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INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2017

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)
September 30, 2017:
Fixed Maturity Securities:
Public corporate	$	12,429	$	748	$	39	$	13,138	$	—
Private corporate	7,069		256		34		7,291		—
U.S. Treasury, government and agency	10,842		473		379		10,936		—
States and political subdivisions	414		67		—		481		—
Foreign governments	369		29		5		393		—
Commercial mortgage-backed	280		8		26		262		1
Residential mortgage-backed⁽¹⁾	249		16		—		265		—
Asset-backed⁽²⁾	30		1		1		30		2
Redeemable preferred stock	457		48		1		504		—
Total Fixed Maturities	32,139		1,646		485		33,300		3
Equity securities	135		—		—		135		—
Total at September 30, 2017	$	32,274	$	1,646	$	485	$	33,435	$	3
December 31, 2016:
Fixed Maturity Securities:
Public corporate	$	12,418	$	675	$	81	$	13,012	$	—
Private corporate	6,880		215		55		7,040		—
U.S. Treasury, government and agency	10,739		221		624		10,336		—
States and political subdivisions	432		63		2		493		—
Foreign governments	375		29		14		390		—
Commercial mortgage-backed	415		28		72		371		7
Residential mortgage-backed⁽¹⁾	294		20		—		314		—
Asset-backed⁽²⁾	51		10		1		60		3
Redeemable preferred stock	519		45		10		554		—
Total Fixed Maturities	32,123		1,306		859		32,570		10
Equity securities	113		—		—		113		—
Total at December 31, 2016	$	32,236	$	1,306	$	859	$	32,683	$	10


(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 Net income (loss) in accordance with current accounting guidance.

Available-for-sale Securities Fixed Maturities Contractual Maturities

The contractual maturities of AFS fixed maturities at September 30, 2017 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 September 30, 2017



	Amortized Cost		Fair Value
	(in millions)
Due in one year or less	$	1,701	$	1,723
Due in years two through five	7,349		7,686
Due in years six through ten	9,256		9,530
Due after ten years	12,817		13,300
Subtotal	31,123		32,239
Commercial mortgage-backed securities	280		262
Residential mortgage-backed securities	249		265
Asset-backed securities	30		30
Redeemable preferred stock	457		504
Total	$	32,139	$	33,300

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 third quarter and first nine months of 2017 and 2016:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
	(in millions)
Proceeds from sales	$	1,287		$	1,080		$	1,822		$	2,866
Gross gains on sales	$	5		$	9		$	34		$	94
Gross losses on sales	$	(2	)	$	(1	)	$	(29	)	$	(47	)
Total OTTI	$	—		$	(10	)	$	(13	)	$	(35	)
Non-credit losses recognized in OCI	—			—			—			—
Credit losses recognized in income (loss)	$	—		$	(10	)	$	(13	)	$	(35	)

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.

Fixed Maturities - Credit Loss Impairments



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
	(in millions)
Balances, beginning of period	$	(115	)	$	(166	)	$	(190	)	$	(198	)
Previously recognized impairments on securities that matured, paid, prepaid or sold	32			8			120			65
Recognized impairments on securities impaired to fair value this period⁽¹⁾	—			—			—			(17		)
Impairments recognized this period on securities not previously impaired	—			(8		)	(13		)	(16		)
Additional impairments this period on securities previously impaired	—			(2		)	—			(2		)
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 September 30,	$	(83	)	$	(168	)	$	(83	)	$	(168	)


(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:



	September 30, 2017		December 31, 2016
	(in millions)
AFS Securities:
Fixed maturities:
With OTTI loss	$	—	$	19
All other	1,161		428
Equity securities	—		—
Net Unrealized Gains (Losses)	$	1,161	$	447

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, July 1, 2017	$	(6	)	$	2		$	1		$	1		$	(2	)
Net investment gains (losses) arising during the period	(5		)	—			—			—			(5		)
Reclassification adjustment:
Included in Net income (loss)	11			—			—			—			11
Excluded from Net income (loss)	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			(1		)	—			—			(1		)
Deferred income taxes	—			—			—			(1		)	(1		)
Policyholders’ liabilities	—			—			(1		)	—			(1		)
Balance, September 30, 2017	$	—		$	1		$	—		$	—		$	1
Balance, July 1, 2016	$	15		$	—		$	—		$	(6	)	$	9
Net investment gains (losses) arising during the period	2			—			—			—			2
Reclassification adjustment:
Included in Net income (loss)	1			—			—			—			1
Excluded from Net income (loss)	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			—			—			—			—
Deferred income taxes	—			—			—			(1		)	(1		)
Policyholders’ liabilities	—			—			—			—			—
Balance, September 30, 2016	$	18		$	—		$	—		$	(7	)	$	11



