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INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities by Classification

The following table provides information relating to fixed maturities and equity securities classified as AFS:

Available-for-Sale Securities by Classification



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI ⁽³⁾
	(In Millions)
March 31, 2016:
Fixed Maturity Securities:
Public corporate	$	13,064	883		92		$	13,855	$	—
Private corporate	6,714		325		54		6,985		—
U.S. Treasury, government and agency	10,226		856		76		11,006		—
States and political subdivisions	437		81		1		517		—
Foreign governments	343		40		11		372		—
Commercial mortgage-backed	541		26		96		471		9
Residential mortgage-backed⁽¹⁾	582		35		—		617		—
Asset-backed⁽²⁾	60		9		1		68		3
Redeemable preferred stock	569		61		1		629		—
Total Fixed Maturities	32,536		2,316		332		34,520		12
Equity securities	35		—		—		35		—
Total at March 31, 2016	$	32,571	$	2,316	$	332	$	34,555	$	12
December 31, 2015:
Fixed Maturity Securities:
Public corporate	$	12,890	$	688	$	202	$	13,376	$	—
Private corporate	6,818		232		124		6,926		—
U.S. Treasury, government and agency	8,800		280		305		8,775		—
States and political subdivisions	437		68		1		504		—
Foreign governments	397		36		18		415		—
Commercial mortgage-backed	591		29		87		533		9
Residential mortgage-backed⁽¹⁾	608		32		—		640		—
Asset-backed⁽²⁾	68		10		1		77		3
Redeemable preferred stock	592		57		2		647		—
Total Fixed Maturities	31,201		1,432		740		31,893		12
Equity securities	34		—		2		32		—
Total at December 31, 2015	$	31,235	$	1,432	$	742	$	31,925	$	12


(1)	Includes publicly traded agency pass-through securities and collateralized mortgage obligations.


(2)	Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans.


(3)	Amounts represent OTTI losses in AOCI, which were not included in earnings (loss) in accordance with current accounting guidance.

Available-for-sale Securities Fixed Maturities Contractual Maturities

The contractual maturities of AFS fixed maturities at March 31, 2016 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Available-for-Sale Fixed Maturities

Contractual Maturities at March 31, 2016



	Amortized Cost		Fair Value
	(In Millions)
Due in one year or less	$	1,248	$	1,259
Due in years two through five	7,527		8,009
Due in years six through ten	10,223		10,562
Due after ten years	11,786		12,905
Subtotal	30,784		32,735
Commercial mortgage-backed securities	541		471
Residential mortgage-backed securities	582		617
Asset-backed securities	60		68
Redeemable preferred stock	569		629
Total	$	32,536	$	34,520

Proceeds from Sales, Gross Gains (Losses) and OTTI for AFS Fixed Maturities

The following table shows proceeds from sales, gross gains (losses) from sales and OTTI for AFS fixed maturities during the first quarters of 2016 and 2015:



	Three Months Ended March 31,
	2016			2015
	(In Millions)
Proceeds from sales	$	389		$	360
Gross gains on sales	$	19		$	5
Gross losses on sales	$	(21	)	$	(4	)
Total OTTI	$	(17	)	$	(2	)
Non-credit losses recognized in OCI	—			—
Credit losses recognized in earnings (loss)	$	(17	)	$	(2	)

Fixed Maturities - Credit Loss Impairments

The following table sets forth the amount of credit loss impairments on fixed maturity securities held by the Company at the dates indicated and the corresponding changes in such amounts.

Fixed Maturities - Credit Loss Impairments



	2016			2015
	(In Millions)
Balances, beginning of period	$	(198	)	$	(254	)
Previously recognized impairments on securities that matured, paid, prepaid or sold	34			18
Recognized impairments on securities impaired to fair value this period⁽¹⁾	(17		)	—
Impairments recognized this period on securities not previously impaired	—			(2		)
Additional impairments this period on securities previously impaired	—			—
Increases due to passage of time on previously recorded credit losses	—			—
Accretion of previously recognized impairments due to increases in expected cash flows	—			—
Balances at March 31,	$	(181	)	$	(238	)


(1)	Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

Net Unrealized Gain (Loss) on Fixed Maturities and Equity Securities Included in AOCI

