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Investments (Tables)

3 Months Ended

Mar. 31, 2016

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



	As of March 31, 2016
	Amortized		Gross Unrealized							Fair
	Cost		Gains		Losses		OTTI (1)			Value
Fixed maturity securities:
Corporate bonds	$	71,706	$	5,516	$	1,304	$	21		$	75,897
Asset-backed securities ("ABS")		1,029		44		21		(7	)		1,059
U.S. government bonds		387		64		1		-			450
Foreign government bonds		463		69		-		-			532
Residential mortgage-backed securities ("RMBS")		3,505		208		35		(1	)		3,679
Commercial mortgage-backed securities ("CMBS")		336		10		-		(3	)		349
Collateralized loan obligations ("CLOs")		627		3		3		(1	)		628
State and municipal bonds		3,873		881		9		1			4,744
Hybrid and redeemable preferred securities		697		81		52		-			726
VIEs’ fixed maturity securities		597		2		-		-			599
Total fixed maturity securities		83,220		6,878		1,425		10			88,663
Equity securities		231		20		6		-			245
Total AFS securities	$	83,451	$	6,898	$	1,431	$	10		$	88,908



	As of December 31, 2015
	Amortized		Gross Unrealized							Fair
	Cost		Gains		Losses		OTTI (1)			Value
Fixed maturity securities:
Corporate bonds	$	70,993	$	3,924	$	1,984	$	2		$	72,931
ABS		1,064		41		17		(13	)		1,101
U.S. government bonds		386		45		2		-			429
Foreign government bonds		464		61		1		-			524
RMBS		3,566		186		36		(12	)		3,728
CMBS		364		10		2		(4	)		376
CLOs		588		1		3		(3	)		589
State and municipal bonds		3,806		686		12		-			4,480
Hybrid and redeemable preferred securities		762		88		44		-			806
VIEs’ fixed maturity securities		596		2		-		-			598
Total fixed maturity securities		82,589		5,044		2,101		(30	)		85,562
Equity securities		226		17		6		-			237
Total AFS securities	$	82,815	$	5,061	$	2,107	$	(30	)	$	85,799

⁽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	$	2,683	$	2,690
Due after one year through five years		18,384		19,380
Due after five years through ten years		19,069		19,560
Due after ten years		36,990		40,719
Subtotal		77,126		82,349
Structured securities (ABS, MBS, CLOs)		6,094		6,314
Total fixed maturity AFS securities	$	83,220	$	88,663

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



	As of March 31, 2016
	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	$	8,275		$	507	$	4,466		$	820	$	12,741		$	1,327
ABS		225			9		268			33		493			42
U.S. government bonds		-			-		17			1		17			1
RMBS		337			15		578			34		915			49
CMBS		12			1		10			1		22			2
CLOs		194			2		43			-		237			2
State and municipal bonds		40			2		55			7		95			9
Hybrid and redeemable
preferred securities		38			1		141			51		179			52
Total fixed maturity securities		9,121			537		5,578			947		14,699			1,484
Equity securities		49			6		-			-		49			6
Total AFS securities	$	9,170		$	543	$	5,578		$	947	$	14,748		$	1,490

Total number of AFS securities in an unrealized loss position															1,362



	As of December 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	$	20,380		$	1,364	$	2,383		$	623	$	22,763		$	1,987
ABS		213			4		274			29		487			33
U.S. government bonds		15			2		-			-		15			2
Foreign government bonds		37			1		-			-		37			1
RMBS		627			21		371			22		998			43
CMBS		116			2		11			2		127			4
CLOs		271			2		49			1		320			3
State and municipal bonds		129			8		27			4		156			12
Hybrid and redeemable
preferred securities		38			1		148			43		186			44
Total fixed maturity securities		21,826			1,405		3,263			724		25,089			2,129
Equity securities		47			6		-			-		47			6
Total AFS securities	$	21,873		$	1,411	$	3,263		$	724	$	25,136		$	2,135

Total number of AFS securities in an unrealized loss position															2,007

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



	As of March 31, 2016
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities (1)
Less than six months	$	917	$	355	$	5			94
Six months or greater, but less than nine months		377		227		1			36
Nine months or greater, but less than twelve months		60		51		-			17
Twelve months or greater		184		128		17			58
Total	$	1,538	$	761	$	23			205



	As of December 31, 2015
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities (1)
Less than six months	$	1,584	$	701	$	2			138
Six months or greater, but less than nine months		76		85		-			19
Nine months or greater, but less than twelve months		39		38		-			2
Twelve months or greater		153		83		15			60
Total	$	1,852	$	907	$	17			219

⁽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,
	2016			2015
Balance as of beginning-of-year	$	382		$	380
Increases attributable to:
Credit losses on securities for which an OTTI was not previously recognized		35			13
Credit losses on securities for which an OTTI was previously recognized		5			2
Decreases attributable to:
Securities sold, paid down or matured		(9	)		(13	)
Balance as of end-of-period	$	413		$	382

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



	As of March 31, 2016
			Net
			Unrealized					OTTI in
	Amortized		Gain/(Loss)			Fair		Credit
	Cost		Position			Value		Losses
Corporate bonds	$	85	$	(21	)	$	64	$	63
ABS		200		7			207		108
RMBS		372		1			373		194
CMBS		33		3			36		42
CLOs		12		1			13		5
State and municipal bonds		4		(1	)		3		1
Total	$	706	$	(10	)	$	696	$	413



