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Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2013
Fair Value of Assets and Liabilities  
Schedule of assets and liabilities that are measured at fair value on a recurring and non-recurring basis
($ in millions)





   Quoted prices
in active
markets for
identical
assets
(Level 1)		   Significant
other
observable
inputs
(Level 2)		   Significant
unobservable
inputs
(Level 3)		   Counterparty
and cash
collateral
netting		   Balance
as of
December 31,
2013		  

Assets

                                

Fixed income securities:

                                

U.S. government and agencies

   $ 1,801   $ 1,105   $ 7         $ 2,913  

Municipal

     —     8,380     343           8,723  

Corporate

     —     39,494     1,109           40,603  

Foreign government

     —     1,824     —           1,824  

ABS

     —     4,326     192           4,518  

RMBS

     —     1,472     2           1,474  

CMBS

     —     786     43           829  

Redeemable preferred stock

     —     25     1           26  
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     1,801     57,412     1,697           60,910  

Equity securities

     4,268     697     132           5,097  

Short-term investments

     752     1,626     15           2,393  

Other investments: Free-standing derivatives

     —     284     9   $ (24 )   269  

Separate account assets

     5,039     —     —           5,039  

Other assets

     1     —     —           1  

Assets held for sale

     1,854     9,812     362           12,028  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring basis assets

     13,715     69,831     2,215     (24 )   85,737  

Non-recurring basis (1)

     —     —     24           24  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets at fair value

   $ 13,715   $ 69,831   $ 2,239   $ (24 ) $ 85,761  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

% of total assets at fair value

     16.0 %   81.4 %   2.6 %    — %   100.0 %

Liabilities

    
 		    
 		    
 		    
 		    
 		  

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ —   $ —   $ (307 )       $ (307 )

Other liabilities: Free-standing derivatives

     —     (194 )   (14 ) $ 11     (197 )

Liabilities held for sale

     —     —     (246 )         (246 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring basis liabilities

     —     (194 )   (567 )   11     (750 )

Non-recurring basis (2)

     —     —     (11,088 )         (11,088 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities at fair value

   $ —   $ (194 ) $ (11,655 ) $ 11   $ (11,838 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

% of total liabilities at fair value

      — %   1.6 %   98.5 %   (0.1 )%   100.0 %
(1)
Includes $8 million of mortgage loans and $16 million of limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments.
(2)
Relates to LBL business held for sale (see Note 4). The total fair value measurement includes $15,593 million of assets held for sale and $(14,899) million of liabilities held for sale, less $12,028 million of assets and $(246) million of liabilities measured at fair value on a recurring basis.

       The following table summarizes the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2012.

($ in millions)





   Quoted prices
in active
markets for
identical
assets
(Level 1)		   Significant
other
observable
inputs
(Level 2)		   Significant
unobservable
inputs
(Level 3)		   Counterparty
and cash
collateral
netting		   Balance
as of
December 31,
2012		  

Assets

                                

Fixed income securities:

                                

U.S. government and agencies

   $ 2,790   $ 1,915   $ 8         $ 4,713  

Municipal

     —     12,104     965           13,069  

Corporate

     —     46,920     1,617           48,537  

Foreign government

     —     2,517     —           2,517  

ABS

     —     3,373     251           3,624  

RMBS

     —     3,029     3           3,032  

CMBS

     —     1,446     52           1,498  

Redeemable preferred stock

     —     26     1           27  
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     2,790     71,330     2,897           77,017  

Equity securities

     3,008     858     171           4,037  

Short-term investments

     703     1,633     —           2,336  

Other investments: Free-standing derivatives

     —     187     3   $ (57 )   133  

Separate account assets

     6,610     —     —           6,610  

Other assets

     5     —     1           6  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring basis assets

     13,116     74,008     3,072     (57 )   90,139  

Non-recurring basis (1)

     —     —     9           9  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets at fair value

