Investments and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Derivative [Line Items]

Offsetting Assets and Liabilities [Table Text Block]

As of December 31, 2012

	(i)			(ii)			(iii) = (i) - (ii)					(iv)				(v) = (iii) - (iv)
							Net Amounts Presented in the Statement of Financial Position						Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Financial Position			Derivative Assets [1]		Accrued Interest and Cash Collateral Received [2]				Financial Collateral Received [4]			Net Amount
Description
Other investments	$	2,732		$	2,238		$	581	$	(87	)		$	490		$	4
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Financial Position			Derivative Liabilities [3]		Accrued Interest and Cash Collateral Pledged [2]				Financial Collateral Pledged [4]			Net Amount
Description
Other liabilities	$	(2,113	)	$	(1,759	)	$	38	$	(392	)		$	(300	)	$	(54	)

As of December 31, 2011

	(i)			(ii)			(iii) = (i) - (ii)						(iv)				(v) = (iii) - (iv)
							Net Amounts Presented in the Statement of Financial Position							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Financial Position			Derivative Assets [1]			Accrued Interest and Cash Collateral Received [2]				Financial Collateral Received [4]			Net Amount
Description
Other investments	$	3,726		$	2,974		$	1,971		$	(1,219	)		$	514		$	238
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Financial Position			Derivative Liabilities [3]			Accrued Interest and Cash Collateral Pledged [2]				Financial Collateral Pledged [4]			Net Amount
Description
Other liabilities	$	(2,009	)	$	(1,310	)	$	(254	)	$	(445	)		$	(425	)	$	(274	)

[1] Included in other invested assets in the Company's Condensed Consolidated Balance Sheets.

[2] Included in other assets in the Company's Condensed Consolidated Balance Sheets.

[3] Included in other liabilities in the Company's Condensed Consolidated Balance Sheets.

[4] Excludes exchange-traded futures which are settled daily.

Investment Income

	For the years ended December 31,
(Before-tax)	2012		2011			2010
Fixed maturities [1]	1,953		1,927			1,967
Equity securities, AFS	11		10			14
Mortgage loans	248		206			199
Policy loans	116		128			129
Limited partnerships and other alternative investments	85		143			121
Other investments [2]	199		231			254
Investment expenses	(77	)	(73		)	(72		)
Total securities AFS and other	2,535		2,572			2,612
Equity securities, trading	1		—			—
Total net investment income (loss)	2,536		$	2,572		$	2,612

[1] Includes net investment income on short-term investments.

[2] Includes income from derivatives that qualify for hedge accounting and hedge fixed maturities.

Net Realized Capital Gains (Losses)

	For the years ended December 31,
(Before-tax)	2012			2011			2010
Gross gains on sales	$	478		$	400		$	482
Gross losses on sales	(278		)	(200		)	(336		)
Net OTTI losses recognized in earnings [1]	(255		)	(125		)	(336		)
Valuation allowances on mortgage loans	4			25			(108		)
Japanese fixed annuity contract hedges, net [2]	(36		)	3			27
Periodic net coupon settlements on credit derivatives/Japan	(8		)	—			(3		)
Results of variable annuity hedge program
U.S. GMWB derivatives, net	519			(397		)	89
U.S. macro hedge program	(340		)	(216		)	(445		)
Total U.S. program	179			(613		)	(356		)
International Program	(1,145		)	639			(1		)
Total results of variable annuity hedge program	(966		)	26			(357		)
GMIB/GMAB/GMWB reinsurance	1,233			(326		)	(769		)
Coinsurance and modified coinsurance reinsurance contracts	(1,901		)	375			292
Other, net [3]	248			(255		)	195
Net realized capital (losses)	$	(1,481	)	$	(77	)	$	(913	)

[1] Includes $173 of intent-to-sell impairments relating to the sale of the Retirement Plans and Individual Life businesses.

[2] Relates to the Japanese fixed annuity products (adjustment of product liability for changes in spot currency exchange rates, related derivative hedging instruments, excluding net period coupon settlements, and Japan FVO securities).

