XML 17 R39.htm IDEA: XBRL DOCUMENT

Investments (Tables)

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements [Abstract]

				As of December 31, 2011
				Amortized		Gross Unrealized						Fair
				Cost		Gains		Losses		OTTI		Value
Fixed maturity securities:
	Corporate bonds			$	53,661	$	6,185	$	517	$	68	$	59,261
	U.S. Government bonds				439		55		-		-		494
	Foreign government bonds				668		65		-		-		733
	RMBS				7,690		548		73		126		8,039
	CMBS				1,642		73		106		9		1,600
	CDOs				121		-		19		-		102
	State and municipal bonds				3,490		566		9		-		4,047
	Hybrid and redeemable preferred securities				1,277		50		170		-		1,157
	VIEs' fixed maturity securities				673		27		-		-		700
		Total fixed maturity securities			69,661		7,569		894		203		76,133
Equity securities					135		16		12		-		139
			Total AFS securities	$	69,796	$	7,585	$	906	$	203	$	76,272

				As of December 31, 2010
				Amortized		Gross Unrealized						Fair
				Cost		Gains		Losses		OTTI		Value
Fixed maturity securities:
	Corporate bonds			$	48,863	$	3,571	$	607	$	87	$	51,740
	U.S. Government bonds				150		17		2		-		165
	Foreign government bonds				473		38		3		-		508
	RMBS				8,673		430		119		146		8,838
	CMBS				2,144		95		180		6		2,053
	CDOs				174		22		13		9		174
	State and municipal bonds				3,222		27		94		-		3,155
	Hybrid and redeemable preferred securities				1,476		56		135		-		1,397
	VIEs' fixed maturity securities				570		14		-		-		584
		Total fixed maturity securities			65,745		4,270		1,153		248		68,614
Equity securities					179		25		7		-		197
			Total AFS securities	$	65,924	$	4,295	$	1,160	$	248	$	68,811

			As of December 31, 2011
			Amortized		Fair
			Cost		Value
Due in one year or less			$	2,342	$	2,378
Due after one year through five years				12,418		13,288
Due after five years through ten years				22,456		24,593
Due after ten years				22,992		26,133
	Subtotal			60,208		66,392
MBS				9,332		9,639
CDOs				121		102
		Total fixed maturity AFS securities	$	69,661	$	76,133

					As of December 31, 2011
					Less Than or Equal				Greater Than
					to Twelve Months				Twelve Months				Total
							Gross				Gross				Gross
							Unrealized				Unrealized				Unrealized
					Fair		Losses and		Fair		Losses and		Fair		Losses and
					Value		OTTI		Value		OTTI		Value		OTTI
Fixed maturity securities:
	Corporate bonds				$	2,848	$	162	$	1,452	$	423	$	4,300	$	585
	RMBS					565		125		429		74		994		199
	CMBS					178		15		146		100		324		115
	CDOs					9		1		80		18		89		19
	State and municipal bonds					31		-		30		9		61		9
	Hybrid and redeemable
		preferred securities				324		23		353		147		677		170
			Total fixed maturity securities			3,955		326		2,490		771		6,445		1,097
Equity securities						38		12		-		-		38		12
				Total AFS securities	$	3,993	$	338	$	2,490	$	771	$	6,483	$	1,109

Total number of AFS securities in an unrealized loss position																897

					As of December 31, 2010
					Less Than or Equal				Greater Than
					to Twelve Months				Twelve Months				Total
							Gross				Gross				Gross
							Unrealized				Unrealized				Unrealized
					Fair		Losses and		Fair		Losses and		Fair		Losses and
					Value		OTTI		Value		OTTI		Value		OTTI
Fixed maturity securities:
	Corporate bonds				$	5,271	$	297	$	2,007	$	397	$	7,278	$	694
	U.S. Government bonds					28		2		2		-		30		2
	Foreign government bonds					19		-		9		3		28		3
	RMBS					655		126		750		139		1,405		265
	CMBS					75		8		304		178		379		186
	CDOs					-		-		147		22		147		22
	State and municipal bonds					1,889		84		27		10		1,916		94
	Hybrid and redeemable
		preferred securities				203		10		568		125		771		135
			Total fixed maturity securities			8,140		527		3,814		874		11,954		1,401
Equity securities						60		7		-		-		60		7
				Total AFS securities	$	8,200	$	534	$	3,814	$	874	$	12,014	$	1,408

Total number of AFS securities in an unrealized loss position																1,237

