Materials, or the contents thereof, to anyone except their respective in-house or outside counsel, paralegals, or other staff of such outside counsel, experts, and consultants retained to assist counsel with respect to the [Designation for Specific Legal Matter], and their own employees on a “need to know” basis, without first obtaining the consent of the other Party. All persons to whom Common Interest Materials are provided shall be under an obligation to maintain their confidentiality and to use them only as permitted by this Agreement. Each Party agrees that any inadvertent or purposeful disclosure by the receiving Party of Common Interest Materials shall not constitute or be deemed a waiver by the producing Party of any applicable Privilege. |
6. | Nothing in this Agreement shall limit the right of a Party to disclose any documents or information independently obtained from a third party having no obligations of confidence to any Party herein. Nothing herein shall affect or in any manner limit the rights or discretion of a Party or its counsel to dispose of, disclose to others, or otherwise use Common Interest Materials originating with that Party (i.e., Common Interest Materials not provided to that Party by another Party). Nothing in this Agreement shall limit the right of a Party to add or change its counsel. |
7. | Except as otherwise provided in this Agreement, any shared Common Interest Materials, and the information contained therein, shall be used by the Parties and their counsel solely in connection with the [Designation for Specific Legal Matter]. |
8. | Nothing in this Agreement shall be construed to (a) affect the separate and independent representation of each Party by its respective counsel according to what its counsel believes to be in the Party’s best interests, or (b) create an attorney-client relationship between any counsel and anyone other than the client of that counsel. The fact that the Parties have entered into this Agreement shall not in any way preclude counsel for any Party from representing any interest that may be construed to be adverse to the other Party to this Agreement. Nor shall counsel for either Party be disqualified from representing any Party it currently represents or examining or cross-examining any Party |
9. | This Agreement shall continue in effect notwithstanding completion of the [Designation for Specific Legal Matter]. Each of the Parties agrees that it will continue to be bound by this Agreement following any such completion. |
10. | Any waiver in a particular instance of the rights and limitations contained herein shall not be deemed, and is not intended to be, a general waiver of any rights or limitations contained herein, and shall not operate as a waiver beyond the particular instance. |
11. | In the event that any third party, including a government enforcement authority, requests, requires or demands, by subpoena or otherwise, Common Interest Materials that a Party received pursuant to this Agreement, the Party receiving such request or demand shall, if and to the extent not prohibited by applicable laws or regulations, (i) promptly notify the other Party, (ii) attempt to afford the person who provided the Common Interest Materials a reasonable opportunity to object and (iii) take all steps reasonably requested by the other Party to defend against the disclosure of Common Interest Materials and to permit the assertion of all applicable rights and privileges with respect to Common Interest Materials. Absent the consent of the other Party, the Party receiving the subpoena or other legal process shall not produce such Common Interest Materials prior to the time production is legally required. |
12. | In view of the nature of the obligations undertaken in this Agreement, it is agreed and understood that money damages or other relief at law would not adequately remedy any violation or threatened violation of its terms. Specific performance, injunctive relief, and other appropriate relief shall be available against a Party or any other person found to have violated or to be about to violate any of the terms of this Agreement. |
13. | This Agreement constitutes the sole and complete agreement between and among the Parties relating to Common Interest Materials. |
14. | Any modifications to this Agreement must be in writing and signed by all Parties. |
15. | This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by facsimile or pdf shall be equally effective as delivery of the original, and shall not affect the validity, enforceability or binding effect of this Agreement. |
16. | This Agreement is governed by and shall be construed in accordance with the laws of the State of [Delaware] (without regard to its choice of law principles). In addition, each Party hereby irrevocably submits to the exclusive jurisdiction of the [Court of Chancery of the State of Delaware], in respect of any claim or dispute arising out of or relating to this Agreement. Each Party hereby irrevocably waives any objection which it may now or hereafter have to the [Court of Chancery of the State of Delaware], being nominated as |
17. | The invalidity of any one provision or part of this Agreement shall not render the entire Agreement invalid. |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
Marketing | Site Improve | AEH Group will continue to have access to AXA Group’s Site Improve contract, AXA Group’s website quality assurance tool. | Third Party Provider will continue to directly invoice AXA Group who will pass these costs through to AEH Group based on usage. | AXA Group | AEH Group |
Marketing | Google Analytics | AEH Group will continue to have access to the AXA Group’s Google Analytics contract for tracking and identifying websites for user engagement. | Third Party Provider will continue to directly invoice AXA Group who will pass these costs through to AEH Group based on the number of Group companies using this service. | AXA Group | AEH Group |
Marketing | Rhythm One | AEH Group will continue to have access to Rhythm One, a link shortening service. | The service is not considered as material and is currently not invoiced. | AXA Group | AEH Group |
Marketing | TNS | AEH Group will continue to have access to the research services provided by TNS, in particular AEH Group will have access to the use of the brand preference tracker, which allows Marketing to measure brand strength in various consumer marketplaces. | Third Party Provider will continue to directly invoice AXA Group who will pass these costs through to AEH Group based on the number of Group companies using this service. | AXA Group | AEH Group |
Investments | CreditSights | AEH Group will continue to have access to CreditSights, a credit research provider. | Third Party Provider will continue to directly invoice the AXA Group who will pass these costs through to the AEH Group in accordance with established fee schedule. | AXA Group | AEH Group |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
Human Resources | Computershare | AEH Group will continue to have access to Computershare to execute long term compensation plans. | Third Party Provider will invoice AEH Group directly. | AXA Group | AEH Group |
Human Resources | Ted Talks | AEH Group will continue to have access to the AXA Group training platform for content. | Third Party Provider will continue to directly invoice AXA Group who will who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
Human Resources | Learning Heroes | AEH Group will continue to have access to the AXA Group training platform for content. | Supplier will continue to directly invoice AXA Group who will who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
Human Resources | Cegos | AEH Group will continue to have access to the AXA Group training platform for content. | Supplier will continue to directly invoice AXA Group who will who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
Human Resources | Skill Pill | AEH Group will continue to have access to the AXA Group training platform for content. | Supplier will continue to directly invoice AXA Group who will who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
Human Resources | Culture IQ | AEH Group will continue to have access to the Culture IQ contract, for the purposes of accessing and distributing the Pulse Culture Survey to employees through HR. | Third Party Provider will continue to directly invoice the AXA Group who will pass these costs through to the AEH Group in accordance with established rates and fees. | AXA Group | AEH Group |
Human Resources | Qualtrics | AEH Group will continue to have access to the Group Qualtrics contract in order to perform the 360- Degree Assessment Review. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/Services | Accenture | AEH Group will continue to have access to a full range of Accenture services including consulting and IT infrastructure services. | Third Party Provider will continue to directly invoice the AXA Group who will pass these costs through to the AEH Group in accordance with established rates and fees. | AXA Group | AEH Group |
IT/ Hardware | La Compagnie IBM France (“La Compagnie IBM”) | AEH Group will continue to have access to IT hardware and software maintenance services. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/ Software | La Compagnie IBM France | AEH Group will continue to have access to distributed, middleware and infrastructure products through perpetual licenses. | Third Party Provider will continue to directly invoice AXA Group who will pass these costs through to AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/ Hardware/ Software/ Services | La Compagnie IBM France | AEH Group will continue to have access to mainframe licensing, support, processing services and related network connectivity. | Third Party Provider will continue to directly invoice AXA Group who will pass these costs through to AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/ Software | La Compagnie IBM France | AEH Group will continue to have access to infrastructure environment support products via perpetual licenses. | Third Party Provider will continue to directly invoice AXA Group who will pass these costs through to AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Services | La Compagnie IBM France | AEH Group will continue to have access to the Private Cloud infrastructure and related services. | Third Party Provider will continue to directly invoice AXA Group who will pass these costs through to AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/Cloud Services | La Compagnie IBM France (“La Compagnie IBM”) | AEH Group will continue to have access to the AXA Group Intranet platform. | Third Party Provider will continue to directly invoice AXA Group who will pass these costs through to AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | Adobe Systems Incorporated; Adobe System Software Ireland Limited (together, “Adobe”) | AEH Group will continue to have access to Adobe products for Document Management and Graphic Design offered as an annual subscription service. | Third Party Provider will continue to directly invoice the AXA Group who will pass these costs through to the AEH Group in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Software | Airwatch | AEH Group will continue to have access to enterprise mobility management products especially the enterprise mobile telephone enrollment via on-premise perpetual licenses. | Agreement has been fully pre-paid at inception. | AXA Group | AEH Group |
IT/ Software | Citrix | The AEH Group will continue to have access to perpetual licenses and maintenance support related services. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Software | Algosec | AEH Group will continue to have access to network security utility and appliances. | Third Party Provider will continue to directly invoice the AXA Group who will pass these costs through to the AEH Group in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Cloud Services | Amazon Web Services | AEH Group will have access to Amazon Web Service’s public cloud platform. | If services are started, direct billing based on affiliates agreement governed by AXA Group Enterprise Agreement | AXA Group | AEH Group |
IT/Services | Orange Cyber Defense | AEH Group will continue to have access to service for Distributed Denial of Service protection. | Third Party Provider will continue to directly invoice the AXA Group who will pass these costs through to the AEH Group in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Network | AT&T | AEH Group will continue to have access to network services for international and local USA circuits, which includes connectivity for datacenters, branches & campus locations. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/Software | BMC | AEH Group will continue to have access to IT infrastructure to configure and monitor virtual servers through perpetual licenses. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based license maintenance for each calendar year. | AXA Group | AEH Group |
IT/Software | BravoSolution France SAS | AEH Group will continue to have access to a business intelligence platform to monitor third-party vendor spends. | Third Party Provider will continue to directly invoice the AXA Group who will pass these costs through to the AEH Group in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Software | Computer Associates France (“Computer Associates”) | AEH Group will continue to have access to perpetual mainframe and distributed software products, maintenance and support, professional services, related education and SaaS services. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Services | Sogeti (formerly known as Cap Gemini) | AEH Group will continue to have access to offshore IT professional services to support IT and security operations. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Software & Services | CheckPoint | AEH Group will continue to have access to perpetual licenses, maintenance & support services to provide protection of the AEH Group’s network environment. | Fees for maintenance are invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Services | CISCO | AEH Group will continue to have access to video conferencing capabilities. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based license maintenance for each calendar year. | AXA Group | AEH Group |
IT/Services | CISCO | AEH Group will continue to have access to the maintenance support and services for Cisco hardware, software and network security in datacenters, branches & campus locations. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/Software | Cloudera, Inc. | AEH Group will continue to have access to a high availability file system offered as an annual subscription service. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Services | Cognizant Technology Solutions France S.A. | AEH Group will continue to have access to Cognizant’s IT professional services to support IT operations. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Software | Compuware | AEH Group will continue to have access to its perpetual mainframe developer software licenses and maintenance / support for management tools. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based the consumption of licenses on a yearly basis. | AXA Group | AEH Group |
IT/Software | Coursera | AEH Group will continue to have access to the AXA Group training platform. | Third Party Provider will continue to directly invoice the AXA Group who will charge the AEH Group for its portion of the invoice based on AEH’s consumption each calendar year. | AXA Group | AEH Group |
IT/ Services | Detack GmbH | AEH Group will continue to have access to password strength auditing throughout the environment. | Third Party Provider will continue to directly invoice AXA Group who will pass these costs through to AEH Group. | AXA Group | AEH Group |
IT/Services | DXC Technology Company | AEH Group will continue to have access to IT and consulting services, software licenses and business system processing. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Software | CyberArk | AEH Group will continue to have access to CyberArk’s security products through perpetual licenses. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/Cloud Service | Cornerstone on Demand Limited | AEH Group will continue to have access to the learning talent management system for training and collaboration. | Third Party Provider will continue to directly invoice AXA Group who will who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Services | DELL /NTT | AEH Group will continue to have access to Help Desk services and field support. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Security | Dell Secureworks | AEH Group will continue to have access to IT security software. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Software | DoubleClick | AEH Group will continue to have access to Google Analytics. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Business Services | Ernst & Young et Associés | AEH Group will continue to have access to IT and business consulting services. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Network | F5 | AEH Group will continue to have access to support services for the network security and load balancing equipment. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/ Software | Flexera Software | AEH Group will continue to have access to perpetual license software for service management and license compliance. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/ Services | Gartner | AEH Group will continue to have access to Gartner’s IT Advisory Research Services offered as an annual subscription service. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/Cloud Services | Genesys | AEH Group will continue to have access to call center application subscriptions in SaaS (software as a service) mode for contact centers. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | Greenlight Technologies | AEH Group will continue to have access to tools and utilities to assist with the segregation of user roles. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | Hearsay Social Inc. | AEH Group will continue to have access to social media and networking tools. | The Master Agreement defines specific SaaS license pricing tier calculated on the aggregate number of license across the whole AXA Group. | AXA Group | AEH Group |
IT/Software | ITESoft | AEH Group will continue to have access to software used by AXA Services (Finance Back Office in Morocco) to scan invoices into PeopleSoft. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | Informatica | AEH Group will continue to have access to the Copernic data integration layer. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Business Services | KPMG SA | AEH Group will continue to have access to consulting services and IT services. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Services | LinkedIn | AEH Group will continue to have access to LinkedIn Recruiter licenses. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Hardware | Lenovo | AEH Group will continue to be able to acquire equipment and support services. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/Software | Microfocus – Arcsight | AEH Group will continue to have access to Security Software perpetual licenses and related maintenance/support. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | Microfocus | AEH Group will continue to have access to perpetual licenses and support for application testing tools. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | Microsoft | AEH Group will continue to have access to workplace and distributed products and services offered as an annual subscription service. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Cloud Services | Microsoft | AEH Group will continue to have access to the Azure public cloud services. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Cloud Services | NetApp | AEH Group will continue to have access across hybrid environments. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Software | Nitro | AEH Group will continue to have access to products for document management. | Third Party Provider will continue to directly invoice AXA Group who will pass these costs through to AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Network Security | N3K Vital QIP | AEH Group will continue to be able to acquire software and support services for network management. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/Software | Oracle France SAS | AEH Group will continue to have access to perpetual product licenses and maintenance to support business data repository and customer front-end web-facing application needs. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | Oracle France SAS | AEH Group will continue to have access to the PeopleSoft system. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | Oracle France SAS | AEH Group will continue to have access to Oracle’s Human Resource applications. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | Orchestra Networks | AEH Group will continue to have access to the Copernic Master Data Management Tool. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | Perfecto Mobile Company | AEH Group will continue to have access to mobile application testing tools. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Network/Software | QUALYS, Inc | AEH Group will continue to have access to IT security products offered as an annual subscription which includes network vulnerability management. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | RSA | AEH Group will continue to have access authentication to network and computing environment. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Cloud Services | Salesforce.com EMEA Limited | AEH Group will continue to have access to Service & Sales Cloud products offered as an annual subscription service. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/Software | SAP France | AEH Group will continue to have access and support for SAP Copernic General Ledger & the ARIBA procurement system offered as an annual subscription service. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | SAP France | AEH Group will continue to have access and support for the Enterprise Resource Planning system offered via perpetual licenses. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | SAS Institute SAS | AEH Group will continue to have access to software licenses and support in marketing for statistical model analysis. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Cloud Services | SERVICE NOW | AEH Group will continue to have access to services and support for the ServiceNow IT Service Management platform. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | Stonebranch | AEH Group will continue to have access to distributed workload automation and universal data mover tool in support of financial systems. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Software | Symantec LTD | AEH Group will continue to have access to perpetually licensed security products & support. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | SUSE | AEH Group will continue to have access to Redhat Enterprise Linux licenses, maintenance and support services. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Services | Tata America International Corporation | AEH Group will continue to have access to general consulting and IT services. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/Software | Thomson Reuters | AEH Group will continue to have access to risk and control solutions enterprise licenses and maintenance services. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | Towers Watson Software Ltd | AEH Group will continue to have access to HR and actuarial software, related support services, and general consulting services. | Fees invoiced directly to the AEH Group by Towers Watson (or the applicable affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Cloud Services | Veracode | AEH Group will continue to have access to SaaS tools for assessment of security vulnerabilities within business IT applications. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees.) | AXA Group | AEH Group |
IT/ Software | Veritas Technologies | AEH Group will continue to have access to storage management and backup software. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees.) | AXA Group | AEH Group |
IT/Software | VMWare | AEH Group will continue to have access to VMWare software and support services. | Agreement has been fully pre-paid. | AXA Group | AEH Group |
IT/Cloud Services | West Audio Conferencing | AEH Group will continue to have access to audio conferencing and support services. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Subscriptions | WebEx | AEH Group will continue to have access to audio and video conferencing services. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Software | WorldCheck | AEH Group will continue to have access to subscription licenses. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
IT/Software | WPL | AEH Group will continue to have access to software licenses and maintenance support to provide the IT department with billing data on the mainframe usage. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
Functional Area | Third-Party Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/ Hardware & Services | Hitachi | AEH Group will continue to have access to IT equipment and related services. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AXA Group | AEH Group |
IT/Software | Hewlett Packard | AEH Group will continue to have access to management tools and support services. | Third Party Provider will continue to directly invoice AXA Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AXA Group | AEH Group |
Functional Area | Third-Party or Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/Software | Adaptiva | AXA Group will continue to have access to power and configuration management desktop software license and maintenance services. | Third Party Provider will continue to directly invoice AEH Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AEH Group | AXA Group |
IT/Mobile Services | AT&T Mobility | AXA Group will continue to have access to mobile devices and plans via an affiliate participation agreement entered directly between AEH and Third Party Provider. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AEH Group | AXA Group |
IT/ Equipment & Services | Curvature | AXA Group will continue to have access to purchase IT equipment, software, and services via orders placed directly between AEH and Third Party Provider. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AEH Group | AXA Group |
IT/Services | Dimension Data | AXA Group will continue to have access to IT services via orders placed directly between AEH and Third Party Provider. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AEH Group | AXA Group |
IT/Training Services | Global Knowledge Training | AXA Group will continue to have access to IT training courses and related services via orders placed directly between AEH and Third Party Provider. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AEH Group | AXA Group |
IT/ Services | ICP (Island Computer Products Inc.) | AXA Group will continue to have access to purchase IT services via orders placed directly between AEH and Third Party Provider. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AEH Group | AXA Group |
IT/ Staffing Services | Kelly Services | AXA Group will continue to have access to IT staffing services. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AEH Group | AXA Group |
Functional Area | Third-Party or Provider | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/Staffing Services | Modis Inc. | AXA Group will continue to have access to IT staffing services. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AEH Group | AXA Group |
IT/Staffing Services | Oakridge Staffing | AXA Group will continue to have access to IT staffing services. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with established rates and fees. | AEH Group | AXA Group |
IT/Cloud Services | Proofpoint | AXA Group will continue to have access to encrypted “secure send” cloud services for emails. | Third Party Provider will continue to directly invoice AEH Group who will charge the AXA Group for its portion of the invoice based on each calendar year’s consumption. | AEH Group | AXA Group |
IT/Software | Riverbed | AXA Group will continue to have access to network performance and monitoring data. | Third Party Provider will continue to directly invoice AEH Group who will charge the AEH Group for its portion of the invoice based on each calendar year’s consumption. | AEH Group | AXA Group |
IT/ Software | Rocket Software | AXA Group will continue to have access to Third Party Provider’s mainframe software and related maintenance services for data index management and index recovery. | Fees invoiced directly by Third Party Provider (or the applicable Affiliate) in accordance with existing rates and fees. | AEH Group | AXA Group |
Functional Area | Description of Services | Service Fee | Service Provider | Service Recipient |
Human Resources | AXA Group will continue to provide the AEH Group with access to and/or use of the following systems, technology, assets, programs and services (“service types”) notably: Live Learning training programs, e-learning programs, systems, tools, data feeds required to enable systems access and functionality, employee surveys, human resource analytical tools for workforce and capacity planning, and other technology tools; compensation resources; and access to AXA Group resources/assets including frameworks, human resource strategies, talent management, organizational review and associated supporting materials. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the volume of services provided. | AXA Group | AEH Group |
Finance / HR | AXA Group will continue to provide support to AXA Equitable Holdings for certain corporate functions, including key financial analysis, audit, treasury and asset management functions and talent management activities. | The AXA Group will invoice these services at cost. | AXA Group | AEH Group |
Internal Audit | AXA Group will continue to provide the AEH Group with the Internal Audit computer system; methodology; functional management oversight; and quality assurance reviews. The AEH Group will continue to have access to the AXA Group’s specialized internal audit resources and personnel for purposes of completing specialized audit missions. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the volume of services provided. | AXA Group | AEH Group |
Functional Area | Description of Services | Service Fee | Service Provider | Service Recipient |
Risk Management | AXA Group will continue to provide the AEH Group with risk management services covering life, financial and operational risks and internal control, including information technology risks, and related services. As part of such services, the AXA Group will provide risk modeling support, including delivering to the AEH Group monthly risk neutral scenarios for US GAAP and economic modeling and variable annuity hedging purposes, and calibration of longevity risk scenarios and annual assumptions. As part of the services, the AEH Group will also have access to the AXA Group’s operational risk management tools and databases. Furthermore, the AEH Group will have access to all standardized risk reports generated from the AXA Group’s risk tools. The AEH Group will also continue to have access to proprietary risk management frameworks developed by the AXA Group. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the volume of services provided. | AXA Group | AEH Group |
Fiscal Matters | AXA Group will continue to provide technical advice and support for tax and tax accounting matters, including collecting AXA Group documentation to assist in tax audits, assisting in implementing specific Group-wide guidelines and initiatives, and assisting in deferred tax management and non-audit services policy aspects. In addition, the AXA Group will coordinate tax teams in various countries where local input is required, as well as the AEH Group’s access to internal trainings and tax conferences. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the volume of services provided. | AXA Group | AEH Group |
Investment and ALM Services | AEH Group will continue to have access to frameworks, guidelines, tools and advice on investments, derivatives and asset liability management topics, including AXA Group real world scenarios, provided by the AXA Group. The AEH Group will also continue to participate in the AXA Group’s policies for corporate responsibility and responsible investments. Furthermore, the AXA Group will continue to provide the AEH Group with credit analysis, research and corresponding tools for corporate bond, sovereign and government-related investments, including providing the AXA internal rating and comprehensive credit reviews of subordinated credit classes | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the volume of services provided. | AXA Group | AEH Group |
Corporate Responsibility and Public Affaires | AEH Group will continue to have access to the AXA Group’s corporate responsibility, environmental and social well-being frameworks and initiatives. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the volume of services provided. | AXA Group | AEH Group |
Procurement | AXA Group will continue to provide the AEH Group with access to procurement related services provided under the AXA Group’s IT and non-IT contracts and will support the maintenance and integration of the third-party services in various functional areas. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the volume of services provided. | AXA Group | AEH Group |
Functional Area | Description of Services | Service Fee | Service Provider | Service Recipient |
Finance | AXA Group will continue to perform the day to day treasury, US GAAP and IFRS accounting and cash management operations including reconciliation of cash accounts and FOREX exposure forecasts and hedging for AXA Technology Services America Inc. | AXA Group will invoice the AEH Group at a fixed price. | AXA Group | AEH Group |
Group Communications & Brand | AEH Group will continue to receive support from Group Communications and Brand including on • media relations, reputation management, crisis management • expertise on social media and employee engagement initiatives • support on advertising expertise | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the volume of services provided. | AXA Group | AEH Group |
IT/ Office 365 support | AXA Group will continue to provide Global O365 and workplace support including Store n' Share, Connect, Voice n' More and supporting infrastructure. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the number of users. | AXA Group | AEH Group |
IT/ Service Management | AXA Group will continue to provide IT Service Management Support (License, Application support, Enhancements) | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the number of licenses. | AXA Group | AEH Group |
IT/Mobile Device Management | AXA Group will continue to provide global support for mobile device management | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the yearly fixed cost covering a pass-through subscription fees for new machines, yearly maintenance fee based on number of machines and administration of the installed base at cost. | AXA Group | AEH Group |
IT/ Intranet | AXA Group will continue to provide global intranet support (hosting, support, and licenses) | Consistent with existing billing practices, the AXA Group will invoice the AEH Group based on an annual license fee per user. | AXA Group | AEH Group |
IT/ Public Cloud Services | AXA Group will continue to provide global support of Azure Platform and tools and contribution to AXA Group global approach for Platform as a Service. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group based on consumption and unit price. | AXA Group | AEH Group |
Functional Area | Description of Services | Service Fee | Service Provider | Service Recipient |
IT/ Private Cloud Services | AXA Group will continue to provide global support of Private Cloud and contribution to AXA Group global approach. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group based on AXA Group cost allocation factoring in size of operating companies. | AXA Group | AEH Group |
IT/ Security Services | AXA Group will continue to provide the following Group supported IT Infrastructure security services: - Security Operations Center - Privilege user management - DDoS | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the IT intensity of local operations (IT budget used as proxy.) | AXA Group | AEH Group |
IT/ Data Lake Infrastructure | AXA Group will continue to provide global support of Big Data Platform. | AXA Group will invoice the AEH Group a fix cost for data lake foundation (core and platform) and variable costs based on consumption. | AXA Group | AEH Group |
IT/ Financial Services | AXA Group will continue to provide functional support for the SAP Copernic General Ledger platform and other related tools & activities. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group at cost based on the number of licenses and consumption. | AXA Group | AEH Group |
IT/ Global Tools | AXA Group will continue to provide maintenance and support of AXA Group tools used by AXA Equitable for Finance, HR, Procurement, Marketing and Communication, Customer Relationship Management, and Information Technology. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group. | AXA Group | AEH Group |
IT/ Global Services | AXA Group will continue to provide global services provided by AXA Group such as management of certain Global projects, Global IT Strategy and Governance, Audit, Convergence of Business Systems, Global IT Operating Model. | AXA Group will invoice the AEH Group based on consumption. | AXA Group | AEH Group |
IT/compliance and internal control | AXA Group will continue to provide IT certifications on IT services. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group based on consumption. | AXA Group | AEH Group |
Functional Area | Description of Services | Service Fee | Service Provider | Service Recipient |
Compliance | AllianceBernstein will continue to report the beneficial ownership for controlling publicly listed companies for competition authorities around the world for AXA companies in Asia, Africa, Middle East and the Americas. For Japan, reporting responsibility will continue to be split with AXA IM. Japan will report for itself in cases where AB needs no position. | The reporting service is not considered as material and is currently not invoiced. | AEH Group | AXA Group |
Legal | AEH Group will continue to provide legal services related to AXA Group’s global litigation. | AEH will invoice the applicable AXA Group parties at cost. | AEH Group | AXA Group |
Human Resources | AEH Group will continue to administer AXA Shareplans for 2013 – 2017 and AXA Performance Shares granted in 2015, 2016 and 2017 for employees of the AXA Group’s US operations. | The service is not considered as material and is currently not invoiced. | AEH Group | AXA Group |
Fiscal Matters | AEH Group will continue to provide technical advice and support for tax matters, including preparing the tax filings of the AXA US Holdings, Inc. tax group for the fiscal year 2018 and tax accounting, and will manage tax audits and litigations for the AXA US Holdings, Inc. tax group until the filings for fiscal year 2018 are made. It will also coordinate the US tax view for all entities in the AXA Group operating in the US. | AEH Group will invoice the applicable AXA Group parties at cost based on volume of services provided. | AEH Group | AXA Group (AXA US Holdings Inc.) |
Investment Accounting | AEH Group will continue to provide investment accounting services for the AXA Group’s property and casualty insurance companies operating in the US. | AEH Group will invoice the applicable AXA Group parties at cost based on volume of services provided. | AEH Group | AXA Group (AXA US Holdings Inc.) |
Internal Audit | AXA Group will continue to have access to the AEH’s specialized internal audit resources and personnel for purposes of completing specialized audit missions. | AEH Group will invoice the applicable AXA Group parties at cost based on the volume of services provided. | AEH Group | AXA Group |
Functional Area | Description of Services | Service Fee | Service Provider | Service Recipient |
Real Estate | AEH Group will continue to provide a comparable level of office space as previously provided to employees of AXA Group’s US operations, including physical security, at or near the following locations: • 525 Washington Boulevard, Jersey City • 100 Madison Street, Syracuse and • 1290 Avenues of the Americas, New York | AEH Group will invoice the applicable AXA Group parties at cost based on usage. | AEH Group | AXA Group |
AXA Strategic Ventures | AEH Group will continue to provide administrative, Treasury and Finance support services for AXA Strategic Ventures Corporation and AXA Strategic Ventures US, LLC. | AEH Group will invoice the applicable AXA Group parties at cost. | AEH Group | AXA Group |
IT/ Workplace Services | AEH Group will continue to provide laptop provisioning, desktop support, help desk, and mobile devices. This includes support of communication services linked to the workplace (Office 365 email, Skype, remote access / VPN, etc.), security management for the workplace. | AEH Group will invoice AXA Group for its portion of the services based on AXA Group’s consumption. | AEH Group | AXA Group |
IT/ Private Cloud | AEH Group will continue to support the transition of Private Cloud local / regional activities to AXA Group (in Americas) by supporting the identification and implementation of local set-up pre-requisites for AXA Group entities. | AEH Group will invoice AXA Group for its portion of the services based on AXA Group’s consumption. | AEH Group | AXA Group |
Functional Area | Description of Services | Service Fee | End Date | Service Provider | Service Recipient |
IT/ Network | AXA Group will continue to provide the AEH Group: a. Global backbone connectivity to mainframe b. Global backbone connectivity to ABS c. GAB (Global Application Backbone) for accessing various group services d. Global network command center | Consistent with existing billing practices, the AXA Group will invoice the AEH Group based on consumption. | 3 months before the end of the data center lease (9/30/2022). | AXA Group | AEH Group |
IT/ Mainframe services | AXA Group will continue to provide the AEH Group mainframe hosting services and support. | Consistent with existing billing practices, the AXA Group will invoice the AEH Group based on consumption. | 3 months before the end of the data center lease (9/30/2022). | AXA Group | AEH Group |
IT/ Hosting Services | AEH Group will provide infrastructure hosting services to other AXA entities in the Americas. This includes AS 400 hosting for AXA Insurance Company and AXA Liabilities Managers US operations. AXA US Infrastructure team will collaborate with Global Network Services to ensure network access to the data center, internet access, and other third-party network access is maintained for all AXA Companies hosted. | Consistent with existing billing practices, the AEH Group will invoice the applicable AXA entities. | 3 months before the end of the data center lease (9/30/2022). | AEH Group | AXA entities in Americas |
Functional Area | Description of Services | Service Fee | End Date | Service Provider | Service Recipient |
Human Resources | AEH Group will continue to provide the AXA Group’s US operations with human resource administrative services, including systems and technical HRIS support, payroll services and related system feeds including filings through the last pay roll cycle. | Consistent with existing billing practices, the AEH Group will invoice the applicable AXA Group parties at cost based on FTEs administered and volume of services provided. | Payroll administration will end 12/31/20 for wages incurred in 2020, except for state/federal reporting requirements and W2 creation for 2020 which will extend into Q1 2021. | AEH Group | AXA Group |
Benefit Plans | AEH Group will continue to administer the (historical) existing benefits of AXA Group employees in the AXA Equitable Retirement Plan and any other plans in which AXA Group employees continue to have balances. | AXA Group will continue to pay the costs related to its employees consistent with existing billing practices. | The date that all benefits have been paid to the AXA Group employees. | AEH Group | AXA Group |
Website Redirect | AXA Group will provide and maintain a webpage, and the AXA Group and the AEH Group will work together in good faith to determine the content of such webpage, that will allow Internet end users arriving at AXA.com to click a link to be transferred to a URL designated by the AEH Group for the operation of its business, or to click another link or links to be transferred to a URL designated by the AXA Group for the operation of the businesses of the AXA Group and its affiliates. | AXA Group will invoice the AEH Group at cost. | 18 months after the date on which AXA ceases to beneficially own more than 50% of the outstanding common stock, par value $0.01, of AEH | AXA Group | AEH Group |
TABLE OF CONTENTS | ||
Page | ||
ARTICLE I | ||
DEFINITIONS | ||
1.1 | Definitions | 1 |
1.2 | Interpretation | 5 |
ARTICLE II | ||
REGISTRATION RIGHTS | ||
2.1 | Shelf Registration | 5 |
2.2 | Demand Registrations | 7 |
2.3 | Priority | 8 |
2.4 | Piggyback Registrations | 8 |
2.5 | Lock-up Agreements | 9 |
2.6 | Registration Procedures | 10 |
2.7 | Registration Expenses | 16 |
2.8 | Underwritten Offering | 17 |
2.9 | Suspension of Registration | 17 |
2.10 | Indemnification | 18 |
2.11 | Conversion of Other Securities | 22 |
2.12 | Rule 144; Rule 144A | 22 |
2.13 | Transfer of Registration Rights | 22 |
ARTICLE III | ||
PROVISIONS APPLICABLE TO ALL DISPOSITIONS OF REGISTRABLE SECURITIES BY AXA | ||
3.1 | Underwriter Selection | 22 |
3.2 | Cooperation with Sales | 23 |
3.3 | Expenses of Offerings | 23 |
3.4 | Further Assurances | 23 |
ARTICLE IV | ||
MISCELLANEOUS | ||
4.1 | Term | 23 |
4.2 | Other Holder Activities | 24 |
4.3 | No Inconsistent Agreements | 24 |
4.4 | Amendments and Waivers | 24 |
4.5 | No Third Party Beneficiaries | 24 |
4.6 | Entire Agreement | 24 |
4.7 | Severability | 24 |
4.8 | Counterparts | 25 |
4.9 | Remedies; Attorney’s Fees | 25 |
4.10 | GOVERNING LAW | 25 |
4.11 | CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL | 25 |
4.12 | Notice | 26 |
Article I | ||
DEFINITIONS | ||
Section 1.1 | Definitions | 1 |
Section 1.2 | Interpretation | 6 |
Article II | ||
SERVICES AND PROCEDURES | ||
Section 2.1 | Provision of Services | 7 |
Section 2.2 | Omitted Services | 7 |
Section 2.3 | Additional Services | 8 |
Section 2.4 | Replacement Services | 8 |
Section 2.5 | Standard of Performance; Scope of Service | 8 |
Section 2.6 | Third-Party Providers | 9 |
Section 2.7 | Liability for Third-Party Providers | 9 |
Section 2.8 | Change in Service | 10 |
Section 2.9 | Service Provider’s Employees | 10 |
Section 2.10 | Availability of Information and Records; Audit | 10 |
Section 2.11 | Disclaimer of Warranties | 12 |
Section 2.12 | Transition Support | 12 |
Section 2.13 | Exclusivity | 12 |
Article III | ||
FEES AND PAYMENTS | ||
Section 3.1 | Fees for Services | 13 |
Section 3.2 | Third-Party Costs | 13 |
Section 3.3 | Billing Statements | 13 |
Section 3.4 | Direct Payments to Third-Party Providers | 13 |
Section 3.5 | Disputes Over Billing Statements or Direct Payments | 13 |
Section 3.6 | Taxes | 14 |
Article IV | ||
TERM AND TERMINATION | ||
Section 4.1 | Term | 15 |
Section 4.2 | Termination | 15 |
Section 4.3 | Transition Support Following Termination | 16 |
Section 4.4 | Extension of Transition Period | 16 |
Section 4.5 | Effect of Termination | 17 |
Article V | ||
GOVERNANCE | ||
Section 5.1 | Transition Working Groups | 17 |
Section 5.2 | Separation Committees | 18 |
Section 5.3 | Steering Committee | 18 |
Article VI | ||
INDEMNIFICATION | ||
Section 6.1 | Indemnity | 19 |
Section 6.2 | Procedure for Indemnification of Third-Party Claims | 19 |
Section 6.3 | Additional Matters | 20 |
Section 6.4 | Payments | 21 |
Article VII | ||
INTELLECTUAL PROPERTY | ||
Section 7.1 | Ownership of Intellectual Property | 21 |
Section 7.2 | Licensing of Intellectual Property | 22 |
Section 7.3 | Ownership of Data | 23 |
Article VIII | ||
CONFIDENTIALITY; SYSTEMS SECURITY | ||
Section 8.1 | Confidentiality | 23 |
Section 8.2 | Systems Security and Breach Notification | 25 |
Article IX | ||
DISPUTE RESOLUTION; LIMITATION OF LIABILITY | ||
Section 9.1 | Resolution Procedure | 26 |
Section 9.2 | Arbitration | 27 |
Section 9.3 | Limitations on Liability | 28 |
Article X | ||
MISCELLANEOUS | ||
Section 10.1 | Notices | 29 |
Section 10.2 | Further Assurances | 30 |
Section 10.3 | Entire Understanding; Third-Party Beneficiaries | 30 |
Section 10.4 | Subsidiary Action | 30 |
Section 10.5 | Severability | 30 |
Section 10.6 | Applicable Law | 30 |
Section 10.7 | Specific Performance | 30 |
Section 10.8 | Force Majeure | 31 |
Section 10.9 | Amendment, Modification and Waiver | 31 |
Section 10.10 | Assignment | 31 |
Section 10.11 | Counterparts | 31 |
TERRITORY | MARK | NUMBER | CLASS |
USA | AXA | 1290037 | 35, 36 |
USA | AXA | 1679597 | 36 |
USA | AXA | 2118193 | 38 |
USA | 2416704 | 35,36 | |
USA | 87759872 | 35, 36 | |
USA | 2072157 | 36 | |
USA | AXA ADVISORS | 2546263 | 36 |
USA | 3938187 | 36, 39 , 41, 44 | |
USA | BORN TO PROTECT | 1182049 (4623063) | 35, 36, 37, 38, 39, 41, 43, 44, 45 |
USA | REDEFINING / STANDARDS | 3 759 282 | 36, 39, 41, 44 |
USA | 987075 (3763340) | 35, 36 | |
USA | Your Future, Protected | 4400862 | 36 |
USA | 1276934 | 35, 36, 38, 41 | |
USA | 1283522 | 9, 37, 38, 40, 42 | |
USA | 987231 (3771677) | 35, 36 | |
Canada | AXA | 452315 | 36 |
Canada | 433066 | 36 |
Domain Name | Domain Registration Status | Registrant or top level organisation that owns registrant |
axaachievement.com | Registered | AXA US |
axaachievement.org | Registered | AXA US |
axa-achievement.org | Registered | AXA US |
axaachievementprogram.com | Registered | AXA US |
axa-achievementprogram.com | Registered | AXA US |
axaachievementprogram.org | Registered | AXA US |
axa-achievementprogram.org | Registered | AXA US |
axaachievementscholarship.com | Registered | AXA US |
axa-achievementscholarship.com | Registered | AXA US |
axaachievementscholarship.org | Registered | AXA US |
axa-achievementscholarship.org | Registered | AXA US |
axaachievers.com | Registered | AXA US |
axa-achievers.com | Registered | AXA US |
axaachievers.org | Registered | AXA US |
axa-achievers.org | Registered | AXA US |
axaachivementscholarship.com | Registered | AXA US |
axa-achivementscholarship.com | Registered | AXA US |
axaachivementscholarship.org | Registered | AXA US |
axa-achivementscholarship.org | Registered | AXA US |
axa-advisers.biz | Registered | AXA US |
axaadvisors.biz | Registered | AXA US |
axa-advisors.biz | Registered | AXA US |
axaadvisors.cc | Registered | AXA US |
axa-advisors.cc | Registered | AXA US |
axaadvisors.net | Registered | AXA US |
axaadvisors.org | Registered | AXA US |
axa-advisors.org | Registered | AXA US |
axaadvisors.tv | Registered | AXA US |
axa-advisors.tv | Registered | AXA US |
axaadvisors.ws | Registered | AXA US |
axa-advisors.ws | Registered | AXA US |
axa-coverage.com | Registered | AXA US |
axadist.biz | Registered | AXA US |
axa-dist.biz | Registered | AXA US |
axa-dist.com | Registered | AXA US |
axadist.net | Registered | AXA US |
axa-dist.net | Registered | AXA US |
axadist.tv | Registered | AXA US |
axa-dist.tv | Registered | AXA US |
axadistributor.biz | Registered | AXA US |
axa-distributor.biz | Registered | AXA US |
axa-distributor.com | Registered | AXA US |
axadistributor.net | Registered | AXA US |
axa-distributor.net | Registered | AXA US |
axadistributor.tv | Registered | AXA US |
axa-distributor.tv | Registered | AXA US |
axadistributors.biz | Registered | AXA US |
axa-distributors.biz | Registered | AXA US |
axadistributors.net | Registered | AXA US |
axa-distributors.net | Registered | AXA US |
axadistributors.tv | Registered | AXA US |
axa-distributors.tv | Registered | AXA US |
axadistributorsllc.biz | Registered | AXA US |
axa-distributorsllc.biz | Registered | AXA US |
axadistributorsllc.com | Registered | AXA US |
axa-distributorsllc.com | Registered | AXA US |
axadistributorsllc.net | Registered | AXA US |
axa-distributorsllc.net | Registered | AXA US |
axadistributorsllc.tv | Registered | AXA US |
axa-distributorsllc.tv | Registered | AXA US |
axaeq.biz | Registered | AXA US |
axaeq.com | Registered | AXA US |
axaeq.info | Registered | AXA US |
axaeq.net | Registered | AXA US |
axaeq.org | Registered | AXA US |
axaeq.tv | Registered | AXA US |
axaeq.ws | Registered | AXA US |
axaeqla.biz | Registered | AXA US |
axaeqla.com | Registered | AXA US |
axaeqla.info | Registered | AXA US |
axaeqla.net | Registered | AXA US |
axaeqla.org | Registered | AXA US |
axaeqla.tv | Registered | AXA US |
axaeqla.ws | Registered | AXA US |
axaequitable.biz | Registered | AXA US |
axaequitable.cc | Registered | AXA US |
axaequitable.net | Registered | AXA US |
axaequitable.org | Registered | AXA US |
axaequitable.tv | Registered | AXA US |
axaequitable.ws | Registered | AXA US |
axaeventproductioncenter.com | Registered | AXA US |
axafinancial.biz | Registered | AXA US |
axafinancial.net | Registered | AXA US |
axa-financial.net | Registered | AXA US |
axafinancial.org | Registered | AXA US |
axa-financial.org | Registered | AXA US |
axafinancial.tv | Registered | AXA US |
