Investments

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements [Abstract]

Investments

5. Investments

AFS Securities

Pursuant to the Fair Value Measurements and Disclosures Topic of the FASB ASC, we have categorized AFS securities into a three-level hierarchy, based on the priority of the inputs to the respective valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3), as described in Note 1, which also includes additional disclosures regarding our fair value measurements.

The amortized cost, gross unrealized gains, losses and OTTI and fair value of AFS securities (in millions) were as follows:

				As of December 31, 2012
				Amortized		Gross Unrealized						Fair
				Cost		Gains		Losses		OTTI		Value
Fixed maturity securities:
	Corporate bonds			$	60,124	$	8,219	$	219	$	108	$	68,016
	U.S. government bonds				383		59		-		-		442
	Foreign government bonds				562		92		-		-		654
	RMBS				5,763		471		3		60		6,171
	CMBS				970		68		16		19		1,003
	CDOs				189		2		3		8		180
	State and municipal bonds				3,546		814		7		-		4,353
	Hybrid and redeemable preferred securities				1,181		106		70		-		1,217
	VIEs' fixed maturity securities				677		31		-		-		708
		Total fixed maturity securities			73,395		9,862		318		195		82,744
Equity securities					137		22		2		-		157
			Total AFS securities	$	73,532	$	9,884	$	320	$	195	$	82,901

				As of December 31, 2011
				Amortized		Gross Unrealized						Fair
				Cost		Gains		Losses		OTTI		Value
Fixed maturity securities:
	Corporate bonds			$	53,661	$	6,185	$	517	$	68	$	59,261
	U.S. government bonds				439		55		-		-		494
	Foreign government bonds				668		65		-		-		733
	RMBS				7,690		548		73		126		8,039
	CMBS				1,642		73		106		9		1,600
	CDOs				121		-		19		-		102
	State and municipal bonds				3,490		566		9		-		4,047
	Hybrid and redeemable preferred securities				1,277		50		170		-		1,157
	VIEs' fixed maturity securities				673		27		-		-		700
		Total fixed maturity securities			69,661		7,569		894		203		76,133
Equity securities					135		16		12		-		139
			Total AFS securities	$	69,796	$	7,585	$	906	$	203	$	76,272

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of December 31, 2012, were as follows:

			Amortized		Fair
			Cost		Value
Due in one year or less			$	2,858	$	2,910
Due after one year through five years				12,676		13,845
Due after five years through ten years				24,171		27,098
Due after ten years				26,768		31,537
	Subtotal			66,473		75,390
MBS				6,733		7,174
CDOs				189		180
		Total fixed maturity AFS securities	$	73,395	$	82,744

Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.

The fair value and gross unrealized losses, including the portion of OTTI recognized in OCI, of AFS securities (dollars in millions), aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

					As of December 31, 2012
					Less Than or Equal				Greater Than
					to Twelve Months				Twelve Months				Total
							Gross				Gross				Gross
							Unrealized				Unrealized				Unrealized
					Fair		Losses and		Fair		Losses and		Fair		Losses and
					Value		OTTI		Value		OTTI		Value		OTTI
Fixed maturity securities:
	Corporate bonds				$	2,853	$	145	$	934	$	182	$	3,787	$	327
	RMBS					272		39		199		24		471		63
	CMBS					66		16		113		19		179		35
	CDOs					10		8		53		3		63		11
	State and municipal bonds					64		1		24		6		88		7
	Hybrid and redeemable
		preferred securities				71		3		293		67		364		70
			Total fixed maturity securities			3,336		212		1,616		301		4,952		513
Equity securities						7		2		-		-		7		2
				Total AFS securities	$	3,343	$	214	$	1,616	$	301	$	4,959	$	515
Total number of AFS securities in an unrealized loss position																626

					As of December 31, 2011
					Less Than or Equal				Greater Than
					to Twelve Months				Twelve Months				Total
							Gross				Gross				Gross
							Unrealized				Unrealized				Unrealized
					Fair		Losses and		Fair		Losses and		Fair		Losses and
					Value		OTTI		Value		OTTI		Value		OTTI
Fixed maturity securities:
	Corporate bonds				$	2,848	$	162	$	1,452	$	423	$	4,300	$	585
	RMBS					565		125		429		74		994		199
	CMBS					178		15		146		100		324		115
	CDOs					9		1		80		18		89		19
	State and municipal bonds					31		-		30		9		61		9
	Hybrid and redeemable
		preferred securities				324		23		353		147		677		170
			Total fixed maturity securities			3,955		326		2,490		771		6,445		1,097
Equity securities						38		12		-		-		38		12
				Total AFS securities	$	3,993	$	338	$	2,490	$	771	$	6,483	$	1,109
Total number of AFS securities in an unrealized loss position																897

For information regarding our investments in VIEs, see Note 4.

