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Investments (Tables)

3 Months Ended

Mar. 31, 2013

Reconciliation Of Available-For-Sale Securities From Cost Basis To Fair Value



	As of March 31, 2013
	Amortized		Gross Unrealized						Fair
	Cost		Gains		Losses		OTTI		Value
Fixed maturity securities:
Corporate bonds	$	62,030	$	7,574	$	238	$	92	$	69,274
U.S. government bonds		381		51		-		-		432
Foreign government bonds		546		80		-		-		626
Residential mortgage-backed securities ("RMBS")		5,200		429		-		43		5,586
Commercial mortgage-backed securities ("CMBS")		926		61		14		17		956
Collateralized debt obligations ("CDOs")		181		1		2		7		173
State and municipal bonds		3,625		810		5		-		4,430
Hybrid and redeemable preferred securities		1,189		113		68		-		1,234
VIEs' fixed maturity securities		679		29		-		-		708
Total fixed maturity securities		74,757		9,148		327		159		83,419
Equity securities		131		19		2		-		148
Total AFS securities	$	74,888	$	9,167	$	329	$	159	$	83,567



	As of December 31, 2012
	Amortized		Gross Unrealized						Fair
	Cost		Gains		Losses		OTTI		Value
Fixed maturity securities:
Corporate bonds	$	60,124	$	8,219	$	219	$	108	$	68,016
U.S. government bonds		383		59		-		-		442
Foreign government bonds		562		92		-		-		654
RMBS		5,763		471		3		60		6,171
CMBS		970		68		16		19		1,003
CDOs		189		2		3		8		180
State and municipal bonds		3,546		814		7		-		4,353
Hybrid and redeemable preferred securities		1,181		106		70		-		1,217
VIEs' fixed maturity securities		677		31		-		-		708
Total fixed maturity securities		73,395		9,862		318		195		82,744
Equity securities		137		22		2		-		157
Total AFS securities	$	73,352	$	9,884	$	320	$	195	$	82,901

Available-For-Sale Securities By Contractual Maturities



	Amortized Cost		Fair Value
Due in one year or less	$	2,468	$	2,518
Due after one year through five years		12,878		14,081
Due after five years through ten years		25,137		27,924
Due after ten years		27,967		32,181
Subtotal		68,450		76,704
Mortgage-backed securities ("MBS")		6,126		6,542
CDOs		181		173
Total fixed maturity AFS securities	$	74,757	$	83,419

Fair Value And Gross Unrealized Losses In A Continuous Unrealized Loss Position



	As of March 31, 2013
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses and OTTI		Fair Value		Gross Unrealized Losses and OTTI		Fair Value		Gross Unrealized Losses and OTTI
Fixed maturity securities:
Corporate bonds	$	4,005	$	186	$	802	$	144	$	4,807	$	330
RMBS		350		27		161		16		511		43
CMBS		29		14		65		17		94		31
CDOs		9		7		51		2		60		9
State and municipal bonds		63		1		26		4		89		5
Hybrid and redeemable preferred securities		66		1		278		67		344		68
Total fixed maturity securities		4,522		236		1,383		250		5,905		486
Equity securities		7		2		-		-		7		2
Total AFS securities	$	4,529	$	238	$	1,383	$	250	$	5,912	$	488

Total number of AFS securities in an unrealized loss position												663



	As of December 31, 2012
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses and OTTI		Fair Value		Gross Unrealized Losses and OTTI		Fair Value		Gross Unrealized Losses and OTTI
Fixed maturity securities:
Corporate bonds	$	2,853	$	145	$	934	$	182	$	3,787	$	327
RMBS		272		39		199		24		471		63
CMBS		66		16		113		19		179		35
CDOs		10		8		53		3		63		11
State and municipal bonds		64		1		24		6		88		7
Hybrid and redeemable preferred securities		71		3		293		67		364		70
Total fixed maturity securities		3,336		212		1,616		301		4,952		513
Equity securities		7		2		-		-		7		2
Total AFS securities	$	3,343	$	214	$	1,616	$	301	$	4,959	$	515