axa-financial.tv | Registered | AXA US |
axafinancial.ws | Registered | AXA US |
axa-financial.ws | Registered | AXA US |
axafinancialservices.com | Registered | AXA US |
axa-financialservices.info | Registered | AXA US |
axafinancialservices.net | Registered | AXA US |
axa-financialservices.net | Registered | AXA US |
axafinancialservices.org | Registered | AXA US |
axa-financialservices.org | Registered | AXA US |
axafinancialservices.tv | Registered | AXA US |
axa-financialservices.tv | Registered | AXA US |
axafinancialservices.ws | Registered | AXA US |
axa-financialservices.ws | Registered | AXA US |
axafs.biz | Registered | AXA US |
axa-fs.biz | Registered | AXA US |
axafs.com | Registered | AXA US |
axa-fs.com | Registered | AXA US |
axafs.info | Registered | AXA US |
axa-fs.info | Registered | AXA US |
axafs.net | Registered | AXA US |
axa-fs.net | Registered | AXA US |
axafs.org | Registered | AXA US |
axafs.tv | Registered | AXA US |
axa-fs.tv | Registered | AXA US |
axafs.ws | Registered | AXA US |
axa-fs.ws | Registered | AXA US |
axa-funds.com | Registered | AXA US |
axa-funds.net | Registered | AXA US |
axa-funds.org | Registered | AXA US |
axaglobalrisks.biz | Registered | AXA US |
axaglobalrisks.com | Registered | AXA US |
axaglobalrisks.info | Registered | AXA US |
axaglobalrisks.net | Registered | AXA US |
axaglobalrisks.org | Registered | AXA US |
axaglobalrisks.tv | Registered | AXA US |
axaglobalrisks.ws | Registered | AXA US |
axainsurance.biz | Registered | AXA US |
axainsurance.info | Registered | AXA US |
axainsurance.org | Registered | AXA US |
axa-insurance.org | Registered | AXA US |
axainsurance.tv | Registered | AXA US |
axa-insurance.tv | Registered | AXA US |
axainsurance.ws | Registered | AXA US |
axa-insurance.ws | Registered | AXA US |
axainvestmentmanagers.biz | Registered | AXA US |
axainvestmentmanagers.tv | Registered | AXA US |
axalife.biz | Registered | AXA US |
axa-life.biz | Registered | AXA US |
axalife.info | Registered | AXA US |
axa-life.info | Registered | AXA US |
axalife.org | Registered | AXA US |
axa-life.org | Registered | AXA US |
axalife.tv | Registered | AXA US |
axa-life.tv | Registered | AXA US |
axalife.ws | Registered | AXA US |
axa-life.ws | Registered | AXA US |
axamutualfund.cc | Registered | AXA US |
axamutualfund.com | Registered | AXA US |
axamutualfund.net | Registered | AXA US |
axamutualfund.org | Registered | AXA US |
axamutualfund.tv | Registered | AXA US |
axamutualfunds.biz | Registered | AXA US |
axamutualfunds.cc | Registered | AXA US |
axamutualfunds.com | Registered | AXA US |
axa-mutualfunds.com | Registered | AXA US |
axa-mutualfunds.info | Registered | AXA US |
axamutualfunds.net | Registered | AXA US |
axamutualfunds.org | Registered | AXA US |
axamutualfunds.tv | Registered | AXA US |
axanet.biz | Registered | AXA US |
axanet.info | Registered | AXA US |
axanet.net | Registered | AXA US |
axanet.org | Registered | AXA US |
axanet.tv | Registered | AXA US |
axanet.ws | Registered | AXA US |
axanetwork.biz | Registered | AXA US |
axanetwork.cc | Registered | AXA US |
axanetwork.net | Registered | AXA US |
axanetwork.org | Registered | AXA US |
axanetwork.tv | Registered | AXA US |
axanetwork.ws | Registered | AXA US |
axanorthamerica.biz | Registered | AXA US |
axa-northamerica.biz | Registered | AXA US |
axanorthamericainc.biz | Registered | AXA US |
axaonline.biz | Registered | AXA US |
axaonline.cc | Registered | AXA US |
axaonline.tv | Registered | AXA US |
axaonline.ws | Registered | AXA US |
axaonlinebillmanager.biz | Registered | AXA US |
axaonlinebills.biz | Registered | AXA US |
axapremier.biz | Registered | AXA US |
axa-premier.biz | Registered | AXA US |
axapremierfund.biz | Registered | AXA US |
axa-premierfund.biz | Registered | AXA US |
axapremierfund.cc | Registered | AXA US |
axa-premierfund.info | Registered | AXA US |
axapremierfund.net | Registered | AXA US |
axa-premierfund.net | Registered | AXA US |
axapremierfund.org | Registered | AXA US |
axapremierfund.tv | Registered | AXA US |
axa-premierfund.ws | Registered | AXA US |
axapremierfunds.biz | Registered | AXA US |
axa-premierfunds.biz | Registered | AXA US |
axapremierfunds.cc | Registered | AXA US |
axa-premier-funds.com | Registered | AXA US |
axa-premierfunds.info | Registered | AXA US |
axapremierfunds.net | Registered | AXA US |
axa-premierfunds.net | Registered | AXA US |
axa-premier-funds.net | Registered | AXA US |
axapremierfunds.org | Registered | AXA US |
axapremierfunds.tv | Registered | AXA US |
axa-premierfunds.tv | Registered | AXA US |
axapremierfunds.ws | Registered | AXA US |
axa-premierfunds.ws | Registered | AXA US |
axapremierinc.biz | Registered | AXA US |
axa-premierinc.biz | Registered | AXA US |
axapremiermutualfund.biz | Registered | AXA US |
axapremiermutualfund.cc | Registered | AXA US |
axapremiermutualfund.com | Registered | AXA US |
axapremiermutualfund.net | Registered | AXA US |
axapremiermutualfund.org | Registered | AXA US |
axapremiermutualfund.tv | Registered | AXA US |
axapremiermutualfund.ws | Registered | AXA US |
axapremiermutualfunds.biz | Registered | AXA US |
axapremiermutualfunds.cc | Registered | AXA US |
axapremiermutualfunds.com | Registered | AXA US |
axapremiermutualfunds.net | Registered | AXA US |
axapremiermutualfunds.org | Registered | AXA US |
axapremiermutualfunds.tv | Registered | AXA US |
axapremiermutualfunds.ws | Registered | AXA US |
axapremiumfunds.biz | Registered | AXA US |
axapremiumfunds.cc | Registered | AXA US |
axapremiumfunds.net | Registered | AXA US |
axapremiumfunds.org | Registered | AXA US |
axapremiumfunds.tv | Registered | AXA US |
axapremiumfunds.ws | Registered | AXA US |
axaprivateclient.biz | Registered | AXA US |
axa-privateclient.biz | Registered | AXA US |
axarbg.biz | Registered | AXA US |
axa-rbg.biz | Registered | AXA US |
axarbg.com | Registered | AXA US |
axa-rbg.com | Registered | AXA US |
axarbg.info | Registered | AXA US |
axa-rbg.info | Registered | AXA US |
axarbg.net | Registered | AXA US |
axa-rbg.net | Registered | AXA US |
axarbg.org | Registered | AXA US |
axa-rbg.org | Registered | AXA US |
axarbg.tv | Registered | AXA US |
axa-rbg.tv | Registered | AXA US |
axa-retirementbenefitsgroup.biz | Registered | AXA US |
axa-retirementbenefitsgroup.com | Registered | AXA US |
axa-retirementbenefitsgroup.info | Registered | AXA US |
axa-retirementbenefitsgroup.net | Registered | AXA US |
axa-retirementbenefitsgroup.org | Registered | AXA US |
axascholarship.com | Registered | AXA US |
axascholarship.org | Registered | AXA US |
axa-scholarship.org | Registered | AXA US |
axashare.biz | Registered | AXA US |
axa-share.biz | Registered | AXA US |
axasource.biz | Registered | AXA US |
axa-source.biz | Registered | AXA US |
axa-us.biz | Registered | AXA US |
axausa.biz | Registered | AXA US |
axa-usa.biz | Registered | AXA US |
axavision.biz | Registered | AXA US |
axa-vision.biz | Registered | AXA US |
axawholesaler.biz | Registered | AXA US |
axa-wholesaler.biz | Registered | AXA US |
axawholesaler.com | Registered | AXA US |
axa-wholesaler.com | Registered | AXA US |
axawholesaler.info | Registered | AXA US |
axa-wholesaler.info | Registered | AXA US |
axawholesaler.net | Registered | AXA US |
axawholesaler.tv | Registered | AXA US |
axa-wholesaler.tv | Registered | AXA US |
axawholesaler.ws | Registered | AXA US |
axa-wholesaler.ws | Registered | AXA US |
axf.biz | Registered | AXA US |
axf.cc | Registered | AXA US |
myaxaadvisor.biz | Registered | AXA US |
myaxa-advisor.biz | Registered | AXA US |
myaxacenter.biz | Registered | AXA US |
myaxafinancial.biz | Registered | AXA US |
myaxa-financial.biz | Registered | AXA US |
myaxaonline.biz | Registered | AXA US |
myaxaportal.biz | Registered | AXA US |
my-axaportal.biz | Registered | AXA US |
myaxapro.biz | Registered | AXA US |
myaxaprofessional.biz | Registered | AXA US |
costcomp-int.us.axa.com | Registration in Progress | AXA US |
www.Caitlyn.myaxa-advisors.com | Submitted | AXA US |
www.amosakinyooye.myaxa-advisors.com | Submitted | AXA US |
Brian.Hartmann.myaxa-advisors.com | Submitted | AXA US |
Brianna.McClain.myaxa-advisors.com | Submitted | AXA US |
Christopher.Cole.myaxa-advisors.com | Submitted | AXA US |
Derek.Glabecki.myaxa-advisors.com | Submitted | AXA US |
Joseph.Maldonado.myaxa-advisors.com | Submitted | AXA US |
Manolo.Teijelo.myaxa-advisors.com | Submitted | AXA US |
axaprivatemarkets.com | Registered | AXA US |
www1-openam.us.axa.com | Registration in Progress | AXA US |
rig.int.us.axa.com | Draft | AXA US |
axanetwork.com | Registered | AXA US |
axaseattle.com | Registered | AXA US |
test-epolicyoffice.axa.com | Rejected | AXA US |
pl.us.axa.com | Submitted | AXA US |
axacsg.com | Registered | AXA US |
axa.us.com | Registered | AXA US |
axa2plan.com | Registered | AXA US |
axa-achievement.com | Registered | AXA US |
axa-ada.com | Registered | AXA US |
axaadvisors.com | Registered | AXA US |
axa-advisors.com | Registered | AXA US |
axabrightlife.com | Registered | AXA US |
axadistributors.com | Registered | AXA US |
axa-distributors.com | Registered | AXA US |
axadvisors.com | Registered | AXA US |
axaequitable.com | Registered | AXA US |
axa-equitable.com | Registered | AXA US |
axafinancial.com | Registered | AXA US |
axa-financial.com | Registered | AXA US |
axa-foundation.com | Registered | AXA US |
axaonline.com | Registered | AXA US |
axascam.biz | Registered | AXA US |
axascam.cc | Registered | AXA US |
axascam.info | Registered | AXA US |
axascam.mobi | Registered | AXA US |
axascam.net | Registered | AXA US |
axascam.tv | Registered | AXA US |
axascam.us | Registered | AXA US |
solutionsondemand-axa-equitable.com | Registered | AXA US |
kevin.sullivan@axa-advisors.com | Submitted | AXA US |
jeffrey.selman@axa-advisors.com | Submitted | AXA US |
axa.us | Registered | AXA US |
axa-equitablefunds.com | Registered | AXA US |
axapremierfunds.com | Registered | AXA US |
retirewithaxa.com | Registered | AXA US |
axa-art.com | Registered | AXA ART |
axa-artinsurance.com | Registered | AXA ART |
axa-art-usa.com | Registered | AXA ART |
axa-artinsurance.com | Registered | AXA ART |
askaxa.com | Registered | AXA US |
askaxa.net | Registered | AXA US |
axa.me | Registered | AXA US |
axa4u.com | Registered | AXA US |
axa4u.net | Registered | AXA US |
axa-broker.com | Registered | AXA US |
axabrokers.biz | Registered | AXA US |
axa-brokers.biz | Registered | AXA US |
axabrokers.com | Registered | AXA US |
axa-brokers.com | Registered | AXA US |
axabrokers.info | Registered | AXA US |
axa-brokers.info | Registered | AXA US |
axabrokers.net | Registered | AXA US |
axa-brokers.net | Registered | AXA US |
axa-businessrisk.com | Registered | AXA US |
axachannel.biz | Registered | AXA US |
axa-channel.biz | Registered | AXA US |
axachannel.com | Registered | AXA US |
axa-channel.com | Registered | AXA US |
axa-channel.info | Registered | AXA US |
axa-channel.net | Registered | AXA US |
axaclientservices.biz | Registered | AXA US |
axa-clientservices.biz | Registered | AXA US |
axaclientservices.com | Registered | AXA US |
axa-clientservices.com | Registered | AXA US |
axaclientsolutions.biz | Registered | AXA US |
axa-clientsolutions.biz | Registered | AXA US |
axaclientsolutions.com | Registered | AXA US |
axa-clientsolutions.com | Registered | AXA US |
axaclientsolutions.us | Registered | AXA US |
axaadvice.biz | Registered | AXA US |
axaadvice.com | Registered | AXA US |
axaadviser.biz | Registered | AXA US |
axaadviser.com | Registered | AXA US |
axaadvisers.biz | Registered | AXA US |
axaadvisers.com | Registered | AXA US |
axa-advisers.com | Registered | AXA US |
axaadvisor.biz | Registered | AXA US |
axa-advisor.biz | Registered | AXA US |
axa-advisor.com | Registered | AXA US |
axaadvisor.us | Registered | AXA US |
axa-advisor.us | Registered | AXA US |
axa-advisors.info | Registered | AXA US |
axa-advisors.mobi | Registered | AXA US |
axa-advisors.net | Registered | AXA US |
axaadvisors.us | Registered | AXA US |
axa-advisors.us | Registered | AXA US |
axaadvisorscomplaints.biz | Registered | AXA US |
axa-advisors-complaints.biz | Registered | AXA US |
axaadvisorscomplaints.cc | Registered | AXA US |
axa-advisors-complaints.cc | Registered | AXA US |
axaadvisorscomplaints.com | Registered | AXA US |
axa-advisors-complaints.com | Registered | AXA US |
axaadvisorscomplaints.info | Registered | AXA US |
axa-advisors-complaints.info | Registered | AXA US |
axaadvisorscomplaints.mobi | Registered | AXA US |
axa-advisors-complaints.mobi | Registered | AXA US |
axaadvisorscomplaints.net | Registered | AXA US |
axa-advisors-complaints.net | Registered | AXA US |
axaadvisorscomplaints.tv | Registered | AXA US |
axa-advisors-complaints.tv | Registered | AXA US |
axa-advisors-complaints.us | Registered | AXA US |
axaadvisorsindiana.com | Registered | AXA US |
axaadvisorsscam.biz | Registered | AXA US |
axa-advisors-scam.biz | Registered | AXA US |
axaadvisorsscam.cc | Registered | AXA US |
axa-advisors-scam.cc | Registered | AXA US |
axaadvisorsscam.com | Registered | AXA US |
axa-advisors-scam.com | Registered | AXA US |
axaadvisorsscam.info | Registered | AXA US |
axa-advisors-scam.info | Registered | AXA US |
axaadvisorsscam.mobi | Registered | AXA US |
axa-advisors-scam.mobi | Registered | AXA US |
axaadvisorsscam.net | Registered | AXA US |
axa-advisors-scam.net | Registered | AXA US |
axaadvisorsscam.tv | Registered | AXA US |
axa-advisors-scam.tv | Registered | AXA US |
axaadvisorsscam.us | Registered | AXA US |
axa-advisors-scam.us | Registered | AXA US |
axaadvisorstsa.com | Registered | AXA US |
axaama.biz | Registered | AXA US |
axa-ama.biz | Registered | AXA US |
axaama.com | Registered | AXA US |
axa-ama.com | Registered | AXA US |
axaamericas.biz | Registered | AXA US |
axaamericas.com | Registered | AXA US |
axaamericasinc.biz | Registered | AXA US |
axa-americasinc.biz | Registered | AXA US |
axaamericasinc.com | Registered | AXA US |
axa-americasinc.com | Registered | AXA US |
axa-americasincnet.biz | Registered | AXA US |
axa-asset-management.biz | Registered | AXA US |
axa-asset-management.com | Registered | AXA US |
axa-atretirement.biz | Registered | AXA US |
axa-atretirement.com | Registered | AXA US |
axa-atretirement.info | Registered | AXA US |
axa-atretirement.net | Registered | AXA US |
axa-atretirement.us | Registered | AXA US |
axabillcenter.biz | Registered | AXA US |
axabillcenter.com | Registered | AXA US |
axabillcenter.net | Registered | AXA US |
axabillcenter.org | Registered | AXA US |
axabroker.biz | Registered | AXA US |
axa-broker.biz | Registered | AXA US |
axabroker.com | Registered | AXA US |
axacompanies.biz | Registered | AXA US |
axa-companies.biz | Registered | AXA US |
axacompanies.com | Registered | AXA US |
axa-companies.com | Registered | AXA US |
axacompaniesinc.biz | Registered | AXA US |
axa-companiesinc.biz | Registered | AXA US |
axacompaniesinc.com | Registered | AXA US |
axa-companiesinc.com | Registered | AXA US |
axacomplaints.biz | Registered | AXA US |
axa-complaints.biz | Registered | AXA US |
axacomplaints.cc | Registered | AXA US |
axa-complaints.cc | Registered | AXA US |
axacomplaints.com | Registered | AXA US |
axa-complaints.com | Registered | AXA US |
axacomplaints.info | Registered | AXA US |
axa-complaints.info | Registered | AXA US |
axacomplaints.mobi | Registered | AXA US |
axa-complaints.mobi | Registered | AXA US |
axacomplaints.net | Registered | AXA US |
axa-complaints.net | Registered | AXA US |
axacomplaints.tv | Registered | AXA US |
axa-complaints.tv | Registered | AXA US |
axacomplaints.us | Registered | AXA US |
axa-complaints.us | Registered | AXA US |
axacs.com | Registered | AXA US |
axa-csms.com | Registered | AXA US |
axacustomercare.co.uk | Registered | AXA US |
axadesportes.com | Registered | AXA US |
axadist.com | Registered | AXA US |
axadistributionholding.biz | Registered | AXA US |
axa-distributionholding.biz | Registered | AXA US |
axadistributionholding.com | Registered | AXA US |
axa-distributionholding.com | Registered | AXA US |
axadistributor.com | Registered | AXA US |
axadistributor.us | Registered | AXA US |
axa-distributor.us | Registered | AXA US |
axadistributors.mobi | Registered | AXA US |
axadistributors.us | Registered | AXA US |
axa-distributors.us | Registered | AXA US |
axadvisors.biz | Registered | AXA US |
axa-epolicy.biz | Registered | AXA US |
axa-epolicy.com | Registered | AXA US |
axa-epolicy.net | Registered | AXA US |
axa-epolicy.us | Registered | AXA US |
axaequatable.com | Registered | AXA US |
axaequipable.com | Registered | AXA US |
axa-equipable.com | Registered | AXA US |
axaequitabel.com | Registered | AXA US |
axa-equitabel.com | Registered | AXA US |
axaequitabl.com | Registered | AXA US |
axa-equitabl.com | Registered | AXA US |
axa-equitable.biz | Registered | AXA US |
axa-equitable.cc | Registered | AXA US |
axaequitable.info | Registered | AXA US |
axa-equitable.info | Registered | AXA US |
axaequitable.me | Registered | AXA US |
axa-equitable.me | Registered | AXA US |
axa-equitable.mobi | Registered | AXA US |
axa-equitable.net | Registered | AXA US |
axa-equitable.org | Registered | AXA US |
axa-equitable.tv | Registered | AXA US |
axaequitable.us | Registered | AXA US |
axa-equitable.us | Registered | AXA US |
axa-equitable.ws | Registered | AXA US |
axaequitablefunds.com | Registered | AXA US |
axaequitablelife.biz | Registered | AXA US |
axa-equitablelife.biz | Registered | AXA US |
axaequitablelife.com | Registered | AXA US |
axa-equitablelife.com | Registered | AXA US |
axaequitablelife.info | Registered | AXA US |
axa-equitablelife.info | Registered | AXA US |
axaequitablelife.net | Registered | AXA US |
axa-equitablelife.net | Registered | AXA US |
axaequitablelife.org | Registered | AXA US |
axa-equitablelife.org | Registered | AXA US |
axaequitablelifeinsurance.biz | Registered | AXA US |
axa-equitablelifeinsurance.biz | Registered | AXA US |
axaequitablelifeinsurance.com | Registered | AXA US |
axaequitablelifeinsurance.info | Registered | AXA US |
axa-equitablelifeinsurance.info | Registered | AXA US |
axaequitablelifeinsurance.net | Registered | AXA US |
axa-equitablelifeinsurance.net | Registered | AXA US |
axaequitablelifeinsurance.org | Registered | AXA US |
axa-equitablelifeinsurance.org | Registered | AXA US |
axaequitablelifeinsurancecompany.biz | Registered | AXA US |
axa-equitablelifeinsurancecompany.biz | Registered | AXA US |
axaequitablelifeinsurancecompany.com | Registered | AXA US |
axa-equitablelifeinsurancecompany.com | Registered | AXA US |
axaequitablelifeinsurancecompany.info | Registered | AXA US |
axa-equitablelifeinsurancecompany.info | Registered | AXA US |
axaequitablelifeinsurancecompany.net | Registered | AXA US |
axa-equitablelifeinsurancecompany.net | Registered | AXA US |
axaequitablelifeinsurancecompany.org | Registered | AXA US |
axa-equitablelifeinsurancecompany.org | Registered | AXA US |
axa-equitablepassiton.com | Registered | AXA US |
axaequitablevideo.com | Registered | AXA US |
axa-equitablevio.com | Registered | AXA US |
axaequitale.com | Registered | AXA US |
axa-equitale.com | Registered | AXA US |
axaequitbale.com | Registered | AXA US |
axa-equitbale.com | Registered | AXA US |
axaequitble.com | Registered | AXA US |
axaequitible.com | Registered | AXA US |
axa-equitible.com | Registered | AXA US |
axa-equittable.com | Registered | AXA US |
axaequtable.com | Registered | AXA US |
axaequtiable.com | Registered | AXA US |
axa-equtiable.com | Registered | AXA US |
axaeway.com | Registered | AXA US |
axa-eway.com | Registered | AXA US |
axafinance.com | Registered | AXA US |
axa-finance.com | Registered | AXA US |
axafinance.net | Registered | AXA US |
axa-finance.net | Registered | AXA US |
axafinance.org | Registered | AXA US |
axa-finance.org | Registered | AXA US |
axa-financial.biz | Registered | AXA US |
axafinancial.info | Registered | AXA US |
axa-financial.info | Registered | AXA US |
axafinancial.us | Registered | AXA US |
axa-financial.us | Registered | AXA US |
axafinancialcompanies.biz | Registered | AXA US |
axa-financialcompanies.biz | Registered | AXA US |
axafinancialcompanies.com | Registered | AXA US |
axa-financialcompanies.com | Registered | AXA US |
axafinancialconsultant.biz | Registered | AXA US |
axafinancialconsultant.com | Registered | AXA US |
axafinancialconsultant.info | Registered | AXA US |
axafinancialconsultant.net | Registered | AXA US |
axafinancialconsultant.us | Registered | AXA US |
axafinancialcorp.com | Registered | AXA US |
axafinancialinc.biz | Registered | AXA US |
axa-financialinc.biz | Registered | AXA US |
axa-financialinc.com | Registered | AXA US |
axafinancialpro.biz | Registered | AXA US |
axafinancialpro.com | Registered | AXA US |
axafinancialpro.net | Registered | AXA US |
axafinancialpro.org | Registered | AXA US |
axafinancialprofessional.biz | Registered | AXA US |
axafinancialprofessional.info | Registered | AXA US |
axafinancialprofessional.net | Registered | AXA US |
axafinancialprofessional.us | Registered | AXA US |
axafinancialservices.biz | Registered | AXA US |
axa-financialservices.biz | Registered | AXA US |
axa-financialservices.com | Registered | AXA US |
axafinancialstrategies.biz | Registered | AXA US |
axafinancialstrategies.com | Registered | AXA US |
axa-foundation.biz | Registered | AXA US |
axa-fs.org | Registered | AXA US |
axafund.biz | Registered | AXA US |
axa-fund.biz | Registered | AXA US |
axafund.com | Registered | AXA US |
axa-fund.com | Registered | AXA US |
axafund.info | Registered | AXA US |
axa-fund.info | Registered | AXA US |
axafund.tv | Registered | AXA US |
axa-fund.tv | Registered | AXA US |
axafund.ws | Registered | AXA US |
axa-fund.ws | Registered | AXA US |
axafunds.biz | Registered | AXA US |
axa-funds.biz | Registered | AXA US |
axa-funds.info | Registered | AXA US |
axafunds.tv | Registered | AXA US |
axa-funds.tv | Registered | AXA US |
axafunds.ws | Registered | AXA US |
axa-funds.ws | Registered | AXA US |
axagallery.biz | Registered | AXA US |
axa-gallery.biz | Registered | AXA US |
axagallery.com | Registered | AXA US |
axa-gallery.com | Registered | AXA US |
axagallery.org | Registered | AXA US |
axa-gallery.org | Registered | AXA US |
axa-global.com | Registered | AXA US |
axaglobal.net | Registered | AXA US |
axa-global.net | Registered | AXA US |
axaglobalrisks.us | Registered | AXA US |
axagorilla.com | Registered | AXA US |
axagsag.com | Registered | AXA US |
axa-gsag.com | Registered | AXA US |
axaholding.biz | Registered | AXA US |
axa-holding.biz | Registered | AXA US |
axaholding.com | Registered | AXA US |
axa-holding.com | Registered | AXA US |
axaholdinginc.biz | Registered | AXA US |
axa-holdinginc.biz | Registered | AXA US |
axaholdinginc.com | Registered | AXA US |
axa-holdinginc.com | Registered | AXA US |
axaholdings.biz | Registered | AXA US |
axa-holdings.biz | Registered | AXA US |
axaholdings.com | Registered | AXA US |
axa-holdings.com | Registered | AXA US |
axa-icoe.biz | Registered | AXA US |
axa-icoe.com | Registered | AXA US |
axainc.biz | Registered | AXA US |
axa-inc.biz | Registered | AXA US |
axainc.com | Registered | AXA US |
axa-inc.com | Registered | AXA US |
axaincomefund.com | Registered | AXA US |
axainvestmentmanagers.org | Registered | AXA US |
axainvestmentmanagers.us | Registered | AXA US |
axainvestmentmanagers.ws | Registered | AXA US |
axakingland.com | Registered | AXA US |
axalaunch.com | Registered | AXA US |
axa-life.com | Registered | AXA US |
axalifeinsurance.us | Registered | AXA US |
axamanagement.biz | Registered | AXA US |
axa-management.biz | Registered | AXA US |
axamanagement.com | Registered | AXA US |
axa-management.com | Registered | AXA US |
axamanagementinc.biz | Registered | AXA US |
axa-managementinc.biz | Registered | AXA US |
axamanagementinc.com | Registered | AXA US |
axa-managementinc.com | Registered | AXA US |
axamutualfund.biz | Registered | AXA US |
axa-mutualfund.biz | Registered | AXA US |
axa-mutualfund.com | Registered | AXA US |
axa-mutualfund.info | Registered | AXA US |
axanet.us | Registered | AXA US |
axa-network.biz | Registered | AXA US |
axa-network.com | Registered | AXA US |
axa-network.us | Registered | AXA US |
axanorthamerica.com | Registered | AXA US |
axa-northamerica.com | Registered | AXA US |
axanorthamericainc.com | Registered | AXA US |
axa-northamericainc.com | Registered | AXA US |
axaonline.info | Registered | AXA US |
axaonline.mobi | Registered | AXA US |
axaonline.org | Registered | AXA US |
axaonline.us | Registered | AXA US |
axaonlinebillmanager.com | Registered | AXA US |
axaonlinebillmanager.net | Registered | AXA US |
axaonlinebillmanager.org | Registered | AXA US |
axaonlinebills.com | Registered | AXA US |
axaonlinebills.net | Registered | AXA US |
axaonlinebills.org | Registered | AXA US |
axapartner.com | Registered | AXA US |
axa-partner.com | Registered | AXA US |
axapartner.net | Registered | AXA US |
axa-partner.net | Registered | AXA US |
axapartners.com | Registered | AXA US |
axa-partners.com | Registered | AXA US |
axapartners.net | Registered | AXA US |
axa-partners.net | Registered | AXA US |
axapremier.com | Registered | AXA US |
axa-premier.com | Registered | AXA US |
axapremierfund.us | Registered | AXA US |
axa-premierfund.us | Registered | AXA US |
axapremierfunds.us | Registered | AXA US |
axa-premierfunds.us | Registered | AXA US |
axapremierinc.com | Registered | AXA US |
axa-premierinc.com | Registered | AXA US |
axapremiumfunds.com | Registered | AXA US |
axaprivateclient.com | Registered | AXA US |
axa-privateclient.com | Registered | AXA US |
axaprivatemarket.com | Registered | AXA US |
axa-privatemarket.com | Registered | AXA US |
axa-privatemarkets.com | Registered | AXA US |
axaquitable.com | Registered | AXA US |
axaretire.biz | Registered | AXA US |
axa-retire.biz | Registered | AXA US |
axaretire.com | Registered | AXA US |
axa-retire.com | Registered | AXA US |
axaretire.info | Registered | AXA US |
axa-retire.info | Registered | AXA US |
axaretire.net | Registered | AXA US |
axa-retire.net | Registered | AXA US |
axaretire.us | Registered | AXA US |
axa-retire.us | Registered | AXA US |
axaretirement.biz | Registered | AXA US |
axa-retirement.biz | Registered | AXA US |
axaretirement.com | Registered | AXA US |
axa-retirement.com | Registered | AXA US |
axaretirement.info | Registered | AXA US |
axa-retirement.info | Registered | AXA US |
axaretirement.net | Registered | AXA US |
axa-retirement.net | Registered | AXA US |
axaretirement.us | Registered | AXA US |
axa-retirement.us | Registered | AXA US |
axaretirementbenefits.biz | Registered | AXA US |
axa-retirementbenefits.biz | Registered | AXA US |
axaretirementbenefits.com | Registered | AXA US |
axa-retirementbenefits.com | Registered | AXA US |
axaretirementbenefits.net | Registered | AXA US |
axa-retirementbenefits.net | Registered | AXA US |
axa-scam.biz | Registered | AXA US |
axa-scam.cc | Registered | AXA US |
axa-scam.info | Registered | AXA US |
axa-scam.mobi | Registered | AXA US |
axa-scam.net | Registered | AXA US |
axa-scam.tv | Registered | AXA US |
axa-scam.us | Registered | AXA US |
axa-scholarships.com | Registered | AXA US |
axa-scholarships.info | Registered | AXA US |
axa-scholarships.org | Registered | AXA US |
axashare.com | Registered | AXA US |
axa-share.com | Registered | AXA US |
axasource.com | Registered | AXA US |
axa-source.com | Registered | AXA US |
axaspirit.com | Registered | AXA US |
axasport.biz | Registered | AXA US |
axa-sport.biz | Registered | AXA US |
axasport.com | Registered | AXA US |
axa-sport.com | Registered | AXA US |
axasport.net | Registered | AXA US |
axa-sport.net | Registered | AXA US |
axasport.org | Registered | AXA US |
axa-sport.org | Registered | AXA US |
axasport.us | Registered | AXA US |
axa-sport.us | Registered | AXA US |
axasports.biz | Registered | AXA US |
axa-sports.biz | Registered | AXA US |
axa-sports.com | Registered | AXA US |
axasports.net | Registered | AXA US |
axa-sports.net | Registered | AXA US |
axasports.org | Registered | AXA US |
axa-sports.org | Registered | AXA US |
axasports.us | Registered | AXA US |
axa-sports.us | Registered | AXA US |
axasportsfinancial.biz | Registered | AXA US |
axasportsfinancial.info | Registered | AXA US |
axasportsfinancial.net | Registered | AXA US |
axasportsfinancial.us | Registered | AXA US |
axasportsusa.biz | Registered | AXA US |
axa-sportsusa.biz | Registered | AXA US |
axasportsusa.com | Registered | AXA US |
axa-sportsusa.com | Registered | AXA US |
axasportsusa.net | Registered | AXA US |
axa-sportsusa.net | Registered | AXA US |
axasportsusa.org | Registered | AXA US |
axa-sportsusa.org | Registered | AXA US |
axasportsusa.us | Registered | AXA US |
axa-sportsusa.us | Registered | AXA US |
axa-sterlinggroup.biz | Registered | AXA US |
axa-sterlinggroup.com | Registered | AXA US |
axa-sterlinggroup.info | Registered | AXA US |
axa-sterlinggroup.net | Registered | AXA US |
axa-sterlinggroup.org | Registered | AXA US |
axaus.com | Registered | AXA US |
axa-us.com | Registered | AXA US |
axausa.com | Registered | AXA US |
axa-usa.com | Registered | AXA US |
axavision.com | Registered | AXA US |
axa-vision.com | Registered | AXA US |
axeequitable.com | Registered | AXA US |
axequitable.com | Registered | AXA US |
ax-equitable.com | Registered | AXA US |
axf.com | Registered | AXA US |
axf.net | Registered | AXA US |
axf.org | Registered | AXA US |
desportesaxa.com | Registered | AXA US |
donotclickreply2axa.com | Registered | AXA US |
eforms4axa.com | Registered | AXA US |
eforms4axaequitable.com | Registered | AXA US |
ewayaxa.com | Registered | AXA US |
axabroker.us | Registered | AXA US |
axa-broker.us | Registered | AXA US |
axabrokers.us | Registered | AXA US |
axachannel.us | Registered | AXA US |
axa-channel.us | Registered | AXA US |
axaclientservices.us | Registered | AXA US |
axa-clientservices.us | Registered | AXA US |
grantthortonadvisors.com | Registered | AXA US |
axa-clientsolutions.us | Registered | AXA US |
axaadvice.us | Registered | AXA US |
axaadviser.us | Registered | AXA US |
axaadvisers.us | Registered | AXA US |
axa-advisers.us | Registered | AXA US |
axaama.us | Registered | AXA US |
axa-ama.us | Registered | AXA US |
axaamericas.us | Registered | AXA US |
axaamericasinc.us | Registered | AXA US |
axa-americasinc.us | Registered | AXA US |
axa-americasincnet.us | Registered | AXA US |
axa-asset-management.us | Registered | AXA US |
axabillcenter.us | Registered | AXA US |
axacompanies.us | Registered | AXA US |
axa-companies.us | Registered | AXA US |
axacompaniesinc.us | Registered | AXA US |
axa-companiesinc.us | Registered | AXA US |
axacs.us | Registered | AXA US |
axa-cs.us | Registered | AXA US |
axadist.us | Registered | AXA US |
axa-dist.us | Registered | AXA US |
axadistributionholding.us | Registered | AXA US |
axa-distributionholding.us | Registered | AXA US |
axadistributorsllc.us | Registered | AXA US |
axa-distributorsllc.us | Registered | AXA US |
axadvisors.us | Registered | AXA US |
axa-edelivery.com | Registered | AXA US |
axaenterprise.com | Registered | AXA US |
axa-enterprise.com | Registered | AXA US |
axaeq.us | Registered | AXA US |
axaeqla.us | Registered | AXA US |
axa-equitableguides.com | Registered | AXA US |
axaequitablelife.us | Registered | AXA US |
axa-equitablelife.us | Registered | AXA US |
axa-equitablelifeinsurance.com | Registered | AXA US |
axaequitablelifeinsurance.us | Registered | AXA US |
axa-equitablelifeinsurance.us | Registered | AXA US |
axaequitablelifeinsurancecompany.us | Registered | AXA US |
axa-equitablelifeinsurancecompany.us | Registered | AXA US |
thesourceusaxa.com | Registered | AXA US |
axafinancialcompanies.us | Registered | AXA US |
axa-financialcompanies.us | Registered | AXA US |
axafinancialinc.com | Registered | AXA US |
axafinancialinc.us | Registered | AXA US |
axa-financialinc.us | Registered | AXA US |
axafinancialpro.us | Registered | AXA US |
axafinancialservices.us | Registered | AXA US |
axa-financialservices.us | Registered | AXA US |
axafinancialstrategies.us | Registered | AXA US |
axa-foundation.us | Registered | AXA US |
axafund.us | Registered | AXA US |
axa-fund.us | Registered | AXA US |
axafunds.us | Registered | AXA US |
axa-funds.us | Registered | AXA US |
axagallery.us | Registered | AXA US |
axa-gallery.us | Registered | AXA US |
axaholding.us | Registered | AXA US |
axa-holding.us | Registered | AXA US |
axaholdinginc.us | Registered | AXA US |
axa-holdinginc.us | Registered | AXA US |
axaholdings.us | Registered | AXA US |
axa-holdings.us | Registered | AXA US |
axa-icoe.us | Registered | AXA US |
axainc.us | Registered | AXA US |
axa-inc.us | Registered | AXA US |
axainsurance.us | Registered | AXA US |
axa-insurance.us | Registered | AXA US |
axalife.us | Registered | AXA US |
axa-life.us | Registered | AXA US |
axa-management.us | Registered | AXA US |
axamanagementinc.us | Registered | AXA US |
axa-managementinc.us | Registered | AXA US |
axamutualfund.us | Registered | AXA US |
axa-mutualfund.us | Registered | AXA US |
axamutualfunds.us | Registered | AXA US |
axa-mutualfunds.us | Registered | AXA US |
myaxaadvisor.com | Registered | AXA US |
myaxa-advisor.com | Registered | AXA US |
axanetwork.us | Registered | AXA US |
axanorthamerica.us | Registered | AXA US |
axa-northamerica.us | Registered | AXA US |
myaxacenter.com | Registered | AXA US |
myaxacenter.net | Registered | AXA US |
myaxacenter.org | Registered | AXA US |
axanorthamericainc.us | Registered | AXA US |
myaxadvisor.com | Registered | AXA US |
axaonlinebillmanager.us | Registered | AXA US |
axaonlinebills.us | Registered | AXA US |
myaxafinancial.com | Registered | AXA US |
myaxa-financial.com | Registered | AXA US |
axapremier.us | Registered | AXA US |
axa-premier.us | Registered | AXA US |
axapremierfund.com | Registered | AXA US |
myaxaonline.com | Registered | AXA US |
myaxaonline.net | Registered | AXA US |
myaxaonline.org | Registered | AXA US |
axa-premierfund.com | Registered | AXA US |
axa-premierfund.tv | Registered | AXA US |
axa-premierfunds.com | Registered | AXA US |
myaxaportal.com | Registered | AXA US |
my-axaportal.com | Registered | AXA US |
myaxaportal.net | Registered | AXA US |
my-axaportal.net | Registered | AXA US |
myaxaportal.org | Registered | AXA US |
my-axaportal.org | Registered | AXA US |
axa-premier-funds.org | Registered | AXA US |
axapremierinc.us | Registered | AXA US |
axa-premierinc.us | Registered | AXA US |
myaxapro.com | Registered | AXA US |
myaxapro.net | Registered | AXA US |
myaxapro.org | Registered | AXA US |
axapremiermutualfund.us | Registered | AXA US |
axapremiermutualfunds.us | Registered | AXA US |
myaxaprofessional.com | Registered | AXA US |
myaxaprofessional.net | Registered | AXA US |
myaxaprofessional.org | Registered | AXA US |
axapremiumfunds.us | Registered | AXA US |
axaprivateclient.us | Registered | AXA US |
axa-privateclient.us | Registered | AXA US |
axarbg.us | Registered | AXA US |
axa-rbg.us | Registered | AXA US |
axaretirementbenefits.us | Registered | AXA US |
axa-retirementbenefits.us | Registered | AXA US |
axa-retirementbenefitsgroup.us | Registered | AXA US |
axa-scholarship.com | Registered | AXA US |
axashare.us | Registered | AXA US |
axa-share.us | Registered | AXA US |
axasource.us | Registered | AXA US |
axa-source.us | Registered | AXA US |
axasportsfinancial.com | Registered | AXA US |
axa-us.us | Registered | AXA US |
axausa.us | Registered | AXA US |
axa-usa.us | Registered | AXA US |
axavision.us | Registered | AXA US |
axa-vision.us | Registered | AXA US |
axawholesaler.us | Registered | AXA US |
axa-wholesaler.us | Registered | AXA US |
axf.us | Registered | AXA US |
retirewithaxa.us | Registered | AXA US |
solutionsondemand-axa-equitable.net | Registered | AXA US |
solutionsondemand-axa-equitable.org | Registered | AXA US |
solutionsondemand-axa-equitable.us | Registered | AXA US |
thesourceusaxa.biz | Registered | AXA US |
thesourceusaxa.info | Registered | AXA US |
thesourceusaxa.net | Registered | AXA US |
thesourceusaxa.us | Registered | AXA US |
xa-equitable.com | Registered | AXA US |
axa-epolicy.com | Registered | AXA US |
axa.insurance | Registered | AXA US |
preferences.us.axa.com | Registration in Progress | AXA US |
myaxaadvisor.us | Registered | AXA US |
myaxa-advisor.us | Registered | AXA US |
myaxacenter.us | Registered | AXA US |
myaxafinancial.us | Registered | AXA US |
myaxa-financial.us | Registered | AXA US |
myaxaonline.us | Registered | AXA US |
myaxaportal.us | Registered | AXA US |
my-axaportal.us | Registered | AXA US |
myaxapro.us | Registered | AXA US |
Andrew.Sternke.myaxa-advisors.com | Submitted | AXA US |
myaxaprofessional.us | Registered | AXA US |
David.England.myaxa-advisors.com | Submitted | AXA US |
071317.all.axa.domains | Submitted | AXA US |
intswft1.us.axa.com | Registration in Progress | AXA US |
swft1.us.axa.com | Registration in Progress | AXA US |
swft1.us.axa.com | Registration in Progress | AXA US |
swft1.axa-equitable.com | Registration in Progress | AXA US |
swft1.axaonline.com | Registration in Progress | AXA US |
axaequitableholdings.com | Registration in Progress | AXA US |
axaequitableholdings.biz | Registration in Progress | AXA US |
axaequitableholdings.info | Registration in Progress | AXA US |
axaequitableholdings.net | Registration in Progress | AXA US |
axaequitableholdings.org | Registration in Progress | AXA US |
axaequitableholdings.us | Registration in Progress | AXA US |
axa-equitableholdings.com | Registration in Progress | AXA US |
axa-equitableholdings.biz | Registration in Progress | AXA US |
axa-equitableholdings.info | Registration in Progress | AXA US |
axa-equitableholdings.net | Registration in Progress | AXA US |
axa-equitableholdings.org | Registration in Progress | AXA US |
axa-equitableholdings.us | Registration in Progress | AXA US |
swft1.axa-advisors.com | Registration in Progress | AXA US |
notification.us.axa.com | Submitted | AXA US |
Domain Name | Domain Registration Status | Please select the top level of the organisation where this domain will be registered |
axaachievement.com | Registered | AXA US |
axaachievement.org | Registered | AXA US |
axa-achievement.org | Registered | AXA US |
axaachievementprogram.com | Registered | AXA US |
axa-achievementprogram.com | Registered | AXA US |
axaachievementprogram.org | Registered | AXA US |
axa-achievementprogram.org | Registered | AXA US |
axaachievementscholarship.com | Registered | AXA US |
axa-achievementscholarship.com | Registered | AXA US |
axaachievementscholarship.org | Registered | AXA US |
axa-achievementscholarship.org | Registered | AXA US |
axaachievers.com | Registered | AXA US |
axa-achievers.com | Registered | AXA US |
axaachievers.org | Registered | AXA US |
axa-achievers.org | Registered | AXA US |
axaachivementscholarship.com | Registered | AXA US |
axa-achivementscholarship.com | Registered | AXA US |
axaachivementscholarship.org | Registered | AXA US |
axa-achivementscholarship.org | Registered | AXA US |
axa-advisers.biz | Registered | AXA US |
axaadvisors.biz | Registered | AXA US |
axa-advisors.biz | Registered | AXA US |
axaadvisors.cc | Registered | AXA US |
axa-advisors.cc | Registered | AXA US |
axaadvisors.net | Registered | AXA US |
axaadvisors.org | Registered | AXA US |
axa-advisors.org | Registered | AXA US |
axaadvisors.tv | Registered | AXA US |
axa-advisors.tv | Registered | AXA US |
axaadvisors.ws | Registered | AXA US |
axa-advisors.ws | Registered | AXA US |
axa-coverage.com | Registered | AXA US |
axadist.biz | Registered | AXA US |
axa-dist.biz | Registered | AXA US |
axa-dist.com | Registered | AXA US |
axadist.net | Registered | AXA US |
axa-dist.net | Registered | AXA US |
axadist.tv | Registered | AXA US |
axa-dist.tv | Registered | AXA US |
axadistributor.biz | Registered | AXA US |
axa-distributor.biz | Registered | AXA US |
axa-distributor.com | Registered | AXA US |
axadistributor.net | Registered | AXA US |
axa-distributor.net | Registered | AXA US |
axadistributor.tv | Registered | AXA US |
axa-distributor.tv | Registered | AXA US |
axadistributors.biz | Registered | AXA US |
axa-distributors.biz | Registered | AXA US |
axadistributors.net | Registered | AXA US |
axa-distributors.net | Registered | AXA US |
axadistributors.tv | Registered | AXA US |
axa-distributors.tv | Registered | AXA US |
axadistributorsllc.biz | Registered | AXA US |
axa-distributorsllc.biz | Registered | AXA US |
axadistributorsllc.com | Registered | AXA US |
axa-distributorsllc.com | Registered | AXA US |
axadistributorsllc.net | Registered | AXA US |
axa-distributorsllc.net | Registered | AXA US |
axadistributorsllc.tv | Registered | AXA US |
axa-distributorsllc.tv | Registered | AXA US |
axaeq.biz | Registered | AXA US |
axaeq.com | Registered | AXA US |
axaeq.info | Registered | AXA US |
axaeq.net | Registered | AXA US |
axaeq.org | Registered | AXA US |
axaeq.tv | Registered | AXA US |
axaeq.ws | Registered | AXA US |
axaeqla.biz | Registered | AXA US |
axaeqla.com | Registered | AXA US |
axaeqla.info | Registered | AXA US |
axaeqla.net | Registered | AXA US |
axaeqla.org | Registered | AXA US |
axaeqla.tv | Registered | AXA US |
axaeqla.ws | Registered | AXA US |
axaequitable.biz | Registered | AXA US |
axaequitable.cc | Registered | AXA US |
axaequitable.net | Registered | AXA US |
axaequitable.org | Registered | AXA US |
axaequitable.tv | Registered | AXA US |
axaequitable.ws | Registered | AXA US |
axaeventproductioncenter.com | Registered | AXA US |
axafinancial.biz | Registered | AXA US |
axafinancial.net | Registered | AXA US |
axa-financial.net | Registered | AXA US |
axafinancial.org | Registered | AXA US |
axa-financial.org | Registered | AXA US |
axafinancial.tv | Registered | AXA US |
axa-financial.tv | Registered | AXA US |
axafinancial.ws | Registered | AXA US |
axa-financial.ws | Registered | AXA US |
axafinancialservices.com | Registered | AXA US |
axa-financialservices.info | Registered | AXA US |
axafinancialservices.net | Registered | AXA US |
axa-financialservices.net | Registered | AXA US |
axafinancialservices.org | Registered | AXA US |
axa-financialservices.org | Registered | AXA US |
axafinancialservices.tv | Registered | AXA US |
axa-financialservices.tv | Registered | AXA US |
axafinancialservices.ws | Registered | AXA US |
axa-financialservices.ws | Registered | AXA US |
axafs.biz | Registered | AXA US |
axa-fs.biz | Registered | AXA US |
axafs.com | Registered | AXA US |
axa-fs.com | Registered | AXA US |
axafs.info | Registered | AXA US |
axa-fs.info | Registered | AXA US |
axafs.net | Registered | AXA US |
axa-fs.net | Registered | AXA US |
axafs.org | Registered | AXA US |
axafs.tv | Registered | AXA US |
axa-fs.tv | Registered | AXA US |
axafs.ws | Registered | AXA US |
axa-fs.ws | Registered | AXA US |
axa-funds.com | Registered | AXA US |
axa-funds.net | Registered | AXA US |
axa-funds.org | Registered | AXA US |
axaglobalrisks.biz | Registered | AXA US |
axaglobalrisks.com | Registered | AXA US |
axaglobalrisks.info | Registered | AXA US |
axaglobalrisks.net | Registered | AXA US |
axaglobalrisks.org | Registered | AXA US |
axaglobalrisks.tv | Registered | AXA US |
axaglobalrisks.ws | Registered | AXA US |
axainsurance.biz | Registered | AXA US |
axainsurance.info | Registered | AXA US |
axainsurance.org | Registered | AXA US |
axa-insurance.org | Registered | AXA US |
axainsurance.tv | Registered | AXA US |
axa-insurance.tv | Registered | AXA US |
axainsurance.ws | Registered | AXA US |
axa-insurance.ws | Registered | AXA US |
axainvestmentmanagers.biz | Registered | AXA US |
axainvestmentmanagers.tv | Registered | AXA US |
axalife.biz | Registered | AXA US |
axa-life.biz | Registered | AXA US |
axalife.info | Registered | AXA US |
axa-life.info | Registered | AXA US |
axalife.org | Registered | AXA US |
axa-life.org | Registered | AXA US |
axalife.tv | Registered | AXA US |
axa-life.tv | Registered | AXA US |
axalife.ws | Registered | AXA US |
axa-life.ws | Registered | AXA US |
axamutualfund.cc | Registered | AXA US |
axamutualfund.com | Registered | AXA US |
axamutualfund.net | Registered | AXA US |
axamutualfund.org | Registered | AXA US |
axamutualfund.tv | Registered | AXA US |
axamutualfunds.biz | Registered | AXA US |
axamutualfunds.cc | Registered | AXA US |
axamutualfunds.com | Registered | AXA US |
axa-mutualfunds.com | Registered | AXA US |
axa-mutualfunds.info | Registered | AXA US |
axamutualfunds.net | Registered | AXA US |
axamutualfunds.org | Registered | AXA US |
axamutualfunds.tv | Registered | AXA US |
axanet.biz | Registered | AXA US |
axanet.info | Registered | AXA US |
axanet.net | Registered | AXA US |
axanet.org | Registered | AXA US |
axanet.tv | Registered | AXA US |
axanet.ws | Registered | AXA US |
axanetwork.biz | Registered | AXA US |
axanetwork.cc | Registered | AXA US |
axanetwork.net | Registered | AXA US |
axanetwork.org | Registered | AXA US |
axanetwork.tv | Registered | AXA US |
axanetwork.ws | Registered | AXA US |
axanorthamerica.biz | Registered | AXA US |
axa-northamerica.biz | Registered | AXA US |
axanorthamericainc.biz | Registered | AXA US |
axaonline.biz | Registered | AXA US |
axaonline.cc | Registered | AXA US |
axaonline.tv | Registered | AXA US |
axaonline.ws | Registered | AXA US |
axaonlinebillmanager.biz | Registered | AXA US |
axaonlinebills.biz | Registered | AXA US |
axapremier.biz | Registered | AXA US |
axa-premier.biz | Registered | AXA US |
axapremierfund.biz | Registered | AXA US |
axa-premierfund.biz | Registered | AXA US |
axapremierfund.cc | Registered | AXA US |
axa-premierfund.info | Registered | AXA US |
axapremierfund.net | Registered | AXA US |
axa-premierfund.net | Registered | AXA US |
axapremierfund.org | Registered | AXA US |
axapremierfund.tv | Registered | AXA US |
axa-premierfund.ws | Registered | AXA US |
axapremierfunds.biz | Registered | AXA US |
axa-premierfunds.biz | Registered | AXA US |
axapremierfunds.cc | Registered | AXA US |
axa-premier-funds.com | Registered | AXA US |
axa-premierfunds.info | Registered | AXA US |
axapremierfunds.net | Registered | AXA US |
axa-premierfunds.net | Registered | AXA US |
axa-premier-funds.net | Registered | AXA US |
axapremierfunds.org | Registered | AXA US |
axapremierfunds.tv | Registered | AXA US |
axa-premierfunds.tv | Registered | AXA US |
axapremierfunds.ws | Registered | AXA US |
axa-premierfunds.ws | Registered | AXA US |
axapremierinc.biz | Registered | AXA US |
axa-premierinc.biz | Registered | AXA US |
axapremiermutualfund.biz | Registered | AXA US |
axapremiermutualfund.cc | Registered | AXA US |
axapremiermutualfund.com | Registered | AXA US |
axapremiermutualfund.net | Registered | AXA US |
axapremiermutualfund.org | Registered | AXA US |
axapremiermutualfund.tv | Registered | AXA US |
axapremiermutualfund.ws | Registered | AXA US |
axapremiermutualfunds.biz | Registered | AXA US |
axapremiermutualfunds.cc | Registered | AXA US |
axapremiermutualfunds.com | Registered | AXA US |
axapremiermutualfunds.net | Registered | AXA US |
axapremiermutualfunds.org | Registered | AXA US |
axapremiermutualfunds.tv | Registered | AXA US |
axapremiermutualfunds.ws | Registered | AXA US |
axapremiumfunds.biz | Registered | AXA US |
axapremiumfunds.cc | Registered | AXA US |
axapremiumfunds.net | Registered | AXA US |
axapremiumfunds.org | Registered | AXA US |
axapremiumfunds.tv | Registered | AXA US |
axapremiumfunds.ws | Registered | AXA US |
axaprivateclient.biz | Registered | AXA US |
axa-privateclient.biz | Registered | AXA US |
axarbg.biz | Registered | AXA US |
axa-rbg.biz | Registered | AXA US |
axarbg.com | Registered | AXA US |
axa-rbg.com | Registered | AXA US |
axarbg.info | Registered | AXA US |
axa-rbg.info | Registered | AXA US |
axarbg.net | Registered | AXA US |
axa-rbg.net | Registered | AXA US |
axarbg.org | Registered | AXA US |
axa-rbg.org | Registered | AXA US |
axarbg.tv | Registered | AXA US |
axa-rbg.tv | Registered | AXA US |
axa-retirementbenefitsgroup.biz | Registered | AXA US |
axa-retirementbenefitsgroup.com | Registered | AXA US |
axa-retirementbenefitsgroup.info | Registered | AXA US |
axa-retirementbenefitsgroup.net | Registered | AXA US |
axa-retirementbenefitsgroup.org | Registered | AXA US |
axascholarship.com | Registered | AXA US |
axascholarship.org | Registered | AXA US |
axa-scholarship.org | Registered | AXA US |
axashare.biz | Registered | AXA US |
axa-share.biz | Registered | AXA US |
axasource.biz | Registered | AXA US |
axa-source.biz | Registered | AXA US |
axa-us.biz | Registered | AXA US |
axausa.biz | Registered | AXA US |
axa-usa.biz | Registered | AXA US |
axavision.biz | Registered | AXA US |
axa-vision.biz | Registered | AXA US |
axawholesaler.biz | Registered | AXA US |
axa-wholesaler.biz | Registered | AXA US |
axawholesaler.com | Registered | AXA US |
axa-wholesaler.com | Registered | AXA US |
axawholesaler.info | Registered | AXA US |
axa-wholesaler.info | Registered | AXA US |
axawholesaler.net | Registered | AXA US |
axawholesaler.tv | Registered | AXA US |
axa-wholesaler.tv | Registered | AXA US |
axawholesaler.ws | Registered | AXA US |
axa-wholesaler.ws | Registered | AXA US |
axf.biz | Registered | AXA US |
axf.cc | Registered | AXA US |
myaxaadvisor.biz | Registered | AXA US |
myaxa-advisor.biz | Registered | AXA US |
myaxacenter.biz | Registered | AXA US |
myaxafinancial.biz | Registered | AXA US |
myaxa-financial.biz | Registered | AXA US |
myaxaonline.biz | Registered | AXA US |
myaxaportal.biz | Registered | AXA US |
my-axaportal.biz | Registered | AXA US |
myaxapro.biz | Registered | AXA US |
myaxaprofessional.biz | Registered | AXA US |
costcomp-int.us.axa.com | Registration in Progress | AXA US |
www.Caitlyn.myaxa-advisors.com | Submitted | AXA US |
www.amosakinyooye.myaxa-advisors.com | Submitted | AXA US |
Brian.Hartmann.myaxa-advisors.com | Submitted | AXA US |
Brianna.McClain.myaxa-advisors.com | Submitted | AXA US |
Christopher.Cole.myaxa-advisors.com | Submitted | AXA US |
Derek.Glabecki.myaxa-advisors.com | Submitted | AXA US |
Joseph.Maldonado.myaxa-advisors.com | Submitted | AXA US |
Manolo.Teijelo.myaxa-advisors.com | Submitted | AXA US |
axaprivatemarkets.com | Registered | AXA US |
www1-openam.us.axa.com | Registration in Progress | AXA US |
rig.int.us.axa.com | Draft | AXA US |
axanetwork.com | Registered | AXA US |
axaseattle.com | Registered | AXA US |
test-epolicyoffice.axa.com | Rejected | AXA US |
pl.us.axa.com | Submitted | AXA US |
axacsg.com | Registered | AXA US |
axa.us.com | Registered | AXA US |
axa2plan.com | Registered | AXA US |
axa-achievement.com | Registered | AXA US |
axa-ada.com | Registered | AXA US |
axaadvisors.com | Registered | AXA US |
axa-advisors.com | Registered | AXA US |
axabrightlife.com | Registered | AXA US |
axadistributors.com | Registered | AXA US |
axa-distributors.com | Registered | AXA US |
axadvisors.com | Registered | AXA US |
axaequitable.com | Registered | AXA US |
axa-equitable.com | Registered | AXA US |
axafinancial.com | Registered | AXA US |
axa-financial.com | Registered | AXA US |
axa-foundation.com | Registered | AXA US |
axaonline.com | Registered | AXA US |
axascam.biz | Registered | AXA US |
axascam.cc | Registered | AXA US |
axascam.info | Registered | AXA US |
axascam.mobi | Registered | AXA US |
axascam.net | Registered | AXA US |
axascam.tv | Registered | AXA US |
axascam.us | Registered | AXA US |
solutionsondemand-axa-equitable.com | Registered | AXA US |
kevin.sullivan@axa-advisors.com | Submitted | AXA US |
jeffrey.selman@axa-advisors.com | Submitted | AXA US |
axa.us | Registered | AXA US |
axa-equitablefunds.com | Registered | AXA US |
axapremierfunds.com | Registered | AXA US |
retirewithaxa.com | Registered | AXA US |
By: | /s/ Dave S. Hattem |
Address: | 1290 Avenue of the Americas |
Name | Title |
Thomas Buberl | Chairman of the Board |
Gérald Harlin | Director |
George Stansfield | Director |
Karima Silvent | Director |
Bertrand Poupart-Lafarge | Director |
Daniel G. Kaye | Director |
Ramon de Oliveira | Director |
Charles G. T. Stonehill | Director |
Employee: | |
Grant Date: | May 9, 2018 |
Number of Restricted Stock Units (“RSUs”) Granted hereby: | |
Service RSUs | |
Performance RSUs |
Employee: | |
Grant Date: | May 17, 2018 |
Number of Restricted Stock Units: |
• | the unearned performance share is “earned” as described below and |
• | the earned performance share becomes “vested” as described in the Performance Shares Agreement. |
If the Company’s Non-GAAP Operating ROE for the applicable year equals…. | The ROE Performance Factor for the applicable year will equal…. |
Maximum Amount (or greater) | 200% |
Target Amount | 100% |
Threshold Amount | 25% |
Below Threshold | 0% |
If the Company’s Total Shareholder Return Relative to its Peers for the TSR Performance Period is … | The TSR Performance Factor will equal… |
Maximum Amount – 87.5th percentile or greater | 200% |
Target Amount – 50th percentile | 100% |
Threshold Amount – 30th percentile | 25% |
Below Threshold | 0% |
Allstate | Sun Life Financial |
Ameriprise Financial | Torchmark |
Brighthouse Financial | Unum Group |
Hartford Financial | Voya Financial |
Lincoln Financial | Eaton Vance Corp |
Manulife Financial | Invesco Ltd |
Principal Financial | Legg Mason, Inc. |
Prudential Financial | T. Rowe Price |
• | if a peer enters bankruptcy during the TSR Performance Period, it will be assumed to have a negative 100% total shareholder return for the TSR Performance Period; |
• | if a peer is acquired by another peer and the transaction is completed as of the date that total shareholder return is calculated for the peer group, the acquiror will be included and the acquired company will be excluded from the peer group; and |
• | if a peer is acquired by a non-peer and the transaction is completed as of the date that total shareholder return is calculated for the peer group, it will be excluded from the peer group. |