We perform detailed analysis on the AFS securities backed by pools of residential and commercial mortgages that are most at risk of impairment based on factors discussed in Note 1. Selected information for these securities in a gross unrealized loss position (in millions) was as follows:

		As of December 31, 2012
		Amortized		Fair		Unrealized
		Cost		Value		Loss
Total
AFS securities backed by pools of residential mortgages		$	1,181	$	980	$	201
AFS securities backed by pools of commercial mortgages			236		192		44
	Total	$	1,417	$	1,172	$	245
Subject to Detailed Analysis
AFS securities backed by pools of residential mortgages		$	1,173	$	972	$	201
AFS securities backed by pools of commercial mortgages			56		40		16
	Total	$	1,229	$	1,012	$	217

		As of December 31, 2011
		Amortized		Fair		Unrealized
		Cost		Value		Loss
Total
AFS securities backed by pools of residential mortgages		$	2,023	$	1,553	$	470
AFS securities backed by pools of commercial mortgages			472		344		128
	Total	$	2,495	$	1,897	$	598
Subject to Detailed Analysis
AFS securities backed by pools of residential mortgages		$	2,015	$	1,545	$	470
AFS securities backed by pools of commercial mortgages			126		61		65
	Total	$	2,141	$	1,606	$	535

For the years ended December 31, 2012 and 2011, we recorded OTTI for AFS securities backed by pools of residential and commercial mortgages of $103 million and $135million, pre-tax, respectively, and before associated amortization expense for DAC, VOBA, DSI and DFEL, of which $(45) million and $(15) million, respectively, was recognized in OCI and $148 million and $150 million, respectively, was recognized in net income (loss).

The fair value, gross unrealized losses, the portion of OTTI recognized in OCI (in millions) and number of AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:

		As of December 31, 2012
								Number
		Fair		Gross Unrealized				of
		Value		Losses		OTTI		Securities (1)
Less than six months		$	34	$	9	$	1		14
Nine months or greater, but less than twelve months			15		10		-		3
Twelve months or greater			395		179		128		131
	Total	$	444	$	198	$	129		148

		As of December 31, 2011
								Number
		Fair		Gross Unrealized				of
		Value		Losses		OTTI		Securities (1)
Less than six months		$	385	$	125	$	31		56
Six months or greater, but less than nine months			53		30		12		18
Nine months or greater, but less than twelve months			2		-		1		7
Twelve months or greater			615		470		111		175
	Total	$	1,055	$	625	$	155		256

• We may reflect a security in more than one aging category based on various purchase dates.

We regularly review our investment holdings for OTTI. Our gross unrealized losses on AFS securities as of December 31, 2012, decreased $594 million in comparison to December 31, 2011. As discussed further below, we believe the unrealized loss position as of December 31,2012, did not represent OTTI as we did not intend to sell these fixed maturity AFS securities, it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis, the estimated future cash flows were equal to or greater than the amortized cost basis of the debt securities, or we had the ability and intent to hold the equity AFS securities for a period of time sufficient for recovery.

Based upon this evaluation as of December 31, 2012, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums and fees and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our temporarily-impaired securities.

As of December 31, 2012, the unrealized losses associated with our corporate bond securities were attributable primarily to securities that were backed by commercial loans and individual issuer companies. For our corporate bond securities with commercial loans as the underlying collateral, we evaluated the projected credit losses in the underlying collateral and concluded that we had sufficient subordination or other credit enhancement when compared with our estimate of credit losses for the individual security and we expected to recover the entire amortized cost for each security. For individual issuers, we performed detailed analysis of the financial performance of the issuer and determined that we expected to recover the entire amortized cost for each security.

As of December 31, 2012, the unrealized losses associated with our MBS andCDOs were attributable primarily to collateral losses and credit spreads. We assessed for credit impairment using a cash flow model as discussed above. The key assumptions included default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts, sector credit ratings and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost basis of each security.

As of December 31, 2012, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of specific issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the issuer based upon credit performance and investment ratings and determined we expected to recover the entire amortized cost of each security.

