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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements [Abstract]

Carrying and Estimated Fair Values of Financial Instruments

		As of December 31,
		2011				2010
		Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
Assets
AFS securities:
	Fixed maturity securities	$	75,433	$	75,433	$	68,030	$	68,030
	VIEs' fixed maturity securities		700		700		584		584
	Equity securities		139		139		197		197
Trading securities			2,675		2,675		2,596		2,596
Mortgage loans on real estate			6,942		7,608		6,752		7,183
Derivative investments			3,151		3,151		1,076		1,076
Other investments			1,069		1,069		1,038		1,038
Cash and invested cash			4,510		4,510		2,741		2,741
Separate account assets			83,477		83,477		84,630		84,630

Liabilities
Future contract benefits:
	Indexed annuity contracts embedded derivatives		(399)		(399)		(497)		(497)
	GLB reserves embedded derivatives		(2,217)		(2,217)		(408)		(408)
Other contract holder funds:
	Remaining guaranteed interest and similar contracts		(1,114)		(1,114)		(1,108)		(1,108)
	Account values of certain investment contracts		(27,468)		(30,812)		(26,130)		(27,142)
Short-term debt⁽¹⁾			(300)		(309)		(351)		(364)
Long-term debt			(5,391)		(5,025)		(5,399)		(5,512)
Reinsurance related embedded derivatives			(168)		(168)		(102)		(102)
VIEs' liabilities - derivative instruments			(291)		(291)		(209)		(209)
Other liabilities:
	Deferred compensation plans embedded derivatives		(354)		(354)		(363)		(363)
	Credit default swaps		(16)		(16)		(16)		(16)

Benefit Plans' Assets⁽²⁾			1,345		1,345		1,269		1,269

Fair Value of Assets and Liabilities on a Recurring Basis

					As of December 31, 2011
					Quoted
					Prices
					in Active
				Markets for				Significant			Significant
					Identical		Observable			Unobservable			Total
					Assets			Inputs			Inputs		Fair
					(Level 1)			(Level 2)			(Level 3)		Value
Assets
Investments:
	Fixed maturity AFS securities:
		Corporate bonds			$	63		$	57,310		$	1,888	$	59,261
		U.S. Government bonds				475			18			1		494
		Foreign government bonds				-			636			97		733
		RMBS				-			7,881			158		8,039
		CMBS				-			1,566			34		1,600
		CDOs				-			-			102		102
		State and municipal bonds				-			4,047			-		4,047
		Hybrid and redeemable preferred securities				15			1,042			100		1,157
		VIEs' fixed maturity securities				108			592			-		700
	Equity AFS securities					37			46			56		139
	Trading securities					2			2,605			68		2,675
	Derivative investments					-			681			2,470		3,151
Cash and invested cash						-			4,510			-		4,510
Separate account assets						-			83,477			-		83,477
			Total assets		$	700		$	164,411		$	4,974	$	170,085

Liabilities
Future contract benefits:
	Indexed annuity contracts embedded derivatives				$	-		$	-		$	(399)	$	(399)
	GLB reserves embedded derivatives					-			-			(2,217)		(2,217)
Long-term debt - interest rate swap agreements						-			(319)			-		(319)
Reinsurance related embedded derivatives						-			(168)			-		(168)
VIEs' liabilities - derivative instruments						-			-			(291)		(291)
Other liabilities:
	Deferred compensation plans embedded derivatives					-			-			(354)		(354)
	Credit default swaps					-			-			(16)		(16)
			Total liabilities		$	-		$	(487)		$	(3,277)	$	(3,764)

Benefit Plans' Assets					$	99		$	1,246		$	-	$	1,345

					As of December 31, 2010
					Quoted
					Prices
					in Active
				Markets for				Significant			Significant
					Identical		Observable			Unobservable			Total
					Assets			Inputs			Inputs		Fair
					(Level 1)			(Level 2)			(Level 3)		Value
Assets
Investments:
	Fixed maturity AFS securities:
		Corporate bonds			$	60		$	49,864		$	1,816	$	51,740
		U.S. Government bonds				160			3			2		165
		Foreign government bonds				-			395			113		508
		RMBS				-			8,719			119		8,838
		CMBS				-			1,944			109		2,053
		CDOs				-			2			172		174
		State and municipal bonds				-			3,155			-		3,155
		Hybrid and redeemable preferred securities				18			1,260			119		1,397
		VIEs' fixed maturity securities				-			584			-		584
	Equity AFS securities					37			68			92		197
	Trading securities					2			2,518			76		2,596
	Derivative investments					-			(419)			1,495		1,076
Cash and invested cash						-			2,741			-		2,741
Separate account assets						-			84,630			-		84,630
			Total assets		$	277		$	155,464		$	4,113	$	159,854