[3] Primarily consists of non-qualifying derivatives, transactional foreign currency re-valuation associated with the internal reinsurance of the Japan variable annuity business, which is offset in AOCI, and Japan 3Win related foreign currency swaps.

Sales of Available-for-sale Securities

	For the years ended December 31,
	2012			2011			2010
Fixed maturities, AFS
Sale proceeds	$	23,555		$	19,861		$	27,739
Gross gains	521			354			413
Gross losses	(270		)	(205		)	(299		)
Equity securities, AFS
Sale proceeds	$	133		$	147		$	171
Gross gains	15			50			12
Gross losses	(5		)	—			(4		)

Other-Than-Temporary Impairment Losses

The following table presents a roll-forward of the Company’s cumulative credit impairments on debt securities held as of December 31, 2012, 2011 and 2010.

	For the years ended December 31,
(Before-tax)	2012			2011			2010
Balance, beginning of period	$	(1,319	)	$	(1,598	)	$	(1,632	)
Additions for credit impairments recognized on [1]:
Securities not previously impaired	(27		)	(41		)	(181		)
Securities previously impaired	(15		)	(47		)	(122		)
Reductions for credit impairments previously recognized on:
Securities that matured or were sold during the period	543			358			314
Securities due to an increase in expected cash flows	5			9			23
Balance, end of period	$	(813	)	$	(1,319	)	$	(1,598	)

[1] These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations.

Available-for-Sale Securities

The following table presents the Company’s AFS securities by type.

	December 31, 2012												December 31, 2011
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Non-Credit OTTI [1]			Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Non-Credit OTTI [1]
ABS	$	1,807	$	38	$	(172	)	$	1,673	$	(4	)	$	2,361	$	38	$	(306	)	$	2,093	$	(3	)
CDOs [2]	2,236		61		(117		)	2,160		(4		)	2,055		15		(272		)	1,798		(29		)
CMBS	3,757		262		(107		)	3,912		(7		)	4,418		169		(318		)	4,269		(19		)
Corporate [2]	27,774		3,426		(221		)	30,979		(19		)	28,084		2,729		(539		)	30,229		—
Foreign govt./govt. agencies	1,369		120		(29		)	1,460		—			1,121		106		(3		)	1,224		—
Municipal	1,808		204		(14		)	1,998		—			1,504		104		(51		)	1,557		—
RMBS	4,590		196		(115		)	4,671		(28		)	4,069		170		(416		)	3,823		(97		)
U.S. Treasuries	2,412		151		(12		)	2,551		—			2,624		162		(1		)	2,785		—
Total fixed maturities, AFS	45,753		4,458		(787		)	49,404		(62		)	46,236		3,493		(1,906		)	47,778		(148		)
Equity securities, AFS	408		28		(36		)	400		—			443		21		(66		)	398		—
Total AFS securities [3]	$	46,161	$	4,486	$	(823	)	$	49,804	$	(62	)	$	46,679	$	3,514	$	(1,972	)	$	48,176	$	(148	)

[1] Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2012 and 2011.

[2] Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivative features of certain securities. Subsequent changes in value will be recorded in net realized capital gains (losses).

[3] Includes fixed maturities, AFS and equity securities, AFS relating to the sales of the Retirement Plans and Individual Life businesses; see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements for further discussion of this transaction.

Contractual Maturity

The following table presents the Company’s fixed maturities, AFS, by contractual maturity year.

	December 31, 2012
Contractual Maturity	Amortized Cost		Fair Value
One year or less	$	1,223	$	1,233
Over one year through five years	9,425		9,941
Over five years through ten years	8,733		9,567
Over ten years	13,982		16,247
Subtotal	33,363		36,988
Mortgage-backed and asset-backed securities	12,390		12,416
Total fixed maturities, AFS [1]	$	45,753	$	49,404

[1] Includes fixed maturities, AFS relating to the sales of the Retirement Plans and Individual Life businesses; see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements for further discussion of this transaction.

Securities Unrealized Loss Aging

The following tables present the Company’s unrealized loss aging for AFS securities by type and length of time the security was in a continuous unrealized loss position.