Changes in the amount of credit loss of OTTI recognized in net income (loss) where the portion related to other factors was recognized in OCI (in millions) on fixed maturity AFS securities were as follows:

					For the Years Ended December 31,
					2012		2011		2010
Balance as of beginning-of-year					$	390	$	319	$	268
	Increases attributable to:
		Credit losses on securities for which an OTTI was not
			previously recognized			108		55		14
		Credit losses on securities for which an OTTI was
			previously recognized			62		71		65
	Decreases attributable to:
		Securities sold				(136)		(55)		(28)
				Balance as of end-of-year	$	424	$	390	$	319

During 2012, 2011 and 2010, we recorded credit losses on securities for which an OTTI was not previously recognized as we determined the cash flows expected to be collected would not be sufficient to recover the entire amortized cost basis of the debt security. The credit losses we recorded on securities for which an OTTI was not previously recognized were attributable primarily to one or a combination of the following reasons:

• Failure of the issuer of the security to make scheduled payments;
• Deterioration of creditworthiness of the issuer;
• Deterioration of conditions specifically related to the security;
• Deterioration of fundamentals of the industry in which the issuer operates;
• Deterioration of fundamentals in the economy including, but not limited to, higher unemployment and lower housing prices; and
• Deterioration of the rating of the security by a rating agency.

We recognize the OTTI attributed to the noncredit portion as a separate component in OCI referred to as unrealized OTTI on AFS securities.

Details of the amount of credit loss of OTTI recognized in net income (loss) for which a portion related to other factors was recognized in OCI (in millions), were as follows:

		As of December 31, 2012
				Gross Unrealized						OTTI in
		Amortized				Losses and		Fair		Credit
		Cost		Gains		OTTI		Value		Losses
Corporate bonds		$	299	$	4	$	98	$	205	$	104
RMBS			636		22		40		618		227
CMBS			41		1		16		26		93
	Total	$	976	$	27	$	154	$	849	$	424

		As of December 31, 2011
				Gross Unrealized						OTTI in
		Amortized				Losses and		Fair		Credit
		Cost		Gains		OTTI		Value		Losses
Corporate bonds		$	169	$	1	$	67	$	103	$	51
RMBS			690		1		128		563		301
CMBS			17		-		10		7		38
	Total	$	876	$	2	$	205	$	673	$	390

Trading Securities

Trading securities at fair value (in millions) consisted of the following:

				As of December 31,
				2012		2011
Fixed maturity securities:
	Corporate bonds			$	1,929	$	1,908
	U.S. government bonds				310		376
	Foreign government bonds				31		39
	RMBS				192		244
	CMBS				17		31
	CDOs				4		4
	State and municipal bonds				27		26
	Hybrid and redeemable preferred securities				42		45
		Total fixed maturity securities			2,552		2,673
Equity securities					2		2
			Total trading securities	$	2,554	$	2,675

The portion of the market adjustment for losses that relate to trading securities still held as of December 31, 2012, 2011 and 2010,was $53 million, $118 million and $93 million, respectively.

Mortgage Loans on Real Estate

Mortgage loans on real estate principally involve commercial real estate. The commercial loans are geographically diversified throughout the U.S. with the largest concentrations in California and Texas, which accounted for 32% of mortgage loans on real estate as of December 31, 2012 and 2011.

The following provides the current and past due composition of our mortgage loans on real estate (in millions):

		As of December 31,
		2012		2011
Current		$	7,011	$	6,858
60 to 90 days past due			8		26
Greater than 90 days past due			24		76
Valuation allowance associated with impaired mortgage loans on real estate			(21)		(31)
Unamortized premium (discount)			7		13
	Total carrying value	$	7,029	$	6,942

The number of impaired mortgage loans on real estate, each of which had an associated specific valuation allowance, and the carrying value of impaired mortgage loans on real estate (dollars in millions) were as follows:

		As of December 31,
		2012		2011
Number of impaired mortgage loans on real estate		10		12
Principal balance of impaired mortgage loans on real estate		$	75	$	100
Valuation allowance associated with impaired mortgage loans on real estate			(21)		(31)
	Carrying value of impaired mortgage loans on real estate	$	54	$	69

The average carrying value on the impaired mortgage loans on real estate (in millions) was as follows:

	For the Years Ended December 31,
	2012		2011		2010
Average carrying value for impaired mortgage loans on real estate	$	51	$	57	$	54
Interest income recognized on impaired mortgage loans on real estate		1		2		3
Interest income collected on impaired mortgage loans on real estate		1		2		3

As described in Note 1, we use the loan-to-value and debt-service coverage ratios as credit quality indicators for our mortgage loans, which were as follows (dollars in millions):

		As of December 31, 2012					As of December 31, 2011
						Debt-					Debt-
						Service					Service
		Principal		% of		Coverage	Principal		% of		Coverage
Loan-to-Value		Amount		Total		Ratio	Amount		Total		Ratio
Less than 65%		$	5,677	80.6	%	1.68	$	5,338	76.7	%	1.61
65% to 74%			897	12.7	%	1.39		1,198	17.2	%	1.37
75% to 100%			386	5.5	%	0.84		308	4.4	%	0.92
Greater than 100%			83	1.2	%	0.66		116	1.7	%	0.36
	Total mortgage loans on real estate	$	7,043	100.0	%		$	6,960	100.0	%

Alternative Investments 

As of December 31, 2012 and 2011, alternative investments included investments in 98 and96 different partnerships, respectively, and the portfolio represented less than 1% of our overall invested assets.