Liabilities
Future contract benefits:
	Indexed annuity contracts embedded derivatives				$	-		$	-		$	(497)	$	(497)
	GLB reserves embedded derivatives					-			-			(408)		(408)
Long-term debt - interest rate swap agreements						-			(55)			-		(55)
Reinsurance related embedded derivatives						-			(102)			-		(102)
VIEs' liabilities - derivative instruments						-			-			(209)		(209)
Other liabilities:
	Deferred compensation plans embedded derivatives					-			-			(363)		(363)
	Credit default swaps					-			-			(16)		(16)
			Total liabilities		$	-		$	(157)		$	(1,493)	$	(1,650)

Benefit Plans' Assets					$	116		$	1,113		$	40	$	1,269

Level 3 Unobservable Input Reconciliation

					For the Year Ended December 31, 2011
											Purchases,
									Gains		Issuances,			Transfers
							Items		(Losses)		Sales,			In or
							Included		in		Maturities,			Out
					Beginning		in		OCI		Settlements,			of		Ending
					Fair		Net		and			Calls,		Level 3,		Fair
					Value		Income		Other⁽¹⁾			Net		Net⁽²⁾		Value
Investments:⁽³⁾
	Fixed maturity AFS securities:
		Corporate bonds			$	1,816	$	2	$	42		$	(138)	$	166	$	1,888
		U.S. Government bonds				2		-		-			(1)		-		1
		Foreign government bonds				113		-		4			(3)		(17)		97
		RMBS				119		(3)		7			35		-		158
		CMBS				109		(62)		62			(78)		3		34
		CDOs				172		19		(17)			(72)		-		102
		Hybrid and redeemable
			preferred securities			119		(1)		(6)			(9)		(3)		100
	Equity AFS securities					92		8		(12)			1		(33)		56
	Trading securities					76		1		3			(8)		(4)		68
	Derivative investments					1,495		495		363			117		-		2,470
Future contract benefits:⁽⁴⁾
	Indexed annuity contracts embedded
		derivatives				(497)		5		-			93		-		(399)
	GLB reserves embedded derivatives					(408)		(1,809)		-			-		-		(2,217)
VIEs' liabilities - derivative
	instruments⁽⁵⁾					(209)		(82)		-			-		-		(291)
Other liabilities:
	Deferred compensation plans embedded
		derivatives⁽⁶⁾				(363)		(11)		-			20		-		(354)
	Credit default swaps⁽⁷⁾					(16)		(7)		-			7		-		(16)
				Total, net	$	2,620	$	(1,445)	$	446		$	(36)	$	112	$	1,697

Benefit plans' assets⁽⁸⁾					$	40	$	2	$	(3)		$	(39)	$	-	$	-

					For the Year Ended December 31, 2010
											Purchases,
									Gains		Issuances,			Transfers
							Items		(Losses)		Sales,			In or
							Included		in		Maturities,			Out
					Beginning		in		OCI		Settlements,			of		Ending
					Fair		Net		and			Calls,		Level 3,		Fair
					Value		Income		Other⁽¹⁾			Net		Net⁽²⁾		Value
Investments:⁽³⁾
	Fixed maturity AFS securities:
		Corporate bonds			$	2,070	$	(42)	$	56		$	(218)	$	(50)	$	1,816
		U.S. Government bonds				3		-		-			(4)		3		2
		Foreign government bonds				92		-		8			(4)		17		113
		RMBS				136		(5)		9			(17)		(4)		119
		CMBS				259		(47)		87			(72)		(118)		109
		CDOs				153		1		30			(12)		-		172
		CLNs				322		-		278			-		(600)		-
		Hybrid and redeemable
			preferred securities			156		3		(26)			(14)		-		119
	Equity AFS securities					88		-		8			(4)		-		92
	Trading securities					91		3		(10)			(7)		(1)		76
	Derivative investments					1,368		(151)		7			271		-		1,495
Future contract benefits:⁽⁴⁾
	Indexed annuity contracts embedded
		derivatives				(419)		(81)		-			3		-		(497)
	GLB reserves embedded derivatives					(676)		268		-			-		-		(408)
	VIEs' liabilities - derivative
		instruments⁽⁵⁾				-		16		-			-		(225)		(209)
Other liabilities:
	Deferred compensation plans embedded
		derivatives⁽⁶⁾				(332)		(34)		-			3		-		(363)
	Credit default swaps⁽⁷⁾					(65)		7		-			42		-		(16)
				Total, net	$	3,246	$	(62)	$	447		$	(33)	$	(978)	$	2,620

