INVESTMENTS (Tables)

										Other-Than-
		Amortized		Gross		Gross				Temporary
		Cost or		Unrealized		Unrealized		Fair		Impairments
(in millions)		Cost		Gains		Losses		Value		in AOCI^(a)
March 31, 2015
Bonds available for sale:
U.S. government and government sponsored entities	$	2,557	$	222	$	(5)	$	2,774	$	-
Obligations of states, municipalities and political subdivisions		26,088		1,783		(36)		27,835		-
Non-U.S. governments		18,857		1,149		(117)		19,889		-
Corporate debt		133,066		11,923		(847)		144,142		57
Mortgage-backed, asset-backed and collateralized:
RMBS		34,551		3,466		(285)		37,732		1,698
CMBS		12,503		971		(31)		13,443		224
CDO/ABS		14,492		665		(150)		15,007		38
Total mortgage-backed, asset-backed and collateralized		61,546		5,102		(466)		66,182		1,960
Total bonds available for sale^(b)		242,114		20,179		(1,471)		260,822		2,017
Equity securities available for sale:
Common stock		1,000		2,071		(11)		3,060		-
Preferred stock		21		4		-		25		-
Mutual funds		662		63		(44)		681		-
Total equity securities available for sale		1,683		2,138		(55)		3,766		-
Total	$	243,797	$	22,317	$	(1,526)	$	264,588	$	2,017
December 31, 2014
Bonds available for sale:
U.S. government and government sponsored entities	$	2,806	$	204	$	(18)	$	2,992	$	-
Obligations of states, municipalities and political subdivisions		25,979		1,729		(49)		27,659		(13)
Non-U.S. governments		20,280		966		(151)		21,095		-
Corporate debt		134,961		10,594		(1,122)		144,433		64
Mortgage-backed, asset-backed and collateralized:
RMBS		34,377		3,435		(292)		37,520		1,767
CMBS		12,129		815		(59)		12,885		215
CDO/ABS		12,775		628		(128)		13,275		47
Total mortgage-backed, asset-backed and collateralized		59,281		4,878		(479)		63,680		2,029
Total bonds available for sale^(b)		243,307		18,371		(1,819)		259,859		2,080
Equity securities available for sale:
Common stock		1,185		2,461		(17)		3,629		-
Preferred stock		21		4		-		25		-
Mutual funds		724		54		(37)		741		-
Total equity securities available for sale		1,930		2,519		(54)		4,395		-
Total	$	245,237	$	20,890	$	(1,873)	$	264,254	$	2,080

(a) Represents the amount of other-than-temporary impairments recognized in Accumulated other comprehensive income. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date.

(b) At March 31, 2015 and December 31, 2014, bonds available for sale held by us that were below investment grade or not rated totaled $36.1 billion and $35.1 billion, respectively.

	Less than 12 Months				12 Months or More				Total
				Gross				Gross				Gross
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in millions)		Value		Losses		Value		Losses		Value		Losses
March 31, 2015
Bonds available for sale:
U.S. government and government sponsored entities	$	120	$	1	$	141	$	4	$	261	$	5
Obligations of states, municipalities and political
subdivisions		1,130		14		460		22		1,590		36
Non-U.S. governments		1,605		47		884		70		2,489		117
Corporate debt		12,048		449		4,563		398		16,611		847
RMBS		5,540		125		2,953		160		8,493		285
CMBS		453		3		603		28		1,056		31
CDO/ABS		3,193		56		1,812		94		5,005		150
Total bonds available for sale		24,089		695		11,416		776		35,505		1,471
Equity securities available for sale:
Common stock		58		11		-		-		58		11
Mutual funds		275		44		-		-		275		44
Total equity securities available for sale		333		55		-		-		333		55
Total	$	24,422	$	750	$	11,416	$	776	$	35,838	$	1,526
December 31, 2014
Bonds available for sale:
U.S. government and government sponsored entities	$	526	$	5	$	281	$	13	$	807	$	18
Obligations of states, municipalities and political
subdivisions		495		9		794		40		1,289		49
Non-U.S. governments		1,606		42		1,690		109		3,296		151
Corporate debt		12,132		450		11,570		672		23,702		1,122
RMBS		4,621		109		3,996		183		8,617		292
CMBS		220		1		2,087		58		2,307		59
CDO/ABS		3,857		50		1,860		78		5,717		128
Total bonds available for sale		23,457		666		22,278		1,153		45,735		1,819
Equity securities available for sale:
Common stock		88		16		2		1		90		17
Mutual funds		280		37		64		-		344		37
Total equity securities available for sale		368		53		66		1		434		54
Total	$	23,825	$	719	$	22,344	$	1,154	$	46,169	$	1,873

