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Investments (Tables)

6 Months Ended

Jun. 30, 2015

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


	As of June 30, 2015
	Amortized		Gross Unrealized							Fair
	Cost		Gains		Losses		OTTI (1)			Value
Fixed maturity securities:
Corporate bonds	$	69,149	$	4,859	$	968	$	4		$	73,036
Asset-backed securities ("ABS")		1,087		50		19		(15	)		1,133
U.S. government bonds		388		42		2		-			428
Foreign government bonds		472		68		-		-			540
Residential mortgage-backed securities ("RMBS")		3,815		222		24		(17	)		4,030
Commercial mortgage-backed securities ("CMBS")		432		17		3		-			446
Collateralized loan obligations ("CLOs")		496		2		1		(2	)		499
State and municipal bonds		3,781		651		14		-			4,418
Hybrid and redeemable preferred securities		836		97		41		-			892
VIEs’ fixed maturity securities		593		5		-		-			598
Total fixed maturity securities		81,049		6,013		1,072		(30	)		86,020
Equity securities		213		15		1		-			227
Total AFS securities	$	81,262	$	6,028	$	1,073	$	(30	)	$	86,247



	As of December 31, 2014
	Amortized		Gross Unrealized							Fair
	Cost		Gains		Losses		OTTI (1)			Value
Fixed maturity securities:
Corporate bonds	$	67,153	$	6,711	$	443	$	5		$	73,416
ABS		1,087		56		20		(7	)		1,130
U.S. government bonds		379		56		-		-			435
Foreign government bonds		473		68		-		-			541
RMBS		3,979		242		14		(19	)		4,226
CMBS		554		23		1		6			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		8,149		524		(17	)		86,838
Equity securities		216		15		-		-			231
Total AFS securities	$	79,412	$	8,164	$	524	$	(17	)	$	87,069

(1) Includes unrealized gains and (losses) on impaired securities related to changes in the fair value of such securities subsequent to the impairment measurement date.

Available-For-Sale Securities By Contractual Maturities



	Amortized		Fair
	Cost		Value
Due in one year or less	$	2,556	$	2,608
Due after one year through five years		17,498		18,781
Due after five years through ten years		21,062		21,644
Due after ten years		33,510		36,281
Subtotal		74,626		79,314
Structured securities (ABS, MBS, CLOs)		6,423		6,706
Total fixed maturity AFS securities	$	81,049	$	86,020

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



	As of June 30, 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	$	15,420		$	802	$	1,508		$	170		$	16,928		$	972
ABS		121			3		403			1			524			4
U.S. government bonds		13			2		-			-			13			2
RMBS		711			20		443			(13	)		1,154			7
CMBS		99			2		40			1			139			3
CLOs		85			-		64			(1	)		149			(1	)
State and municipal bonds		168			10		28			4			196			14
Hybrid and redeemable
preferred securities		73			2		146			39			219			41
Total fixed maturity securities		16,690			841		2,632			201			19,322			1,042
Equity securities		35			1		-			-			35			1
Total AFS securities	$	16,725		$	842	$	2,632		$	201		$	19,357		$	1,043

Total number of AFS securities in an unrealized loss position																1,538



	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		$	208	$	4,475		$	240		$	9,274		$	448
ABS		91			2		428			11			519			13
RMBS		447			7		574			(12	)		1,021			(5	)
CMBS		121			1		41			6			162			7
CLOs		110			-		83			-			193			-
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		5,803			289			11,408			507
Equity securities		37			-		-			-			37			-
Total AFS securities	$	5,642		$	218	$	5,803		$	289		$	11,445		$	507

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

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



	As of June 30, 2015
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities (1)
Less than six months	$	243	$	92	$	2			35
Six months or greater, but less than nine months		11		5		2			7
Nine months or greater, but less than twelve months		41		21		-			9
Twelve months or greater		130		52		20			52
Total	$	425	$	170	$	24			103



	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		97		33			82
Total	$	298	$	123	$	33			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						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Balance as of beginning-of-period	$	382		$	408		$	380		$	404
Increases attributable to:
Credit losses on securities for which an
OTTI was not previously recognized		3			1			16			2
Credit losses on securities for which an
OTTI was previously recognized		4			3			6			7
Decreases attributable to:
Securities sold, paid down or matured		(15	)		(23	)		(28	)		(24	)
Balance as of end-of-period	$	374		$	389		$	374		$	389

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



	As of June 30, 2015
			Net
			Unrealized					OTTI in
	Amortized		Gain/(Loss)			Fair		Credit
	Cost		Position			Value		Losses
Corporate bonds	$	86	$	(22	)	$	64	$	23
ABS		220		17			237		111
RMBS		409		17			426		192
CMBS		40		-			40		48
Total	$	755	$	12		$	767	$	374



