Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Of Financial Instruments [Abstract]

Carrying And Estimated Fair Values Of Financial Instruments

	As of December 31, 2013				As of December 31, 2012
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
AFS securities:
Fixed maturity securities	$	80,078	$	80,078	$	82,036	$	82,036
VIEs' fixed maturity securities		697		697		708		708
Equity securities		201		201		157		157
Trading securities		2,282		2,282		2,554		2,554
Mortgage loans on real estate		7,210		7,386		7,029		7,704
Derivative investments (1)		881		881		2,652		2,652
Other investments		1,218		1,218		1,098		1,098
Cash and invested cash		2,364		2,364		4,230		4,230
Separate account assets		117,135		117,135		95,373		95,373
Liabilities
Future contract benefits:
Indexed annuity and universal life contracts
embedded derivatives		(1,048)		(1,048)		(732)		(732)
GLB reserves embedded derivatives		1,244		1,244		(909)		(909)
Other contract holder funds:
Remaining guaranteed interest and similar contracts		(809)		(809)		(867)		(867)
Account values of certain investment contracts		(29,078)		(30,574)		(28,540)		(32,688)
Short-term debt (2)		(501)		(500)		(200)		(204)
Long-term debt		(5,320)		(5,762)		(5,439)		(5,824)
Reinsurance related embedded derivatives		(108)		(108)		(215)		(215)
VIEs' liabilities – derivative instruments		(27)		(27)		(128)		(128)
Other liabilities:
Credit default swaps		(2)		(2)		(11)		(11)
Derivative liabilities (1)		(187)		(187)		-		-
Benefit Plans' Assets (3)		1,471		1,471		1,456		1,456

⁽¹⁾ We have master netting agreements with each of our derivative counterparties, which allow for the netting of our derivative asset and liability positions by counterparty.

⁽²⁾ The difference between the carrying value and fair value of short-term debt as of December 31, 2013 and 2012, related to current maturities of long-term debt.

⁽³⁾ Included in the funded statuses of the benefit plans, which is reported in other liabilities on our Consolidated Balance Sheets.  Refer to Note 17 for additional detail.

Fair Value Of Assets And Liabilities On A Recurring Basis

		As of December 31, 2013
		Quoted
		Prices
		in Active
	Markets for			Significant			Significant
		Identical		Observable			Unobservable			Total
		Assets			Inputs			Inputs		Fair
		(Level 1)			(Level 2)			(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds		$	60		$	67,164		$	1,711	$	68,935
U.S. government bonds			346			21			-		367
Foreign government bonds			-			470			79		549
RMBS			-			4,349			1		4,350
CMBS			-			708			20		728
CLOs			-			46			179		225
State and municipal bonds			-			3,891			28		3,919
Hybrid and redeemable preferred securities			40			899			66		1,005
VIEs' fixed maturity securities			102			595			-		697
Equity AFS securities			3			37			161		201
Trading securities			-			2,230			52		2,282
Derivative investments (1)			-			340			1,518		1,858
Cash and invested cash			-			2,364			-		2,364
Separate account assets			1,767			115,368			-		117,135
Total assets		$	2,318		$	198,482		$	5,059	$	205,859
Liabilities
Future contract benefits:
Indexed annuity and universal life contracts
embedded derivatives		$	-		$	-		$	(1,048)	$	(1,048)
GLB reserves embedded derivatives			-			-			1,244		1,244
Long-term debt			-			(1,203)			-		(1,203)
Reinsurance related embedded derivatives			-			(108)			-		(108)
VIEs' liabilities – derivative instruments			-			-			(27)		(27)
Other liabilities:
Credit default swaps			-			-			(2)		(2)
Derivative liabilities (1)			-			(912)			(252)		(1,164)
Total liabilities		$	-		$	(2,223)		$	(85)	$	(2,308)
Benefit Plans' Assets		$	114		$	1,357		$	-	$	1,471

⁽¹⁾ Derivative investment assets and liabilities presented within the fair value hierarchy are presented on a gross basis by derivative type and not on a master netting basis by counterparty.

