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INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018:
Fixed Maturity Securities:
Public corporate	$	14,613	$	467	$	236	$	14,844	$	—
Private corporate	7,044		114		100		7,058		—
U.S. Treasury, government and agency	10,196		219		390		10,025		—
States and political subdivisions	414		56		1		469		—
Foreign governments	396		21		9		408		—
Residential mortgage-backed⁽¹⁾	221		12		—		233		—
Asset-backed⁽²⁾	89		1		3		87		2
Redeemable preferred stock	465		45		4		506		—
Total at March 31, 2018	$	33,438	$	935	$	743	$	33,630	$	2

As a result of the adoption of the Recognition and Measurement of Financial Assets and Financial Liabilities standard on January 1, 2018 (Financial Instruments Recognition and Measurement Standard), equity securities are no longer classified and accounted for as available for sale securities.



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI ⁽³⁾
	(in millions)
December 31, 2017:
Fixed Maturity Securities:
Public corporate	$	13,645	$	725	$	25	$	14,345	$	—
Private corporate	6,951		217		31		7,137		—
U.S. Treasury, government and agency	12,644		676		185		13,135		—
States and political subdivisions	414		67		—		481		—
Foreign governments	387		27		5		409		—
Residential mortgage-backed⁽¹⁾	236		15		—		251		—
Asset-backed⁽²⁾	93		3		—		96		2
Redeemable preferred stock	461		44		1		504		—
Total Fixed Maturities	34,831		1,774		247		36,358		2
Equity securities	157		—		—		157		—
Total at December 31, 2017	$	34,988	$	1,774	$	247	$	36,515	$	2


(1)	Includes publicly traded agency pass-through securities and collateralized 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 income (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, 2018 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, 2018



	Amortized Cost		Fair Value
	(in millions)
Due in one year or less	$	1,303	$	1,312
Due in years two through five	7,045		7,183
Due in years six through ten	9,550		9,508
Due after ten years	14,765		14,801
Subtotal	32,663		32,804
Residential mortgage-backed securities	221		233
Asset-backed securities	89		87
Redeemable preferred stock	465		506
Total	$	33,438	$	33,630

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 2018 and 2017:



	Three Months Ended March 31,
	2018			2017
	(in millions)
Proceeds from sales	$	3,428		$	414
Gross gains on sales	$	127		$	19
Gross losses on sales	$	(41	)	$	(20	)
Total OTTI	$	—		$	—
Non-credit losses recognized in OCI	—			—
Credit losses recognized in net income (loss)	$	—		$	—

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



	Three Months Ended March 31,
	2018			2017
	(in millions)
Balances, beginning of period	$	(10	)	$	(190	)
Previously recognized impairments on securities that matured, paid, prepaid or sold	—			43
Recognized impairments on securities impaired to fair value this period⁽¹⁾	—			—
Impairments recognized this period on securities not previously impaired	—			—
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,	$	(10	)	$	(147	)


(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 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, 2018			December 31, 2017
	(in millions)
AFS Securities:
Fixed maturities:
With OTTI loss	$	(1	)	$	1
All other	193			1,526
Net Unrealized Gains (Losses)	$	192		$	1,527

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:

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, 2018	$	1		$	1		$	(1	)	$	(5	)	$	(4	)
Net investment gains (losses) arising during the period	—			—			—			—			—
Reclassification adjustment for OTTI losses:
Included in Net income (loss)	(2		)	—			—			—			(2		)
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			(1		)	—			—			(1		)
Deferred income taxes	—			—			—			—			—
Policyholders’ liabilities	—			—			1			—			1
Balance, March 31, 2018	$	(1	)	$	—		$	—		$	(5	)	$	(6	)
Balance, January 1, 2017	$	19		$	(1	)	$	(10	)	$	(3	)	$	5
Net investment gains (losses) arising during the period	49			—			—			—			49
Reclassification adjustment for OTTI losses:
Included in Net income (loss)	(48		)	—			—			—			(48		)
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			(4		)	—			—			(4		)
Deferred income taxes	—			—			—			(1		)	(1		)
Policyholders’ liabilities	—			—			5			—			5
Balance, March 31, 2017	$	20		$	(5	)	$	(5	)	$	(4	)	$	6


