VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2015

VARIABLE INTEREST ENTITIES

Schedule of Consolidated Variable Interest Entities

(in millions)		Real Estate and Investment Entities(d)		Securitization Vehicles		Structured Investment Vehicle		Affordable Housing Partnerships		Other		Total
September 30, 2015
Assets:
Bonds available for sale	$	-	$	10,915	$	-	$	-	$	24	$	10,939
Other bond securities		-		6,310		451		-		37		6,798
Mortgage and other loans receivable		1		2,104		-		-		139		2,244
Other invested assets		546		583		-		2,644		23		3,796
Other (a)		54		814		73		247		91		1,279
Total assets(b)(e)	$	601	$	20,726	$	524	$	2,891	$	314	$	25,056
Liabilities:
Long-term debt	$	23	$	1,145	$	54	$	1,538	$	6	$	2,766
Other (c)		51		249		-		186		71		557
Total liabilities	$	74	$	1,394	$	54	$	1,724	$	77	$	3,323
December 31, 2014
Assets:
Bonds available for sale	$	-	$	11,459	$	-	$	-	$	35	$	11,494
Other bond securities		-		7,251		615		-		40		7,906
Mortgage and other loans receivable		-		2,398		-		-		162		2,560
Other invested assets		577		651		-		1,684		29		2,941
Other (a)		40		1,447		140		49		76		1,752
Total assets(b)	$	617	$	23,206	$	755	$	1,733	$	342	$	26,653
Liabilities:
Long-term debt	$	69	$	1,370	$	52	$	199	$	7	$	1,697
Other(c)		32		276		-		101		37		446
Total liabilities	$	101	$	1,646	$	52	$	300	$	44	$	2,143

(a) Comprised primarily of Short-term investments, Premiums and other receivables and Other assets at both September 30,2015 and December 31,2014.

(b) The assets of each VIE can be used only to settle specific obligations of that VIE.

(c) Comprised primarily of Other liabilities and Derivative liabilities, at fair value, at both September 30,2015 and December 31,2014.

(d) At September 30,2015 and December 31,2014, off-balance sheet exposure, primarily consisting of commitments to real estate and investment entities, was $127.2 million and $56.4 million, respectively.

(e) Includes the effect of consolidating previously unconsolidated partnerships.

Schedule of Unconsolidated Variable Interest Entities

			Maximum Exposure to Loss
		Total VIE		On-Balance		Off-Balance
(in millions)		Assets		Sheet(a)		Sheet	Total
September 30, 2015
Real estate and investment entities	$	21,844	$	3,179	$	393 $	3,572
Affordable housing partnerships		5,262		1,004		-	1,004
Other		1,110		242		992 (b)	1,234
Total	$	28,216	$	4,425	$	1,385 $	5,810
December 31, 2014
Real estate and investment entities	$	19,949	$	2,785	$	454 $	3,239
Affordable housing partnerships		7,911		425		-	425
Other(c)		1,959		304		992 (b)	1,296
Total	$	29,819	$	3,514	$	1,446 $	4,960

(a)At September 30,2015 and December 31,2014, $4.1 billion and $3.2 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(b) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.

(c) The On-Balance and Off-Balance sheet amounts have been revised from $32 million and $0 to $304 million and $992 million, respectively, to correct the Maximum Exposure to Loss as of December 31, 2014, which are not considered material to previously issued financial statements.