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Fair Value of Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2014
Fair Value Disclosures [Abstract]  
Summary of assets and liabilities measured at fair value on a recurring and non-recurring basis
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2013.
($ in millions)
Quoted prices
in active
markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
Counterparty
and cash
collateral
netting
 
Balance as of December 31, 2013
Assets
 

 
 

 
 

 
 

 
 

Fixed income securities:
 

 
 

 
 

 
 

 
 

U.S. government and agencies
$
145

 
$
621

 
$
—

 
 

 
$
766

Municipal
—

 
3,185

 
119

 
 

 
3,304

Corporate
—

 
20,308

 
1,008

 
 

 
21,316

Foreign government
—

 
792

 
—

 
 

 
792

ABS
—

 
895

 
112

 
 

 
1,007

RMBS
—

 
790

 
—

 
 

 
790

CMBS
—

 
763

 
1

 
 

 
764

Redeemable preferred stock
—

 
16

 
1

 
 

 
17

Total fixed income securities
145

 
27,370

 
1,241

 
 

 
28,756

Equity securities
593

 
51

 
6

 
 

 
650

Short-term investments
129

 
461

 
—

 
 

 
590

Other investments: Free-standing derivatives
—

 
268

 
9

 
$
(11
)
 
266

Separate account assets
5,039

 
—

 
—

 


 
5,039

Assets held for sale
1,854

 
9,812

 
362

 


 
12,028

Total recurring basis assets
7,760

 
37,962

 
1,618

 
(11
)
 
47,329

Non-recurring basis (1)
—

 
—

 
17

 


 
17

Total assets at fair value
$
7,760

 
$
37,962

 
$
1,635

 
$
(11
)
 
$
47,346

% of total assets at fair value
16.4
%
 
80.2
%
 
3.4
%
 
—
 %
 
100.0
%
 
 
 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

 
 

Contractholder funds: Derivatives embedded in life and annuity contracts
$
—

 
$
—

 
$
(307
)
 
 

 
$
(307
)
Other liabilities: Free-standing derivatives
—

 
(185
)
 
(14
)
 
$
7

 
(192
)
Liabilities held for sale
—

 
—

 
(246
)
 
 

 
(246
)
Total recurring basis liabilities
—

 
(185
)
 
(567
)
 
7

 
(745
)
Non-recurring basis (2)
—

 
—

 
(11,088
)
 
 

 
(11,088
)
Total liabilities at fair value
$
—

 
$
(185
)
 
$
(11,655
)
 
$
7

 
$
(11,833
)
% of total liabilities at fair value
—
%
 
1.6
%
 
98.5
%
 
(0.1
)%
 
100.0
%
 
____________
(1) 
Includes $8 million of mortgage loans and $9 million of limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments.
(2) 
Relates to LBL business held for sale (see Note 2).  The total fair value measurement includes $15,593 million of assets held for sale and $(14,899) million of liabilities held for sale, less $12,028 million of assets and $(246) million of liabilities measured at fair value on a recurring basis.

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis as of September 30, 2014.
($ in millions)
Quoted prices
in active
markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
Counterparty
and cash
collateral
netting
 
Balance as of September 30, 2014
Assets
 

 
 

 
 

 
 

 
 

Fixed income securities:
 

 
 

 
 

 
 

 
 

U.S. government and agencies
$
146

 
$
634

 
$
—

 
 

 
$
780

Municipal
—

 
3,446

 
101

 
 

 
3,547

Corporate
—

 
20,177

 
839

 
 

 
21,016

Foreign government
—

 
739

 
—

 
 

 
739

ABS
—

 
604

 
114

 
 

 
718

RMBS
—

 
656

 
—

 
 

 
656

CMBS
—

 
612

 
5

 
 

 
617

Redeemable preferred stock
—

 
17

 
—

 
 

 
17

Total fixed income securities
146

 
26,885

 
1,059

 
 

 
28,090

Equity securities
1,138

 
54

 
37

 
 

 
1,229

Short-term investments
76

 
686

 
—

 
 

 
762

Other investments: Free-standing derivatives
—

 
75

 
3

 
$
(5
)
 
73

Separate account assets
4,521

 
—

 
—

 


 
4,521

Other assets
—

 
—

 
1

 
 
 
1

Total recurring basis assets
5,881

 
27,700

 
1,100

 
(5
)
 
34,676

Non-recurring basis (1)
—

 
—

 
15

 


 
15

Total assets at fair value
$
5,881

 
$
27,700

 
$
1,115

 
$
(5
)
 
