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Investments (Tables)

3 Months Ended

Mar. 31, 2018

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



	As of March 31, 2018
	Amortized		Gross Unrealized							Fair
	Cost		Gains		Losses		OTTI (1)			Value
Fixed maturity AFS securities:
Corporate bonds	$	76,036	$	4,647	$	932	$	(8	)	$	79,759
Asset-backed securities ("ABS")		868		46		8		(15	)		921
U.S. government bonds		373		31		3		-			401
Foreign government bonds		394		46		-		-			440
Residential mortgage-backed securities ("RMBS")		3,291		132		72		(23	)		3,374
Commercial mortgage-backed securities ("CMBS")		669		5		14		(3	)		663
Collateralized loan obligations ("CLOs")		872		1		3		(5	)		875
State and municipal bonds		4,190		820		10		-			5,000
Hybrid and redeemable preferred securities		574		72		20		-			626
Total AFS securities	$	87,267	$	5,800	$	1,062	$	(54	)	$	92,059



	As of December 31, 2017
	Amortized		Gross Unrealized							Fair
	Cost		Gains		Losses		OTTI (1)			Value
Fixed maturity AFS securities:
Corporate bonds	$	75,701	$	6,862	$	354	$	(7	)	$	82,216
ABS		903		51		7		(27	)		974
U.S. government bonds		527		41		1		-			567
Foreign government bonds		395		56		-		-			451
RMBS		3,327		155		39		(22	)		3,465
CMBS		590		10		2		(2	)		600
CLOs		803		2		2		(5	)		808
State and municipal bonds		4,172		953		6		-			5,119
Hybrid and redeemable preferred securities		575		87		22		-			640
Total fixed maturity securities		86,993		8,217		433		(63	)		94,840
Equity AFS securities		247		16		17		-			246
Total AFS securities	$	87,240	$	8,233	$	450	$	(63	)	$	95,086

⁽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	$	3,468	$	3,503
Due after one year through five years		18,142		18,473
Due after five years through ten years		16,434		16,626
Due after ten years		43,523		47,624
Subtotal		81,567		86,226
Structured securities (ABS, MBS, CLOs)		5,700		5,833
Total fixed maturity AFS securities	$	87,267	$	92,059

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



	As of March 31, 2018
	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 AFS securities:
Corporate bonds	$	20,141		$	510	$	4,547		$	424	$	24,688		$	934
ABS		107			2		141			14		248			16
U.S. government bonds		100			1		18			2		118			3
RMBS		700			20		608			53		1,308			73
CMBS		450			10		59			4		509			14
CLOs		547			3		75			-		622			3
State and municipal bonds		107			2		100			8		207			10
Hybrid and redeemable
preferred securities		36			1		124			19		160			20
Total AFS securities	$	22,188		$	549	$	5,672		$	524	$	27,860		$	1,073

Total number of AFS securities in an unrealized loss position															2,208



	As of December 31, 2017
	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 AFS securities:
Corporate bonds	$	4,854		$	68	$	4,893		$	288	$	9,747		$	356
ABS		62			1		151			15		213			16
U.S. government bonds		156			-		19			1		175			1
RMBS		302			4		641			36		943			40
CMBS		113			-		60			3		173			3
CLOs		281			2		72			-		353			2
State and municipal bonds		34			-		93			6		127			6
Hybrid and redeemable
preferred securities		20			-		126			22		146			22
Total fixed maturity securities		5,822			75		6,055			371		11,877			446
Equity AFS securities		22			14		8			3		30			17
Total AFS securities	$	5,844		$	89	$	6,063		$	374	$	11,907		$	463

Total number of AFS securities in an unrealized loss position															1,128

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



	As of March 31, 2018
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities (1)
Less than six months	$	102	$	33	$	2			18
Six months or greater, but less than nine months		17		8		-			4
Nine months or greater, but less than twelve months		-		-		-			3
Twelve months or greater		182		63		8			30
Total	$	301	$	104	$	10			55



	As of December 31, 2017
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities (1)
Less than six months	$	156	$	57	$	1			26
Six months or greater, but less than nine months		2		1		-			4
Nine months or greater, but less than twelve months		15		8		-			7
Twelve months or greater		215		78		10			49
Total	$	388	$	144	$	11			86

⁽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,
	2018			2017
Balance as of beginning-of-year	$	378		$	430
Increases attributable to:
Credit losses on securities for which an OTTI was not previously recognized		2			1
Credit losses on securities for which an OTTI was previously recognized		-			3
Decreases attributable to:
Securities sold, paid down or matured		(2	)		(41	)
Balance as of end-of-period	$	378		$	393