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

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, 2018	$	1,526		$	(315	)	$	(232	)	$	(300	)	$	679
Net investment gains (losses) arising during the period	(88		)	—			—			—			(88		)
Reclassification adjustment for OTTI losses:													—
Included in Net income (loss)	(1,245		)	—			—			—			(1,245		)
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			288			—			—			288
Deferred income taxes	—			—			—			197			197
Policyholders’ liabilities	—			—			108			—			108
Balance, March 31, 2018	$	193		$	(27	)	$	(124	)	$	(103	)	$	(61	)

Balance, January 1, 2017	$	428		$	(70	)	$	(188	)	$	(60	)	$	110
Net investment gains (losses) arising during the period	166			—			—			—			166
Reclassification adjustment for OTTI losses:													—
Included in Net income (loss)	12			—			—			—			12
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			(73		)	—			—			(73		)
Deferred income taxes	—			—			—			(46		)	(46		)
Policyholders’ liabilities	—			—			26			—			26
Balance, March 31, 2017	$	606		$	(143	)	$	(162	)	$	(106	)	$	195


(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 1,188 issues at March 31, 2018 and the 620 issues at December 31, 2017 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, 2018:
Fixed Maturity Securities:
Public corporate	$	6,461	$	209	$	443	$	27	$	6,904	$	236
Private corporate	2,299		58		634		42		2,933		100
U.S. Treasury, government and agency	2,172		65		2,859		325		5,031		390
States and political subdivisions	19		1		—		—		19		1
Foreign governments	57		1		70		8		127		9
Residential mortgage-backed	17		—		—		—		17		—
Asset-backed	70		3		1		—		71		3
Redeemable preferred stock	112		2		12		2		124		4
Total	$	11,207	$	339	$	4,019	$	404	$	15,226	$	743
December 31, 2017:
Fixed Maturity Securities:
Public corporate	$	1,384	$	9	$	548	$	16	$	1,932	$	25
Private corporate	718		8		615		23		1,333		31
U.S. Treasury, government and agency	2,150		6		3,005		179		5,155		185
States and political subdivisions	20		—		—		—		20		—
Foreign governments	11		—		73		5		84		5
Residential mortgage-backed	18		—		—		—		18		—
Asset-backed	7		—		2		—		9		—
Redeemable preferred stock	7		—		12		1		19		1
Total	$	4,315	$	23	$	4,255	$	224	$	8,570	$	247

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 2018 and 2017:

Net Investment Income (Loss) from Trading Securities



	Three Months Ended March 31,
	2018			2017
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(64	)	$	51
Net investment gains (losses) recognized on securities sold during the period	1			2
Unrealized and realized gains (losses) on trading securities arising during the period	(63		)	53
Interest and dividend income from trading securities	66			40
Net investment income (loss) from trading securities	$	3		$	93

Valuation Allowance for Mortgage Loans

Allowance for credit losses for mortgage loans for the first quarters of 2018 and 2017 are as follows:



	Three Months Ended March 31,
	2018			2017
Allowance for credit losses:	(in millions)
Beginning balance, January 1,	$	8		$	8
Charge-offs	—			—
Recoveries	(1		)	—
Provision	—			—
Ending balance, March 31,	$	7		$	8

March 31, Individually Evaluated for Impairment	$	7		$	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 March 31, 2018 and December 31, 2017. 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