$
34,691

% of total assets at fair value
17.0
%
 
79.8
%
 
3.2
%
 
—
 %
 
100.0
%
 
 
 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

 
 

Contractholder funds: Derivatives embedded in life and annuity contracts
$
—

 
$
—

 
$
(321
)
 
 

 
$
(321
)
Other liabilities: Free-standing derivatives
—

 
(27
)
 
(9
)
 
$
5

 
(31
)
Total liabilities at fair value
$
—

 
$
(27
)
 
$
(330
)
 
$
5

 
$
(352
)
% of total liabilities at fair value
—
%
 
7.7
%
 
93.7
%
 
(1.4
)%
 
100.0
%
 ____________
(1) 
Includes $15 million of limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments.
Summary of quantitative information about the significant unobservable inputs used in Level 3 fair value measurements
The following table summarizes quantitative information about the significant unobservable inputs used in Level 3 fair value measurements.
($ in millions)
Fair value
 
Valuation
technique
 
Unobservable
input
 
Range
 
Weighted
average
September 30, 2014
 

 
 
 
 
 
 
 
 

Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options
$
(269
)
 
Stochastic cash flow model
 
Projected option cost
 
1.0 - 2.0%
 
1.76
%
December 31, 2013
 

 
 
 
 
 
 
 
 

Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options
$
(247
)
 
Stochastic cash flow model
 
Projected option cost
 
1.0 - 2.0%
 
1.75
%
Liabilities held for sale – Equity-indexed and forward starting options
$
(246
)
 
Stochastic cash flow model
 
Projected option cost
 
1.0 - 2.0%
 
1.91
%
Schedule of rollforward of Level 3 assets and liabilities held at fair value on a recurring basis
The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the three months ended September 30, 2013.
($ in millions)
 
 
Total gains (losses)
included in:
 
 
 
 
 
 
 
Balance as of June 30, 2013
 
Net
income (1)
 
OCI
 
Transfers
into
Level 3
 
Transfers
out of
Level 3
 
 
Assets
 

 
 

 
 

 
 

 
 

 
 
Fixed income securities:
 

 
 

 
 

 
 

 
 

 
 
Municipal
$
225

 
$
—

 
$
1

 
$
—

 
$
—

 
 
Corporate
1,255

 
8

 
1

 
21

 
—

 
 
ABS
190

 
—

 
15

 
—

 
—

 
 
CMBS
5

 
—

 
2

 
—

 
—

 
 
Redeemable preferred stock
1

 
—

 
—

 
—

 
—

 
 
Total fixed income securities
1,676

 
8

 
19

 
21

 
—

 
 
Equity securities
6

 
—

 
—

 
—

 
—

 
 
Free-standing derivatives, net
(7
)
 
(2
)
 
—

 
—

 
—

 
 
Other assets
1

 
—

 
—

 
—

 
—

 
 
Assets held for sale
—

 
(1
)
 
(8
)
 
3

 
(2
)
 
 
Total recurring Level 3 assets
$
1,676

 
$
5

 
$
11

 
$
24

 
$
(2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

 
 

 
 
Contractholder funds: Derivatives embedded in life and annuity contracts
$
(533
)
 
$
8

 
$
—

 
$
—

 
$
—

 
 
Liabilities held for sale
—

 
16

 
—

 
—

 
—

 
 
Total recurring Level 3 liabilities
$
(533
)
 
$
24

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Transfer to held for sale
 
Purchases/Issues (2)
 
Sales
 
Settlements
 
Balance as of September 30, 2013
 
 
Assets
 

 
 

 
 

 
 

 
 

 
 
Fixed income securities:
 

 
 

 
 

 
 

 
 

 
 
Municipal
$
(51
)
 
$
—

 
$
(1
)
 
$
—

 
$
174

 
 
Corporate
(244
)
 
39

 
(28
)
 
(49
)
 
1,003

 
 
ABS
(85
)
 
—

 
—

 
(5
)
 
115

 
 
CMBS
(5
)
 
—

 
—

 
—

 
2

 
 
Redeemable preferred stock
—

 
—

 
—

 
—

 
1

 
 
Total fixed income securities
(385
)
 
39

 
(29
)
 
(54
)
 
1,295

 
 
Equity securities
—

 
—

 
—

 
—

 
6

 
 
Free-standing derivatives, net
—

 
1

 
—

 
(2
)
 
(10
)
 
(3) 
Other assets
—

 
—

 
—

 
—

 
1

 
 
Assets held for sale
385

 
—

 
(10
)
 
(2
)
 
365

 
 
Total recurring Level 3 assets
$
—

 
$
40

 
$
(39
)
 
$
(58
)
 
