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Investments (Tables)

9 Months Ended

Sep. 30, 2016

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



	As of September 30, 2016
	Amortized		Gross Unrealized							Fair
	Cost		Gains		Losses		OTTI (1)			Value
Fixed maturity securities:
Corporate bonds	$	72,863	$	7,822	$	431	$	1		$	80,253
Asset-backed securities ("ABS")		1,058		57		11		(12	)		1,116
U.S. government bonds		386		72		-		-			458
Foreign government bonds		451		79		-		-			530
Residential mortgage-backed securities ("RMBS")		3,505		214		23		(7	)		3,703
Commercial mortgage-backed securities ("CMBS")		298		17		-		(1	)		316
Collateralized loan obligations ("CLOs")		682		1		1		(4	)		686
State and municipal bonds		3,874		1,070		4		1			4,939
Hybrid and redeemable preferred securities		596		84		49		-			631
VIEs’ fixed maturity securities		599		1		-		-			600
Total fixed maturity securities		84,312		9,417		519		(22	)		93,232
Equity securities		259		18		4		-			273
Total AFS securities	$	84,571	$	9,435	$	523	$	(22	)	$	93,505



	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	$	2,600	$	2,640
Due after one year through five years		18,821		20,082
Due after five years through ten years		18,024		19,120
Due after ten years		38,725		44,969
Subtotal		78,170		86,811
Structured securities (ABS, MBS, CLOs)		6,142		6,421
Total fixed maturity AFS securities	$	84,312	$	93,232

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



	As of September 30, 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	$	2,089		$	40	$	3,419		$	394	$	5,508		$	434
ABS		92			1		295			27		387			28
RMBS		265			4		434			26		699			30
CMBS		19			1		17			1		36			2
CLOs		264			1		74			-		338			1
State and municipal bonds		45			1		52			4		97			5
Hybrid and redeemable
preferred securities		12			-		166			49		178			49
Total fixed maturity securities		2,786			48		4,457			501		7,243			549
Equity securities		10			1		49			3		59			4
Total AFS securities	$	2,796		$	49	$	4,506		$	504	$	7,302		$	553

Total number of AFS securities in an unrealized loss position															844



	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 September 30, 2016
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities (1)
Less than six months	$	93	$	29	$	2			18
Six months or greater, but less than nine months		4		1		1			4
Nine months or greater, but less than twelve months		92		36		-			13
Twelve months or greater		326		162		12			71
Total	$	515	$	228	$	15			106



	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						For the Nine
	Months Ended						Months Ended
	September 30,						September 30,
	2016			2015			2016			2015
Balance as of beginning-of-period	$	431		$	374		$	382		$	380
Increases attributable to:
Credit losses on securities for which an
OTTI was not previously recognized		6			-			67			16
Credit losses on securities for which an
OTTI was previously recognized		5			5			12			12
Decreases attributable to:
Securities sold, paid down or matured		(6	)		(1	)		(25	)		(30	)
Balance as of end-of-period	$	436		$	378		$	436		$	378

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



	As of September 30, 2016
			Net
			Unrealized					OTTI in
	Amortized		Gain/(Loss)			Fair		Credit
	Cost		Position			Value		Losses
Corporate bonds	$	86	$	(1	)	$	85	$	91
ABS		218		12			230		110
RMBS		333		7			340		190
CMBS		31		1			32		39
CLOs		11		4			15		5
State and municipal bonds		4		(1	)		3		1
Total	$	683	$	22		$	705	$	436



	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
	September 30,				December 31,
		2016				2015
Current		$	9,423			$	8,677
60 to 90 days past due			6				-
Greater than 90 days past due			2				-
Valuation allowance associated with impaired mortgage loans on real estate			(3	)			(2	)
Unamortized premium (discount)			2				3
Total carrying value		$	9,430			$	8,678

Schedule Of Impaired Mortgage Loans



		As of				As of
	September 30,				December 31,
		2016				2015
Number of impaired mortgage loans on real estate		3				2

Principal balance of impaired mortgage loans on real estate		$	13			$	8
Valuation allowance associated with impaired mortgage loans on real estate			(3	)			(2	)
Carrying value of impaired mortgage loans on real estate		$	10			$	6

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



	For the Three					For the Nine
	Months Ended					Months Ended
	September 30,					September 30,
	2016		2015			2016		2015
Balance as of beginning-of-period	$	2	$	3		$	2	$	3
Additions		1		-			1		-
Charge-offs, net of recoveries		-		(1	)		-		(1	)
Balance as of end-of-period	$	3	$	2		$	3	$	2