   $ 13,116   $ 74,008   $ 3,081   $ (57 ) $ 90,148  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

% of total assets at fair value

     14.6 %   82.1 %   3.4 %   (0.1 )%   100.0 %

Liabilities

    
 		    
 		    
 		    
 		    
 		  

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ —   $ —   $ (553 )       $ (553 )

Other liabilities: Free-standing derivatives

     —     (98 )   (30 ) $ 33     (95 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities at fair value

   $ —   $ (98 ) $ (583 ) $ 33   $ (648 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

% of total liabilities at fair value

      — %   15.1 %   90.0 %   (5.1 )%   100.0 %
(1)
Includes $4 million of mortgage loans, $4 million of limited partnership interests and $1 million of other investments written-down to fair value in connection with recognizing other-than-temporary impairments.
Summary of quantitative information about the significant unobservable inputs
($ in millions)


   Fair value   Valuation
technique		   Unobservable
input		   Range   Weighted
average

December 31, 2013

                      

Derivatives embedded in life and annuity contracts — Equity-indexed and forward starting options

   $ (247 ) Stochastic cash flow model   Projected option cost   1.0 - 2.0%   1.75%

Liabilities held for sale — Equity-indexed and forward starting options

  
$
(246
)

Stochastic cash flow model

  

Projected option cost

  

1.0 - 2.0%

  

1.91%

December 31, 2012

    
 		  

 

  

 

  

 

  

 

ARS backed by student loans

   $ 394   Discounted cash flow model   Anticipated date liquidity will return to the market   18 - 60 months   31 - 43 months

Derivatives embedded in life and annuity contracts — Equity-indexed and forward starting options

  
$
(419
)

Stochastic cash flow model

  

Projected option cost

  

1.0 - 2.0%

  

1.92%
Schedule of the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis
($ in millions)

    
   Total gains (losses)
included in:		    
    
  
 
   Balance as of
December 31,
2012		   Net
income (1)		   OCI   Transfers
into
Level 3		   Transfers
out of
Level 3		  

Assets

                                

Fixed income securities:

                                

U.S. government and agencies

   $ 8   $ —   $ —   $ —   $ —  

Municipal

     965     (33 )   47     6     (63 )

Corporate

     1,617     35     (32 )   84     (323 )

ABS

     251     —     29     29     (86 )

RMBS

     3     —     —     —     —  

CMBS

     52     (1 )   2     4     —  

Redeemable preferred stock

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

Total fixed income securities

     2,897     1     46     123     (472 )

Equity securities

     171     3     7     —     —  

Free-standing derivatives, net

     (27 )   19     —     —     —  

Other assets

     1     (1 )   —     —     —  

Assets held for sale

     —     (2 )   (6 )   13     (13 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 assets

   $ 3,042   $ 20   $ 47   $ 136   $ (485 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Liabilities

                                

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ (553 ) $ 89   $ —   $ —   $ —  

Liabilities held for sale

     —     20     —     —     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 liabilities

   $ (553 ) $ 109   $ —   $ —   $ —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       


 

 
   Transfer to
held for sale		   Purchases/
Issues (2)		   Sales   Settlements   Balance as of
December 31,
2013		  

Assets

                                

Fixed income securities:

                                

U.S. government and agencies

   $ —   $ —   $ —   $ (1 ) $ 7  

Municipal

     (51 )   55     (558 )   (25 )   343  

Corporate

     (244 )   504     (389 )   (143 )   1,109  

ABS

     (85 )   174     (82 )   (38 )   192  

RMBS

     —     —     —     (1 )   2  

CMBS

     (5 )   11     (19 )   (1 )   43  

Redeemable preferred stock

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

Total fixed income securities

     (385 )   744     (1,048 )   (209 )   1,697  

Equity securities

     —     1     (50 )   —     132  

Free-standing derivatives, net

     —     9     —     (6 )   (5 ) (3)