	December 31, 2012
	Less Than 12 Months							12 Months or More							Total
	Amortized Cost		Fair Value		Unrealized Losses			Amortized Cost		Fair Value		Unrealized Losses			Amortized Cost		Fair Value		Unrealized Losses
ABS	$	77	$	76	$	(1	)	$	787	$	616	$	(171	)	$	864	$	692	$	(172	)
CDOs [1]	5		5		—			1,640		1,515		(117		)	1,645		1,520		(117		)
CMBS	192		179		(13		)	795		701		(94		)	987		880		(107		)
Corporate	614		578		(36		)	1,339		1,154		(185		)	1,953		1,732		(221		)
Foreign govt./govt. agencies	318		290		(28		)	7		6		(1		)	325		296		(29		)
Municipal	65		62		(3		)	98		87		(11		)	163		149		(14		)
RMBS	322		321		(1		)	750		636		(114		)	1,072		957		(115		)
U.S. Treasuries	384		372		(12		)	—		—		—			384		372		(12		)
Total fixed maturities	1,977		1,883		(94		)	5,416		4,715		(693		)	7,393		6,598		(787		)
Equity securities	9		9		—			172		136		(36		)	181		145		(36		)
Total securities in an unrealized loss	$	1,986	$	1,892	$	(94	)	$	5,588	$	4,851	$	(729	)	$	7,574	$	6,743	$	(823	)

	December 31, 2011
	Less Than 12 Months							12 Months or More							Total
	Amortized Cost		Fair Value		Unrealized Losses			Amortized Cost		Fair Value		Unrealized Losses			Amortized Cost		Fair Value		Unrealized Losses
ABS	$	420	$	385	$	(35	)	$	1,002	$	731	$	(271	)	$	1,422	$	1,116	$	(306	)
CDOs [1]	80		58		(22		)	1,956		1,706		(250		)	2,036		1,764		(272		)
CMBS	911		830		(81		)	1,303		1,066		(237		)	2,214		1,896		(318		)
Corporate [1]	2,942		2,823		(119		)	2,353		1,889		(420		)	5,295		4,712		(539		)
Foreign govt./govt. agencies	24		23		(1		)	40		38		(2		)	64		61		(3		)
Municipal	202		199		(3		)	348		300		(48		)	550		499		(51		)
RMBS	355		271		(84		)	1,060		728		(332		)	1,415		999		(416		)
U.S. Treasuries	185		184		(1		)	—		—		—			185		184		(1		)
Total fixed maturities	5,119		4,773		(346		)	8,062		6,458		(1,560		)	13,181		11,231		(1,906		)
Equity securities	115		90		(25		)	104		63		(41		)	219		153		(66		)
Total securities in an unrealized loss	$	5,234	$	4,863	$	(371	)	$	8,166	$	6,521	$	(1,601	)	$	13,400	$	11,384	$	(1,972	)

[1] Unrealized losses exclude the fair value of bifurcated embedded derivative features of certain securities. Subsequent changes in value will be recorded in net realized capital gains (losses).

Mortgage Loans

	December 31, 2012							December 31, 2011
	Amortized Cost [1]		Valuation Allowance			Carrying Value		Amortized Cost [1]		Valuation Allowance			Carrying Value
Commercial	$	4,949	$	(14	)	$	4,935	$	4,205	$	(23	)	$	4,182
Total mortgage loans [2]	$	4,949	$	(14	)	$	4,935	$	4,205	$	(23	)	$	4,182

[1] Amortized cost represents carrying value prior to valuation allowances, if any.

[2] Includes commercial mortgage loans relating to the sales of the Retirement Plans and Individual Life businesses; see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements for further discussion of this transaction.

Valuation Allowance for Mortgage Loans

The following table presents the activity within the Company’s valuation allowance for mortgage loans. These loans have been evaluated both individually and collectively for impairment. Loans evaluated collectively for impairment are immaterial.

	For the years ended December 31,
	2012			2011			2010
Balance as of January 1	$	(23	)	$	(62	)	$	(260	)
(Additions)/Reversals	4			25			(108		)
Deductions	5			14			306
Balance as of December 31	$	(14	)	$	(23	)	$	(62	)

Commercial Mortgage Loans Credit Quality

The following table presents the carrying value of the Company’s commercial mortgage loans by LTV and DSCR.

