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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements [Abstract]

Carrying and Estimated Fair Values of Financial Instruments

		As of December 31, 2012				As of December 31, 2011
		Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
Assets
AFS securities:
	Fixed maturity securities	$	82,036	$	82,036	$	75,433	$	75,433
	VIEs' fixed maturity securities		708		708		700		700
	Equity securities		157		157		139		139
Trading securities			2,554		2,554		2,675		2,675
Mortgage loans on real estate			7,029		7,704		6,942		7,608
Derivative investments			2,652		2,652		3,151		3,151
Other investments			1,098		1,098		1,069		1,069
Cash and invested cash			4,230		4,230		4,510		4,510
Separate account assets			95,373		95,373		83,477		83,477

Liabilities
Future contract benefits:
	Indexed annuity contracts embedded derivatives		(732)		(732)		(399)		(399)
	GLB reserves embedded derivatives		(909)		(909)		(2,217)		(2,217)
Other contract holder funds:
	Remaining guaranteed interest and similar contracts		(867)		(867)		(1,114)		(1,114)
	Account values of certain investment contracts		(28,540)		(32,688)		(27,468)		(30,812)
Short-term debt⁽¹⁾			(200)		(204)		(300)		(309)
Long-term debt			(5,439)		(5,824)		(5,391)		(5,345)
Reinsurance related embedded derivatives			(215)		(215)		(168)		(168)
VIEs' liabilities - derivative instruments			(128)		(128)		(291)		(291)
Other liabilities:
	Credit default swaps		(11)		(11)		(16)		(16)

Benefit Plans' Assets⁽²⁾			1,456		1,456		1,345		1,345

Fair Value of Assets and Liabilities on a Recurring Basis

					As of December 31, 2012
					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			$	65		$	66,446		$	1,505	$	68,016
		U.S. government bonds				411			30			1		442
		Foreign government bonds				-			608			46		654
		RMBS				-			6,168			3		6,171
		CMBS				-			976			27		1,003
		CDOs				-			26			154		180
		State and municipal bonds				-			4,321			32		4,353
		Hybrid and redeemable preferred securities				30			1,069			118		1,217
	VIEs' fixed maturity securities					110			598			-		708
	Equity AFS securities					44			26			87		157
	Trading securities					2			2,496			56		2,554
	Derivative investments					-			626			2,026		2,652
Cash and invested cash						-			4,230			-		4,230
Separate account assets						1,519			93,854			-		95,373
			Total assets		$	2,181		$	181,474		$	4,055	$	187,710

Liabilities
Future contract benefits:
	Indexed annuity contracts embedded derivatives				$	-		$	-		$	(732)	$	(732)
	GLB reserves embedded derivatives					-			-			(909)		(909)
Long-term debt						-			(1,203)			-		(1,203)
Reinsurance related embedded derivatives						-			(215)			-		(215)
VIEs' liabilities - derivative instruments						-			-			(128)		(128)
Other liabilities:
	Credit default swaps					-			-			(11)		(11)
			Total liabilities		$	-		$	(1,418)		$	(1,780)	$	(3,198)

Benefit Plans' Assets					$	116		$	1,340		$	-	$	1,456

					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						1,582			81,895			-		83,477
			Total assets		$	2,282		$	162,829		$	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						-			(1,688)			-		(1,688)
Reinsurance related embedded derivatives						-			(168)			-		(168)
VIEs' liabilities - derivative instruments						-			-			(291)		(291)
Other liabilities:
	Credit default swaps					-			-			(16)		(16)
			Total liabilities		$	-		$	(1,856)		$	(2,923)	$	(4,779)

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

Level 3 Unobservable Input Reconciliation

					For the Year Ended December 31, 2012
											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			$	1,888	$	(27)	$	34		$	266	$	(656)	$	1,505
		U.S. government bonds				1		-		-			-		-		1
		Foreign government bonds				97		-		-			(5)		(46)		46
		RMBS				158		(3)		3			(8)		(147)		3
		CMBS				34		(11)		18			(12)		(2)		27
		CDOs				102		(2)		8			61		(15)		154
		State and municipal bonds				-		-		-			32		-		32
		Hybrid and redeemable
			preferred securities			100		(1)		24			-		(5)		118
	Equity AFS securities					56		(8)		13			26		-		87
	Trading securities					68		3		4			(2)		(17)		56
	Derivative investments					2,470		(790)		158			188		-		2,026
Future contract benefits:⁽⁴⁾
	Indexed annuity contracts embedded
		derivatives				(399)		(136)		-			(197)		-		(732)
	GLB reserves embedded derivatives					(2,217)		1,308		-			-		-		(909)
VIEs' liabilities - derivative
	instruments⁽⁵⁾					(291)		163		-			-		-		(128)
Other liabilities:
	Credit default swaps⁽⁶⁾					(16)		5		-			-		-		(11)
				Total, net	$	2,051	$	501	$	262		$	349	$	(888)	$	2,275

					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:
	Credit default swaps⁽⁶⁾					(16)		(7)		-			7		-		(16)
				Total, net	$	2,983	$	(1,434)	$	446		$	(56)	$	112	$	2,051

Benefit plans' assets⁽⁷⁾					$	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:
	Credit default swaps⁽⁶⁾					(65)		7		-			42		-		(16)
				Total, net	$	3,578	$	(28)	$	447		$	(36)	$	(978)	$	2,983

