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Investments (Tables)

3 Months Ended

Mar. 31, 2014

Reconciliation Of Available-For-Sale Securities From Cost Basis To Fair Value



	As of March 31, 2014
	Amortized		Gross Unrealized						Fair
	Cost		Gains		Losses		OTTI		Value
Fixed maturity securities:
Corporate bonds	$	66,853	$	5,516	$	594	$	94	$	71,681
U.S. government bonds		363		32		7		-		388
Foreign government bonds		503		56		-		-		559
Residential mortgage-backed securities (“RMBS”)		4,003		266		1		27		4,241
Commercial mortgage-backed securities (“CMBS”)		685		36		1		17		703
Collateralized Loan Obligations (“CLOs”)		246		1		-		6		241
State and municipal bonds		3,693		523		12		-		4,204
Hybrid and redeemable preferred securities		917		97		43		-		971
VIEs' fixed maturity securities		583		14		-		-		597
Total fixed maturity securities		77,846		6,541		658		144		83,585
Equity securities		186		21		-		-		207
Total AFS securities	$	78,032	$	6,562	$	658	$	144	$	83,792



	As of December 31, 2013
	Amortized		Gross Unrealized						Fair
	Cost		Gains		Losses		OTTI		Value
Fixed maturity securities:
Corporate bonds	$	65,808	$	4,374	$	1,157	$	90	$	68,935
U.S. government bonds		355		26		14		-		367
Foreign government bonds		505		45		1		-		549
RMBS		4,135		256		10		31		4,350
CMBS		713		36		4		17		728
CLOs		232		-		1		6		225
State and municipal bonds		3,638		308		27		-		3,919
Hybrid and redeemable preferred securities		967		89		51		-		1,005
VIEs' fixed maturity securities		682		15		-		-		697
Total fixed maturity securities		77,035		5,149		1,265		144		80,775
Equity securities		182		19		-		-		201
Total AFS securities	$	77,217	$	5,168	$	1,265	$	144	$	80,976

Available-For-Sale Securities By Contractual Maturities



	Amortized		Fair
	Cost		Value
Due in one year or less	$	2,539	$	2,597
Due after one year through five years		16,026		17,422
Due after five years through ten years		23,582		24,703
Due after ten years		30,765		33,678
Subtotal		72,912		78,400
Mortgage-backed securities (“MBS”)		4,688		4,944
CLOs		246		241
Total fixed maturity AFS securities	$	77,846	$	83,585

Fair Value And Gross Unrealized Losses In A Continuous Unrealized Loss Position



	As of March 31, 2014
	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	$	10,868		$	431	$	2,012		$	257	$	12,880		$	688
U.S. government bonds		149			7		-			-		149			7
RMBS		435			11		226			17		661			28
CMBS		131			5		41			13		172			18
CLOs		138			3		48			3		186			6
State and municipal bonds		89			3		54			9		143			12
Hybrid and redeemable
preferred securities		48			2		173			41		221			43
Total AFS securities	$	11,858		$	462	$	2,554		$	340	$	14,412		$	802

Total number of AFS securities in an unrealized loss position															1,158



	As of December 31, 2013
	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	$	16,918		$	1,018	$	1,258		$	229	$	18,176		$	1,247
U.S. Government bonds		163			14		-			-		163			14
Foreign government bonds		69			1		-			-		69			1
RMBS		488			17		267			24		755			41
CMBS		109			7		43			14		152			21
CLOs		136			2		50			5		186			7
State and municipal bonds		377			20		24			7		401			27
Hybrid and redeemable
preferred securities		62			6		197			45		259			51
Total AFS securities	$	18,322		$	1,085	$	1,839		$	324	$	20,161		$	1,409

Total number of AFS securities in an unrealized loss position															1,484

Select Information For Securities In A Gross Unrealized Loss Position



	As of March 31, 2014
	Amortized		Fair		Unrealized
	Cost		Value		Loss
Total
AFS securities backed by pools of residential mortgages	$	1,135	$	1,046	$	89
AFS securities backed by pools of commercial mortgages		211		191		20
Total	$	1,346	$	1,237	$	109

