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Investments (Tables)
 12 Months Ended
Dec. 31, 2013
Investments  
Schedule for fixed income securities at amortized cost, gross unrealized gains and losses and fair value
   
   Gross unrealized    
  
  Amortized
cost		   Fair
value		  
($ in millions)
 
   Gains   Losses  

December 31, 2013

                          

U.S. government and agencies

   $ 2,791   $ 129   $ (7 ) $ 2,913  

Municipal

     8,446     364     (87 )   8,723  

Corporate

     39,331     1,659     (387 )   40,603  

Foreign government

     1,736     99     (11 )   1,824  

ABS

     4,491     71     (44 )   4,518  

RMBS

     1,403     101     (30 )   1,474  

CMBS

     788     48     (7 )   829  

Redeemable preferred stock

     22     4     —     26  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

   $ 59,008   $ 2,475   $ (573 ) $ 60,910  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

December 31, 2012

    
 		    
 		    
 		    
 		  

U.S. government and agencies

   $ 4,387   $ 326   $ —   $ 4,713  

Municipal

     12,139     1,038     (108 )   13,069  

Corporate

     44,943     3,721     (127 )   48,537  

Foreign government

     2,290     228     (1 )   2,517  

ABS

     3,623     108     (107 )   3,624  

RMBS

     3,000     142     (110 )   3,032  

CMBS

     1,510     65     (77 )   1,498  

Redeemable preferred stock

     23     4     —     27  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

   $ 71,915   $ 5,632   $ (530 ) $ 77,017  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Schedule for fixed income securities based on contractual maturities

The scheduled maturities for fixed income securities are as follows as of December 31, 2013:

($ in millions)
 
   Amortized
cost		   Fair
value		  

Due in one year or less

   $ 2,661   $ 2,699  

Due after one year through five years

     24,065     24,781  

Due after five years through ten years

     16,770     17,293  

Due after ten years

     8,830     9,316  
           
​ ​ ​ ​ ​ ​ ​ ​

 

     52,326     54,089  

ABS, RMBS and CMBS

     6,682     6,821  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 59,008   $ 60,910  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of net investment income
($ in millions)
   2013   2012   2011  

Fixed income securities

   $ 2,921   $ 3,234   $ 3,484  

Equity securities

     149     127     122  

Mortgage loans

     372     374     359  

Limited partnership interests (1)

     541     348     88  

Short-term investments

     5     6     6  

Other

     161     132     95  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investment income, before expense

     4,149     4,221     4,154  

Investment expense

     (206 )   (211 )   (183 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net investment income

   $ 3,943   $ 4,010   $ 3,971  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
(1)
Income from EMA limited partnerships is reported in net investment income in 2013 and 2012 and realized capital gains and losses in 2011.
Schedule of realized capital gains and losses by asset type
($ in millions)
   2013   2012   2011  

Fixed income securities

   $ 262   $ 107   $ 712  

Equity securities

     327     183     63  

Mortgage loans

     20     8     (27 )

Limited partnership interests (1)

     (5 )   13     159  

Derivatives

     (10 )   23     (397 )

Other

     —     (7 )   (7 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Realized capital gains and losses

   $ 594   $ 327   $ 503  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
(1)
Income from EMA limited partnerships is reported in net investment income in 2013 and 2012 and realized capital gains and losses in 2011.
Schedule of realized capital gains and losses by transaction type

 

 

($ in millions)
   2013   2012   2011  

Impairment write-downs

   $ (72 ) $ (185 ) $ (496 )

Change in intent write-downs

     (143 )   (48 )   (100 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net other-than-temporary impairment losses recognized in earnings

     (215 )   (233 )   (596 )

Sales

     819     536     1,336  

Valuation of derivative instruments

     (6 )   (11 )   (291 )

Settlements of derivative instruments

     (4 )   35     (105 )

EMA limited partnership income

     —     —     159  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Realized capital gains and losses

   $ 594   $ 327   $ 503  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Schedule of other-than-temporary impairment losses by asset type
($ in millions)
   2013   2012   2011  
 