	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, 2017	$	19		$	(1	)	$	(10	)	$	(3	)	$	5
Net investment gains (losses) arising during the period	—			—			—			—			—
Reclassification adjustment for OTTI losses:
Included in Net income (loss)	(19		)	—			—			—			(19		)
Excluded from Net income (loss)	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			2			—			—			2
Deferred income taxes	—			—			—			3			3
Policyholders’ liabilities	—			—			10			—			10
Balance, September 30, 2017	$	—		$	1		$	—		$	—		$	1
Balance, January 1, 2016	$	16		$	—		$	(4	)	$	(5	)	$	7
Net investment gains (losses) arising during the period	(5		)	—			—			—			(5		)
Reclassification adjustment for OTTI losses:
Included in Net income (loss)	7			—			—			—			7
Excluded from Net income (loss)	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			—			—			—			—
Deferred income taxes	—			—			—			(2		)	(2		)
Policyholders’ liabilities	—			—			4			—			4
Balance, September 30, 2016	$	18		$	—		$	—		$	(7	)	$	11

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, July 1, 2017	$	1,145		$	(172	)	$	(208	)	$	(267	)	$	498
Net investment gains (losses) arising during the period	18			—			—			—			18
Reclassification adjustment:
Included in Net income (loss)	(2		)	—			—			—			(2		)
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			6			—			(11		)	(5		)
Deferred income taxes	—			—			—			22			22
Policyholders’ liabilities	—			—			(24		)	(11		)	(35		)
Balance, September 30, 2017	$	1,161		$	(166	)	$	(232	)	$	(267	)	$	496
Balance, July 1, 2016	$	3,079		$	(266	)	$	(471	)	$	(821	)	$	1,521
Net investment gains (losses) arising during the period	(17		)	—			—			—			(17		)
Reclassification adjustment:
Included in Net income (loss)	—			—			—			—			—
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			79			—			—			79
Deferred income taxes	—			—			—			(21		)	(21		)
Policyholders’ liabilities	—			—			5			(1		)	4
Balance, September 30, 2016	$	3,062		$	(187	)	$	(466	)	$	(843	)	$	1,566



	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, 2017	$	428		$	(87	)	$	(189	)	$	(53	)	$	99
Net investment gains (losses) arising during the period	705			—			—			—			705
Reclassification adjustment for OTTI losses:
Included in Net income (loss)	28			—			—			—			28
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			(79		)	—			—			(79		)
Deferred income taxes	—			—			—			(214		)	(214		)
Policyholders’ liabilities	—			—			(43		)	—			(43		)
Balance, September 30, 2017	$	1,161		$	(166	)	$	(232	)	$	(267	)	$	496
Balance, January 1, 2016	$	674		$	(131	)	$	(230	)	$	(110	)	$	203
Net investment gains (losses) arising during the period	2,417			—			—			—			2,417
Reclassification adjustment for OTTI losses:
Included in Net income (loss)	(29		)	—			—			—			(29		)
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			(56		)	—			8			(48		)
Deferred income taxes	—			—			—			(755		)	(755		)
Policyholders’ liabilities	—			—			(236		)	14			(222		)
Balance, September 30, 2016	$	3,062		$	(187	)	$	(466	)	$	(843	)	$	1,566


(1)	Represents “transfers out” related to the portion of OTTI losses during the period that were not recognized in income (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 577 issues at September 30, 2017 and the 794 issues at December 31, 2016 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)
September 30, 2017:
Fixed Maturity Securities:
Public corporate	$	1,207	$	15	$	752	$	24	$	1,959	$	39
Private corporate	739		11		467		23		1,206		34
U.S. Treasury, government and agency	1,354		53		3,048		326		4,402		379
States and political subdivisions	—		—		—		—		—		—
Foreign governments	13		—		59		5		72		5
Commercial mortgage-backed	49		4		137		22		186		26
Residential mortgage-backed	7		—		13		—		20		—
Asset-backed	1		—		9		1		10		1
Redeemable preferred stock	50		—		12		1		62		1
Total	$	3,420	$	83	$	4,497	$	402	$	7,917	$	485
December 31, 2016:
Fixed Maturity Securities:
Public corporate	$	2,455	$	75	$	113	$	6	$	2,568	$	81
Private corporate	1,483		38		277		17		1,760		55
U.S. Treasury, government and agency	5,356		624		—		—		5,356		624
States and political subdivisions	—		—		18		2		18		2
Foreign governments	73		3		49		11		122		14
Commercial mortgage-backed	66		5		171		67		237		72
Residential mortgage-backed	47		—		4		—		51		—
Asset-backed	4		—		8		1		12		1
Redeemable preferred stock	218		9		12		1		230		10
Total	$	9,702	$	754	$	652	$	105	$	10,354	$	859

