Fair Value (Tables)

12 Months Ended

Dec. 31, 2011

Assets And Liabilities Measured At Fair Value On A Recurring Basis

December 31, 2011

Level 1

Level 2

Level 3

Total

(In millions)

Fixed maturity securities:

Corporate and other bonds

20,396

482

20,878

States, municipalities and political subdivisions

9,611

171

9,782

Asset-backed:

Residential mortgage-backed

5,323

452

5,775

Commercial mortgage-backed

1,295

1,354

Other asset-backed

612

343

955

Total asset-backed

7,230

854

8,084

U.S. Treasury and obligations of government-sponsored enterprises

451

493

Foreign government

544

636

Redeemable preferred stock

Fixed maturities available-for-sale

548

37,876

1,507

39,931

Fixed maturities, trading

101

109

Total fixed maturities

548

37,884

1,608

40,040

Equity securities available-for-sale

124

113

304

Equity securities, trading

609

623

Total equity securities

733

113

927

Short term investments

4,570

508

5,105

Other invested assets

Receivables

Life settlement contracts

117

Separate account business

373

417

Payable to brokers

(32

)

(20

)

(23

)

(75

)


December 31, 2010	Level 1			Level 2			Level 3			Total
(In millions)

Fixed maturity securities:
Corporate and other bonds				$	20,412		$	624		$	21,036
States, municipalities and political subdivisions					7,623			266			7,889
Asset-backed:
Residential mortgage-backed					5,324			767			6,091
Commercial mortgage-backed					920			73			993
Other asset-backed					404			359			763
Total asset-backed	$	-			6,648			1,199			7,847
U.S. Treasury and obligations of government-sponsored enterprises		76			61						137
Foreign government		115			505						620
Redeemable preferred stock		3			48			3			54
Fixed maturities available-for-sale		194			35,297			2,092			37,583
Fixed maturities, trading					47			184			231
Total fixed maturities	$	194		$	35,344		$	2,276		$	37,814


Equity securities available-for-sale	$	288		$	126		$	26		$	440
Equity securities, trading		640						6			646
Total equity securities	$	928		$	126		$	32		$	1,086


Short term investments	$	6,079		$	974		$	27		$	7,080
Other invested assets								26			26
Receivables					74			2			76
Life settlement contracts								129			129
Separate account business		28			381			41			450
Payable to brokers		(328	)		(79	)		(23	)		(430	)
Discontinued operations investments, included in Other liabilities		11			60						71

Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs

																										Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31
				Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses)														Transfers into Level 3		Transfers out of Level 3
2011	Balance, January 1			Included in Net Income			Included in OCI			Purchases		Sales			Settlements			Transfers into Level 3		Transfers out of Level 3			Balance, December 31

(In millions)

Fixed maturity securities:
Corporate and other bonds	$	624		$	(11	)	$	(1	)	$	484	$	(204	)	$	(149	)	$	79	$	(340	)	$	482		$	(12	)
States, municipalities and political subdivisions		266						(1	)		3					(92	)				(5	)		171
Asset-backed:
Residential mortgage-backed		767			(16	)		(11	)		225		(290	)		(60	)				(163	)		452			(6	)
Commercial mortgage- backed		73			20			(7	)		81		(27	)							(81	)		59
Other asset-backed		359			(9	)		5			537		(341	)		(99	)		2		(111	)		343			(5	)
Total asset-backed		1,199			(5	)		(13	)		843		(658	)		(159	)		2		(355	)		854			(11	)
Redeemable preferred stock		3			3			(3	)				(3	)										-
Fixed maturities available-for-sale		2,092			(13	)		(18	)		1,330		(865	)		(400	)		81		(700	)		1,507			(23	)
Fixed maturities, trading		184			(11	)							(72	)										101			(4	)
Total fixed maturities	$	2,276		$	(24	)	$	(18	)	$	1,330	$	(937	)	$	(400	)	$	81	$	(700	)	$	1,608		$	(27	)


Equity securities available-for-sale	$	26		$	(2	)	$	2		$	66	$	(27	)				$	5	$	(3	)	$	67		$	(3	)
Equity securities, trading		6			(7	)					1								14					14			(7	)
Total equity securities	$	32		$	(9	)	$	2		$	67	$	(27	)	$	-		$	19	$	(3	)	$	81		$	(10	)


Short term investments	$	27								$	39				$	(29	)			$	(10	)	$	27
Other invested assets		26		$	4							$	(19	)										11		$	1
Life settlement contracts		129			33											(45	)							117			5
Separate account business		41											(6	)							(12	)		23
Derivative financial instruments, net		(21	)		(42	)	$	(1	)		9					40								(15	)		1


				Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses)					Purchases, Sales, Issuances and Settlements			Transfers into Level 3		Transfers out of Level 3			Balance, December 31			Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31
	Balance, January 1			Included in Net Income			Included in OCI
2010	Balance, January 1			Included in Net Income			Included in OCI

(In millions)

Fixed maturity securities:
Corporate and other bonds	$	609		$	9		$	56	$	45		$	60	$	(155	)	$	624		$	(4	)
States, municipalities and political subdivisions		756						15		(507	)		2					266
Asset-backed:
Residential mortgage-backed		629			(10	)		15		181					(48	)		767			(13	)
Commercial mortgage- backed		123			10			13		(8	)		7		(72	)		73			(2	)
Other asset-backed		348			6			30		30					(55	)		359			(1	)
Total asset-backed		1,100			6			58		203			7		(175	)		1,199			(16	)
Redeemable preferred stock		2			6			2		(7	)							3
Fixed maturities available-for-sale		2,467			21			131		(266	)		69		(330	)		2,092			(20	)
Fixed maturities, trading		197			9					(22	)							184			5
Total fixed maturities	$	2,664		$	30		$	131	$	(288	)	$	69	$	(330	)	$	2,276		$	(15	)


Equity securities available-for-sale	$	11		$	(4	)	$	1	$	17		$	8	$	(7	)	$	26		$	(5	)
Equity securities, trading		-			2					4								6			2
Total equity securities	$	11		$	(2	)	$	1	$	21		$	8	$	(7	)	$	32		$	(3	)


Short term investments	$	-							$	37		$	1	$	(11	)	$	27
Other invested assets		-								26								26		$	(1	)
Life settlement contracts		130		$	29					(30	)							129			10
Separate account business		38								3								41
Discontinued operations investments		16					$	1		(2	)				(15	)		-
Derivative financial instruments, net		(48	)		(27	)		16		38								(21	)

Carrying Amount And Estimated Fair Value Of Financial Instrument Assets And Liabilities Which Are Not Measured At Fair Value


December 31	2011				2010
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
(In millions)

Financial assets:
Other invested assets, primarily mortgage loans	$	234		$ 247	$	87		$ 86

Financial liabilities:
Premium deposits and annuity contracts	$	109		$ 114	$	104		$ 105
Short term debt		88		90		647		662
Long term debt		8,913		9,533		8,830		9,243

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- 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.

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-Name Accounting Standards Codification

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-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

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-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

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-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

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-Name Statement of Financial Accounting Standard (FAS)

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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