Net unrealized investment gains (losses) on fixed maturities and equity securities classified as AFS are included in the consolidated balance sheets as a component of AOCI. The table below presents these amounts as of the dates indicated:



	March 31, 2016		December 31, 2015
	(In Millions)
AFS Securities:
Fixed maturities:
With OTTI loss	$	9	$	16
All other	1,975		676
Equity securities	—		(2		)
Net Unrealized Gains (Losses)	$	1,984	$	690

Net Unrealized Gain (Losses) on Fixed Maturities with OTTI Losses

The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized and all other amounts:

Net Unrealized Gains (Losses) on Fixed Maturities with OTTI Losses



	Net Unrealized Gains (Losses) on Investments			DAC		Policyholders’ Liabilities			Deferred Income Tax Asset (Liability)			AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(In Millions)
Balance, January 1, 2016	$	16		$	—	$	(4	)	$	(5	)	$	7
Net investment gains (losses) arising during the period	10			—		—			—			10
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	(17		)	—		—			—			(17		)
Excluded from Net earnings (loss)	—			—		—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			—		—			—			—
Deferred income taxes	—			—		—			1			1
Policyholders’ liabilities	—			—		4			—			4
Balance, March 31, 2016	$	9		$	—	$	—		$	(4	)	$	5
Balance, January 1, 2015	$	10		$	—	$	—		$	(4	)	$	6
Net investment gains (losses) arising during the period	(6		)	—		—			—			(6		)
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	2			—		—			—			2
Excluded from Net earnings (loss)	—			—		—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			—		—			—			—
Deferred income taxes	—			—		—			1			1
Policyholders’ liabilities	—			—		1			—			1
Balance, March 31, 2015	$	6		$	—	$	1		$	(3	)	$	4

All Other Net Unrealized Investment Gains (Losses) in AOCI



	Net Unrealized Gains (Losses) on Investments			DAC			Policyholders’ Liabilities			Deferred Income Tax Asset (Liability)			AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(In Millions)
Balance, January 1, 2016	$	674		$	(82	)	$	(213	)	$	(133	)	$	246
Net investment gains (losses) arising during the period	1,262			—			—			—			1,262
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	16			—			—			—			16
Excluded from Net earnings (loss)⁽¹⁾	23			—			—			—			23
Impact of net unrealized investment gains (losses) on:
DAC	—			25			—			—			25
Deferred income taxes	—			—			—			(432		)	(432		)
Policyholders’ liabilities	—			—			(93		)	—			(93		)
Balance, March 31, 2016	$	1,975		$	(57	)	$	(306	)	$	(565	)	$	1,047
Balance, January 1, 2015	$	2,231		$	(122	)	$	(368	)	$	(610	)	$	1,131
Net investment gains (losses) arising during the period	600			—			—			—			600
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	(4		)	—			—			—			(4		)
Excluded from Net earnings (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			(15		)	—			—			(15		)
Deferred income taxes	—			—			—			(184		)	(184		)
Policyholders’ liabilities	—			—			(62		)	—			(62		)
Balance, March 31, 2015	$	2,827		$	(137	)	$	(430	)	$	(794	)	$	1,466


(1)	Represents “transfers out” related to the portion of OTTI losses during the period that were not recognized in earnings (loss) for securities with no prior OTTI loss.

Schedule of Gross Unrealized Loss on Investments

The following tables disclose the fair values and gross unrealized losses of the 522 issues at March 31, 2016 and the 810 issues at December 31, 2015 of fixed maturities that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:



	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In Millions)
March 31, 2016:
Fixed Maturity Securities:
Public corporate	$	1,001	$	45	$	568	$	47	$	1,569	$	92
Private corporate	617		23		450		31		1,067		54
U.S. Treasury, government and agency	808		8		1,380		68		2,188		76
States and political subdivisions	—		—		19		1		19		1
Foreign governments	45		2		47		9		92		11
Commercial mortgage-backed	50		5		245		91		295		96
Residential mortgage-backed	40		—		28		—		68		—
Asset-backed	1		—		14		1		15		1
Redeemable preferred stock	54		—		12		1		66		1
Total	$	2,616	$	83	$	2,763	$	249	$	5,379	$	332
December 31, 2015:
Fixed Maturity Securities:
Public corporate	$	3,091	$	129	$	359	$	73	$	3,450	$	202
Private corporate	1,926		102		184		22		2,110		124
U.S. Treasury, government and agency	3,538		305		—		—		3,538		305
States and political subdivisions	19		1		—		—		19		1
Foreign governments	73		7		39		11		112		18
Commercial mortgage-backed	67		2		261		85		328		87
Residential mortgage-backed	11		—		29		—		40		—
Asset-backed	11		—		17		1		28		1
Redeemable preferred stock	43		—		40		2		83		2
Total	$	8,779	$	546	$	929	$	194	$	9,708	$	740