   Gross   Included
in OCI		   Net   Gross   Included
in OCI		   Net   Gross   Included
in OCI		   Net  

Fixed income securities:

                                                        

Municipal

   $ (24 ) $ (5 ) $ (29 ) $ (42 ) $ 9   $ (33 ) $ (59 ) $ (3 ) $ (62 )

Corporate

     —     —     —     (21 )   (2 )   (23 )   (30 )   6     (24 )

Foreign government

     —     —     —     —     —     —     (1 )   —     (1 )

ABS

     —     (2 )   (2 )   —     —     —     (9 )   2     (7 )

RMBS

     (3 )   2     (1 )   (65 )   (4 )   (69 )   (196 )   (39 )   (235 )

CMBS

     (32 )   (3 )   (35 )   (22 )   3     (19 )   (66 )   1     (65 )
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     (59 )   (8 )   (67 )   (150 )   6     (144 )   (361 )   (33 )   (394 )

Equity securities

     (137 )   —     (137 )   (75 )   —     (75 )   (139 )   —     (139 )

Mortgage loans

     11     —     11     5     —     5     (37 )   —     (37 )

Limited partnership interests

     (18 )   —     (18 )   (8 )   —     (8 )   (6 )   —     (6 )

Other

     (4 )   —     (4 )   (11 )   —     (11 )   (20 )   —     (20 )
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other-than-temporary impairment losses

   $ (207 ) $ (8 ) $ (215 ) $ (239 ) $ 6   $ (233 ) $ (563 ) $ (33 ) $ (596 )
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       
Schedule of other-than-temporary impairment losses on fixed income securities included in Accumulated Other Comprehensive Income
($ in millions)
   December 31,
2013		   December 31,
2012		  

Municipal

   $ (9 ) $ (20 )

Corporate

     —     (1 )

ABS

     (10 )   (14 )

RMBS

     (152 )   (182 )

CMBS

     (12 )   (19 )
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ (183 ) $ (236 )
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of credit losses on fixed income securities recognized in earnings
($ in millions)
   2013   2012   2011  

Beginning balance

   $ (617 ) $ (944 ) $ (1,046 )

Additional credit loss for securities previously other-than-temporarily impaired

     (30 )   (58 )   (152 )

Additional credit loss for securities not previously other-than-temporarily impaired

     (19 )   (50 )   (150 )

Reduction in credit loss for securities disposed or collected

     150     427     379  

Reduction in credit loss for securities the Company has made the decision to sell or more likely than not will be required to sell

     2     7     15  

Change in credit loss due to accretion of increase in cash flows

     1     1     10  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending balance (1)

   $ (513 ) $ (617 ) $ (944 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
(1)
The December 31, 2013 ending balance includes $60 million of cumulative credit losses recognized in earnings for fixed income securities that are classified as held for sale.
Schedule of unrealized net capital gains and losses

 

 

 
    
   Gross unrealized    
  
 
   Fair
value		   Unrealized net
gains (losses)		  
($ in millions)
December 31, 2013
   Gains   Losses  

Fixed income securities

   $ 60,910   $ 2,475   $ (573 ) $ 1,902  

Equity securities

     5,097     658     (34 )   624  

Short-term investments

     2,393     —     —     —  

Derivative instruments (1)

     (13 )   1     (19 )   (18 )

EMA limited partnerships (2)

                       (3 )

Investments classified as held for sale

                       190  
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized net capital gains and losses, pre-tax

                       2,695  

Amounts recognized for:

                          

Insurance reserves (3)

                       —  

DAC and DSI (4)

                       (158 )
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Amounts recognized

                       (158 )

Deferred income taxes

                       (891 )
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized net capital gains and losses, after-tax

                     $ 1,646  
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                         
(1)
Included in the fair value of derivative instruments are $1 million classified as assets and $14 million classified as liabilities.
(2)
Unrealized net capital gains and losses for limited partnership interests represent the Company's share of EMA limited partnerships' other comprehensive income. Fair value and gross gains and losses are not applicable.
(3)
The insurance reserves adjustment represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product portfolios were realized and reinvested at current lower interest rates, resulting in a premium deficiency. Although the Company evaluates premium deficiencies on the combined performance of life insurance and immediate annuities with life contingencies, the adjustment primarily relates to structured settlement annuities with life contingencies, in addition to annuity buy-outs and certain payout annuities with life contingencies.
(4)
The DAC and DSI adjustment balance represents the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized.