Composition Of Current And Past Due Mortgage Loans On Real Estate



	As of				As of
	March 31,				December 31,
		2018				2017
Current		$	11,047			$	10,762
60 to 90 days past due			-				-
Greater than 90 days past due			3				3
Valuation allowance associated with impaired mortgage loans on real estate			(3	)			(3	)
Unamortized premium (discount)			-				-
Total carrying value		$	11,047			$	10,762

Schedule Of Impaired Mortgage Loans



		As of				As of
	March 31,				December 31,
		2018				2017
Number of impaired mortgage loans on real estate		3				3

Principal balance of impaired mortgage loans on real estate		$	11			$	11
Valuation allowance associated with impaired mortgage loans on real estate			(3	)			(3	)
Carrying value of impaired mortgage loans on real estate		$	8			$	8

Changes In The Valuation Allowance Of Impaired Mortgage Loans On Real Estate



	For the Three
	Months Ended
	March 31,
	2018		2017
Balance as of beginning-of-year	$	3	$	2
Additions		-		-
Charge-offs, net of recoveries		-		-
Balance as of end-of-period	$	3	$	2

Schedule Of Average Carrying Value Of Impaired Mortgage Loans On Real Estate



	For the Three
	Months Ended
	March 31,
	2018		2017
Average carrying value for impaired mortgage loans on real estate	$	8	$	5
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, 2018				As of December 31, 2017
				Debt-				Debt-
				Service				Service
	Carrying		% of	Coverage	Carrying		% of	Coverage
Loan-to-Value Ratio	Value		Total	Ratio	Value		Total	Ratio
Less than 65%	$	9,939	90.0%	2.27	$	9,642	89.6%	2.26
65% to 74%		996	9.0%	1.93		1,000	9.3%	1.94
75% to 100%		104	0.9%	0.97		112	1.0%	0.97
Greater than 100%		8	0.1%	0.82		8	0.1%	0.82
Total mortgage loans on real estate	$	11,047	100.0%		$	10,762	100.0%

Realized Gain (Loss) Related To Certain Investments



	For the Three
	Months Ended
	March 31,
	2018			2017
Fixed maturity AFS securities: (1)
Gross gains	$	14		$	8
Gross losses		(32	)		(12	)
Equity AFS securities:
Gross gains		-			1
Gross losses		-			-
Gain (loss) on other investments (2)		2			(3	)
Associated amortization of DAC, VOBA, DSI and DFEL
and changes in other contract holder funds		(5	)		(7	)
Total realized gain (loss) related to certain investments, pre-tax	$	(21	)	$	(13	)

⁽¹⁾

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

⁽²⁾

Includes market adjustments on equity securities still held as of March 31, 2018 of less than $1 million.

OTTI Recognized In Net Income (Loss) And OCI



	For the Three
	Months Ended
	March 31,
	2018			2017
OTTI Recognized in Net Income (Loss)
Fixed maturity AFS securities:
Corporate bonds	$	(2	)	$	(2	)
ABS		-			(1	)
RMBS		-			(1	)
Gross OTTI recognized in net income (loss)		(2	)		(4	)
Associated amortization of DAC, VOBA, DSI and DFEL		-			-
Net OTTI recognized in net income (loss), pre-tax	$	(2	)	$	(4	)

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

Payables For Collateral On Investments



	As of March 31, 2018				As of December 31, 2017
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments (1)	$	682	$	682	$	765	$	765
Securities pledged under securities lending agreements (2)		154		149		222		213
Securities pledged under repurchase agreements (3)		529		586		530		588
Investments pledged for Federal Home Loan Bank of
Indianapolis (“FHLBI”) (4)		2,900		4,206		2,900		4,235
Total payables for collateral on investments	$	4,265	$	5,623	$	4,417	$	5,801

⁽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 Three
	Months Ended
	March 31,
	2018			2017
Collateral payable for derivative investments	$	(83	)	$	29
Securities pledged under securities lending agreements		(68	)		(89	)
Securities pledged under repurchase agreements		(1	)		1
Investments pledged for FHLBI		-			150
Total increase (decrease) in payables for collateral on investments	$	(152	)	$	91

Schedule Of Securities Pledged By Contractual Maturity



	As of March 31, 2018
	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater Than 90 Days		Total
Repurchase Agreements
Corporate bonds	$	-	$	100	$	280	$	149	$	529
Total		-		100		280		149		529
Securities Lending
Corporate bonds		154		-		-		-		154
Total		154		-		-		-		154
Total gross secured borrowings	$	154	$	100	$	280	$	149	$	683


	As of December 31, 2017
	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater Than 90 Days		Total
Repurchase Agreements
Corporate bonds	$	-	$	100	$	280	$	150	$	530
Total		-		100		280		150		530
Securities Lending
Corporate bonds		222		-		-		-		222
Total		222		-		-		-		222
Total gross secured borrowings	$	222	$	100	$	280	$	150	$	752