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Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2014
Fair Value of Assets and Liabilities  
Schedule of assets and liabilities that are measured at fair value on a recurring and non-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, 2014.

($ 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,
2014		  

Assets

                                

Fixed income securities:

                                

U.S. government and agencies

   $ 3,240   $ 1,082   $ 6         $ 4,328  

Municipal

     —     8,227     270           8,497  

Corporate

     —     41,253     891           42,144  

Foreign government

     —     1,645     —           1,645  

ABS

     —     3,782     196           3,978  

RMBS

     —     1,206     1           1,207  

CMBS

     —     592     23           615  

Redeemable preferred stock

     —     26     —           26  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     3,240     57,813     1,387           62,440  

Equity securities

     3,787     234     83           4,104  

Short-term investments

     692     1,843     5           2,540  

Other investments: Free-standing derivatives

     —     95     2   $ (5 )   92  

Separate account assets

     4,396     —     —           4,396  

Other assets

     2     —     1           3  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring basis assets

     12,117     59,985     1,478     (5 )   73,575  

Non-recurring basis (1)

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

Total assets at fair value

   $ 12,117   $ 59,985   $ 1,487   $ (5 ) $ 73,584  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

% of total assets at fair value

     16.5 %   81.5 %   2.0 %    — %   100.0 %

Liabilities

    
 		    
 		    
 		    
 		    
 		  

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ —   $ —   $ (323 )       $ (323 )

Other liabilities: Free-standing derivatives

     (1 )   (50 )   (9 ) $ 22     (38 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities at fair value

   $ (1 ) $ (50 ) $ (332 ) $ 22   $ (361 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

% of total liabilities at fair value

     0.3 %   13.8 %   92.0 %   (6.1 )%   100.0 %
(1)
Includes $6 million of mortgage loans and $3 million of limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments.

       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, 2013:

($ 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 3). 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.
Summary of quantitative information about the significant unobservable inputs

 

 

($ in millions)


   Fair value   Valuation
technique		   Unobservable
input		   Range   Weighted
average

December 31, 2014

                      

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

   $ (278 ) Stochastic cash flow model   Projected option cost   1.0 - 2.0%   1.76%

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%
Schedule of the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis

       The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the year ended December 31, 2014.

($ in millions)

    
   Total gains (losses)
included in:		    
    
  
 
   Balance as of
December 31,
2013		   Net
income (1)		   OCI   Transfers
into
Level 3		   Transfers
out of
Level 3		  

Assets

                                

Fixed income securities:

                                

U.S. government and agencies

   $ 7   $ —   $ —   $ —   $ —  

Municipal

     343     (2 )   18     —     (17 )

Corporate

     1,109     24     (14 )   89     (125 )

ABS

     192     1     2     49     (144 )

RMBS

     2     —     —     —     —  

CMBS

     43     (1 )   —     5     (4 )

Redeemable preferred stock

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

Total fixed income securities

     1,697     22     6     143     (290 )

Equity securities

     132     22     (16 )   —     (2 )

Short-term investments

     —     —     —     —     —  

Free-standing derivatives, net

     (5 )   —     —     —     —  

Other assets

     —     1     —     —     —  

Assets held for sale

     362     (1 )   2     4     (2 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 assets

   $ 2,186   $ 44   $ (8 ) $ 147   $ (294 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Liabilities

                                

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ (307 ) $ (8 ) $ —   $ —   $ —  

Liabilities held for sale

     (246 )   17     —     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 liabilities

   $ (553 ) $ 9   $ —   $ —   $ —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​


 

 
   Sold in LBL
disposition (3)		   Purchases/
Issues (4)		   Sales   Settlements   Balance as of
December 31, 2014		  

Assets

                                

Fixed income securities:

                                

U.S. government and agencies

   $ —   $ —   $ —   $ (1 ) $ 6  

Municipal

     —     6     (74 )   (4 )   270  

Corporate

     —     64     (140 )   (116 )   891  

ABS

     —     119     —     (23 )   196  

RMBS

     —     —     —     (1 )   1  

CMBS

     4     8     (1 )   (31 )   23  

Redeemable preferred stock

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

Total fixed income securities

     4     197     (216 )   (176 )   1,387  

Equity securities

     —     83     (136 )   —     83  

Short-term investments

     —     45     (40 )   —     5  

Free-standing derivatives, net

     —     2     —     (4 )   (7 ) (2)

Other assets

     —     —     —     —     1  

Assets held for sale

     (351 )   —     (8 )   (6 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 assets

   $ (347 ) $ 327   $ (400 ) $ (186 ) $ 1,469  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Liabilities

                                

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ —   $ (14 ) $ —   $ 6   $ (323 )

Liabilities held for sale

     230     (4 )   —     3     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 liabilities

   $ 230   $ (18 ) $ —   $ 9   $ (323 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
The effect to net income totals $53 million and is reported in the Consolidated Statements of Operations as follows: $34 million in realized capital gains and losses, $13 million in net investment income, $(5) million in interest credited to contractholder funds, $15 million in life and annuity contract benefits and $(4) million in loss on disposition of operations.
(2)
Comprises $2 million of assets and $9 million of liabilities.
(3)
Includes transfers from held for sale that took place in first quarter 2014 of $4 million for CMBS and $(4) million for Assets held for sale.
(4)
Represents purchases for assets and issues for liabilities.

       The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the year ended December 31, 2013.

($ 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.

       The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the year ended December 31, 2012.

($ 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.
Schedule of gains and losses included in net income for Level 3 assets and liabilities still held at the balance sheet date

 

 

($ in millions)
    
   2014   2013   2012  

Assets

                    

Fixed income securities:

                    

Municipal

   $ (7 ) $ (19 ) $ (28 )

Corporate

     11     13     15  

ABS

     1     (1 )   —  

RMBS

     (1 )   (1 )   (1 )

CMBS

     —     (2 )   (3 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed income securities

     4     (10 )   (17 )

Equity securities

     —     —     (6 )

Free-standing derivatives, net

     5     10     6  

Other assets

     1     (1 )   —  

Assets held for sale

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

Total recurring Level 3 assets

   $ 10   $ (3 ) $ (17 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Liabilities

                    

Contractholder funds: Derivatives embedded in life and annuity contracts

   $ (8 ) $ 89   $ 168  

Liabilities held for sale

     17     20     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total recurring Level 3 liabilities

   $ 9   $ 109   $ 168  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of carrying values and fair value estimates of financial instruments not carried at fair value

 

Financial assets

($ in millions)
   December 31, 2014   December 31, 2013  
 
   Carrying
value		   Fair
value		   Carrying
value		   Fair
value		  

Mortgage loans

   $ 4,188   $ 4,446   $ 4,721   $ 4,871  

Cost method limited partnerships

     1,122     1,488     1,443     1,835  

Bank loans

     1,663     1,638     1,242     1,244  

Agent loans

     368     361     341     325  

Assets held for sale

     —     —     1,458     1,532  

 

Financial liabilities

($ in millions)
   December 31, 2014   December 31, 2013  
 
   Carrying
value		   Fair
value		   Carrying
value		   Fair
value		  

Contractholder funds on investment contracts

   $ 13,734   $ 14,390   $ 15,569   $ 16,225  

Long-term debt

     5,194     5,835     6,201     6,509  

Liability for collateral

     782     782     624     624  

Liabilities held for sale

     —     —     7,417     7,298