Subject to Detailed Analysis
AFS securities backed by pools of residential mortgages	$	806	$	726	$	80
AFS securities backed by pools of commercial mortgages		29		25		4
Total	$	835	$	751	$	84



	As of December 31, 2013
	Amortized		Fair		Unrealized
	Cost		Value		Loss
Total
AFS securities backed by pools of residential mortgages	$	1,261	$	1,146	$	115
AFS securities backed by pools of commercial mortgages		193		169		24
Total	$	1,454	$	1,315	$	139

Subject to Detailed Analysis
AFS securities backed by pools of residential mortgages	$	933	$	833	$	100
AFS securities backed by pools of commercial mortgages		29		24		5
Total	$	962	$	857	$	105

Schedule Of Available-For-Sale Securites Whose Value Is Below Amortized Cost



	As of March 31, 2014
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities (1)
Less than six months	$	2	$	2	$	-			5
Nine months or greater, but less than twelve months		5		1		-			2
Twelve months or greater		250		48		78			82
Total	$	257	$	51	$	78			89



	As of December 31, 2013
								Number
	Fair		Gross Unrealized					of
	Value		Losses		OTTI		Securities (1)
Less than six months	$	1	$	1	$	-			4
Six months or greater, but less than nine months		7		3		-			1
Nine months or greater, but less than twelve months		59		19		-			4
Twelve months or greater		349		92		81			92
Total	$	416	$	115	$	81			101

⁽¹⁾

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

Schedule Of Changes In Amount Of Credit Losses Of OTTI Recognized In Net Income (Loss)



	For the Three
	Months Ended
	March 31,
	2014		2013
Balance as of beginning-of-period	$	404	$	424
Increases attributable to:
Credit losses on securities for which an
OTTI was not previously recognized		-		1
Credit losses on securities for which an
OTTI was previously recognized		4		16
Decreases attributable to:
Securities sold		-		(4	)
Balance as of end-of-period	$	408	$	437

Schedule of Details Of The Amount Of Credit Losses Of OTTI Recognized In Net Income (Loss)



	As of March 31, 2014
			Gross Unrealized						OTTI in
	Amortized				Losses and		Fair		Credit
	Cost		Gains		OTTI		Value		Losses
Corporate bonds	$	270	$	20	$	43	$	247	$	136
RMBS		527		24		14		537		185
CMBS		53		5		13		45		87
Total	$	850	$	49	$	70	$	829	$	408



	As of December 31, 2013
			Gross Unrealized						OTTI in
	Amortized				Losses and		Fair		Credit
	Cost		Gains		OTTI		Value		Losses
Corporate bonds	$	265	$	18	$	49	$	234	$	133
RMBS		550		18		18		550		184
CMBS		35		4		12		27		87
Total	$	850	$	40	$	79	$	811	$	404

Composition Of Current And Past Due Mortgage Loans On Real Estate



		As of				As of
	March 31,				December 31,
		2014				2013
Current		$	7,084			$	7,200
60 to 90 days past due			-				4
Greater than 90 days past due			3				3
Valuation allowance associated with
impaired mortgage loans on real estate			(3	)			(3	)
Unamortized premium (discount)			5				6
Total carrying value		$	7,089			$	7,210

Schedule Of Impaired Mortgage Loans



		As of				As of
	March 31,				December 31,
		2014				2013
Number of impaired mortgage loans on
real estate		3				3

Principal balance of impaired mortgage
loans on real estate		$	27			$	27
Valuation allowance associated with
impaired mortgage loans on real estate			(3	)			(3	)
Carrying value of impaired mortgage
loans on real estate		$	24			$	24

Schedule of changes in the valuation allowance associated with impaired mortgage loans on real estate



	As of			As of
	March 31,		December 31,
	2014			2013
Balance as of beginning-of-year	$	3		$	21
Additions		-			3
Charge-offs, net of recoveries		-			(21	)
Balance as of end-of-period	$	3		$	3