Total number of AFS securities in an unrealized loss position												626

Select Information For Securities In A Gross Unrealized Loss Position



	As of March 31, 2013
	Amortized Cost		Fair Value		Unrealized Loss
Total
AFS securities backed by pools of residential mortgages	$	1,107	$	956	$	151
AFS securities backed by pools of commercial mortgages		148		109		39
Total	$	1,255	$	1,065	$	190

Subject to Detailed Analysis
AFS securities backed by pools of residential mortgages	$	1,022	$	872	$	150
AFS securities backed by pools of commercial mortgages		44		33		11
Total	$	1,066	$	905	$	161



	As of December 31, 2012
	Amortized Cost		Fair Value		Unrealized Loss
Total
AFS securities backed by pools of residential mortgages	$	1,181	$	980	$	201
AFS securities backed by pools of commercial mortgages		236		192		44
Total	$	1,417	$	1,172	$	245

Subject to Detailed Analysis
AFS securities backed by pools of residential mortgages	$	1,173	$	972	$	201
AFS securities backed by pools of commercial mortgages		56		40		16
Total	$	1,229	$	1,012	$	217

Schedule Of Available-For-Sale Securites Whose Value Is Below Amortized Cost



	As of March 31, 2013
			Gross Unrealized				Number of
	Fair Value		Losses		OTTI		Securities⁽¹⁾
Less than six months	$	46	$	22	$	3		16
Twelve months or greater		357		143		106		118
Total	$	403	$	165	$	109		134



	As of December 31, 2012
			Gross Unrealized				Number of
	Fair Value		Losses		OTTI		Securities⁽¹⁾
Less than six months	$	34	$	9	$	1		14
Nine months or greater, but less than twelve months		15		10		-		3
Twelve months or greater		395		179		128		131
Total	$	444	$	198	$	129		148

⁽¹⁾	We may reflect a security in more than one aging category based on various purchase dates.

Schedule Of Changes In Amount Of Credit Losses Of OTTI Recognized In Net Income (Loss)



	For the Three Months Ended March 31,
	2013		2012
Balance as of beginning-of-period	$	424	$	390
Increases attributable to:
Credit losses on securities for which an OTTI was not previously recognized		1		34
Credit losses on securities for which an OTTI was previously recognized		16		23
Decreases attributable to:
Securities sold		(4)		(37)
Balance as of end-of-period	$	437	$	410

Schedule of Details Of The Amount Of Credit Losses Of OTTI Recognized In Net Income (Loss)



	As of March 31, 2013
			Gross Unrealized
	Amortized Cost		Gains		Losses and OTTI		Fair Value		OTTI in Credit Losses
Corporate bonds	$	290	$	9	$	86	$	213	$	108
RMBS		630		25		28		627		234
CMBS		38		3		14		27		95
Total	$	958	$	37	$	128	$	867	$	437



	As of December 31, 2012
			Gross Unrealized
	Amortized Cost		Gains		Losses and OTTI		Fair Value		OTTI in Credit Losses
Corporate bonds	$	299	$	4	$	98	$	205	$	104
RMBS		636		22		40		618		227
CMBS		41		1		16		26		93
Total	$	976	$	27	$	154	$	849	$	424

Composition Of Current And Past Due Mortgage Loans On Real Estate



	As of March 31, 2013		As of December 31, 20132
Current	$	7,047	$	7,011
60 to 90 days past due		8		8
Greater than 90 days past due		3		24
Valuation allowance associated with impaired mortgage loans on real estate		(8)		(21)
Unamortized premium (discount)		7		7
Total carrying value	$	7,057	$	7,029

Schedule Of Impaired Mortgage Loans



	As of March 31, 2013		As of December 31, 2012
Number of impaired mortgage loans on real estate		6		10

Principal balance of impaired mortgage loans on real estate	$	46	$	75
Valuation allowance associated with impaired mortgage loans on real estate		(8)		(21)
Carrying value of impaired mortgage loans on real estate	$	38	$	54

