VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2016

Variable Interest Entity Primary Beneficiary

Variable Interest Entities [Line Items]

(in millions)		Real Estate and Investment Entities^(d)		Securitization Vehicles		Structured Investment Vehicle		Affordable Housing Partnerships		Other		Total
September 30, 2016
Assets:
Bonds available for sale	$	-	$	10,546	$	-	$	-	$	-	$	10,546
Other bond securities		-		5,074		324		-		6		5,404
Mortgage and other loans receivable		1		1,553		-		-		109		1,663
Other invested assets		1,008		356		-		2,810		27		4,201
Other ^(a)		1,619		885		122		401		170		3,197
Total assets^(b)	$	2,628	$	18,414	$	446	$	3,211	$	312	$	25,011
Liabilities:
Long-term debt	$	431	$	781	$	55	$	1,698	$	6	$	2,971
Other ^(c)		1,440		225		-		230		138		2,033
Total liabilities	$	1,871	$	1,006	$	55	$	1,928	$	144	$	5,004
December 31, 2015
Assets:
Bonds available for sale	$	-	$	10,309	$	-	$	-	$	15	$	10,324
Other bond securities		-		5,756		387		-		24		6,167
Mortgage and other loans receivable		1		1,960		-		-		132		2,093
Other invested assets		489		477		-		2,608		24		3,598
Other ^(a)		29		1,349		94		293		159		1,924
Total assets^(b)	$	519	$	19,851	$	481	$	2,901	$	354	$	24,106
Liabilities:
Long-term debt	$	-	$	1,025	$	53	$	1,513	$	6	$	2,597
Other^(c)		34		236		1		214		71		556
Total liabilities	$	34	$	1,261	$	54	$	1,727	$	77	$	3,153

(a) At September 30, 2016, includes approximately $1.0 billion of assets from real estate investment entities that are classified as held for sale. The remaining balance was comprised primarily of Short-term investments and Other assets at September 30, 2016 and December 31, 2015.

(b) The assets of each VIE can be used only to settle specific obligations of that VIE.

(c) At September 30, 2016, includes approximately $1.2 billion of liabilities from real estate investment entities that are classified as held for sale. The remaining balance was comprised primarily of Other liabilities and Derivative liabilities, at fair value, at September 30, 2016 and December 31, 2015.

(d) At September 30, 2016 and December 31, 2015, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $126 million and $131 million, respectively.

Variable Interest Entity Not Primary Beneficiary

Variable Interest Entities [Line Items]

Schedule of Assets And Liabilities of Variable Interest Entities by Balance Sheets Location

			Maximum Exposure to Loss
		Total VIE		On-Balance		Off-Balance
(in millions)		Assets		Sheet^(a)		Sheet			Total
September 30, 2016
Real estate and investment entities^(d)	$	410,119	$	11,722	$	2,108		$	13,830
Affordable housing partnerships		4,755		789		-			789
Other		4,371		332		1,031	^(b)		1,363
Total^{(c) (e)}	$	419,245	$	12,843	$	3,139		$	15,982
December 31, 2015
Real estate and investment entities^(d)	$	21,951	$	3,072	$	398		$	3,470
Affordable housing partnerships		5,255		774		-			774
Other		1,110		215		1,000	^(b)		1,215
Total	$	28,316	$	4,061	$	1,398		$	5,459

(a) At September 30, 2016 and December 31, 2015, $ 12.4 billion and $3.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(b) These amounts primarily represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.

(c) As discussed in Note 2, on January 1, 2016, we adopted accounting guidance that resulted in an increase in the number of our investment entities classified as VIEs.

(d) Comprised primarily of hedge funds and private equity funds.

(e) At September 30, 2016, includes approximately $492 million total assets, $4 million of on-balance sheet exposure, and $2 million of off-balance sheet exposure from unconsolidated VIE entities that are classified as held for sale.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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