Commercial Mortgage Loans Credit Quality
	December 31, 2012			December 31, 2011
Loan-to-value	Carrying Value		Avg. Debt-Service Coverage Ratio	Carrying Value		Avg. Debt-Service Coverage Ratio
Greater than 80%	$	137	0.89x	$	422	1.67x
65% - 80%	1,717		2.27x	1,779		1.57x
Less than 65%	3,081		2.44x	1,981		2.45x
Total commercial mortgage loans	$	4,935	2.34x	$	4,182	1.99x

Mortgage Loans by Region

The following tables present the carrying value of the Company’s mortgage loans by region and property type.

Mortgage Loans by Region
	December 31, 2012			December 31, 2011
	Carrying Value		Percent of Total	Carrying Value		Percent of Total
East North Central	$	97	2.0%	$	59	1.4%
Middle Atlantic	370		7.5%	401		9.6%
Mountain	62		1.3%	61		1.5%
New England	231		4.7%	202		4.8%
Pacific	1,504		30.5%	1,268		30.3%
South Atlantic	1,012		20.5%	810		19.4%
West North Central	16		0.3%	16		0.4%
West South Central	234		4.7%	115		2.7%
Other [1]	1,409		28.5%	1,250		29.9%
Total mortgage loans	$	4,935	100.0%	$	4,182	100.0%

[1] Primarily represents loans collateralized by multiple properties in various regions.

Mortgage Loans by Property Type

Mortgage Loans by Property Type
	December 31, 2012				December 31, 2011
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
Commercial
Agricultural	$	109	2.2	%	$	127	3.0	%
Industrial	1,519		30.8	%	1,262		30.1	%
Lodging	81		1.6	%	84		2.0	%
Multifamily	869		17.6	%	734		17.6	%
Office	1,120		22.7	%	836		20.0	%
Retail	1,047		21.2	%	918		22.0	%
Other	190		3.9	%	221		5.3	%
Total mortgage loans	$	4,935	100.0	%	$	4,182	100.0	%

Variable Interest Entities Primary Beneficiary

	December 31, 2012						December 31, 2011
	Total Assets		Total Liabilities  [1]		Maximum Exposure to Loss [2]		Total Assets		Total Liabilities  [1]		Maximum Exposure to Loss [2]
CDOs [3]	$	89	$	88	$	7	$	491	$	474	$	25
Investment funds [4]	132		20		110		—		—		—
Limited partnerships	6		3		3		7		3		4
Total	$	227	$	111	$	120	$	498	$	477	$	29

[1] Included in other liabilities in the Company’s Consolidated Balance Sheets.

[2] The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment.

[3] Total assets included in fixed maturities, AFS in the Company’s Consolidated Balance Sheets.

[4] Total assets included in fixed maturities, FVO in the Company's Consolidated Balances Sheets.

GMWB reinsurance contracts

The following table represents notional and fair value for U.S. GMWB hedging instruments.

	Notional Amount				Fair Value
	December 31, 2012		December 31, 2011		December 31, 2012		December 31, 2011
Customized swaps	$	7,787	$	8,389	$	238	$	385
Equity swaps, options, and futures	5,130		5,320		267		498
Interest rate swaps and futures	5,705		2,697		67		11
Total	$	18,622	$	16,406	$	572	$	894