March 31, 2018



	Debt Service Coverage Ratio
Loan-to-Value Ratio:⁽¹⁾	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⁽²⁾
0% - 50%	$	719	$	22	$	321	$	73	$	—	$	—	$	1,135
50% - 70%	4,477		643		1,122		399		178		—		6,819
70% - 90%	169		110		144		307		27		—		757
90% plus	—		—		27		—		—		—		27
Total Commercial Mortgage Loans	$	5,365	$	775	$	1,614	$	779	$	205	$	—	$	8,738
Agricultural Mortgage Loans⁽²⁾
0% - 50%	$	275	$	153	$	276	$	496	$	321	$	29	$	1,550
50% - 70%	111		46		219		360		228		48		1,012
70% - 90%	—		—		—		23		—		—		23
90% plus	—		—		—		—		—		—		—
Total Agricultural Mortgage Loans	$	386	$	199	$	495	$	879	$	549	$	77	$	2,585
Total Mortgage Loans⁽²⁾
0% - 50%	$	994	$	175	$	597	$	569	$	321	$	29	$	2,685
50% - 70%	4,588		689		1,341		759		406		48		7,831
70% - 90%	169		110		144		330		27		—		780
90% plus	—		—		27		—		—		—		27
Total Mortgage Loans	$	5,751	$	974	$	2,109	$	1,658	$	754	$	77	$	11,323


(1)	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.


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

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

December 31, 2017



	Debt Service Coverage Ratio
Loan-to-Value Ratio:⁽¹⁾	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⁽²⁾
0% - 50%	$	742	$	—	$	320	$	74	$	—	$	—	$	1,136
50% - 70%	4,088		682		1,066		428		145		—		6,409
70% - 90%	169		110		196		272		50		—		797
90% plus	—		—		27		—		—		—		27
Total Commercial Mortgage Loans	$	4,999	$	792	$	1,609	$	774	$	195	$	—	$	8,369
Agricultural Mortgage Loans⁽²⁾
0% - 50%	$	272	$	149	$	275	$	515	$	316	$	30	$	1,557
50% - 70%	111		46		227		359		221		49		1,013
70% - 90%	—		—		—		4		—		—		4
90% plus	—		—		—		—		—		—		—
Total Agricultural Mortgage Loans	$	383	$	195	$	502	$	878	$	537	$	79	$	2,574
Total Mortgage Loans⁽²⁾
0% - 50%	$	1,014	$	149	$	595	$	589	$	316	$	30	$	2,693
50% - 70%	4,199		728		1,293		787		366		49		7,422
70% - 90%	169		110		196		276		50		—		801
90% plus	—		—		27		—		—		—		27
Total Mortgage Loans	$	5,382	$	987	$	2,111	$	1,652	$	732	$	79	$	10,943


(1)	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.


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

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, 2018 and December 31, 2017, respectively.

Age Analysis of Past Due Mortgage Loan



	30-59 Days		60-89 Days		90 Days or >		Total		Current		Total Financing Receivables		Recorded Investment 90 Days or > and Accruing
							(in millions)
March 31, 2018
Commercial	$	—	$	—	$	27	$	27	$	8,711	$	8,738	$	—
Agricultural	10		5		39		54		2,531		2,585		39
Total Mortgage Loans	$	10	$	5	$	66	$	81	$	11,242	$	11,323	$	39
December 31, 2017
Commercial	$	27	$	—	$	—	$	27	$	8,342	$	8,369	$	—
Agricultural	49		3		22		74		2,500		2,574		22
Total Mortgage Loans	$	76	$	3	$	22	$	101	$	10,842	$	10,943	$	22

Impaired Mortgage Loans

The following table provides information relating to impaired mortgage loans at March 31, 2018 and December 31, 2017, respectively.

