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Investments (Tables)

12 Months Ended

Dec. 31, 2016

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



	As of December 31, 2016
	Amortized		Gross Unrealized							Fair
	Cost		Gains		Losses		OTTI (1)			Value
Fixed maturity securities:
Corporate bonds	$	73,275	$	4,754	$	970	$	(5	)	$	77,064
ABS		1,047		39		14		(13	)		1,085
U.S. government bonds		384		37		2		-			419
Foreign government bonds		449		58		1		-			506
RMBS		3,534		147		73		(6	)		3,614
CMBS		345		8		4		(1	)		350
CLOs		742		1		3		(4	)		744
State and municipal bonds		3,929		718		20		-			4,627
Hybrid and redeemable preferred securities		582		70		48		-			604
VIEs’ fixed maturity securities		200		-		-		-			200
Total fixed maturity securities		84,487		5,832		1,135		(29	)		89,213
Equity securities		260		19		4		-			275
Total AFS securities	$	84,747	$	5,851	$	1,139	$	(29	)	$	89,488



	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	$	2,862	$	2,904
Due after one year through five years		18,598		19,522
Due after five years through ten years		17,655		18,001
Due after ten years		39,504		42,793
Subtotal		78,619		83,220
Structured securities (ABS, MBS, CLOs)		5,868		5,993
Total fixed maturity AFS securities	$	84,487	$	89,213

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



	As of December 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	$	15,820		$	569	$	3,187		$	403	$	19,007		$	972
ABS		201			4		298			25		499			29
U.S. government bonds		18			2		-			-		18			2
Foreign government bonds		29			1		-			-		29			1
RMBS		989			58		392			23		1,381			81
CMBS		190			4		19			2		209			6
CLOs		259			3		25			-		284			3
State and municipal bonds		227			12		47			8		274			20
Hybrid and redeemable
preferred securities		76			4		143			44		219			48
Total fixed maturity securities		17,809			657		4,111			505		21,920			1,162
Equity securities		4			2		44			2		48			4
Total AFS securities	$	17,813		$	659	$	4,155		$	507	$	21,968		$	1,166

Total number of AFS securities in an unrealized loss position															1,744



	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 December 31, 2016
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities (1)
Less than six months	$	174	$	52	$	2			19
Nine months or greater, but less than twelve months		1		1		-			2
Twelve months or greater		364		167		10			62
Total	$	539	$	220	$	12			83



	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 Years Ended December 31,
	2016			2015			2014
Balance as of beginning-of-year	$	382		$	380		$	404
Increases attributable to:
Credit losses on securities for which an OTTI
was not previously recognized		84			19			4
Credit losses on securities for which an OTTI
was previously recognized		17			16			16
Decreases attributable to:
Securities sold, paid down or matured		(53	)		(33	)		(44	)
Balance as of end-of-year	$	430		$	382		$	380

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



	As of December 31, 2016
			Net
			Unrealized				OTTI in
	Amortized		Gain/(Loss)		Fair		Credit
	Cost		Position		Value		Losses
Corporate bonds	$	80	$	5	$	85	$	77
ABS		212		13		225		112
RMBS		332		6		338		194
CMBS		29		1		30		39
CLOs		11		4		15		5
State and municipal bonds		2		-		2		3
Total	$	666	$	29	$	695	$	430



	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

Trading Securities



	As of December 31,
	2016		2015
Fixed maturity securities:
Corporate bonds	$	1,360	$	1,416
ABS		19		25
U.S. government bonds		164		221
Foreign government bonds		23		25
RMBS		97		104
CMBS		2		4
CLOs		6		10
State and municipal bonds		18		18
Hybrid and redeemable preferred securities		23		31
Total trading securities	$	1,712	$	1,854

Composition Of Current And Past Due Mortgage Loans On Real Estate



	As of December 31,
	2016			2015
Current	$	9,888		$	8,677
60 to 90 days past due		-			-
Greater than 90 days past due		2			-
Valuation allowance associated with impaired mortgage loans on real estate		(2	)		(2	)
Unamortized premium (discount)		1			3
Total carrying value	$	9,889		$	8,678

Schedule Of Impaired Mortgage Loans



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

Principal balance of impaired mortgage loans on real estate	$	7		$	8
Valuation allowance associated with impaired mortgage loans on real estate		(2	)		(2	)
Carrying value of impaired mortgage loans on real estate	$	5		$	6

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



	As of December 31,
	2016			2015			2014
Balance as of beginning-of-year	$	2		$	3		$	3
Additions		1			-			-
Charge-offs, net of recoveries		(1	)		(1	)		-
Balance as of end-of-year	$	2		$	2		$	3