(a) | Vesting. Except as otherwise provided in this Section 2, the Unearned Performance Shares shall become earned and vested, if at all, in accordance with the terms and conditions of this Agreement (including the Grant Notice) and the Plan, subject to the continued employment of the Employee by the Company or any of its Affiliates through the vesting date set forth on the Grant Notice (the “Vesting Date”). Unearned Performance Shares that become earned and vested shall be settled as provided in Section 3 of this Agreement. |
(b) | Effect of Termination of Employment. In the event of a termination of employment, the treatment of any unvested Performance Shares shall be governed by Article X of the Plan; provided that, for purposes of Section 10.4(a) of the Plan, the unvested Performance Shares will be treated as if they were granted on March 1, 2018. |
(c) | Effect of a Change in Control. In the event of a Change in Control, the treatment of any unvested Performance Shares shall be governed by Article XI of the Plan. |
(d) | Discretionary Acceleration. Notwithstanding anything contained in this Agreement to the contrary, the Administrator, in its sole discretion, may accelerate the vesting with respect to any Performance Shares under this Agreement, at such times and upon such terms and conditions as the Administrator shall determine. |
(a) | Tax Withholding. The Company or one of its Affiliates shall require the Employee to satisfy any applicable U.S. federal, state and local and non-U.S. tax withholding obligations that may arise in connection with the vesting of any earned Performance Shares by retaining a number of Shares issued in respect of the Performance Shares then vesting that have an aggregate Fair Market Value as of the Settlement Date equal to the amount of such taxes required to be withheld (and the Employee shall thereupon be deemed to have satisfied his or her obligations under this Section 6(a)). The number of Shares to be issued in respect of the Performance Shares shall thereupon be reduced by the number of Shares so retained. |
(b) | Dividend Equivalents. In the event that the Company pays an ordinary dividend in cash while the Employee has any outstanding Performance Shares, there shall be credited to the account of the Employee a dividend equivalent in the form of additional Performance Shares equal in value to the cash dividends that the Employee would have received if the Employee’s then outstanding Performance Shares represented actual Shares. The amount so credited shall be paid at the applicable Settlement Date of the Performance Shares in Shares proportionate to the amount of the Performance Shares, if any, that have been earned or vested. To the extent any Performance Shares are canceled, a proportionate amount of such dividend equivalents shall be forfeited. |
(c) | Forfeiture of Awards. The Performance Shares granted hereunder (and gains earned or accrued in connection therewith) shall be subject to such generally applicable policies as to forfeiture and recoupment (including, without limitation, upon the occurrence of material financial or accounting errors, financial or other misconduct or Competitive Activity) as may be adopted by the Administrator or the Board from time to time and communicated to the Employee or as required by applicable law, and are otherwise subject to forfeiture or disgorgement of profits as provided by the Plan. |
(d) | Consent to Electronic Delivery. By entering into this Agreement and accepting the Performance Shares evidenced hereby, the Employee hereby consents to the delivery of information (including, without limitation, information required to be delivered to the Employee pursuant to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, this Agreement and the Performance Shares via Company website or other electronic delivery. |
(e) | Amendment. This Agreement may not be amended, modified or supplemented orally, but only by a written instrument executed by the Employee and the Company. |
(f) | Applicable Law. This Agreement shall be governed in all respects, including, but not limited to, as to validity, interpretation and effect, by the internal laws of the State of Delaware, without reference to principles of conflict of law that would require application of the law of another jurisdiction. |
(g) | Acceptance of Performance Shares and Agreement. The Employee has indicated his or her consent and acknowledgement of the terms of this Agreement pursuant to the instructions provided to the Employee by or on behalf of the Company. The Employee acknowledges receipt of the Plan, represents to the Company that he or she has read and understood this Agreement and the Plan, and, as an express condition to the grant of the Performance Shares under this Agreement, agrees to be bound by the terms of both this Agreement and the Plan. The Employee and the Company each agrees and acknowledges that the use of electronic media (including, without limitation, a clickthrough button or checkbox on a website of the Company or a third-party administrator) to indicate the Employee’s confirmation, consent, signature, agreement and delivery of this Agreement and the Performance Shares is legally valid and has the same legal force and effect as if the Employee and the Company signed and executed this Agreement in paper form. The same use of electronic media may be used for any amendment or waiver of this Agreement. |
(h) | Good Reason. In the event that the Employee is eligible for benefits under the AXA Equitable Supplemental Severance Plan for Executives (the “Severance Plan”) as of the date of his or her termination of employment, the term “Good Reason” shall have the meaning set forth in the Severance Plan as in effect on the date of termination. |
Employee: | __________________________ |
Grant Date: | June 11, 2018 |
Number of Options: | __________________________ |
Option Price: | __________________________ |
Expiration Date: | March 1, 2028 |
• | the most recent annual short-term incentive compensation award paid to the Eligible Executive prior to the date the Eligible Executive receives Notice of Job Elimination; |
• | the average of the three most recent short-term incentive compensation awards paid to the Eligible Executive prior to the date the Eligible Executive receives Notice of Job Elimination; and |
• | the annual target short-term incentive compensation award for the Eligible Executive for the year in which the Eligible Executive receives Notice of Job Elimination; |
(a) | Severance Pay equal to fifty-two weeks of Salary reduced by any Severance Pay for which the Eligible Executive may be eligible under the Basic Severance Plan, payable in accordance with Section 5.2 of the Basic Severance Plan; provided that, in the case of a MC Member, the number “fifty-two” in this sentence shall be replaced by “seventy-eight”; |
(b) | An additional amount of Severance Pay, payable in accordance with Section 5.2 of the Basic Severance Plan, equal to the Eligible Executive’s Bonus Amount; provided that, in the case of a MC Member, the additional amount of Severance Pay shall be equal to 150% of the Eligible Executive’s Bonus Amount; |
(c) | a lump sum payment equal to the sum of: (i) the Eligible Executive’s annual target short-term incentive compensation for the year in which the Eligible Executive receives Notice of Job Elimination, pro-rated based on the number of the Eligible Executive’s full calendar months of service in that year, and (ii) $40,000, less applicable withholdings and deductions, made on the first business day on or after the 90th day following the Eligible Executive’s Job Elimination Date; and |
(d) | in the event that the Eligible Executive receives Notice of Job Elimination on any date occurring during the period beginning on January 1 of a calendar year and ending on the date on which short-term incentive compensation awards are paid under the AXA Equitable Holdings, Inc. Short-Term Incentive Compensation Plan for Executive Management for the prior calendar year, the Eligible Executive shall receive a lump sum payment equal to his or her annual target short-term incentive compensation for the prior year. |
• | the number of weeks of Salary payable as Severance Pay to the CIC Executive under Section IV(a) above shall be one hundred and four; and |
• | the amount payable as Severance Pay under Section IV(b) above shall be equal to 200% of the CIC Executive’s Bonus Amount. |
• | a material diminution of the executive’s duties, authority or responsibilities; |
• | a material reduction in the executive’s base compensation (other than in connection with, and substantially proportionate to, reductions by the company of the compensation of other similarly situated senior executives); and |
• | a material change in the geographic location of the executive’s position. |
• | provide services in any capacity for any entity that conducts business competitive to that of AEH or one of its Subsidiaries; |
• | individually or on behalf of any other person or business entity of any type, hire or attempt to hire any employee, agent or agency, broker, broker-dealer, financial planner, registered principal or representative who is, or during the 6 months preceding the Eligible Executive’s termination of employment was, employed or associated with AEH or one of its Subsidiaries; or |
• | either for his or her own benefit or for the benefit of another, attempt to solicit any person or entity that is, or during the 6 months preceding the Eligible Executive’s termination of employment was, a customer of AEH or one of its Subsidiaries. |
(a) | If any payment, compensation or other benefit provided to an Eligible Executive in connection with his or her Job Elimination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (“Section 409A”) and the Eligible Executive is a specified employee as defined in Section 409A(a)(2)(B)(i), then such “nonqualified deferred compensation” will not be paid before (i) the first regularly scheduled payroll date following the sixth (6th) month of such Eligible Executive’s Job Elimination Date or (ii) the first regularly scheduled payroll date following such Eligible Executive’s death, if earlier (the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to the Eligible Executive during the period between the Eligible Executive’s Job Elimination Date and the New Payment Date will be paid to such Eligible Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date will be paid without delay over the time period originally scheduled, in accordance with the terms of this Supplemental Plan. |
(b) | If under this Supplemental Plan, an amount is paid in two or more installments, each installment shall be treated as a separate payment for purposes of Section 409A. |
(c) | A termination of employment shall not be deemed to have occurred for purposes of any provision of this Supplemental Plan providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” as defined in Treas. Reg. Section 1.409A-1(h), provided that a separation from service will be deemed to have occurred where AXA Equitable and an Eligible Executive reasonably anticipate that the level of bona fide services such Eligible Executive would perform after that date for AXA Equitable and all persons with whom AXA Equitable would be considered a single employer under Sections 414(b) and 414(c) of the Code would permanently decrease to less than 50% of the average level of bona fide services provided by such Eligible Executive in the immediately preceding 12 months. In addition, an 80% test will be used to in applying Sections 1563(a)(1), (2) and (3) of the Code for purposes of determining a controlled group of corporations under Section 414(b) of the Code and in applying Treas. Reg. Section 1.414(c)-2 for purposes of determining trades or businesses that are under common control for purposes of Section 414(c) of the Code. |
Date: June 19, 2018 |
/s/ Mark Pearson |
Mark Pearson |
President and Chief Executive Officer |
Date: June 19, 2018 |
/s/ Anders Malmström |
Anders Malmström |
Senior Executive Vice President and |
Chief Financial Officer |
Date: June 19, 2018 |
/s/ Mark Pearson |
Mark Pearson |
President and Chief Executive Officer |
Date: June 19, 2018 |
/s/ Anders Malmström |
Anders Malmström |
Senior Executive Vice President and |
Chief Financial Officer |
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DOCUMENT AND ENTITY INFORMATION - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Jun. 19, 2018 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2018 | |
Amendment Flag | false | |
Entity Registrant Name | AXA Equitable Holdings, Inc. | |
Entity Central Index Key | 0001333986 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 561,000,000 |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Fixed maturities available for sale, amortized cost | $ 43,268 | |
Mortgage loans on real estate, valuation allowances | $ 7 | $ 8 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock issued (in shares) | 561,000,000 | 561,000,000 |
Common stock outstanding (in shares) | 561,000,000 | 561,000,000 |
Fixed Maturities | ||
Fixed maturities available for sale, amortized cost | $ 43,268 | $ 45,068 |
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
REVENUES | ||
Policy charges and fee income | $ 972 | $ 956 |
Premiums | 279 | 281 |
Net derivative investment gains (loss) | (281) | (235) |
Net investment income (loss) | 591 | 780 |
Investment gains (losses), net: | ||
Total other-than-temporary impairment losses | 0 | (1) |
Other investment gains (losses), net | 102 | (23) |
Total investment gains (losses), net | 102 | (24) |
Investment management and service fees | 1,055 | 954 |
Other income | 117 | 118 |
Total revenues | 2,835 | 2,830 |
BENEFITS AND OTHER DEDUCTIONS | ||
Policyholders’ benefits | 608 | 1,093 |
Interest credited to policyholders’ account balances | 271 | 246 |
Compensation and benefits (includes $40 and $41 of deferred acquisition costs) | 620 | 539 |
Commissions and distribution related payments (includes $120 and $132 of deferred acquisition costs) | 411 | 395 |
Interest expense | 46 | 35 |
Amortization of deferred policy acquisition costs, net (net of capitalization of $160 and $173) | 15 | (55) |
Other operating costs and expenses | 494 | 744 |
Total benefits and other deductions | 2,465 | 2,997 |
Income (loss) from continuing operations, before income taxes | 370 | (167) |
Income tax (expense) benefit | (79) | (30) |
Net income (loss) | 291 | (197) |
Less: net (income) loss attributable to the noncontrolling interest | (123) | (93) |
Net income (loss) attributable to Holdings | $ 168 | $ (290) |
Earnings per share - Common stock | ||
Basic (in dollars per share) | $ 0.30 | $ (0.52) |
Diluted (in dollars per share) | $ 0.30 | $ (0.52) |
Weighted average common shares outstanding (in shares) | 561 | 561 |
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Compensation and benefits | ||
Deferred acquisition costs | $ 40 | $ 41 |
Commissions and distribution related payments | ||
Deferred acquisition costs | 120 | 132 |
Amortization of deferred poilicy acquisition costs, net | ||
Deferred policy acquisition costs | $ 160 | $ 173 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 291 | $ (197) |
Other comprehensive income (loss) net of income taxes: | ||
Foreign currency translation adjustment | (5) | 8 |
Change in unrealized gains (losses), net of reclassification adjustment | (960) | 104 |
Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment | 133 | 25 |
Total other comprehensive income (loss), net of income taxes | (832) | 137 |
Comprehensive income (loss) | (541) | (60) |
Less: Comprehensive (income) loss attributable to noncontrolling interest | (129) | (100) |
Comprehensive income (loss) attributable to Holdings | $ (670) | $ (160) |
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Millions |
Total |
Parent |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Other comprehensive income (loss) attributable to Holdings |
Noncontrolling Interest |
---|---|---|---|---|---|---|---|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Impact of adoption of revenue recognition standard ASC 606 | $ 0 | $ 0 | |||||
Common stock, at par value, beginning of year at Dec. 31, 2016 | $ 6 | ||||||
Beginning of year at Dec. 31, 2016 | $ 931 | 11,439 | $ (921) | 3,142 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Capital contribution from parent | 0 | ||||||
Other changes | 11 | (13) | |||||
Net income (loss) | $ (290) | (290) | |||||
Stockholder dividends | 0 | ||||||
Other comprehensive income (loss) | 137 | 130 | 7 | ||||
Repurchase of AB Holding units | 0 | ||||||
Net income (loss) attributable to noncontrolling interest | 77 | ||||||
Dividends paid to noncontrolling interest | 108 | ||||||
Common stock, at par value, end of year at Mar. 31, 2017 | 6 | ||||||
End of year at Mar. 31, 2017 | 14,411 | $ 11,306 | 942 | 11,149 | (791) | 3,105 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Impact of adoption of revenue recognition standard ASC 606 | 13 | 19 | |||||
Common stock, at par value, beginning of year at Dec. 31, 2017 | 6 | 6 | |||||
Beginning of year at Dec. 31, 2017 | 16,582 | 1,298 | 12,289 | (108) | 3,097 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Capital contribution from parent | 695 | ||||||
Other changes | 57 | (54) | |||||
Net income (loss) | 168 | 168 | |||||
Stockholder dividends | (15) | ||||||
Other comprehensive income (loss) | (832) | (838) | 6 | ||||
Repurchase of AB Holding units | 1 | ||||||
Net income (loss) attributable to noncontrolling interest | 103 | ||||||
Dividends paid to noncontrolling interest | 135 | ||||||
Common stock, at par value, end of year at Mar. 31, 2018 | 6 | $ 6 | |||||
End of year at Mar. 31, 2018 | $ 16,600 | $ 13,565 | $ 2,050 | $ 12,455 | $ (946) | $ 3,035 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
||||
Statement of Cash Flows [Abstract] | |||||
Net income (loss) | $ 291 | $ (197) | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||
Interest credited to policyholders’ account balances | 271 | 246 | |||
Policy charges and fee income | (972) | (956) | |||
Realized and unrealized gains (losses) on trading securities | 120 | (91) | |||
Net derivative (gains) losses | 281 | 235 | |||
Investment (gains) losses, net | (102) | 24 | |||
Non-cash pension restructuring | 102 | 0 | |||
Amortization of deferred compensation | 12 | 8 | |||
Amortization of deferred sales commission | 7 | 9 | |||
Other depreciation and amortization | (20) | (42) | |||
Amortization of deferred cost of reinsurance asset | 5 | 5 | |||
Change in goodwill | 0 | 369 | |||
Distribution from joint ventures and limited partnerships | 25 | 26 | |||
Changes in: | |||||
Net broker-dealer and customer related receivables/payables | 283 | 297 | |||
Reinsurance recoverable | 32 | 27 | |||
Segregated cash and securities, net | (208) | (310) | |||
Deferred policy acquisition costs | 15 | (55) | |||
Future policy benefits | (254) | 296 | |||
Current and deferred income taxes | 103 | 252 | |||
Other, net | (255) | (71) | |||
Net cash provided by (used in) operating activities | (264) | 72 | |||
Proceeds from the sale/maturity/prepayment of: | |||||
Fixed maturities, available for sale | 4,288 | 1,033 | |||
Mortgage loans on real estate | 68 | 209 | |||
Trading account securities | 1,629 | 2,844 | |||
Other | 54 | 56 | |||
Payment for the purchase/origination of: | |||||
Fixed maturities, available for sale | (3,245) | (1,428) | |||
Mortgage loans on real estate | (447) | (632) | |||
Trading account securities | (2,613) | (3,928) | |||
Other | (48) | (28) | |||
Cash settlements related to derivative instruments | (54) | (1,400) | |||
Decrease in loans to affiliates | 346 | 12 | |||
Change in short-term investments | 876 | 573 | |||
Investment in capitalized software, leasehold improvements and EDP equipment | (24) | (19) | |||
Other, net | (371) | (191) | |||
Net cash provided by (used in) investing activities | 459 | (2,899) | |||
Policyholders’ account balances: | |||||
Deposits | 2,532 | 2,790 | |||
Withdrawals | (1,384) | (1,342) | |||
Transfer (to) from Separate Accounts | (102) | 186 | |||
Change in short-term financings | 167 | 95 | |||
Repayment of loans from affiliates | 0 | (56) | |||
Proceeds from loans from affiliates | 0 | 109 | |||
Change in collateralized pledged assets | 17 | 347 | |||
Change in collateralized pledged liabilities | 56 | 967 | |||
(Decrease) increase in overdrafts payable | 7 | 50 | |||
Cash Contribution from Parent | 8 | 0 | |||
Shareholder dividend paid | (15) | 0 | |||
Repurchase of AB Holding units | (1) | (31) | |||
Redemptions of non-controlling interests of consolidated VIEs, net | 373 | (3) | |||
Distribution to noncontrolling interests in consolidated subsidiaries | (135) | (112) | |||
Increase (decrease) in Securities sold under agreement to repurchase | 17 | (370) | |||
Increase (decrease) in loans from affiliates | (470) | 0 | |||
Other, net | 4 | 0 | |||
Net cash provided by (used in) financing activities | 1,074 | 2,630 | |||
Effect of exchange rate changes on cash and cash equivalents | 8 | 8 | |||
Change in cash and cash equivalents | 1,277 | (189) | |||
Cash and cash equivalents, beginning of year | 4,814 | [1] | 5,654 | ||
Cash and Cash Equivalents, End of Period | 6,091 | [1] | 5,465 | ||
Non-cash transactions during the Period | |||||
Capital contribution from Parent | 630 | 0 | |||
Repayment of Loans from affiliates | (622) | 0 | |||
Contribution of 0.5% minority interest in AXF | 65 | 0 | |||
Repayment of long-term debt | $ 202 | $ 0 | |||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) |
Mar. 31, 2018 |
---|---|
AXF | |
Minority interest in AXF (as a percent) | 0.50% |
ORGANIZATION |
3 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
ORGANIZATION | ORGANIZATION Business AXA Equitable Holdings, Inc. (“Holdings” and, collectively with its consolidated subsidiaries, the “Company”) is the holding company for a diversified financial services organization. In May 2017, AXA S.A. (“AXA”), a French holding company for the AXA Group, a worldwide leader in life, property and casualty and health insurance and asset management, announced its intention to pursue the sale of a minority stake in Holdings through an initial public offering (the “IPO”). On May 14, 2018, Holdings completed the IPO in which AXA sold 157,837,500 shares of Holdings common stock to the public. Following the IPO, AXA owns approximately 71.9% of the outstanding common stock of Holdings. The Company conducts operations in four segments: Individual Retirement, Group Retirement, Investment Management and Research, and Protection Solutions. The Company’s management evaluates the performance of each of these segments independently.
The Company reports certain activities and items that are not included in our segments in Corporate and Other. Corporate and Other includes certain of our financing and investment expenses. It also includes: the AXA Advisors broker-dealer business, closed block of life insurance (the “Closed Block”), run-off variable annuity reinsurance business, run-off group pension business, run-off health business, benefit plans for our employees, certain strategic investments and certain unallocated items, including capital and related investments, interest expense and corporate expense. AB’s results of operations are reflected in the Investment Management and Research segment. Accordingly, Corporate and Other does not include any items applicable to AB. At March 31, 2018 and March 31, 2017, the Company’s economic interest in AB was 46.5% and 45.8%, respectively. At March 31, 2018 and March 31, 2017, respectively, AXA and its subsidiaries’ economic interest in AB was 64.4% and 63.8%. In March 2018, AXA contributed the 0.5% minority interest in AXA Financial, Inc. (“AXA Financial”) to Holdings so that Holdings now owns 100% of AXA Financial. On April 23, 2018, Holdings entered into a Purchase Agreement (the “Purchase Agreement”) with Coliseum Reinsurance Company (“Coliseum”), an affiliate, relating to the purchase and sale of all of the units of limited partnership of ABLP (the “AB Units”) owned by Coliseum. Pursuant to the Purchase Agreement, Holdings purchased from Coliseum 8,160,000 AB Units owned by Coliseum at a purchase price of $26.54 per AB Unit. On April 23, 2018, Holdings entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with AXA Investment Managers S.A., an affiliate, relating to the purchase and sale of all of the issued and outstanding shares of common stock of AXA-IM Holding U.S., Inc. As a result of the transactions contemplated by the Stock Purchase Agreement, Holdings acquired beneficial ownership to the 41,934,582 AB Units owned by AXA-IM Holding U.S., Inc. As a result of these transactions, at April 30, 2018, the Company’s economic interest in AB was approximately 65.0%. The general partner of AB, AllianceBernstein Corporation (the “General Partner”), is a wholly-owned subsidiary of the Company. Because the General Partner has the authority to manage and control the business of AB, AB is consolidated in the Company’s financial statements. See Note 18 to the Notes to Consolidated Financial Statements for additional information on these subsequent events. Basis of Presentation The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The terms “first quarter 2018” and “first quarter 2017” refer to the three months ended March 31, 2018 and 2017, respectively. The terms “first three months of 2018” and “first three months of 2017” refer to the three months ended March 31, 2018 and 2017, respectively. |
SIGNIFICANT ACCOUNTING POLICIES |
3 Months Ended |
---|---|
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Adoption of New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance that revises the recognition criteria for revenue arising from contracts with customers to provide goods or services, except when those revenue streams are from insurance and investment contracts, leases, rights and obligations that are in the scope of certain financial instruments (i.e., derivative contracts) and guarantees other than product or service warranties, for which existing revenue recognition requirements are not superseded by this guidance. On January 1, 2018, the Company adopted the new revenue recognition guidance on a modified retrospective basis and is providing in its first quarter 2018 reporting the additional disclosures required by the new standard. Adoption of this new guidance did not change the amounts or timing of the Company’s revenue recognition for base investment management and advisory fees, distribution revenues, shareholder servicing revenues, and broker-dealer revenues. However, some performance-based fees and carried-interest distributions that prior to adoption were recognized when no risk of reversal remained, in certain instances under the new standard may be recognized earlier if it is probable that significant reversal will not occur. As a result, on January 1, 2018, the Company recognized a cumulative effect adjustment, net of tax, to increase opening equity attributable to Holdings and the noncontrolling interest by approximately $13 million and $19 million, respectively, reflecting the impact of carried-interest distributions previously received by AB of approximately $78 million, net of revenue sharing payments to investment team members of approximately $43 million, for which it is probable that significant reversal will not occur and for which incremental tax is provided at Holdings. In January 2016, the FASB issued new guidance related to the recognition and measurement of financial assets and financial liabilities. The new guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option, and presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale (“AFS”) debt securities. The new guidance requires equity investments in unconsolidated entities, except those accounted for under the equity method, to be measured at fair value through earnings, thereby eliminating the AFS classification for equity securities with readily determinable fair values for which changes in fair value currently are reported in Accumulated Other Comprehensive Income (Loss) (“AOCI”). On January 1, 2018, the Company adopted the new recognition requirements on a modified retrospective basis for changes in the fair value of AFS equity securities, resulting in no material reclassification adjustment from AOCI to opening retained earnings for the net unrealized gains, net of tax, related to approximately $46 million common stock securities and eliminated their designation as AFS equity securities. The new guidance does not apply to FHLB common stock and prohibits such investments from being classified as equity securities subject to the new guidance. Accordingly, the Company has classified its investment in the FHLB common stock as other invested assets at March 31, 2018. The Company’s investment assets held in the form of equity interests in unconsolidated entities, such as limited partnerships and limited liability companies, including hedge funds, private equity funds, and real estate-related funds, generally are accounted for under the equity method and were not impacted by this new guidance. The Company does not currently report any of its financial liabilities under the fair value option. In March 2017, the FASB issued new guidance on the presentation of net periodic pension and post-retirement benefit costs that requires retrospective disaggregation of the service cost component from the other components of net benefit costs on the income statement. The service cost component is required to be presented with other employee compensation costs in “income from operations,” and the remaining components are to be reported separately outside of income from operations. While this standard did not change how net periodic pension and post-retirement benefit costs are measured, it limits the amount eligible for capitalization on a prospective basis to the service cost component. On January 1, 2018, the Company adopted the change in the income statement presentation utilizing the practical expedient for determining the historical components of net benefit costs, resulting in no material impact to the consolidated financial statements. In addition, no changes to the Company’s capitalization policies with respect to benefit costs resulted from the adoption of the new guidance. In May 2017, the FASB issued guidance on share-based payments. The amendment provides clarity intended to reduce diversity in practice and the cost and complexity of accounting for changes to the terms or conditions of share-based payment awards. The new guidance is effective for interim and annual periods beginning after December 15, 2017 and requires prospective application to awards modified on or after the date of adoption. Adoption of this amendment on January 1, 2018 did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued new guidance to simplify elements of cash flow classification. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance is effective for interim and annual periods beginning after December 15, 2017 and requires application of a retrospective transition method. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Future Adoption of New Accounting Pronouncements In February 2018, the FASB issued new guidance that will permit, but not require, entities to reclassify to retained earnings tax effects “stranded” in AOCI resulting from the change in federal tax rate enacted by the Tax Cuts and Jobs Act (the “Tax Reform Act”) on December 22, 2017. An entity that elects this option must reclassify these stranded tax effects for all items in AOCI, including, but not limited to, AFS securities and employee benefits. Tax effects stranded in AOCI for other reasons, such as prior changes in tax law, may not be reclassified. While the new guidance provides entities the option to reclassify these amounts, new disclosures are required regardless of whether entities elect to do so. The new guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. Election can be made either to apply the new guidance retrospectively to each period in which the effect of the Tax Reform Act is recognized or in the period of adoption. Management currently is evaluating the options provided for adopting this guidance and the potential impacts on the Company’s consolidated financial statements. In August 2017, the FASB issued new guidance on accounting for hedging activities, intended to more closely align the financial statement reporting of hedging relationships to the economic results of an entity’s risk management activities. In addition, the new guidance makes certain targeted modifications to simplify the application of current hedge accounting guidance. The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with early application permitted. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption (that is, the initial application date). All transition requirements and elections should be applied to derivatives positions and hedging relationships existing on the date of adoption. Management currently is evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In March 2017, the FASB issued guidance that requires certain premiums on callable debt securities to be amortized to the earliest call date and is intended to better align interest income recognition with the manner in which market participants price these instruments. The new guidance is effective for interim and annual periods beginning after December 15, 2018 with early adoption permitted and is to be applied on a modified retrospective basis. Management currently is evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In June 2016, the FASB issued new guidance related to the accounting for credit losses on financial instruments. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new guidance is effective for interim and annual periods beginning after December 15, 2019 with early adoption permitted for annual periods beginning after December 15, 2018. Management currently is evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In February 2016, the FASB issued revised guidance to lease accounting that will require lessees to recognize on the balance sheet a “right-of-use” asset and a lease liability for virtually all lease arrangements, including those embedded in other contracts. The new lease accounting model will continue to distinguish between capital and operating leases. The current straight-line pattern for the recognition of rent expense on an operating lease is expected to remain substantially unchanged by the new guidance but instead will be comprised of amortization of the right-of-use asset and interest cost on the related lease obligation, thereby resulting in an income statement presentation similar to a financing arrangement or capital lease. Lessor accounting will remain substantially unchanged from the current model but has been updated to align with certain changes made to the lessee model. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The transition provisions require application on a modified retrospective approach at the beginning of the earliest comparative period presented in the financial statements (that is, January 1, 2017). Extensive quantitative and qualitative disclosures, including significant judgments made by management, will be required to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing lease contracts and arrangements. Management currently is evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. Revenue Recognition Investment Management and Service Fees and Related Expenses Reported as Investment management and service fees in the Company’s consolidated statements of income (loss) are investment advisory and service fees, distribution revenues, and institutional research services revenues principally emerging from the Investment Management and Research segment. Also included are investment management and administrative service fees earned by AXA Equitable Funds Management Group, LLC (“AXA Equitable FMG”) and reported in the Retirement and Protection segments as well as certain asset-based fees associated with insurance contracts. Investment management, advisory, and service fees AB provides asset management services by managing customer assets and seeking to deliver returns to investors. Similarly, AXA Equitable FMG provides investment management and administrative services, such as fund accounting and compliance services, to AXA Premier VIP Trust (“VIP Trust”), EQ Advisors Trust (“EQAT”) and 1290 Funds as well as two private investment trusts established in the Cayman Islands, AXA Allocation Funds Trust and AXA Offshore Multimanager Funds Trust (collectively, the “Other AXA Trusts”). The contracts supporting these revenue streams create a distinct, separately identifiable performance obligation for each day the assets are managed for the performance of a series of services that are substantially the same and have the same pattern of transfer to the customer. Accordingly, these investment management, advisory, and administrative service base fees are recorded over time as services are performed and entitle the Company to variable consideration. Base fees, generally calculated as a percentage of assets under management (“AUM”), are recognized as revenue at month-end when the transaction price no longer is variable and the value of the consideration is determined. These fees are not subject to claw back and there is minimal probability that a significant reversal of the revenue recorded will occur. Certain investment advisory contracts of AB, including those associated with hedge funds or other alternative investments, provide for a performance-based fee (including carried interest), in addition to a base advisory fee, calculated either as a percentage of absolute investment results or a percentage of investment results in excess of a stated benchmark over a specified period of time. These performance-based fees are forms of variable consideration and, therefore, are excluded from the transaction price until it becomes probable there will not be significant reversal of the cumulative revenue recognized. At each reporting date, the Company evaluates constraining factors surrounding the variable consideration to determine the extent to which, if any, revenues associated with the performance-based fee can be recognized. Constraining factors impacting the amount of variable consideration included in the transaction price include contractual claw-back provisions, the length of time of the uncertainty, the number and range of possible amounts, the probability of significant fluctuations in fund’s market value, and the level in which the fund’s value exceeds the contractual threshold required to earn such a fee and the materiality of the amount being evaluated. Prior to adoption of the new revenue recognition guidance on January 1, 2018, the Company recognized performance-based fees at the end of the applicable measurement period when no risk of reversal remained, and carried-interest distributions received as deferred revenues until no risk of reversal remained. Sub-advisory and sub-administrative expenses associated with these services are calculated and recorded as the related services are performed in Other operating costs and expense in the consolidated statements of income (loss) as the Company is acting in a principal capacity in these transactions and, as such, reflects these revenues and expenses on a gross basis. Research services Research services revenue principally consists of brokerage transaction charges received by Sanford C. Bernstein & Co. LLC (“SCB LLC”) and Sanford C. Bernstein Limited (“SCBL”) for providing equity research services to institutional clients. Brokerage commissions for trade execution services and related expenses are recorded on a trade-date basis when the performance obligations are satisfied. Generally, the transaction price is agreed upon at the point of each trade and based upon the number of shares traded or the value of the consideration traded. Research revenues are recognized when the transaction price is quantified, collectability is assured, and significant reversal of such revenue is not probable. Distribution services Revenues from distribution services include fees received as partial reimbursement of expenses incurred in connection with the sale of certain AB sponsored mutual funds and the 1290 Funds and for the distribution primarily of EQAT and VIP Trust shares to separate accounts in connection with the sale of variable life and annuity contracts. The amount and timing of revenues recognized from performance of these distribution services often is dependent upon the contractual arrangements with the customer and the specific product sold as further described below. Most open-end management investment companies, such as U.S. funds and the EQAT and VIP Trusts and the 1290 Funds, have adopted a plan under Rule 12b-1 of the Investment Company Act that allows for certain share classes to pay out of assets, distribution and service fees for the distribution and sale of its shares (“12b-1 Fees”). These open-end management investment companies have such agreements with the Company, and the Company has selling and distribution agreements pursuant to which it pays sales commissions to the financial intermediaries that distribute the shares. These agreements may be terminated by either party upon notice (generally 30 days) and do not obligate the financial intermediary to sell any specific amount of shares. The Company records 12b-1 fees monthly based upon a percentage of the net asset value (“NAV”) of the funds. At month-end, the variable consideration of the transaction price is no longer constrained as the NAV can be calculated and the value of consideration is determined. These services are separate and distinct from other asset management services as the customer can benefit from these services independently of other services. The Company accrues the corresponding 12b-1 fees paid to sub-distributors monthly as the expenses are incurred. The Company is acting in a principal capacity in these transactions; as such, these revenues and expenses are recorded on a gross basis in the consolidated statements of income (loss). AB sponsored mutual funds offer back-end load shares in limited instances and charge the investor a contingent deferred sales charge (“CDSC”) if the investment is redeemed within a certain period. The variable consideration for these contracts is contingent upon the timing of the redemption by the investor and the value of the sales proceeds. Due to these constraining factors, the Company excludes the CDSC fee from the transaction price until the investor redeems the investment. Upon redemption, the cash consideration received for these contractual arrangements is recorded as a reduction of unamortized deferred sales commissions. AB’s Luxembourg subsidiary, the management company for most of its non-U.S. funds, earns a management fee which is accrued daily and paid monthly, at an annual rate, based on the average daily net assets of the fund. With respect to certain share classes, the management fee also may contain a component paid to distributors and other financial intermediaries and service providers to cover shareholder servicing and other administrative expenses (also referred to as an “All-in-Fee”). Based on the conclusion that asset management is distinct from distribution, the Company allocates a portion of the investment and advisory fee to distribution revenues for the servicing component based on standalone selling prices. Other revenues Also reported as Investment management and service fees in the Company’s consolidated statements of income (loss) are other revenues from contracts with customers, primarily consisting of shareholder servicing fees, mutual fund reimbursements, and other brokerage income. Shareholder services, including transfer agency, administration, and record-keeping are provided by AB to company-sponsored mutual funds. The consideration for these services is based on a percentage of the NAV of the fund or a fixed-fee based on the number of shareholder accounts being serviced. The revenues are recorded at month-end when the constraining factors involved with determining NAV or the numbers of shareholders’ accounts are resolved. Other income Revenues from contracts with customers reported as Other income in the Company’s consolidated statements of income (loss) primarily consist of advisory account fees and brokerage commissions from the Company’s subsidiary broker-dealer operations and sales commissions from the Company’s general agent for the distribution of non-affiliate insurers’ life insurance and annuity products. These revenues are recognized at month-end when constraining factors, such as AUM and product mix, are resolved and the transaction pricing no longer is variable such that the value of consideration can be determined. Contract assets and liabilities The Company applies the practical expedient for contracts that have an original duration of one year or less. Accordingly, the Company accrues the incremental costs of obtaining a contract when incurred and does not consider the time value of money. At March 31, 2018, there are no material balances of contract assets and contract liabilities; as such, no further disclosures are necessary. Accounting and Consolidation of VIEs A VIE must be consolidated by its primary beneficiary, which generally is defined as the party that has a controlling financial interest in the VIE. The Company is deemed to have a controlling financial interest in a VIE if it has (i) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive income from the VIE that potentially could be significant to the VIE. For purposes of evaluating (ii) above, fees paid to the Company as a decision maker or service provider are excluded if the fees are compensation for services provided commensurate with the level of effort required to be performed and the arrangement includes only customary terms, conditions or amounts present in arrangements for similar services negotiated at arm’s length. If the Company has a variable interest in an entity that is determined not to be a VIE, the entity then is evaluated for consolidation under the voting interest entity (“VOE”) model. For limited partnerships and similar entities, the Company is deemed to have a controlling financial interest in a VOE, and would be required to consolidate the entity, if the Company owns a majority of the entity’s kick-out rights through voting limited partnership interests and other limited partners do not hold substantive participating rights (or other rights that would indicate that the Company does not control the entity). For entities other than limited partnerships, the Company is deemed to have a controlling financial interest in a VOE if it owns a majority voting interest in the entity. The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate. At March 31, 2018, the Company held approximately $1,137 million of investment assets in the form of equity interests issued by non-corporate legal entities determined under the new guidance to be VIEs, such as limited partnerships and limited liability companies, including hedge funds, private equity funds, and real estate-related funds. As an equity investor, the Company is considered to have a variable interest in each of these VIEs as a result of its participation in the risks and/or rewards these funds were designed to create by their defined portfolio objectives and strategies. Primarily through qualitative assessment, including consideration of related party interests or other financial arrangements, if any, the Company was not identified as primary beneficiary of any of these VIEs, largely due to its inability to direct the activities that most significantly impact their economic performance. Consequently, the Company continues to reflect these equity interests in the consolidated balance sheet as Other equity investments and to apply the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $163,434 million, and the Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $1,137 million at March 31, 2018. Except for approximately $798 million of unfunded commitments at March 31, 2018, the Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations. At March 31, 2018, the Company consolidated one real estate joint venture for which it was identified as primary beneficiary under the VIE model. The consolidated entity is jointly owned by AXA Equitable Life Insurance Company (“AXA Equitable Life”) and AXA France and holds an investment in a real estate venture. Included in the Company’s consolidated balance sheet at March 31, 2018, are total assets of $36 million related to this VIE, primarily resulting from the consolidated presentation of $36 million of real estate held for production of income. In addition, real estate held for production of income reflects $16 million as related to two non-consolidated joint ventures at March 31, 2018. Included in the Company’s consolidated balance sheet at March 31, 2018 are assets of $2,447 million, liabilities of $1,219 million and redeemable non-controlling interest of $982 million associated with the consolidation of AB-sponsored investment funds under the VIE model. Also included in the Company’s consolidated balance sheets are assets of $135 million, liabilities of $4 million and redeemable non-controlling interest of $10 million from consolidation of AB-sponsored investment funds under the VOE model. The assets of these consolidated funds are presented within Other invested assets and cash and cash equivalents, and liabilities of these consolidated funds are presented with other liabilities on the face of the Company’s consolidated balance sheet at March 31, 2018; ownership interests not held by the Company relating to consolidated VIEs and VOEs are presented either as redeemable or non-redeemable noncontrolling interest, as appropriate. The Company is not required to provide financial support to these company-sponsored investment funds, and only the assets of such funds are available to settle each fund’s own liabilities. As of March 31, 2018, the net assets of investment products sponsored by AB that are nonconsolidated VIEs are approximately $83.9 billion and the Company’s maximum exposure to loss from its direct involvement with these VIEs is its investment of $8 million at March 31, 2018. The Company has no further commitments to or economic interest in these VIEs. Impact of the Tax Reform Act On December 22, 2017, President Trump signed into law the Tax Reform Act, a broad overhaul of the U.S. Internal Revenue Code that changes long-standing provisions governing the taxation of U.S. corporations, including life insurance companies. The Tax Reform Act reduces the federal corporate income tax rate to 21% beginning in 2018 and repeals the corporate alternative minimum tax (“AMT”) while keeping existing AMT credits. It also includes changes to the dividends received deduction (“DRD”), insurance reserves and tax DAC, and measures affecting our international operations, such as a one-time transitional tax on some of the accumulated earnings of our foreign subsidiaries (within our Investment Management and Research segment). As a result of the Tax Reform Act, our new effective tax rate is expected to be approximately 19%, driven mainly by the new federal corporate tax rate of 21% and the DRD benefit. We expect the Tax Reform Act to have both positive and negative impacts on our consolidated balance sheet. On the one hand, as a one-time effect, the lower tax rate resulted in a reduction to the value of our deferred tax assets. On the other hand, the Tax Reform Act repeals the corporate AMT and, subject to certain limitations, allows us to use our AMT credits going forward, which will result in a reduction of our tax liability. We expect the tax liability on the earnings of our foreign subsidiaries will decrease going forward. In 2017, we recorded a one-time estimated decrease to net income of $23 million due to the estimated transitional tax on some of the accumulated earnings of these subsidiaries. Overall, we expect the Tax Reform Act to have a net positive economic impact on us. At December 31, 2017, we recorded a provisional estimate of the income tax effects related to Tax Reform. During the period ended March 31, 2018, we have not recorded any changes to this estimate. We continue to evaluate this new and complicated piece of legislation, assess the magnitude of the various impacts and monitor potential regulatory changes related to this reform. Assumption Updates and Model Changes There were no assumption changes in the first quarters of 2018 or 2017. Revision of Prior Period Financial Statements During the first quarter of 2018, management identified an error in its previously issued financial statements related to a misclassification between interest credited and net derivative gains/losses. The impact of this error to the consolidated financial statements for the six months ended June 30, 2017, nine months ended September 30, 2017 and the years ended December 31, 2017 and 2016 was not considered to be material. In order to improve the consistency and comparability of the financial statements, management revised the consolidated statements of income (loss) and statements of cash flows to include the revisions discussed herein. See Note 17 to the Notes to Consolidated Financial Statements for details of the revisions. |
INVESTMENTS |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | INVESTMENTS Fixed Maturities The following table provides information relating to fixed maturities securities classified as AFS: Available-for-Sale Securities by Classification
As a result of the adoption of the Recognition and Measurement of Financial Assets and Financial Liabilities standard on January 1, 2018 (Financial Instruments Recognition and Measurement Standard), equity securities are no longer classified and accounted for as available for sale securities.
