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Investments (Tables)

3 Months Ended

Mar. 31, 2015

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



	As of March 31, 2015
	Amortized		Gross Unrealized						Fair
	Cost		Gains		Losses		OTTI		Value
Fixed maturity securities:
Corporate bonds	$	68,807	$	7,482	$	320	$	59	$	75,910
Asset-backed securities ("ABS")		1,097		91		-		35		1,153
U.S. government bonds		388		65		1		-		452
Foreign government bonds		481		80		-		-		561
Residential mortgage-backed securities ("RMBS")		3,910		283		4		17		4,172
Commercial mortgage-backed securities ("CMBS")		485		26		-		9		502
Collateralized loan obligations ("CLOs")		420		4		-		1		423
State and municipal bonds		3,783		927		5		-		4,705
Hybrid and redeemable preferred securities		859		114		38		-		935
VIEs’ fixed maturity securities		588		10		-		-		598
Total fixed maturity securities		80,818		9,082		368		121		89,411
Equity securities		192		18		-		-		210
Total AFS securities	$	81,010	$	9,100	$	368	$	121	$	89,621



	As of December 31, 2014
	Amortized		Gross Unrealized						Fair
	Cost		Gains		Losses		OTTI		Value
Fixed maturity securities:
Corporate bonds	$	67,153	$	6,714	$	409	$	42	$	73,416
ABS		1,087		86		1		42		1,130
U.S. government bonds		379		56		-		-		435
Foreign government bonds		473		68		-		-		541
RMBS		3,979		268		3		18		4,226
CMBS		554		27		-		11		570
CLOs		375		2		2		-		375
State and municipal bonds		3,723		874		4		-		4,593
Hybrid and redeemable preferred securities		886		108		40		-		954
VIEs’ fixed maturity securities		587		11		-		-		598
Total fixed maturity securities		79,196		8,214		459		113		86,838
Equity securities		216		16		1		-		231
Total AFS securities	$	79,412	$	8,230	$	460	$	113	$	87,069

Available-For-Sale Securities By Contractual Maturities



	Amortized		Fair
	Cost		Value
Due in one year or less	$	2,376	$	2,428
Due after one year through five years		17,020		18,476
Due after five years through ten years		21,991		23,187
Due after ten years		32,931		38,472
Subtotal		74,318		82,563
Structured securities (ABS, MBS, CLOs)		6,500		6,848
Total fixed maturity AFS securities	$	80,818	$	89,411

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



	As of March 31, 2015
	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	$	4,932		$	224	$	1,617		$	155	$	6,549		$	379
ABS		72			2		280			33		352			35
U.S. government bonds		15			1		-			-		15			1
RMBS		640			11		139			10		779			21
CMBS		-			-		13			9		13			9
CLOs		4			-		68			1		72			1
State and municipal bonds		30			1		30			4		60			5
Hybrid and redeemable
preferred securities		16			-		172			38		188			38
Total fixed maturity securities		5,709			239		2,319			250		8,028			489
Equity securities		-			-		-			-		-			-
Total AFS securities	$	5,709		$	239	$	2,319		$	250	$	8,028		$	489

Total number of AFS securities in an unrealized loss position															801



	As of December 31, 2014
	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	$	4,799		$	207	$	4,465		$	244	$	9,264		$	451
ABS		91			2		323			41		414			43
RMBS		447			7		241			14		688			21
CMBS		121			1		19			10		140			11
CLOs		110			1		70			1		180			2
State and municipal bonds		6			-		26			4		32			4
Hybrid and redeemable
preferred securities		31			-		176			40		207			40
Total fixed maturity securities		5,605			218		5,320			354		10,925			572
Equity securities		37			1		-			-		37			1
Total AFS securities	$	5,642		$	219	$	5,320		$	354	$	10,962		$	573

Total number of AFS securities in an unrealized loss position															1,019

Select Information For Securities In A Gross Unrealized Loss Position



	As of March 31, 2015
	Amortized		Fair		Unrealized
	Cost		Value		Loss
Total
AFS securities backed by pools of residential mortgages	$	1,183	$	1,127	$	56
AFS securities backed by pools of commercial mortgages		21		12		9
Total	$	1,204	$	1,139	$	65

Subject to Detailed Analysis
AFS securities backed by pools of residential mortgages	$	982	$	928	$	54
AFS securities backed by pools of commercial mortgages		7		6		1
Total	$	989	$	934	$	55



	As of December 31, 2014
	Amortized		Fair		Unrealized
	Cost		Value		Loss
Total
AFS securities backed by pools of residential mortgages	$	1,113	$	1,050	$	63
AFS securities backed by pools of commercial mortgages		151		140		11
Total	$	1,264	$	1,190	$	74

Subject to Detailed Analysis
AFS securities backed by pools of residential mortgages	$	985	$	924	$	61
AFS securities backed by pools of commercial mortgages		13		12		1
Total	$	998	$	936	$	62

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



	As of March 31, 2015
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities (1)
Less than six months	$	147	$	42	$	23			41
Six months or greater, but less than nine months		40		20		2			9
Twelve months or greater		133		33		48			61
Total	$	320	$	95	$	73			111



	As of December 31, 2014
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities (1)
Less than six months	$	48	$	19	$	-			12
Six months or greater, but less than nine months		8		7		-			3
Twelve months or greater		242		72		59			82
Total	$	298	$	98	$	59			97

⁽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,
	2015			2014
Balance as of beginning-of-year	$	380		$	404
Increases attributable to:
Credit losses on securities for which an OTTI was not previously recognized		13			-
Credit losses on securities for which an OTTI was previously recognized		2			4
Decreases attributable to:
Securities sold, paid down or matured		(13	)		-
Balance as of end-of-period	$	382		$	408