	Total Fixed Maturity Securities				Fixed Maturity Securities in a Loss
March 31, 2015	Available for Sale				Position Available for Sale
(in millions)		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	10,434	$	10,590	$	655	$	632
Due after one year through five years		48,034		50,920		4,452		4,314
Due after five years through ten years		59,209		62,855		8,569		8,170
Due after ten years		62,891		70,275		8,280		7,835
Mortgage-backed, asset-backed and collateralized		61,546		66,182		15,020		14,554
Total	$	242,114	$	260,822	$	36,976	$	35,505
December 31, 2014
Due in one year or less	$	9,821	$	9,975	$	637	$	620
Due after one year through five years		48,352		50,873		6,669		6,529
Due after five years through ten years		62,685		65,889		12,873		12,338
Due after ten years		63,168		69,442		10,255		9,607
Mortgage-backed, asset-backed and collateralized		59,281		63,680		17,120		16,641
Total	$	243,307	$	259,859	$	47,554	$	45,735

		2015				2014
		Gross		Gross		Gross		Gross
Three Months Ended March 31,	Realized		Realized		Realized		Realized
(in millions)		Gains		Losses		Gains		Losses
Fixed maturity securities	$	149	$	118	$	216	$	31
Equity securities		496		5		30		2
Total	$	645	$	123	$	246	$	33

		March 31, 2015				December 31, 2014
		Fair	Percent			Fair	Percent
(in millions)		Value	of Total			Value	of Total
Fixed maturity securities:
U.S. government and government sponsored entities	$	5,483	27	%	$	5,498	27	%
Obligations of states, municipalities and political subdivisions		76	-			122	1
Non-U.S. governments		2	-			2	-
Corporate debt		567	3			719	3
Mortgage-backed, asset-backed and collateralized:
RMBS		2,176	11			2,094	10
CMBS		945	5			1,077	5
CDO/ABS and other collateralized^*		9,764	49			10,200	49
Total mortgage-backed, asset-backed and collateralized		12,885	65			13,371	64
Total fixed maturity securities		19,013	95			19,712	95
Equity securities		1,100	5			1,049	5
Total	$	20,113	100	%	$	20,761	100	%

* Includes $825 million and $859 million of U.S. Government agency backed ABS at March 31, 2015 and December 31, 2014, respectively.

Three Months Ended March 31,
(in millions)		2015		2014
Fixed maturity securities, including short-term investments	$	2,883	$	3,131
Equity securities		15		(85)
Interest on mortgage and other loans		339		318
Alternative investments^*		689		925
Real estate		26		28
Other investments		38		11
Total investment income		3,990		4,328
Investment expenses		152		132
Net investment income	$	3,838	$	4,196

* Includes hedge funds, private equity funds, affordable housing partnerships, investments in life settlements and other investment partnerships.

Three Months Ended March 31,
(in millions)		2015		2014
Sales of fixed maturity securities	$	31	$	185
Sales of equity securities		491		28
Other-than-temporary impairments:
Severity		(2)		-
Change in intent		(24)		(5)
Foreign currency declines		(29)		(4)
Issuer-specific credit events		(68)		(49)
Adverse projected cash flows		(5)		(1)
Provision for loan losses		24		5
Foreign exchange transactions		254		26
Derivative instruments		208		(289)
Impairments on investments in life settlements		(70)		(42)
Other^*		531		(6)
Net realized capital gains (losses)	$	1,341	$	(152)

* Includes realized gains due to the sale of Class B shares of Prudential Financial, Inc.

Three Months Ended March 31,
(in millions)		2015		2014
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	2,156	$	3,994
Equity securities		(382)		(128)
Other investments		(503)		73
Total increase (decrease) in unrealized appreciation (depreciation) of investments^*	$	1,271	$	3,939

* Excludes net unrealized gains attributable to businesses held for sale.

Three Months Ended March 31,
(in millions)		2015		2014
Balance, beginning of year	$	2,659	$	3,872
Increases due to:
Credit impairments on new securities subject to impairment losses		15		8
Additional credit impairments on previously impaired securities		22		36
Reductions due to:
Credit impaired securities fully disposed for which there was no
prior intent or requirement to sell		(42)		(330)
Accretion on securities previously impaired due to credit^*		(188)		(188)
Other		-		(9)
Balance, end of period	$	2,466	$	3,389

* Represents both accretion recognized due to changes in cash flows expected to be collected over the remaining expected term of the credit impaired securities and the accretion due to the passage of time.

(in millions)	At Date of Acquisition
Contractually required payments (principal and interest)	$	31,562
Cash flows expected to be collected^*		25,480
Recorded investment in acquired securities		16,986

* Represents undiscounted expected cash flows, including both principal and interest.

(in millions)	March 31, 2015		December 31, 2014
Outstanding principal balance	$	17,362	$	16,962
Amortized cost		12,601		12,216
Fair value		13,788		13,462

Three Months Ended March 31,
(in millions)		2015		2014
Balance, beginning of period	$	6,865	$	6,940
Newly purchased PCI securities		245		522
Disposals		-		-
Accretion		(220)		(212)
Effect of changes in interest rate indices		(138)		(59)
Net reclassification to/(from) non-accretable difference,
including effects of prepayments		13		(21)
Balance, end of period	$	6,765	$	7,170

(in millions)		March 31, 2015		December 31, 2014
Other bond securities		1,180		2,122

(in millions)		March 31, 2015		December 31, 2014
Securities collateral pledged to us	$	4,340	$	2,506
Amount sold or repledged by us		132		131