Derivative Classification by Balance Sheet Location

	Net Derivatives										Asset Derivatives				Liability Derivatives
	Notional Amount				Fair Value						Fair Value				Fair Value
Hedge Designation/ Derivative Type	Dec 31, 2012		Dec 31, 2011		Dec 31, 2012			Dec 31, 2011			Dec 31, 2012		Dec 31, 2011		Dec 31, 2012			Dec 31, 2011
Cash flow hedges
Interest rate swaps	$	3,863	$	6,339	$	167		$	276		$	167	$	276	$	—		$	—
Foreign currency swaps	163		229		(17		)	(5		)	3		17		(20		)	(22		)
Total cash flow hedges	4,026		6,568		150			271			170		293		(20		)	(22		)
Fair value hedges
Interest rate swaps	753		1,007		(55		)	(78		)	—		—		(55		)	(78		)
Foreign currency swaps	40		677		16			(39		)	16		64		—			(103		)
Total fair value hedges	793		1,684		(39		)	(117		)	16		64		(55		)	(181		)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps, swaptions, caps, floors, and futures	13,432		6,252		(363		)	(435		)	436		417		(799		)	(852		)
Foreign exchange contracts
Foreign currency swaps and forwards	182		208		(9		)	(10		)	5		3		(14		)	(13		)
Japan 3Win foreign currency swaps	1,816		2,054		(127		)	184			—		184		(127		)	—
Japanese fixed annuity hedging instruments	1,652		1,945		224			514			228		540		(4		)	(26		)
Credit contracts
Credit derivatives that purchase credit protection	1,539		1,134		(5		)	23			3		35		(8		)	(12		)
Credit derivatives that assume credit risk [1]	1,981		2,212		(8		)	(545		)	17		2		(25		)	(547		)
Credit derivatives in offsetting positions	5,341		5,020		(22		)	(43		)	56		101		(78		)	(144		)
Equity contracts
Equity index swaps and options	791		1,433		35			23			45		36		(10		)	(13		)
Variable annuity hedge program
U.S. GMWB product derivative [2]	28,868		34,569		(1,249		)	(2,538		)	—		—		(1,249		)	(2,538		)
U.S. GMWB reinsurance contracts	5,773		7,193		191			443			191		443		—			—
U.S. GMWB hedging instruments	18,622		16,406		572			894			743		1,022		(171		)	(128		)
U.S. macro hedge program	7,442		6,819		286			357			356		357		(70		)	—
International program product derivatives [2]	1,876		2,009		(42		)	(30		)	—		—		(42		)	(30		)
International program hedging instruments	48,448		28,719		(105		)	542			657		672		(762		)	(130		)
Other
GMAB, GMWB, and GMIB reinsurance contracts	18,287		21,627		(1,827		)	(3,207		)	—		—		(1,827		)	(3,207		)
Coinsurance and modified coinsurance reinsurance contracts	44,985		50,756		890			2,630			1,566		2,901		(676		)	(271		)
Total non-qualifying strategies	201,035		188,356		(1,559		)	(1,198		)	4,303		6,713		(5,862		)	(7,911		)
Total cash flow hedges, fair value hedges, and non-qualifying strategies	$	205,854	$	196,608	$	(1,448	)	$	(1,044	)	$	4,489	$	7,070	$	(5,937	)	$	(8,114	)
Balance Sheet Location
Fixed maturities, available-for-sale	$	416	$	416	$	(20	)	$	(45	)	$	—	$	—	$	(20	)	$	(45	)
Other investments	37,809		51,231		581			1,971			1,049		2,745		(468		)	(774		)
Other liabilities	67,765		28,717		38			(254		)	1,683		981		(1,645		)	(1,235		)
Consumer notes	26		35		(2		)	(4		)	—		—		(2		)	(4		)
Reinsurance recoverable	47,430		55,140		1,081			3,073			1,757		3,344		(676		)	(271		)
Other policyholder funds and benefits payable	52,408		61,069		(3,126		)	(5,785		)	—		—		(3,126		)	(5,785		)
Total derivatives	$	205,854	$	196,608	$	(1,448	)	$	(1,044	)	$	4,489	$	7,070	$	(5,937	)	$	(8,114	)

[1] The derivative instruments related to this strategy are held for other investment purposes.

[2] These derivatives are embedded within liabilities and are not held for risk management purposes.