Net Investment Income (Loss) from Trading Securities

The table below shows a breakdown of Net investment income from trading account securities during the first quarters of 2016 and 2015:

Net investment income (loss) from trading securities



	March 31,
	2016			2015

Net investment gains (losses) recognized during the period on securities held at the end of the period	$	64		$	33
Net investment gains (losses) recognized on securities sold during the period	(6		)	—
Unrealized and realized gains (losses) on trading securities arising during the period	58			33
Interest and dividend income from trading securities	19			2
Net investment income (loss) from trading securities	$	77		$	35

Troubled Debt Restructurings - Modifications

Troubled Debt Restructuring - Modifications

March 31, 2016



	Number of Loans	Outstanding Recorded Investment
	Number of Loans	Pre-Modification	Post - Modification
		(In Millions)
Commercial mortgage loans	1	16	16

Valuation Allowance for Mortgage Loans

Allowance for credit losses for commercial mortgage loans for the first quarters of 2016 and 2015 was as follows:



	2016		2015
Allowance for credit losses:	(In Millions)
Beginning balance, January 1,	$	6	$	37
Charge-offs	—		—
Recoveries	—		—
Provision	1		—
Ending balance, March 31,	$	7	$	37

Ending balance, March 31, Individually Evaluated for Impairment	$	7	$	37

Mortgage Loans by Loan-To-Value and Debt Service Coverage Ratios

The following tables provide information relating to the loan-to-value and debt service coverage ratio for commercial and agricultural mortgage loans at March 31, 2016 and December 31, 2015, before adjustments for valuation allowance.

Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios

March 31, 2016



	Debt Service Coverage Ratio
Loan-to-Value Ratio:⁽²⁾	Greater than 2.0x		1.8x to 2.0x		1.5x to 1.8x		1.2x to 1.5x		1.0x to 1.2x		Less than 1.0x		Total Mortgage Loans
	(In Millions)
Commercial Mortgage Loans⁽¹⁾
0% - 50%	$	715	$	45	$	57	$	12	$	24	$	—	$	853
50% - 70%	1,713		396		739		821		77		—		3,746
70% - 90%	118		46		206		194		88		46		698
90% plus	62		—		—		16		—		—		78
Total Commercial Mortgage Loans	$	2,608	$	487	$	1,002	$	1,043	$	189	$	46	$	5,375
Agricultural Mortgage Loans⁽¹⁾
0% - 50%	$	218	$	130	$	269	$	430	$	248	$	45	$	1,340
50% - 70%	142		70		187		318		224		41		982
70% - 90%	—		—		2		4		—		—		6
90% plus	—		—		—		—		—		—		—
Total Agricultural Mortgage Loans	$	360	$	200	$	458	$	752	$	472	$	86	$	2,328
Total Mortgage Loans⁽¹⁾
0% - 50%	$	933	$	175	$	326	$	442	$	272	$	45	$	2,193
50% - 70%	1,855		466		926		1,139		301		41		4,728
70% - 90%	118		46		208		198		88		46		704
90% plus	62		—		—		16		—		—		78
Total Mortgage Loans	$	2,968	$	687	$	1,460	$	1,795	$	661	$	132	$	7,703


(1)	The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service.


(2)	The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually.

Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios

December 31, 2015



	Debt Service Coverage Ratio
Loan-to-Value Ratio:⁽²⁾	Greater than 2.0x		1.8x to 2.0x		1.5x to 1.8x		1.2x to1.5x		1.0x to 1.2x		Less than 1.0x		Total Mortgage Loans
	(In Millions)
Commercial Mortgage Loans⁽¹⁾
0% - 50%	$	533	$	—	$	102	$	12	$	24	$	—	$	671
50% - 70%	1,392		353		741		853		77		—		3,416
70% - 90%	141		—		206		134		124		46		651
90% plus	63		—		—		46		—		—		109
Total Commercial Mortgage Loans	$	2,129	$	353	$	1,049	$	1,045	$	225	$	46	$	4,847
Agricultural Mortgage Loans⁽¹⁾
0% - 50%	$	204	$	116	$	277	$	432	$	256	$	51	$	1,336
50% - 70%	146		80		192		298		225		47		988
70% - 90%	—		—		2		4		—		—		6
90% plus	—		—		—		—		—		—		—
Total Agricultural Mortgage Loans	$	350	$	196	$	471	$	734	$	481	$	98	$	2,330
Total Mortgage Loans⁽¹⁾
0% - 50%	$	737	$	116	$	379	$	444	$	280	$	51	$	2,007
50% - 70%	1,538		433		933		1,151		302		47		4,404
70% - 90%	141		—		208		138		124		46		657
90% plus	63		—		—		46		—		—		109
Total Mortgage Loans	$	2,479	$	549	$	1,520	$	1,779	$	706	$	144	$	7,177


(1)	The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service.


(2)	The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually.

Age Analysis of Past Due Mortgage Loans

The following table provides information relating to the aging analysis of past due mortgage loans at March 31, 2016 and December 31, 2015, respectively, before adjustments for valuation allowance.

Age Analysis of Past Due Mortgage Loans



	30-59 Days		60-89 Days		90 Days or >		Total		Current		Total Financing Receivables		Recorded Investment > 90 Days and Accruing
							(In Millions)
March 31, 2016
Commercial	$	—	$	—	$	—	$	—	$	5,375	$	5,375	$	—
Agricultural	2		44		2		48		2,280		2,328		2
Total Mortgage Loans	$	2	$	44	$	2	$	48	$	7,655	$	7,703	$	2
December 31, 2015
Commercial	$	—	$	—	$	30	$	30	$	4,817	$	4,847	$	—
Agricultural	12		7		4		23		2,307		2,330		4
Total Mortgage Loans	$	12	$	7	$	34	$	53	$	7,124	$	7,177	$	4

Impaired Mortgage Loans

The following table provides information regarding impaired mortgage loans at March 31, 2016 and December 31, 2015, respectively.

Impaired Mortgage Loans



	Recorded Investment		Unpaid Principal Balance		Related Allowance			Average Recorded Investment⁽¹⁾		Interest Income Recognized
	(In Millions)
March 31, 2016:
With no related allowance recorded:
Commercial mortgage loans - other	$	16	$	16	$	—		$	31	$	—
Agricultural mortgage loans	—		—		—			—		—
Total	$	16	$	16	$	—		$	31	$	—
With related allowance recorded:
Commercial mortgage loans - other	$	61	$	61	$	(7	)	$	62	$	1
Agricultural mortgage loans	—		—		—			—		—
Total	$	61	$	61	$	(7	)	$	62	$	1
December 31, 2015:
With no related allowance recorded:
Commercial mortgage loans - other	$	46	$	46	$	—		$	15	$	—
Agricultural mortgage loans	—		—		—			—		—
Total	$	46	$	46	$	—		$	15	$	—
With related allowance recorded:
Commercial mortgage loans - other	$	63	$	63	$	(6	)	$	137	$	4
Agricultural mortgage loans	—		—		—			—		—
Total	$	63	$	63	$	(6	)	$	137	$	4


(1)	Represents a two-quarter average of recorded amortized cost.

Derivative Instruments by Category

The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments.