$
1,657

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

 
 

 
 
Contractholder funds: Derivatives embedded in life and annuity contracts
$
265

 
$
(24
)
 
$
—

 
$
1

 
$
(283
)
 
 
Liabilities held for sale
(265
)
 
(2
)
 
—

 
2

 
(249
)
 
 
Total recurring Level 3 liabilities
$
—

 
$
(26
)
 
$
—

 
$
3

 
$
(532
)
 
 
__________
(1) 
The effect to net income totals $29 million and is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows: $1 million in realized capital gains and losses, $3 million in net investment income, $15 million in interest credited to contractholder funds and $10 million in contract benefits.
(2) 
Represents purchases for assets and issues for liabilities.
(3) 
Comprises $6 million of assets and $16 million of liabilities.
The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the nine months ended September 30, 2014.
 
($ in millions)
 
 
Total gains (losses)
included in:
 
 
 
 
 
Balance as of December 31, 2013
 
Net
income (1)
 
OCI
 
Transfers
into
Level 3
 
Transfers
out of
Level 3
Assets
 

 
 

 
 

 
 

 
 

Fixed income securities:
 

 
 

 
 

 
 

 
 

Municipal
$
119

 
$
(1
)
 
$
3

 
$
—

 
$
(17
)
Corporate
1,008

 
14

 
(4
)
 
18

 
(26
)
ABS
112

 
—

 
2

 
—

 
(12
)
CMBS
1

 
—

 
—

 
—

 
—

Redeemable preferred stock
1

 
—

 
—

 
—

 
—

Total fixed income securities
1,241

 
13

 
1

 
18

 
(55
)
Equity securities
6

 
—

 
—

 
—

 
—

Free-standing derivatives, net
(5
)
 
1

 
—

 
—

 
—

Other assets
—

 
1

 
—

 
—

 
—

Assets held for sale
362

 
(1
)
 
2

 
4

 
(2
)
Total recurring Level 3 assets
$
1,604

 
$
14

 
$
3

 
$
22

 
$
(57
)
 
 
 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

 
 

Contractholder funds: Derivatives embedded in life and annuity contracts
$
(307
)
 
$
(5
)
 
$
—

 
$
—

 
$
—

Liabilities held for sale
(246
)
 
17

 
—

 
—

 
—

Total recurring Level 3 liabilities
$
(553
)
 
$
12

 
$
—

 
$
—

 
$
—

 
 
Sold in LBL
disposition (3)
 
Purchases/
Issues (4)
 
Sales
 
Settlements
 
Balance as of September 30, 2014
 
 
Assets
 

 
 

 
 

 
 

 
 

 
 
Fixed income securities:
 

 
 

 
 

 
 

 
 

 
 
Municipal
$
—

 
$
—

 
$
(3
)
 
$
—

 
$
101

 
 
Corporate
—

 
16

 
(92
)
 
(95
)
 
839

 
 
ABS
—

 
21

 
—

 
(9
)
 
114

 
 
CMBS
4

 
—

 
—

 
—

 
5

 
 
Redeemable preferred stock
—

 
—

 
(1
)
 
—

 
—

 
 
Total fixed income securities
4

 
37

 
(96
)
 
(104
)
 
1,059

 
 
Equity securities
—

 
31

 
—

 
—

 
37

 
 
Free-standing derivatives, net
—

 
2

 
—

 
(4
)
 
(6
)
 
(2) 
Other assets
—

 
—

 
—

 
—

 
1

 
 
Assets held for sale
(351
)
 
—

 
(8
)
 
(6
)
 
—

 
 
Total recurring Level 3 assets
$
(347
)
 
$
70

 
$
(104
)
 
$
(114
)
 
$
1,091

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

 
 

 
 
Contractholder funds: Derivatives embedded in life and annuity contracts
$
—

 
$
(13
)
 
$
—

 
$
4

 
$
(321
)
 
 
Liabilities held for sale
230

 
(4
)
 
—

 
3

 
—

 
 
Total recurring Level 3 liabilities
$
230

 
$
(17
)
 
$
—

 
$
7

 
$
(321
)
 
 
 
____________
(1) 
The effect to net income totals $26 million and is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows: $8 million in realized capital gains and losses, $9 million in net investment income, $5 million in interest credited to contractholder funds, $8 million in contract benefits and $(4) million in loss on disposition of operations.
(2) 
Comprises $3 million of assets and $9 million of liabilities.
(3) 
Includes transfers from held for sale that took place in first quarter 2014 of $4 million for CMBS and $(4) million for Assets held for sale.
(4) 
Represents purchases for assets and issues for liabilities.
The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the nine months ended September 30, 2013.
($ in millions)
 