Derivatives in Cash Flow Hedging Relationships

The following table presents the components of the gain or loss on derivatives that qualify as cash flow hedges:

Derivatives in Cash Flow Hedging Relationships
	Gain (Loss) Recognized in OCI on Derivative (Effective  Portion)								Net Realized Capital Gains (Losses) Recognized in Income on Derivative (Ineffective Portion)
	2012			2011			2010		2012		2011			2010
Interest rate swaps	$	26		$	245		$	232	$	—	$	(2	)	$	2
Foreign currency swaps	(18		)	(5		)	3		—		—			(1		)
Total	$	8		$	240		$	235	$	—	$	(2	)	$	1

Derivatives in Cash Flow Hedging Relationships
		Gain (Loss) Reclassified from AOCI into Income (Effective  Portion)
		2012			2011			2010
Interest rate swaps	Net realized capital gains (losses)	$	85		$	6		$	5
Interest rate swaps	Net investment income (loss)	97			77			56
Foreign currency swaps	Net realized capital gains (losses)	(4		)	(1		)	(7		)
Total		$	178		$	82		$	54

Derivatives in Fair Value Hedging Relationships

The Company recognized in income gains (losses) representing the ineffective portion of fair value hedges as follows:

Derivatives in Fair Value Hedging Relationships
	Gain (Loss) Recognized in Income [1]
	2012						2011					2010
	Derivative			Hedged Item			Derivative			Hedged Item		Derivative			Hedged Item
Interest rate swaps
Net realized capital gains (losses)	$	(3	)	$	(3	)	$	(58	)	$	54	$	(44	)	$	38
Benefits, losses and loss adjustment expenses							—			—		(1		)	3
Foreign currency swaps
Net realized capital gains (losses)	(7		)	7			(1		)	1		8			(8		)
Benefits, losses and loss adjustment expenses	(6		)	6			(22		)	22		(12		)	12
Total	$	(16	)	$	10		$	(81	)	$	77	$	(49	)	$	45

[1] The amounts presented do not include the periodic net coupon settlements of the derivative or the coupon income (expense) related to the hedged item. The net of the amounts presented represents the ineffective portion of the hedge.

Gain or loss recognized in income on non-qualifying strategies

The following table presents the gain or loss recognized in income on non-qualifying strategies:

Non-qualifying Strategies Gain (Loss) Recognized within Net Realized Capital Gains (Losses)
	December 31,
	2012			2011			2010
Interest rate contracts
Interest rate swaps, caps, floors, and forwards	$	26		$	20		$	14
Foreign exchange contracts
Foreign currency swaps and forwards	10			1			(3		)
Japan 3Win foreign currency swaps [1]	(300		)	31			215
Japanese fixed annuity hedging instruments [2]	(178		)	109			385
Credit contracts
Credit derivatives that purchase credit protection	(19		)	(8		)	(17		)
Credit derivatives that assume credit risk	204			(141		)	157
Equity contracts
Equity index swaps and options	(31		)	(67		)	5
Variable annuity hedge program
U.S. GMWB product derivatives	1,430			(780		)	486
U.S. GMWB reinsurance contracts	(280		)	131			(102		)
U.S. GMWB hedging instruments	(631		)	252			(295		)
U.S. macro hedge program	(340		)	(216		)	(445		)
International program product derivative	—			—			—
International program hedging instruments	(1,145		)	639			(1		)
Other
GMAB, GMWB, and GMIB reinsurance contracts	1,233			(326		)	(769		)
Coinsurance and modified coinsurance reinsurance contracts	(1,901		)	375			292
Total	$	(1,922	)	$	20		$	(78	)

[1] The associated liability is adjusted for changes in spot rates through realized capital gains and was $189, $(100) and $(273) for the years ended December 31, 2012, 2011 and 2010, respectively.

[2] The associated liability is adjusted for changes in spot rates through realized capital gains and losses and was $245, $(129) and $(332) for the years ended December 31, 2012, 2011, and 2010, respectively.

Credit Derivatives Description

The following tables present the notional amount, fair value, weighted average years to maturity, underlying referenced credit obligation type and average credit ratings, and offsetting notional amounts and fair value for credit derivatives in which the Company is assuming credit risk as of December 31, 2012 and 2011.