Net Investment Income

The major categories of net investment income (in millions) on our Consolidated Statements of Comprehensive Income (Loss) were as follows:

				For the Years Ended December 31,
				2012		2011		2010
Fixed maturity AFS securities				$	3,910	$	3,842	$	3,694
Equity AFS securities					6		5		6
Trading securities					147		154		157
Mortgage loans on real estate					397		408		424
Real estate					16		22		24
Standby real estate equity commitments					-		1		1
Policy loans					163		165		169
Invested cash					4		4		7
Commercial mortgage loan prepayment
	and bond make-whole premiums				48		82		67
Alternative investments					125		90		93
Consent fees					4		3		8
Other investments					(19)		(13)		11
		Investment income			4,801		4,763		4,661
Investment expense					(103)		(111)		(120)
			Net investment income	$	4,698	$	4,652	$	4,541

Realized Gain (Loss) Related to Certain Investments

The detail of the realized gain (loss) related to certain investments (in millions) was as follows:

			For the Years Ended December 31,
			2012		2011		2010
Fixed maturity AFS securities:
	Gross gains		$	16	$	86	$	107
	Gross losses			(202)		(227)		(248)
Equity AFS securities:
	Gross gains			1		12		9
	Gross losses			(9)		-		(3)
Gain (loss) on other investments				2		(9)		(53)
Associated amortization of DAC, VOBA, DSI and DFEL
	and changes in other contract holder funds			2		(10)		8
		Total realized gain (loss) related to certain investments	$	(190)	$	(148)	$	(180)

Details underlying write-downs taken as a result of OTTI (in millions) that were recognized in net income (loss) and included in realized gain (loss) on AFS securities above, and the portion of OTTI recognized in OCI (in millions) were as follows:

					For the Years Ended December 31,
					2012		2011		2010
OTTI Recognized in Net Income (Loss)
Fixed maturity securities:
	Corporate bonds				$	(65)	$	(14)	$	(90)
	RMBS					(53)		(79)		(65)
	CMBS					(55)		(57)		(41)
	CDOs					(2)		(1)		(1)
	Hybrid and redeemable preferred securities					-		(2)		(5)
		Total fixed maturity securities				(175)		(153)		(202)
Equity securities						(8)		-		(3)
			Gross OTTI recognized in net income (loss)			(183)		(153)		(205)
			Associated amortization of DAC, VOBA, DSI and DFEL			30		29		45
				Net OTTI recognized in net income (loss), pre-tax	$	(153)	$	(124)	$	(160)
Portion of OTTI Recognized in OCI
Gross OTTI recognized in OCI					$	121	$	58	$	97
Change in DAC, VOBA, DSI and DFEL						(15)		(13)		(10)
	Net portion of OTTI recognized in OCI, pre-tax				$	106	$	45	$	87

Determination of Credit Losses on Corporate Bonds and CDOs

As of December 31, 2012 and 2011, we reviewed our corporate bond and CDO portfolios for potential shortfall in contractual principal and interest based on numerous subjective and objective inputs. The factors used to determine the amount of credit loss for each individual security, include, but are not limited to, near term risk, substantial discrepancy between book and market value, sector or company-specific volatility, negative operating trends and trading levels wider than peers.

Credit ratings express opinions about the credit quality of a security. Securities rated investment grade, that is those rated BBB- or higher by Standard & Poor's (“S&P”) Rating Services or Baa3 or higher by Moody's Investors Service (“Moody's”), are generally considered by the rating agencies and market participants to be low credit risk. As of December 31, 2012 and 2011, 96%of the fair value of our corporate bond portfolio was rated investment grade. As of December 31, 2012 and 2011, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $3.0 billion and $2.6 billion, respectively, and a fair value of $2.9 billion and $2.4 billion, respectively. As of December 31, 2012 and 2011, 93% and 97%, respectively, of the fair value of our CDO portfolio was rated investment grade. As of December 31, 2012 and 2011, the portion of our CDO portfolio rated below investment grade had an amortized cost of $21 million and $3 million, respectively, and fair value of $13 million and $3 million, respectively. Based upon the analysis discussed above, we believed as of December 31, 2012 and 2011, that we would recover the amortized cost of each investment grade corporate bond andCDO security.