Schedule Of Average Carrying Value Of Impaired Mortgage Loans



	For the Three Months Ended March 31,
	2013		2012
Average carrying value for impaired mortgage loans on real estate	$	46	$	64
Interest income recognized on impaired mortgage loans on real estate		1		-
Interest income collected on impaired mortgage loans on real estate		1		-

Credit Quality Indicators For Mortgage Loans



	As of March 31, 2013					As of December 31, 2012
Loan-to-Value	Principal Amount		% of Total		Debt-Service CoverageRatio	Principal Amount		% of Total		Debt-Service CoverageRatio
Less than 65%	$	5,738	81.3	%	1.69	$	5,677	80.6	%	1.68
65% to 74%		877	12.4	%	1.39		897	12.7	%	1.39
75% to 100%		389	5.5	%	0.82		386	5.5	%	0.84
Greater than 100%		54	0.8	%	0.80		83	1.2	%	0.66
Total mortgage loans on real estate	$	7,058	100.0	%		$	7,043	100.0	%

Realized Gain (Loss) Related To Certain Investments



	For the Three Months Ended March 31,
	2013		2012
Fixed maturity AFS securities:
Gross gains	$	7	$	5
Gross losses		(19)		(63)
Equity AFS securities:
Gross gains		6		1
Gain (loss) on other investments		(1)		7
Associated amortization of DAC, VOBA, DSI and DFEL and changes in other contract holder funds		(7)		2
Total realized gain (loss) related to certain investments	$	(14)	$	(48)

OTTI Recognized In Net Income (Loss) And OCI



	For the Three Months Ended March 31,
	2013		2012
OTTI Recognized in Net Income (Loss)
Corporate bonds	$	(3)	$	(19)
RMBS		(11)		(18)
CMBS		(2)		(20)
CDOs		(1)		-
Gross OTTI recognized in net income (loss)		(17)		(57)
Associated amortization of DAC, VOBA, DSI and DFEL		3		10
Net OTTI recognized in net income (loss), pre-tax	$	(14)	$	(47)

Portion of OTTI Recognized in OCI
Gross OTTI recognized in OCI	$	7	$	58
Change in DAC, VOBA, DSI and DFEL		(1)		(8)
Net portion of OTTI recognized in OCI, pre-tax	$	6	$	50

Payables For Collateral On Investments



	As of March 31, 2013				As of December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
Collateral payable held for derivative investments⁽¹⁾	$	1,992	$	1,992	$	2,567	$	2,567
Securities pledged under securities lending agreements⁽²⁾		199		192		197		189
Securities pledged under reverse repurchase agreements⁽³⁾		280		293		280		294
Securities pledged for Term Asset-Backed Securities Loan Facility ("TALF") ⁽⁴⁾		36		51		37		52
Investments pledged for Federal Home Loan Bank ofIndianapolis ("FHLBI")⁽⁵⁾		1,600		2,764		1,100		1,936
Total payables for collateral on investments	$	4,107	$	5,292	$	4,181	$	5,038

⁽¹⁾

We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. See Note 6 for details about maximum collateral potentially required to post on our credit default swaps.

⁽²⁾

Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

⁽³⁾

Our pledged securities under reverse repurchase agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We obtain collateral in an amount equal to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our reverse repurchase program is typically invested in fixed maturity AFS securities.

⁽⁴⁾

Our pledged securities for TALF are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We obtain collateral in an amount that has typically averaged 90% of the fair value of the TALF securities. The cash received in these transactions is invested in fixed maturity AFS securities.

⁽⁵⁾

Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on our Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

Schedule Of Increase (Decrease) In Payables For Collateral On Investments



	For the Three Months Ended March 31,
	2013		2012
Collateral payable held for derivative investments	$	(575)	$	(848)
Securities pledged under securities lending agreements		2		-
Securities pledged for TALF		(1)		(10)
Investments pledged for FHLBI		500		-
Total increase (decrease) in payables for collateral on investments	$	(74)	$	(858)