Other assets

     —     —     —     —     —  

Assets held for sale

     385     —     (10 )   (5 )   362  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 assets

   $ —   $ 754   $ (1,108 ) $ (220 ) $ 2,186  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Liabilities

                                

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ 265   $ (111 ) $ —   $ 3   $ (307 )

Liabilities held for sale

     (265 )   (6 )   —     5     (246 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 liabilities

   $ —   $ (117 ) $ —   $ 8   $ (553 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(1)
The effect to net income totals $129 million and is reported in the Consolidated Statements of Operations as follows: $3 million in realized capital gains and losses, $18 million in net investment income, $40 million in interest credited to contractholder funds, $74 million in life and annuity contract benefits and $(6) million in loss on disposition of operations.
(2)
Represents purchases for assets and issues for liabilities.
(3)
Comprises $9 million of assets and $14 million of liabilities.

       

($ in millions)

    
   Total gains (losses)
included in:		    
    
  
 
   Balance as of
December 31,
2011		   Net
income (1)		   OCI   Transfers
into
Level 3		   Transfers
out of
Level 3		  

Assets

                                

Fixed income securities:

                                

U.S. government and agencies

   $ —   $ —   $ —   $ 8   $ —  

Municipal

     1,332     (35 )   76     53     (28 )

Corporate

     1,405     20     68     387     (92 )

ABS

     297     26     61     43     (81 )

RMBS

     51     —     —     —     (47 )

CMBS

     60     (4 )   9     —     (5 )

Redeemable preferred stock

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

Total fixed income securities

     3,146     7     214     491     (253 )

Equity securities

     43     (7 )   9     —     —  

Free-standing derivatives, net

     (95 )   27     —     —     —  

Other assets

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

Total recurring Level 3 assets

   $ 3,095   $ 27   $ 223   $ 491   $ (253 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Liabilities

                                

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ (723 ) $ 168   $ —   $ —   $ —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 liabilities

   $ (723 ) $ 168   $ —   $ —   $ —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

 

 
   Purchases   Sales   Issues   Settlements   Balance as of
December 31,
2012		  

Assets

                                

Fixed income securities:

                                

U.S. government and agencies

   $ —   $ —   $ —   $ —   $ 8  

Municipal

     46     (463 )   —     (16 )   965  

Corporate

     276     (310 )   —     (137 )   1,617  

ABS

     155     (217 )   —     (33 )   251  

RMBS

     —     —     —     (1 )   3  

CMBS

     34     (27 )   —     (15 )   52  

Redeemable preferred stock

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

Total fixed income securities

     512     (1,018 )   —     (202 )   2,897  

Equity securities

     164     (38 )   —     —     171  

Free-standing derivatives, net

     27     —     —     14     (27 ) (2)

Other assets

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

Total recurring Level 3 assets

   $ 703   $ (1,056 ) $ —   $ (188 ) $ 3,042  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Liabilities

                                

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ —   $ —   $ (79 ) $ 81   $ (553 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 liabilities

   $ —   $ —   $ (79 ) $ 81   $ (553 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(1)
The effect to net income totals $195 million and is reported in the Consolidated Statements of Operations as follows: $27 million in net investment income, $132 million in interest credited to contractholder funds and $36 million in life and annuity contract benefits.
(2)
Comprises $3 million of assets and $30 million of liabilities

($ in millions)

    
   Total gains (losses)
included in:		    
    
  
 
   Balance as of
December 31,
2010		   Net
income (1)		   OCI   Transfers
into
Level 3		   Transfers
out of
Level 3		  

Assets

                                

Fixed income securities:

                                

Municipal

   $ 2,016   $ (44 ) $ 54   $ 70   $ (82 )

Corporate

     1,908     62     (44 )   239     (523 )

ABS

     2,417     23     (65 )   —     (2,137 )

RMBS

     1,794     (86 )   107     —     (1,256 )