For securities where we recorded an OTTI recognized in net income (loss) for the years ended December 31, 2012 and 2011, the recovery as a percentage of amortized cost was 90% and 98% for corporate bonds, respectively, and90% and 0% forCDOs, respectively.

Determination of Credit Losses on MBS

As of December 31, 2012 and 2011, default rates were projected by considering underlying MBS loan performance and collateral type. Projected default rates on existing delinquencies vary between 10% to 100% depending on loan type and severity of delinquency status.  In addition, we estimate the potential contributions of currently performing loans that may become delinquent in the future based on the change in delinquencies and loan liquidations experienced in the recent history. Finally, we develop a default rate timing curve by aggregating the defaults for all loans in the pool (delinquent loans, foreclosure and real estate owned and new delinquencies from currently performing loans) and the associatedloan-level loss severities. 

We use certain available loan characteristics such as lien status, loan sizes and occupancy to estimate the loss severity of loans. Second lien loans are assigned 100% severity, if defaulted.  For first lien loans, we assume a minimum of 30% severity with higher severity assumed for investor properties and further housing price depreciation. With the default rate timing curve and loan-level loss severity, we derive the future expected credit losses.

Payables for Collateral on Investments

The carrying values of the payables for collateral on investments (in millions) included on our Consolidated Balance Sheets and the fair value of the related investments or collateral consisted of the following:

			As of December 31, 2012				As of December 31, 2011
			Carrying		Fair		Carrying		Fair
			Value		Value		Value		Value
Collateral payable held for derivative investments (1)			$	2,567	$	2,567	$	2,980	$	2,980
Securities pledged under securities lending agreements (2)				197		189		200		193
Securities pledged under reverse repurchase agreements (3)				280		294		280		294
Securities pledged for Term Asset-Backed Securities
	Loan Facility ("TALF") (4)			37		52		173		199
Investments pledged for Federal Home Loan Bank of
	Indianapolis ("FHLBI") (5)			1,100		1,936		100		142
		Total payables for collateral on investments	$	4,181	$	5,038	$	3,733	$	3,808

• We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties' credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. See Note 6 for details about maximum collateral potentially required to post on our credit default swaps.
• Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.
• Our pledged securities under reverse repurchase agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We obtain collateral in an amount equal to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our reverse repurchase program is typically invested in fixed maturity AFS securities.
• Our pledged securities for TALF are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We obtain collateral in an amount that has typically averaged 90% of the fair value of the TALF securities. The cash received in these transactions is invested in fixed maturity AFS securities.
• Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on our Consolidated Balance Sheets.  The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate.  The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

Increase (decrease) in payables for collateral on investments (in millions) included on the Consolidated Statements of Cash Flows consisted of the following:

		For the Years Ended December 31,
		2012		2011		2010
Collateral payable held for derivative investments		$	(413)	$	2,180	$	183
Securities pledged under securities lending agreements			(3)		1		(302)
Securities pledged under reverse repurchase agreements			-		-		(64)
Securities pledged for TALF			(136)		(107)		(65)
Investments pledged for FHLBI			1,000		-		-
	Total increase (decrease) in payables for collateral on investments	$	448	$	2,074	$	(248)

Investment Commitments

As of December 31, 2012, our investment commitments were $536 million, which included $226 million of LPs, $146 million of private placement securities and $164 million of mortgage loans on real estate.

Concentrations of Financial Instruments

As of December 31, 2012 and 2011, our most significant investments in one issuer were our investments in securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $3.8 billion and $5.0 billion, respectively, or4% and5% of our invested assets portfolio, respectively, and our investments in securities issued by Fannie Mae with a fair value of $2.2 billion and $2.6 billion, respectively, or 2% and 3% of our invested assets portfolio, respectively. These investments are included in corporate bonds in the tables above.

As of December 31, 2012, our most significant investments in one industry were our investment securities in the electric industry with a fair value of $8.7 billion, or9% of our invested assets portfolio, and our investment securities in the banking industry with a fair value of $5.0 billion, or 5% of our invested assets portfolio. As of December 31, 2011, our most significant investments in one industry were our investment securities in the electric industry with a fair value of $7.7 billion, or 8% of our invested assets portfolio and our investment securities in the collateralized mortgage and other obligations industry with a fair value of $5.6 billion, or 6% of our invested assets portfolio. We utilized the industry classifications to obtain the concentration of financial instruments amount; as such, this amount will not agree to the AFS securities table above.