	As of December 31, 2014
			Net
			Unrealized					OTTI in
	Amortized		Gain/(Loss)			Fair		Credit
	Cost		Position			Value		Losses
Corporate bonds	$	38	$	(4	)	$	34	$	20
ABS		232		9			241		108
RMBS		447		19			466		190
CMBS		46		(6	)		40		62
Total	$	763	$	18		$	781	$	380

Composition Of Current And Past Due Mortgage Loans On Real Estate



		As of			As of
	June 30,				December 31,
		2015				2014
Current		$	8,171			$	7,565
60 to 90 days past due			-				-
Greater than 90 days past due			-				8
Valuation allowance associated with impaired mortgage loans on real estate			(3	)			(3	)
Unamortized premium (discount)			3				4
Total carrying value		$	8,171			$	7,574

Schedule Of Impaired Mortgage Loans



		As of				As of
	June 30,				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
	June 30,			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				For the Six
	Months Ended				Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Average carrying value for impaired mortgage loans on real estate	$	23	$	24	$	23	$	24
Interest income recognized on impaired mortgage loans on real estate		-		-		1		1
Interest income collected on impaired mortgage loans on real estate		-		-		1		1

Credit Quality Indicators For Mortgage Loans



	As of June 30, 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%	$	7,250	88.7%	2.02	$	6,596	87.1%	1.90
65% to 74%		574	7.0%	1.60		631	8.3%	1.55
75% to 100%		317	3.9%	0.81		316	4.2%	0.77
Greater than 100%		30	0.4%	0.77		31	0.4%	0.77
Total mortgage loans on real estate	$	8,171	100.0%		$	7,574	100.0%

Realized Gain (Loss) Related To Certain Investments



	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Fixed maturity AFS securities: (1)
Gross gains	$	21		$	11		$	23		$	19
Gross losses		(13	)		(6	)		(29	)		(13	)
Equity AFS securities:
Gross gains		1			3			1			3
Gross losses		-			-			-			-
Gain (loss) on other investments		-			3			(8	)		3
Associated amortization of DAC, VOBA, DSI and DFEL
and changes in other contract holder funds		(10	)		(10	)		(15	)		(17	)
Total realized gain (loss) related to certain investments, pre-tax	$	(1	)	$	1		$	(28	)	$	(5	)

OTTI Recognized In Net Income (Loss) And OCI



	For the Three						For the Six
	Months Ended						Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
OTTI Recognized in Net Income (Loss)
Fixed maturity securities:
Corporate bonds	$	(4	)	$	-		$	(15	)	$	-
ABS		(3	)		(2	)		(5	)		(5	)
RMBS		-			(1	)		(2	)		(3	)
CMBS		-			(1	)		-			(1	)
Gross OTTI recognized in net income (loss)		(7	)		(4	)		(22	)		(9	)
Associated amortization of DAC, VOBA, DSI and DFEL		-			1			2			2
Net OTTI recognized in net income (loss), pre-tax	$	(7	)	$	(3	)		(20	)		(7	)

Portion of OTTI Recognized in OCI
Gross OTTI recognized in OCI	$	9		$	2		$	18		$	9
Change in DAC, VOBA, DSI and DFEL		(2	)		-			(3	)		(1	)
Net portion of OTTI recognized in OCI, pre-tax	$	7		$	2		$	15		$	8

Payables For Collateral On Investments



	As of June 30, 2015				As of December 31, 2014
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments (1)	$	1,071	$	1,071	$	1,673	$	1,673
Securities pledged under securities lending agreements (2)		232		222		204		196
Securities pledged under repurchase agreements (3)		1,034		1,112		607		666
Investments pledged for Federal Home Loan Bank of
Indianapolis (“FHLBI”) (4)		2,250		3,067		1,925		3,151
Total payables for collateral on investments	$	4,587	$	5,472	$	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 Six
	Months Ended
	June 30,
	2015			2014
Collateral payable for derivative investments	$	(602	)	$	319
Securities pledged under securities lending agreements		28			15
Securities pledged under repurchase agreements		427			(325	)
Investments pledged for FHLBI		325			325
Total increase (decrease) in payables for collateral on investments	$	178		$	334

Schedule Of Securities Pledged By Contractual Maturity



	As of June 30, 2015
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater Than 90 Days		Total
Repurchase Agreements and Repurchase-to-Maturity Transactions:
ABS	$	-	$	-	$	-	$	500	$	500
Corporate bonds		-		105		275		154		534
Total		-		105		275		654		1,034
Securities Lending
Corporate bonds		224		-		-		-		224
Equity securities		3		-		-		-		3
Foreign government bonds		5		-		-		-		5
Total		232		-		-		-		232
Total secured borrowings	$	232	$	105	$	275	$	654	$	1,266

Gross amount of recognized liabilities for repurchase agreements and securities lending:									$	1,266
Amounts related to agreements not included in offsetting disclosures:									$	-