The contractual maturities of AFS fixed maturities at March 31, 2018 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale Fixed Maturities Contractual Maturities at March 31, 2018
The following table shows proceeds from sales, gross gains (losses) from sales and OTTI for AFS fixed maturities during the three months ended March 31, 2018 and 2017:
The following table sets forth the amount of credit loss impairments on fixed maturity securities held by the Company at the dates indicated and the corresponding changes in such amounts: Fixed Maturities - Credit Loss Impairments
Net unrealized investment gains (losses) on fixed maturities and equity securities classified as AFS are included in the consolidated balance sheets as a component of AOCI. The table below presents these amounts as of the dates indicated:
As a result of the adoption of the Recognition and Measurement of Financial Assets and Financial Liabilities standard on January 1, 2018 (Financial Instruments Recognition and Measurement Standard), equity securities are no longer classified and accounted for as available for sale securities. Changes in net unrealized investment gains (losses) recognized in AOCI include reclassification adjustments to reflect amounts realized in Net income (loss) for the current period that had been part of OCI in earlier periods. The tables that follow below present a rollforward of net unrealized investment gains (losses) recognized in AOCI, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized and all other: Net Unrealized Gains (Losses) on Fixed Maturities with OTTI Losses
All Other Net Unrealized Investment Gains (Losses) In AOCI
The following tables disclose the fair values and gross unrealized losses of the 1,411 issues at March 31, 2018 and the 752 issues at December 31, 2017 of fixed maturities that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:
The Company’s investments in fixed maturity securities do not include concentrations of credit risk of any single issuer greater than 10% of the consolidated equity of the Company, other than securities of the U.S. government, U.S. government agencies, and certain securities guaranteed by the U.S. government. The Company maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 0.5% of total investments. The largest exposures to a single issuer of corporate securities held at March 31, 2018 and December 31, 2017 were $219 million and $207 million, respectively. Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the National Association of Insurance Commissioners (“NAIC”) designation of 3 (medium grade), 4 or 5 (below investment grade) or 6 (in or near default). At March 31, 2018 and December 31, 2017, respectively, approximately $1,335 million and $1,372 million, or 3.1% and 3.0%, of the $43,268 million and $45,068 million aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had net unrealized losses of $14 million and $5 million at March 31, 2018 and December 31, 2017, respectively. At March 31, 2018 and December 31, 2017, respectively, the $514 million and $294 million of gross unrealized losses of twelve months or more were concentrated in corporate and U.S. Treasury, government and agency securities. In accordance with the policy described in Note 2, the Company concluded that an adjustment to income for OTTI for these securities was not warranted at either March 31, 2018 or 2017. At March 31, 2018 and December 31, 2017, the Company did not intend to sell the securities nor will it likely be required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis. The Company does not originate, purchase or warehouse residential mortgages and is not in the mortgage servicing business. At March 31, 2018, the carrying value of fixed maturities that were non-income producing for the twelve months preceding that date was $3 million. For the three months ended March 31, 2018 and 2017, investment income is shown net of investment expenses of $19 million and $19 million respectively. At March 31, 2018 and December 31, 2017, respectively, the fair values of the Company’s trading account securities were $14,919 million and $14,170 million, respectively. Also at March 31, 2018 and December 31, 2017, trading securities included the General Account’s investment in Separate Accounts, which had carrying values of $49 million and $50 million, respectively. Net unrealized and realized gains (losses) on trading account equity securities are included in Net investment income (loss) in the Consolidated Statements of Income (Loss). The table below shows a breakdown of Net investment income from trading account securities during the three months ended March 31, 2018 and 2017: Net Investment Income (Loss) from Trading Securities
Mortgage Loans The payment terms of mortgage loans may from time to time be restructured or modified. Mortgage loans on real estate are placed on nonaccrual status once management determines the collection of accrued interest is doubtful. Once mortgage loans on real estate are classified as nonaccrual loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan on real estate has been restructured to where the collection of interest is considered likely. At March 31, 2018 and December 31, 2017, the carrying values of commercial mortgage loans on real estate that had been classified as nonaccrual loans were $19 million and $19 million, respectively. Valuation Allowances for Mortgage Loans: Allowance for credit losses for mortgage loans for the first quarters of 2018 and 2017 are as follows:
There were no allowances for credit losses for agricultural mortgage loans for the first quarters of 2018 and 2017. Real Estate: In March 2018, the Company sold its interest in two consolidated real estate joint ventures to AXA France for a total purchase price of approximately $143 million, which resulted in a pre-tax loss of $0.2 million and the reduction of $203 million of long-term debt on the Company’s balance sheet for the first quarter of 2018. The following tables provide information relating to the loan-to-value and debt service coverage ratios for commercial and agricultural mortgage loans at March 31, 2018 and December 31, 2017. The values used in these ratio calculations were developed as part of the periodic review of the commercial and agricultural mortgage loan portfolio, which includes an evaluation of the underlying collateral value. Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios March 31, 2018
Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios December 31, 2017
The following table provides information relating to the aging analysis of past due mortgage loans at March 31, 2018 and December 31, 2017, respectively. Age Analysis of Past Due Mortgage Loan
The following table provides information relating to impaired mortgage loans at March 31, 2018 and December 31, 2017, respectively. Impaired Mortgage Loans
Derivatives and Offsetting Assets and Liabilities The Company uses derivatives as part of its overall asset/liability risk management primarily to reduce exposures to equity market and interest rate risks. Derivative hedging strategies are designed to reduce these risks from an economic perspective and are all executed within the framework of a Derivative Use Plan (“DUP”) approved by applicable states’ insurance law. Derivatives are generally not accounted for using hedge accounting, with the exception of Treasury Inflation-Protected Securities (“TIPS”), which is discussed further below. Operation of these hedging programs is based on models involving numerous estimates and assumptions, including, among others, mortality, lapse, surrender and withdrawal rates, election rates, fund performance, market volatility and interest rates. A wide range of derivative contracts are used in these hedging programs, including exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, bond and bond-index total return swaps, swaptions, variance swaps and equity options credit and foreign exchange derivatives as well as bond and repo transactions to support the hedging. The derivative contracts are collectively managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in capital markets. In addition, as part of our hedging strategy the Company holds static hedge positions to maintain a target asset level for all variable annuity products at or above a CTE98 level under most economic scenarios (CTE is a statistical measure of tail risk which quantifies the total asset requirement to sustain a loss if an event outside a given probability level has occurred. CTE 98 denotes the financial resources a company would need to cover the average of the worst 2% of scenarios). Derivatives utilized to hedge exposure to Variable Annuities with Guarantee Features The Company has issued and continues to offer variable annuity products with variable annuity guaranteed benefits (“GMxB”), including guaranteed minimum living benefits (“GMLBs”) (such as guaranteed minimum income benefits (“GMIBs”), guaranteed minimum withdrawal benefits (“GMWBs”) and guaranteed minimum accumulation benefits (“GMABs”), and guaranteed minimum death benefits (“GMDBs”) (inclusive of return of premium death benefit guarantees). The risk associated with the GMDB feature is that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholders’ account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in the present value of GMIB, in the event of annuitization, being higher than what accumulated policyholders’ account balances would support, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. The risk associated with products that have a GMxB derivative features liability is that under-performance of the financial markets could result in the GMxB derivative features’ benefits being higher than what accumulated policyholders’ account balances would support. For GMxB features, the Company retains certain risks including basis, credit spread and some volatility risk and risk associated with actual versus expected actuarial assumptions for mortality, lapse and surrender, withdrawal and policyholder election rates, among other things. The derivative contracts are managed to correlate with changes in the value of the GMxB features that result from financial markets movements. A portion of exposure to realized equity volatility is hedged using equity options and variance swaps and a portion of exposure to credit risk is hedged using total return swaps on fixed income indices. Additionally, the Company is party to total return swaps for which the reference U.S. Treasury securities are contemporaneously purchased from the market and sold to the swap counterparty. As these transactions result in a transfer of control of the U.S. Treasury securities to the swap counterparty, the Company derecognizes these securities with consequent gain or loss from the sale. The Company has also purchased reinsurance contracts to mitigate the risks associated with GMDB features and the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. The Company has implemented static hedge positions to maintain a target asset level for all variable annuities at a CTE98 level under most scenarios, and at a CTE95 level in extreme scenarios. This program was implemented beginning in December 2017. Derivatives used to hedge crediting rate exposure on SCS, SIO, MSO and IUL products/investment options The Company hedges crediting rates in the Structured Capital Strategies (“SCS”) variable annuity, Structured Investment Option in the EQUI-VEST variable annuity series (“SIO”), Market Stabilizer Option (“MSO”) in the variable life insurance products and Indexed Universal Life (“IUL”) insurance products. These products permit the contract owner to participate in the performance of an index, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment. In order to support the returns associated with these features, the Company enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers without any basis risk due to market exposures, thereby substantially reducing any exposure to market-related earnings volatility. Derivatives used for General Account Investment Portfolio The Company maintains a strategy in its General Account investment portfolio to replicate the credit exposure of fixed maturity securities otherwise permissible for investment under its investment guidelines through the sale of credit default swaps (“CDSs”). Under the terms of these swaps, the Company receives quarterly fixed premiums that, together with any initial amount paid or received at trade inception, replicate the credit spread otherwise currently obtainable by purchasing the referenced entity’s bonds of similar maturity. These credit derivatives generally have remaining terms of five years or less and are recorded at fair value with changes in fair value, including the yield component that emerges from initial amounts paid or received, reported in Net investment income (loss). The Company manages its credit exposure taking into consideration both cash and derivatives based positions and selects the reference entities in its replicated credit exposures in a manner consistent with its selection of fixed maturities. In addition, the Company generally transacts the sale of CDSs in single name reference entities of investment grade credit quality and with counterparties subject to collateral posting requirements. If there is an event of default by the reference entity or other such credit event as defined under the terms of the swap contract, the Company is obligated to perform under the credit derivative and, at the counterparty’s option, either pay the referenced amount of the contract less an auction-determined recovery amount or pay the referenced amount of the contract and receive in return the defaulted or similar security of the reference entity for recovery by sale at the contract settlement auction. To date, there have been no events of default or circumstances indicative of deterioration in the credit quality of the named referenced entities to require or suggest that the Company will have to perform under these CDSs. The maximum potential amount of future payments the Company could be required to make under these credit derivatives is limited to the par value of the referenced securities which is the dollar or euro-equivalent of the derivative notional amount. The Standard North American CDS Contract (“SNAC”) or Standard European Corporate Contract (“STEC”) under which the Company executes these CDS sales transactions does not contain recourse provisions for recovery of amounts paid under the credit derivative. The Company purchased 30-year TIPS and other sovereign bonds, inflation linked and non-inflation linked, as General Account investments and enters into asset or cross-currency basis swaps, to result in payment of the given bond’s coupons and principal at maturity in the bond’s specified currency to the swap counterparty in return for fixed dollar amounts. These swaps, when considered in combination with the bonds, together result in a net position that is intended to replicate a dollar-denominated fixed-coupon cash bond with a yield higher than a term-equivalent U.S. Treasury bond. At March 31, 2018 and December 31, 2017, the Company’s unrealized gains (losses) related to this program were $(88) million and $(86) million, respectively, and reported in AOCI. The Company implemented a strategy to hedge a portion of the credit exposure in its General Account investment portfolio by buying protection through a swap. These are swaps on the “super senior tranche” of the investment grade CDX index. Under the terms of these swaps, the Company pays quarterly fixed premiums that, together with any initial amount paid or received at trade inception, serve as premiums paid to hedge the risk arising from multiple defaults of bonds referenced in the CDX index. These credit derivatives have terms of five years or less and are recorded at fair value with changes in fair value, including the yield component that emerges from initial amounts paid or received, reported in Net derivative gains (losses). In 2016, the Company implemented a program to mitigate its duration gap using total return swaps for which the reference U.S. Treasury securities are sold to the swap counterparty under arrangements economically similar to repurchase agreements. As these transactions result in a transfer of control of the U.S. Treasury securities to the swap counterparty, the Company derecognizes these securities with consequent gain or loss from the sale. Under this program the Company derecognized approximately $3,905 million U.S. Treasury securities for which the Company received proceeds of approximately $3,906 million at inception of the total return swap contract. Under the terms of these swaps, the Company retains ongoing exposure to the total returns of the underlying U.S. Treasury securities in exchange for a financing cost. At March 31, 2018, the aggregate fair value of U.S. Treasury securities derecognized under this program was approximately $3,673 million. Reported in Other invested assets in the Company’s balance sheet at March 31, 2018 is approximately $16 million, representing the fair value of the total return swap contracts. Derivatives used to hedge currency fluctuations on affiliated loans The Company uses foreign exchange derivatives to reduce exposure to currency fluctuations that may arise from non-U.S.-dollar denominated financial instruments. The Company has currency swap contracts with AXA to hedge foreign exchange exposure from affiliated loans. The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments. Derivative Instruments by Category
Equity-Based and Treasury Futures Contracts Margin All outstanding equity-based and treasury futures contracts at March 31, 2018 are exchange-traded and net settled daily in cash. At March 31, 2018, the Company had open exchange-traded futures positions on: (i) the S&P 500, Russell 2000, and Emerging Market indices, having initial margin requirements of $250 million, (ii) the 2-year, 5-year and 10-year U.S. Treasury Notes on U.S. Treasury bonds and ultra-long bonds, having initial margin requirements of $67 million and (iii) the Euro Stoxx, FTSE 100, Topix, ASX 200, and European, Australasia, and Far East (“EAFE”) indices as well as corresponding currency futures on the Euro/U.S. dollar, Pound/U.S. dollar, Australian dollar/U.S. dollar, and Yen/U.S. dollar, having initial margin requirements of $24 million. Credit Risk Although notional amount is the most commonly used measure of volume in the derivatives market, it is not used as a measure of credit risk. A derivative with positive fair value (a derivative asset) indicates existence of credit risk because the counterparty would owe money to the Company if the contract were closed at the reporting date. Alternatively, a derivative contract with negative fair value (a derivative liability) indicates the Company would owe money to the counterparty if the contract were closed at the reporting date. To reduce credit exposures in Over-the-Counter (“OTC”) derivative transactions the Company generally enters into master agreements that provide for a netting of financial exposures with the counterparty and allow for collateral arrangements as further described below under “ISDA Master Agreements.” The Company further controls and minimizes its counterparty exposure through a credit appraisal and approval process. ISDA Master Agreements Netting Provisions. The standardized ISDA Master Agreement under which the Company conducts its OTC derivative transactions includes provisions for payment netting. In the normal course of business activities, if there is more than one derivative transaction with a single counterparty, the Company will set-off the cash flows of those derivatives into a single amount to be exchanged in settlement of the resulting net payable or receivable with that counterparty. In the event of default, insolvency, or other similar event pre-defined under the ISDA Master Agreement that would result in termination of OTC derivatives transactions before their maturity, netting procedures would be applied to calculate a single net payable or receivable with the counterparty. Collateral Arrangements. The Company generally has executed a CSA under the ISDA Master Agreement it maintains with each of its OTC derivative counterparties that requires both posting and accepting collateral either in the form of cash or high-quality securities, such as U.S. Treasury securities, U.S. government and government agency securities and investment grade corporate bonds. These CSAs are bilateral agreements that require collateral postings by the party “out-of-the-money” or in a net derivative liability position. Various thresholds for the amount and timing of collateralization of net liability positions are applicable. Consequently, the credit exposure of the Company’s OTC derivative contracts is limited to the net positive estimated fair value of those contracts at the reporting date after taking into consideration the existence of netting agreements and any collateral received pursuant to CSAs. Derivatives are recognized at fair value in the consolidated balance sheets and are reported either as assets in Other invested assets or as liabilities in Other liabilities, except for embedded insurance-related derivatives as described above and derivatives transacted with a related counterparty. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. At March 31, 2018 and December 31, 2017, respectively, the Company held $2,208 million and $2,123 million in cash and securities collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. The unrestricted cash collateral is reported in Other invested assets. The aggregate fair value of all collateralized derivative transactions that were in a liability position with trade counterparties at March 31, 2018 and December 31, 2017, respectively, were $2 million and $2 million, for which the Company posted collateral of $7 million and $4 million at March 31, 2018 and December 31, 2017, respectively, in the normal operation of its collateral arrangements. Certain of the Company’s ISDA Master Agreements contain contingent provisions that permit the counterparty to terminate the ISDA Master Agreement if the Company’s credit rating falls below a specified threshold, however, the occurrence of such credit event would not impose additional collateral requirements. Margin Effective January 3, 2017, the CME amended its rulebook, resulting in the characterization of variation margin transfers as settlement payments, as opposed to adjustments to collateral. These amendments impacted the accounting treatment of the Company’s centrally cleared derivatives for which the CME serves as the central clearing party. As of the effective date, the application of the amended rulebook reduced gross derivative assets by $1 million. Securities Repurchase and Reverse Repurchase Transactions Securities repurchase and reverse repurchase transactions are conducted by the Company under a standardized securities industry master agreement, amended to suit the specificities of each respective counterparty. These agreements generally provide detail as to the nature of the transaction, including provisions for payment netting, establish parameters concerning the ownership and custody of the collateral securities, including the right to substitute collateral during the term of the agreement, and provide for remedies in the event of default by either party. Amounts due to/from the same counterparty under these arrangements generally would be netted in the event of default and subject to rights of set-off in bankruptcy. The Company’s securities repurchase and reverse repurchase agreements are accounted for as secured borrowing or lending arrangements, respectively and are reported in the consolidated balance sheets on a gross basis. The Company obtains or posts collateral generally in the form of cash and U.S. Treasury, corporate and government agency securities. The fair value of the securities to be repurchased or resold is monitored on a daily basis with additional collateral posted or obtained as necessary. Securities to be repurchased or resold are the same, or substantially the same, as those initially transacted under the arrangement. At March 31, 2018 and December 31, 2017, the balance outstanding under securities repurchase transactions was $1,904 million and $1,887 million, respectively. The Company utilized these repurchase and reverse repurchase agreements for asset liability and cash management purposes. For other instruments used for asset liability management purposes, see “Obligation under funding agreements” included in Note 14. The following table presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments at March 31, 2018. Offsetting of Financial Assets and Liabilities and Derivative Instruments At March 31, 2018
The following table presents information about the Company’s gross collateral amounts that are not offset in the consolidated balance sheets at March 31, 2018. Collateral Amounts Offset in the Consolidated Balance Sheets At March 31, 2018
The following table presents information about repurchase agreements accounted for as secured borrowings in the consolidated balance sheets at March 31, 2018. Repurchase Agreement Accounted for as Secured Borrowings
The following table presents information about the Company’s offsetting financial assets and liabilities and derivative instruments at December 31, 2017. Offsetting of Financial Assets and Liabilities and Derivative Instruments At December 31, 2017
The following table presents information about the Company’s gross collateral amounts that are not offset in the consolidated balance sheet at December 31, 2017. Collateral Amounts Offset in the Consolidated Balance Sheets At December 31, 2017
The following table presents information about repurchase agreements accounted for as secured borrowings in the consolidated balance sheets at December 31, 2017. Repurchase Agreement Accounted for as Secured Borrowings
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CLOSED BLOCK | CLOSED BLOCK Summarized financial information for the Company’s Closed Block is as follows:
The Company’s Closed Block revenues and expenses follows:
A reconciliation of the Company’s policyholder dividend obligation follows:
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INSURANCE LIABILITIES | INSURANCE LIABILITIES A) Variable Annuity Contracts – GMDB, GMIB, GIB and GWBL and Other Features The Company has certain variable annuity contracts with GMDB, GMIB, GIB and GWBL and other features in-force that guarantee one of the following:
The following table summarizes the direct GMDB and GMIB with no no-lapse guarantee rider (“NLG”) features liabilities, before reinsurance ceded, reflected in the consolidated balance sheets in Future policy benefits and other policyholders’ liabilities:
The following table summarizes the ceded GMDB liabilities, reflected in the consolidated balance sheets in Amounts due from reinsurers:
The following table summarizes the assumed GMDB liabilities, reflected in the consolidated balance sheets in Future policy benefits and other policyholders’ liabilities:
The liability for the GMxB derivative features liability, the liability for SCS, SIO, MSO and IUL indexed features and the GMIB reinsurance contract asset are considered embedded or freestanding insurance derivatives and are reported at fair value. Summarized in the table below is a summary of the fair value of these liabilities at March 31, 2018 and December 31, 2017:
The March 31, 2018 values for direct variable annuity contracts in-force on such date with GMDB and GMIB features are presented in the following table. For contracts with the GMDB feature, the net amount at risk in the event of death is the amount by which the GMDB exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of annuitization is the amount by which the present value of the GMIB benefits exceeds related account values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB guarantees may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive: Direct Variable Annuity Contract Values
The March 31, 2018 values for assumed variable annuity contracts in force on such date with GMDB and GMIB features are presented in the following table: Assumed Variable Annuity Contract Values
B) Separate Account Investments by Investment Category Underlying GMDB and GMIB Features The total account values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option, which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB guarantees. The investment performance of the assets impacts the related account values and, consequently, the net amount of risk associated with the GMDB and GMIB benefits and guarantees. Because variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive. Investment in Separate Account Investment Options
C) Hedging Programs for GMDB, GMIB, GIB and Other Features Beginning in 2003, the Company established a program intended to hedge certain risks associated first with the GMDB feature and, beginning in 2004, with the GMIB feature of the Accumulator series of variable annuity products. The program has also been extended to cover other guaranteed benefits as they have been made available. This program utilizes derivative contracts, such as exchange-traded equity, currency and interest rate futures contracts, total return and/or equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options, that collectively are managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in the capital markets. At the present time, this program hedges certain economic risks on products sold from 2001 forward, to the extent such risks are not externally reinsured. At March 31, 2018, the total account value and net amount at risk of the hedged variable annuity contracts were $68,663 million and $17,102 million, respectively, with the GMDB feature and $57,781 million and $$7,236 million, respectively, with the GMIB and GIB feature. A hedge program is also used to manage certain capital markets risks associated with the products the Company has assumed that have GMDB and GMIB features. At March 31, 2018, the total account value and net amount at risk of the hedged assumed variable annuity contracts were $9,053 million and $666 million, respectively, with the GMDB feature and $2,645 million and $255 million, respectively, with the GMIB feature. These programs do not qualify for hedge accounting treatment. Therefore, gains (losses) on the derivatives contracts used in these programs, including current period changes in fair value, are recognized in net investment income (loss) in the period in which they occur, and may contribute to income (loss) volatility. D) Variable and Interest-Sensitive Life Insurance Policies - NLG The NLG feature contained in variable and interest-sensitive life insurance policies keeps them in force in situations where the policy value is not sufficient to cover monthly charges then due. The NLG remains in effect so long as the policy meets a contractually specified premium funding test and certain other requirements. The following table summarizes the NLG liabilities reflected in the General Account in Future policy benefits and other policyholders’ liabilities, the related reinsurance reserve ceded, reflected in Amounts due from reinsurers and deferred cost of reinsurance, reflected in Other assets in the Consolidated balance sheets:
(1) There were no amounts of reinsurance ceded in any period presented. |
REINSURANCE AGREEMENTS |
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Insurance [Abstract] | |
REINSURANCE AGREEMENTS | REINSURANCE AGREEMENTS Effective February 1, 2018, AXA Equitable Life entered into a coinsurance reinsurance agreement (the “Coinsurance Agreement”) to cede 90% of its single premium deferred annuities (SPDA) products issued between 1978-2001 and its Guaranteed Growth Annuity (GGA) single premium deferred annuity products issued between 2001-2014. As a result of this agreement, AXA Equitable Life transferred securities with a market value of $604 million and cash of $31 million to equal the statutory reserves of approximately $635 million. As the risks transferred by AXA Equitable Life to the reinsurer under the Coinsurance Agreement are not considered insurance risks and therefore do not qualify for reinsurance accounting, AXA Equitable Life applied deposit accounting. Accordingly, AXA Equitable Life recorded the transferred assets of $635 million as a deposit asset recorded in Other assets, net of the ceding commissions paid to the reinsurer. |
FAIR VALUE DISCLOSURES |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance established a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. The Company uses unadjusted quoted market prices to measure the fair value of instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness. Assets and liabilities measured at fair value on a recurring basis are summarized below. At March 31, 2018 and December 31, 2017, no assets were required to be measured at fair value on a non-recurring basis. Fair value measurements are required on a non-recurring basis for certain assets, including goodwill and mortgage loans on real estate, only when an OTTI or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy. The Company recognizes transfers between valuation levels at the beginning of the reporting period. Fair Value Measurements at March 31, 2018
Fair Value Measurements at December 31, 2017
At March 31, 2018 and December 31, 2017, respectively, the fair value of public fixed maturities is approximately $35,131 million and $38,762 million or approximately 18.5% and 20.0% of the Company’s total assets measured at fair value on a recurring basis (excluding GMIB reinsurance contracts and segregated securities measured at fair value on a recurring basis). The fair values of the Company’s public fixed maturity securities are generally based on prices obtained from independent valuation service providers and for which the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, the Company ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturity securities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. If the pricing information received from independent valuation service providers is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process in accordance with the terms of the respective independent valuation service provider agreement. If as a result it is determined that the independent valuation service provider is able to reprice the security in a manner agreed as more consistent with current market observations, the security remains within Level 2. Alternatively, a Level 3 classification may result if the pricing information then is sourced from another vendor, non-binding broker quotes, or internally-developed valuations for which the Company’s own assumptions about market-participant inputs would be used in pricing the security. At March 31, 2018 and December 31, 2017, respectively, the fair value of private fixed maturities is approximately $8,353 million and $8,179 million or approximately 4.4% and 4.2% of the Company’s total assets measured at fair value on a recurring basis. The fair values of the Company’s private fixed maturities are determined from prices obtained from independent valuation service providers. Prices not obtained from an independent valuation service provider are determined by using a discounted cash flow model or a market comparable company valuation technique. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model or a market comparable company valuation technique may also incorporate unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the fair value measurement of a security, a Level 3 classification generally is made. As disclosed in Note 3, at March 31, 2018 and December 31, 2017, respectively, the net fair value of freestanding derivative positions is approximately 44.8% and 42.9% of Other invested assets measured at fair value on a recurring basis, with a value of $2,324 million and $2,258 million. The fair values of the Company’s derivative positions are generally based on prices obtained either from independent valuation service providers or derived by applying market inputs from recognized vendors into industry standard pricing models. The majority of these derivative contracts are traded in the OTC derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including overnight index swap (“OIS”) curves, and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable. If the pricing information received from independent valuation service providers is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process in accordance with the terms of the respective independent valuation service provider agreement. If as a result it is determined that the independent valuation service provider is able to reprice the derivative instrument in a manner agreed as more consistent with current market observations, the position remains within Level 2. Alternatively, a Level 3 classification may result if the pricing information then is sourced from another vendor, non-binding broker quotes, or internally-developed valuations for which the Company’s own assumptions about market-participant inputs would be used in pricing the security. At March 31, 2018 and December 31, 2017, respectively, investments classified as Level 1 comprise approximately 66.1% and 64.9% of assets measured at fair value on a recurring basis and primarily include redeemable preferred stock, trading securities, cash equivalents and Separate Account assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and derivative contracts, and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less, and are carried at cost as a proxy for fair value measurement due to their short-term nature. At March 31, 2018 and December 31, 2017, respectively, investments classified as Level 2 comprise approximately 32.7% and 34.0% of assets measured at fair value on a recurring basis and primarily include U.S. government and agency securities and certain corporate debt securities, such as public and private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Segregated securities classified as Level 2 are U.S. Treasury bills segregated by AB in a special reserve bank custody account for the exclusive benefit of brokerage customers, as required by Rule 15c3-3 of the Exchange Act and for which fair values are based on quoted yields in secondary markets. Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, issuer spreads, benchmark securities and other reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as prepayment, default, and collateral information for the purpose of measuring the fair value of mortgage- and asset-backed securities. At March 31, 2018 and December 31, 2017, respectively, approximately $641 million and $875 million of AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors. Certain Company products such as the SCS and EQUI-VEST variable annuity product, and in the MSO fund available in some life contracts offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected can currently have 1, 3, 5, or 6 year terms, provide for participation in the performance of specified indices, ETF or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g. holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETF or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are accounted for as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on data obtained from independent valuation service providers. At March 31, 2018 and December 31, 2017, respectively, investments classified as Level 3 comprise approximately 1.2% and 1.1% of assets measured at fair value on a recurring basis and primarily include corporate debt securities, such as private fixed maturities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. Included in the Level 3 classification at March 31, 2018 and December 31, 2017, respectively, were approximately $95 million and $97 million of fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data. The Company applies various due diligence procedures, as considered appropriate, to validate these non-binding broker quotes for reasonableness, based on its understanding of the markets, including use of internally-developed assumptions about inputs a market participant would use to price the security. In addition, approximately $540 million and $598 million of mortgage- and asset-backed securities are classified as Level 3 at March 31, 2018 and December 31, 2017, respectively. The Company also issues certain benefits on its variable annuity products that are accounted for as derivatives and are also considered Level 3. The GMIBNLG feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates applied to the contract’s benefit base if and when the contract account value is depleted and the NLG feature is activated. The GMWB feature allows the policyholder to withdraw at minimum, over the life of the contract, an amount based on the contract’s benefit base. The GWBL feature allows the policyholder to withdraw, each year for the life of the contract, a specified annual percentage of an amount based on the contract’s benefit base. The GMAB feature increases the contract account value at the end of a specified period to a GMAB base. The GIB feature provides a lifetime annuity based on predetermined annuity purchase rates if and when the contract account value is depleted. This lifetime annuity is based on predetermined annuity purchase rates applied to a GIB base. Level 3 also includes the GMIB reinsurance contract asset’s which are accounted for as derivative contracts. The GMIB reinsurance contract asset and liabilities’ fair value reflects the present value of reinsurance premiums and recoveries and risk margins over a range of market consistent economic scenarios while GMxB derivative features liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins and nonperformance risk, attributable to GMxB derivative features’ liability over a range of market-consistent economic scenarios. The valuations of the GMIB reinsurance contract asset and GMxB derivative features liability incorporate significant non-observable assumptions related to policyholder behavior, risk margins and projections of equity separate account funds. The credit risks of the counterparty and of the Company are considered in determining the fair values of its GMIB reinsurance contract asset and GMxB derivative features liability positions, respectively, after taking into account the effects of collateral arrangements. Incremental adjustment to the swap curve for non-performance risk is made to the fair values of the GMIB reinsurance contract asset and liabilities and GMIBNLG feature to reflect the claims-paying ratings of counterparties and the Company. Equity and fixed income volatilities were modeled to reflect current market volatilities. Due to the unique, long duration of the GMIBNLG feature, adjustments were made to the equity volatilities to remove the illiquidity bias associated with the longer tenors and risk margins were applied to the non-capital markets inputs to the GMIBNLG valuations. After giving consideration to collateral arrangements, the Company reduced the fair value of its GMIB reinsurance contract asset by $12 million and $8 million at March 31, 2018 and December 31, 2017, respectively, to recognize incremental counterparty non-performance risk and reduced the fair value of its GMIB reinsurance contract liabilities by $24 million and $24 million at March 31, 2018 and December 31, 2017, respectively to recognize its own incremental non-performance risk. Lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, which include other factors such as considering surrender charges. Generally, lapse rates are assumed to be lower in periods when a surrender charge applies. 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. For valuing the embedded derivative, lapse rates vary throughout the period over which cash flows are projected. The Company’s Level 3 liabilities include contingent payment arrangements associated with acquisitions in 2010, 2013, 2014 and 2016 by AB. At each reporting date, AB estimates the fair values of the contingent consideration expected to be paid based upon probability-weighted AUM and revenue projections, using unobservable market data inputs, which are included in Level 3 of the valuation hierarchy. The Company’s Level 3 liabilities also include contingent payment arrangements associated with a Renewal Rights Agreement (the “Renewal Rights Agreement”) that transitions certain group employee benefits policies beginning January 1, 2017 from an insurer exiting such business to MONY Life Insurance Company of America (“MLOA”). The fair value of the contingent payments liability associated with this transaction is measured and adjusted each reporting period through final settlement using projected premiums from these policies, net of potential surrenders and terminations, and applying a risk-adjusted discount factor (7.0% at March 31, 2018) to the resulting cash flows. As of March 31, 2018 and December 31, 2017, the Company’s consolidated VIEs/VOEs hold $32 million and $27 million, respectively of investments that are classified as Level 3 primarily consist of corporate bonds that are vendor priced with no ratings available, bank loans, non-agency collateralized mortgage obligations and asset-backed securities. In the first three months of 2018, AFS fixed maturities with fair values of $16 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity or market observable inputs to measure and validate their fair values. In addition, AFS fixed maturities with fair value of $67 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 0.5% of total equity at March 31, 2018. In the first three months of 2017, $0 million AFS fixed maturities were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity or market observable inputs to measure and validate their fair values. In addition, AFS fixed maturities with fair value of $24 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 0.2% of total equity at March 31, 2017. The table below presents a reconciliation for all Level 3 assets and liabilities for the three months ended March 31, 2018 and 2017, respectively: Level 3 Instruments Fair Value Measurements
The table below details changes in unrealized gains (losses) for the three months ended March 31, 2018 and 2017 by category for Level 3 assets and liabilities still held at March 31, 2018 and 2017, respectively:
The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities as of March 31, 2018 and December 31, 2017, respectively. Quantitative Information about Level 3 Fair Value Measurements March 31, 2018
Quantitative Information about Level 3 Fair Value Measurements December 31, 2017
Excluded from the tables above at March 31, 2018 and December 31, 2017, respectively, are approximately $1,087 million and $948 million of Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not readily available. The fair value measurements of these Level 3 investments comprise approximately 47.3% and 44.0% of total assets classified as Level 3 and represent only 0.6% and 0.5% of total assets measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017, respectively. These investments primarily consist of certain privately placed debt securities with limited trading activity, including residential mortgage- and asset-backed instruments, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in the Company’s reporting significantly higher or lower fair value measurements for these Level 3 investments. Included in the tables above at March 31, 2018 and December 31, 2017, respectively, are approximately $840 million and $842 million fair value of loans classified as Level 3. The fair value of private placement securities is determined by application of a matrix pricing model or a market comparable company value technique, representing approximately 67.0% and 73.2% of the total fair value of Level 3 securities in the corporate fixed maturities asset class. The significant unobservable input to the matrix pricing model valuation technique is the spread over the industry-specific benchmark yield curve. Generally, an increase or decrease in spreads would lead to directionally inverse movement in the fair value measurements of these securities. The significant unobservable input to the market comparable company valuation technique is the discount rate. Generally, a significant increase (decrease) in the discount rate would result in significantly lower (higher) fair value measurements of these securities. Residential mortgage-backed securities classified as Level 3 primarily consist of non-agency paper with low trading activity. Included in the tables above at March 31, 2018 and December 31, 2017, there were no Level 3 securities that were determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Generally, a change in spreads would lead to directionally inverse movement in the fair value measurements of these securities. Asset-backed securities classified as Level 3 primarily consist of non-agency mortgage loan trust certificates, including subprime and Alt-A paper, credit tenant loans, and equipment financings. Included in the tables above at March 31, 2018 and December 31, 2017, there were no securities that were determined by the application of matrix-pricing for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Significant increases (decreases) in spreads would result in significantly lower (higher) fair value measurements. Included in other equity investments classified as Level 3 are reporting entities’ venture capital securities in the Technology, Media and Telecommunications industries. The fair value measurements of these securities include significant unobservable inputs including an enterprise value to revenue multiples and a discount rate to account for liquidity and various risk factors. Significant increases (decreases) in the enterprise value to revenue multiple inputs in isolation would result in a significantly higher (lower) fair value measurement. Significant increases (decreases) in the discount rate would result in a significantly lower (higher) fair value measurement. Separate Account assets classified as Level 3 in the table at March 31, 2018 and December 31, 2017, primarily consist of a private real estate fund with a fair value of approximately $332 million and $326 million and mortgage loans with fair value of approximately $1 million and $1 million, respectively. A third party appraisal valuation technique is used to measure the fair value of the private real estate investment fund, including consideration of observable replacement cost and sales comparisons for the underlying commercial properties, as well as the results from applying a discounted cash flow approach. Significant increase (decrease) in isolation in the capitalization rate and exit capitalization rate assumptions used in the discounted cash flow approach to the appraisal value would result in a higher (lower) measure of fair value. With respect to the fair value measurement of mortgage loans a discounted cash flow approach is applied, a significant increase (decrease) in the assumed spread over U.S. Treasury securities would produce a lower (higher) fair value measurement. Changes in the discount rate or factor used in the valuation techniques to determine the fair values of these private equity investments and mortgage loans generally are not correlated to changes in the other significant unobservable inputs. Significant increase (decrease) in isolation in the discount rate or factor would result in significantly lower (higher) fair value measurements. The remaining Separate Account investments classified as Level 3 excluded from the table consist of mortgage- and asset-backed securities with fair values of approximately $15 million and $9 million at March 31, 2018 and $14 million and $8 million at December 31, 2017, respectively. These fair value measurements are determined using substantially the same valuation techniques as earlier described above for the Company’s General Account investments in these securities. Significant unobservable inputs with respect to the fair value measurement of the Level 3 GMIB reinsurance contract asset and the Level 3 liabilities identified in the table above are developed using the Company data. Validations of unobservable inputs are performed to the extent the Company has experience. When an input is changed the model is updated and the results of each step of the model are analyzed for reasonableness. The significant unobservable inputs used in the fair value measurement of the Company’s GMIB reinsurance contract asset are lapse rates, withdrawal rates and GMIB utilization rates. Significant increases in GMIB utilization rates or decreases in lapse or withdrawal rates in isolation would tend to increase the GMIB reinsurance contract asset. Fair value measurement of the GMIB reinsurance contract asset and liabilities includes dynamic lapse and GMIB utilization assumptions whereby projected contractual lapses and GMIB utilization reflect the projected net amount of risks of the contract. As the net amount of risk of a contract increases, the assumed lapse rate decreases and the GMIB utilization increases. Increases in volatility would increase the asset and liabilities. The significant unobservable inputs used in the fair value measurement of the Company’s GMIBNLG liability are lapse rates, withdrawal rates, GMIB utilization rates, adjustment for Non-performance risk and NLG forfeiture rates. NLG forfeiture rates are caused by excess withdrawals above the annual GMIB accrual rate that cause the NLG to expire. Significant decreases in lapse rates, NLG forfeiture rates, adjustment for non-performance risk and GMIB utilization rates would tend to increase the GMIBNLG liability, while decreases in withdrawal rates and volatility rates would tend to decrease the GMIBNLG liability. The significant unobservable inputs used in the fair value measurement of the Company’s GMWB and GWBL liability are lapse rates and withdrawal rates. Significant increases in withdrawal rates or decreases in lapse rates in isolation would tend to increase these liabilities. Increases in volatility would increase these liabilities. During 2017, AB made the final contingent consideration payment relating to its 2014 acquisition and recorded a change in estimate and wrote off the remaining contingent consideration payable relating to its 2010 acquisition. As of March 31, 2018 and December 31, 2017, one acquisition-related contingent consideration liability of $11 million remains relating to AB’s 2016 acquisition, which was valued using a revenue growth rate of 31.0% and a discount rate ranging from 1.4% to 2.3%. The MLOA contingent payment arrangements associated with the Renewal Rights Agreement (with a fair value of $3 million as of March 31, 2018 is measured using projected premiums from these policies, net of potential surrenders and terminations, and applying a risk-adjusted discount factor (7% at March 31, 2018) to the resulting cash flows. The carrying values and fair values at March 31, 2018 and December 31, 2017 for financial instruments not otherwise disclosed in Note 3 are presented in the table below. Certain financial instruments are exempt from the requirements for fair value disclosure, such as insurance liabilities other than financial guarantees and investment contracts, limited partnerships accounted for under the equity method and pension and other postretirement obligations.
