XML 39 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
INVESTMENTS (TABLES)
6 Months Ended
Jun. 30, 2012
Investments Tables [Abstract]  
Available For Sale Securities [Text Block]
Available-for-Sale Securities by Classification
                  
                  
       Gross Gross      
    Amortized Unrealized Unrealized Fair OTTI
    Cost Gains Losses Value in AOCI (3)
                  
    (In Millions)
June 30, 2012:               
Fixed Maturities:               
 Corporate $20,717 $2,073 $71 $22,719 $0
 U.S. Treasury, government and agency  4,600  540  0  5,140  0
 States and political subdivisions  448  79  1  526  0
 Foreign governments  451  71  0  522  0
 Commercial mortgage-backed  1,231  10  335  906  13
 Residential mortgage-backed(1)  1,713  87  0  1,800  0
 Asset-backed(2)  223  11  8  226  5
 Redeemable preferred stock  1,187  46  61  1,172  0
  Total Fixed Maturities  30,570  2,917  476  33,011  18
                  
Equity securities  19  1  0  20  0
                  
Total at June 30, 2012 $30,589 $2,918 $476 $33,031 $18
                  
December 31, 2011:               
Fixed Maturities:               
 Corporate $21,444 $1,840 $147 $23,137 $0
 U.S. Treasury, government and agency  3,598  350  0  3,948  0
 States and political subdivisions  478  64  2  540  0
 Foreign governments  461  65  1  525  0
 Commercial mortgage-backed  1,306  7  411  902  22
 Residential mortgage-backed(1)  1,556  90  0  1,646  0
 Asset-backed(2)  260  15  11  264  6
 Redeemable preferred stock  1,106  38  114  1,030  0
  Total Fixed Maturities  30,209  2,469  686  31,992  28
                  
Equity securities  18  1  0  19  0
                  
Total at December 31, 2011 $30,227 $2,470 $686 $32,011 $28
Investments Classified By Contractual Maturity Date [Table Text Block]
Available-for-Sale Fixed Maturities
Contractual Maturities at June 30, 2012
        
   Amortized Cost Fair Value
        
   (In Millions)
        
Due in one year or less $2,460 $2,495
Due in years two through five  7,290  7,861
Due in years six through ten  9,701  10,708
Due after ten years  6,765  7,843
 Subtotal  26,216  28,907
Commercial mortgage-backed securities  1,231  906
Residential mortgage-backed securities  1,713  1,800
Asset-backed securities  223  226
Total $29,383 $31,839
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Table Text Block]
    Three Months Ended Six Months Ended
    June 30, June 30,
    2012 2011 2012 2011
               
    (In Millions)
               
Proceeds from sales $28 $62 $28 $273
               
Gross gains on sales $3 $2 $3 $4
Gross losses on sales $(9) $0 $(9) $(6)
               
Total OTTI $(50) $(23) $(53) $(23)
Non-credit losses recognized in OCI  1  1  1  1
Credit losses recognized in earnings (loss) $(49) $(22) $(52) $(22)
Fixed Maturities Credit Loss Impairments [Table Text Block]
 Fixed Maturities - Credit Loss Impairments
              
  Three Months Ended Six Months Ended
  June 30, June 30,
   2012 2011 2012 2011
              
   (In Millions)
              
Balances, beginning of period $(334) $(306) $(332) $(329)
Previously recognized impairments on securities that matured,             
 paid, prepaid or sold  14  0  15  23
Recognized impairments on securities impaired to fair value this period(1)  0  0  0  0
Impairments recognized this period on securities not previously impaired  (17)  (22)  (20)  (22)
Additional impairments this period on securities previously impaired  (32)  0  (32)  0
Increases due to passage of time on previously recorded credit losses  0  0  0  0
Accretion of previously recognized impairments due to increases in            
 expected cash flows  0  0  0  0
Balances at June 30, $(369) $(328) $(369) $(328)
Unrealized Gain Loss On Investments [Table Text Block]
    June 30, December 31,
    2012 2011
         
    (In Millions)
         
