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Fair Value Measurements (Tables)

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2011

Dec. 31, 2010

Fair Value Measurements Tables [Abstract]

Financial assets and liabilities carried at fair value

September 30, 2011
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets at fair value:
Fixed maturities:
Federal government and agency	$	218	$	726	$	3	$	947
State and local government		-		2,461		-		2,461
Foreign government		-		1,219		21		1,240
Corporate		-		10,228		395		10,623
Federal agency mortgage-backed		-		9		-		9
Other mortgage-backed		-		80		1		81
Other asset-backed		-		358		553		911
Total fixed maturities⁽¹⁾		218		15,081		973		16,272
Equity securities		4		96		34		134
Subtotal		222		15,177		1,007		16,406
Short-term investments		-		290		-		290
GMIB assets⁽²⁾		-		-		741		741
Other derivative assets⁽³⁾		-		45		-		45
Total financial assets at fair value, excluding separate accounts	$	222	$	15,512	$	1,748	$	17,482
Financial liabilities at fair value:
GMIB liabilities	$	-	$	-	$	1,384	$	1,384
Other derivative liabilities⁽³⁾		-		24		-		24
Total financial liabilities at fair value	$	-	$	24	$	1,384	$	1,408

September 30, 2011
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets at fair value:
Fixed maturities:
Federal government and agency	$	218	$	726	$	3	$	947
State and local government		-		2,461		-		2,461
Foreign government		-		1,219		21		1,240
Corporate		-		10,228		395		10,623
Federal agency mortgage-backed		-		9		-		9
Other mortgage-backed		-		80		1		81
Other asset-backed		-		358		553		911
Total fixed maturities⁽¹⁾		218		15,081		973		16,272
Equity securities		4		96		34		134
Subtotal		222		15,177		1,007		16,406
Short-term investments		-		290		-		290
GMIB assets⁽²⁾		-		-		741		741
Other derivative assets⁽³⁾		-		45		-		45
Total financial assets at fair value, excluding separate accounts	$	222	$	15,512	$	1,748	$	17,482
Financial liabilities at fair value:
GMIB liabilities	$	-	$	-	$	1,384	$	1,384
Other derivative liabilities⁽³⁾		-		24		-		24
Total financial liabilities at fair value	$	-	$	24	$	1,384	$	1,408

December 31, 2010
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets at fair value:
Fixed maturities:
Federal government and agency	$	133	$	550	$	4	$	687
State and local government		-		2,467		-		2,467
Foreign government		-		1,137		17		1,154
Corporate		-		9,080		364		9,444
Federal agency mortgage-backed		-		10		-		10
Other mortgage-backed		-		85		3		88
Other asset-backed		-		348		511		859
Total fixed maturities⁽¹⁾		133		13,677		899		14,709
Equity securities		6		87		34		127
Subtotal		139		13,764		933		14,836
Short-term investments		-		174		-		174
GMIB assets⁽²⁾		-		-		480		480
Other derivative assets⁽³⁾		-		19		-		19
Total financial assets at fair value, excluding separate accounts	$	139	$	13,957	$	1,413	$	15,509
Financial liabilities at fair value:
GMIB liabilities	$	-	$	-	$	903	$	903
Other derivative liabilities⁽³⁾		-		32		-		32
Total financial liabilities at fair value	$	-	$	32	$	903	$	935

Level 3 financial assets and financial liabilities

	September 30,		December 31,
(In millions)	2011		2010
Other asset and mortgage-backed securities - valued using pricing models	$	554	$	514
Corporate and government bonds - valued using pricing models		358		312
Corporate bonds - valued at transaction price		61		73
Equity securities - valued at transaction price		34		34
Total	$	1,007	$	933

	September 30,		December 31,
(In millions)	2011		2010
Other asset and mortgage-backed securities - valued using pricing models	$	554	$	514
Corporate and government bonds - valued using pricing models		358		312
Corporate bonds - valued at transaction price		61		73
Equity securities - valued at transaction price		34		34
Total	$	1,007	$	933