 
Total gains (losses)
included in:
 
 
 
 
 
 
 
Balance as of December 31, 2012
 
Net
income (1)
 
OCI
 
Transfers
into
Level 3
 
Transfers
out of
Level 3
 
 
Assets
 

 
 

 
 

 
 

 
 

 
 
Fixed income securities:
 

 
 

 
 

 
 

 
 

 
 
Municipal
$
338

 
$
(12
)
 
$
21

 
$
—

 
$
—

 
 
Corporate
1,501

 
28

 
(37
)
 
84

 
(168
)
 
 
ABS
199

 
(1
)
 
30

 
17

 
(16
)
 
 
CMBS
21

 
(1
)
 
4

 
—

 
—

 
 
Redeemable preferred stock
1

 
—

 
—

 
—

 
—

 
 
Total fixed income securities
2,060

 
14

 
18

 
101

 
(184
)
 
 
Equity securities
7

 
—

 
—

 
—

 
—

 
 
Free-standing derivatives, net
(27
)
 
20

 
—

 
—

 
—

 
 
Other assets
1

 
—

 
—

 
—

 
—

 
 
Assets held for sale
—

 
(1
)
 
(8
)
 
3

 
(2
)
 
 
Total recurring Level 3 assets
$
2,041

 
$
33

 
$
10

 
$
104

 
$
(186
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

 
 

 
 
Contractholder funds: Derivatives embedded in life and annuity contracts
$
(553
)
 
$
77

 
$
—

 
$
—

 
$
—

 
 
Liabilities held for sale
—

 
16

 
—

 
—

 
—

 
 
Total recurring Level 3 liabilities
$
(553
)
 
$
93

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Transfer to
held for sale
 
Purchases/Issues (2)
 
Sales
 
Settlements
 
Balance as of September 30, 2013
 
 
Assets
 

 
 

 
 

 
 

 
 

 
 
Fixed income securities:
 

 
 

 
 

 
 

 
 

 
 
Municipal
$
(51
)
 
$
—

 
$
(122
)
 
$
—

 
$
174

 
 
Corporate
(244
)
 
132

 
(164
)
 
(129
)
 
1,003

 
 
ABS
(85
)
 
—

 
(8
)
 
(21
)
 
115

 
 
CMBS
(5
)
 
—

 
(17
)
 
—

 
2

 
 
Redeemable preferred stock
—

 
—

 
—

 
—

 
1

 
 
Total fixed income securities
(385
)
 
132

 
(311
)
 
(150
)
 
1,295

 
 
Equity securities
—

 
—

 
(1
)
 
—

 
6

 
 
Free-standing derivatives, net
—

 
2

 
—

 
(5
)
 
(10
)
 
(3) 
Other assets
—

 
—

 
—

 
—

 
1

 
 
Assets held for sale
385

 
—

 
(10
)
 
(2
)
 
365

 
 
Total recurring Level 3 assets
$
—

 
$
134

 
$
(322
)
 
$
(157
)
 
$
1,657

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

 
 

 
 
Contractholder funds: Derivatives embedded in life and annuity contracts
$
265

 
$
(74
)
 
$
—

 
$
2

 
$
(283
)
 
 
Liabilities held for sale
(265
)
 
(2
)
 
—

 
2

 
(249
)
 
 
Total recurring Level 3 liabilities
$
—

 
$
(76
)
 
$
—

 
$
4

 
$
(532
)
 
 
____________
(1)
The effect to net income totals $126 million and is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows: $18 million in realized capital gains and losses, $12 million in net investment income, $40 million in interest credited to contractholder funds and $56 million in contract benefits.
(2) 
Represents purchases for assets and issues for liabilities
(3)
Comprises $6 million of assets and $16 million of liabilities.
The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the three months ended September 30, 2014.
($ in millions)
 
 
Total gains (losses)
included in:
 
 
 
 
 
Balance as of June 30, 2014
 
Net
income (1)
 
OCI
 
Transfers
into
Level 3
 
Transfers
out of
Level 3
Assets
 

 
 

 
 

 
 

 
 

Fixed income securities:
 

 
 

 
 

 
 

 
 

Municipal
$
102

 
$
—

 
$
—

 
$
—

 
$
—

Corporate
883

 
3

 
(13
)
 
18

 
—

ABS
105

 
—

 
1

 
—

 
—

CMBS
5

 
—

 
—

 
—

 
—

Total fixed income securities
1,095

 
3

 
(12
)
 