		As of December 31, 2012
		Quoted
		Prices
		in Active
	Markets for			Significant			Significant
		Identical		Observable			Unobservable			Total
		Assets			Inputs			Inputs		Fair
		(Level 1)			(Level 2)			(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds		$	65		$	66,446		$	1,505	$	68,016
U.S. government bonds			411			30			1		442
Foreign government bonds			-			608			46		654
RMBS			-			6,168			3		6,171
CMBS			-			976			27		1,003
CLOs			-			26			154		180
State and municipal bonds			-			4,321			32		4,353
Hybrid and redeemable preferred securities			30			1,069			118		1,217
VIEs' fixed maturity securities			110			598			-		708
Equity AFS securities			44			26			87		157
Trading securities			2			2,496			56		2,554
Derivative investments			-			626			2,026		2,652
Cash and invested cash			-			4,230			-		4,230
Separate account assets			1,519			93,854			-		95,373
Total assets		$	2,181		$	181,474		$	4,055	$	187,710
Liabilities
Future contract benefits:
Indexed annuity and universal life contracts
embedded derivatives		$	-		$	-		$	(732)	$	(732)
GLB reserves embedded derivatives			-			-			(909)		(909)
Long-term debt			-			(1,203)			-		(1,203)
Reinsurance related embedded derivatives			-			(215)			-		(215)
VIEs' liabilities – derivative instruments			-			-			(128)		(128)
Other liabilities – credit default swaps			-			-			(11)		(11)
Total liabilities		$	-		$	(1,418)		$	(1,780)	$	(3,198)
Benefit Plans' Assets		$	116		$	1,340		$	-	$	1,456

Fair Value Measured On A Recurring Basis Reconciliation

	For the Year Ended December 31, 2013
							Purchases,
					Gains		Issuances,			Transfers
			Items		(Losses)		Sales,			In or
			Included		in		Maturities,			Out
	Beginning		in		OCI		Settlements,			of		Ending
	Fair		Net		and			Calls,		Level 3,		Fair
	Value		Income		Other (1)			Net		Net (2)		Value
Investments: (3)
Fixed maturity AFS securities:
Corporate bonds	$	1,505	$	(18)	$	(1)		$	345	$	(120)	$	1,711
U.S. government bonds		1		-		-			(1)		-		-
Foreign government bonds		46		-		-			33		-		79
RMBS		3		-		-			(2)		-		1
CMBS		27		1		6			(6)		(8)		20
CLOs		154		(1)		4			50		(28)		179
State and municipal bonds		32		-		(4)			-		-		28
Hybrid and redeemable
preferred securities		118		-		13			(35)		(30)		66
Equity AFS securities		87		(1)		2			73		-		161
Trading securities		56		3		(7)			(6)		6		52
Derivative investments		2,026		(681)		96			(175)		-		1,266
Future contract benefits: (4)
Indexed annuity and universal life
contracts embedded derivatives		(732)		(356)		-			40		-		(1,048)
GLB reserves embedded derivatives		(909)		2,153		-			-		-		1,244
VIEs' liabilities – derivative instruments (5)		(128)		101		-			-		-		(27)
Other liabilities – credit default swaps (6)		(11)		9		-			-		-		(2)
Total, net	$	2,275	$	1,210	$	109		$	316	$	(180)	$	3,730

	For the Year Ended December 31, 2012
							Purchases,
					Gains		Issuances,			Transfers
			Items		(Losses)		Sales,			In or
			Included		in		Maturities,			Out
	Beginning		in		OCI		Settlements,			of		Ending
	Fair		Net		and			Calls,		Level 3,		Fair
	Value		Income		Other (1)			Net		Net (2)		Value
Investments: (3)
Fixed maturity AFS securities:
Corporate bonds	$	1,888	$	(27)	$	34		$	266	$	(656)	$	1,505
U.S. government bonds		1		-		-			-		-		1
Foreign government bonds		97		-		-			(5)		(46)		46
RMBS		158		(3)		3			(8)		(147)		3
CMBS		34		(11)		18			(12)		(2)		27
CLOs		102		(2)		8			61		(15)		154
State and municipal bonds		-		-		-			32		-		32
Hybrid and redeemable
preferred securities		100		(1)		24			-		(5)		118
Equity AFS securities		56		(8)		13			26		-		87
Trading securities		68		3		4			(2)		(17)		56
Derivative investments		2,470		(790)		158			188		-		2,026
Future contract benefits: (4)
Indexed annuity and universal life
contracts embedded derivatives		(399)		(136)		-			(197)		-		(732)
GLB reserves embedded derivatives		(2,217)		1,308		-			-		-		(909)
VIEs' liabilities – derivative instruments (5)		(291)		163		-			-		-		(128)
Other liabilities – credit default swaps (6)		(16)		5		-			-		-		(11)
Total, net	$	2,051	$	501	$	262		$	349	$	(888)	$	2,275