Derivative Instruments by Category



	At March 31, 2016						Gains (Losses) Reported In Net Earnings (Loss) Three Months Ended March 31, 2016
			Fair Value
	Notional Amount		Asset Derivatives		Liability Derivatives
	(In Millions)
Freestanding derivatives:
Equity contracts:⁽¹⁾
Futures	$	7,530	$	—	$	3	$	(86	)
Swaps	1,577		1		84		(9		)
Options	7,992		1,102		683		34
Interest rate contracts:⁽¹⁾
Floors	1,500		50		—		4
Swaps	15,284		608		57		851
Futures	8,626		—		—		(46		)
Credit contracts:⁽¹⁾
Credit default swaps	2,470		15		26		1
Other freestanding contracts:⁽¹⁾
Foreign currency contracts	198		5		6		(1		)
Net investment income (loss)							748
Embedded derivatives:
GMIB reinsurance contracts	—		12,207		—		1,637
GIB and GWBL and Other Features⁽²⁾	—		—		265		(81		)
SCS, SIO, MSO and IUL indexed features⁽³⁾	—		—		336		(33		)
Total	$	45,177	$	13,988	$	1,460	$	2,271


(1)	Reported in Other invested assets in the consolidated balance sheets.


(2)	Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets.


(3)	SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets.



	At December 31, 2015						Gains (Losses) Reported In Net Earnings (Loss) Three Months Ended March 31, 2015
			Fair Value
	Notional Amount		Asset Derivatives		Liability Derivatives
	(In Millions)
Freestanding derivatives:
Equity contracts:⁽¹⁾
Futures	$	7,089	$	2	$	3	$	(185	)
Swaps	1,359		8		21		(57		)
Options	7,358		1,042		652		81
Interest rate contracts:⁽¹⁾
Floors	1,800		61		—		8
Swaps	13,718		351		108		369
Futures	8,685		—		—		(2		)
Swaptions	—		—		—		118
Credit contracts:⁽¹⁾
Credit default swaps	2,442		16		38		2
Other freestanding contracts:⁽¹⁾
Foreign currency contracts	263		5		4		3
Net investment income (loss)							337
Embedded derivatives:
GMIB reinsurance contracts	—		10,570		—		690
GIB and GWBL and Other Features⁽²⁾	—		—		184		(39		)
SCS, SIO, MSO and IUL indexed features⁽³⁾	—		—		310		(82		)
Total	$	42,714	$	12,055	$	1,320	$	906


(1)	Reported in Other invested assets in the consolidated balance sheets.


(2)	Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets.


(3)	SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets

Offsetting Financial Assets and Liabilities and Derivative Instruments

The following table presents information about the Insurance segment’s offsetting financial assets and liabilities and derivative instruments at December 31, 2015.

Offsetting Financial Assets and Liabilities and Derivative Instruments

At December 31, 2015



	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheets		Net Amounts Presented in the Balance Sheets
	(In Millions)
ASSETS⁽¹⁾
Description
Derivatives:
Equity contracts	$	1,049	$	673	$	376
Interest rate contracts	389		104		285
Credit contracts	14		37		(23		)
Total Derivatives, subject to an ISDA Master Agreement	1,452		814		638
Total Derivatives, not subject to an ISDA Master Agreement	20		—		20
Total Derivatives	1,472		814		658
Other financial instruments⁽²⁾⁽⁴⁾	1,271		—		1,271
Other invested assets⁽²⁾	$	2,743	$	814	$	1,929
Securities purchased under agreement to resell	$	79	$	—	$	79
LIABILITIES⁽³⁾
Description
Derivatives:
Equity contracts	$	673	$	673	$	—
Interest rate contracts	104		104		—
Credit contracts	37		37		—
Total Derivatives, subject to an ISDA Master Agreement	814		814		—
Total Derivatives, not subject to an ISDA Master Agreement	—		—		—
Total Derivatives	814		814		—
Other financial liabilities	2,586		—		2,586
Other liabilities	$	3,400	$	814	$	2,586
Securities sold under agreement to repurchase	$	1,890	$	—	$	1,890


(1)	Excludes Investment Management segment’s $13 million net derivative assets, $6 million long exchange traded options and $75 million of securities borrowed.


(2)	Includes $141 million of accrued interest related to derivative instruments reported in other assets on the consolidated balance sheets.


(3)	Excludes Investment Management segment’s $12 million net derivative liabilities, $1 million short exchange traded options and $10 million of securities loaned.


(4)	Includes initial margin of $(2) million related to derivative instruments.

The following table presents information about the Insurance Segment’s offsetting financial assets and liabilities and derivative instruments at March 31, 2016.