Schedule Of Average Carrying Value Of Impaired Mortgage Loans


	For the Years Ended December 31,
	2016		2015		2014
Average carrying value for impaired mortgage loans on real estate	$	7	$	17	$	24
Interest income recognized on impaired mortgage loans on real estate		-		1		2
Interest income collected on impaired mortgage loans on real estate		-		1		2

Credit Quality Indicators For Mortgage Loans



	As of December 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%	$	8,709	88.0%	2.16	$	7,718	88.9%	2.06
65% to 74%		1,009	10.2%	1.87		653	7.5%	1.60
75% to 100%		166	1.7%	0.82		301	3.5%	0.83
Greater than 100%		5	0.1%	1.04		6	0.1%	1.05
Total mortgage loans on real estate	$	9,889	100.0%		$	8,678	100.0%

Net Investment Income



	For the Years Ended December 31,
	2016			2015			2014
Fixed maturity AFS securities	$	4,138		$	4,079		$	4,041
Equity AFS securities		11			9			9
Trading securities		100			107			125
Mortgage loans on real estate		422			395			378
Real estate		2			4			7
Policy loans		140			152			155
Invested cash		14			3			2
Commercial mortgage loan prepayment
and bond make-whole premiums		120			105			138
Alternative investments		75			88			130
Consent fees		5			5			2
Other investments		5			5			(11	)
Investment income		5,032			4,952			4,976
Investment expense		(158	)		(125	)		(117	)
Net investment income	$	4,874		$	4,827		$	4,859

Realized Gain (Loss) Related To Certain Investments



	For The Years Ended December 31,
	2016			2015			2014
Fixed maturity AFS securities: (1)
Gross gains	$	70		$	43		$	29
Gross losses		(234	)		(99	)		(23	)
Equity AFS securities:
Gross gains		7			3			5
Gross losses		(1	)		-			-
Gain (loss) on other investments		(68	)		(9	)		3
Associated amortization of DAC, VOBA, DSI and DFEL
and changes in other contract holder funds		(24	)		(26	)		(32	)
Total realized gain (loss) related to certain investments, pre-tax	$	(250	)	$	(88	)	$	(18	)

⁽¹⁾

These amounts are represented net of related fair value hedging activity. See Note 6 for more information.

OTTI Recognized In Net Income (Loss) And OCI



	For the Years Ended December 31,
	2016			2015			2014
OTTI Recognized in Net Income (Loss)
Fixed maturity securities:
Corporate bonds	$	(80	)	$	(45	)	$	(1	)
ABS		(5	)		(7	)		(10	)
RMBS		(11	)		(7	)		(8	)
CMBS		(2	)		(1	)		(1	)
State and municipal bonds		(3	)		-			-
Total fixed maturity securities		(101	)		(60	)		(20	)
Equity securities		(1	)		-			-
Gross OTTI recognized in net income (loss)		(102	)		(60	)		(20	)
Associated amortization of DAC, VOBA, DSI and DFEL		-			6			4
Net OTTI recognized in net income (loss), pre-tax	$	(102	)	$	(54	)	$	(16	)

Portion of OTTI Recognized in OCI
Gross OTTI recognized in OCI	$	55		$	30		$	12
Change in DAC, VOBA, DSI and DFEL		(12	)		(4	)		(2	)
Net portion of OTTI recognized in OCI, pre-tax	$	43		$	26		$	10

Payables For Collateral On Investments



	As of December 31, 2016				As of December 31, 2015
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments (1)	$	894	$	894	$	1,387	$	1,387
Securities pledged under securities lending agreements (2)		216		209		242		231
Securities pledged under repurchase agreements (3)		535		589		673		739
Investments pledged for Federal Home Loan Bank of
Indianapolis (“FHLBI”) (4)		3,350		4,947		2,355		3,391
Total payables for collateral on investments	$	4,995	$	6,639	$	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 6 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 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 Years Ended December 31,
	2016			2015			2014
Collateral payable for derivative investments	$	(493	)	$	(286	)	$	1,035
Securities pledged under securities lending agreements		(26	)		38			20
Securities pledged under repurchase agreements		(138	)		66			77
Securities pledged for Term Asset-Backed Securities Loan Facility		-			-			(36	)
Investments pledged for FHLBI		995			430			75
Total increase (decrease) in payables for collateral on investments	$	338		$	248		$	1,171

Schedule Of Securities Pledged By Contractual Maturity


	As of December 31, 2016
	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater Than 90 Days		Total
Repurchase Agreements
Corporate bonds	$	-	$	-	$	389	$	146	$	535
Total		-		-		389		146		535
Securities Lending
Corporate bonds		212		-		-		-		212
Foreign government bonds		4		-		-		-		4
Total		216		-		-		-		216
Total gross secured borrowings	$	216	$	-	$	389	$	146	$	751



	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