	For the Year Ended December 31, 2011
							Purchases,
					Gains		Issuances,			Transfers
			Items		(Losses)		Sales,			In or
			Included		in		Maturities,			Out
	Beginning		in		OCI		Settlements,			of		Ending
	Fair		Net		and			Calls,		Level 3,		Fair
	Value		Income		Other (1)			Net		Net (2)		Value
Investments: (3)
Fixed maturity AFS securities:
Corporate bonds	$	1,816	$	2	$	42		$	(138)	$	166	$	1,888
U.S. government bonds		2		-		-			(1)		-		1
Foreign government bonds		113		-		4			(3)		(17)		97
RMBS		119		(3)		7			35		-		158
CMBS		109		(62)		62			(78)		3		34
CLOs		172		19		(17)			(72)		-		102
Hybrid and redeemable
preferred securities		119		(1)		(6)			(9)		(3)		100
Equity AFS securities		92		8		(12)			1		(33)		56
Trading securities		76		1		3			(8)		(4)		68
Derivative investments		1,495		495		363			117		-		2,470
Future contract benefits: (4)
Indexed annuity and universal life
contracts embedded derivatives		(497)		5		-			93		-		(399)
GLB reserves embedded derivatives		(408)		(1,809)		-			-		-		(2,217)
VIEs' liabilities – derivative instruments (5)		(209)		(82)		-			-		-		(291)
Other liabilities – credit default swaps (6)		(16)		(7)		-			7		-		(16)
Total, net	$	2,983	$	(1,434)	$	446		$	(56)	$	112	$	2,051
Benefit plans' assets (7)	$	40	$	2	$	(3)		$	(39)	$	-	$	-

⁽¹⁾ The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 6).

⁽²⁾ Transfers in or out of Level 3 for AFS and trading securities are displayed at amortized cost as of the beginning-of-year.  For AFS and trading securities, the difference between beginning-of-year amortized cost and beginning-of-year fair value was included in OCI and earnings, respectively, in prior years.

⁽³⁾ Amortization and accretion of premiums and discounts are included in net investment income on our Consolidated Statements of Comprehensive Income (Loss).  Gains (losses) from sales, maturities, settlements and calls and OTTI are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss).

⁽⁴⁾ Gains (losses) from sales, maturities, settlements and calls are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss).

⁽⁵⁾ The changes in fair value of the credit default swaps and contingency forwards are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss).

⁽⁶⁾ Gains (losses) from sales, maturities, settlements and calls are included in net investment income on our Consolidated Statements of Comprehensive Income (Loss).

⁽⁷⁾ The expected return on plan assets is reported in commissions and other expenses on our Consolidated Statements of Comprehensive Income (Loss).

Schedule Of Investment Holdings Movements

	For the Year Ended December 31, 2013
	Issuances		Sales		Maturities		Settlements			Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	563	$	(51)	$	(47)		$	(50)	$	(70)	$	345
U.S. government bonds		-		-		-			(1)		-		(1)
Foreign government bonds		50		-		(17)			-		-		33
RMBS		-		-		-			(2)		-		(2)
CMBS		-		-		-			(4)		(2)		(6)
CLOs		74		-		-			(24)		-		50
Hybrid and redeemable
preferred securities		-		(35)		-			-		-		(35)
Equity AFS securities		78		(5)		-			-		-		73
Trading securities		-		(3)		(1)			(2)		-		(6)
Derivative investments		152		(23)		(304)			-		-		(175)
Future contract benefits – indexed annuity
and universal life contracts embedded
derivatives		(68)		-		-			108		-		40
Total, net	$	849	$	(117)	$	(369)		$	25	$	(72)	$	316

	For the Year Ended December 31, 2012
	Issuances		Sales		Maturities		Settlements			Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	364	$	(30)	$	(6)		$	(55)	$	(7)	$	266
Foreign government bonds		-		-		(5)			-		-		(5)
RMBS		-		-		(7)			(1)		-		(8)
CMBS		-		-		-			(12)		-		(12)
CLOs		72		-		-			(11)		-		61
State and municipal bonds		32		-		-			-		-		32
Equity AFS securities		26		-		-			-		-		26
Trading securities		-		-		-			(2)		-		(2)
Derivative investments		454		(28)		(238)			-		-		188
Future contract benefits – indexed annuity
and universal life contracts embedded
derivatives		(99)		-		-			(98)		-		(197)
Total, net	$	849	$	(58)	$	(256)		$	(179)	$	(7)	$	349

	For the Year Ended December 31, 2011
	Issuances		Sales		Maturities		Settlements			Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	237	$	(216)	$	(16)		$	(54)	$	(89)	$	(138)
U.S. government bonds		-		-		-			(1)		-		(1)
Foreign government bonds		-		(2)		-			-		(1)		(3)
RMBS		51		(1)		-			(15)		-		35
CMBS		-		(53)		-			(24)		(1)		(78)
CLOs		-		(33)		-			(39)		-		(72)
Hybrid and redeemable
preferred securities		9		(18)		-			-		-		(9)
Equity AFS securities		19		(18)		-			-		-		1
Trading securities		-		(3)		-			(5)		-		(8)
Derivative investments		396		(2)		(277)			-		-		117
Future contract benefits – indexed annuity
and universal life contracts embedded
derivatives		(59)		-		-			152		-		93
Other liabilities – credit default swaps		-		7		-			-		-		7
Total, net	$	653	$	(339)	$	(293)		$	14	$	(91)	$	(56)
Benefit plans' assets	$	-	$	(22)	$	(17)		$	-	$	-	$	(39)