As of December 31, 2012

							Underlying Referenced Credit Obligation(s) [1]
Credit Derivative type by derivative risk exposure	Notional Amount [2]		Fair Value			Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
Single name credit default swaps
Investment grade risk exposure	$	1,787	$	8		3 years	Corporate Credit/ Foreign Gov.	A	$	878	$	(19	)
Below investment grade risk exposure	114		(1		)	1 year	Corporate Credit	B+	114		(3		)
Basket credit default swaps [4]
Investment grade risk exposure	2,074		11			2 years	Corporate Credit	BBB+	1,326		(6		)
Investment grade risk exposure	237		(12		)	4 years	CMBS Credit	A	238		12
Below investment grade risk exposure	115		(27		)	4 years	CMBS Credit	B+	115		27
Embedded credit derivatives
Investment grade risk exposure	325		296			4 years	Corporate Credit	BBB-	—		—
Total	$	4,652	$	275					$	2,671	$	11

As of December 31, 2011

							Underlying Referenced Credit Obligation(s) [1]
Credit Derivative type by derivative risk exposure	Notional Amount [2]		Fair Value			Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
Single name credit default swaps
Investment grade risk exposure	$	1,067	$	(18	)	3 years	Corporate Credit/ Foreign Gov.	A+	$	915	$	(19	)
Below investment grade risk exposure	125		(7		)	2 years	Corporate Credit	B+	114		(3		)
Basket credit default swaps [4]
Investment grade risk exposure	2,375		(71		)	3 years	Corporate Credit	BBB+	1,128		17
Investment grade risk exposure	353		(63		)	5 years	CMBS Credit	BBB+	353		62
Below investment grade risk exposure	477		(441		)	3 years	Corporate Credit	BBB+	—		—
Embedded credit derivatives
Investment grade risk exposure	25		24			3 years	Corporate Credit	BBB-	—		—
Below investment grade risk exposure	300		245			5 years	Corporate Credit	BB+	—		—
Total	$	4,722	$	(331	)				$	2,510	$	57

[1]  The average credit ratings are based on availability and the midpoint of the applicable ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.

[2] Notional amount is equal to the maximum potential future loss amount. There is no specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.

[3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.

[4] Includes $2.4 billion and $2.7 billion as of December 31, 2012 and 2011, respectively, of standard market indices of diversified portfolios of corporate issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. As of December 31, 2012 the Company did not hold customized diversified portfolios of corporate issuers referenced through credit default swaps. As of December 31, 2011 the Company held $478 of customized diversified portfolios of corporate issuers referenced through credit default swaps.

Classification and Carrying Amount of Loaned Securities and Derivative Instruments Collateral Pledged

The following table presents the classification and carrying amount of derivative instruments collateral pledged.

	December 31, 2012		December 31, 2011
Fixed maturities, AFS	$	370	$	762
Short-term investments	179		148
Total collateral pledged	$	549	$	910

U.S. [Member]

Derivative [Line Items]

Macro hedge program

The following table represents notional and fair value for the U.S. macro hedge program.

	Notional Amount				Fair Value
	December 31, 2012		December 31, 2011		December 31, 2012		December 31, 2011
Equity futures	$	—	$	59	$	—	$	—
Equity options	7,442		6,760		286		357
Total	$	7,442	$	6,819	$	286	$	357

International [Member]

Derivative [Line Items]

Macro hedge program

The following table represents notional and fair value for the international program hedging instruments.

	Notional Amount				Fair Value
	December 31, 2012		December 31, 2011		December 31, 2012			December 31, 2011
Credit derivatives	350		—		28			—
Currency forwards [1]	9,327		8,622		(87		)	446
Currency options	9,710		7,038		(49		)	72
Equity futures	1,206		2,691		—			—
Equity options	2,621		1,120		(105		)	(3		)
Equity swaps	2,683		392		(12		)	(8		)
Customized swaps	899		—		(11		)	—
Interest rate futures	634		739		—			—
Interest rate swaps and swaptions	21,018		8,117		131			35
Total	$	48,448	$	28,719	$	(105	)	$	542

[1] As of December 31, 2012 and 2011 net notional amounts are $0.1 billion and $7.2 billion, respectively, which include $4.7 billion and $7.9 billion, respectively, related to long positions and $4.6 billion and $0.7 billion, respectively, related to short positions.