Fair values for commercial and agricultural mortgage loans on real estate are measured by discounting future contractual cash flows to be received on the mortgage loan using interest rates at which loans with similar characteristics and credit quality would be made. The discount rate is derived from taking the appropriate U.S. Treasury rate with a like term to the remaining term of the loan and adding a spread reflective of the risk premium associated with the specific loan. Fair values for mortgage loans anticipated to be foreclosed and problem mortgage loans are limited to the fair value of the underlying collateral, if lower. Fair values for the Company’s long-term debt related to real estate joint ventures are determined by a third party appraisal and assessed for reasonableness. The Company’s short-term debt primarily includes commercial paper with short term maturities and book value approximates fair value. The fair values of the Company’s borrowing and lending arrangements with AXA affiliated entities are determined in the same manner as for such transactions with third parties, including matrix pricing models for debt securities and discounted cash flow analysis for mortgage loans. The fair value of policy loans is calculated by discounting expected cash flows based upon the U.S. treasury yield curve and historical loan repayment patterns. Fair values for FHLBNY funding agreements are determined from a matrix pricing model and are internally assessed for reasonableness. The matrix pricing model for FHLBNY funding agreements utilizes an independently sourced U.S. Treasury curve which is separately sourced from the Barclays’ suite of curves. The fair values for the Company’s association plans contracts, supplementary contracts not involving life contingencies (“SCNILC”), deferred annuities and certain annuities, which are included in Policyholders’ account balances and liabilities for investment contracts with fund investments in Separate Accounts are estimated using projected cash flows discounted at rates reflecting current market rates. Significant unobservable inputs reflected in the cash flows include lapse rates and withdrawal rates. Incremental adjustments may be made to the fair value to reflect non-performance risk. Certain other products such as Access Accounts and Escrow Shield Plus product reserves are held at book value. |
REVENUE RECOGNITION |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE RECOGNITION | REVENUE RECOGNITION See Note 2, Significant Accounting Policies, Revenue Recognition, for descriptions of revenues presented in the table below and subject to contracts with customers determined to be in-scope of the new guidance. The table below presents the revenues recognized during the three months ended March 31, 2018 and 2017, disaggregated by category:
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EMPLOYEE BENEFIT PLANS |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS AXA Financial and AXA Equitable Life Plans AXA Equitable Life sponsors the AXA Equitable 401(k) Plan, a qualified defined contribution plan for eligible employees and financial professionals. The plan provides for both a company contribution and a discretionary profit-sharing contribution. Expenses associated with this 401(k) Plan were $9 million and $7 million in the three months ended March 31, 2018 and 2017, respectively. AXA Financial sponsors the MONY Life Retirement Income Security Plan for Employees and AXA Equitable Life sponsors the AXA Equitable Retirement Plan (the “AXA Equitable Life QP”), both of which are frozen qualified defined benefit plans covering eligible employees and financial professionals. These pension plans are non-contributory and their benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period in the plans. AXA Financial and AXA Equitable Life also sponsor certain nonqualified defined benefit plans. On March 13, 2018, the Company signed a binding agreement with a third party insurer to purchase two single premium, non-participating group annuity contracts with the intent of settling certain retiree liabilities under the MONY Life Retirement Income Security Plan for Employees and the AXA Equitable QP. Payment of the preliminary contribution amounts for the group annuity contracts was funded from plan assets on March 20, 2018, securing the third party insurer’s irrevocable assumption of certain benefits obligations and commitment to issue the group annuity contracts. The annuity purchase transaction and consequent transfer of approximately $254 million of the plans’ obligations to retirees or 10% of the aggregate pension benefit obligations resulted in a partial settlement of the plans. Following remeasurement of the plans’ assets and obligations on March 20, 2018, as required in the event of an accounting settlement, the Company recognized a pre-tax settlement loss of approximately $100 million, largely attributable to recognition of a pro-rata portion of the plans’ unamortized net actuarial losses accumulated in other comprehensive income. AB AB maintains the Profit Sharing Plan for Employees of AB, a tax-qualified retirement plan for U.S. employees. Employer contributions under this plan are discretionary and generally are limited to the amount deductible for Federal income tax purposes. AB also maintains a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AB in the United States prior to October 2, 2000 (the “AB Plan”). Benefits under the AB Plan are based on years of credited service and average final base salary. Service and compensation after December 31, 2008 are not taken into account in determining participants’ retirement benefits. In the three months ended March 31, 2018, a $5 million cash contribution was made by AB to the AB Plan. Based on the funded status of the AB plan at March 31, 2018, no minimum contribution is required to be made in 2018 under ERISA, as amended by the Pension Act, but management is currently evaluating if it will make contributions for the remainder of 2018. Funding Policy The Company’s funding policy for its qualified pension plans is to satisfy its funding obligations each year in an amount not less than the minimum required by the ERISA, as amended by the Pension Act, and not greater than the maximum it can deduct for Federal income tax purposes. Components of certain benefit costs for the Company were as follows:
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SHARE-BASED COMPENSATION PROGRAMS |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION PROGRAMS | SHARE-BASED COMPENSATION PROGRAMS AXA and the Company sponsor various share-based compensation plans for eligible employees, financial professionals and non-officer directors of Holdings and its subsidiaries. AB also sponsors its own equity compensation plan for certain of its employees. Compensation costs for the three months ended March 31, 2018 and 2017 for share-based payment arrangements as further described herein are as follows:
Performance Shares Settlement of second tranche of the 2014 Grant in 2018. On March 26, 2018, share distributions totaling approximately $21 million were made to active and former employees of in settlement of 0.8 million Performance Shares earned under the terms of the AXA Performance Share Plan 2014. On April 6, 2018, cash distributions of approximately $6 million were made to active and former financial professionals in settlement of 0.2 million Performance Units earned under the terms of the AXA Advisor Performance Unit Plan 2014. AB Long-term Incentive Compensation Plans. During the three months ended March 31, 2018 and 2017, respectively, AB purchased 0.1 million and 1.3 million units representing assignments of beneficial ownership of limited partnership interests in AB Holding (“AB Holding Units”) for $2 million and $31 million, respectively (on a trade date basis). There were no open-market purchases during the three months ended March 31, 2018. The three months ended March 31, 2017 amount reflects open-market purchases of 1.2 million AB Holding Units for $28 million, with the remainder relating to purchases of AB Holding Units from employees to allow them to fulfill statutory tax withholding requirements at the time of distribution of long-term incentive compensation awards. During the three months ended March 31, 2018 and 2017, AB granted to employees and eligible Directors 1.1 million and 1.1 million restricted Holding awards, respectively. In the three months ended March 31, 2018 and 2017, AB used AB Holding Units repurchased during the period and newly issued AB Holding Units to fund the restricted AB Holding Unit awards. During the three months ended March 31, 2018 and 2017, AB Holding issued 0.2 million and 0.3 million, respectively, upon exercise of options to buy AB Holding Units. AB Holding used the proceeds of $4 million and $5 million, respectively, received from employees as payment in cash for the exercise price to purchase the equivalent number of newly-issued AB Units. |
INCOME TAXES |
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Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income tax expense for the three months ended March 31, 2018 and 2017 was computed using an estimated annual effective tax rate (“ETR”). The estimated ETR is revised, as necessary, at the end of successive interim reporting periods. The Company adopted revised goodwill impairment guidance in the first quarter of 2017. Income tax expense for the three months ended March 31, 2017 includes an expense of $129 million related to the impairment of non-deductible goodwill. |
RELATED PARTY TRANSACTIONS |
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Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company participates in certain cost sharing and service agreements with AXA and other non-consolidated affiliates, including technology, professional development and investment management agreements. The costs related to the cost sharing and service agreements are allocated based on methods that management believes are reasonable, including a review of the nature of such costs and the activities performed to support each company. There have been no material changes in these service agreements from those disclosed in the 2017 annual financial statements. In October 2012, AXA Financial issued a note denominated in Euros in the amount of €300 million or $391 million to AXA Belgium S.A. (“AXA Belgium”). This note had an interest rate of Europe Interbank Offered Rate (“EURIBOR”) plus 1.15% and a maturity date of October 23, 2017. Concurrently, AXA Financial entered into a swap with AXA covering the exchange rate on both the interest and principal payments related to this note. The interest rate on the swap was 6-month LIBOR plus 1.475%. In October 2017, the note was extended to March 30, 2018. The extended note has a floating interest rate of 1-month EURIBOR plus 0.06% with a minimum rate of 0%. Concurrently, AXA Financial entered into a swap with AXA covering the exchange rate on both the interest and principal payments related to the extended note until March 30, 2018. Both the loan and the swap were repaid on March 29, 2018. In 2017, Holdings repaid a $56 million 1.39% loan from AXA America Corporate Solutions, Inc. (“AXA CS”) originally made in 2015. In 2017, Holdings received a $100 million and $10 million loan from AXA CS. The loans had interest rates of 1.86% and 1.76%, respectively, and were repaid on their maturity date of February 5, 2018. Holdings formerly held 78.99% of the shares of AXA CS, which holds certain AXA U.S. P&C business. AXA CS and its subsidiaries have been excluded from the historical Consolidated Financial Statements since they were operated independently from the other Holdings subsidiaries. In March 2018, the legal transfer of the AXA CS shares to AXA was executed for $630 million, and is presented as an increase to Total equity attributable to Holdings. To anticipate this transfer, in the fourth quarter of 2017, AXA made a short-term loan of $622 million, 3-month LIBOR plus 0.439% margin to Holdings (the “$622 Million Loan”). Holdings’ repayment obligation to AXA in respect of this loan was set off against AXA’s payment obligation to Holdings with respect to the transfer of AXA CS shares, and AXA paid Holdings the $8 million balance in cash. In September 2007, AXA received a $700 million 5.40% Senior Unsecured Note from AXA Equitable. The note pays interest semi-annually and was scheduled to mature on September 30, 2012. In March 2011, the maturity date of the note was extended to December 30, 2020 and the interest rate was increased to 5.70%. In January 2018, AXA pre-paid $50 million of the $700 million note. In December 2008, AXA received a $500 million term loan from AXA Financial. In December 2014, AXA repaid $300 million on this term loan to AXA Financial plus accrued interest. This term loan has an interest rate of 5.40% payable semi-annually with a maturity date of December 15, 2020. In January 2018, AXA pre-paid $150 million of the $500 million term loan. In December 2013, Colisée Re issued a $145 million 4.75% Senior Unsecured Note to Holdings. The loan was scheduled to mature on December 19, 2028. This loan was repaid on March 26, 2018. In March 2018, AXA Equitable Life sold its interest in two consolidated real estate joint ventures to AXA France for a total purchase price of approximately $143 million, which resulted in a pre-tax loss of $0.2 million and the reduction of $203 million of long-term debt on the Company’s balance sheet for the first quarter of 2018. In March 2018, AXA contributed the 0.5% noncontrolling interest in AXA Financial to Holdings, reflected as a $66 million capital contribution, resulting in AXA Financial being 100% owned by Holdings. |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) AOCI represents cumulative gains (losses) on items that are not reflected in Net income (loss). The balances as of March 31, 2018 and 2017 follow:
The components of OCI, net of taxes for the three months ended March 31, 2018 and 2017 follow:
Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and OTTI of AFS securities and are included in Total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to net income (loss) as related to defined benefit plans primarily consist of amortizations of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in Compensation and benefit expenses in the consolidated statements of income (loss). Amounts presented in the table above are net of tax. |
COMMITMENT AND CONTINGENT LIABILITIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENT AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Litigation Litigation, regulatory and other loss contingencies arise in the ordinary course of the Company’s activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek or they may be required only to state an amount sufficient to meet a court’s jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including, among other things, insurers’ sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration, product design, features and accompanying disclosure, cost of insurance increases, the use of captive reinsurers, payments of death benefits and the reporting and escheatment of unclaimed property, alleged breach of fiduciary duties, alleged mismanagement of client funds and other matters. As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters. The outcome of a litigation or regulatory matter is difficult to predict and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company’s financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company’s litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company’s results of operations or cash flows in a particular quarterly or annual period. For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of March 31, 2018, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $90 million. For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company’s accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews. In July 2011, a derivative action was filed in the United States District Court for the District of New Jersey entitled Mary Ann Sivolella v. AXA Equitable Life Insurance Company and AXA Equitable Funds Management Group, LLC (“Sivolella Litigation”) and a substantially similar action was filed in January 2013 entitled Sanford et al. v. AXA Equitable FMG (“Sanford Litigation”). These lawsuits were filed on behalf of a total of twelve mutual funds and, among other things, seek recovery under (i) Section 36(b) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), for alleged excessive fees paid to AXA Equitable Life and AXA Equitable FMG for investment management services and administrative services and (ii) a variety of other theories including unjust enrichment. The Sivolella Litigation and the Sanford Litigation were consolidated and a 25-day trial commenced in January 2016 and concluded in February 2016. In August 2016, the District Court issued its decision in favor of AXA Equitable Life and AXA Equitable FMG, finding that the plaintiffs had failed to meet their burden to demonstrate that AXA Equitable Life and AXA Equitable FMG breached their fiduciary duty in violation of Section 36(b) of the Investment Company Act or show any actual damages. In September 2016, the plaintiffs filed a motion to amend the District Court’s trial opinion and to amend or make new findings of fact and/or conclusions of law. In December 2016, the District Court issued an order denying the motion to amend and plaintiffs filed a notice to appeal the District Court’s decision to the U.S. Court of Appeals for the Third Circuit. We are vigorously defending this matter. In April 2014, a lawsuit was filed in the United States District Court for the Southern District of New York, now entitled Ross v. AXA Equitable Life Insurance Company. The lawsuit is a putative class action on behalf of all persons and entities that, between 2011 and March 11, 2014, directly or indirectly, purchased, renewed or paid premiums on life insurance policies issued by AXA Equitable Life (the “Policies”). The complaint alleges that AXA Equitable Life did not disclose in its New York statutory annual statements or elsewhere that the collateral for certain reinsurance transactions with affiliated reinsurance companies was supported by parental guarantees, an omission that allegedly caused AXA Equitable Life to misrepresent its “financial condition” and “legal reserve system.” The lawsuit seeks recovery under Section 4226 of the New York Insurance Law of all premiums paid by the class for the Policies during the relevant period. In July 2015, the Court granted AXA Equitable Life’s motion to dismiss for lack of subject matter jurisdiction. In April 2015, a second action in the United States District Court for the Southern District of New York was filed on behalf of a putative class of variable annuity holders with “Guaranteed Benefits Insurance Riders,” entitled Calvin W. Yarbrough, on behalf of himself and all others similarly situated v. AXA Equitable Life Insurance Company. The new action covers the same class period, makes substantially the same allegations, and seeks the same relief as the Ross action. In October 2015, the Court, on its own, dismissed the Yarbrough litigation on similar grounds as the Ross litigation. In December 2015, the Second Circuit denied the plaintiffs motion to consolidate their appeals but ordered that the appeals be heard together before a single panel of judges. In February 2017, the Second Circuit affirmed the decisions of the district court in favor of AXA Equitable Life, and that decision is now final because the plaintiffs failed to file a further appeal. In November 2014, a lawsuit was filed in the Superior Court of New Jersey, Camden County entitled Arlene Shuster, on behalf of herself and all others similarly situated v. AXA Equitable Life Insurance Company. This lawsuit is a putative class action on behalf of all AXA Equitable Life variable life insurance policyholders who allocated funds from their policy accounts to investments in AXA Equitable Life’s Separate Accounts, which were subsequently subjected to the volatility management strategy and who suffered injury as a result thereof. The action asserts that AXA Equitable Life breached its variable life insurance contracts by implementing the volatility management strategy. In February 2016, the Court dismissed the complaint. In March 2016, the plaintiff filed a notice of appeal. In April 2018, the Superior Court of New Jersey Appellate Division affirmed the trial court’s decision. In August 2015, another lawsuit was filed in Connecticut Superior Court, Judicial Division of New Haven entitled Richard T. O’Donnell, on behalf of himself and all others similarly situated v. AXA Equitable Life Insurance Company. This lawsuit is a putative class action on behalf of all persons who purchased variable annuities from AXA Equitable Life, which were subsequently subjected to the volatility management strategy and who suffered injury as a result thereof. Plaintiff asserts a claim for breach of contract alleging that AXA Equitable Life implemented the volatility management strategy in violation of applicable law. In November 2015, the Connecticut Federal District Court transferred this action to the United States District Court for the Southern District of New York. In March 2017, the Southern District of New York granted AXA Equitable Life’s motion to dismiss the complaint. In April 2017, the plaintiff filed a notice of appeal. In April 2018, the United States Court of Appeals for the Second Circuit reversed the trial court’s decision with instructions to remand the case to Connecticut state court. We are vigorously defending these matters. In February 2016, a lawsuit was filed in the United States District Court for the Southern District of New York entitled Brach Family Foundation, Inc. v. AXA Equitable Life Insurance Company. This lawsuit is a putative class action brought on behalf of all owners of universal life UL policies subject to AXA Equitable Life’s COI increase. In early 2016, AXA Equitable Life raised COI rates for certain UL policies issued between 2004 and 2007, which had both issue ages 70 and above and a current face value amount of $1 million and above. In March 2018, plaintiff amended its complaint to add two new plaintiffs, including the individual Malcolm Currie. The current complaint alleges the following claims: breach of contract; misrepresentations by AXA in violation of Section 4226 of the New York Insurance Law; violations of New York General Business Law Section 349; violations of the California Unfair Competition Law, and the California Elder Abuse Statute. Plaintiffs seek (a) compensatory damages, costs, and, pre- and post-judgment interest, (b) with respect to their claim concerning Section 4226, a penalty in the amount of premiums paid by the plaintiffs and the putative class, and (c) injunctive relief and attorneys’ fees in connection with their statutory claims. Seven individual actions challenging the COI increase are also pending against AXA Equitable Life in federal or state courts. They contain similar allegations as those in Brach as well as additional allegations for violations of various states’ consumer protection statutes and common law fraud. Pursuant to an October 2017 order, the putative class action and the four individual federal actions are consolidated for the purposes of coordinating pre-trial activities. We are in various stages of motion practice, and are vigorously defending each of these matters. Restructuring The restructuring costs and liabilities associated with the Company’s initiatives were as follows:
Obligation under funding agreements As a member of the FHLBNY, AXA Equitable Life has access to collateralized borrowings. It also may issue funding agreements to the FHLBNY. Both the collateralized borrowings and funding agreements would require AXA Equitable Life to pledge qualified mortgage-backed assets and/or government securities as collateral. AXA Equitable Life issues short-term funding agreements to the FHLBNY and uses the funds for asset liability and cash management purposes. AXA Equitable Life issues long-term funding agreements to the FHLBNY and uses the funds for spread lending purposes. For other instruments used for asset liability management purposes see “Derivative and offsetting assets and liabilities” included in Note 3. Funding agreements are reported in Policyholders’ account balances in the consolidated balance sheets.
Letters of Credit Holdings had $4,489 million of undrawn letters of credit issued in favor of third party beneficiaries, including $4,260 million at AXA Arizona RE relating to reinsurance assumed from AXA Equitable Life, USFL and MLOA at March 31, 2018. Credit Facilities and Notes All existing credit facilities at December 31, 2017 with AXA or guaranteed by AXA have been terminated prior to the IPO settlement. In February 2018, Holdings entered into the following credit facilities: (i) a $3.9 billion two-year senior unsecured delayed draw term loan agreement; (ii) a $500 million three-year senior unsecured delayed draw term loan agreement; and (iii) a $2.5 billion five-year senior unsecured revolving credit facility with a syndicate of banks. In addition to the credit facilities, Holdings entered into letter of credit facilities with an aggregate principal amount of approximately $1.9 billion, primarily to be used to support our life insurance business reinsured to EQ AZ Life Re following the unwind of the reinsurance provided to AXA Equitable Life by AXA RE Arizona for certain variable annuities with GMxB features (the “GMxB Unwind”). As of March 31, 2018, there were no outstanding balances on these credit facilities. Other Commitments The Company had $812 million (including $262 million with affiliates) and $712 million of commitments under equity financing arrangements to certain limited partnership and existing mortgage loan agreements, respectively, at March 31, 2018. |
BUSINESS SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION The Company has four reportable segments: Individual Retirement, Group Retirement, Investment Management and Research and Protection Solutions. The Company changed its segment presentation in the fourth quarter 2017. The segment disclosures are based on the intention to provide the users of the financial statements with a view of the business from the Company’s perspective. As a result, the Company determined that it is more useful for a user of the financial statements to assess the historical performance on the basis which management currently evaluates the business. The reportable segments are based on the nature of the business activities, as they exist as of the initial filing date. These segments reflect the manner by which the Company’s chief operating decision maker views and manages the business. A brief description of these segments follows:
Measurement Operating earnings (loss) is the financial measure which primarily focuses on the Company’s segments’ results of operations as well as the underlying profitability of the Company’s core business. By excluding items that can be distortive and unpredictable such as investment gains (losses) and investment income (loss) from derivative instruments, the Company believes operating earnings (loss) by segment enhances the understanding of the Company’s underlying drivers of profitability and trends in the Company’s segments. In the first quarter of 2018, the Company revised its Operating earnings definition as it relates to the treatment of certain elements of the profitability of its variable annuity products with indexed-linked features to align to the treatment of its variable annuity products with GMxB features. In addition, adjustments for variable annuity products with index-linked features previously included within Other adjustments in the calculation of Non-GAAP Operating Earnings are now included with the adjustments for variable annuity products with GMxB features in the broader adjustment category, Variable annuity product features. In order to improve the consistency and comparability of the financial statements, management revised the Notes to the Consolidated Financial Statements for the six months ended June 30, 2017, nine months ended September 30, 2017 and the year ended December 31, 2017 to include the revisions discussed herein. See Note 17 to the Notes to Consolidated Financial Statements for details of the revisions. Operating earnings is calculated by adjusting each segment’s Net income (loss) attributable to Holdings for the following items:
Revenues derived from any customer did not exceed 10% of revenues for the three months ended March 31, 2018 and 2017. The table below presents operating earnings (loss) by segment and Corporate and Other and a reconciliation to Net income (loss) attributable to Holdings for the three months ended March 31, 2018 and 2017, respectively:
Segment revenues are a measure of the Company’s revenue by segment as adjusted to exclude certain items. The following table reconciles segment revenues to Total revenues by excluding the following items:
The table below presents segment revenues for the three months ended March 31, 2018 and 2017:
The table below presents Total assets by segment as of March 31, 2018 and December 31, 2017:
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to Holdings common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing the net income (loss) attributable to Holdings common shareholders adjusted for the incremental dilution from AB by the weighted-average number of common shares used in the basic EPS calculation. The following table presents the weighted average shares used in calculating basic and diluted earnings per common share:
The following table presents the reconciliation of the numerator for the basic and diluted net income per share calculations:
The following table presents both basic and diluted income (loss) per share for each period presented:
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REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS During the first quarter of 2018, management identified an error in its previously issued financial statements related to a misclassification between interest credited and net derivative gains/losses. The impact of this error to the consolidated financial statements for the six months ended June 30, 2017, nine months ended September 30, 2017 and the years ended December 31, 2017 and 2016 was not considered to be material. In order to improve the consistency and comparability of the financial statements, management revised the consolidated statements of income (loss) and statements of cash flows to include the revisions discussed herein. The following tables present line items for prior period financial statements that have been affected by the revisions. For these items, the tables detail the amounts as previously reported, the impact upon those line items due to the revisions, and the amounts as currently revised within the financial statements. Effects of the revision to the Company’s previously reported Consolidated Statements of Income (Loss) and Cash Flows for the six months ended June 30, 2017
Effects of the revision to the Company’s previously reported Consolidated Statements of Income (Loss) and Cash Flows for the nine months ended September 30, 2017
Effects of the revision to the Company’s previously reported Consolidated Statements of Income (Loss), and Cash Flows for the year ended December 31, 2017
Effects of the revision to the Company’s previously reported Consolidated Statements of Income (Loss), and Cash Flows for the year ended December 31, 2016
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SUBSEQUENT EVENTS |
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Subsequent Events [Abstract] | |||||||||||||
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In April 2018, Holdings entered into letter agreements with the lenders under each of its credit facilities and letter of credit facilities, and AXA Equitable Life entered into waiver letter agreements with certain of its derivative counterparties, waiving defaults caused by the restatement of certain financial statements. Holdings and AXA Equitable Life each restated their annual financial statements for the year ended December 31, 2016 and Holdings restated its interim financial statements for the nine months ended September 30, 2017 and the six months ended June 30, 2017. All required waivers were received and we do not consider this to have a material impact on our business, results of operations or financial condition. In April 2018, Colisee Re S.A.’s promise to the Delaware Department of Insurance to maintain the minimum RBC level for AXA Corporate Solutions Life Reinsurance Company at the company action level was terminated and replaced with a similar guarantee from Holdings. As a result of the completion of the GMxB Unwind on April 12, 2018, we were released from regulatory letter of credit requirements, and accordingly no longer benefit from the $1.5 billion revolving credit facility with AXA. On April 20, 2018, Holdings:
On April 20, 2018, AXA pre-paid the remaining $650 million of a $700 million note and $50 million of a $500 million term loan and related accrued interest from the Company. On April 23, 2018, Holdings used a portion of the net proceeds from the sale of the Notes, together with available cash, to (i) purchase 100% of the shares of AXA IM Holdings US and (ii) purchase the AB Units held by Coliseum Re. The Company’s $185 million loan to AXA IM Holding US was settled as part of the purchase of AXA IM Holding US, which wholly owns AB units. The remaining net proceeds, together with the $300 million of borrowings drawn on May 4th, 2018 under our three-year term loan agreement, was used to fully repay the outstanding commercial paper program of AXA Financial currently guaranteed by AXA. By the time of the IPO, all the credit facilities Holdings and its subsidiaries previously had with AXA or guaranteed by AXA were terminated. On April 24, 2018, a 459.4752645-for-1 stock split of the common stock of Holdings was effected. All applicable share data, per share amounts and related information in the consolidated financial statements and notes thereto have been adjusted retroactively to give effect to the stock split. On April 25, 2018, Holdings adopted the AXA Equitable Holdings, Inc. Short-Term Incentive Compensation Plan (the “STIC Plan”). Although the STIC Plan is not a share-based compensation plan, awards payable under the STIC Plan may be paid in cash or in awards granted under the AXA Equitable Holdings, Inc. 2018 Omnibus Incentive Plan (the “Omnibus Plan”), a share-based compensation plan. The Omnibus Plan was adopted by Holdings on May 8, 2018. On May 2, 2018, AB announced that it will establish its corporate headquarters in, and relocate approximately 1,050 jobs currently located in the New York metro area to, Nashville, TN. AB’s Nashville headquarters will house Finance, IT, Operations, Legal, Compliance, Internal Audit, Human Capital, and Sales and Marketing. AB will begin relocating jobs during 2018 and expects this transition to take several years. AB will continue to maintain a principal location in New York City, which will house its Portfolio Management, Sell-Side Research and Trading, and New York-based Private Wealth Management businesses. On May 4, 2018, Holdings borrowed $300 million under the $500 million three-year senior unsecured delayed draw term loan agreement. On May 9, 2018, Holdings amended and restated its Certificate of Incorporation under which the Board of Directors have the authority, without further action by stockholders, to issue up to 200,000,000 shares of preferred stock, par value $1.00 per share, in one or more series. On May 14, 2018, Holdings completed an initial public offering in which AXA sold 157,837,500 shares of Holdings’ common stock to the public. Following the initial public offering, AXA owned 423,750,000 shares of Holdings’ common stock. As of June 12th, there are no longer any amounts outstanding under AXA Financial’s commercial paper program and AXA will no longer provide any related guarantees. |
SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. |
Adoption of New Accounting Pronouncements and Future Adoption of New Accounting Pronouncements | Adoption of New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance that revises the recognition criteria for revenue arising from contracts with customers to provide goods or services, except when those revenue streams are from insurance and investment contracts, leases, rights and obligations that are in the scope of certain financial instruments (i.e., derivative contracts) and guarantees other than product or service warranties, for which existing revenue recognition requirements are not superseded by this guidance. On January 1, 2018, the Company adopted the new revenue recognition guidance on a modified retrospective basis and is providing in its first quarter 2018 reporting the additional disclosures required by the new standard. Adoption of this new guidance did not change the amounts or timing of the Company’s revenue recognition for base investment management and advisory fees, distribution revenues, shareholder servicing revenues, and broker-dealer revenues. However, some performance-based fees and carried-interest distributions that prior to adoption were recognized when no risk of reversal remained, in certain instances under the new standard may be recognized earlier if it is probable that significant reversal will not occur. As a result, on January 1, 2018, the Company recognized a cumulative effect adjustment, net of tax, to increase opening equity attributable to Holdings and the noncontrolling interest by approximately $13 million and $19 million, respectively, reflecting the impact of carried-interest distributions previously received by AB of approximately $78 million, net of revenue sharing payments to investment team members of approximately $43 million, for which it is probable that significant reversal will not occur and for which incremental tax is provided at Holdings. In January 2016, the FASB issued new guidance related to the recognition and measurement of financial assets and financial liabilities. The new guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option, and presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale (“AFS”) debt securities. The new guidance requires equity investments in unconsolidated entities, except those accounted for under the equity method, to be measured at fair value through earnings, thereby eliminating the AFS classification for equity securities with readily determinable fair values for which changes in fair value currently are reported in Accumulated Other Comprehensive Income (Loss) (“AOCI”). On January 1, 2018, the Company adopted the new recognition requirements on a modified retrospective basis for changes in the fair value of AFS equity securities, resulting in no material reclassification adjustment from AOCI to opening retained earnings for the net unrealized gains, net of tax, related to approximately $46 million common stock securities and eliminated their designation as AFS equity securities. The new guidance does not apply to FHLB common stock and prohibits such investments from being classified as equity securities subject to the new guidance. Accordingly, the Company has classified its investment in the FHLB common stock as other invested assets at March 31, 2018. The Company’s investment assets held in the form of equity interests in unconsolidated entities, such as limited partnerships and limited liability companies, including hedge funds, private equity funds, and real estate-related funds, generally are accounted for under the equity method and were not impacted by this new guidance. The Company does not currently report any of its financial liabilities under the fair value option. In March 2017, the FASB issued new guidance on the presentation of net periodic pension and post-retirement benefit costs that requires retrospective disaggregation of the service cost component from the other components of net benefit costs on the income statement. The service cost component is required to be presented with other employee compensation costs in “income from operations,” and the remaining components are to be reported separately outside of income from operations. While this standard did not change how net periodic pension and post-retirement benefit costs are measured, it limits the amount eligible for capitalization on a prospective basis to the service cost component. On January 1, 2018, the Company adopted the change in the income statement presentation utilizing the practical expedient for determining the historical components of net benefit costs, resulting in no material impact to the consolidated financial statements. In addition, no changes to the Company’s capitalization policies with respect to benefit costs resulted from the adoption of the new guidance. In May 2017, the FASB issued guidance on share-based payments. The amendment provides clarity intended to reduce diversity in practice and the cost and complexity of accounting for changes to the terms or conditions of share-based payment awards. The new guidance is effective for interim and annual periods beginning after December 15, 2017 and requires prospective application to awards modified on or after the date of adoption. Adoption of this amendment on January 1, 2018 did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued new guidance to simplify elements of cash flow classification. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance is effective for interim and annual periods beginning after December 15, 2017 and requires application of a retrospective transition method. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Future Adoption of New Accounting Pronouncements In February 2018, the FASB issued new guidance that will permit, but not require, entities to reclassify to retained earnings tax effects “stranded” in AOCI resulting from the change in federal tax rate enacted by the Tax Cuts and Jobs Act (the “Tax Reform Act”) on December 22, 2017. An entity that elects this option must reclassify these stranded tax effects for all items in AOCI, including, but not limited to, AFS securities and employee benefits. Tax effects stranded in AOCI for other reasons, such as prior changes in tax law, may not be reclassified. While the new guidance provides entities the option to reclassify these amounts, new disclosures are required regardless of whether entities elect to do so. The new guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. Election can be made either to apply the new guidance retrospectively to each period in which the effect of the Tax Reform Act is recognized or in the period of adoption. Management currently is evaluating the options provided for adopting this guidance and the potential impacts on the Company’s consolidated financial statements. In August 2017, the FASB issued new guidance on accounting for hedging activities, intended to more closely align the financial statement reporting of hedging relationships to the economic results of an entity’s risk management activities. In addition, the new guidance makes certain targeted modifications to simplify the application of current hedge accounting guidance. The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with early application permitted. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption (that is, the initial application date). All transition requirements and elections should be applied to derivatives positions and hedging relationships existing on the date of adoption. Management currently is evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In March 2017, the FASB issued guidance that requires certain premiums on callable debt securities to be amortized to the earliest call date and is intended to better align interest income recognition with the manner in which market participants price these instruments. The new guidance is effective for interim and annual periods beginning after December 15, 2018 with early adoption permitted and is to be applied on a modified retrospective basis. Management currently is evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In June 2016, the FASB issued new guidance related to the accounting for credit losses on financial instruments. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new guidance is effective for interim and annual periods beginning after December 15, 2019 with early adoption permitted for annual periods beginning after December 15, 2018. Management currently is evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In February 2016, the FASB issued revised guidance to lease accounting that will require lessees to recognize on the balance sheet a “right-of-use” asset and a lease liability for virtually all lease arrangements, including those embedded in other contracts. The new lease accounting model will continue to distinguish between capital and operating leases. The current straight-line pattern for the recognition of rent expense on an operating lease is expected to remain substantially unchanged by the new guidance but instead will be comprised of amortization of the right-of-use asset and interest cost on the related lease obligation, thereby resulting in an income statement presentation similar to a financing arrangement or capital lease. Lessor accounting will remain substantially unchanged from the current model but has been updated to align with certain changes made to the lessee model. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The transition provisions require application on a modified retrospective approach at the beginning of the earliest comparative period presented in the financial statements (that is, January 1, 2017). Extensive quantitative and qualitative disclosures, including significant judgments made by management, will be required to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing lease contracts and arrangements. Management currently is evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. |
Revenue Recognition | Revenue Recognition Investment Management and Service Fees and Related Expenses Reported as Investment management and service fees in the Company’s consolidated statements of income (loss) are investment advisory and service fees, distribution revenues, and institutional research services revenues principally emerging from the Investment Management and Research segment. Also included are investment management and administrative service fees earned by AXA Equitable Funds Management Group, LLC (“AXA Equitable FMG”) and reported in the Retirement and Protection segments as well as certain asset-based fees associated with insurance contracts. Investment management, advisory, and service fees AB provides asset management services by managing customer assets and seeking to deliver returns to investors. Similarly, AXA Equitable FMG provides investment management and administrative services, such as fund accounting and compliance services, to AXA Premier VIP Trust (“VIP Trust”), EQ Advisors Trust (“EQAT”) and 1290 Funds as well as two private investment trusts established in the Cayman Islands, AXA Allocation Funds Trust and AXA Offshore Multimanager Funds Trust (collectively, the “Other AXA Trusts”). The contracts supporting these revenue streams create a distinct, separately identifiable performance obligation for each day the assets are managed for the performance of a series of services that are substantially the same and have the same pattern of transfer to the customer. Accordingly, these investment management, advisory, and administrative service base fees are recorded over time as services are performed and entitle the Company to variable consideration. Base fees, generally calculated as a percentage of assets under management (“AUM”), are recognized as revenue at month-end when the transaction price no longer is variable and the value of the consideration is determined. These fees are not subject to claw back and there is minimal probability that a significant reversal of the revenue recorded will occur. Certain investment advisory contracts of AB, including those associated with hedge funds or other alternative investments, provide for a performance-based fee (including carried interest), in addition to a base advisory fee, calculated either as a percentage of absolute investment results or a percentage of investment results in excess of a stated benchmark over a specified period of time. These performance-based fees are forms of variable consideration and, therefore, are excluded from the transaction price until it becomes probable there will not be significant reversal of the cumulative revenue recognized. At each reporting date, the Company evaluates constraining factors surrounding the variable consideration to determine the extent to which, if any, revenues associated with the performance-based fee can be recognized. Constraining factors impacting the amount of variable consideration included in the transaction price include contractual claw-back provisions, the length of time of the uncertainty, the number and range of possible amounts, the probability of significant fluctuations in fund’s market value, and the level in which the fund’s value exceeds the contractual threshold required to earn such a fee and the materiality of the amount being evaluated. Prior to adoption of the new revenue recognition guidance on January 1, 2018, the Company recognized performance-based fees at the end of the applicable measurement period when no risk of reversal remained, and carried-interest distributions received as deferred revenues until no risk of reversal remained. Sub-advisory and sub-administrative expenses associated with these services are calculated and recorded as the related services are performed in Other operating costs and expense in the consolidated statements of income (loss) as the Company is acting in a principal capacity in these transactions and, as such, reflects these revenues and expenses on a gross basis. Research services Research services revenue principally consists of brokerage transaction charges received by Sanford C. Bernstein & Co. LLC (“SCB LLC”) and Sanford C. Bernstein Limited (“SCBL”) for providing equity research services to institutional clients. Brokerage commissions for trade execution services and related expenses are recorded on a trade-date basis when the performance obligations are satisfied. Generally, the transaction price is agreed upon at the point of each trade and based upon the number of shares traded or the value of the consideration traded. Research revenues are recognized when the transaction price is quantified, collectability is assured, and significant reversal of such revenue is not probable. Distribution services Revenues from distribution services include fees received as partial reimbursement of expenses incurred in connection with the sale of certain AB sponsored mutual funds and the 1290 Funds and for the distribution primarily of EQAT and VIP Trust shares to separate accounts in connection with the sale of variable life and annuity contracts. The amount and timing of revenues recognized from performance of these distribution services often is dependent upon the contractual arrangements with the customer and the specific product sold as further described below. Most open-end management investment companies, such as U.S. funds and the EQAT and VIP Trusts and the 1290 Funds, have adopted a plan under Rule 12b-1 of the Investment Company Act that allows for certain share classes to pay out of assets, distribution and service fees for the distribution and sale of its shares (“12b-1 Fees”). These open-end management investment companies have such agreements with the Company, and the Company has selling and distribution agreements pursuant to which it pays sales commissions to the financial intermediaries that distribute the shares. These agreements may be terminated by either party upon notice (generally 30 days) and do not obligate the financial intermediary to sell any specific amount of shares. The Company records 12b-1 fees monthly based upon a percentage of the net asset value (“NAV”) of the funds. At month-end, the variable consideration of the transaction price is no longer constrained as the NAV can be calculated and the value of consideration is determined. These services are separate and distinct from other asset management services as the customer can benefit from these services independently of other services. The Company accrues the corresponding 12b-1 fees paid to sub-distributors monthly as the expenses are incurred. The Company is acting in a principal capacity in these transactions; as such, these revenues and expenses are recorded on a gross basis in the consolidated statements of income (loss). AB sponsored mutual funds offer back-end load shares in limited instances and charge the investor a contingent deferred sales charge (“CDSC”) if the investment is redeemed within a certain period. The variable consideration for these contracts is contingent upon the timing of the redemption by the investor and the value of the sales proceeds. Due to these constraining factors, the Company excludes the CDSC fee from the transaction price until the investor redeems the investment. Upon redemption, the cash consideration received for these contractual arrangements is recorded as a reduction of unamortized deferred sales commissions. AB’s Luxembourg subsidiary, the management company for most of its non-U.S. funds, earns a management fee which is accrued daily and paid monthly, at an annual rate, based on the average daily net assets of the fund. With respect to certain share classes, the management fee also may contain a component paid to distributors and other financial intermediaries and service providers to cover shareholder servicing and other administrative expenses (also referred to as an “All-in-Fee”). Based on the conclusion that asset management is distinct from distribution, the Company allocates a portion of the investment and advisory fee to distribution revenues for the servicing component based on standalone selling prices. Other revenues Also reported as Investment management and service fees in the Company’s consolidated statements of income (loss) are other revenues from contracts with customers, primarily consisting of shareholder servicing fees, mutual fund reimbursements, and other brokerage income. Shareholder services, including transfer agency, administration, and record-keeping are provided by AB to company-sponsored mutual funds. The consideration for these services is based on a percentage of the NAV of the fund or a fixed-fee based on the number of shareholder accounts being serviced. The revenues are recorded at month-end when the constraining factors involved with determining NAV or the numbers of shareholders’ accounts are resolved. Other income Revenues from contracts with customers reported as Other income in the Company’s consolidated statements of income (loss) primarily consist of advisory account fees and brokerage commissions from the Company’s subsidiary broker-dealer operations and sales commissions from the Company’s general agent for the distribution of non-affiliate insurers’ life insurance and annuity products. These revenues are recognized at month-end when constraining factors, such as AUM and product mix, are resolved and the transaction pricing no longer is variable such that the value of consideration can be determined. Contract assets and liabilities The Company applies the practical expedient for contracts that have an original duration of one year or less. Accordingly, the Company accrues the incremental costs of obtaining a contract when incurred and does not consider the time value of money. At March 31, 2018, there are no material balances of contract assets and contract liabilities; as such, no further disclosures are necessary. |
Accounting and Consolidation of VIEs | Accounting and Consolidation of VIEs A VIE must be consolidated by its primary beneficiary, which generally is defined as the party that has a controlling financial interest in the VIE. The Company is deemed to have a controlling financial interest in a VIE if it has (i) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive income from the VIE that potentially could be significant to the VIE. For purposes of evaluating (ii) above, fees paid to the Company as a decision maker or service provider are excluded if the fees are compensation for services provided commensurate with the level of effort required to be performed and the arrangement includes only customary terms, conditions or amounts present in arrangements for similar services negotiated at arm’s length. If the Company has a variable interest in an entity that is determined not to be a VIE, the entity then is evaluated for consolidation under the voting interest entity (“VOE”) model. For limited partnerships and similar entities, the Company is deemed to have a controlling financial interest in a VOE, and would be required to consolidate the entity, if the Company owns a majority of the entity’s kick-out rights through voting limited partnership interests and other limited partners do not hold substantive participating rights (or other rights that would indicate that the Company does not control the entity). For entities other than limited partnerships, the Company is deemed to have a controlling financial interest in a VOE if it owns a majority voting interest in the entity. The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate. |
Revision of Prior Period Financial Statements | Revision of Prior Period Financial Statements During the first quarter of 2018, management identified an error in its previously issued financial statements related to a misclassification between interest credited and net derivative gains/losses. The impact of this error to the consolidated financial statements for the six months ended June 30, 2017, nine months ended September 30, 2017 and the years ended December 31, 2017 and 2016 was not considered to be material. In order to improve the consistency and comparability of the financial statements, management revised the consolidated statements of income (loss) and statements of cash flows to include the revisions discussed herein. |
Fair Value Measurement | Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance established a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. The Company uses unadjusted quoted market prices to measure the fair value of instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness. |
INVESTMENTS (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities by Classification | The following table provides information relating to fixed maturities securities classified as AFS: Available-for-Sale Securities by Classification
As a result of the adoption of the Recognition and Measurement of Financial Assets and Financial Liabilities standard on January 1, 2018 (Financial Instruments Recognition and Measurement Standard), equity securities are no longer classified and accounted for as available for sale securities.