		As of December 31, 2011
		Amortized		Fair		Unrealized
		Cost		Value		Loss
Total
AFS securities backed by pools of residential mortgages		$	2,023	$	1,553	$	470
AFS securities backed by pools of commercial mortgages			472		344		128
	Total	$	2,495	$	1,897	$	598

Subject to Detailed Analysis
AFS securities backed by pools of residential mortgages		$	2,015	$	1,545	$	470
AFS securities backed by pools of commercial mortgages			126		61		65
	Total	$	2,141	$	1,606	$	535

		As of December 31, 2010
		Amortized		Fair		Unrealized
		Cost		Value		Loss
Total
AFS securities backed by pools of residential mortgages		$	2,539	$	2,006	$	533
AFS securities backed by pools of commercial mortgages			611		410		201
	Total	$	3,150	$	2,416	$	734

Subject to Detailed Analysis
AFS securities backed by pools of residential mortgages		$	2,303	$	1,776	$	527
AFS securities backed by pools of commercial mortgages			185		76		109
	Total	$	2,488	$	1,852	$	636

		As of December 31, 2011
								Number
		Fair		Gross Unrealized				of
		Value		Losses		OTTI		Securities⁽¹⁾
Less than six months		$	385	$	125	$	31		56
Six months or greater, but less than nine months			53		30		12		18
Nine months or greater, but less than twelve months			2		-		1		7
Twelve months or greater			615		470		111		175
	Total	$	1,055	$	625	$	155		256

		As of December 31, 2010
								Number
		Fair		Gross Unrealized				of
		Value		Losses		OTTI		Securities⁽¹⁾
Less than six months		$	170	$	73	$	5		41
Six months or greater, but less than nine months			60		22		-		13
Nine months or greater, but less than twelve months			42		17		1		13
Twelve months or greater			929		520		184		224
	Total	$	1,201	$	632	$	190		291

				For the Years Ended December 31,
				2011		2010		2009
Balance as of beginning-of-year				$	319	$	268	$	-
	Cumulative effect from adoption of new accounting standard				-		-		31
	Increases attributable to:
		Credit losses on securities for which an OTTI was not previously recognized			55		14		267
		Credit losses on securities for which an OTTI was previously recognized			71		65		-
	Decreases attributable to:
		Securities sold			(55)		(28)		(30)
			Balance as of end-of-year	$	390	$	319	$	268

		As of December 31, 2011
				Gross Unrealized						OTTI in
		Amortized				Losses and		Fair		Credit
		Cost		Gains		OTTI		Value		Losses
Corporate bonds		$	169	$	1	$	67	$	103	$	51
RMBS			690		1		128		563		301
CMBS			17		-		10		7		38
	Total	$	876	$	2	$	205	$	673	$	390

Trading securities at fair value

				As of December 31,
				2011		2010
Fixed maturity securities:
	Corporate bonds			$	1,908	$	1,801
	U.S. Government bonds				376		362
	Foreign government bonds				39		29
	RMBS				244		255
	CMBS				31		67
	CDOs				4		5
	State and municipal bonds				26		24
	Hybrid and redeemable preferred securities				45		51
		Total fixed maturity securities			2,673		2,594
Equity securities					2		2
			Total trading securities	$	2,675	$	2,596

Net investment income

				For the Years Ended December 31,
				2011		2010		2009
Fixed maturity AFS securities				$	3,842	$	3,694	$	3,474
VIEs' fixed maturity AFS securities					14		14		-
Equity AFS securities					5		6		8
Trading securities					154		157		159
Mortgage loans on real estate					408		424		462
Real estate					22		24		18
Standby real estate equity commitments					1		1		1
Policy loans					165		169		172
Invested cash					4		7		15
Commercial mortgage loan prepayment
	and bond makewhole premiums				82		67		24
Alternative investments					90		93		(55)
Consent fees					3		8		5
Other investments					(27)		(3)		9
		Investment income			4,763		4,661		4,292
Investment expense					(111)		(120)		(114)
			Net investment income	$	4,652	$	4,541	$	4,178

Realized gain (loss) related to certain investments

			For the Years Ended December 31,
			2011		2010		2009
Fixed maturity AFS securities:
	Gross gains		$	86	$	107	$	161
	Gross losses			(227)		(248)		(709)
Equity AFS securities:
	Gross gains			12		9		6
	Gross losses			-		(3)		(27)
Gain (loss) on other investments				(9)		(53)		(130)
Associated amortization of DAC, VOBA, DSI and DFEL
	and changes in other contract holder funds			(13)		8		161
		Total realized gain (loss) related to certain investments	$	(151)	$	(180)	$	(538)