18

 
—

Equity securities
7

 
—

 
—

 
—

 
—

Free-standing derivatives, net
(5
)
 
—

 
—

 
—

 
—

Other assets
1

 
—

 
—

 
—

 
—

Total recurring Level 3 assets
$
1,098

 
$
3

 
$
(12
)
 
$
18

 
$
—

 
 
 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

 
 

Contractholder funds: Derivatives embedded in life and annuity contracts
$
(331
)
 
$
9

 
$
—

 
$
—

 
$
—

Total recurring Level 3 liabilities
$
(331
)
 
$
9

 
$
—

 
$
—

 
$
—

 
 
Purchases
 
Sales
 
Issues
 
Settlements
 
Balance as of September 30, 2014
 
 
Assets
 

 
 

 
 
 
 

 
 

 
 
Fixed income securities:
 

 
 

 
 
 
 

 
 

 
 
Municipal
$
—

 
$
(1
)
 
$
—

 
$
—

 
$
101

 
 
Corporate
4

 
(3
)
 
—

 
(53
)
 
839

 
 
ABS
10

 
—

 
—

 
(2
)
 
114

 
 
CMBS
—

 
—

 
—

 
—

 
5

 
 
Total fixed income securities
14

 
(4
)
 
—

 
(55
)
 
1,059

 
 
Equity securities
30

 
—

 
—

 
—

 
37

 
 
Free-standing derivatives, net
—

 
—

 
—

 
(1
)
 
(6
)
 
(2) 
Other assets
—

 
—

 
—

 
—

 
1

 
 
Total recurring Level 3 assets
$
44

 
$
(4
)
 
$
—

 
$
(56
)
 
$
1,091

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 
 
 

 
 

 
 
Contractholder funds: Derivatives embedded in life and annuity contracts
$
—

 
$
—

 
$
—

 
$
1

 
$
(321
)
 
 
Total recurring Level 3 liabilities
$
—

 
$
—

 
$
—

 
$
1

 
$
(321
)
 
 
____________
(1) 
The effect to net income totals $12 million and is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows: $3 million in net investment income, $5 million in interest credited to contractholder funds and $4 million in contract benefits.
(2) 
Comprises $3 million of assets and $9 million of liabilities.
Schedule of change in unrealized gains and losses included in net income for Level 3 assets and liabilities held
The following table provides the change in unrealized gains and losses included in net income for Level 3 assets and liabilities held as of September 30.
($ in millions)
Three months ended September 30,
 
Nine months ended September 30,
 
2014
 
2013
 
2014
 
2013
Assets
 

 
 

 
 

 
 

Fixed income securities:
 

 
 

 
 

 
 

Municipal
$
—

 
$
—

 
$
(1
)
 
$
(5
)
Corporate
3

 
3

 
8

 
9

ABS
—

 
—

 
—

 
(1
)
CMBS
—

 
—

 
(1
)
 
(1
)
Total fixed income securities
3

 
3

 
6

 
2

Free-standing derivatives, net
—

 
(2
)
 
6

 
14

Other assets
—

 
—

 
1

 
—

Assets held for sale
—

 
(1
)
 
(1
)
 
(1
)
Total recurring Level 3 assets
$
3

 
$
—

 
$
12

 
$
15

 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 

 
 

Contractholder funds: Derivatives embedded in life and annuity contracts
$
9

 
$
8

 
$
(5
)
 
$
77

Liabilities held for sale
—

 
16

 
17

 
16

Total recurring Level 3 liabilities
$
9

 
$
24

 
$
12

 
$
93
Schedule of carrying values and fair value estimates of financial instruments not carried at fair value
Financial assets
($ in millions)
September 30, 2014
 
December 31, 2013
 
Carrying
value
 
Fair
value
 
Carrying
value
 
Fair
value
Mortgage loans
$
3,644

 
$
3,856

 
$
4,173

 
$
4,300

Cost method limited partnerships
526

 
729

 
605

 
799

Agent loans
364

 
357

 
341

 
325

Bank loans
339

 
337

 
160

 
161

Notes due from related party
275

 
275

 
275

 
275

Assets held for sale
—

 
—

 
1,458

 
1,532

Financial liabilities
($ in millions)
September 30, 2014
 
December 31, 2013
 
Carrying
value
 
Fair
value
 
Carrying
value
 
Fair
value
Contractholder funds on investment contracts
$
14,059

 
$
14,741

 
$
15,542

 
$
16,198

Notes due to related parties
275

 
275

 
282

 
282

Liability for collateral
479

 
479

 
328

 
328

Liabilities held for sale
—

 
—

 
7,417

 
7,298