AFS Securities:      
 Fixed maturities:      
  With OTTI loss $(14) $(47)
  All other  2,455  1,830
 Equity securities  1  1
Net Unrealized Gains (Losses) $2,442 $1,784
Unrealized Gain Loss On Investments With Other Than Temporary Impairment [Table Text Block]
Net Unrealized Gains (Losses) on Fixed Maturities with OTTI Losses
                   
                 AOCI Gain
     Net          (Loss) Related
     Unrealized       Deferred to Net
     Gains       Income Unrealized
     (Losses) on    Policyholders Tax Asset Investment
     Investments DAC Liabilities (Liability) Gains (Losses)
                   
     (In Millions)
                   
Balance, April 1, 2012 $(28) $1 $4 $8 $(15)
Net investment gains (losses) arising               
 during the period  (17)  0  0  0  (17)
Reclassification adjustment for OTTI losses:               
  Included in Net earnings (loss)  32  0  0  0  32
  Excluded from Net earnings (loss)(1)  (1)  0  0  0  (1)
Impact of net unrealized investment                
 gains (losses) on:               
  DAC  0  0  0  0  0
  Deferred income taxes  0  0  0  (5)  (5)
  Policyholders liabilities  0  0  (1)  0  (1)
Balance, June 30, 2012 $(14) $1 $3 $3 $(7)
                   
Balance, April 1, 2011 $(10) $2 $3 $2 $(3)
Net investment gains (losses) arising               
 during the period  2  0  0  0  2
Reclassification adjustment for OTTI losses:               
  Included in Net earnings (loss)  0  0  0  0  0
  Excluded from Net earnings (loss)(1)  (1)  0  0  0  (1)
Impact of net unrealized investment                
 gains (losses) on:               
  DAC  0  (1)  0  0  (1)
  Deferred income taxes  0  0  0  0  0
  Policyholders liabilities  0  0  (1)  0  (1)
Balance, June 30, 2011 $(9) $1 $2 $2 $(4)

                   
                 AOCI Gain
     Net          (Loss) Related
     Unrealized       Deferred to Net
     Gains       Income Unrealized
     (Losses) on    Policyholders Tax Asset Investment
     Investments DAC Liabilities (Liability) Gains (Losses)
                   
     (In Millions)
                   
Balance, January 1, 2012 $(47) $5 $6 $12 $(24)
Net investment gains (losses) arising               
 during the period  2  0  0  0  2
Reclassification adjustment for OTTI losses:               
  Included in Net earnings (loss)  32  0  0  0  32
  Excluded from Net earnings (loss)(1)  (1)  0  0  0  (1)
Impact of net unrealized investment                
 gains (losses) on:               
  DAC  0  (4)  0  0  (4)
  Deferred income taxes  0  0  0  (9)  (9)
  Policyholders liabilities  0  0  (3)  0  (3)
Balance, June 30, 2012 $(14) $1 $3 $3 $(7)
                   
Balance, January 1, 2011 $(16) $3 $2 $4 $(7)
Net investment gains (losses) arising               
 during the period  8  0  0  0  8
Reclassification adjustment for OTTI losses:               
  Included in Net earnings (loss)  0  0  0  0  0
  Excluded from Net earnings (loss)(1)  (1)  0  0  0  (1)
Impact of net unrealized investment                
 gains (losses) on:               
  DAC  0  (2)  0  0  (2)
  Deferred income taxes  0  0  0  (2)  (2)
  Policyholders liabilities  0  0  0  0  0
Balance, June 30, 2011 $(9) $1 $2 $2 $(4)
Other Net Unrealized Investment Gains Losses In Accumulated Other Comprehensive Income [Table Text Block]
All Other Net Unrealized Investment Gains (Losses) in AOCI
                   
                 AOCI Gain
     Net          (Loss) Related
     Unrealized       Deferred to Net
     Gains       Income Unrealized
     (Losses) on    Policyholders Tax Asset Investment
     Investments DAC Liabilities (Liability) Gains (Losses)
                   
     (In Millions)
                   