Benefit plans' assets⁽⁷⁾					$	3	$	-	$	3		$	34	$	-	$	40

				For the Year Ended December 31, 2012
				Issuances		Sales		Maturities		Settlements			Calls		Total
Investments:
	Fixed maturity AFS securities:
		Corporate bonds		$	364	$	(30)	$	(6)		$	(55)	$	(7)	$	266
		Foreign government bonds			-		-		(5)			-		-		(5)
		RMBS			-		-		(7)			(1)		-		(8)
		CMBS			-		-		-			(12)		-		(12)
		CDOs			72		-		-			(11)		-		61
		State and municipal bonds			32		-		-			-		-		32
	Equity AFS securities				26		-		-			-		-		26
	Trading securities				-		-		-			(2)		-		(2)
	Derivative investments				454		(28)		(238)			-		-		188
Future contract benefits:
	Indexed annuity contracts embedded
		derivatives			(99)		-		-			(98)		-		(197)
			Total, net	$	849	$	(58)	$	(256)		$	(179)	$	(7)	$	349

Fair

Valuation

Significant

Value

Technique

Unobservable Inputs

Input Ranges

Assets

Investments:

Fixed maturity AFS and trading

securities

Corporate bonds

922

Discounted cash flow

Liquidity/duration adjustment⁽¹⁾

1.7% - 13.5%

Foreign government bonds

Discounted cash flow

Liquidity/duration adjustment⁽¹⁾

2.3% - 5.3%

Hybrid and redeemable

preferred stock

Discounted cash flow

Liquidity/duration adjustment⁽¹⁾

2.7% - 2.9%

Equity AFS and trading

securities

Discounted cash flow

Liquidity/duration adjustment⁽¹⁾

4.3% - 4.5%

Liabilities

Future contract benefits:

Indexed annuity contracts

embedded derivatives

(732)

Discounted cash flow

Lapse rate⁽²⁾

1.0% - 15.0%

Mortality rate⁽⁵⁾

⁽⁷⁾

GLB reserves embedded

derivatives

909

Monte Carlo simulation

Long-term lapse rate⁽²⁾

1.0% - 27.0%

Utilization of guaranteed

withdrawal⁽³⁾

90.0% - 100.0%

NPR⁽⁴⁾

0.03% - 0.54%

Mortality rate⁽⁵⁾

⁽⁷⁾

Volatility⁽⁶⁾

1.0% - 35.0%

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

			For the Years Ended December 31,
			2012		2011		2010
Investments:⁽¹⁾
	Derivative investments		$	823	$	472	$	(162)
Future contract benefits:⁽¹⁾
	Indexed annuity contracts embedded derivatives			(10)		(1)		44
	GLB reserves embedded derivatives			1,472		(1,615)		419
VIEs' liabilities - derivative instruments⁽¹⁾				163		(82)		16
Other liabilities:
	Credit default swaps⁽²⁾			6		(8)		(12)
		Total, net	$	2,454	$	(1,234)	$	305

Components of the transfers in and out of Level 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:
	Credit default swaps					-		7		-			-		-		7
				Total, net	$	653	$	(339)	$	(293)		$	14	$	(91)	$	(56)

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

				For the Year Ended December 31, 2012
				Transfers		Transfers
				In to		Out of
				Level 3		Level 3		Total
Investments:
	Fixed maturity AFS securities:
		Corporate bonds		$	35	$	(691)	$	(656)
		Foreign government bonds			-		(46)		(46)
		RMBS			-		(147)		(147)
		CMBS			5		(7)		(2)
		CDOs			6		(21)		(15)
		Hybrid and redeemable preferred securities			35		(40)		(5)
	Trading securities				2		(19)		(17)
			Total, net	$	83	$	(971)	$	(888)

				For the Year Ended December 31, 2011
				Transfers		Transfers
				In to		Out of
				Level 3		Level 3		Total
Investments:
	Fixed maturity AFS securities:
		Corporate bonds		$	249	$	(83)	$	166
		Foreign government bonds			-		(17)		(17)
		CMBS			4		(1)		3
		Hybrid and redeemable preferred securities			18		(21)		(3)
	Equity AFS securities				2		(35)		(33)
	Trading securities				1		(5)		(4)
			Total, net	$	274	$	(162)	$	112

				For the Year Ended December 31, 2010
				Transfers		Transfers
				In to		Out of
				Level 3		Level 3		Total
Investments:
	Fixed maturity AFS securities:
		Corporate bonds		$	147	$	(197)	$	(50)
		U.S. government bonds			3		-		3
		Foreign government bonds			17		-		17
		RMBS			-		(4)		(4)
		CMBS			3		(121)		(118)
		CLNs			-		(600)		(600)
	Trading securities				-		(1)		(1)
	VIEs' liabilities - derivative instruments				(225)		-		(225)
			Total, net	$	(55)	$	(923)	$	(978)

- Definition

Tabular disclosure of the total amount of gains or losses for the period which are included in earnings or resulted in a change to net assets which gains or losses have arisen from the use of significant unobservable inputs (Level 3) to measure the fair value of assets and liabilities. Such gains or losses are attributable to the change in unrealized gains or losses relating to those assets and liabilities so valued which are still held at the reporting date and which change are also considered for disclosure; it may be expected that a description of where those unrealized gains or losses are reported in the statement of income or the statement of financial position would also be disclosed.

+ References+ Details

- Definition

Tabular disclosure of 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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