	As of December 31, 2015
			Net
			Unrealized					OTTI in
	Amortized		Gain/(Loss)			Fair		Credit
	Cost		Position			Value		Losses
Corporate bonds	$	31	$	(2	)	$	29	$	28
ABS		199		13			212		108
RMBS		365		12			377		193
CMBS		34		4			38		48
CLOs		11		3			14		5
Total	$	640	$	30		$	670	$	382

Composition Of Current And Past Due Mortgage Loans On Real Estate



		As of			As of
	March 31,				December 31,
		2016				2015
Current		$	8,916			$	8,677
Valuation allowance associated with impaired mortgage loans on real estate			(2	)			(2	)
Unamortized premium (discount)			2				3
Total carrying value		$	8,916			$	8,678

Schedule Of Impaired Mortgage Loans



		As of				As of
	March 31,				December 31,
		2016				2015
Number of impaired mortgage loans on real estate		2				2

Principal balance of impaired mortgage loans on real estate		$	8			$	8
Valuation allowance associated with impaired mortgage loans on real estate			(2	)			(2	)
Carrying value of impaired mortgage loans on real estate		$	6			$	6

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



	For the Three
	Months Ended
	March 31,
	2016		2015
Balance as of beginning-of-year	$	2	$	3
Additions		-		-
Charge-offs, net of recoveries		-		-
Balance as of end-of-period	$	2	$	3

Schedule Of Average Carrying Value Of Impaired Mortgage Loans



	For the Three
	Months Ended
	March 31,
	2016		2015
Average carrying value for impaired mortgage loans on real estate	$	6	$	23
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, 2016				As of December 31, 2015
				Debt-				Debt-
				Service				Service
	Carrying		% of	Coverage	Carrying		% of	Coverage
Loan-to-Value Ratio	Value		Total	Ratio	Value		Total	Ratio
Less than 65%	$	7,896	88.5%	2.06	$	7,718	88.9%	2.06
65% to 74%		715	8.0%	1.68		653	7.5%	1.60
75% to 100%		300	3.4%	0.84		301	3.5%	0.83
Greater than 100%		5	0.1%	1.05		6	0.1%	1.05
Total mortgage loans on real estate	$	8,916	100.0%		$	8,678	100.0%

Realized Gain (Loss) Related To Certain Investments



	For the Three
	Months Ended
	March 31,
	2016			2015
Fixed maturity AFS securities: (1)
Gross gains	$	54		$	2
Gross losses		(98	)		(16	)
Equity AFS securities:
Gross gains		-			-
Gross losses		-			-
Gain (loss) on other investments		(60	)		(7	)
Associated amortization of DAC, VOBA, DSI and DFEL
and changes in other contract holder funds		(3	)		(6	)
Total realized gain (loss) related to certain investments, pre-tax	$	(107	)	$	(27	)

⁽¹⁾

These amounts are represented net of related fair value hedging activity. See Note 5 for more information.

OTTI Recognized In Net Income (Loss) And OCI



	For the Three
	Months Ended
	March 31,
	2016			2015
OTTI Recognized in Net Income (Loss)
Fixed maturity securities:
Corporate bonds	$	(36	)	$	(11	)
ABS		(2	)		(2	)
RMBS		(2	)		(2	)
Gross OTTI recognized in net income (loss)		(40	)		(15	)
Associated amortization of DAC, VOBA, DSI and DFEL		4			2
Net OTTI recognized in net income (loss), pre-tax	$	(36	)	$	(13	)

Portion of OTTI Recognized in OCI
Gross OTTI recognized in OCI	$	26		$	9
Change in DAC, VOBA, DSI and DFEL		(6	)		(2	)
Net portion of OTTI recognized in OCI, pre-tax	$	20		$	7

Payables For Collateral On Investments



	As of March 31, 2016				As of December 31, 2015
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments (1)	$	2,159	$	2,159	$	1,387	$	1,387
Securities pledged under securities lending agreements (2)		246		237		242		231
Securities pledged under repurchase agreements (3)		507		562		673		739
Investments pledged for Federal Home Loan Bank of
Indianapolis (“FHLBI”) (4)		2,105		2,978		2,355		3,391
Total payables for collateral on investments	$	5,017	$	5,936	$	4,657	$	5,748

⁽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 collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value of 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,
	2016			2015
Collateral payable for derivative investments	$	772		$	378
Securities pledged under securities lending agreements		4			-
Securities pledged under repurchase agreements		(166	)		9
Investments pledged for FHLBI		(250	)		250
Total increase (decrease) in payables for collateral on investments	$	360		$	637

Schedule Of Securities Pledged By Contractual Maturity



	As of March 31, 2016
	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater Than 90 Days		Total
Repurchase Agreements
RMBS	$	-	$	-	$	-	$	250	$	250
Corporate bonds		-		-		100		152		252
Total		-		-		100		402		502
Securities Lending
Corporate bonds		246		-		-		-		246
Total		246		-		-		-		246
Total secured borrowings	$	246	$	-	$	100	$	402	$	748

Gross amount of recognized liabilities for repurchase
agreements and securities lending									$	748

Amounts related to agreements not included
in offsetting disclosures									$	-