Impaired Mortgage Loans



	Recorded Investment		Unpaid Principal Balance		Related Allowance			Average Recorded Investment⁽¹⁾		Interest Income Recognized
	(in millions)
March 31, 2018:
With no related allowance recorded:
Commercial mortgage loans - other	$	—	$	—	$	—		$	—	$	—
Agricultural mortgage loans	—		—		—			—		—
Total	$	—	$	—	$	—		$	—	$	—
With related allowance recorded:
Commercial mortgage loans - other	$	27	$	27	$	(7	)	$	27	$	—
Agricultural mortgage loans	—		—		—			—		—
Total	$	27	$	27	$	(7	)	$	27	$	—
December 31, 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	$	2
Agricultural mortgage loans	—		—		—			—		—
Total	$	27	$	27	$	(8	)	$	27	$	2


(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, 2018						Gains (Losses) Reported In Net Income (Loss) Three Months Ended March 31, 2018
			Fair Value
	Notional Amount		Asset Derivatives		Liability Derivatives
	(in millions)
Freestanding derivatives:
Equity contracts:⁽¹⁾
Futures	$	3,318	$	2	$	1	$	(28	)
Swaps	4,866		142		13		66
Options	21,635		3,261		1,392		(15		)
Interest rate contracts:⁽¹⁾
Swaps	21,646		302		347		(491		)
Futures	15,835		—		—		40
Credit contracts:⁽¹⁾
Credit default swaps	2,136		32		3		—
Other freestanding contracts:⁽¹⁾
Foreign currency contracts	1,781		10		52		(51		)
Margin	—		16		—		—
Collateral	—		8		1,824		—
Embedded derivatives:
GMIB reinsurance contracts⁽⁴⁾	—		9,673		—		(842		)
GMxB derivative features liability^(2,4)	—		—		3,804		440
SCS, SIO, MSO and IUL indexed features^(3,4)	—		—		1,609		104
Total	$	71,217	$	13,446	$	9,045	$	(777	)


(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.


(4)	Reported in Net derivative gains (losses) in the consolidated statements of income (loss).



	At December 31, 2017						Gains (Losses) Reported In Net Income (Loss) Three Months Ended March 31, 2017
			Fair Value
	Notional Amount		Asset Derivatives		Liability Derivatives
	(in millions)
Freestanding derivatives:
Equity contracts:⁽¹⁾
Futures	$	3,113	$	1	$	3	$	(212	)
Swaps	4,655		3		126		(241		)
Options	20,630		3,334		1,426		302
Interest rate contracts:⁽¹⁾
Swaps	19,032		320		191		108
Futures	11,032		—		—		(19		)
Swaptions	—		—		—		—
Credit contracts:⁽¹⁾
Credit default swaps	2,131		35		3		6
Other freestanding contracts:⁽¹⁾
Foreign currency contracts	1,423		19		10		(1		)
Margin	—		24		—		—
Collateral	—		4		1,855		—
Embedded derivatives:
GMIB reinsurance contracts⁽⁴⁾	—		10,488		—		(533		)
GMxB derivative features liability^(2,4)	—		—		4,164		490
SCS, SIO, MSO and IUL indexed features^(3,4)	—		—		1,698		(262		)

Total	$	62,016	$	14,228	$	9,476	$	(362	)


(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)	Reported in Net derivative gains (losses) in the consolidated statements of income (loss).

Offsetting Financial Assets and Liabilities and Derivative Instruments

The following table presents information about the Company's offsetting of financial assets and liabilities and derivative instruments at March 31, 2018.

Offsetting of Financial Assets and Liabilities and Derivative Instruments

At March 31, 2018



	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	$	3,404	$	1,407	$	1,997
Interest rate contracts	302		347		(45		)
Credit contracts	32		3		29
Currency	10		52		(42		)
Margin	16		—		16
Collateral	8		1,824		(1,816		)
Total Derivatives, subject to an ISDA Master Agreement	3,772		3,633		139
Total Derivatives	3,772		3,633		139
Other financial instruments	3,435		—		3,435
Other invested assets	$	7,207	$	3,633	$	3,574
LIABILITIES⁽²⁾
Description
Derivatives:
Equity contracts	$	1,406	$	1,406	$	—
Interest rate contracts	347		347		—
Credit contracts	3		3		—
Currency	52		52		—
Margin	—		—		—
Collateral	1,824		1,824		—
Total Derivatives, subject to an ISDA Master Agreement	3,632		3,632		—
Total Derivatives, not subject to an ISDA Master Agreement	—		—		—
Total Derivatives	3,632		3,632		—
Other financial liabilities	3,041		—		3,041
Other liabilities	$	6,673	$	3,632	$	3,041
Securities sold under agreement to repurchase⁽³⁾	$	1,897	$	—	$	1,897


(1)	Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.