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Available-for-sale Securities Fixed Maturities Contractual Maturities | The contractual maturities of AFS fixed maturities at March 31, 2018 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale Fixed Maturities Contractual Maturities at March 31, 2018
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Proceeds from Sales, Gross Gains (Losses) and OTTI for AFS Fixed Maturities | The following table shows proceeds from sales, gross gains (losses) from sales and OTTI for AFS fixed maturities during the three months ended March 31, 2018 and 2017:
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Fixed Maturities - Credit Loss Impairments | The following table sets forth the amount of credit loss impairments on fixed maturity securities held by the Company at the dates indicated and the corresponding changes in such amounts: Fixed Maturities - Credit Loss Impairments
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Net Unrealized Gain (Loss) on Fixed Maturities and Equity Securities Included in AOCI | Net unrealized investment gains (losses) on fixed maturities and equity securities classified as AFS are included in the consolidated balance sheets as a component of AOCI. The table below presents these amounts as of the dates indicated:
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Net Unrealized Gain (Losses) on Fixed Maturities with OTTI Losses | The tables that follow below present a rollforward of net unrealized investment gains (losses) recognized in AOCI, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized and all other: Net Unrealized Gains (Losses) on Fixed Maturities with OTTI Losses
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All Other Net Unrealized Investment Gains (Losses) in AOCI | All Other Net Unrealized Investment Gains (Losses) In AOCI
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Schedule of Gross Unrealized Loss on Investments | The following tables disclose the fair values and gross unrealized losses of the 1,411 issues at March 31, 2018 and the 752 issues at December 31, 2017 of fixed maturities that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:
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Net Investment Income (Loss) from Trading Securities | Net Investment Income (Loss) from Trading Securities
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Valuation Allowance for Mortgage Loans | Allowance for credit losses for mortgage loans for the first quarters of 2018 and 2017 are as follows:
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Mortgage Loans by Loan-To-Value and Debt Service Coverage Ratios | The following tables provide information relating to the loan-to-value and debt service coverage ratios for commercial and agricultural mortgage loans at March 31, 2018 and December 31, 2017. The values used in these ratio calculations were developed as part of the periodic review of the commercial and agricultural mortgage loan portfolio, which includes an evaluation of the underlying collateral value. Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios March 31, 2018
Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios December 31, 2017
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Age Analysis of Past Due Mortgage Loans | The following table provides information relating to the aging analysis of past due mortgage loans at March 31, 2018 and December 31, 2017, respectively. Age Analysis of Past Due Mortgage Loan
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Impaired Mortgage Loans | The following table provides information relating to impaired mortgage loans at March 31, 2018 and December 31, 2017, respectively. Impaired Mortgage Loans
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Derivative Instruments by Category | The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments. Derivative Instruments by Category
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Offsetting Financial Assets and Liabilities and Derivative Instruments | The following table presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments at March 31, 2018. Offsetting of Financial Assets and Liabilities and Derivative Instruments At March 31, 2018
The following table presents information about the Company’s offsetting financial assets and liabilities and derivative instruments at December 31, 2017. Offsetting of Financial Assets and Liabilities and Derivative Instruments At December 31, 2017
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Gross Collateral Amounts Not Offset in Consolidated Balance Sheets | The following table presents information about the Company’s gross collateral amounts that are not offset in the consolidated balance sheet at December 31, 2017. Collateral Amounts Offset in the Consolidated Balance Sheets At December 31, 2017
The following table presents information about the Company’s gross collateral amounts that are not offset in the consolidated balance sheets at March 31, 2018. Collateral Amounts Offset in the Consolidated Balance Sheets At March 31, 2018
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Repurchase Agreements Accounted for as Secured Borrowings | The following table presents information about repurchase agreements accounted for as secured borrowings in the consolidated balance sheets at March 31, 2018. Repurchase Agreement Accounted for as Secured Borrowings
The following table presents information about repurchase agreements accounted for as secured borrowings in the consolidated balance sheets at December 31, 2017. Repurchase Agreement Accounted for as Secured Borrowings
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CLOSED BLOCK (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Closed Block Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Information for Closed Blocks | Summarized financial information for the Company’s Closed Block is as follows:
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Closed Block Revenues and Expenses | The Company’s Closed Block revenues and expenses follows:
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Reconciliation of Policy Holder Dividend Obligation | A reconciliation of the Company’s policyholder dividend obligation follows:
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INSURANCE LIABILITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMDB and GMIB Liabilities and Other Policyholder's Liabilities | The following table summarizes the direct GMDB and GMIB with no no-lapse guarantee rider (“NLG”) features liabilities, before reinsurance ceded, reflected in the consolidated balance sheets in Future policy benefits and other policyholders’ liabilities:
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GMDB Reinsurance Ceded | The following table summarizes the ceded GMDB liabilities, reflected in the consolidated balance sheets in Amounts due from reinsurers:
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GMDB Reinsurance Assumed | The following table summarizes the assumed GMDB liabilities, reflected in the consolidated balance sheets in Future policy benefits and other policyholders’ liabilities:
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Derivative Instruments in Hedges, Liabilities, at Fair Value | Summarized in the table below is a summary of the fair value of these liabilities at March 31, 2018 and December 31, 2017:
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Variable Annuity Contracts with GMDB and GMIB Features | The March 31, 2018 values for direct variable annuity contracts in-force on such date with GMDB and GMIB features are presented in the following table. For contracts with the GMDB feature, the net amount at risk in the event of death is the amount by which the GMDB exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of annuitization is the amount by which the present value of the GMIB benefits exceeds related account values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB guarantees may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive: Direct Variable Annuity Contract Values
The March 31, 2018 values for assumed variable annuity contracts in force on such date with GMDB and GMIB features are presented in the following table: Assumed Variable Annuity Contract Values
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Investment in Variable Insurance Trust Mutual Funds | Investment in Separate Account Investment Options
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GMDB, GMIB, GWBL and No Lapse Guarantee Features | The following table summarizes the NLG liabilities reflected in the General Account in Future policy benefits and other policyholders’ liabilities, the related reinsurance reserve ceded, reflected in Amounts due from reinsurers and deferred cost of reinsurance, reflected in Other assets in the Consolidated balance sheets:
(1) There were no amounts of reinsurance ceded in any period presented. |
FAIR VALUE DISCLOSURES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below. At March 31, 2018 and December 31, 2017, no assets were required to be measured at fair value on a non-recurring basis. Fair value measurements are required on a non-recurring basis for certain assets, including goodwill and mortgage loans on real estate, only when an OTTI or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy. The Company recognizes transfers between valuation levels at the beginning of the reporting period. Fair Value Measurements at March 31, 2018
Fair Value Measurements at December 31, 2017
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a reconciliation for all Level 3 assets and liabilities for the three months ended March 31, 2018 and 2017, respectively: Level 3 Instruments Fair Value Measurements
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Fair Value Assets Unrealized Gains Losses By Category For Level 3 Assets And Liabilities Still Held | The table below details changes in unrealized gains (losses) for the three months ended March 31, 2018 and 2017 by category for Level 3 assets and liabilities still held at March 31, 2018 and 2017, respectively:
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Fair Value Inputs Quantitative Information | The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities as of March 31, 2018 and December 31, 2017, respectively. Quantitative Information about Level 3 Fair Value Measurements March 31, 2018
Quantitative Information about Level 3 Fair Value Measurements December 31, 2017
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Fair Value Disclosure Financial Instruments Not Carried At Fair Value | The carrying values and fair values at March 31, 2018 and December 31, 2017 for financial instruments not otherwise disclosed in Note 3 are presented in the table below. Certain financial instruments are exempt from the requirements for fair value disclosure, such as insurance liabilities other than financial guarantees and investment contracts, limited partnerships accounted for under the equity method and pension and other postretirement obligations.
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REVENUE RECOGNITION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues Recognized, Disaggregated by Category | The table below presents the revenues recognized during the three months ended March 31, 2018 and 2017, disaggregated by category:
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EMPLOYEE BENEFIT PLANS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of certain benefit costs | Components of certain benefit costs for the Company were as follows:
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SHARE-BASED COMPENSATION PROGRAMS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Costs | Compensation costs for the three months ended March 31, 2018 and 2017 for share-based payment arrangements as further described herein are as follows:
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | AOCI represents cumulative gains (losses) on items that are not reflected in Net income (loss). The balances as of March 31, 2018 and 2017 follow:
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Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes | The components of OCI, net of taxes for the three months ended March 31, 2018 and 2017 follow:
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COMMITMENT AND CONTINGENT LIABILITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs and Liabilities | The restructuring costs and liabilities associated with the Company’s initiatives were as follows:
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Obligation Under Funding Agreements |
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BUSINESS SEGMENT INFORMATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | e table below presents operating earnings (loss) by segment and Corporate and Other and a reconciliation to Net income (loss) attributable to Holdings for the three months ended March 31, 2018 and 2017, respectively:
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Reconciliation of Revenue from Segments to Consolidated | e table below presents segment revenues for the three months ended March 31, 2018 and 2017:
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Reconciliation of Assets from Segment to Consolidated | e table below presents Total assets by segment as of March 31, 2018 and December 31, 2017:
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EARNINGS PER SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | The following table presents the weighted average shares used in calculating basic and diluted earnings per common share:
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Schedule of Earnings Per Share, Basic and Diluted | The following table presents the reconciliation of the numerator for the basic and diluted net income per share calculations:
The following table presents both basic and diluted income (loss) per share for each period presented:
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REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information Affected by Revisions and Change in Accounting Principle | Effects of the revision to the Company’s previously reported Consolidated Statements of Income (Loss) and Cash Flows for the six months ended June 30, 2017
Effects of the revision to the Company’s previously reported Consolidated Statements of Income (Loss) and Cash Flows for the nine months ended September 30, 2017
Effects of the revision to the Company’s previously reported Consolidated Statements of Income (Loss), and Cash Flows for the year ended December 31, 2017
Effects of the revision to the Company’s previously reported Consolidated Statements of Income (Loss), and Cash Flows for the year ended December 31, 2016
|
ORGANIZATION (Details) |
3 Months Ended | |||||
---|---|---|---|---|---|---|
May 15, 2018 |
May 14, 2018
shares
|
Apr. 30, 2018 |
Apr. 23, 2018
$ / shares
shares
|
Mar. 31, 2018
segment
client_channel
|
Mar. 31, 2017 |
|
Class of Stock [Line Items] | ||||||
Number of reportable segments | segment | 4 | |||||
Number of main client channels | client_channel | 3 | |||||
Subsequent Event | IPO | ||||||
Class of Stock [Line Items] | ||||||
Shares issued in initial public offering (in shares) | 157,837,500 | |||||
Ownership percentage after initial public offering (as a percent) | 71.90% | |||||
Parent Company | ||||||
Class of Stock [Line Items] | ||||||
Economic interest in subsidiary (as a percent) | 64.40% | 63.80% | ||||
AXA Financial | ||||||
Class of Stock [Line Items] | ||||||
Consolidation, less than wholly owned subsidiary, additional interest issued to parent (as a percent) | 0.50% | |||||
Consolidation, less than wholly owned subsidiary, parent ownership interest after additional interest issued | 100.00% | |||||
AB | ||||||
Class of Stock [Line Items] | ||||||
Economic interest in subsidiary (as a percent) | 46.50% | 45.80% | ||||
AB | Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Economic interest in subsidiary (as a percent) | 65.00% | |||||
Consolidation, less than wholly owned subsidiary, purchase of interest by parent, shares (in shares) | 8,160,000 | |||||
Consolidation, less than wholly owned subsidiary, purchase of interest by parent, per share (in dollars per share) | $ / shares | $ 26.54 | |||||
AXA-IM Holding U.S., Inc. | Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Ownership percentage after initial public offering (as a percent) | 100.00% | |||||
Consolidation, less than wholly owned subsidiary, purchase of interest by parent, shares (in shares) | 41,934,582 |
SIGNIFICANT ACCOUNTING POLICIES - Adoption of New Accounting Pronouncements (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018
USD ($)
fund
|
Dec. 31, 2018 |
Dec. 31, 2017
USD ($)
|
|
Variable Interest Entity [Line Items] | |||
Retained earnings (accumulated deficit) | $ (12,455) | $ (12,289) | |
Noncontrolling interest | $ 3,035 | 3,097 | |
Number of investment funds | fund | 2 | ||
Tax Cuts And Jobs Act Of 2017, Transition tax for accumulated foreign earnings income tax expense | 23 | ||
Accounting Standards Update 2016-01 | |||
Variable Interest Entity [Line Items] | |||
Equity securities, Fv Ni | 46 | ||
Scenario, Forecast | |||
Variable Interest Entity [Line Items] | |||
Effective income tax rate reconciliation, percent | 19.00% | ||
Difference Between Revenue Guidance In Effect Before And After Topic 606 | Accounting Standards Update 2014-09 | |||
Variable Interest Entity [Line Items] | |||
Retained earnings (accumulated deficit) | (13) | ||
Noncontrolling interest | 19 | ||
Noncontrolling interest, cumulative contributions received | 78 | ||
Noncontrolling interest, cumulative contributions paid | $ 43 |
SIGNIFICANT ACCOUNTING POLICIES - Variable Interest Entities (Details) $ in Millions |
Mar. 31, 2018
USD ($)
joint_venture
|
Dec. 31, 2017
USD ($)
|
|||
---|---|---|---|---|---|
Variable Interest Entity [Line Items] | |||||
Equity interests | [1] | $ 1,258 | $ 1,392 | ||
Real estate under development | [1] | 52 | 390 | ||
Redeemable non-controlling interest | [1] | $ 1,024 | $ 626 | ||
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Number of consolidated real estate joint ventures | joint_venture | 1 | ||||
Total assets | $ 36 | ||||
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure | |||||
Variable Interest Entity [Line Items] | |||||
Real estate under development | $ 16 | ||||
Number of noncosolidated real estate joint ventures | joint_venture | 2 | ||||
Voting Interest Entities | Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | $ 135 | ||||
Total liabilities | 4 | ||||
Noncontrolling interest in variable interest entity | 10 | ||||
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 2,447 | ||||
Total liabilities | 1,219 | ||||
Redeemable non-controlling interest | 982 | ||||
Adjustments for New Accounting Pronouncement | Variable Interest Entity, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Variable interest entity, unfunded commitments | 798 | ||||
Adjustments for New Accounting Pronouncement | Other Equity Investments | Variable Interest Entity, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Variable interest entity, nonconsolidated net assets | 163,434 | ||||
Variable interest entity, maximum loss exposure | 1,137 | ||||
Insurance | Adjustments for New Accounting Pronouncement | Variable Interest Entity, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Equity interests | 1,137 | ||||
Total investment management and service fees | Variable Interest Entity, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Variable interest entity, nonconsolidated net assets | 83,900 | ||||
Variable interest entity, maximum loss exposure | $ 8 | ||||
|
INVESTMENTS - Available For Sale Securities (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 43,268 | $ 45,256 |
Gross Unrealized Gains | 1,148 | 2,199 |
Gross Unrealized Losses | 932 | 324 |
Fair Value | 43,484 | 47,131 |
OTTI in AOCI | 2 | 2 |
Amortized Cost | ||
Due in one year or less | 2,499 | |
Due in years two through five | 8,727 | |
Due in years six through ten | 13,290 | |
Due after ten years | 16,990 | |
Subtotal | 41,506 | |
Total | 43,268 | |
Fair Value | ||
Due in one year or less | 2,517 | |
Due in years two through five | 8,862 | |
Due in years six through ten | 13,114 | |
Due after ten years | 17,176 | |
Subtotal | 41,669 | |
Total | 43,484 | |
Public corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 18,513 | 17,181 |
Gross Unrealized Gains | 501 | 806 |
Gross Unrealized Losses | 298 | 33 |
Fair Value | 18,716 | 17,954 |
OTTI in AOCI | 0 | 0 |
Private Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,394 | 7,299 |
Gross Unrealized Gains | 117 | 225 |
Gross Unrealized Losses | 107 | 32 |
Fair Value | 7,404 | 7,492 |
OTTI in AOCI | 0 | 0 |
U.S. Treasury, government and agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,772 | 17,759 |
Gross Unrealized Gains | 387 | 1,000 |
Gross Unrealized Losses | 506 | 251 |
Fair Value | 14,653 | 18,508 |
OTTI in AOCI | 0 | 0 |
States and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 422 | 422 |
Gross Unrealized Gains | 56 | 67 |
Gross Unrealized Losses | 1 | 0 |
Fair Value | 477 | 489 |
OTTI in AOCI | 0 | 0 |
Foreign governments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 405 | 395 |
Gross Unrealized Gains | 23 | 29 |
Gross Unrealized Losses | 9 | 5 |
Fair Value | 419 | 419 |
OTTI in AOCI | 0 | 0 |
Residential mortgage-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 614 | 797 |
Gross Unrealized Gains | 16 | 22 |
Gross Unrealized Losses | 3 | 1 |
Fair Value | 627 | 818 |
OTTI in AOCI | 0 | 0 |
Amortized Cost | ||
Without single maturity date | 614 | |
Fair Value | ||
Without single maturity date | 627 | |
Asset-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 675 | 745 |
Gross Unrealized Gains | 4 | 5 |
Gross Unrealized Losses | 4 | 1 |
Fair Value | 675 | 749 |
OTTI in AOCI | 2 | 2 |
Amortized Cost | ||
Without single maturity date | 675 | |
Fair Value | ||
Without single maturity date | 675 | |
Redeemable preferred stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 473 | 470 |
Gross Unrealized Gains | 44 | 43 |
Gross Unrealized Losses | 4 | 1 |
Fair Value | 513 | 512 |
OTTI in AOCI | 0 | 0 |
Amortized Cost | ||
Without single maturity date | 473 | |
Fair Value | ||
Without single maturity date | 513 | |
Fixed Maturities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 43,268 | 45,068 |
Gross Unrealized Gains | 2,197 | |
Gross Unrealized Losses | 324 | |
Fair Value | 46,941 | |
OTTI in AOCI | 2 | |
Amortized Cost | ||
Total | $ 43,268 | 45,068 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 188 | |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | 0 | |
Fair Value | 190 | |
OTTI in AOCI | $ 0 |
INVESTMENTS - Credit Loss Impairments (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales | $ 3,880 | $ 440 |
Gross gains on sales | 155 | 25 |
Gross losses on sales | (52) | (23) |
Total OTTI | 0 | 0 |
Non-credit losses recognized in OCI | 0 | 0 |
Credit losses recognized in net income (loss) | 0 | 0 |
Fixed Maturities - Credit Loss Impairments | ||
Balances, beginning of period | (18) | (239) |
Previously recognized impairments on securities that matured, paid, prepaid or sold | 0 | 55 |
Recognized impairments on securities impaired to fair value this period | 0 | 0 |
Impairments recognized this period on securities not previously impaired | 0 | 0 |
Additional impairments this period on securities previously impaired | 0 | 0 |
Increases due to passage of time on previously recorded credit losses | 0 | 0 |
Accretion of previously recognized impairments due to increases in expected cash flows | 0 | 0 |
Balances, end of period | $ (18) | $ (184) |
INVESTMENTS - Net Unrealized Investments (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Net Unrealized Gains (Losses) On Investments | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | $ 1,875 | |
Balance, end of period | 216 | |
Net Unrealized Gains (Losses) On Investments | Unrealized Investment Gains Losses With OTTI Losses | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | 2 | $ 19 |
Net investment gains (losses) arising during the period | 0 | 63 |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | 0 | 0 |
Balance, end of period | 0 | 17 |
Net Unrealized Gains (Losses) On Investments | Unrealized Investment Gains Losses All Other | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | 1,871 | 528 |
Net investment gains (losses) arising during the period | (109) | 176 |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | 0 | |
Balance, end of period | 216 | 733 |
DAC | Unrealized Investment Gains Losses With OTTI Losses | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | 0 | 1 |
Impact of net unrealized investment gains (losses) on DAC | 0 | (4) |
Balance, end of period | 0 | (3) |
DAC | Unrealized Investment Gains Losses All Other | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | (358) | (45) |
Impact of net unrealized investment gains (losses) on DAC | 341 | (68) |
Balance, end of period | (17) | (113) |
Policyholders Liabilities | Unrealized Investment Gains Losses With OTTI Losses | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | (1) | (10) |
Impact of net unrealized investment gains (losses) on policyholders liabilities | 1 | 6 |
Balance, end of period | 0 | (4) |
Policyholders Liabilities | Unrealized Investment Gains Losses All Other | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | (238) | (192) |
Impact of net unrealized investment gains (losses) on policyholders liabilities | 110 | 14 |
Balance, end of period | (128) | (178) |
Deferred Income Tax Asset Liability | Unrealized Investment Gains Losses With OTTI Losses | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | (7) | (4) |
Impact of net unrealized investment gains (losses) on Deferred income taxes | 7 | 0 |
Balance, end of period | 0 | (4) |
Deferred Income Tax Asset Liability | Unrealized Investment Gains Losses All Other | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | (383) | (95) |
Impact of net unrealized investment gains (losses) on Deferred income taxes | 239 | (60) |
Balance, end of period | (144) | (155) |
AOCI Gain Losses Related to Net Unrealized Investment Gains Losses | Unrealized Investment Gains Losses With OTTI Losses | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | (6) | 6 |
Net investment gains (losses) arising during the period | 0 | 63 |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | 0 | 0 |
Impact of net unrealized investment gains (losses) on DAC | 0 | (4) |
Impact of net unrealized investment gains (losses) on Deferred income taxes | 7 | 0 |
Impact of net unrealized investment gains (losses) on policyholders liabilities | 1 | 6 |
Balance, end of period | 0 | 6 |
AOCI Gain Losses Related to Net Unrealized Investment Gains Losses | Unrealized Investment Gains Losses All Other | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | 892 | 196 |
Net investment gains (losses) arising during the period | (109) | 176 |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | 0 | 0 |
Impact of net unrealized investment gains (losses) on DAC | 341 | (68) |
Impact of net unrealized investment gains (losses) on Deferred income taxes | 239 | (60) |
Impact of net unrealized investment gains (losses) on policyholders liabilities | 110 | 14 |
Balance, end of period | (73) | 287 |
Fixed Maturities | Net Unrealized Gains (Losses) On Investments | Unrealized Investment Gains Losses With OTTI Losses | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | 2 | |
Included in Net income (loss) | (2) | (65) |
Balance, end of period | 0 | |
Fixed Maturities | Net Unrealized Gains (Losses) On Investments | Unrealized Investment Gains Losses All Other | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | 1,871 | |
Included in Net income (loss) | (1,546) | 29 |
Balance, end of period | 216 | |
Fixed Maturities | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses | Unrealized Investment Gains Losses With OTTI Losses | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Included in Net income (loss) | (2) | (65) |
Fixed Maturities | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses | Unrealized Investment Gains Losses All Other | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Included in Net income (loss) | (1,546) | $ 29 |
Equity securities | Net Unrealized Gains (Losses) On Investments | Unrealized Investment Gains Losses All Other | ||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||
Balance, beginning of year | 2 | |
Balance, end of period | $ 0 |
INVESTMENTS - Gross Unrealized Losses (Details) $ in Millions |
Mar. 31, 2018
USD ($)
security
|
Dec. 31, 2017
USD ($)
security
|
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Number of fixed maturities in an unrealized loss position greater than 12 months | security | 1,411 | 752 |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | $ 14,543 | $ 5,739 |
Less Than 12 Months, Gross Unrealized Losses | 418 | 30 |
Greater than 12 Months, Fair Value | 5,749 | 6,011 |
Greater Than 12 Months, Gross Unrealized Losses | 514 | 294 |
Total, Fair Value | 20,292 | 11,750 |
Total, Gross Unrealized Losses | 932 | 324 |
Public corporate | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | 8,539 | 2,123 |
Less Than 12 Months, Gross Unrealized Losses | 263 | 15 |
Greater than 12 Months, Fair Value | 605 | 690 |
Greater Than 12 Months, Gross Unrealized Losses | 35 | 18 |
Total, Fair Value | 9,144 | 2,813 |
Total, Gross Unrealized Losses | 298 | 33 |
Private Corporate | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | 2,457 | 780 |
Less Than 12 Months, Gross Unrealized Losses | 63 | 8 |
Greater than 12 Months, Fair Value | 660 | 641 |
Greater Than 12 Months, Gross Unrealized Losses | 44 | 24 |
Total, Fair Value | 3,117 | 1,421 |
Total, Gross Unrealized Losses | 107 | 32 |
U.S. Treasury, government and agency | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | 3,129 | 2,718 |
Less Than 12 Months, Gross Unrealized Losses | 81 | 6 |
Greater than 12 Months, Fair Value | 4,325 | 4,506 |
Greater Than 12 Months, Gross Unrealized Losses | 425 | 245 |
Total, Fair Value | 7,454 | 7,224 |
Total, Gross Unrealized Losses | 506 | 251 |
States and political subdivisions | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | 19 | 20 |
Less Than 12 Months, Gross Unrealized Losses | 1 | 0 |
Greater than 12 Months, Fair Value | 0 | 0 |
Greater Than 12 Months, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 19 | 20 |
Total, Gross Unrealized Losses | 1 | 0 |
Foreign governments | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | 57 | 11 |
Less Than 12 Months, Gross Unrealized Losses | 2 | 0 |
Greater than 12 Months, Fair Value | 70 | 73 |
Greater Than 12 Months, Gross Unrealized Losses | 7 | 5 |
Total, Fair Value | 127 | 84 |
Total, Gross Unrealized Losses | 9 | 5 |
Residential mortgage-backed | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | 145 | 62 |
Less Than 12 Months, Gross Unrealized Losses | 2 | 0 |
Greater than 12 Months, Fair Value | 76 | 76 |
Greater Than 12 Months, Gross Unrealized Losses | 1 | 1 |
Total, Fair Value | 221 | 138 |
Total, Gross Unrealized Losses | 3 | 1 |
Asset-backed | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | 81 | 15 |
Less Than 12 Months, Gross Unrealized Losses | 4 | 1 |
Greater than 12 Months, Fair Value | 1 | 12 |
Greater Than 12 Months, Gross Unrealized Losses | 0 | 0 |
Total, Fair Value | 82 | 27 |
Total, Gross Unrealized Losses | 4 | 1 |
Redeemable preferred stock | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | 116 | 10 |
Less Than 12 Months, Gross Unrealized Losses | 2 | 0 |
Greater than 12 Months, Fair Value | 12 | 13 |
Greater Than 12 Months, Gross Unrealized Losses | 2 | 1 |
Total, Fair Value | 128 | 23 |
Total, Gross Unrealized Losses | $ 4 | $ 1 |
INVESTMENTS - Narrative (Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jan. 03, 2017
USD ($)
|
Mar. 31, 2018
USD ($)
joint_venture
|
Mar. 31, 2018
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Debt securities exposure in single issuer greater than stated percentage of total investments | 0.50% | 0.50% | |||
Available-for-sale securities, amortized cost basis | $ 43,268,000,000 | $ 43,268,000,000 | $ 45,256,000,000 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer accumulated loss | 514,000,000 | 514,000,000 | 294,000,000 | ||
Available for sale securities continuous non-income producing position 12 months | 3,000,000 | 3,000,000 | |||
Investment expenses | $ 19,000,000 | ||||
Trading securities, at fair value | 14,919,000,000 | 14,919,000,000 | 14,170,000,000 | ||
Separate account equity investment carrying value | $ 49,000,000 | $ 49,000,000 | 50,000,000 | ||
Number of real estate joint ventures sold | joint_venture | 2 | ||||
Proceeds from sales of business, affiliate and productive assets | $ 143,000,000 | ||||
Pre-tax loss on sale of interest in consolidated real estate joint venture | 200,000 | ||||
Reduction in long term debt due to sale of joint venture | 203,000,000 | ||||
Average of the worst scenarios, percent | 2.00% | ||||
Transfer of financial assets accounted for as sales, fair value of derecognized assets | 3,673,000,000 | $ 3,673,000,000 | 3,905,000,000 | ||
Transfer of financial assets accounted for as sales, cash proceeds received for assets derecognized, amount | 3,906,000,000 | ||||
Interest rate derivative assets, fair value | 16,000,000 | 16,000,000 | |||
Cash and securities collateral for derivative contract | 2,208,000,000 | 2,208,000,000 | 2,123,000,000 | ||
Collateralized derivative transactions | 2,000,000 | 2,000,000 | 2,000,000 | ||
Cash and securities collateral | 7,000,000 | 7,000,000 | 4,000,000 | ||
Reduction to gross derivative assets | $ 1,000,000 | ||||
Securities sold under agreements to repurchase | 1,904,000,000 | 1,904,000,000 | 1,887,000,000 | ||
Other accrued liabilities, current | 7,000,000 | 7,000,000 | 5,000,000 | ||
Treasury Lock | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Unrealized gain (loss) on derivatives | (88,000,000) | (86,000,000) | |||
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Exchange-traded future contract, initial margin requirement | 250,000,000 | 250,000,000 | |||
Us Treasury Notes And Euro Dollar | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Exchange-traded future contract, initial margin requirement | 67,000,000 | 67,000,000 | |||
Euro Stoxx, FTSE100, EAFE And Topix Indices | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Exchange-traded future contract, initial margin requirement | 24,000,000 | 24,000,000 | |||
Agricultural Mortgage Loans | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Financing receivable, allowance for credit losses | 0 | 0 | $ 0 | ||
Commercial Mortgage Loans | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Financing receivable, recorded investment, nonaccrual status | 19,000,000 | 19,000,000 | 19,000,000 | ||
Other Than Investment Grade | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Available-for-sale securities, amortized cost basis other than investment grade | $ 1,335,000,000 | $ 1,335,000,000 | $ 1,372,000,000 | ||
Percentage of available for sale securities | 3.10% | 3.10% | 3.00% | ||
Public corporate | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Debt securities exposure in single issuer of total investments | $ 219,000,000 | $ 219,000,000 | $ 207,000,000 | ||
Available-for-sale securities, amortized cost basis | 18,513,000,000 | 18,513,000,000 | 17,181,000,000 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer accumulated loss | 35,000,000 | 35,000,000 | 18,000,000 | ||
Fixed Maturities | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Available-for-sale securities, amortized cost basis | $ 43,268,000,000 | 43,268,000,000 | 45,068,000,000 | ||
Fixed Maturities | Other Than Investment Grade | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Available-for-sale securities, gross unrealized loss | $ 14,000,000 | $ 5,000,000 |
INVESTMENTS - Trading Securities (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Net investment gains (losses) recognized during the period on securities held at the end of the period | $ (121) | $ 87 |
Net investment gains (losses) recognized on securities sold during the period | 1 | 4 |
Unrealized and realized gains (losses) on trading securities arising during the period | (120) | 91 |
Interest and dividend income from trading securities | 76 | 63 |
Net investment income (loss) from trading securities | $ (44) | $ 154 |
INVESTMENTS - Valuation Allowance For Mortgage Loans (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Allowance for credit losses: | |||
March 31, Individually Evaluated for Impairment | $ 7,000,000 | $ 8,000,000 | |
Commercial Mortgage Loans | |||
Allowance for credit losses: | |||
Beginning balance, January 1, | 8,000,000 | $ 8,000,000 | |
Charge-offs | 0 | 0 | |
Recoveries | (1,000,000) | 0 | |
Provision | 0 | 0 | |
Ending balance, March 31, | 7,000,000 | 8,000,000 | |
March 31, Individually Evaluated for Impairment | 7,000,000 | 8,000,000 | |
Agricultural Mortgage Loans | |||
Allowance for credit losses: | |||
Ending balance, March 31, | $ 0 | $ 0 |
INVESTMENTS - Mortgage Loans (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | $ 712 | |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 712 | |
Commercial Mortgage Loans | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 8,755 | $ 8,386 |
Age Analysis of Past Due Mortgage Loan | ||
Financing receivables, recorded investment, past due | 27 | 27 |
Financing receivables, recorded investment, current | 8,728 | 8,359 |
Total Financing Receivables | 8,755 | 8,386 |
Recorded Investment 90 Days or More and Accruing | 0 | 0 |
Commercial Mortgage Loans | With no related allowance recorded | ||
Impaired Mortgage Loans | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Commercial Mortgage Loans | With related allowance recorded | ||
Impaired Mortgage Loans | ||
Recorded Investment | 27 | 27 |
Unpaid Principal Balance | 27 | 27 |
Related Allowance | (7) | (8) |
Average Recorded Investment | 27 | 27 |
Interest Income Recognized | 0 | 2 |
Commercial Mortgage Loans | 30-59 Days | ||
Age Analysis of Past Due Mortgage Loan | ||
Financing receivables, recorded investment, past due | 0 | 27 |
Commercial Mortgage Loans | 60-89 Days | ||
Age Analysis of Past Due Mortgage Loan | ||
Financing receivables, recorded investment, past due | 0 | 0 |
Commercial Mortgage Loans | 90 Days or More | ||
Age Analysis of Past Due Mortgage Loan | ||
Financing receivables, recorded investment, past due | 27 | 0 |
Commercial Mortgage Loans | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 5,383 | 5,016 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 5,383 | 5,016 |
Commercial Mortgage Loans | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 774 | 792 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 774 | 792 |
Commercial Mortgage Loans | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 1,614 | 1,609 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 1,614 | 1,609 |
Commercial Mortgage Loans | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 779 | 774 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 779 | 774 |
Commercial Mortgage Loans | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 205 | 195 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 205 | 195 |
Commercial Mortgage Loans | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Commercial Mortgage Loans | 0% - 50% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 1,152 | 1,153 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 1,152 | 1,153 |
Commercial Mortgage Loans | 0% - 50% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 737 | 759 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 737 | 759 |
Commercial Mortgage Loans | 0% - 50% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 21 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 21 | 0 |
Commercial Mortgage Loans | 0% - 50% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 321 | 320 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 321 | 320 |
Commercial Mortgage Loans | 0% - 50% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 73 | 74 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 73 | 74 |
Commercial Mortgage Loans | 0% - 50% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Commercial Mortgage Loans | 0% - 50% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Commercial Mortgage Loans | 50% - 70% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 6,819 | 6,409 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 6,819 | 6,409 |
Commercial Mortgage Loans | 50% - 70% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 4,477 | 4,088 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 4,477 | 4,088 |
Commercial Mortgage Loans | 50% - 70% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 643 | 682 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 643 | 682 |
Commercial Mortgage Loans | 50% - 70% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 1,122 | 1,066 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 1,122 | 1,066 |
Commercial Mortgage Loans | 50% - 70% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 399 | 428 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 399 | 428 |
Commercial Mortgage Loans | 50% - 70% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 178 | 145 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 178 | 145 |
Commercial Mortgage Loans | 50% - 70% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Commercial Mortgage Loans | 70% - 90% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 757 | 797 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 757 | 797 |
Commercial Mortgage Loans | 70% - 90% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 169 | 169 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 169 | 169 |
Commercial Mortgage Loans | 70% - 90% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 110 | 110 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 110 | 110 |
Commercial Mortgage Loans | 70% - 90% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 144 | 196 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 144 | 196 |
Commercial Mortgage Loans | 70% - 90% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 307 | 272 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 307 | 272 |
Commercial Mortgage Loans | 70% - 90% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 27 | 50 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 27 | 50 |
Commercial Mortgage Loans | 70% - 90% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Commercial Mortgage Loans | 90% plus | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 27 | 27 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 27 | 27 |
Commercial Mortgage Loans | 90% plus | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Commercial Mortgage Loans | 90% plus | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Commercial Mortgage Loans | 90% plus | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 27 | 27 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 27 | 27 |
Commercial Mortgage Loans | 90% plus | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Commercial Mortgage Loans | 90% plus | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Commercial Mortgage Loans | 90% plus | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Agricultural Mortgage Loans | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 2,585 | 2,574 |
Age Analysis of Past Due Mortgage Loan | ||
Financing receivables, recorded investment, past due | 54 | 74 |
Financing receivables, recorded investment, current | 2,531 | 2,500 |
Total Financing Receivables | 2,585 | 2,574 |
Recorded Investment 90 Days or More and Accruing | 39 | 22 |
Agricultural Mortgage Loans | With no related allowance recorded | ||
Impaired Mortgage Loans | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Agricultural Mortgage Loans | With related allowance recorded | ||
Impaired Mortgage Loans | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Agricultural Mortgage Loans | 30-59 Days | ||
Age Analysis of Past Due Mortgage Loan | ||
Financing receivables, recorded investment, past due | 10 | 49 |
Agricultural Mortgage Loans | 60-89 Days | ||
Age Analysis of Past Due Mortgage Loan | ||
Financing receivables, recorded investment, past due | 5 | 3 |
Agricultural Mortgage Loans | 90 Days or More | ||
Age Analysis of Past Due Mortgage Loan | ||
Financing receivables, recorded investment, past due | 39 | 22 |
Agricultural Mortgage Loans | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 386 | 383 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 386 | 383 |
Agricultural Mortgage Loans | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 199 | 195 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 199 | 195 |
Agricultural Mortgage Loans | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 495 | 502 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 495 | 502 |
Agricultural Mortgage Loans | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 879 | 878 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 879 | 878 |
Agricultural Mortgage Loans | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 549 | 537 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 549 | 537 |
Agricultural Mortgage Loans | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 77 | 79 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 77 | 79 |
Agricultural Mortgage Loans | 0% - 50% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 1,550 | 1,557 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 1,550 | 1,557 |
Agricultural Mortgage Loans | 0% - 50% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 275 | 272 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 275 | 272 |
Agricultural Mortgage Loans | 0% - 50% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 153 | 149 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 153 | 149 |
Agricultural Mortgage Loans | 0% - 50% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 276 | 275 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 276 | 275 |
Agricultural Mortgage Loans | 0% - 50% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 496 | 515 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 496 | 515 |
Agricultural Mortgage Loans | 0% - 50% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 321 | 316 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 321 | 316 |
Agricultural Mortgage Loans | 0% - 50% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 29 | 30 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 29 | 30 |
Agricultural Mortgage Loans | 50% - 70% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 1,012 | 1,013 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 1,012 | 1,013 |
Agricultural Mortgage Loans | 50% - 70% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 111 | 111 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 111 | 111 |
Agricultural Mortgage Loans | 50% - 70% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 46 | 46 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 46 | 46 |
Agricultural Mortgage Loans | 50% - 70% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 219 | 227 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 219 | 227 |
Agricultural Mortgage Loans | 50% - 70% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 360 | 359 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 360 | 359 |
Agricultural Mortgage Loans | 50% - 70% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 228 | 221 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 228 | 221 |
Agricultural Mortgage Loans | 50% - 70% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 48 | 49 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 48 | 49 |
Agricultural Mortgage Loans | 70% - 90% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 23 | 4 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 23 | 4 |
Agricultural Mortgage Loans | 70% - 90% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Agricultural Mortgage Loans | 70% - 90% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Agricultural Mortgage Loans | 70% - 90% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Agricultural Mortgage Loans | 70% - 90% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 23 | 4 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 23 | 4 |
Agricultural Mortgage Loans | 70% - 90% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Agricultural Mortgage Loans | 70% - 90% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Agricultural Mortgage Loans | 90% plus | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Agricultural Mortgage Loans | 90% plus | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Agricultural Mortgage Loans | 90% plus | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Agricultural Mortgage Loans | 90% plus | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Agricultural Mortgage Loans | 90% plus | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Agricultural Mortgage Loans | 90% plus | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Agricultural Mortgage Loans | 90% plus | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Total Mortgages Loan | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 11,340 | 10,960 |