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



	As of March 31, 2015
			Gross Unrealized						OTTI in
	Amortized				Losses and		Fair		Credit
	Cost		Gains		OTTI		Value		Losses
Corporate bonds	$	87	$	4	$	29	$	62	$	31
ABS		227		33		18		242		109
RMBS		431		25		7		449		192
CMBS		44		5		9		40		50
Total	$	789	$	67	$	63	$	793	$	382



	As of December 31, 2014
			Gross Unrealized						OTTI in
	Amortized				Losses and		Fair		Credit
	Cost		Gains		OTTI		Value		Losses
Corporate bonds	$	38	$	5	$	9	$	34	$	20
ABS		232		32		23		241		108
RMBS		447		26		7		466		190
CMBS		46		4		10		40		62
Total	$	763	$	67	$	49	$	781	$	380

Composition Of Current And Past Due Mortgage Loans On Real Estate



		As of			As of
	March 31,				December 31,
		2015				2014
Current		$	7,648			$	7,565
60 to 90 days past due			-				-
Greater than 90 days past due			5				8
Valuation allowance associated with impaired mortgage loans on real estate			(3	)			(3	)
Unamortized premium (discount)			4				4
Total carrying value		$	7,654			$	7,574

Schedule Of Impaired Mortgage Loans



		As of				As of
	March 31,				December 31,
		2015				2014
Number of impaired mortgage loans on real estate		3				3

Principal balance of impaired mortgage loans on real estate		$	26			$	26
Valuation allowance associated with impaired mortgage loans on real estate			(3	)			(3	)
Carrying value of impaired mortgage loans on real estate		$	23			$	23

Schedule of changes in the valuation allowance associated with impaired mortgage loans on real estate



		As of			As of
	March 31,		December 31,
	2015			2014
Balance as of beginning-of-year	$	3		$	3
Additions		-			-
Charge-offs, net of recoveries		-			-
Balance as of end-of-period	$	3		$	3

Schedule Of Average Carrying Value Of Impaired Mortgage Loans



	For the Three
	Months Ended
	March 31,
	2015		2014
Average carrying value for impaired mortgage loans on real estate	$	23	$	24
Interest income recognized on impaired mortgage loans on real estate		-		-
Interest income collected on impaired mortgage loans on real estate		-		-

Credit Quality Indicators For Mortgage Loans



	As of March 31, 2015				As of December 31, 2014
				Debt-				Debt-
				Service				Service
	Carrying		% of	Coverage	Carrying		% of	Coverage
	Value		Total	Ratio	Value		Total	Ratio
Less than 65%	$	6,749	88.1%	1.92	$	6,596	87.1%	1.90
65% to 74%		565	7.4%	1.54		631	8.3%	1.55
75% to 100%		310	4.1%	0.78		316	4.2%	0.77
Greater than 100%		30	0.4%	0.77		31	0.4%	0.77
Total mortgage loans on real estate	$	7,654	100.0%		$	7,574	100.0%

Realized Gain (Loss) Related To Certain Investments



	For the Three
	Months Ended
	March 31,
	2015			2014
Fixed maturity AFS securities: (1)
Gross gains	$	2		$	8
Gross losses		(16	)		(6	)
Equity AFS securities:
Gross gains		-			-
Gross losses		-			-
Gain (loss) on other investments		(7	)		-
Associated amortization of DAC, VOBA, DSI and DFEL
and changes in other contract holder funds		(6	)		(7	)
Total realized gain (loss) related to certain investments, pre-tax	$	(27	)	$	(5	)

OTTI Recognized In Net Income (Loss) And OCI



	For the Three
	Months Ended
	March 31,
	2015			2014
OTTI Recognized in Net Income (Loss)
Fixed maturity securities:
Corporate bonds	$	(11	)	$	-
ABS		(2	)		(3	)
RMBS		(2	)		(2	)
Gross OTTI recognized in net income (loss)		(15	)		(5	)
Associated amortization of DAC, VOBA, DSI and DFEL		2			2
Net OTTI recognized in net income (loss), pre-tax	$	(13	)	$	(3	)

Portion of OTTI Recognized in OCI
Gross OTTI recognized in OCI	$	9		$	7
Change in DAC, VOBA, DSI and DFEL		(2	)		-
Net portion of OTTI recognized in OCI, pre-tax	$	7		$	7

Payables For Collateral On Investments



	As of March 31, 2015				As of December 31, 2014
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments (1)	$	2,051	$	2,051	$	1,673	$	1,673
Securities pledged under securities lending agreements (2)		204		193		204		196
Securities pledged under repurchase agreements (3)		616		672		607		666
Investments pledged for Federal Home Loan Bank of
Indianapolis (“FHLBI”) (4)		2,175		3,156		1,925		3,151
Total payables for collateral on investments	$	5,046	$	6,072	$	4,409	$	5,686

⁽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 5 for additional information.

⁽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 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 repurchase program is typically invested in fixed maturity AFS securities.

⁽⁴⁾

Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on our Consolidated Balance Sheets. The FHLBI overcollateralization requirements for the assets that we pledge are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the unpaid principal balance 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,
	2015		2014
Collateral payable for derivative investments	$	378	$	308
Securities pledged under securities lending agreements		-		(27	)
Securities pledged under repurchase agreements		9		(150	)
Investments pledged for FHLBI		250		150
Total increase (decrease) in payables for collateral on investments	$	637	$	281