(2)	Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.


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

The following table presents information about the Company’s offsetting financial assets and liabilities and derivative instruments at December 31, 2017.

Offsetting of Financial Assets and Liabilities and Derivative Instruments

At December 31, 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	$	3,338	$	1,555	$	1,783
Interest rate contracts	320		191		129
Credit contracts	35		3		32
Currency	19		10		9
Collateral	4		1,855		(1,851		)
Margin	24		—		24
Total Derivatives, subject to an ISDA Master Agreement	3,740		3,614		126
Total Derivatives	3,740		3,614		126
Other financial instruments	2,995		—		2,995
Other invested assets	$	6,735	$	3,614	$	3,121
LIABILITIES⁽²⁾
Description
Derivatives:
Equity contracts	$	1,555	$	1,555	$	—
Interest rate contracts	191		191		—
Credit contracts	3		3		—
Currency	10		10		—
Margin	—		—		—
Collateral	1,855		1,855		—
Total Derivatives, subject to an ISDA Master Agreement	3,614		3,614		—
Total Derivatives, not subject to an ISDA Master Agreement	—		—		—
Total Derivatives	3,614		3,614		—
Other financial liabilities	2,663		—		2,663
Other liabilities	$	6,277	$	3,614	$	2,663
Securities sold under agreement to repurchase⁽³⁾	$	1,882	$	—	$	1,882


(1)	Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.


(2)	Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.


(3)	Excludes expense of $5 million in securities sold under agreement to repurchase.

Gross Collateral Amounts Not Offset in Consolidated Balance Sheets

The following table presents information about the Company’s gross collateral amounts that are not offset in the consolidated balance sheets at March 31, 2018.

Collateral Amounts Offset in the Consolidated Balance Sheets

At March 31, 2018



	Fair Value of Assets		Collateral (Received)/Held
	Fair Value of Assets		Financial Instruments		Cash			Net Amounts
	(in millions)
ASSETS:⁽¹⁾
Total derivatives	$	1,938	$	—	$	(1,799	)	$	139
Other financial instruments	3,435		—		—			3,435
Other invested assets	$	5,373	$	—	$	(1,799	)	$	3,574
LIABILITIES:⁽²⁾
Securities sold under agreement to repurchase⁽³⁾	$	1,897	$	—	$	—		$	1,897


(1)	Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.


(2)	Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.


(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 sheet at December 31, 2017.

Collateral Amounts Offset in the Consolidated Balance Sheets

At December 31, 2017



	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	$	1,954	$	—		$	(1,828	)	$	126
Other financial instruments	2,995		—			—			2,995
Other invested assets	$	4,949	$	—		$	(1,828	)	$	3,121
LIABILITIES⁽²⁾
Other financial liabilities	$	2,663	$	—		$	—		$	2,663
Other liabilities	$	2,663	$	—		$	—		$	2,663

Securities sold under agreement to repurchase⁽³⁾	$	1,882	$	(1,988	)	$	(21	)	$	(127	)


(1)	Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.


(2)	Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.


(3)	Excludes expense of $5 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 sheet at December 31, 2017.

Repurchase Agreement Accounted for as Secured Borrowings



	At December 31, 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	$	—	$	1,882	$	—	$	—	$	1,882
Total	$	—	$	1,882	$	—	$	—	$	1,882


(1)	Excludes expense of $5 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 sheet at March 31, 2018.

Repurchase Agreement Accounted for as Secured Borrowings



	At March 31, 2018
	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	$	—	$	1,897	$	—	$	—	$	1,897
Total	$	—	$	1,897	$	—	$	—	$	1,897


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