Balance, April 1, 2012 $1,789 $(111) $(380) $(455) $843
Net investment gains (losses) arising                
 during the period  644  0  0  0  644
Reclassification adjustment for OTTI losses:               
  Included in Net earnings (loss)  22  0  0  0  22
  Excluded from Net earnings (loss)(1)  1  0  0  0  1
Impact of net unrealized investment                
 gains (losses) on:               
  DAC  0  (61)  0  0  (61)
  Deferred income taxes  0  0  0  (204)  (204)
  Policyholders liabilities  0  0  (22)  0  (22)
Balance, June 30, 2012 $2,456 $(172) $(402) $(659) $1,223
                   
Balance, April 1, 2011 $905 $(106) $(114) $(240) $445
Net investment gains (losses) arising                
 during the period  251  0  0  0  251
Reclassification adjustment for OTTI losses:               
  Included in Net earnings (loss)  17  0  0  0  17
  Excluded from Net earnings (loss)(1)  1  0  0  0  1
Impact of net unrealized investment                
 gains (losses) on:               
  DAC  0  (29)  0  0  (29)
  Deferred income taxes  0  0  0  (68)  (68)
  Policyholders liabilities  0  0  (46)  0  (46)
Balance, June 30, 2011 $1,174 $(135) $(160) $(308) $571

                   
                 AOCI Gain
     Net          (Loss) Related
     Unrealized       Deferred to Net
     Gains       Income Unrealized
     (Losses) on    Policyholders Tax Asset Investment
     Investments DAC Liabilities (Liability) Gains (Losses)
                   
     (In Millions)
                   
Balance, January 1, 2012 $1,831 $(206) $(385) $(433) $807
Net investment gains (losses) arising                
 during the period  601  0  0  0  601
Reclassification adjustment for OTTI losses:               
  Included in Net earnings (loss)  23  0  0  0  23
  Excluded from Net earnings (loss)(1)  1  0  0  0  1
Impact of net unrealized investment                
 gains (losses) on:               
  DAC  0  34  0  0  34
  Deferred income taxes  0  0  0  (226)  (226)
  Policyholders liabilities  0  0  (17)  0  (17)
Balance, June 30, 2012 $2,456 $(172) $(402) $(659) $1,223
                   
Balance, January 1, 2011 $889 $(108) $(121) $(232) $428
Net investment gains (losses) arising                
 during the period  267  0  0  0  267
Reclassification adjustment for OTTI losses:               
  Included in Net earnings (loss)  17  0  0  0  17
  Excluded from Net earnings (loss)(1)  1  0  0  0  1
Impact of net unrealized investment                
 gains (losses) on:               
  DAC  0  (27)  0  0  (27)
  Deferred income taxes  0  0  0  (76)  (76)
  Policyholders liabilities  0  0  (39)  0  (39)
Balance, June 30, 2011 $1,174 $(135) $(160) $(308) $571
Schedule Of Unrealized Loss On Investments [Table Text Block]
    Less Than 12 Months  12 Months or Longer  Total
       Gross    Gross    Gross
       Unrealized    Unrealized    Unrealized
    Fair Value Losses Fair Value Losses Fair Value Losses
                     
    (In Millions)
June 30, 2012:                  
Fixed Maturities:                  
 Corporate $661 $(23) $486 $(48) $1,147 $(71)
 U.S. Treasury, government                  
  and agency  0  0  0  0  0  0
 States and political subdivisions  0  0  19  (1)  19  (1)
 Foreign governments  1  0  2  0  3  0
 Commercial mortgage-backed  64  (4)  789  (331)  853  (335)
 Residential mortgage-backed  131  0  1  0  132  0
 Asset-backed  0  0  42  (8)  42  (8)
 Redeemable preferred stock  16  0  508  (61)  524  (61)
                     
Total $873 $(27) $1,847 $(449) $2,720 $(476)
                     
December 31, 2011:                  
Fixed Maturities:                  
Corporate $1,910 $(96) $389 $(51) $2,299 $(147)
 U.S. Treasury, government                  
  and agency  149  0  0  0  149  0
 States and political subdivisions  0  0  18  (2)  18  (2)
 Foreign governments  30  (1)  5  0  35  (1)
 Commercial mortgage-backed  79  (27)  781  (384)  860  (411)
 Residential mortgage-backed  0  0  1  0  1  0
 Asset-backed  49  0  44  (11)  93  (11)
 Redeemable preferred stock  341  (28)  325  (86)  666  (114)
                     