Offsetting Financial Assets and Liabilities and Derivative Instruments

At March 31, 2016



	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheets		Net Amounts Presented in the Balance Sheets
	(In Millions)
ASSETS⁽¹⁾
Description
Derivatives:
Equity contracts	$	1,103	$	764	$	339
Interest rate contracts	639		54		585
Credit contracts	13		26		(13		)
Total Derivatives, subject to an ISDA Master Agreement	1,755		844		911
Total Derivatives, not subject to an ISDA Master Agreement	16		—		16
Total Derivatives	1,771		844		927
Other financial instruments⁽²⁾⁽⁴⁾	1,317		—		1,317
Other invested assets⁽²⁾	$	3,088	$	844	$	2,244
Securities purchased under agreement to resell	$	205	$	—	$	205
LIABILITIES⁽³⁾
Description
Derivatives:
Equity contracts	$	764	$	764	$	—
Interest rate contracts	54		54		—
Credit contracts	26		26		—
Total Derivatives, subject to an ISDA Master Agreement	844		844		—
Total Derivatives, not subject to an ISDA Master Agreement	—		—		—
Total Derivatives	844		844		—
Other financial liabilities	2,841		—		2,841
Other liabilities	$	3,685	$	844	$	2,841
Securities sold under agreement to repurchase	$	2,038	$	—	$	2,038


(1)	Excludes Investment Management segment’s $76 million net derivative assets (including derivative assets of consolidated VIEs), $5 million long exchange traded options and $26 million of securities borrowed.


(2)	Includes $101 million of accrued interest related to derivative instruments reported in other assets on the consolidated balance sheets.


(3)	Excludes Investment Management segment’s $81 million net derivative liabilities (including derivative liabilities of consolidated VIEs), $3 million short exchange traded options and $17 million of securities loaned.


(4)	Includes margin of $5 million related to derivative instruments.

Gross Collateral Amounts Not Offset in Consolidated Balance Sheets

The following table presents information about the Insurance segment’s gross collateral amounts that are not offset in the consolidated balance sheets at December 31, 2015.

Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets

At December 31, 2015



	Net Amounts Presented in the Balance Sheets			Collateral (Received)/Held
	Net Amounts Presented in the Balance Sheets			Financial Instruments			Cash			Net Amounts
	(In Millions)
ASSETS:⁽¹⁾
Counterparty A	$	52		$	—		$	(52	)	$	—
Counterparty B	9			—			(7		)	2
Counterparty C	61			—			(58		)	3
Counterparty D	222			—			(218		)	4
Counterparty E	53			—			(53		)	—
Counterparty F	(2		)	—			2			—
Counterparty G	129			—			(129		)	—
Counterparty H	16			(11		)	(5		)	—
Counterparty I	44			—			(39		)	5
Counterparty J	19			—			(13		)	6
Counterparty K	17			—			(17		)	—
Counterparty L	7			—			(7		)	—
Counterparty M	11			—			(10		)	1
Counterparty N	20			—			—			20
Counterparty Q	—			—			—			—
Counterparty T	(3		)	—			3			—
Counterparty U	—			—			1			1
Counterparty V	3			—			(3		)	—
Total Derivatives	$	658		$	(11	)	$	(605	)	$	42
Other financial instruments⁽²⁾⁽⁴⁾	1,271			—			—			1,271
Other invested assets⁽²⁾	$	1,929		$	(11	)	$	(605	)	$	1,313
Counterparty M	$	28		$	(28	)	$	—		$	—
Counterparty V	51			(51		)	—			—
Securities purchased under agreement to resell	$	79		$	(79	)	$	—		$	—
LIABILITIES⁽³⁾
Counterparty D	$	234		$	(234	)	$	—		$	—
Counterparty C	1,033			(1,016		)	(17		)	—
Counterparty M	623			(611		)	(12		)	—
Securities sold under agreement to repurchase	$	1,890		$	(1,861	)	$	(29	)	$	—


(1)	Excludes Investment Management segment’s cash collateral received of $2 million related to derivative assets and $75 million related to securities borrowed.


(2)	Includes $141 million of accrued interest related to derivative instruments reported in other assets on the consolidated balance sheets.


