Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements [Abstract]

Income tax expense (benefit), continuing operations

	For the Years Ended December 31,
	2014		2013		2012
Current	$	220	$	169	$	23
Deferred		263		218		259
Federal income tax expense (benefit)	$	483	$	387	$	282

Reconciliation of effective tax rate differences

	For the Years Ended December 31,
	2014			2013			2012
Tax rate times pre-tax income	$	700		$	571		$	549
Effect of:
Tax-preferred investment income		(185	)		(160	)		(141	)
Tax credits		(27	)		(35	)		(34	)
Goodwill		-			-			(2	)
Change in uncertain tax positions		(16	)		7			(94	)
Other items		11			4			4
Federal income tax expense (benefit)	$	483		$	387		$	282
Effective tax rate		24%			24%			18%

Federal income tax asset (liability)

	As of December 31,
	2014			2013
Current	$	(134	)	$	(186	)
Deferred		(3,024	)		(1,966	)
Total federal income tax asset (liability)	$	(3,158	)	$	(2,152	)

Significant components of deferred tax assets and liabilities

	As of December 31,
	2014			2013
Deferred Tax Assets
Future contract benefits and other contract holder funds	$	1,167		$	1,225
Deferred gain on business sold through reinsurance		15			87
Reinsurance related embedded derivative asset		52			36
Investments		138			85
Compensation and benefit plans		321			319
Net operating loss		17			27
Tax credits		-			201
VIE		1			4
Other		142			79
Total deferred tax assets		1,853			2,063
Deferred Tax Liabilities
DAC		1,605			1,914
VOBA		219			409
Net unrealized gain on AFS securities		2,684			1,319
Net unrealized gain on trading securities		105			89
Intangibles		151			146
Other		113			152
Total deferred tax liabilities		4,877			4,029
Net deferred tax asset (liability)	$	(3,024	)	$	(1,966	)

Schedule of Unrecognized Tax Benefits Roll Forward

	For the Years Ended
	December 31,
	2014			2013
Balance as of beginning-of-year	$	82		$	77
Increases for prior year tax positions		34			-
Decreases for prior year tax positions		(24	)		-
Increases for current year tax positions		-			5
Decreases for settlements with taxing authorities		(77	)		-
Balance as of end-of-year	$	15		$	82