Benefit plans' assets⁽⁸⁾					$	3	$	-	$	3		$	34	$	-	$	40

					For the Year Ended December 31, 2009
											Purchases,
									Gains		Issuances,			Transfers
							Items		(Losses)		Sales,			In or
							Included		in		Maturities,			Out
					Beginning		in		OCI		Settlements,			of		Ending
					Fair		Net		and			Calls,		Level 3,		Fair
					Value		Income		Other⁽¹⁾			Net		Net⁽²⁾		Value
Investments:⁽³⁾
	Fixed maturity AFS securities:
		Corporate bonds			$	2,335	$	(46)	$	321		$	(239)	$	(301)	$	2,070
		U.S. Government bonds				3		-		-			-		-		3
		Foreign government bonds				60		1		2			10		19		92
		RMBS				179		(8)		36			85		(156)		136
		CMBS				244		1		59			(45)		-		259
		CDOs				151		(35)		61			(22)		(2)		153
		CLNs				50		-		272			-		-		322
		State and municipal bonds				125		-		-			69		(194)		-
		Hybrid and redeemable
			preferred securities			117		(21)		49			2		9		156
	Equity AFS securities					94		(8)		26			(24)		-		88
	Trading securities					81		34		-			(7)		(17)		91
	Derivative investments					2,147		(712)		(135)			68		-		1,368
Future contract benefits:⁽⁴⁾
	Indexed annuity contracts embedded
		derivatives				(252)		(75)		-			(92)		-		(419)
	GLB reserves embedded derivatives					(2,904)		2,228		-			-		-		(676)
Other liabilities:
	Deferred compensation plans embedded
		derivatives⁽⁶⁾				(336)		(63)		-			67		-		(332)
	Credit default swaps⁽⁷⁾					(51)		(37)		-			23		-		(65)
				Total, net	$	2,043	$	1,259	$	691		$	(105)	$	(642)	$	3,246

Benefit plans' assets⁽⁸⁾					$	12	$	-	$	-		$	(2)	$	(7)	$	3

					For the Year Ended December 31, 2011
					Issuances		Sales		Maturities		Settlements			Calls		Total
Investments:
	Fixed maturity AFS securities:
		Corporate bonds			$	237	$	(216)	$	(16)		$	(54)	$	(89)	$	(138)
		U.S. Government bonds				-		-		-			(1)		-		(1)
		Foreign government bonds				-		(2)		-			-		(1)		(3)
		RMBS				51		(1)		-			(15)		-		35
		CMBS				-		(53)		-			(24)		(1)		(78)
		CDOs				-		(33)		-			(39)		-		(72)
		Hybrid and redeemable
			preferred securities			9		(18)		-			-		-		(9)
	Equity AFS securities					19		(18)		-			-		-		1
	Trading securities					-		(3)		-			(5)		-		(8)
	Derivative investments					396		(2)		(277)			-		-		117
Future contract benefits:
	Indexed annuity contracts embedded
		derivatives				(59)		-		-			152		-		93
Other liabilities:
	Deferred compensation plans embedded
		derivatives				-		-		-			20		-		20
	Credit default swaps					-		7		-			-		-		7
				Total, net	$	653	$	(339)	$	(293)		$	34	$	(91)	$	(36)

Benefit plans' assets					$	-	$	(22)	$	(17)		$	-	$	-	$	(39)

Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held

			For the Years Ended December 31,
			2011		2010		2009
Investments:⁽¹⁾
	Trading securities		$	-	$	-	$	32
	Derivative investments			472		(162)		(486)
Future contract benefits:⁽¹⁾
	Indexed annuity contracts embedded derivatives			(1)		44		(17)
	GLB reserves embedded derivatives			(1,615)		419		2,405
VIEs' liabilities - derivative instruments⁽¹⁾				(82)		16		-
Other liabilities:
	Deferred compensation plans embedded derivatives⁽²⁾			(11)		(34)		(63)
	Credit default swaps⁽³⁾			(8)		(12)		(14)
		Total, net	$	(1,245)	$	271	$	1,857

Components of the transfers in and out of Level 3

					For the Years Ended December 31,
					2011						2010
					Transfers		Transfers				Transfers		Transfers
					In to		Out of				In to		Out of
					Level 3		Level 3		Total		Level 3		Level 3		Total
Investments:
	Fixed maturity AFS securities:
		Corporate bonds			$	249	$	(83)	$	166	$	147	$	(197)	$	(50)
		U.S. Government bonds				-		-		-		3		-		3
		Foreign government bonds				-		(17)		(17)		17		-		17
		RMBS				-		-		-		-		(4)		(4)
		CMBS				4		(1)		3		3		(121)		(118)
		CLNs				-		-		-		-		(600)		(600)
		Hybrid and redeemable preferred
			securities			18		(21)		(3)		-		-		-
	Equity AFS securities					2		(35)		(33)		-		-		-
	Trading securities					1		(5)		(4)		-		(1)		(1)
Future contract benefits:
	VIEs' liabilities - derivative instruments					-		-		-		(225)		-		(225)
				Total, net	$	274	$	(162)	$	112	$	(55)	$	(923)	$	(978)

- Definition

This item represents certain of the disclosures concerning the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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