(3)	Excludes Investment Management segment’s cash collateral pledged of $12 million related to derivative liabilities and $10 million related to securities loaned.


(4)	Includes initial margin of $(2) million related to derivative instruments.

The following table presents information about the Insurance segment’s gross collateral amounts that are not offset in the consolidated balance sheets at March 31, 2016.

Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets

At March 31, 2016



	Net Amounts Presented in the Balance Sheets		Collateral (Received)/Held
	Net Amounts Presented in the Balance Sheets		Financial Instruments			Cash			Net Amounts
	(In Millions)
ASSETS:⁽¹⁾
Counterparty A	$	55	$	—		$	(50	)	$	5
Counterparty B	18		—			(18		)	—
Counterparty C	105		—			(105		)	—
Counterparty D	246		—			(241		)	5
Counterparty E	67		—			(64		)	3
Counterparty F	12		—			(12		)	—
Counterparty G	136		—			(134		)	2
Counterparty H	11		(11		)	—			—
Counterparty I	108		—			(108		)	—
Counterparty J	40		—			(28		)	12
Counterparty K	25		—			(18		)	7
Counterparty L	5		—			(5		)	—
Counterparty M	60		—			(60		)	—
Counterparty N	16		—			—			16
Counterparty Q	—		—			1			1
Counterparty T	10		—			(10		)	—
Counterparty U	5		—			(4		)	1
Counterparty V	8		—			(7		)	$	1
Total derivatives	$	927	$	(11	)	$	(863	)	$	53
Other financial instruments⁽⁴⁾	1,317		—			—			1,317
Other invested assets⁽²⁾	$	2,244	$	(11	)	$	(863	)	$	1,370
Counterparty M	$	205	$	(205	)	$	—		$	—
Securities purchased under agreement to resell	$	205	$	(205	)	$	—		$	—
LIABILITIES:⁽³⁾									—
Counterparty D	$	675	$	(675	)	$	—		$	—
Counterparty M	398		(398		)	—			—
Counterparty H	965		(965		)	—			—
Securities sold under agreement to repurchase	$	2,038	$	(2,038	)	$	—		$	—


(1)	Excludes Investment Management segment’s cash collateral received of $3 million related to derivative assets (including those related to derivative assets of consolidated VIEs) and $26 million related to securities borrowed.


(2)	Includes $101 million of accrued interest related to derivative instruments reported in other assets on the consolidated balance sheets.


(3)	Excludes Investment Management segment’s cash collateral pledged of $21 million related to derivative liabilities (including those related to derivative liabilities of consolidated VIEs) and $17 million related to securities loaned.


(4)	Includes initial margin of $(5) million related to derivative instruments.

Repurchase Agreements Accounted for as Secured Borrowings

The following table presents information about repurchase agreements accounted for as secured borrowings in the consolidated balance sheets at December 31, 2015.

Repurchase Agreement Accounted for as Secured Borrowings⁽¹⁾



	At December 31, 2015
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30–90 days		Greater Than 90 days		Total
	(In Millions)
Securities sold under agreement to repurchase
U.S. Treasury and agency securities	$	—	$	1,865	$	25	$	—	$	1,890
Total	$	—	$	1,865	$	25	$	—	$	1,890
Securities purchased under agreement to resell
Corporate securities	$	—	$	79	$	—	$	—	$	79
Total	$	—	$	79	$	—	$	—	$	79


⁽¹⁾	Excludes Investment Management segment’s $75 million of securities borrowed and $10 million of securities loaned.

The following table presents information about repurchase agreements accounted for as secured borrowings in the consolidated balance sheets at March 31, 2016.

Repurchase Agreement Accounted for as Secured Borrowings⁽¹⁾



	At March 31, 2016
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30–90 days		Greater Than 90 days		Total
	(In Millions)
Securities sold under agreement to repurchase
U.S. Treasury and agency securities	$	—	$	2,038	$	—	$	—	$	2,038
Total	$	—	$	2,038	$	—	$	—	$	2,038
Securities purchased under agreement to resell
Corporate securities	$	—	$	205	$	—	$	—	$	205
Total	$	—	$	205	$	—	$	—	$	205


(1)	Excludes Investment Management segment’s $26 million of securities borrowed and $17 million of securities loaned.