Total $2,558 $(152) $1,563 $(534) $4,121 $(686)
Troubled Debt Restructurings on Financing Receivables [Table Text Block]
Troubled Debt Restructuring - Modifications
           
   Number   Outstanding Recorded Investment
   of Loans Pre-Modification Post - Modification
           
June 30, 2012    (In Millions)
Troubled debt restructurings:         
 Agricultural mortgage loans  0 $0 $0
 Commercial mortgage loans  1  84  84
Total  1 $84 $84
Allowance For Credit Losses On Financing Receivables [Table Text Block]
   2012 2011
        
Allowance for credit losses: (In Millions)
        
Beginning balance, January 1, $32 $18
 Charge-offs  (20)  0
 Recoveries  (1)  0
 Provision  23  10
Ending balance, June 30, $34 $28
        
Ending balance, June 30,:      
 Individually Evaluated for Impairment $34 $28
        
 Collectively Evaluated for Impairment $0 $0
        
 Loans Acquired with Deteriorated Credit Quality $0 $0
Debt Service Coverage Ratio [Table Text Block]
Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios
June 30, 2012
 
     Debt Service Coverage Ratio   
                    Less Total
  Greater 1.8x to 1.5x to 1.2x to 1.0x to than Mortgage
Loan-to-Value Ratio:(2) than 2.0x 2.0x 1.8x 1.5x 1.2x 1.0x Loans
                         
     (In Millions)
Commercial Mortgage Loans(1)                     
0% - 50% $151 $0 $6 $1 $28 $0 $186
50% - 70%  452  163  652  412  0  0  1,679
70% - 90%  0  41  187  466  138  15  847
90% plus  0  0  69  195  81  165  510
Total Commercial                     
 Mortgage Loans $603 $204 $914 $1,074 $247 $180 $3,222
                         
Agricultural Mortgage Loans(1)                     
0% - 50% $159 $94 $180 $249 $190 $11 $883
50% - 70%  94  25  117  179  85  51  551
70% - 90%  0  0  0  1  2  8  11
90% plus  0  0  0  0  0  0  0
Total Agricultural                     
 Mortgage Loans $253 $119 $297 $429 $277 $70 $1,445
                         
Total Mortgage Loans(1)                     
0% - 50% $310 $94 $186 $250 $218 $11 $1,069
50% - 70%  546  188  769  591  85  51  2,230
70% - 90%  0  41  187  467  140  23  858
90% plus  0  0  69  195  81  165  510
                      
Total Mortgage Loans $856 $323 $1,211 $1,503 $524 $250 $4,667

Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios
December 31, 2011
 
     Debt Service Coverage Ratio   
                    Less Total
  Greater 1.8x to 1.5x to 1.2x to 1.0x to than Mortgage
Loan-to-Value Ratio:(2) than 2.0x 2.0x 1.8x 1.5x 1.2x 1.0x Loans
                         
     (In Millions)
Commercial Mortgage Loans(1)                     
0% - 50% $182 $0 $33 $30 $31 $0 $276
50% - 70%  201  252  447  271  45  0  1,216
70% - 90%  0  41  280  318  213  0  852
90% plus  0  0  84  135  296  117  632
Total Commercial                     
 Mortgage Loans $383 $293 $844 $754 $585 $117 $2,976
                         
Agricultural Mortgage Loans(1)                     
0% - 50% $150 $89 $175 $247 $190 $8 $859
50% - 70%  68  15  101  158  82  45  469
70% - 90%  0  0  0  1  0  8  9
90% plus  0  0  0  0  0  0  0
Total Agricultural                     
 Mortgage Loans $218 $104 $276 $406 $272 $61 $1,337
                         
Total Mortgage Loans(1)                     
0% - 50% $332 $89 $208 $277 $221 $8 $1,135
50% - 70%  269  267  548  429  127  45  1,685
70% - 90%  0  41  280  319  213  8  861
90% plus  0  0  84  135  296  117  632
                      