Age Analysis of Past Due Mortgage Loan | ||
Financing receivables, recorded investment, past due | 81 | 101 |
Financing receivables, recorded investment, current | 11,259 | 10,859 |
Total Financing Receivables | 11,340 | 10,960 |
Recorded Investment 90 Days or More and Accruing | 39 | 22 |
Total Mortgages Loan | With no related allowance recorded | ||
Impaired Mortgage Loans | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total Mortgages Loan | With related allowance recorded | ||
Impaired Mortgage Loans | ||
Recorded Investment | 27 | 27 |
Unpaid Principal Balance | 27 | 27 |
Related Allowance | (7) | (8) |
Average Recorded Investment | 27 | 27 |
Interest Income Recognized | 0 | 2 |
Total Mortgages Loan | 30-59 Days | ||
Age Analysis of Past Due Mortgage Loan | ||
Financing receivables, recorded investment, past due | 10 | 76 |
Total Mortgages Loan | 60-89 Days | ||
Age Analysis of Past Due Mortgage Loan | ||
Financing receivables, recorded investment, past due | 5 | 3 |
Total Mortgages Loan | 90 Days or More | ||
Age Analysis of Past Due Mortgage Loan | ||
Financing receivables, recorded investment, past due | 66 | 22 |
Total Mortgages Loan | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 5,769 | 5,399 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 5,769 | 5,399 |
Total Mortgages Loan | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 973 | 987 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 973 | 987 |
Total Mortgages Loan | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 2,109 | 2,111 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 2,109 | 2,111 |
Total Mortgages Loan | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 1,658 | 1,652 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 1,658 | 1,652 |
Total Mortgages Loan | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 754 | 732 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 754 | 732 |
Total Mortgages Loan | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 77 | 79 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 77 | 79 |
Total Mortgages Loan | 0% - 50% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 2,702 | 2,710 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 2,702 | 2,710 |
Total Mortgages Loan | 0% - 50% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 1,012 | 1,031 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 1,012 | 1,031 |
Total Mortgages Loan | 0% - 50% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 174 | 149 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 174 | 149 |
Total Mortgages Loan | 0% - 50% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 597 | 595 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 597 | 595 |
Total Mortgages Loan | 0% - 50% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 569 | 589 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 569 | 589 |
Total Mortgages Loan | 0% - 50% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 321 | 316 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 321 | 316 |
Total Mortgages Loan | 0% - 50% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 29 | 30 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 29 | 30 |
Total Mortgages Loan | 50% - 70% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 7,831 | 7,422 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 7,831 | 7,422 |
Total Mortgages Loan | 50% - 70% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 4,588 | 4,199 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 4,588 | 4,199 |
Total Mortgages Loan | 50% - 70% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 689 | 728 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 689 | 728 |
Total Mortgages Loan | 50% - 70% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 1,341 | 1,293 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 1,341 | 1,293 |
Total Mortgages Loan | 50% - 70% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 759 | 787 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 759 | 787 |
Total Mortgages Loan | 50% - 70% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 406 | 366 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 406 | 366 |
Total Mortgages Loan | 50% - 70% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 48 | 49 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 48 | 49 |
Total Mortgages Loan | 70% - 90% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 780 | 801 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 780 | 801 |
Total Mortgages Loan | 70% - 90% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 169 | 169 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 169 | 169 |
Total Mortgages Loan | 70% - 90% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 110 | 110 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 110 | 110 |
Total Mortgages Loan | 70% - 90% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 144 | 196 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 144 | 196 |
Total Mortgages Loan | 70% - 90% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 330 | 276 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 330 | 276 |
Total Mortgages Loan | 70% - 90% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 27 | 50 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 27 | 50 |
Total Mortgages Loan | 70% - 90% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Total Mortgages Loan | 90% plus | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 27 | 27 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 27 | 27 |
Total Mortgages Loan | 90% plus | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Total Mortgages Loan | 90% plus | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Total Mortgages Loan | 90% plus | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 27 | 27 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 27 | 27 |
Total Mortgages Loan | 90% plus | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Total Mortgages Loan | 90% plus | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | 0 | 0 |
Total Mortgages Loan | 90% plus | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Total Mortgage Loans | 0 | 0 |
Age Analysis of Past Due Mortgage Loan | ||
Total Financing Receivables | $ 0 | $ 0 |
INVESTMENTS - Derivatives by Category (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Jun. 30, 2017 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | $ 94,922 | $ 87,914 | ||||
Fair Value, Assets Derivatives | 6,017 | 6,046 | ||||
Fair Value, Liabilities Derivatives | 9,803 | 10,137 | ||||
Gains (Losses) Reported In Net Income (Loss) | (272) | $ (242) | ||||
Net derivative investment gains (loss) | (281) | (235) | $ 494 | $ 128 | 115 | $ (1,843) |
Other accrued liabilities, current | 7 | 5 | ||||
Equity Futures | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 6,629 | 6,716 | ||||
Fair Value, Assets Derivatives | 2 | 1 | ||||
Fair Value, Liabilities Derivatives | 1 | 2 | ||||
Gains (Losses) Reported In Net Income (Loss) | (23) | (396) | ||||
Equity Swaps | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 8,017 | 7,623 | ||||
Fair Value, Assets Derivatives | 255 | 4 | ||||
Fair Value, Liabilities Derivatives | 16 | 201 | ||||
Gains (Losses) Reported In Net Income (Loss) | 114 | (405) | ||||
Equity Option | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 23,013 | 22,223 | ||||
Fair Value, Assets Derivatives | 3,350 | 3,456 | ||||
Fair Value, Liabilities Derivatives | 1,411 | 1,457 | ||||
Gains (Losses) Reported In Net Income (Loss) | (18) | 318 | ||||
Interest Rate Swaps | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 29,331 | 26,769 | ||||
Fair Value, Assets Derivatives | 555 | 604 | ||||
Fair Value, Liabilities Derivatives | 395 | 193 | ||||
Gains (Losses) Reported In Net Income (Loss) | (671) | 143 | ||||
Interest Rate Futures | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 24,015 | 20,675 | ||||
Fair Value, Assets Derivatives | 0 | 0 | ||||
Fair Value, Liabilities Derivatives | 0 | 0 | ||||
Gains (Losses) Reported In Net Income (Loss) | 40 | (19) | ||||
Credit Default Swaps | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 2,136 | 2,131 | ||||
Fair Value, Assets Derivatives | 32 | 35 | ||||
Fair Value, Liabilities Derivatives | 3 | 3 | ||||
Gains (Losses) Reported In Net Income (Loss) | 0 | 6 | ||||
Foreign Currency Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 1,781 | 1,423 | ||||
Fair Value, Assets Derivatives | 10 | 19 | ||||
Fair Value, Liabilities Derivatives | 52 | 10 | ||||
Gains (Losses) Reported In Net Income (Loss) | (51) | (1) | ||||
Margin | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 0 | 0 | ||||
Fair Value, Assets Derivatives | 62 | 24 | ||||
Fair Value, Liabilities Derivatives | 57 | 4 | ||||
Gains (Losses) Reported In Net Income (Loss) | 0 | 0 | ||||
Net Amounts Of Liabilities Presented In Statement Of Financial Position | 0 | 0 | ||||
Collateral | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 0 | 0 | ||||
Fair Value, Assets Derivatives | 17 | 4 | ||||
Fair Value, Liabilities Derivatives | 2,208 | 2,123 | ||||
Gains (Losses) Reported In Net Income (Loss) | 0 | 0 | ||||
Net Amounts Of Liabilities Presented In Statement Of Financial Position | 0 | 0 | ||||
GMIB Reinsurance Contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 0 | 0 | ||||
Fair Value, Assets Derivatives | 1,734 | 1,894 | ||||
Fair Value, Liabilities Derivatives | 0 | 0 | ||||
Gains (Losses) Reported In Net Income (Loss) | (159) | (71) | ||||
GMxB Derivative Features’ Liability | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 0 | 0 | ||||
Fair Value, Assets Derivatives | 0 | 0 | ||||
Fair Value, Liabilities Derivatives | 3,977 | 4,358 | ||||
Gains (Losses) Reported In Net Income (Loss) | 460 | 507 | ||||
SCS, SIO, MSO and IUL Indexed Features | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 0 | 0 | ||||
Fair Value, Assets Derivatives | 0 | 0 | ||||
Fair Value, Liabilities Derivatives | 1,683 | 1,786 | ||||
Gains (Losses) Reported In Net Income (Loss) | 27 | (317) | ||||
Cross Currency Swaps | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 0 | 354 | ||||
Fair Value, Assets Derivatives | 0 | 5 | ||||
Fair Value, Liabilities Derivatives | 0 | 0 | ||||
Gains (Losses) Reported In Net Income (Loss) | 9 | $ (7) | ||||
Net Amounts Of Liabilities Presented In Statement Of Financial Position | $ 0 | $ 0 |
INVESTMENTS - Equity-Based and Treasury Future Contracts (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Cash and securities collateral for derivative contract | $ 2,208 | $ 2,123 |
Collateralized derivative transactions | 2 | 2 |
Cash and securities collateral | 7 | 4 |
Exchange Traded Future Contract [Line Items] | ||
Securities sold under agreements to repurchase | 1,904 | 1,887 |
Securities sold under agreements to repurchase | ||
Exchange Traded Future Contract [Line Items] | ||
Securities sold under agreements to repurchase | 1,897 | $ 1,882 |
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices | ||
Exchange Traded Future Contract [Line Items] | ||
Exchange-traded future contract, initial margin requirement | 250 | |
Us Treasury Notes And Euro Dollar | ||
Exchange Traded Future Contract [Line Items] | ||
Exchange-traded future contract, initial margin requirement | 67 | |
Euro Stoxx, FTSE100, EAFE And Topix Indices | ||
Exchange Traded Future Contract [Line Items] | ||
Exchange-traded future contract, initial margin requirement | $ 24 |
INVESTMENTS - Derivatives Offsetting Financial Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Reverse Repurchase agreements [Abstract] | ||
Fair value assets derivatives | $ 6,017 | $ 6,046 |
Equity contracts | ||
ASSETS | ||
Gross Amounts Recognized | 3,606 | 3,461 |
Gross Amounts Offset in the Balance Sheets | 1,429 | 1,660 |
Net Amounts Presented in the Balance Sheets | 2,177 | 1,801 |
Interest rate contracts | ||
ASSETS | ||
Gross Amounts Recognized | 555 | 604 |
Gross Amounts Offset in the Balance Sheets | 395 | 193 |
Net Amounts Presented in the Balance Sheets | 160 | 411 |
Credit contracts | ||
ASSETS | ||
Gross Amounts Recognized | 32 | 35 |
Gross Amounts Offset in the Balance Sheets | 3 | 3 |
Net Amounts Presented in the Balance Sheets | 29 | 32 |
Reverse Repurchase agreements [Abstract] | ||
Fair value assets derivatives | 32 | 35 |
Currency | ||
ASSETS | ||
Gross Amounts Recognized | 10 | 19 |
Gross Amounts Offset in the Balance Sheets | 52 | 10 |
Net Amounts Presented in the Balance Sheets | (42) | 9 |
Reverse Repurchase agreements [Abstract] | ||
Fair value assets derivatives | 0 | 5 |
Collateral | ||
ASSETS | ||
Gross Amounts Recognized | 17 | 4 |
Gross Amounts Offset in the Balance Sheets | 2,208 | 2,123 |
Net Amounts Presented in the Balance Sheets | (2,191) | (2,119) |
Reverse Repurchase agreements [Abstract] | ||
Fair value assets derivatives | 17 | 4 |
Margin | ||
ASSETS | ||
Gross Amounts Recognized | 62 | 24 |
Gross Amounts Offset in the Balance Sheets | 57 | 4 |
Net Amounts Presented in the Balance Sheets | 5 | 20 |
Reverse Repurchase agreements [Abstract] | ||
Fair value assets derivatives | 62 | 24 |
Total Derivatives, subject to an ISDA Master Agreement | ||
ASSETS | ||
Gross Amounts Recognized | 4,282 | 4,147 |
Gross Amounts Offset in the Balance Sheets | 4,144 | 3,993 |
Net Amounts Presented in the Balance Sheets | 138 | 154 |
Other financial instruments | ||
ASSETS | ||
Gross Amounts Recognized | 3,923 | 3,964 |
Gross Amounts Offset in the Balance Sheets | 0 | 0 |
Net Amounts Presented in the Balance Sheets | 3,923 | 3,964 |
Other invested assets | ||
ASSETS | ||
Gross Amounts Recognized | 8,205 | 8,111 |
Gross Amounts Offset in the Balance Sheets | 4,144 | 3,993 |
Net Amounts Presented in the Balance Sheets | $ 4,061 | 4,118 |
Total Derivatives, not subject to an ISDA Master Agreement | ||
Reverse Repurchase agreements [Abstract] | ||
Gross Amounts Recognized | 5 | |
Gross Amounts Offset in the Balance Sheets | 0 | |
Net Amounts Presented in the Balance Sheets | $ 5 |
INVESTMENTS - Derivatives Offsetting Financial Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Securities sold under agreement to repurchase | ||
Net Amounts Presented in the Balance Sheets | $ 1,904 | $ 1,887 |
Expense accrual | 7 | 5 |
Equity contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 1,429 | 1,660 |
Gross Amounts Offset in the Balance Sheets | 1,429 | 1,660 |
Net Amounts Presented in the Balance Sheets | 0 | 0 |
Interest rate contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 395 | 193 |
Gross Amounts Offset in the Balance Sheets | 395 | 193 |
Net Amounts Presented in the Balance Sheets | 0 | 0 |
Credit contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 3 | 3 |
Gross Amounts Offset in the Balance Sheets | 3 | 3 |
Net Amounts Presented in the Balance Sheets | 0 | 0 |
Currency | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 52 | 10 |
Gross Amounts Offset in the Balance Sheets | 52 | 10 |
Net Amounts Presented in the Balance Sheets | 0 | 0 |
Collateral | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 2,208 | 2,123 |
Gross Amounts Offset in the Balance Sheets | 2,208 | 2,123 |
Net Amounts Presented in the Balance Sheets | 0 | 0 |
Margin | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 57 | 4 |
Gross Amounts Offset in the Balance Sheets | 57 | 4 |
Net Amounts Presented in the Balance Sheets | 0 | 0 |
Total Derivatives, subject to an ISDA Master Agreement | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 4,144 | 3,993 |
Gross Amounts Offset in the Balance Sheets | 4,144 | 3,993 |
Net Amounts Presented in the Balance Sheets | 0 | 0 |
Other financial liabilities | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 4,342 | 4,053 |
Gross Amounts Offset in the Balance Sheets | 0 | 0 |
Net Amounts Presented in the Balance Sheets | 4,342 | 4,053 |
Other liabilities | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 8,486 | 8,046 |
Gross Amounts Offset in the Balance Sheets | 4,144 | 3,993 |
Net Amounts Presented in the Balance Sheets | 4,342 | 4,053 |
Securities sold under agreements to repurchase | ||
Securities sold under agreement to repurchase | ||
Gross Amounts Recognized | 1,897 | 1,882 |
Gross Amounts Offset in the Balance Sheets | 0 | 0 |
Net Amounts Presented in the Balance Sheets | $ 1,897 | $ 1,882 |
INVESTMENTS - Derivatives, Gross Collateral Amounts, Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Total derivatives | ||
Assets | ||
Net Amounts Presented in the Balance Sheets | $ 2,324 | $ 2,253 |
Collateral (Received)/Held | ||
Financial Instruments | 0 | 0 |
Cash | (2,186) | (2,099) |
Net Amounts | 138 | 154 |
Other financial instruments | ||
Assets | ||
Net Amounts Presented in the Balance Sheets | 3,923 | 3,964 |
Collateral (Received)/Held | ||
Financial Instruments | 0 | 0 |
Cash | 0 | 0 |
Net Amounts | 3,923 | 3,964 |
Other invested assets | ||
Assets | ||
Net Amounts Presented in the Balance Sheets | 6,247 | 6,217 |
Collateral (Received)/Held | ||
Financial Instruments | 0 | 0 |
Cash | (2,186) | (2,099) |
Net Amounts | $ 4,061 | $ 4,118 |
INVESTMENTS - Derivatives, Gross Collateral Amounts, Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Liabilities: | ||
Net Amounts Presented in the Balance Sheets | $ 1,904 | $ 1,887 |
Collateral (Received)/Held | ||
Other accrued liabilities, current | 7 | 5 |
Securities sold under agreement to repurchase | ||
Liabilities: | ||
Net Amounts Presented in the Balance Sheets | 1,897 | 1,882 |
Collateral (Received)/Held | ||
Securities sold under agreement to repurchase, Financial Instruments | (1,923) | (1,988) |
Securities sold under agreement to repurchase, Cash | 0 | (21) |
Net Amounts | $ (26) | (127) |
Securities sold under agreement to repurchase | Other financial liabilities | ||
Liabilities: | ||
Net Amounts Presented in the Balance Sheets | 4,053 | |
Collateral (Received)/Held | ||
Securities sold under agreement to repurchase, Financial Instruments | 0 | |
Securities sold under agreement to repurchase, Cash | 0 | |
Net Amounts | 4,053 | |
Securities sold under agreement to repurchase | Other liabilities | ||
Liabilities: | ||
Net Amounts Presented in the Balance Sheets | 4,053 | |
Collateral (Received)/Held | ||
Securities sold under agreement to repurchase, Financial Instruments | 0 | |
Securities sold under agreement to repurchase, Cash | 0 | |
Net Amounts | $ 4,053 |
INVESTMENTS - Repurchase Agreements Accounted for as Borrowings (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Repurchase agreements accounted for as secured borrowings [Line Items] | ||
Repurchase agreements | $ 1,897 | $ 1,882 |
Other accrued liabilities, current | 7 | 5 |
Overnight and Continuous | ||
Repurchase agreements accounted for as secured borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Up to 30 days | ||
Repurchase agreements accounted for as secured borrowings [Line Items] | ||
Repurchase agreements | 1,897 | 1,882 |
30–90 days | ||
Repurchase agreements accounted for as secured borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Greater Than 90 days | ||
Repurchase agreements accounted for as secured borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
U.S. Treasury and agency securities | ||
Repurchase agreements accounted for as secured borrowings [Line Items] | ||
Repurchase agreements | 1,897 | 1,882 |
U.S. Treasury and agency securities | Overnight and Continuous | ||
Repurchase agreements accounted for as secured borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
U.S. Treasury and agency securities | Up to 30 days | ||
Repurchase agreements accounted for as secured borrowings [Line Items] | ||
Repurchase agreements | 1,897 | 1,882 |
U.S. Treasury and agency securities | 30–90 days | ||
Repurchase agreements accounted for as secured borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
U.S. Treasury and agency securities | Greater Than 90 days | ||
Repurchase agreements accounted for as secured borrowings [Line Items] | ||
Repurchase agreements | $ 0 | $ 0 |
CLOSED BLOCK - Summarized Financial Information (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
CLOSED BLOCK LIABILITIES: | ||||
Future policy benefits, policyholders’ account balances and other | $ 6,904 | $ 6,958 | ||
Policyholder dividend obligation | 0 | 19 | $ 38 | $ 52 |
Other liabilities | 269 | 271 | ||
Total Closed Block liabilities | 7,173 | 7,248 | ||
ASSETS DESIGNATED TO THE CLOSED BLOCK: | ||||
Fixed maturities, available for sale, at fair value (amortized cost of $3,864 and $3,923) | 3,908 | 4,070 | ||
Amortized cost of fixed maturities | 3,864 | 3,923 | ||
Mortgage loans on real estate | 1,837 | 1,720 | ||
Policy loans | 772 | 781 | ||
Cash and other invested assets | 235 | 351 | ||
Other assets | 192 | 182 | ||
Total assets designated to the Closed Block | 6,944 | 7,104 | ||
Excess of Closed Block liabilities over assets designated to the Closed Block | 229 | 144 | ||
Amounts included in accumulated other comprehensive income (loss): | ||||
Net unrealized investment gains (losses), net of policyholder dividend obligation of $0 and $19 | 55 | 138 | ||
Policyholder dividend obligation | 0 | 19 | $ 38 | $ 52 |
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities | $ 284 | $ 282 |
CLOSED BLOCK - Revenues and Expenses (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
REVENUES: | ||
Premiums and other income | $ 51 | $ 54 |
Net investment income (loss) | 73 | 83 |
Net investment gains (losses) | 1 | (15) |
Total revenues | 125 | 122 |
BENEFITS AND OTHER DEDUCTIONS: | ||
Policyholders’ benefits and dividends | 126 | 151 |
Other operating costs and expenses | 1 | 0 |
Total benefits and other deductions | 127 | 151 |
Net revenues (loss) before income taxes | (2) | (29) |
Income tax (expense) benefit | 0 | 10 |
Net Revenues (Losses) | $ (2) | $ (19) |
CLOSED BLOCK - Reconciliation of Policyholder Dividend Obligation (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Movement in Closed Block Dividend Obligation [Roll Forward] | ||
Balances, beginning of year | $ 19 | $ 52 |
Unrealized investment gains (losses), net of DAC | (19) | (14) |
Balances, End of Period | $ 0 | $ 38 |
INSURANCE LIABILITIES - GMDB and GMIB Liabilities and Other Policyholder's Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Direct Liability | ||
Balance, beginning of period | $ 8,885 | $ 7,038 |
Paid guarantee benefits | (133) | (121) |
Other changes in reserve | (39) | 2,106 |
Balance, end of period | 8,713 | 9,023 |
GMDB | ||
Direct Liability | ||
Balance, beginning of period | 4,085 | 3,170 |
Paid guarantee benefits | (101) | (89) |
Other changes in reserve | 97 | 187 |
Balance, end of period | 4,081 | 3,268 |
GMIB | ||
Direct Liability | ||
Balance, beginning of period | 4,800 | 3,868 |
Paid guarantee benefits | (32) | (32) |
Other changes in reserve | (136) | 1,919 |
Balance, end of period | $ 4,632 | $ 5,755 |
INSURANCE LIABILITIES - GMDB Reinsurance Ceded (Details) - GMDB - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward] | ||
Balance, beginning of year | $ 108 | $ 90 |
Paid guarantee benefits | (5) | (3) |
Other changes in reserve | 2 | 2 |
Balance, End of Period | $ 105 | $ 89 |
INSURANCE LIABILITIES - GMDB Reinsurance Assumed (Details) - GMDB - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Guaranteed Minimum Death Benefit Reinsurance Assumed [Roll Forward] | ||
Balance, beginning of year | $ 95 | $ 121 |
Paid guarantee benefits | (6) | (5) |
Other changes in reserve | (7) | (8) |
Balance, End of Period | $ 82 | $ 108 |
INSURANCE LIABILITIES - Derivative Instruments in Hedges, Liabilities, at Fair Value (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total embedded and freestanding derivative liabilities | $ 5,660 | $ 6,144 |
GMIB reinsurance contract asset | 1,734 | 1,894 |
GMIBNLG | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total embedded and freestanding derivative liabilities | 3,715 | 4,056 |
SCS, SIO, MSO, IUL indexed features | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total embedded and freestanding derivative liabilities | 1,683 | 1,786 |
Assumed GMIB reinsurance Contracts | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total embedded and freestanding derivative liabilities | 173 | 194 |
GWBL/GMWB | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total embedded and freestanding derivative liabilities | 121 | 130 |
GIB | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total embedded and freestanding derivative liabilities | (36) | (27) |
GMAB | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total embedded and freestanding derivative liabilities | $ 4 | $ 5 |
INSURANCE LIABILITIES - Direct Variable Annuity Contracts with GMDB and GMIB Features (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Account values invested in: | ||
Policyholder age | 70 years | |
GMDB | ||
Account values invested in: | ||
Separate Accounts | $ 92,504 | $ 94,672 |
GMIB | ||
Account values invested in: | ||
Separate Accounts | 60,459 | $ 62,286 |
Direct Variable Annuity | GMDB | ||
Account values invested in: | ||
General Account | 14,213 | |
Separate Accounts | 92,504 | |
Net amount at risk, gross | 18,707 | |
Net amount at risk, net of amounts reinsured | $ 18,063 | |
Average attained age of policyholders | 55 years | |
Percentage of policyholders over age 70 | 18.30% | |
Direct Variable Annuity | GMDB | Minimum | ||
Account values invested in: | ||
Range of contractually specified interest rates | 3.00% | |
Direct Variable Annuity | GMDB | Maximum | ||
Account values invested in: | ||
Range of contractually specified interest rates | 6.50% | |
Direct Variable Annuity | GMDB | Return of Premium | ||
Account values invested in: | ||
General Account | $ 13,848 | |
Separate Accounts | 45,136 | |
Net amount at risk, gross | 186 | |
Net amount at risk, net of amounts reinsured | $ 186 | |
Average attained age of policyholders | 51 years | |
Percentage of policyholders over age 70 | 9.70% | |
Direct Variable Annuity | GMDB | Ratchet | ||
Account values invested in: | ||
General Account | $ 107 | |
Separate Accounts | 9,319 | |
Net amount at risk, gross | 117 | |
Net amount at risk, net of amounts reinsured | $ 111 | |
Average attained age of policyholders | 67 years | |
Percentage of policyholders over age 70 | 40.90% | |
Direct Variable Annuity | GMDB | Roll-Up | ||
Account values invested in: | ||
General Account | $ 64 | |
Separate Accounts | 3,381 | |
Net amount at risk, gross | 2,016 | |
Net amount at risk, net of amounts reinsured | $ 1,378 | |
Average attained age of policyholders | 73 years | |
Percentage of policyholders over age 70 | 63.70% | |
Direct Variable Annuity | GMDB | Roll-Up | Minimum | ||
Account values invested in: | ||
Range of contractually specified interest rates | 3.00% | |
Direct Variable Annuity | GMDB | Roll-Up | Maximum | ||
Account values invested in: | ||
Range of contractually specified interest rates | 6.00% | |
Direct Variable Annuity | GMDB | Combo | ||
Account values invested in: | ||
General Account | $ 194 | |
Separate Accounts | 34,668 | |
Net amount at risk, gross | 16,388 | |
Net amount at risk, net of amounts reinsured | $ 16,388 | |
Average attained age of policyholders | 68 years | |
Percentage of policyholders over age 70 | 47.40% | |
Direct Variable Annuity | GMDB | Combo | Minimum | ||
Account values invested in: | ||
Range of contractually specified interest rates | 3.00% | |
Direct Variable Annuity | GMDB | Combo | Maximum | ||
Account values invested in: | ||
Range of contractually specified interest rates | 6.50% | |
Direct Variable Annuity | GMIB | ||
Account values invested in: | ||
General Account | $ 309 | |
Separate Accounts | 60,459 | |
Net amount at risk, gross | 7,205 | |
Net amount at risk, net of amounts reinsured | $ 6,006 | |
Average attained age of policyholders | 69 years | |
Weighted average years remaining until annuitization | 9 months 18 days | |
Direct Variable Annuity | GMIB | Minimum | ||
Account values invested in: | ||
Range of contractually specified interest rates | 3.00% | |
Direct Variable Annuity | GMIB | Maximum | ||
Account values invested in: | ||
Range of contractually specified interest rates | 6.50% | |
Direct Variable Annuity | GMIB | Roll-Up | ||
Account values invested in: | ||
General Account | $ 24 | |
Separate Accounts | 20,855 | |
Net amount at risk, gross | 883 | |
Net amount at risk, net of amounts reinsured | $ 268 | |
Average attained age of policyholders | 70 years | |
Weighted average years remaining until annuitization | 1 year 8 months 12 days | |
Direct Variable Annuity | GMIB | Roll-Up | Minimum | ||
Account values invested in: | ||
Range of contractually specified interest rates | 3.00% | |
Direct Variable Annuity | GMIB | Roll-Up | Maximum | ||
Account values invested in: | ||
Range of contractually specified interest rates | 6.00% | |
Direct Variable Annuity | GMIB | Combo | ||
Account values invested in: | ||
General Account | $ 285 | |
Separate Accounts | 39,604 | |
Net amount at risk, gross | 6,322 | |
Net amount at risk, net of amounts reinsured | $ 5,738 | |
Average attained age of policyholders | 69 years | |
Weighted average years remaining until annuitization | 8 months 12 days | |
Direct Variable Annuity | GMIB | Combo | Minimum | ||
Account values invested in: | ||
Range of contractually specified interest rates | 3.00% | |
Direct Variable Annuity | GMIB | Combo | Maximum | ||
Account values invested in: | ||
Range of contractually specified interest rates | 6.50% |
INSURANCE LIABILITIES - Assumed Variable Annuity Contracts with GMDB and GMIB Features (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Policyholder age | 70 years |
Deferred Variable Annuity | GMDB | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Reinsured Account values | $ 9,053 |
Net amount at risk assumed | $ 666 |
Average attained age of policyholders | 72 years |
Percentage of policyholders over age 70 | 61.90% |
Deferred Variable Annuity | GMDB | Minimum | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Range of contractually specified interest rates | 3.00% |
Deferred Variable Annuity | GMDB | Maximum | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Range of contractually specified interest rates | 10.00% |
Deferred Variable Annuity | GMDB | Return of Premium | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Reinsured Account values | $ 1,023 |
Net amount at risk assumed | $ 7 |
Average attained age of policyholders | 67 years |
Percentage of policyholders over age 70 | 41.40% |
Deferred Variable Annuity | GMDB | Ratchet | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Reinsured Account values | $ 5,849 |
Net amount at risk assumed | $ 314 |
Average attained age of policyholders | 72 years |
Percentage of policyholders over age 70 | 60.80% |
Deferred Variable Annuity | GMDB | Roll-Up | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Reinsured Account values | $ 302 |
Net amount at risk assumed | $ 24 |
Average attained age of policyholders | 77 years |
Percentage of policyholders over age 70 | 76.60% |
Deferred Variable Annuity | GMDB | Roll-Up | Minimum | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Range of contractually specified interest rates | 3.00% |
Deferred Variable Annuity | GMDB | Roll-Up | Maximum | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Range of contractually specified interest rates | 10.00% |
Deferred Variable Annuity | GMDB | Combo | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Reinsured Account values | $ 1,879 |
Net amount at risk assumed | $ 321 |
Average attained age of policyholders | 75 years |
Percentage of policyholders over age 70 | 74.20% |
Deferred Variable Annuity | GMDB | Combo | Minimum | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Range of contractually specified interest rates | 5.00% |
Deferred Variable Annuity | GMDB | Combo | Maximum | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Range of contractually specified interest rates | 10.00% |
Deferred Variable Annuity | GMIB | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Reinsured Account values | $ 2,645 |
Net amount at risk assumed | $ 255 |
Average attained age of policyholders | 70 years |
Percentage of policyholders over age 70 | 54.20% |
Highest contractual interest rate | 10.00% |
Period after issue rate applied | 10 years |
Deferred Variable Annuity | GMIB | Minimum | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Range of contractually specified interest rates | 3.30% |
Deferred Variable Annuity | GMIB | Maximum | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Range of contractually specified interest rates | 6.50% |
Deferred Variable Annuity | GMIB | Return of Premium | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Reinsured Account values | $ 978 |
Net amount at risk assumed | $ 2 |
Average attained age of policyholders | 71 years |
Percentage of policyholders over age 70 | 61.60% |
Deferred Variable Annuity | GMIB | Ratchet | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Reinsured Account values | $ 52 |
Net amount at risk assumed | $ 0 |
Average attained age of policyholders | 74 years |
Percentage of policyholders over age 70 | 63.70% |
Deferred Variable Annuity | GMIB | Roll-Up | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Reinsured Account values | $ 277 |
Net amount at risk assumed | $ 38 |
Average attained age of policyholders | 71 years |
Percentage of policyholders over age 70 | 55.90% |
Deferred Variable Annuity | GMIB | Roll-Up | Minimum | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Range of contractually specified interest rates | 3.30% |
Deferred Variable Annuity | GMIB | Roll-Up | Maximum | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Range of contractually specified interest rates | 6.50% |
Deferred Variable Annuity | GMIB | Combo | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Reinsured Account values | $ 1,338 |
Net amount at risk assumed | $ 215 |
Average attained age of policyholders | 68 years |
Percentage of policyholders over age 70 | 48.10% |
Deferred Variable Annuity | GMIB | Combo | Minimum | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Range of contractually specified interest rates | 6.00% |
Deferred Variable Annuity | GMIB | Combo | Maximum | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Range of contractually specified interest rates | 6.00% |
INSURANCE LIABILITIES - Investment in Variable Insurance Trust Mutual Funds (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
GMDB | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | $ 92,504 | $ 94,672 |
GMDB | Equity | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 40,678 | 41,658 |
GMDB | Equity | As Previously Reported | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 78,069 | |
GMDB | Fixed income | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 5,384 | 5,469 |
GMDB | Fixed income | As Previously Reported | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 2,234 | |
GMDB | Balanced | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 45,485 | 46,577 |
GMDB | Balanced | As Previously Reported | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 14,084 | |
GMDB | Other | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 957 | 968 |
GMDB | Other | As Previously Reported | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 283 | |
GMIB | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 60,459 | 62,286 |
GMIB | Equity | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 19,156 | 19,928 |
GMIB | Equity | As Previously Reported | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 50,429 | |
GMIB | Fixed income | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 3,074 | 3,150 |
GMIB | Fixed income | As Previously Reported | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 1,568 | |
GMIB | Balanced | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 37,918 | 38,890 |
GMIB | Balanced | As Previously Reported | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | 10,165 | |
GMIB | Other | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | $ 311 | 318 |
GMIB | Other | As Previously Reported | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Investment in Separate Account Investment Options | $ 124 |
INSURANCE LIABILITIES - Narrative (Details) $ in Millions |
Mar. 31, 2018
USD ($)
|
---|---|
Direct Variable Annuity | GMDB | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Account value hedged of variable annuity contracts | $ 68,663 |
Net amount at risk hedged of variable annuity contracts | 17,102 |
Direct Variable Annuity | GMIB | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Account value hedged of variable annuity contracts | 57,781 |
Net amount at risk hedged of variable annuity contracts | 7,236 |
Deferred Variable Annuity | GMDB | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Account value hedged of variable annuity contracts | 9,053 |
Net amount at risk hedged of variable annuity contracts | 666 |
Deferred Variable Annuity | GMIB | |
Net Amount at Risk by Product and Guarantee [Line Items] | |
Account value hedged of variable annuity contracts | 2,645 |
Net amount at risk hedged of variable annuity contracts | $ 255 |
INSURANCE LIABILITIES - Summary of No-Lapse Guarantee Liabilities and Other Policyholder's Liabilities (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Direct Liability | ||
Balance, beginning of period | $ 8,885,000,000 | $ 7,038,000,000 |
Paid Guaranteed Benefits | (133,000,000) | (121,000,000) |
Balance, end of period | 8,713,000,000 | 9,023,000,000 |
Direct Liability | ||
Direct Liability | ||
Balance, beginning of period | 686,000,000 | 1,307,000,000 |
Paid Guaranteed Benefits | (8,000,000) | |
Other changes in reserves | 26,000,000 | 4,000,000 |
Balance, end of period | 704,000,000 | 1,311,000,000 |
Reinsurance Ceded | ||
Direct Liability | ||
Other changes in reserves | $ 0 | $ 0 |
REINSURANCE AGREEMENTS (Details) $ in Millions |
Feb. 01, 2018
USD ($)
|
---|---|
Reinsurance Retention Policy [Line Items] | |
Securities | $ 604 |
Cash | 31 |
Statutory reserves | $ 635 |
AXA Equitable Life | |
Reinsurance Retention Policy [Line Items] | |
Percentage of single premium deferred annuities ceded | 90.00% |
Securities | $ 604 |
Cash | 31 |
Statutory reserves | 635 |
Deposit asset recorded in Other assets, net of the ceding commissions paid to the reinsurer | $ 635 |
FAIR VALUE DISCLOSURES - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Investments | ||
Fixed maturities, available-for-sale | $ 43,484 | $ 47,131 |
Trading securities | 14,919 | 14,170 |
Fair Value, Measurements, Recurring | ||
Investments | ||
Fixed maturities, available-for-sale | 43,484 | 46,941 |
Other equity investments | 47 | 47 |
Trading securities | 14,919 | 14,170 |
Other invested assets | 5,192 | 5,289 |
Cash equivalents | 4,894 | 3,608 |
Segregated securities | 1,025 | 825 |
GMIB reinsurance contract asset | 1,734 | 1,894 |
Separate Accounts’ assets | 121,668 | 124,346 |
Total Assets | 192,963 | 197,120 |
Liabilities | ||
Contingent payment arrangements | 14 | 15 |
Total Liabilities | 6,882 | 6,851 |
Fair Value, Measurements, Recurring | Public Corporate | ||
Investments | ||
Fixed maturities, available-for-sale | 18,716 | 17,954 |
Fair Value, Measurements, Recurring | Private Corporate | ||
Investments | ||
Fixed maturities, available-for-sale | 7,404 | 7,492 |
Fair Value, Measurements, Recurring | U.S. Treasury, government and agency | ||
Investments | ||
Fixed maturities, available-for-sale | 14,653 | 18,508 |
Fair Value, Measurements, Recurring | States and political subdivisions | ||
Investments | ||
Fixed maturities, available-for-sale | 477 | 489 |
Fair Value, Measurements, Recurring | Foreign governments | ||
Investments | ||
Fixed maturities, available-for-sale | 419 | 419 |
Fair Value, Measurements, Recurring | Residential mortgage-backed | ||
Investments | ||
Fixed maturities, available-for-sale | 627 | 818 |
Fair Value, Measurements, Recurring | Asset-backed | ||
Investments | ||
Fixed maturities, available-for-sale | 675 | 749 |
Fair Value, Measurements, Recurring | Redeemable preferred stock | ||
Investments | ||
Fixed maturities, available-for-sale | 513 | 512 |
Fair Value, Measurements, Recurring | Short-term investments | ||
Investments | ||
Other invested assets | 854 | 1,730 |
Fair Value, Measurements, Recurring | Assets of consolidated VIEs/VOEs | ||
Investments | ||
Other invested assets | 2,014 | 1,302 |
Fair Value, Measurements, Recurring | Swaps | ||
Investments | ||
Other invested assets | 356 | 222 |
Fair Value, Measurements, Recurring | Credit Default Swaps | ||
Investments | ||
Other invested assets | 29 | 33 |
Fair Value, Measurements, Recurring | Futures | ||
Investments | ||
Other invested assets | (2) | |
Fair Value, Measurements, Recurring | Foreign currency contract | ||
Investments | ||
Other invested assets | 5 | |
Fair Value, Measurements, Recurring | Options | ||
Investments | ||
Other invested assets | 1,939 | 1,999 |
Fair Value, Measurements, Recurring | GMxB derivative features’ liability | ||
Liabilities | ||
Features' liability | 3,977 | 4,358 |
Fair Value, Measurements, Recurring | SCS, SIO, MSO and IUL indexed features’ liability | ||
Liabilities | ||
Features' liability | 1,683 | 1,786 |
Fair Value, Measurements, Recurring | VIEs/VOEs | ||
Liabilities | ||
Liabilities of consolidated VIEs/VOEs | 1,208 | 692 |
Fair Value, Measurements, Recurring | Level 1 | ||
Investments | ||
Fixed maturities, available-for-sale | 180 | 184 |
Other equity investments | 13 | 13 |
Trading securities | 448 | 485 |
Other invested assets | 1,691 | 1,058 |
Cash equivalents | 4,894 | 3,608 |
Segregated securities | 0 | 0 |
GMIB reinsurance contract asset | 0 | 0 |
Separate Accounts’ assets | 118,466 | 121,000 |
Total Assets | 125,692 | 126,348 |
Liabilities | ||
Contingent payment arrangements | 0 | 0 |
Total Liabilities | 1,190 | 670 |
Fair Value, Measurements, Recurring | Level 1 | Public Corporate | ||
Investments | ||
Fixed maturities, available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Private Corporate | ||
Investments | ||
Fixed maturities, available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury, government and agency | ||
Investments | ||
Fixed maturities, available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | States and political subdivisions | ||
Investments | ||
Fixed maturities, available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Foreign governments | ||
Investments | ||
Fixed maturities, available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed | ||
Investments | ||
Fixed maturities, available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Asset-backed | ||
Investments | ||
Fixed maturities, available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Redeemable preferred stock | ||
Investments | ||
Fixed maturities, available-for-sale | 180 | 184 |
Fair Value, Measurements, Recurring | Level 1 | Short-term investments | ||
Investments | ||
Other invested assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Assets of consolidated VIEs/VOEs | ||
Investments | ||
Other invested assets | 1,691 | 1,060 |
Fair Value, Measurements, Recurring | Level 1 | Swaps | ||
Investments | ||
Other invested assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Credit Default Swaps | ||
Investments | ||
Other invested assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Futures | ||
Investments | ||
Other invested assets | (2) | |
Fair Value, Measurements, Recurring | Level 1 | Foreign currency contract | ||
Investments | ||
Other invested assets | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Options | ||
Investments | ||
Other invested assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | GMxB derivative features’ liability | ||
Liabilities | ||
Features' liability | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | SCS, SIO, MSO and IUL indexed features’ liability | ||
Liabilities | ||
Features' liability | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | VIEs/VOEs | ||
Liabilities | ||
Liabilities of consolidated VIEs/VOEs | 1,190 | 670 |
Fair Value, Measurements, Recurring | Level 2 | ||
Investments | ||
Fixed maturities, available-for-sale | 41,472 | 45,025 |
Other equity investments | 0 | 0 |
Trading securities | 14,427 | 13,647 |
Other invested assets | 3,469 | 4,204 |
Cash equivalents | 0 | 0 |
Segregated securities | 1,025 | 825 |
GMIB reinsurance contract asset | 0 | 0 |
Separate Accounts’ assets | 2,845 | 2,997 |
Total Assets | 63,238 | 66,698 |
Liabilities | ||
Contingent payment arrangements | 0 | 0 |
Total Liabilities | 1,701 | 1,808 |
Fair Value, Measurements, Recurring | Level 2 | Public Corporate | ||
Investments | ||
Fixed maturities, available-for-sale | 18,581 | 17,906 |
Fair Value, Measurements, Recurring | Level 2 | Private Corporate | ||
Investments | ||
Fixed maturities, available-for-sale | 6,286 | 6,390 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury, government and agency | ||
Investments | ||
Fixed maturities, available-for-sale | 14,653 | 18,508 |
Fair Value, Measurements, Recurring | Level 2 | States and political subdivisions | ||
Investments | ||
Fixed maturities, available-for-sale | 438 | 449 |
Fair Value, Measurements, Recurring | Level 2 | Foreign governments | ||
Investments | ||
Fixed maturities, available-for-sale | 419 | 419 |
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed | ||
Investments | ||
Fixed maturities, available-for-sale | 627 | 818 |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed | ||
Investments | ||
Fixed maturities, available-for-sale | 135 | 208 |
Fair Value, Measurements, Recurring | Level 2 | Redeemable preferred stock | ||
Investments | ||
Fixed maturities, available-for-sale | 333 | 327 |
Fair Value, Measurements, Recurring | Level 2 | Short-term investments | ||
Investments | ||
Other invested assets | 854 | 1,730 |
Fair Value, Measurements, Recurring | Level 2 | Assets of consolidated VIEs/VOEs | ||
Investments | ||
Other invested assets | 291 | 215 |
Fair Value, Measurements, Recurring | Level 2 | Swaps | ||
Investments | ||
Other invested assets | 356 | 222 |
Fair Value, Measurements, Recurring | Level 2 | Credit Default Swaps | ||
Investments | ||
Other invested assets | 29 | 33 |
Fair Value, Measurements, Recurring | Level 2 | Futures | ||
Investments | ||
Other invested assets | 0 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency contract | ||
Investments | ||
Other invested assets | 5 | |
Fair Value, Measurements, Recurring | Level 2 | Options | ||
Investments | ||
Other invested assets | 1,939 | 1,999 |
Fair Value, Measurements, Recurring | Level 2 | GMxB derivative features’ liability | ||
Liabilities | ||
Features' liability | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | SCS, SIO, MSO and IUL indexed features’ liability | ||
Liabilities | ||
Features' liability | 1,683 | 1,786 |
Fair Value, Measurements, Recurring | Level 2 | VIEs/VOEs | ||
Liabilities | ||
Liabilities of consolidated VIEs/VOEs | 18 | 22 |
Fair Value, Measurements, Recurring | Level 3 | ||
Investments | ||
Fixed maturities, available-for-sale | 1,832 | 1,732 |
Other equity investments | 34 | 34 |
Trading securities | 44 | 38 |
Other invested assets | 32 | 27 |
Cash equivalents | 0 | 0 |
Segregated securities | 0 | 0 |
GMIB reinsurance contract asset | 1,734 | 1,894 |
Separate Accounts’ assets | 357 | 349 |
Total Assets | 4,033 | 4,074 |
Liabilities | ||
Contingent payment arrangements | 14 | 15 |
Total Liabilities | 3,991 | 4,373 |
Fair Value, Measurements, Recurring | Level 3 | Public Corporate | ||
Investments | ||
Fixed maturities, available-for-sale | 135 | 48 |
Fair Value, Measurements, Recurring | Level 3 | Private Corporate | ||
Investments | ||
Fixed maturities, available-for-sale | 1,118 | 1,102 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury, government and agency | ||
Investments | ||
Fixed maturities, available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | States and political subdivisions | ||
Investments | ||
Fixed maturities, available-for-sale | 39 | 40 |
Fair Value, Measurements, Recurring | Level 3 | Foreign governments | ||
Investments | ||
Fixed maturities, available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed | ||
Investments | ||
Fixed maturities, available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed | ||
Investments | ||
Fixed maturities, available-for-sale | 540 | 541 |
Fair Value, Measurements, Recurring | Level 3 | Redeemable preferred stock | ||
Investments | ||
Fixed maturities, available-for-sale | 0 | 1 |
Fair Value, Measurements, Recurring | Level 3 | Short-term investments | ||
Investments | ||
Other invested assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Assets of consolidated VIEs/VOEs | ||
Investments | ||
Other invested assets | 32 | 27 |
Fair Value, Measurements, Recurring | Level 3 | Swaps | ||
Investments | ||
Other invested assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Credit Default Swaps | ||
Investments | ||