Schedule Of Average Carrying Value Of Impaired Mortgage Loans



	For the Three
	Months Ended
	March 31,
	2014		2013
Average carrying value for impaired
mortgage loans on real estate	$	24	$	46
Interest income recognized on impaired
mortgage loans on real estate		-		1
Interest income collected on impaired
mortgage loans on real estate		-		1

Credit Quality Indicators For Mortgage Loans



	As of March 31, 2014				As of December 31, 2013
				Debt-				Debt-
				Service				Service
	Principal		% of	Coverage	Principal		% of	Coverage
	Amount		Total	Ratio	Amount		Total	Ratio
Less than 65%	$	5,996	84.6%	1.77	$	6,026	83.6%	1.78
65% to 74%		661	9.3%	1.41		744	10.3%	1.42
75% to 100%		394	5.6%	0.83		402	5.6%	0.83
Greater than 100%		35	0.5%	0.78		35	0.5%	0.78
Total mortgage loans on real estate	$	7,086	100.0%		$	7,207	100.0%

Realized Gain (Loss) Related To Certain Investments



	For the Three
	Months Ended
	March 31,
	2014			2013
Fixed maturity AFS securities:
Gross gains	$	8		$	7
Gross losses		(6	)		(19	)
Equity AFS securities:
Gross gains		-			6
Gross losses		-			-
Gain (loss) on other investments		-			(1	)
Associated amortization of DAC, VOBA,
DSI, and DFEL and changes in other
contract holder funds		(7	)		(7	)
Total realized gain (loss) related to
certain investments, pre-tax	$	(5	)	$	(14	)

OTTI Recognized In Net Income (Loss) And OCI



	For the Three
	Months Ended
	March 31,
	2014			2013
OTTI Recognized in Net Income (Loss)
Fixed maturity securities:
Corporate bonds	$	(3	)	$	(3	)
RMBS		(2	)		(11	)
CMBS		-			(2	)
Commercial real estate ("CRE") CDOs		-			(1	)
Gross OTTI recognized in net
income (loss)		(5	)		(17	)
Associated amortization of DAC,
VOBA, DSI, and DFEL		2			3
Net OTTI recognized in net
income (loss), pre-tax	$	(3	)	$	(14	)

Portion of OTTI Recognized in OCI
Gross OTTI recognized in OCI	$	7		$	7
Change in DAC, VOBA, DSI and DFEL		-			(1	)
Net portion of OTTI recognized in OCI,
pre-tax	$	7		$	6

Payables For Collateral On Investments



	As of March 31, 2014				As of December 31, 2013
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable held for derivative investments (1)	$	946	$	946	$	638	$	638
Securities pledged under securities lending agreements (2)		157		151		184		178
Securities pledged under repurchase agreements (3)		380		397		530		553
Securities pledged for Term Asset-Backed Securities
Loan Facility (“TALF”) (4)		36		49		36		49
Investments pledged for Federal Home Loan Bank of
Indianapolis (“FHLBI”) (5)		2,000		3,324		1,850		3,127
Total payables for collateral on investments	$	3,519	$	4,867	$	3,238	$	4,545

⁽¹⁾

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 5 for details about maximum collateral potentially required to post on our credit default swaps.

⁽²⁾

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.

⁽³⁾

Our pledged securities under 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 repurchase program is typically invested in fixed maturity AFS securities.

⁽⁴⁾

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.

⁽⁵⁾

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 165% 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.

Schedule Of Increase (Decrease) In Payables For Collateral On Investments



	For the Three
	Months Ended
	March 31,
	2014			2013
Collateral payable held for derivative
investments	$	308		$	(575	)
Securities pledged under securities lending
agreements		(27	)		2
Securities pledged under repurchase
agreements		(150	)		-
Securities pledged for TALF		-			(1	)
Investments pledged for FHLBI		150			500
Total increase (decrease) in payables for
collateral on investments	$	281		$	(74	)