Changes In Unrealized Gains (Losses) Within Level 3 Financial Instruments Carried At Fair Value And Still Held

	For the Years Ended December 31,
	2013		2012		2011
Investments: (1)
Derivative investments	$	(752)	$	823	$	472
Future contract benefits: (1)
Indexed annuity and universal life contracts
embedded derivatives		(44)		(10)		(1)
GLB reserves embedded derivatives		2,444		1,472		(1,615)
VIEs' liabilities – derivative instruments (1)		101		163		(82)
Other liabilities – credit default swaps (2)		9		6		(8)
Total, net	$	1,758	$	2,454	$	(1,234)

⁽¹⁾ Included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). 

⁽²⁾ Included in net investment income on our Consolidated Statements of Comprehensive Income (Loss). 

Components Of The Transfers In And Out Of Level 3

	For the Year Ended December 31, 2013
	Transfers		Transfers
	In to		Out of
	Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	373	$	(493)	$	(120)
CMBS		-		(8)		(8)
CLOs		-		(28)		(28)
Hybrid and redeemable preferred securities		20		(50)		(30)
Trading securities		8		(2)		6
Total, net	$	401	$	(581)	$	(180)

	For the Year Ended December 31, 2012
	Transfers		Transfers
	In to		Out of
	Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	35	$	(691)	$	(656)
Foreign government bonds		-		(46)		(46)
RMBS		-		(147)		(147)
CMBS		5		(7)		(2)
CLOs		6		(21)		(15)
Hybrid and redeemable preferred securities		35		(40)		(5)
Trading securities		2		(19)		(17)
Total, net	$	83	$	(971)	$	(888)

	For the Year Ended December 31, 2011
	Transfers		Transfers
	In to		Out of
	Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	249	$	(83)	$	166
Foreign government bonds		-		(17)		(17)
CMBS		4		(1)		3
Hybrid and redeemable preferred securities		18		(21)		(3)
Equity AFS securities		2		(35)		(33)
Trading securities		1		(5)		(4)
Total, net	$	274	$	(162)	$	112

Fair Value Inputs Quantitative Information

	Fair		Valuation	Significant	Assumption or
	Value		Technique	Unobservable Inputs	Input Ranges
Assets
Investments:
Fixed maturity AFS and trading
securities:
Corporate bonds	$	1,082	Discounted cash flow	Liquidity/duration adjustment (1)	0.8	%	-	10.6	%
Foreign government bonds		79	Discounted cash flow	Liquidity/duration adjustment (1)	2.3	%	-	3.9	%
Hybrid and redeemable
preferred securities		20	Discounted cash flow	Liquidity/duration adjustment (1)				2.4	%
Equity AFS and trading
securities		28	Discounted cash flow	Liquidity/duration adjustment (1)	4.3	%	-	5.9	%
Liabilities
Future contract benefits:
Indexed annuity and universal life
contracts embedded derivatives		(1,048)	Discounted cash flow	Lapse rate (2)	1	%	-	15	%
				Mortality rate (3)				(8)
GLB reserves embedded
derivatives		1,244	Discounted cash flow	Long-term lapse rate (2)	1	%	-	27	%
				Utilization of guaranteed withdrawal (4)	90	%	-	100	%
				Claims utilization factor (5)	60	%	-	100	%
				Premiums utilization factor (5)	77	%	-	132	%
				NPR (6)	0	%	-	0.53	%
				Mortality rate (3)				(9)
				Volatility (7)	1	%	-	28	%

⁽¹⁾ The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.

⁽²⁾ The lapse rate input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits.  The range for indexed annuity and universal life contracts represents the lapse rates during the surrender charge period.

⁽³⁾ The mortality rate input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.

⁽⁴⁾ The utilization of guaranteed withdrawals input represents the estimated percentage of contract holders that utilize the guaranteed withdrawal feature.

⁽⁵⁾ The utilization factors are applied to the present value of claims or premiums, as appropriate, in the GLB reserve calculation to estimate the impact of inefficient withdrawal behavior, including taking less than or more than the maximum guaranteed withdrawal.

⁽⁶⁾ The NPR input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract.

⁽⁷⁾ The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets.  Fair value of the variable annuity GLB embedded derivatives would increase if higher volatilities were used for valuation. 

⁽⁸⁾ Based on the “Annuity 2000 Mortality Table” developed by the Society of Actuaries Committee on Life Insurance Research that was adopted by the National Association of Insurance Commissioners in 1996 for our mortality input.

⁽⁹⁾ The mortality rate is based on a combination of company and industry experience, adjusted for improvement factors.