OTTI Recognized in Net Income (Loss) and OCI

					For the Years Ended December 31,
					2011		2010		2009
OTTI Recognized in Net Income (Loss)
Fixed maturity securities:
	Corporate bonds				$	(14)	$	(90)	$	(214)
	RMBS					(79)		(65)		(250)
	CMBS					(57)		(41)		-
	CDOs					(1)		(1)		(39)
	Hybrid and redeemable preferred securities					(2)		(5)		(67)
		Total fixed maturity securities				(153)		(202)		(570)
Equity securities						-		(3)		(27)
			Gross OTTI recognized in net income (loss)			(153)		(205)		(597)
			Associated amortization of DAC, VOBA, DSI and DFEL			35		53		205
				Net OTTI recognized in net income (loss), pre-tax	$	(118)	$	(152)	$	(392)

Portion of OTTI Recognized in OCI
Gross OTTI recognized in OCI					$	58	$	98	$	357
Change in DAC, VOBA, DSI and DFEL						(11)		(10)		(82)
	Net portion of OTTI recognized in OCI, pre-tax				$	47	$	88	$	275

Payables for collateral on investments

			As of December 31, 2011				As of December 31, 2010
			Carrying		Fair		Carrying		Fair
			Value		Value		Value		Value
Collateral payable held for derivative investments⁽¹⁾			$	2,980	$	2,980	$	800	$	800
Securities pledged under securities lending agreements⁽²⁾				200		193		199		192
Securities pledged under reverse repurchase agreements⁽³⁾				280		294		280		294
Securities pledged for Term Asset-Backed Securities
	Loan Facility ("TALF")⁽⁴⁾			173		199		280		318
Securities pledged for Federal Home Loan Bank of
	Indianapolis Securities ("FHLBI")⁽⁵⁾			100		142		100		110
		Total payables for collateral on investments	$	3,733	$	3,808	$	1,659	$	1,714

		For the Years Ended December 31,
		2011		2010		2009
Collateral payable held for derivative investments		$	2,180	$	183	$	(2,192)
Securities pledged under securities lending agreements			1		(302)		74
Securities pledged under reverse repurchase agreements			-		(64)		(126)
Securities pledged for TALF			(107)		(65)		345
Securities pledged for FHLBI			-		-		100
	Total increase (decrease) in payables for collateral on investments	$	2,074	$	(248)	$	(1,799)

Schedule of impaired mortgage loans

		As of December 31,
		2011		2010
Current		$	6,858	$	6,697
60 to 90 days past due			26		8
Greater than 90 days past due			76		40
Valuation allowance associated with impaired mortgage loans on real estate			(31)		(13)
Unamortized premium (discount)			13		20
	Total carrying value	$	6,942	$	6,752

		As of December 31,
		2011		2010
Number of impaired mortgage loans on real estate		12		9

Principal balance of impaired mortgage loans on real estate		$	100	$	75
Valuation allowance associated with impaired mortgage loans on real estate			(31)		(13)
	Carrying value of impaired mortgage loans on real estate	$	69	$	62

	For the Years Ended December 31,
	2011		2010		2009
Average carrying value for impaired mortgage loans on real estate	$	57	$	54	$	33
Interest income recognized on impaired mortgage loans on real estate		2		3		1
Interest income collected on impaired mortgage loans on real estate		2		3		1

		As of December 31, 2011					As of December 31, 2010
						Debt-					Debt-
						Service					Service
		Principal		% of		Coverage	Principal		% of		Coverage
Loan-to-Value		Amount		Total		Ratio	Amount		Total		Ratio
Less than 65%		$	5,338	76.7	%	1.61	$	4,863	72.1	%	1.62
65% to 74%			1,198	17.2	%	1.37		1,484	22.0	%	1.40
75% to 100%			308	4.4	%	0.92		179	2.7	%	0.85
Greater than 100%			116	1.7	%	0.36		219	3.2	%	1.06
	Total mortgage loans on real estate	$	6,960	100.0	%		$	6,745	100.0	%

- Definition

This item represents the entire disclosure related to Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

+ References+ Details

- Definition

This item represents the entire disclosure related to Trading Securities (and certain trading assets) which consist of all investments in certain debt and equity securities (and other assets) that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) or for which an entity has elected the fair value option. Trading generally reflects active and frequent buying and selling, and trading securities are generally used with the objective of generating profits on short-term differences in price, but this category of investments may also include items which are not intended to be sold in the near term or for which the fair value option has been elected.

+ References+ Details