Changes in level 3 financial assets and liabilities carried at fair value

For the Three Months Ended September 30, 2011
	Fixed Maturities & Equity Securities		GMIB Assets		GMIB Liabilities		GMIB Net
(In millions)	Fixed Maturities & Equity Securities		GMIB Assets		GMIB Liabilities		GMIB Net
Balance at July 1, 2011	$	950	$	490	$	(917)	$	(427)
Gains (losses) included in shareholders' net income:
GMIB fair value gain/(loss)		-		259		(483)		(224)
Other		(2)		-		-		-
Total gains (losses) included in shareholders' net income		(2)		259		(483)		(224)
Losses included in other comprehensive income		(1)		-		-		-
Gains required to adjust future policy benefits for settlement annuities⁽¹⁾		34		-		-		-
Purchases, sales and settlements:
Purchases		9		-		-		-
Sales		(1)		-		-		-
Settlements		(3)		(8)		16		8
Total purchases, sales and settlements		5		(8)		16		8
Transfers into/(out of) Level 3:
Transfers into Level 3		33		-		-		-
Transfers out of Level 3		(12)		-		-		-
Total transfers into/(out of) Level 3		21		-		-		-
Balance at September 30, 2011	$	1,007	$	741	$	(1,384)	$	(643)
Total gains (losses) included in income attributable to
instruments held at the reporting date	$	(2)	$	259	$	(483)	$	(224)

(1) Amounts do not accrue to shareholders.


For the Three Months Ended September 30, 2010
	Fixed Maturities & Equity Securities		GMIB Assets		GMIB Liabilities		GMIB Net
(In millions)	Fixed Maturities & Equity Securities		GMIB Assets		GMIB Liabilities		GMIB Net
Balance at July 1, 2010	$	945	$	658	$	(1,221)	$	(563)
Gains (losses) included in shareholders' net income:
GMIB fair value gain/(loss)		-		24		(46)		(22)
Other		5		-		-		-
Total gains (losses) included in shareholders' net income		5		24		(46)		(22)
Gains included in other comprehensive income		9		-		-		-
Gains required to adjust future policy benefits for settlement annuities⁽¹⁾		30		-		-		-
Purchases, sales and settlements:
Purchases		19		-		-		-
Settlements		(22)		(9)		21		12
Total purchases, sales and settlements		(3)		(9)		21		12
Transfers into/(out of) Level 3:
Transfers into Level 3		27		-		-		-
Transfers out of Level 3		(24)		-		-		-
Total transfers into/(out of) Level 3		3		-		-		-
Balance at September 30, 2010	$	989	$	673	$	(1,246)	$	(573)
Total gains (losses) included in income attributable to
instruments held at the reporting date	$	5	$	24	$	(46)	$	(22)

(1) Amounts do not accrue to shareholders.

For the Nine Months Ended September 30, 2011
	Fixed Maturities & Equity Securities		GMIB Assets		GMIB Liabilities		GMIB Net
(In millions)	Fixed Maturities & Equity Securities		GMIB Assets		GMIB Liabilities		GMIB Net
Balance at January 1, 2011	$	933	$	480	$	(903)	$	(423)
Gains (losses) included in shareholders' net income:
GMIB fair value gain/(loss)		-		286		(531)		(245)
Other		5		-		-		-
Total gains (losses) included in shareholders' net income		5		286		(531)		(245)
Gains included in other comprehensive income		7		-		-		-
Gains required to adjust future policy benefits for settlement annuities⁽¹⁾		39		-		-		-
Purchases, sales and settlements:
Purchases		58		-		-		-
Sales		(1)		-		-		-
Settlements		(34)		(25)		50		25
Total purchases, sales and settlements		23		(25)		50		25
Transfers into/(out of) Level 3:
Transfers into Level 3		52		-		-		-
Transfers out of Level 3		(52)		-		-		-
Total transfers into/(out of) Level 3		-		-		-		-
Balance at September 30, 2011	$	1,007	$	741	$	(1,384)	$	(643)
Total gains (losses) included in income attributable to
instruments held at the reporting date	$	4	$	286	$	(531)	$	(245)

(1) Amounts do not accrue to shareholders.

For the Nine Months Ended September 30, 2010
	Fixed Maturities & Equity Securities		GMIB Assets		GMIB Liabilities		GMIB Net
(In millions)	Fixed Maturities & Equity Securities		GMIB Assets		GMIB Liabilities		GMIB Net
Balance at January 1, 2010	$	845	$	482	$	(903)	$	(421)
Gains (losses) included in shareholders' net income:
GMIB fair value gain/(loss)		-		211		(393)		(182)
Other		17		-		-		-
Total gains (losses) included in shareholders' net income		17		211		(393)		(182)
Gains included in other comprehensive income		30		-		-		-
Gains required to adjust future policy benefits for settlement annuities⁽¹⁾		91		-		-		-
Purchases, sales and settlements:
Purchases		39		-		-		-
Sales		(1)		-		-		-
Settlements		(67)		(20)		50		30
Total purchases, sales and settlements		(29)		(20)		50		30
Transfers into/(out of) Level 3:
Transfers into Level 3		99		-		-		-
Transfers out of Level 3		(64)		-		-		-
Total transfers into/(out of) Level 3		35		-		-		-
Balance at September 30, 2010	$	989	$	673	$	(1,246)	$	(573)
Total gains (losses) included in income attributable to
instruments held at the reporting date	$	14	$	211	$	(393)	$	(182)

(1) Amounts do not accrue to shareholders.