Schedule Of Average Carrying Value Of Impaired Mortgage Loans



	For the Three				For the Nine
	Months Ended				Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Average carrying value for impaired mortgage loans on real estate	$	8	$	14	$	6	$	20
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 September 30, 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%	$	8,239	87.4%	2.14	$	7,718	88.9%	2.06
65% to 74%		954	10.1%	1.84		653	7.5%	1.60
75% to 100%		227	2.4%	0.93		301	3.5%	0.83
Greater than 100%		10	0.1%	1.10		6	0.1%	1.05
Total mortgage loans on real estate	$	9,430	100.0%		$	8,678	100.0%

Realized Gain (Loss) Related To Certain Investments



	For the Three						For the Nine
	Months Ended						Months Ended
	September 30,						September 30,
	2016			2015			2016			2015
Fixed maturity AFS securities: (1)
Gross gains	$	2		$	1		$	64		$	26
Gross losses		(37	)		(23	)		(200	)		(51	)
Equity AFS securities:
Gross gains		4			1			6			2
Gross losses		-			-			(1	)		-
Gain (loss) on other investments		(4	)		-			(67	)		(7	)
Associated amortization of DAC, VOBA, DSI and DFEL
and changes in other contract holder funds		(7	)		(5	)		(15	)		(21	)
Total realized gain (loss) related to certain investments, pre-tax	$	(42	)	$	(26	)	$	(213	)	$	(51	)

⁽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						For the Nine
	Months Ended						Months Ended
	September 30,						September 30,
	2016			2015			2016			2015
OTTI Recognized in Net Income (Loss)
Fixed maturity securities:
Corporate bonds	$	(6	)	$	(16	)	$	(68	)	$	(31	)
ABS		(1	)		(1	)		(4	)		(6	)
RMBS		(3	)		(3	)		(6	)		(5	)
CMBS		(1	)		-			(1	)		-
Total fixed maturity securities		(11	)		(20	)		(79	)		(42	)
Equity securities		-			-			(1	)		-
Gross OTTI recognized in net income (loss)		(11	)		(20	)		(80	)		(42	)
Associated amortization of DAC, VOBA, DSI and DFEL		(2	)		2			4			4
Net OTTI recognized in net income (loss), pre-tax	$	(13	)	$	(18	)	$	(76	)	$	(38	)

Portion of OTTI Recognized in OCI
Gross OTTI recognized in OCI	$	12		$	5		$	48		$	23
Change in DAC, VOBA, DSI and DFEL		(3	)		-			(11	)		(3	)
Net portion of OTTI recognized in OCI, pre-tax	$	9		$	5		$	37		$	20

Payables For Collateral On Investments



	As of September 30, 2016				As of December 31, 2015
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments (1)	$	2,382	$	2,382	$	1,387	$	1,387
Securities pledged under securities lending agreements (2)		239		230		242		231
Securities pledged under repurchase agreements (3)		783		848		673		739
Investments pledged for Federal Home Loan Bank of
Indianapolis (“FHLBI”) (4)		2,250		3,615		2,355		3,391
Total payables for collateral on investments	$	5,654	$	7,075	$	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 Nine
	Months Ended
	September 30,
	2016			2015
Collateral payable for derivative investments	$	995		$	364
Securities pledged under securities lending agreements		(3	)		25
Securities pledged under repurchase agreements		110			319
Investments pledged for FHLBI		(105	)		180
Total increase (decrease) in payables for collateral on investments	$	997		$	888

Schedule Of Securities Pledged By Contractual Maturity



	As of September 30, 2016
	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater Than 90 Days		Total
Repurchase Agreements
Corporate bonds	$	-	$	-	$	385	$	148	$	533
RMBS		-		250		-		-		250
Total		-		250		385		148		783
Securities Lending
Corporate bonds		239		-		-		-		239
Total		239		-		-		-		239
Total gross secured borrowings	$	239	$	250	$	385	$	148	$	1,022


	As of December 31, 2015
	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater Than 90 Days		Total
Repurchase Agreements
Corporate bonds	$	-	$	-	$	275	$	148	$	423
RMBS		-		-		-		250		250
Total		-		-		275		398		673
Securities Lending
Corporate bonds		242		-		-		-		242
Total		242		-		-		-		242
Total gross secured borrowings	$	242	$	-	$	275	$	398	$	915