Other invested assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Futures | ||
Investments | ||
Other invested assets | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Foreign currency contract | ||
Investments | ||
Other invested assets | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Options | ||
Investments | ||
Other invested assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | GMxB derivative features’ liability | ||
Liabilities | ||
Features' liability | 3,977 | 4,358 |
Fair Value, Measurements, Recurring | Level 3 | SCS, SIO, MSO and IUL indexed features’ liability | ||
Liabilities | ||
Features' liability | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | VIEs/VOEs | ||
Liabilities | ||
Liabilities of consolidated VIEs/VOEs | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net fair value of freestanding derivative positions as a percent of Other invested assets | 44.80% | 42.90% | |
Other invested assets measured at fair value on a recurring basis | $ 2,324 | $ 2,258 | |
Reduction to fair value of GMIB reinsurance contract asset | 12 | 8 | |
Reduction to fair value of GMIB reinsurance contract liability | 24 | 24 | |
AFS fixed maturities transferred out of Level 3 | 16 | $ 0 | |
AFS fixed maturities transferred out of Level 2 | $ 67 | $ 24 | |
Aggregated transfers as a percent of total equity | 0.50% | 0.20% | |
Investments for which the underlying quantitative inputs are not developed and not readily available | $ 1,087 | $ 948 | |
Level 3 investments as a percent of total assets classified as Level 3 | 47.30% | 44.00% | |
Level 3 investments as a percent of all assets measured at fair value on a recurring basis | 0.60% | 0.50% | |
Fair value of fixed maturities | $ 43,484 | $ 47,131 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments classified as Level 1 (as a percent) | 66.10% | 64.90% | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments classified as Level 1 (as a percent) | 32.70% | 34.00% | |
AAA-rated mortgage- and asset-backed securities are classified as Level 2 | $ 641 | $ 875 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments classified as Level 1 (as a percent) | 1.20% | 1.10% | |
AAA-rated mortgage- and asset-backed securities are classified as Level 2 | $ 540 | $ 598 | |
Fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data | $ 95 | 97 | |
Contingent Payment Arrangement | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk-adjusted discount factor (as a percent) | 7.00% | ||
Fair value of contingent payment arrangements | $ 3 | ||
VIEs/VOEs | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments of consolidated VIEs/VOEs classified as Level 3 | 32 | 27 | |
Corporate debt securities | Matrix pricing model or a market comparable valuation technique | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets classified as Level 3 | 52 | 53 | |
Corporate debt securities | Private placement securities | Matrix pricing model or a market comparable valuation technique | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets classified as Level 3 | $ 840 | $ 842 | |
Securities as a percent of Level 3 securities in the corporate fixed maturities asset class | 67.00% | 73.20% | |
Separate Accounts Assets | Third party appraisal valuation technique | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk-adjusted discount factor (as a percent) | 6.60% | 6.60% | |
Fair value of assets classified as Level 3 | $ 332 | $ 326 | |
Separate Accounts Assets | Private real estate fund | Third party appraisal valuation technique | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets classified as Level 3 | 332 | 326 | |
Separate Accounts Assets | Mortgage loans | Third party appraisal valuation technique | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets classified as Level 3 | 1 | 1 | |
Separate Accounts Assets | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets classified as Level 3 | 15 | 14 | |
Separate Accounts Assets | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets classified as Level 3 | $ 9 | $ 8 | |
Public fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities as a percent of total assets measured at fair value on a recurring basis | 18.50% | 20.00% | |
Fair value of fixed maturities | $ 35,131 | $ 38,762 | |
Private fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities as a percent of total assets measured at fair value on a recurring basis | 4.40% | 4.20% | |
Fair value of fixed maturities | $ 8,353 | $ 8,179 | |
AB | AB's 2016 acquisition | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Acquisition-related contingent consideration liability | $ 11 | $ 11 | |
Revenue growth rate | 31.00% | 31.00% | |
AB | Minimum | AB's 2016 acquisition | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk-adjusted discount factor (as a percent) | 1.40% | 1.40% | |
AB | Maximum | AB's 2016 acquisition | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk-adjusted discount factor (as a percent) | 2.30% | 2.30% |
FAIR VALUE DISCLOSURES - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Income (loss) as: | ||
Transfers into level 3 | $ 67 | $ 24 |
Transfers out of Level 3 | (16) | 0 |
Level 3 | Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Opening Balance | 1,150 | 857 |
Income (loss) as: | ||
Net investment income (loss) | 1 | 1 |
Investment gains (losses), net | 0 | 0 |
Subtotal | 1 | 1 |
Other comprehensive income (loss) | (21) | 45 |
Purchases | 189 | 171 |
Sales | (117) | (67) |
Settlements | 0 | |
Transfers into level 3 | 67 | 18 |
Transfers out of Level 3 | (16) | 0 |
Closing Balance | 1,253 | 1,025 |
Level 3 | State and Political Sub- divisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Opening Balance | 40 | 42 |
Income (loss) as: | ||
Net investment income (loss) | 0 | 0 |
Investment gains (losses), net | 0 | 0 |
Subtotal | 0 | 0 |
Other comprehensive income (loss) | (1) | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | |
Transfers into level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Closing Balance | 39 | 42 |
Level 3 | Commercial Mortgage- backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Opening Balance | 0 | 373 |
Income (loss) as: | ||
Net investment income (loss) | 0 | 0 |
Investment gains (losses), net | 0 | (23) |
Subtotal | 0 | (23) |
Other comprehensive income (loss) | 0 | 25 |
Purchases | 0 | 0 |
Sales | 0 | (35) |
Settlements | 0 | |
Transfers into level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Closing Balance | 0 | 340 |
Level 3 | Asset- backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Opening Balance | 541 | 120 |
Income (loss) as: | ||
Net investment income (loss) | 0 | 0 |
Investment gains (losses), net | 0 | 0 |
Subtotal | 0 | 0 |
Other comprehensive income (loss) | 0 | 5 |
Purchases | 0 | 195 |
Sales | (1) | (3) |
Settlements | 0 | |
Transfers into level 3 | 0 | 6 |
Transfers out of Level 3 | 0 | 0 |
Closing Balance | 540 | 323 |
Level 3 | Redeemable Preferred Stock | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Opening Balance | 1 | 1 |
Income (loss) as: | ||
Net investment income (loss) | 0 | 0 |
Investment gains (losses), net | 0 | 0 |
Net derivative gains (losses) | 0 | 0 |
Subtotal | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 |
Purchases | 0 | 0 |
Sales | (1) | 0 |
Settlements | 0 | 0 |
Activity related to consolidated VIEs | 0 | 0 |
Transfers into level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Closing Balance | 0 | 1 |
Level 3 | Other equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Opening Balance | 99 | 88 |
Income (loss) as: | ||
Net investment income (loss) | 0 | 0 |
Investment gains (losses), net | 0 | (9) |
Net derivative gains (losses) | 0 | 0 |
Subtotal | 0 | (9) |
Other comprehensive income (loss) | 1 | 0 |
Purchases | 4 | 4 |
Sales | 0 | (1) |
Settlements | 0 | |
Activity related to consolidated VIEs | 1 | (9) |
Transfers into level 3 | 5 | 1 |
Transfers out of Level 3 | 0 | |
Closing Balance | 110 | 74 |
Level 3 | GMIB Reinsurance Contract Asset | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Opening Balance | 1,894 | 1,735 |
Income (loss) as: | ||
Net investment income (loss) | 0 | 0 |
Investment gains (losses), net | 0 | 0 |
Net derivative gains (losses) | (159) | (71) |
Subtotal | (159) | (71) |
Other comprehensive income (loss) | 0 | 0 |
Purchases | 10 | 9 |
Sales | (11) | (14) |
Settlements | 0 | 0 |
Activity related to consolidated VIEs | 0 | 0 |
Transfers into level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Closing Balance | 1,734 | 1,659 |
Level 3 | Separate Accounts Assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Opening Balance | 349 | 313 |
Income (loss) as: | ||
Net investment income (loss) | 0 | 0 |
Investment gains (losses), net | 7 | 10 |
Net derivative gains (losses) | 0 | |
Subtotal | 7 | 10 |
Other comprehensive income (loss) | 0 | 0 |
Purchases | 3 | 3 |
Sales | (1) | (1) |
Settlements | (1) | (1) |
Activity related to consolidated VIEs | 0 | 0 |
Transfers into level 3 | 0 | 1 |
Transfers out of Level 3 | 0 | 0 |
Closing Balance | 357 | 325 |
Level 3 | GMxB derivative features liability | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Opening Balance | (4,358) | (5,580) |
Income (loss) as: | ||
Net investment income (loss) | 0 | 0 |
Investment gains (losses), net | 0 | 0 |
Net derivative gains (losses) | 460 | 507 |
Subtotal | 460 | 507 |
Other comprehensive income (loss) | 0 | 0 |
Purchases | (84) | (81) |
Sales | 5 | 8 |
Settlements | 0 | 0 |
Activity related to consolidated VIEs | 0 | 0 |
Transfers into level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Closing Balance | (3,977) | (5,146) |
Level 3 | Contingent Payment Arrangement | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Opening Balance | (15) | (25) |
Income (loss) as: | ||
Net investment income (loss) | 0 | 0 |
Investment gains (losses), net | 0 | 0 |
Net derivative gains (losses) | 0 | 0 |
Subtotal | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 1 | 1 |
Activity related to consolidated VIEs | 0 | 0 |
Transfers into level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Closing Balance | $ (14) | $ (24) |
FAIR VALUE DISCLOSURES - Fair Value Assets Unrealized Gains Losses By Category For Level 3 Assets And Liabilities Still Held (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Change in Accounting Estimate [Line Items] | ||
Investment Gains (Losses), Net | $ 102 | $ (24) |
Level 3 | Corporate | ||
Change in Accounting Estimate [Line Items] | ||
Net Derivative Gains (losses) | 0 | 0 |
OCI | (21) | 45 |
Level 3 | States and political subdivisions | ||
Change in Accounting Estimate [Line Items] | ||
Net Derivative Gains (losses) | 0 | 0 |
OCI | (1) | 0 |
Level 3 | Commercial mortgage-backed | ||
Change in Accounting Estimate [Line Items] | ||
Net Derivative Gains (losses) | 0 | (23) |
OCI | 0 | 25 |
Level 3 | Asset-backed | ||
Change in Accounting Estimate [Line Items] | ||
Net Derivative Gains (losses) | 0 | 0 |
OCI | 0 | 5 |
Level 3 | GMIB reinsurance contract asset | ||
Change in Accounting Estimate [Line Items] | ||
Net Derivative Gains (losses) | 0 | 0 |
OCI | 0 | 0 |
Level 3 | Separate Accounts’ assets | ||
Change in Accounting Estimate [Line Items] | ||
Net Derivative Gains (losses) | 7 | 10 |
OCI | 0 | 0 |
Assets and Liabilities Still Held | Level 3 | Total Debt Maturities Available For Sale | ||
Change in Accounting Estimate [Line Items] | ||
Investment Gains (Losses), Net | 7 | 10 |
Net Derivative Gains (losses) | 301 | 436 |
OCI | (20) | 63 |
Assets and Liabilities Still Held | Level 3 | Fixed maturities, available-for-sale: | ||
Change in Accounting Estimate [Line Items] | ||
Investment Gains (Losses), Net | 0 | 0 |
Net Derivative Gains (losses) | 0 | 0 |
OCI | (20) | 63 |
Assets and Liabilities Still Held | Level 3 | Corporate | ||
Change in Accounting Estimate [Line Items] | ||
Investment Gains (Losses), Net | 0 | 0 |
Net Derivative Gains (losses) | 0 | 0 |
OCI | (19) | 45 |
Assets and Liabilities Still Held | Level 3 | States and political subdivisions | ||
Change in Accounting Estimate [Line Items] | ||
Investment Gains (Losses), Net | 0 | |
Net Derivative Gains (losses) | 0 | |
OCI | (1) | |
Assets and Liabilities Still Held | Level 3 | Commercial mortgage-backed | ||
Change in Accounting Estimate [Line Items] | ||
Investment Gains (Losses), Net | 0 | |
Net Derivative Gains (losses) | 0 | |
OCI | 13 | |
Assets and Liabilities Still Held | Level 3 | Asset-backed | ||
Change in Accounting Estimate [Line Items] | ||
Investment Gains (Losses), Net | 0 | 0 |
Net Derivative Gains (losses) | 0 | 0 |
OCI | 0 | 5 |
Assets and Liabilities Still Held | Level 3 | GMIB reinsurance contract asset | ||
Change in Accounting Estimate [Line Items] | ||
Investment Gains (Losses), Net | 0 | 0 |
Net Derivative Gains (losses) | (159) | (71) |
OCI | 0 | 0 |
Assets and Liabilities Still Held | Level 3 | Separate Accounts’ assets | ||
Change in Accounting Estimate [Line Items] | ||
Investment Gains (Losses), Net | 7 | 10 |
Net Derivative Gains (losses) | 0 | 0 |
OCI | 0 | 0 |
Assets and Liabilities Still Held | Level 3 | GMxB derivative features’ liability | ||
Change in Accounting Estimate [Line Items] | ||
Investment Gains (Losses), Net | 0 | 0 |
Net Derivative Gains (losses) | 460 | 507 |
OCI | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Fair Value Inputs Quantitative Information (Details) - Level 3 - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Corporate | Matrix pricing model | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Assets | $ 52 | $ 53 | ||
Corporate | Matrix pricing model | Minimum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Spread over industry yield curve (bps) | 0 | 0 | ||
Corporate | Matrix pricing model | Maximum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Spread over industry yield curve (bps) | 565 | 565 | ||
Corporate | Matrix pricing model | Weighted Average | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Spread over industry yield curve (bps) | 112 | 125 | ||
Corporate | Market comparable companies | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Assets | $ 788 | $ 789 | ||
Corporate | Market comparable companies | Minimum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
EBITDA Multiple (ratio) | 6.2 | 5.3 | ||
Discount rate | 7.20% | 7.20% | ||
Cash flow multiples (ratio) | 9.0 | 9.0 | ||
Corporate | Market comparable companies | Maximum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
EBITDA Multiple (ratio) | 30.7 | 27.9 | ||
Discount rate | 17.00% | 17.00% | ||
Cash flow multiples (ratio) | 17.7 | 17.7 | ||
Corporate | Market comparable companies | Weighted Average | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
EBITDA Multiple (ratio) | 13.0 | 12.9 | ||
Discount rate | 11.30% | 11.10% | ||
Cash flow multiples (ratio) | 13.1 | 13.1 | ||
Other equity investments | Discounted cash flow | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Assets | $ 38 | $ 38 | ||
Discount rate | 10.00% | 10.00% | ||
Discount years | 12 years | 12 years | ||
Earnings Multiple (ratio) | 10.8 | 10.8 | ||
Separate Accounts’ assets | Third party appraisal | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Assets | $ 332 | $ 326 | ||
Discount rate | 6.60% | 6.60% | ||
Capitalization Rate | 4.60% | 4.60% | ||
Exit capitalization Rate | 5.60% | 5.60% | ||
Separate Accounts’ assets | Discounted cash flow | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Assets | $ 1 | $ 1 | ||
Spread over industry yield curve (bps) | 228 | 243 | ||
Discount rate | 4.624% | 4.409% | ||
GMIB reinsurance contract asset | Discounted cash flow | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Assets | $ 1,734 | $ 1,894 | ||
GMIB reinsurance contract asset | Discounted cash flow | Minimum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Lapse Rate | 1.00% | 1.00% | ||
Withdrawal Rate | 0.63% | 0.00% | ||
Utilization Rate | 0.00% | 0.00% | ||
Non-performance risk | 0.0006 | 0.0005 | ||
Volatility rate | 11.00% | 9.90% | ||
GMIB reinsurance contract asset | Discounted cash flow | Maximum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Lapse Rate | 6.27% | 6.30% | ||
Withdrawal Rate | 13.94% | 8.00% | ||
Utilization Rate | 16.00% | 16.00% | ||
Non-performance risk | 0.0014 | 0.0010 | ||
Volatility rate | 30.00% | 30.90% | ||
GMIBNLG | Discounted cash flow | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Liabilities | $ 3,715 | $ 4,056 | ||
Non-performance risk | 0.010 | 0.010 | ||
Volatility rate | 20.00% | 20.00% | ||
GMIBNLG | Discounted cash flow | Minimum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Lapse Rate | 0.80% | 0.80% | ||
Withdrawal Rate | 0.00% | 0.00% | ||
Utilization Rate | 0.00% | |||
Annuitization (as a percent) | 0.00% | |||
NLG Forfeiture Rate | 0.55% | 0.55% | ||
GMIBNLG | Discounted cash flow | Maximum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Lapse Rate | 26.20% | 26.20% | ||
Withdrawal Rate | 12.40% | 12.40% | ||
Utilization Rate | 16.00% | |||
Annuitization (as a percent) | 16.00% | |||
NLG Forfeiture Rate | 2.10% | 2.10% | ||
Assumed GMIB Reinsurance Contracts | Discounted cash flow | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Liabilities | $ 173 | $ 194 | ||
Non-performance risk | 0.0147 | 0.013 | ||
Assumed GMIB Reinsurance Contracts | Discounted cash flow | Minimum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Lapse Rate | 1.10% | 1.10% | ||
Withdrawal Rate (Age 0-85) | 0.70% | 0.70% | ||
Withdrawal Rate (Age 86 and above) | 1.30% | 1.30% | ||
Utilization Rate | 0.00% | 0.00% | ||
Volatility rate | 11.00% | 9.90% | ||
Assumed GMIB Reinsurance Contracts | Discounted cash flow | Maximum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Lapse Rate | 13.30% | 13.30% | ||
Withdrawal Rate (Age 0-85) | 22.20% | 22.20% | ||
Withdrawal Rate (Age 86 and above) | 100.00% | 100.00% | ||
Utilization Rate | 30.00% | 30.00% | ||
Volatility rate | 30.00% | 30.90% | ||
GWBL/GMWB | Discounted cash flow | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Liabilities | $ 121 | $ 130 | ||
Utilization Rate | 100.00% | 100.00% | ||
GWBL/GMWB | Discounted cash flow | Minimum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Lapse Rate | 0.50% | 0.90% | ||
Withdrawal Rate | 0.00% | 0.00% | ||
Volatility rate | 11.00% | 9.90% | ||
GWBL/GMWB | Discounted cash flow | Maximum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Lapse Rate | 5.70% | 5.70% | ||
Withdrawal Rate | 7.00% | 7.00% | ||
Volatility rate | 30.00% | 30.90% | ||
GIB | Discounted cash flow | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Liabilities | $ (36) | $ (27) | ||
GIB | Discounted cash flow | Minimum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Lapse Rate | 0.50% | 0.90% | ||
Withdrawal Rate | 0.00% | 0.00% | ||
Utilization Rate | 0.00% | 0.00% | ||
Volatility rate | 11.00% | 9.90% | ||
GIB | Discounted cash flow | Maximum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Lapse Rate | 5.70% | 5.70% | ||
Withdrawal Rate | 8.00% | 7.00% | ||
Utilization Rate | 16.00% | 16.00% | ||
Volatility rate | 30.00% | 30.90% | ||
GMAB | Discounted cash flow | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Liabilities | $ 4 | $ 5 | ||
GMAB | Discounted cash flow | Minimum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Lapse Rate | 0.50% | 0.50% | ||
Volatility rate | 11.00% | 9.90% | ||
GMAB | Discounted cash flow | Maximum | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Lapse Rate | 11.00% | 11.00% | ||
Volatility rate | 30.00% | 30.90% | ||
Corporate | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Assets | $ 1,253 | $ 1,150 | $ 1,025 | $ 857 |
Other equity investments | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Assets | 110 | 99 | 74 | 88 |
Separate Accounts’ assets | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Assets | 357 | 349 | 325 | 313 |
GMIB reinsurance contract asset | ||||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||||
Assets | $ 1,734 | $ 1,894 | $ 1,659 | $ 1,735 |
FAIR VALUE DISCLOSURES - Fair Value Disclosure Financial Instruments Not Carried At Fair Value (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans on real estate | $ 11,333 | $ 10,952 |
Loans to affiliates | 885 | 1,230 |
Policyholders’ liabilities: Investment contracts | 47,666 | 47,171 |
Loans from affiliates | 2,530 | 3,622 |
Policy loans | 3,776 | 3,819 |
Separate Account Liabilities | 121,858 | 124,552 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans on real estate | 11,333 | 10,952 |
Loans to affiliates | 885 | 1,230 |
Policyholders’ liabilities: Investment contracts | 2,222 | 2,224 |
FHLBNY Funding Agreements | 3,014 | 3,014 |
Short term and long-term debt | 2,373 | 2,408 |
Loans from affiliates | 2,530 | 3,622 |
Policy loans | 3,776 | 3,819 |
Separate Account Liabilities | 7,647 | 7,537 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans on real estate | 11,128 | 10,912 |
Loans to affiliates | 885 | 1,230 |
Policyholders’ liabilities: Investment contracts | 2,283 | 2,329 |
FHLBNY Funding Agreements | 2,962 | 3,020 |
Short term and long-term debt | 2,449 | 2,500 |
Loans from affiliates | 2,530 | 3,622 |
Policy loans | 4,330 | 4,754 |
Separate Account Liabilities | 7,647 | 7,537 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans on real estate | 0 | 0 |
Loans to affiliates | 0 | 0 |
Policyholders’ liabilities: Investment contracts | 0 | 0 |
FHLBNY Funding Agreements | 0 | 0 |
Short term and long-term debt | 0 | 0 |
Loans from affiliates | 0 | 0 |
Policy loans | 0 | 0 |
Separate Account Liabilities | 0 | 0 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans on real estate | 0 | 0 |
Loans to affiliates | 885 | 1,230 |
Policyholders’ liabilities: Investment contracts | 0 | 0 |
FHLBNY Funding Agreements | 2,962 | 3,020 |
Short term and long-term debt | 2,449 | 2,500 |
Loans from affiliates | 2,530 | 3,622 |
Policy loans | 0 | 0 |
Separate Account Liabilities | 0 | 0 |
Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans on real estate | 11,128 | 10,912 |
Loans to affiliates | 0 | 0 |
Policyholders’ liabilities: Investment contracts | 2,283 | 2,329 |
FHLBNY Funding Agreements | 0 | 0 |
Short term and long-term debt | 0 | 0 |
Loans from affiliates | 0 | 0 |
Policy loans | 4,330 | 4,754 |
Separate Account Liabilities | $ 7,647 | $ 7,537 |
REVENUE RECOGNITION (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Total investment management and service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 1,050 | $ 950 |
Investment management, advisory and service fees: Base fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 724 | 643 |
Investment management, advisory and service fees: Performance-based fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6 | 6 |
Research services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 114 | 113 |
Distribution services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 180 | 166 |
Other revenues: Shareholder services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 20 | 18 |
Other revenues: Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6 | 4 |
Other income | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 112 | $ 101 |
EMPLOYEE BENEFIT PLANS - Narrative (Details) - Qualified plan |
3 Months Ended | ||
---|---|---|---|
Mar. 13, 2018
USD ($)
contract
|
Mar. 31, 2018
USD ($)
|
Mar. 31, 2017
USD ($)
|
|
Defined contribution plan | AXA Equitable 401(k) Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expenses recognized | $ 9,000,000 | $ 7,000,000 | |
Pension plan | MONY Life Retirement Income Security Plan for Employees and the AXA Equitable QP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of single premium, non-participating group annuity contracts purchased | contract | 2 | ||
Plans' obligations to retirees transferred | $ 254,000,000 | ||
Plans' obligations to retirees transferred (as a percent) | 10.00% | ||
Pre-tax settlement loss | $ 100,000,000 | ||
AB | Pension plan | Profit Sharing Plan for Employees of AB | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash contribution | 5,000,000 | ||
Minimum contribution required to be made in 2018 | $ 0 |
EMPLOYEE BENEFIT PLANS - Components of certain benefit costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Net Periodic Pension Expense | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 2 | $ 3 |
Interest cost | 25 | 26 |
Expected return on assets | (45) | (43) |
Net amortization | 29 | 32 |
Partial settlement | 100 | 0 |
Total | 111 | 18 |
Net Postretirement Benefits Costs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 4 | 4 |
Net amortization | 2 | 2 |
Total | 6 | 6 |
Net Postemployment Benefits Costs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 1 |
Interest cost | 0 | 0 |
Net amortization | 0 | 0 |
Total | $ 1 | $ 1 |
SHARE-BASED COMPENSATION PROGRAMS - Schedule of Compensation Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation costs | $ 11,749 | $ 13,715 |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation costs | 55 | 5,710 |
Stock Options (Other than AB stock options) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation costs | 114 | 19 |
Restricted Awards | AB | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation costs | 12,484 | 7,693 |
Other compensation plans | Parent Company | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation costs | $ (904) | $ 293 |
SHARE-BASED COMPENSATION PROGRAMS - Narrative (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Apr. 06, 2018 |
Mar. 26, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Repurchase of AB Holding units | $ 1 | $ 31 | ||
AB | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Purchased AB Holding Units to help fund anticipated obligations under its incentive compensation award program shares (in shares) | 0.1 | 1.3 | ||
Repurchase of AB Holding units | $ 2 | $ 31 | ||
Open market purchase (in shares) | 1.2 | |||
Open market purchase | $ 28 | |||
Restricted holding unit awards granted to employees (in shares) | 0.2 | 0.3 | ||
Restricted holding unit awards granted to employees | $ 4 | $ 5 | ||
AB | Employees and eligible Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted holding unit awards granted to employees (in shares) | 1.1 | 1.1 | ||
AXA Performance Share Plan 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share distributions | $ 21 | |||
Share distributions (in shares) | 0.8 | |||
AXA Performance Share Plan 2014 | Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share distributions | $ 6 | |||
Share distributions (in shares) | 0.2 |
INCOME TAXES (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Income Tax Disclosure [Abstract] | |
Impairment of non-deductible goodwill | $ 129 |
RELATED PARTY TRANSACTIONS (Details) € in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018
USD ($)
joint_venture
|
Jan. 31, 2018
USD ($)
|
Oct. 31, 2017 |
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Oct. 31, 2012
USD ($)
|
Mar. 31, 2011 |
Dec. 31, 2008
USD ($)
|
Sep. 30, 2007
USD ($)
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Oct. 31, 2012
EUR (€)
|
|
Related Party Transaction [Line Items] | ||||||||||||||
Loans from affiliates | $ 2,530.0 | $ 2,530.0 | $ 3,622.0 | $ 3,622.0 | ||||||||||
Repayment of loans from affiliates | 0.0 | $ 56.0 | ||||||||||||
Balance paid in cash | $ 8.0 | $ 0.0 | ||||||||||||
Number of real estate joint ventures sold | joint_venture | 2 | |||||||||||||
Proceeds from sales of business, affiliate and productive assets | $ 143.0 | |||||||||||||
Gain (loss) on disposition of joint venture | (0.2) | |||||||||||||
Reduction in long term debt due to sale of joint venture | $ 203.0 | |||||||||||||
AXA Financial | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Consolidation, less than wholly owned subsidiary, parent ownership interest after additional interest issued | 100.00% | 100.00% | ||||||||||||
Consolidation, less than wholly owned subsidiary, additional interest issued to parent (as a percent) | 0.50% | 0.50% | ||||||||||||
Capital contribution | $ 66.0 | |||||||||||||
AXA Holdings | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party transaction mortgage note payable, interest rate (as a percent) | 1.39% | |||||||||||||
Repayment of loans from affiliates | $ 56.0 | |||||||||||||
Consolidation, less than wholly owned subsidiary, parent ownership interest after additional interest issued | 78.99% | 78.99% | ||||||||||||
Note Maturity October 2017 | AXA Financial | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loans from affiliates | $ 391.0 | € 300 | ||||||||||||
Loan Received In 2017, One | AXA Holdings | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loans from affiliates | 100.0 | $ 100.0 | ||||||||||||
Related party transaction mortgage note payable, interest rate (as a percent) | 1.86% | |||||||||||||
Loan Received In 2017, Two | AXA Holdings | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loans from affiliates | 10.0 | $ 10.0 | ||||||||||||
Related party transaction mortgage note payable, interest rate (as a percent) | 1.76% | |||||||||||||
Note Maturity June 2018 | AXA Holdings | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loans from affiliates | $ 630.0 | $ 630.0 | $ 622.0 | $ 622.0 | ||||||||||
Note Maturity September 2012 | AXA Holdings | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loans from affiliates | $ 700.0 | |||||||||||||
Related party transaction mortgage note payable, interest rate (as a percent) | 5.40% | |||||||||||||
Repayment of loans from affiliates | $ 50.0 | |||||||||||||
Note Maturity December 2020, One | AXA Holdings | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loans from affiliates | $ 700.0 | |||||||||||||
Related party transaction mortgage note payable, interest rate (as a percent) | 5.70% | |||||||||||||
Note Maturity December 2020, Two | AXA Holdings | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loans from affiliates | $ 500.0 | |||||||||||||
Related party transaction mortgage note payable, interest rate (as a percent) | 5.40% | |||||||||||||
Repayment of loans from affiliates | $ 150.0 | $ 300.0 | ||||||||||||
Note Maturity December 2028 | AXA Holdings | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loans from affiliates | $ 145.0 | |||||||||||||
Related party transaction mortgage note payable, interest rate (as a percent) | 4.75% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Note Maturity October 2017 | AXA Financial | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party transaction mortgage note payable, interest rate (as a percent) | 1.15% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Note Maturity October 2017 | Interest Rate Swap | AXA Financial | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party transaction mortgage note payable, interest rate (as a percent) | 1.475% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Note Maturity March 2018 | AXA Financial | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party transaction mortgage note payable, interest rate (as a percent) | 0.06% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Note Maturity March 2018 | Minimum | AXA Financial | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party transaction mortgage note payable, interest rate (as a percent) | 0.00% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Note Maturity June 2018 | AXA Holdings | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party transaction mortgage note payable, interest rate (as a percent) | 0.439% |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Cumulative Gains (Losses) (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income | $ 16,600 | $ 16,582 | $ 14,411 | |
Total accumulated other comprehensive income (loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income | (992) | (855) | ||
Unrealized gains (losses) on investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income | (130) | 244 | ||
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income | (40) | (69) | ||
Defined benefit pension plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income | (822) | (1,030) | ||
Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income | 46 | 64 | ||
Other comprehensive income (loss) attributable to Holdings | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income | $ (946) | $ (108) | $ (791) | $ (921) |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Components of OCI, Net of Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Net unrealized gains (losses) arising during the period | ||
Change in unrealized gains (losses), net of reclassification adjustment | $ (960) | $ 104 |
Total other comprehensive income (loss), net of income taxes | (832) | 137 |
Foreign currency translation adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income (loss), before reclassifications, net of tax | (5) | 8 |
Reclassification from accumulated other comprehensive income, current period, net of tax | 0 | 0 |
Net unrealized gains (losses) arising during the period | ||
Total other comprehensive income (loss), net of income taxes | (5) | 8 |
Unrealized gains (losses) on investments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income (loss), before reclassifications, net of tax | (86) | 155 |
Reclassification from accumulated other comprehensive income, current period, net of tax | (1,223) | (23) |
Net unrealized gains (losses) arising during the period | ||
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other | 349 | (28) |
Change in unrealized gains (losses), net of reclassification adjustment | (960) | 104 |
Total other comprehensive income (loss), net of income taxes | (1,309) | 132 |
Reclassification from AOCI, current period, tax | (325) | (13) |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | ||
Other comprehensive income (loss), tax | (255) | 56 |
Amortization of net prior service cost included in net periodic cost | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Reclassification from accumulated other comprehensive income, current period, net of tax | 133 | 25 |
Defined benefit pension plans | ||
Net unrealized gains (losses) arising during the period | ||
Total other comprehensive income (loss), net of income taxes | 133 | 25 |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | ||
Other comprehensive income (loss), tax | 35 | 12 |
Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest | ||
Net unrealized gains (losses) arising during the period | ||
Total other comprehensive income (loss), net of income taxes | (6) | (7) |
Other comprehensive income (loss) attributable to Holdings | ||
Net unrealized gains (losses) arising during the period | ||
Total other comprehensive income (loss), net of income taxes | $ (838) | $ 130 |
COMMITMENT AND CONTINGENT LIABILITIES - Narrative (Details) |
1 Months Ended | 3 Months Ended | 19 Months Ended | |
---|---|---|---|---|
Feb. 28, 2018
USD ($)
|
Feb. 29, 2016
USD ($)
|
Mar. 31, 2018
USD ($)
legal_action
plaintiff
|
Jan. 31, 2013
fund
|
|
Loss Contingencies [Line Items] | ||||
Unaccrued amounts of reasonably possible range of losses | $ 90,000,000 | |||
Number of individual actions challenging costs of insurance rate increases | legal_action | 7 | |||
Number of individual actions challenging cost of insurance rate increases transferred to federal court | legal_action | 4 | |||
Letters of credit outstanding | $ 4,489,000,000 | |||
Long-term line of credit | 0 | |||
Equity financing arrangements with limited partnerships | 812,000,000 | |||
Equity financing arrangements with affiliates | 262,000,000 | |||
Mortgage loans on real estate | 712,000,000 | |||
Letter of Credit | ||||
Loss Contingencies [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 1,900,000,000 | |||
AXA Arizona | ||||
Loss Contingencies [Line Items] | ||||
Letters of credit outstanding | 4,260,000,000 | |||
Revolving Credit Facility | Line of Credit | ||||
Loss Contingencies [Line Items] | ||||
Debt instrument, term | 5 years | |||
Line of credit facility, maximum borrowing capacity | $ 2,500,000,000.0 | 1,500,000,000.0 | ||
Two Year Term Loan | Unsecured Debt | ||||
Loss Contingencies [Line Items] | ||||
Debt instrument, face amount | $ 3,900,000,000.0 | |||
Debt instrument, term | 2 years | |||
Three Year Term Loan | ||||
Loss Contingencies [Line Items] | ||||
Debt instrument, term | 3 years | |||
Three Year Term Loan | Unsecured Debt | ||||
Loss Contingencies [Line Items] | ||||
Debt instrument, face amount | $ 500,000,000 | $ 500,000,000 | ||
Debt instrument, term | 3 years | |||
Sivolella Litigation | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, number of funds involved in lawsuit | fund | 12 | |||
Loss contingency, number of days in trial | 25 days | |||
Brach Family Foundation Litigation | ||||
Loss Contingencies [Line Items] | ||||
Liability for future policy benefits, issue age | 70 years | |||
Liability for future policy benefits, amount per policy | $ 1,000,000 | |||
Loss contingency, number of plaintiffs | plaintiff | 2 |
COMMITMENT AND CONTINGENT LIABILITIES - Restructuring (Details) - AXA - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Severance | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning of year | $ 23 | $ 22 |
Additions | 7 | 17 |
Cash payments | (3) | (14) |
Other reductions | 0 | (2) |
Balance, end of Year | 27 | 23 |
Leases | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning of year | 165 | 170 |
Additions | 0 | 29 |
Deferred rent | 2 | 10 |
Cash payments | (11) | (48) |
Interest accretion | 1 | 4 |
Balance, end of Year | $ 157 | $ 165 |
COMMITMENT AND CONTINGENT LIABILITIES - Obligation Under Funding Agreements (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Loss Contingencies [Line Items] | ||
Outstanding balance at end of period | $ 3,000 | $ 3,000 |
Issued during the period | 1,500 | 6,762 |
Repaid during the period | 1,500 | 6,000 |
FHLBNY Short-Term Funding Agreements Maturing in Less than One Month | ||
Loss Contingencies [Line Items] | ||
Outstanding balance at end of period | 500 | 500 |
Issued during the period | 1,500 | 6,000 |
Repaid during the period | 1,500 | 6,000 |
FHLBNY Long-Term Funding Agreements Maturing in Less than Four Years | ||
Loss Contingencies [Line Items] | ||
Outstanding balance at end of period | 1,417 | 1,244 |
Issued during the period | 0 | 324 |
Repaid during the period | 0 | 0 |
FHLBNY Long-Term Funding Agreements Maturing in Less than Five Years | ||
Loss Contingencies [Line Items] | ||
Outstanding balance at end of period | 204 | 377 |
Issued during the period | 0 | 303 |
Repaid during the period | 0 | 0 |
FHLBNY Long-Term Funding Agreements Maturing in Greater than Five Years | ||
Loss Contingencies [Line Items] | ||
Outstanding balance at end of period | 879 | 879 |
Issued during the period | 0 | 135 |
Repaid during the period | 0 | 0 |
FHLBNY Long-Term Funding Agreements | ||
Loss Contingencies [Line Items] | ||
Outstanding balance at end of period | 2,500 | 2,500 |
Issued during the period | 0 | 762 |
Repaid during the period | $ 0 | $ 0 |
BUSINESS SEGMENT INFORMATION - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018
USD ($)
segment
client_channel
|
Mar. 31, 2017
USD ($)
|
|
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 4 | |
Number of main client channels | client_channel | 3 | |
Segment Reporting Information [Line Items] | ||
Net income (loss) | $ 168 | $ (290) |
Adjustments related to: | ||
Goodwill impairment | 0 | 369 |
Non-GAAP Operating Earnings | 464 | 304 |
Interest expense | 46 | 35 |
Adjustments | ||
Adjustments related to: | ||
Variable annuity product features | 212 | 291 |
Investment (gains) losses | (102) | 24 |
Goodwill impairment | 0 | 369 |
Net actuarial (gains) losses related to pension and other postretirement benefit obligations | 131 | 34 |
Other adjustments | 90 | (21) |
Income tax expense (benefit) related to above adjustments | (63) | (235) |
Non-recurring tax items | 28 | 132 |
Operating Segments | Individual Retirement | ||
Adjustments related to: | ||
Non-GAAP Operating Earnings | 360 | 202 |
Operating Segments | Group Retirement | ||
Adjustments related to: | ||
Non-GAAP Operating Earnings | 76 | 59 |
Operating Segments | Investment Management and Research | ||
Adjustments related to: | ||
Non-GAAP Operating Earnings | 81 | 32 |
Operating Segments | Protection Solutions | ||
Adjustments related to: | ||
Non-GAAP Operating Earnings | 23 | 39 |
Corporate and Other | ||
Adjustments related to: | ||
Non-GAAP Operating Earnings | (76) | (28) |
Interest expense | $ 44 | $ 31 |
BUSINESS SEGMENT INFORMATION - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Jun. 30, 2017 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | ||||||
Total revenues | $ 2,835 | $ 2,830 | $ 6,712 | $ 9,485 | $ 12,401 | $ 11,801 |
Adjustments related to: | ||||||
Investment expenses | 19 | |||||
Operating Segments | Individual Retirement | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 729 | 1,019 | ||||
Operating Segments | Group Retirement | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 238 | 227 | ||||
Operating Segments | Investment Management and Research | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 909 | 743 | ||||
Operating Segments | Protection Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 809 | 789 | ||||
Corporate and Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 288 | 340 | ||||
Adjustments | ||||||
Adjustments related to: | ||||||
Variable annuity product features | (197) | (287) | ||||
Investment gains (losses) | 102 | (24) | ||||
Other adjustments to segment revenues | (43) | 23 | ||||
Intersegment Eliminations | ||||||
Adjustments related to: | ||||||
Investment expenses | 18 | 17 | ||||
Investment management and other fees | $ 25 | $ 24 |
BUSINESS SEGMENT INFORMATION - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 232,294 | $ 235,648 |
Operating Segments | Individual Retirement | ||
Segment Reporting Information [Line Items] | ||
Total assets | 103,786 | 121,723 |
Operating Segments | Group Retirement | ||
Segment Reporting Information [Line Items] | ||
Total assets | 43,615 | 38,578 |
Operating Segments | Investment Management and Research | ||
Segment Reporting Information [Line Items] | ||
Total assets | 11,809 | 8,297 |
Operating Segments | Protection Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 51,457 | 43,116 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 21,627 | $ 23,934 |
EARNINGS PER SHARE - Weighted Average Shares (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Weighted Average Shares: | ||
Weighted average common shares outstanding (in shares) | 561 | 561 |
EARNINGS PER SHARE - Reconciliation of Numerator (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Net income (loss) attributable to Holdings common shareholders: | ||
Net income (loss) attributable to Holdings common shareholders (basic) | $ 168 | $ (290) |
Less: Incremental dilution from AB | 0 | 1 |
Net income (loss) attributable to Holdings common shareholders (diluted) | $ 168 | $ (291) |
EARNINGS PER SHARE - Basic and Diluted Earnings Per Share (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Net income (loss) attributable to Holdings per common share: | ||
Basic (in dollars per share) | $ 0.30 | $ (0.52) |
Diluted (in dollars per share) | $ 0.30 | $ (0.52) |
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Consolidated Statement of Income (Loss) Affected by Revisions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Jun. 30, 2017 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Revenues: | ||||||
Net derivative investment gains (loss) | $ (281) | $ (235) | $ 494 | $ 128 | $ 115 | $ (1,843) |
Total revenues | 2,835 | 2,830 | 6,712 | 9,485 | 12,401 | 11,801 |
Benefits and other deductions: | ||||||
Interest credited to policyholders’ account balances | 271 | 246 | 488 | 743 | 995 | 970 |
Total benefits and other deductions | $ 2,465 | $ 2,997 | 6,265 | 9,026 | 11,087 | 9,747 |
As Previously Reported | ||||||
Revenues: | ||||||
Net derivative investment gains (loss) | 528 | 172 | 228 | (1,722) | ||
Total revenues | 6,746 | 9,529 | 12,514 | 11,922 | ||
Benefits and other deductions: | ||||||
Interest credited to policyholders’ account balances | 522 | 787 | 1,108 | 1,091 | ||
Total benefits and other deductions | 6,299 | 9,070 | 11,200 | 9,868 | ||
Impact of Revisions | ||||||
Revenues: | ||||||
Net derivative investment gains (loss) | (34) | (44) | (113) | (121) | ||
Total revenues | (34) | (44) | (113) | (121) | ||
Benefits and other deductions: | ||||||
Interest credited to policyholders’ account balances | (34) | (44) | (113) | (121) | ||
Total benefits and other deductions | $ (34) | $ (44) | $ (113) | $ (121) |
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Consolidated Statement of Cash Flows Affected By Revisions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Jun. 30, 2017 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Cash flow from operating activities: | ||||||
Interest credited to policyholders’ account balances | $ 271 | $ 246 | $ 488 | $ 743 | $ 995 | $ 970 |
Net derivative (gains) losses | 281 | 235 | (494) | (128) | (115) | 1,843 |
Net cash provided by (used in) operating activities | $ (264) | $ 72 | 666 | 1,044 | 1,021 | (236) |
As Previously Reported | ||||||
Cash flow from operating activities: | ||||||
Interest credited to policyholders’ account balances | 522 | 787 | 1,108 | 1,091 | ||
Net derivative (gains) losses | (528) | (172) | (228) | 1,722 | ||
Net cash provided by (used in) operating activities | 666 | 1,044 | 1,021 | (236) | ||
Impact of Revisions | ||||||
Cash flow from operating activities: | ||||||
Interest credited to policyholders’ account balances | (34) | (44) | (113) | (121) | ||
Net derivative (gains) losses | 34 | 44 | 113 | 121 | ||
Net cash provided by (used in) operating activities | $ 0 | $ 0 | $ 0 | $ 0 |
SUBSEQUENT EVENTS (Details) |
1 Months Ended | 3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
May 15, 2018 |
May 14, 2018
shares
|
May 04, 2018
USD ($)
|
May 02, 2018
job
|
Apr. 24, 2018 |
Apr. 23, 2018
USD ($)
|
Apr. 20, 2018
USD ($)
|
Feb. 28, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Mar. 31, 2017
USD ($)
|
May 09, 2018
$ / shares
shares
|
|
Subsequent Event [Line Items] | |||||||||||
Payment of principal | $ 0 | $ 56,000,000 | |||||||||
Note | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt instrument, face amount | 700,000,000 | ||||||||||
Term loan | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt instrument, face amount | 500,000,000 | ||||||||||
Two Year Term Loan | Unsecured Debt | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt instrument, face amount | $ 3,900,000,000.0 | ||||||||||
Debt instrument, term | 2 years | ||||||||||
Three Year Term Loan | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt instrument, term | 3 years | ||||||||||
Three Year Term Loan | Unsecured Debt | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt instrument, face amount | $ 500,000,000 | $ 500,000,000 | |||||||||
Debt instrument, term | 3 years | ||||||||||
Revolving Credit Facility | Line of Credit | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 2,500,000,000.0 | $ 1,500,000,000.0 | |||||||||
Debt instrument, term | 5 years | ||||||||||
Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Payment of principal | $ 2,530,000,000 | ||||||||||
Payment of accrued interest | 11,000,000 | ||||||||||
Stock split ratio | 459.4752645 | ||||||||||
Preferred stock authorized (in shares) | shares | 200,000,000 | ||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 1.00 | ||||||||||
Subsequent Event | IPO | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Percent of shares purchased | 71.90% | ||||||||||
Shares issued in initial public offering (in shares) | shares | 157,837,500 | ||||||||||
Shares owned following the initial public offering | shares | 423,750,000 | ||||||||||
Subsequent Event | Note | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Repayments of debt | 650,000,000 | ||||||||||
Subsequent Event | Term loan | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Repayments of debt | 50,000,000 | ||||||||||
Subsequent Event | Senior Notes due 2023 | Senior Notes | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt instrument, face amount | $ 800,000,000 | ||||||||||
Debt instrument, stated percentage | 3.90% | ||||||||||
Subsequent Event | Senior Notes due 2028 | Senior Notes | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt instrument, face amount | $ 1,500,000,000.0 | ||||||||||
Debt instrument, stated percentage | 4.35% | ||||||||||
Subsequent Event | Senior Notes due 2048 | Senior Notes | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt instrument, face amount | $ 1,500,000,000.0 | ||||||||||
Debt instrument, stated percentage | 5.00% | ||||||||||
Subsequent Event | Three Year Term Loan | Unsecured Debt | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Proceeds from unsecured debt | $ 300,000,000 | ||||||||||
Subsequent Event | AXA-IM Holding U.S., Inc. | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Percent of shares purchased | 100.00% | ||||||||||
Loan settled as part of purchase | $ 185,000,000 | ||||||||||
Subsequent Event | AB | Employee relocation | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Jobs relocated from New York to Nashville, TN | job | 1,050 |
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