Net Investment Income (Loss) from Trading Securities

The table below shows a breakdown of Net investment income from trading account securities during the third quarter and first nine months of 2017 and 2016:

Net Investment Income (Loss) from Trading Securities



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	45	$	7	$	153	$	126
Net investment gains (losses) recognized on securities sold during the period	10		1		35		(9		)
Unrealized and realized gains (losses) on trading securities arising during the period	55		8		188		117
Interest and dividend income from trading securities	54		34		143		82
Net investment income (loss) from trading securities	$	109	$	42	$	331	$	199

Troubled Debt Restructurings - Modifications

Valuation Allowance for Mortgage Loans

Allowance for credit losses for commercial mortgage loans for the first nine months of 2017 and 2016 was as follows:



	2017		2016
Allowance for credit losses:	(in millions)
Beginning balance, January 1,	$	8	$	6
Charge-offs	—		—
Recoveries	—		(2		)
Provision	—		4
Ending balance, September 30,	$	8	$	8

September 30, Individually Evaluated for Impairment	$	8	$	8

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 ratios for commercial and agricultural mortgage loans at September 30, 2017 and December 31, 2016, before adjustments for valuation allowance. The values used in these ratio calculations were developed as part of the periodic review of the commercial and agricultural mortgage loan portfolio, which includes an evaluation of the underlying collateral value.

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

September 30, 2017



	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%	$	741	$	—	$	313	$	74	$	—	$	—	$	1,128
50% - 70%	4,094		555		1,048		416		146		—		6,259
70% - 90%	170		—		196		254		50		—		670
90% plus	—		—		27		—		—		—		27
Total Commercial Mortgage Loans	$	5,005	$	555	$	1,584	$	744	$	196	$	—	$	8,084
Agricultural Mortgage Loans⁽¹⁾
0% - 50%	$	270	$	141	$	297	$	504	$	300	$	33	$	1,545
50% - 70%	118		56		213		334		210		49		980
70% - 90%	—		—		—		4		—		—		4
90% plus	—		—		—		—		—		—		—
Total Agricultural Mortgage Loans	$	388	$	197	$	510	$	842	$	510	$	82	$	2,529
Total Mortgage Loans⁽¹⁾
0% - 50%	$	1,011	$	141	$	610	$	578	$	300	$	33	$	2,673
50% - 70%	4,212		611		1,261		750		356		49		7,239
70% - 90%	170		—		196		258		50		—		674
90% plus	—		—		27		—		—		—		27
Total Mortgage Loans	$	5,393	$	752	$	2,094	$	1,586	$	706	$	82	$	10,613


(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, 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 to1.5x		1.0x to 1.2x		Less than 1.0x		Total Mortgage Loans
	(in millions)
Commercial Mortgage Loans⁽¹⁾
0% - 50%	$	738	$	95	$	59	$	56	$	—	$	—	$	948
50% - 70%	3,217		430		673		1,100		76		—		5,496
70% - 90%	282		65		229		127		28		46		777
90% plus	—		—		28		15		—		—		43
Total Commercial Mortgage Loans	$	4,237	$	590	$	989	$	1,298	$	104	$	46	$	7,264
Agricultural Mortgage Loans⁽¹⁾
0% - 50%	$	254	$	138	$	296	$	468	$	286	$	49	$	1,491
50% - 70%	141		57		209		333		219		45		1,004
70% - 90%	—		—		2		4		—		—		6
90% plus	—		—		—		—		—		—		—
Total Agricultural Mortgage Loans	$	395	$	195	$	507	$	805	$	505	$	94	$	2,501
Total Mortgage Loans⁽¹⁾
0% - 50%	$	992	$	233	$	355	$	524	$	286	$	49	$	2,439
50% - 70%	3,358		487		882		1,433		295		45		6,500
70% - 90%	282		65		231		131		28		46		783
90% plus	—		—		28		15		—		—		43
Total Mortgage Loans	$	4,632	$	785	$	1,496	$	2,103	$	609	$	140	$	9,765


(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 September 30, 2017 and December 31, 2016, 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 or > and Accruing
							(in millions)
September 30, 2017
Commercial	$	—	$	—	$	—	$	—	$	8,084	$	8,084	$	—
Agricultural	3		15		27		45		2,484		2,529		27
Total Mortgage Loans	$	3	$	15	$	27	$	45	$	10,568	$	10,613	$	27
December 31, 2016
Commercial	$	—	$	—	$	—	$	—	$	7,264	$	7,264	$	—
Agricultural	9		2		6		17		2,484		2,501		6
Total Mortgage Loans	$	9	$	2	$	6	$	17	$	9,748	$	9,765	$	6

Impaired Mortgage Loans

The following table provides information regarding impaired mortgage loans at September 30, 2017 and December 31, 2016, respectively.

