Fair Value (Tables)

9 Months Ended

Sep. 30, 2011

Financial assets and liabilities measured at fair value by level

					Fair Value Measurement Using:
			Estimated Fair		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			Value		(Level 1)		(Level 2)		(Level 3)
Assets measured at fair value:
Available for sale securities:
	Fixed maturities and fixed maturities pledged
	under securities lending agreements (1):
	Corporate bonds		$	2,766,651	$	-	$	2,625,630	$	141,021
	Mortgage backed securities			1,545,321		-		1,545,321		-
	Municipal bonds			1,422,943		-		1,422,943		-
	Commercial mortgage backed securities			1,118,905		-		1,118,905		-
	U.S. government and government agencies			1,263,665		1,263,665		-		-
	Non-U.S. government securities			837,043		-		837,043		-
	Asset backed securities			647,705		-		647,705		-
		Total		9,602,233		1,263,665		8,197,547		141,021

	Equity securities			273,213		273,157		56		-
	Other investments			229,974		-		223,974		6,000
	Short-term investments			799,662		771,217		28,445		-

Fair value option:
	Investments accounted for using the
	fair value option:
	Corporate bonds			107,215		-		107,215		-
	Non-U.S. government bonds			15,651		-		15,651		-
	Equity securities			100,719		100,719		-		-
	Other investments			95,796		-		95,796		-
		Total		319,381		100,719		218,662		-

	TALF investments			392,455		-		392,455		-
		Total assets measured at fair value	$	11,616,918	$	2,408,758	$	9,061,139	$	147,021

Liabilities measured at fair value:
Fair value option:
	TALF borrowings		$	314,137	$	-	$	314,137	$	-
	Securities sold but not yet purchased (2)			46,526		46,526		-		-
		Total liabilities measured at fair value	$	360,663	$	46,526	$	314,137	$	-

					Fair Value Measurement Using:
			Estimated Fair		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			Value		(Level 1)		(Level 2)		(Level 3)
Assets measured at fair value:
Available for sale securities:
	Fixed maturities and fixed maturities pledged
	under securities lending agreements (1):
	Corporate bonds		$	2,714,375	$	-	$	2,560,866	$	153,509
	Mortgage backed securities			1,806,813		-		1,806,813		-
	Municipal bonds			1,182,100		-		1,182,100		-
	Commercial mortgage backed securities			1,167,299		-		1,167,299		-
	U.S. government and government agencies			872,149		872,149		-		-
	Non-U.S. government securities			732,666		-		732,666		-
	Asset backed securities			558,032		-		558,032		-
		Total		9,033,434		872,149		8,007,776		153,509

	Equity securities			310,194		297,623		12,571		-
	Other investments			275,538		-		267,680		7,858
	Short-term investments			915,841		859,042		56,799		-

Fair value option:
	Investments accounted for using the
	fair value option:
	Corporate bonds			124,969		-		124,969		-
	Non-U.S. government bonds			-		-		-		-
	Equity securities			94,204		94,204		-		-
	Other investments			-		-		-		-
		Total		219,173		94,204		124,969		-

	TALF investments			402,449		-		402,449		-
		Total assets measured at fair value	$	11,156,629	$	2,123,018	$	8,872,244	$	161,367

Liabilities measured at fair value:
Fair value option:
	TALF borrowings		$	325,770	$	-	$	325,770	$	-
	Securities sold but not yet purchased (2)			41,143		41,143		-		-
		Total liabilities measured at fair value	$	366,913	$	41,143	$	325,770	$	-

Reconciliation of beginning and ending balances for all financial instruments measured at fair value using Level 3 inputs

			Fair Value Measurements Using:
			Significant Unobservable Inputs (Level 3)
			Corporate Bonds		Other Investments		Total

Three Months Ended September 30, 2011
Balance at beginning of period			$	164,456	$	7,929	$	172,385
	Total gains or (losses) (realized/unrealized)
		Included in earnings (1)		(5,742)		-		(5,742)
		Included in other comprehensive income		(17,317)		(1,929)		(19,246)
	Purchases, issuances and settlements
		Purchases		-		-		-
		Issuances		-		-		-
		Sales		-		-		-
		Settlements		(376)		-		(376)
	Transfers in and/or out of Level 3			-		-		-
Balance at end of period			$	141,021	$	6,000	$	147,021

Three Months Ended September 30, 2010
Balance at beginning of period			$	147,891	$	48,788	$	196,679
	Total gains or (losses) (realized/unrealized)
		Included in earnings (1)		2,974		1,813		4,787
		Included in other comprehensive income		18,741		1,226		19,967
	Purchases, issuances and settlements
		Purchases		-		-		-
		Issuances		-		-		-
		Sales		-		-		-
		Settlements		(1)		(42,157)		(42,158)
	Transfers in and/or out of Level 3			-		-		-
Balance at end of period			$	169,605	$	9,670	$	179,275

			Fair Value Measurements Using:
			Significant Unobservable Inputs (Level 3)
			Corporate Bonds		Other Investments		Total

Nine Months Ended September 30, 2011
Balance at beginning of period			$	153,509	$	7,858	$	161,367
	Total gains or (losses) (realized/unrealized)
		Included in earnings (1)		507		1,709		2,216
		Included in other comprehensive income		(3,763)		(2,901)		(6,664)
	Purchases, issuances and settlements
		Purchases		-		-		-
		Issuances		-		-		-
		Sales		-		(666)		(666)
		Settlements		(9,232)		-		(9,232)
	Transfers in and/or out of Level 3			-		-		-
Balance at end of period			$	141,021	$	6,000	$	147,021

Nine Months Ended September 30, 2010
Balance at beginning of period			$	178,385	$	49,668	$	228,053
	Total gains or (losses) (realized/unrealized)
		Included in earnings (1)		7,916		2,242		10,158
		Included in other comprehensive income		(5,618)		346		(5,272)
	Purchases, issuances and settlements
		Purchases		-		-		-
		Issuances		-		-		-
		Sales		-		-		-
		Settlements		(11,078)		(42,586)		(53,664)
	Transfers in and/or out of Level 3			-		-		-
Balance at end of period			$	169,605	$	9,670	$	179,275

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details