Income Tax (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Provision benefit for income taxes

Income tax expense (benefit) is as follows:

	For the years ended December 31,
	2013			2012			2011
Income tax expense (benefit)
Current   - U.S. Federal	$	(208	)	$	139		$	(206	)
Deferred - U.S. Federal Excluding NOL Carryforward	405			(94		)	46
U.S. Net Operating Loss Carryforward	(148		)	(9		)	(163		)
Total Deferred	257			(103		)	(117		)
Income tax expense (benefit)	$	49		$	36		$	(323	)

Components of deferred tax assets and liabilities

Deferred tax assets (liabilities) include the following as of December 31:

	As of December 31,
Deferred Tax Assets	2013			2012
Tax basis deferred policy acquisition costs	$	163		$	424
Investment-related items	1,516			1,244
Insurance product derivatives	742			1,092
NOL Carryover	377			225
Minimum tax credit	327			355
Foreign tax credit carryover	44			33
Capital loss carryover	—			5
Other	71			65
Total Deferred Tax Assets	3,240			3,443
Valuation Allowance	—			(53		)
Net Deferred Tax Assets	3,240			3,390
Deferred Tax Liabilities
Financial statement deferred policy acquisition costs and reserves	(650		)	(356		)
Net unrealized gain on investments	(403		)	(1,432		)
Employee benefits	(52		)	(45		)
Depreciable and amortizable assets	(25		)	—
Total Deferred Tax Liabilities	(1,130		)	(1,833		)
Total Deferred Tax Asset	$	2,110		$	1,557

Reconciliation of tax provision at Us federal statutory rate to provision for income taxes

A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision (benefit) for income taxes is as follows:

	For the years ended December 31,
	2013			2012			2011
Tax provision (benefit) at the U.S. federal statutory rate	$	196		$	186		$	(48	)
Dividends-received deduction	(135		)	(140		)	(201		)
Foreign related investments	(7		)	(9		)	(15		)
Valuation Allowance	—			—			(56		)
Other	(5		)	(1		)	(3		)
Income tax expense (benefit)	$	49		$	36		$	(323	)