 
    
   Gross unrealized    
  
 
   Fair
value		   Unrealized net
gains (losses)		  
($ in millions)
December 31, 2012
   Gains   Losses  

Fixed income securities

   $ 77,017   $ 5,632   $ (530 ) $ 5,102  

Equity securities

     4,037     494     (34 )   460  

Short-term investments

     2,336     —     —     —  

Derivative instruments (1)

     (17 )   2     (24 )   (22 )

EMA limited partnerships

                       7  
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized net capital gains and losses, pre-tax

                       5,547  

Amounts recognized for:

                          

Insurance reserves

                       (771 )

DAC and DSI

                       (412 )
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Amounts recognized

                       (1,183 )

Deferred income taxes

                       (1,530 )
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrealized net capital gains and losses, after-tax

                     $ 2,834  
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                         
(1)
Included in the fair value of derivative instruments are $2 million classified as assets and $19 million classified as liabilities.
Schedule of change in unrealized net capital gains and losses

 

 

($ in millions)
   2013   2012   2011  

Fixed income securities

   $ (3,200 ) $ 2,368   $ 1,908  

Equity securities

     164     300     (423 )

Derivative instruments

     4     (5 )   5  

EMA limited partnerships

     (10 )   5     2  

Investments classified as held for sale

     190     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

     (2,852 )   2,668     1,492  

Amounts recognized for:

                    

Insurance reserves

     771     (177 )   (585 )

DAC and DSI

     254     (288 )   (209 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Amounts recognized

     1,025     (465 )   (794 )

Deferred income taxes

     639     (769 )   (246 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

(Decrease) increase in unrealized net capital gains and losses, after-tax

   $ (1,188 ) $ 1,434   $ 452  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Schedule of gross unrealized losses and fair value of available for sale securities by length of time
($ in millions)
   Less than 12 months   12 months or more    
  
 
   Number
of issues		   Fair
value		   Unrealized
losses		   Number
of issues		   Fair
value		   Unrealized
losses		   Total
unrealized
losses		  

December 31, 2013

                                            

Fixed income securities

                                            

U.S. government and agencies

     22   $ 700   $ (7 )   —   $ —   $ —   $ (7 )

Municipal

     315     2,065     (41 )   38     208     (46 )   (87 )

Corporate

     796     10,375     (308 )   54     550     (79 )   (387 )

Foreign government

     36     262     (9 )   1     18     (2 )   (11 )

ABS

     85     1,715     (10 )   43     429     (34 )   (44 )

RMBS

     134     149     (4 )   175     247     (26 )   (30 )

CMBS

     8     22     —     7     52     (7 )   (7 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     1,396     15,288     (379 )   318     1,504     (194 )   (573 )

Equity securities

     158     982     (34 )   1     —     —     (34 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income and equity securities

     1,554   $ 16,270   $ (413 )   319   $ 1,504   $ (194 ) $ (607 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

Investment grade fixed income securities

     1,217   $ 14,019   $ (340 )   221   $ 975   $ (116 ) $ (456 )

Below investment grade fixed income securities

     179     1,269     (39 )   97     529     (78 )   (117 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     1,396   $ 15,288   $ (379 )   318   $ 1,504   $ (194 ) $ (573 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

December 31, 2012

                                            

Fixed income securities

                                            

U.S. government and agencies

     6   $ 85   $ —     —   $ —   $ —   $ —  

Municipal

     130     1,012     (13 )   80     717     (95 )   (108 )

Corporate

     133     1,989     (33 )   70     896     (94 )   (127 )

Foreign government

     22     190     (1 )   —     —     —     (1 )

ABS

     12     145     (1 )   77     794     (106 )   (107 )

RMBS

     117     50     (1 )   336     638     (109 )   (110 )

CMBS

     11     68     —     44     357     (77 )   (77 )