Total Mortgage Loans $601 $397 $1,120 $1,160 $857 $178 $4,313
Age Analysis Of Past Due Mortgage Loans [Table Text Block]
Age Analysis of Past Due Mortgage Loans
                         
                       Recorded
                      Investment
           90       Total > 90 Days
     30-59 60-89 Days     Financing and
  Days Days or > Total Current Receivables Accruing
                         
              (In Millions)       
June 30, 2012                     
 Commercial $0 $0 $0 $0 $3,222 $3,222 $0
 Agricultural  4  2  13  19  1,426  1,445  0
Total Mortgage Loans $4 $2 $13 $19 $4,648 $4,667 $0
                         
December 31, 2011                     
 Commercial $61 $0 $0 $61 $2,915 $2,976 $0
 Agricultural  5  1  7  13  1,324  1,337  3
Total Mortgage Loans $66 $1 $7 $74 $4,239 $4,313 $3
Impaired Mortgage Loans [Table Text Block]
Impaired Mortgage Loans
                   
        Unpaid    Average Interest
     Recorded Principal Related Recorded Income
  Investment Balance Allowance Investment(1) Recognized
                   
     (In Millions)
June 30, 2012:               
With no related allowance recorded:               
 Commercial mortgage loans - other $0 $0 $0 $0 $0
 Agricultural mortgage loans  4  4  0  4  0
Total $4 $4 $0 $4 $0
                   
With related allowance recorded:               
 Commercial mortgage loans - other $170 $170 $(34) $175 $2
 Agricultural mortgage loans  0  0  0  0  0
Total $170 $170 $(34) $175 $2
                   
December 31, 2011:               
With no related allowance recorded:               
 Commercial mortgage loans - other $0 $0 $0 $0 $0
 Agricultural mortgage loans  5  5  0  5  0
Total $5 $5 $0 $5 $0
                   
With related allowance recorded:               
 Commercial mortgage loans - other $202 $202 $(32) $152 $8
 Agricultural mortgage loans  0  0  0  0  0
Total $202 $202 $(32) $152 $8
Schedule Of Derivative Instruments [Text Block]
 Derivative Instruments by Category
  
             Gains (Losses)
    At June 30, 2012 Reported In Net
       Fair Value Earnings (Loss)
    Notional  Asset Liability Six Months Ended
    Amount Derivatives Derivatives June 30, 2012
               
    (In Millions)
               
Freestanding derivatives:            
Equity contracts:(1)            
 Futures $6,836 $0 $4 $(560)
 Swaps  1,083  9  81  (137)
 Options  2,526  250  151  11
               
Interest rate contracts:(1)            
 Floors  2,700  315  0  42
 Swaps  16,836  740  469  354
 Futures  14,945  0  0  147
 Swaptions  9,321  937  0  100
               
Other freestanding contracts:(1)            
 Foreign currency contracts  297  0  1  1
  Net investment income (loss)           (42)
               
Embedded derivatives:            
GMIB reinsurance contracts  0  11,381  0  834
               
GWBL and other features(2)  0  0  334  (43)
               
Total, June 30, 2012 $54,544 $13,632 $1,040 $749

               
             Gains (Losses)
    At December 31, 2011 Reported In Net
       Fair Value Earnings (Loss)
    Notional  Asset Liability Six Months Ended
    Amount Derivatives Derivatives June 30, 2011
               
    (In Millions)
               
Freestanding derivatives:            
Equity contracts:(1)            
 Futures $6,443 $0 $2 $(282)
 Swaps  784  10  21  (30)
 Options  1,211  92  85  3
               
Interest rate contracts:(1)            
 Floors  3,000  327  0  47
 Swaps  9,826  503  317  72
 Futures  11,983  0  0  6
 Swaptions  7,354  1,029  0  93
               
Other freestanding contracts:(1)            
 Foreign currency contracts  38  0  0  0
  Net investment income (loss)           (91)
               
Embedded derivatives:            
GMIB reinsurance contracts  0  10,547  0  (239)
               
GWBL and other features(2)  0  0  291  32
               
Total $40,639 $12,508 $716 $(298)