Impaired Mortgage Loans



	Recorded Investment		Unpaid Principal Balance		Related Allowance			Average Recorded Investment⁽¹⁾		Interest Income Recognized
	(in millions)
September 30, 2017:
With no related allowance recorded:
Commercial mortgage loans - other	$	—	$	—	$	—		$	—	$	—
Agricultural mortgage loans	—		—		—			—		—
Total	$	—	$	—	$	—		$	—	$	—
With related allowance recorded:
Commercial mortgage loans - other	$	27	$	27	$	(8	)	$	27	$	1
Agricultural mortgage loans	—		—		—			—		—
Total	$	27	$	27	$	(8	)	$	27	$	1
December 31, 2016:
With no related allowance recorded:
Commercial mortgage loans - other	$	15	$	15	$	—		$	22	$	—
Agricultural mortgage loans	—		—		—			—		—
Total	$	15	$	15	$	—		$	22	$	—
With related allowance recorded:
Commercial mortgage loans - other	$	27	$	27	$	(8	)	$	48	$	2
Agricultural mortgage loans	—		—		—			—		—
Total	$	27	$	27	$	(8	)	$	48	$	2


(1)	Represents a four-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 September 30, 2017						Gains (Losses) Reported In Net Income (Loss) Nine Months Ended September 30, 2017
			Fair Value
	Notional Amount		Asset Derivatives		Liability Derivatives
	(in millions)
Freestanding derivatives:
Equity contracts:⁽¹⁾
Futures	$	3,858	$	1	$	1	$	(512	)
Swaps	4,289		—		162		(596		)
Options	16,294		2,760		1,243		831
Interest rate contracts:⁽¹⁾
Floors	—		—		—		—
Swaps	19,889		272		243		523
Futures	9,133		—		—		28
Credit contracts:⁽¹⁾
Credit default swaps	3,156		35		5		16
Other freestanding contracts:⁽¹⁾
Foreign currency contracts	1,262		17		9		(40		)
Margin	—		46		—		—
Collateral	—		16		1,442		—
Embedded derivatives:
GMIB reinsurance contracts⁽⁴⁾	—		10,933		—		537
GMxB derivative features liability^(2,4)	—		—		4,375		1,151
SCS, SIO, MSO and IUL indexed features^(3,4)	—		—		1,437		(562		)

Total	$	57,881	$	14,080	$	8,917	$	1,376


(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 the Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets.


(4)

Offsetting Financial Assets and Liabilities and Derivative Instruments

accrual of $7 million in securities sold under agreement to repurchase.

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

Offsetting of Financial Assets and Liabilities and Derivative Instruments

At December 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	$	2,129	$	1,220	$	909
Interest rate contracts	253		1,163		(910		)
Credit contracts	20		15		5
Currency	52		6		46
Margin	113		6		107
Collateral	713		748		(35		)
Total Derivatives, subject to an ISDA Master Agreement	3,280		3,158		122
Total Derivatives, not subject to an ISDA Master Agreement	4		—		4
Total Derivatives	3,284		3,158		126
Other financial instruments	2,100		—		2,100
Other invested assets	$	5,384	$	3,158	$	2,226
Securities purchased under agreement to resell	$	—	$	—	$	—
LIABILITIES⁽²⁾
Description
Derivatives:
Equity contracts	$	1,220	$	1,220	$	—
Interest rate contracts	1,163		1,163		—
Credit contracts	15		15		—
Currency	6		6		—
Margin	6		6		—
Collateral	748		748		—
Total Derivatives, subject to an ISDA Master Agreement	3,158		3,158		—
Total Derivatives, not subject to an ISDA Master Agreement	—		—		—
Total Derivatives	3,158		3,158		—
Other financial liabilities	2,108		—		2,108
Other liabilities	$	5,266	$	3,158	$	2,108
Securities sold under agreement to repurchase⁽³⁾	$	1,992	$	—	$	1,992


(1)	Excludes $1.8 million of derivative assets of consolidated VIEs and VOEs in the Investment Management segment.


(2)	Excludes $2.1 million of derivative liabilities of consolidated VIEs and VOEs in the Investment Management segment.