Redeemable preferred stock

     —     —     —     1     —     —     —  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     431     3,539     (49 )   608     3,402     (481 )   (530 )

Equity securities

     803     284     (27 )   96     69     (7 )   (34 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income and equity securities

     1,234   $ 3,823   $ (76 )   704   $ 3,471   $ (488 ) $ (564 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

Investment grade fixed income securities

     387   $ 3,141   $ (39 )   409   $ 2,172   $ (217 ) $ (256 )

Below investment grade fixed income securities

     44     398     (10 )   199     1,230     (264 )   (274 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     431   $ 3,539   $ (49 )   608   $ 3,402   $ (481 ) $ (530 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               
Principal geographic distribution of commercial real estate represented in the mortgage portfolio
(% of mortgage loan portfolio carrying value)
   2013   2012  

California

     23.0 %   23.6 %

Illinois

     10.0     8.1  

New Jersey

     6.8     6.2  

Texas

     6.3     6.4  

New York

     6.0     6.4  

Florida

     5.7     4.7  

District of Columbia

     5.3     3.8  
Types of property collateralizing the mortgage loans
(% of mortgage loan portfolio carrying value)
   2013   2012  

Office buildings

     26.5 %   26.6 %

Apartment complex

     23.2     20.6  

Retail

     21.0     22.7  

Warehouse

     18.0     19.7  

Other

     11.3     10.4  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

     100.0 %   100.0 %
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Contractual maturities of the commercial mortgage loan portfolio
($ in millions)
 
   Number of
loans		   Carrying
value		   Percent  

2014

     23   $ 336     7.1 %

2015

     38     628     13.3  

2016

     46     548     11.6  

2017

     42     475     10.1  

Thereafter

     204     2,734     57.9  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

     353   $ 4,721     100.0 %
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Carrying value of non-impaired fixed and variable rate mortgage loans by debt service coverage ratio distribution
($ in millions)
   2013   2012  
Debt service coverage ratio distribution
   Fixed rate
mortgage
loans		   Variable rate
mortgage
loans		   Total   Fixed rate
mortgage
loans		   Variable rate
mortgage
loans		   Total  

Below 1.0

   $ 153   $ —   $ 153   $ 267   $ —   $ 267  

1.0 - 1.25

     613     —     613     1,208     20     1,228  

1.26 - 1.50

     1,233     2     1,235     1,458     46     1,504  

Above 1.50

     2,562     77     2,639     3,268     148     3,416  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total non-impaired mortgage loans

   $ 4,561   $ 79   $ 4,640   $ 6,201   $ 214   $ 6,415  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           
Net carrying value of impaired mortgage loans
($ in millions)
   2013   2012  

Impaired mortgage loans with a valuation allowance

   $ 81   $ 147  

Impaired mortgage loans without a valuation allowance

     —     8  
           
​ ​ ​ ​ ​ ​ ​ ​

Total impaired mortgage loans

   $ 81   $ 155  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Valuation allowance on impaired mortgage loans

   $ 21   $ 42  
Valuation allowance on impaired mortgage loans
($ in millions)
   2013   2012   2011  

Beginning balance

   $ 42   $ 63   $ 84  

Net (decrease) increase in valuation allowance

     (11 )   (5 )   37  

Charge offs

     (8 )   (16 )   (58 )

Mortgage loans classified as held for sale

     (2 )   —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending balance

   $ 21   $ 42   $ 63  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Carrying value of past due mortgage loans
($ in millions)
   2013   2012  

Less than 90 days past due

   $ —   $ 21  

90 days or greater past due

     —     4  
           
​ ​ ​ ​ ​ ​ ​ ​

Total past due

     —     25  

Current loans

     4,721     6,545  
           
​ ​ ​ ​ ​ ​ ​ ​

Total mortgage loans

   $ 4,721   $ 6,570  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Principal geographic distribution of municipal bond
(% of municipal bond portfolio carrying value)
   2013   2012  

Texas

     8.7 %   8.2 %

California

     8.0     8.1  

Florida

     6.3     6.5  

New York

     6.3     5.9