Separate account assets schedule

September 30, 2011
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Guaranteed separate accounts (See Note 17)	$	238	$	1,446	$	-	$	1,684
Non-guaranteed separate accounts ⁽¹⁾		1,545		3,936		753		6,234
Total separate account assets	$	1,783	$	5,382	$	753	$	7,918

September 30, 2011
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Guaranteed separate accounts (See Note 17)	$	238	$	1,446	$	-	$	1,684
Non-guaranteed separate accounts ⁽¹⁾		1,545		3,936		753		6,234
Total separate account assets	$	1,783	$	5,382	$	753	$	7,918

December 31, 2010
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Guaranteed separate accounts (See Note 17)	$	286	$	1,418	$	-	$	1,704
Non-guaranteed separate accounts⁽¹⁾		1,947		3,663		594		6,204
Total separate account assets	$	2,233	$	5,081	$	594	$	7,908

Level 3 separate account assets

	Three Months Ended
	September 30,
(In millions)	2011		2010
Balance at July 1	$	644	$	534
Policyholder gains ⁽¹⁾		23		17
Purchases, sales and settlements:
Purchases		111		118
Sales		(10)		(97)
Settlements		(18)		(9)
Total purchases, sales and settlements		83		12
Transfers into/(out of) Level 3:
Transfers into Level 3		4		3
Transfers out of Level 3		(1)		(2)
Total transfers into/(out of) Level 3		3		1
Balance at September 30	$	753	$	564

(1) Included in this amount are gains of $23 million at September 30, 2011 and $5 million at September 30, 2010 attributable to instruments still held.


	Nine Months Ended
	September 30,
(In millions)	2011		2010
Balance at January 1	$	594	$	550
Policyholder gains ⁽¹⁾		101		31
Purchases, sales and settlements:
Purchases		226		161
Sales		(51)		(124)
Settlements		(111)		(36)
Total purchases, sales and settlements		64		1
Transfers into/(out of) Level 3:
Transfers into Level 3		4		4
Transfers out of Level 3		(10)		(22)
Total transfers into/(out of) Level 3		(6)		(18)
Balance at September 30	$	753	$	564

	Three Months Ended
	September 30,
(In millions)	2011		2010
Balance at July 1	$	644	$	534
Policyholder gains ⁽¹⁾		23		17
Purchases, sales and settlements:
Purchases		111		118
Sales		(10)		(97)
Settlements		(18)		(9)
Total purchases, sales and settlements		83		12
Transfers into/(out of) Level 3:
Transfers into Level 3		4		3
Transfers out of Level 3		(1)		(2)
Total transfers into/(out of) Level 3		3		1
Balance at September 30	$	753	$	564

(1) Included in this amount are gains of $23 million at September 30, 2011 and $5 million at September 30, 2010 attributable to instruments still held.


	Nine Months Ended
	September 30,
(In millions)	2011		2010
Balance at January 1	$	594	$	550
Policyholder gains ⁽¹⁾		101		31
Purchases, sales and settlements:
Purchases		226		161
Sales		(51)		(124)
Settlements		(111)		(36)
Total purchases, sales and settlements		64		1
Transfers into/(out of) Level 3:
Transfers into Level 3		4		4
Transfers out of Level 3		(10)		(22)
Total transfers into/(out of) Level 3		(6)		(18)
Balance at September 30	$	753	$	564

Financial instruments not carried at fair value

(In millions)		September 30, 2011				December 31, 2010
		Fair Value		Carrying Value		Fair Value		Carrying Value
Commercial mortgage loans	$	3,395	$	3,299	$	3,470	$	3,486
Contractholder deposit funds, excluding universal life products	$	1,038	$	1,019	$	1,001	$	989
Long-term debt, including current maturities, excluding capital leases	$	3,478	$	3,087	$	2,926	$	2,709

(In millions)		September 30, 2011				December 31, 2010
		Fair Value		Carrying Value		Fair Value		Carrying Value
Commercial mortgage loans	$	3,395	$	3,299	$	3,470	$	3,486
Contractholder deposit funds, excluding universal life products	$	1,038	$	1,019	$	1,001	$	989
Long-term debt, including current maturities, excluding capital leases	$	3,478	$	3,087	$	2,926	$	2,709

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

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-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Section 50

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

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-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

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Reference 10: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

-Number 159

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-Name Statement of Financial Accounting Standard (FAS)

-Number 157

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-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

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