(3)	Excludes expense of $4 million in securities sold under agreement to repurchase.

The following table presents information about the Insurance Segment’s offsetting of financial assets and liabilities and derivative instruments at September 30, 2017.

Offsetting of Financial Assets and Liabilities and Derivative Instruments

At September 30, 2017



	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	$	2,761	$	1,406	$	1,355
Interest rate contracts	272		243		29
Credit contracts	35		5		30
Currency	17		9		8
Margin	46		—		46
Collateral	16		1,442		(1,426		)
Total Derivatives, subject to an ISDA Master Agreement	3,147		3,105		42
Total Derivatives, not subject to an ISDA Master Agreement	—		—		—
Total Derivatives	3,147		3,105		42
Other financial instruments	2,473		—		2,473
Other invested assets	$	5,620	$	3,105	$	2,515
Securities purchased under agreement to resell	$	—	$	—	$	—
LIABILITIES⁽²⁾
Description
Derivatives:
Equity contracts	$	1,406	$	1,406	$	—
Interest rate contracts	243		243		—
Credit contracts	5		5		—
Currency	9		9		—
Margin	—		—		—
Collateral	1,442		1,442		—
Total Derivatives, subject to an ISDA Master Agreement	3,105		3,105		—
Total Derivatives, not subject to an ISDA Master Agreement	—		—		—
Total Derivatives	3,105		3,105		—
Other financial liabilities	2,869		—		2,869
Other liabilities	$	5,974	$	3,105	$	2,869
Securities sold under agreement to repurchase⁽³⁾	$	1,830	$	—	$	1,830


(1)	Excludes $1.8 million of derivative assets of consolidated VIEs and VOEs in the Investment Management segment.


(2)	Excludes $2.8 million of derivative liabilities of consolidated VIEs and VOEs in the Investment Management segment.


(3)	Excludes expense of $7 million in securities sold under agreement to repurchase.

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 September 30, 2017.

Collateral Amounts Offset in the Consolidated Balance Sheets

At September 30, 2017



	Fair Value of Assets		Collateral (Received)/Held
	Fair Value of Assets		Financial Instruments			Cash			Net Amounts
	(in millions)
ASSETS:⁽¹⁾
Total derivatives	$	1,423	$	—		$	(1,381	)	$	42
Other financial instruments	2,473		—			—			2,473
Other invested assets	$	3,896	$	—		$	(1,381	)	$	2,515
Securities purchased under agreement to resell	$	—	$	—		$	—		$	—
LIABILITIES:⁽²⁾
Securities sold under agreement to repurchase⁽³⁾	$	1,830	$	(1,894	)	$	—		$	(64	)


(1)	Excludes Investment Management segment’s derivative assets of consolidated VIEs.


(2)	Excludes Investment Management segment’s derivative liabilities of consolidated VIEs.


(3)	Excludes expense of $7 million in securities sold under agreement to repurchase.

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, 2016.

Collateral Amounts Offset in the Consolidated Balance Sheets

At December 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⁾
Total Derivatives	$	54	$	—		$	71		$	125
Other financial instruments	2,067		—			—			2,067
Other invested assets	$	2,121	$	—		$	71		$	2,192
Securities purchased under agreement to resell	$	—	$	—		$	—		$	—
LIABILITIES⁽²⁾
Securities sold under agreement to repurchase⁽³⁾	$	1,992	$	(1,986	)	$	(2	)	$	4


(1)	Excludes Investment Management segment’s derivative assets of consolidated VIEs.


(2)	Excludes Investment Management segment’s derivative liabilities of consolidated VIEs.


(3)	Excludes expense of $4 million in securities sold under agreement to repurchase.

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, 2016.

Repurchase Agreement Accounted for as Secured Borrowings



	At December 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⁽¹⁾
U.S. Treasury and agency securities	$	—	$	1,992	$	—	$	—	$	1,992
Total	$	—	$	1,992	$	—	$	—	$	1,992


(1)	Excludes expense of $4 million in securities sold under agreement to repurchase

The following table presents information about repurchase agreements accounted for as secured borrowings in the consolidated balance sheets at September 30, 2017.

Repurchase Agreement Accounted for as Secured Borrowings



	At September 30, 2017
	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⁽¹⁾
U.S. Treasury and agency securities	$	—	$	1,830	$	—	$	—	$	1,830
Total	$	—	$	1,830	$	—	$	—	$	1,830
Securities purchased under agreement to resell
Corporate securities	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—	$	—


(1)	Excludes expense accrual of $7 million in securities sold under agreement to repurchase.