CMBS

     923     (43 )   113     86     (966 )

Redeemable preferred stock

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

Total fixed income securities

     9,059     (88 )   165     395     (4,964 )

Equity securities

     63     (10 )   —     —     (10 )

Free-standing derivatives, net

     (21 )   (91 )   —     —     —  

Other assets

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

Total recurring Level 3 assets

   $ 9,102   $ (189 ) $ 165   $ 395   $ (4,974 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Liabilities

                                

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ (653 ) $ (134 ) $ —   $ —   $ —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 liabilities

   $ (653 ) $ (134 ) $ —   $ —   $ —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

 

 
   Purchases   Sales   Issues   Settlements   Balance as of
December 31,
2011		  

Assets

                                

Fixed income securities:

                                

Municipal

   $ 14   $ (689 ) $ —   $ (7 ) $ 1,332  

Corporate

     387     (537 )   —     (87 )   1,405  

ABS

     504     (169 )   —     (276 )   297  

RMBS

     4     (378 )   —     (134 )   51  

CMBS

     17     (66 )   —     (4 )   60  

Redeemable preferred stock

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

Total fixed income securities

     926     (1,839 )   —     (508 )   3,146  

Equity securities

     1     (1 )   —     —     43  

Free-standing derivatives, net

     70     —     —     (53 )   (95 ) (2)

Other assets

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

Total recurring Level 3 assets

   $ 997   $ (1,840 ) $ —   $ (561 ) $ 3,095  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Liabilities

                                

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ —   $ —   $ (100 ) $ 164   $ (723 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 liabilities

   $ —   $ —   $ (100 ) $ 164   $ (723 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(1)
The effect to net income totals $(323) million and is reported in the Consolidated Statements of Operations as follows: $(221) million in realized capital gains and losses, $36 million in net investment income, $(106) million in interest credited to contractholder funds and $(32) million in life and annuity contract benefits.
(2)
Comprises $1 million of assets and $96 million of liabilities.
Schedule of gains and losses included in net income for Level 3 assets and liabilities still held at the balance sheet date
 
    
    
    
  
($ in millions)
    
   2013   2012   2011  

Assets

                    

Fixed income securities:

                    

Municipal

   $ (19 ) $ (28 ) $ (28 )

Corporate

     13     15     20  

ABS

     (1 )   —     (33 )

RMBS

     (1 )   (1 )   —  

CMBS

     (2 )   (3 )   (11 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     (10 )   (17 )   (52 )

Equity securities

     —     (6 )   (10 )

Free-standing derivatives, net

     10     6     (41 )

Other assets

     (1 )   —     —  

Assets held for sale

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

Total recurring Level 3 assets

   $ (3 ) $ (17 ) $ (103 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Liabilities

                    

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ 89   $ 168   $ (134 )

Liabilities held for sale

     20     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 liabilities

   $ 109   $ 168   $ (134 )
               
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Schedule of carrying values and fair value estimates of financial instruments not carried at fair value

Financial assets

($ in millions)
   December 31, 2013   December 31, 2012  
 
   Carrying
value		   Fair
value		   Carrying
value		   Fair
value		  

Mortgage loans

   $ 4,721   $ 4,871   $ 6,570   $ 6,886  

Cost method limited partnerships

     1,443     1,835     1,406     1,714  

Bank loans

     1,242     1,244     682     684  

Agent loans

     341     325     319     314  

Assets held for sale

     1,458     1,532     —     —  

     Financial liabilities

($ in millions)
   December 31, 2013   December 31, 2012  
 
   Carrying
value		   Fair
value		   Carrying
value		   Fair
value		  

Contractholder funds on investment contracts

   $ 15,569   $ 16,225   $ 27,014   $ 28,019  

Long-term debt

     6,201     6,509     6,057     7,141  

Liability for collateral

     624     624     808     808  

Liabilities held for sale

     7,417     7,298     —     —